MONTCLAIR, N.J. — A joint venture between two locally based developers, Bijou Properties and Accurate, has purchased a site in the Northern New Jersey community of Montclair that is fully approved for multifamily redevelopment. The joint venture plans to develop a 74-unit building, primarily with one- and two-bedroom units, as well as 3,873 square feet of retail space, at 65 Church St. Jose Cruz, Kevin O’Hearn, Ryan Robertson, Michael Oliver, Steve Simonelli and Michael Zlotnick of JLL worked on behalf of Bijou Properties to arrange Accurate’s $10 million equity investment.
AURORA, COLO. — Prologis has acquired a 55-acre land parcel in Aurora to expand Prologis Park 70, a 5.7-million-square-foot, fully leased industrial park. US Foods sold the site for an undisclosed price. Prologis plans to develop nearly 1 million square feet at the site, with groundbreaking scheduled for second-quarter 2023. The initial plans offer two design options: one with four buildings, two 325,000 square feet and two 150,000 square feet, and the second design includes one 700,000-square-foot building and two 150,000-square-foot buildings. The developer had not decided which it will build yet. The new buildings will have either a front park/rear loan or cross-dock design with dock-high and drive-in loading, trailer parking, ESFR sprinklers and 36-foot minimum clear heights. Prologis will begin development speculatively with build-to-suit options available. The first buildings are slated for completion in early 2023. Jim Bolt and Mike Camp of CBRE are representing Prologis and marketing the new space for lease, sale or build-to-suit development.
AUSTIN, TEXAS — A partnership between three developers, San Antonio-based Kairoi Residential, Dallas-based Lincoln Property Co. and San Francisco-based DivcoWest, has completed vertical construction of Sixth & Guadalupe, a 66-story mixed-use tower in downtown Austin. Rising 865 feet and spanning 2.2 million square feet, Sixth & Guadalupe comprises 32 levels of multifamily units, 19 floors of Class A office space, 14 levels of parking and 10,000 square feet of ground-floor retail space. The residential component comprises 349 units in studio, one-, two- and three-bedroom formats, as well as 24 penthouses, and the office component totals roughly 589,000 square feet. Gensler designed the building, and J.E. Dunn Construction is serving as the general contractor. Construction began in late 2019 and is expected to be fully complete in late summer 2023.
DALLAS — Harwood International has topped out Harwood No. 14, a 27-story office building located within the locally based developer’s 19-block namesake district in Uptown Dallas. Construction of the 360,000-square-foot building began in March 2021, and the property is now 70 percent preleased. The design team includes Dallas-based HDF, Dallas-based Corgan and Tokyo-based Kengo Kuma & Associates. Manhattan Construction is the general contractor for the project, which also houses 17,000 square feet of retail and restaurant space. Full completion is scheduled for 2023.
KERRVILLE, TEXAS — A partnership between two Dallas-based firms, Sendero Cross Capital and WindRidge Real Estate, will develop Tivy Commons, a 25-acre mixed-use project that will be located about 65 miles northwest of San Antonio in Kerrville. The name derives from the site formerly housing Tivy Middle School and High School before closing in 2021, though sections of the original gym floor have been preserved by the Kerrville Independent School District. Plans for Tivy Commons are still being finalized, but the development team expects the multifamily component to comprise 250 to 300 units and the retail/restaurant component to comprise 150,000 to 200,000 square feet. Potential hotel and entertainment uses are also being explored. Demolitions of existing structures on the site are underway and expected to be complete in the first quarter of 2023. At that time, construction of retail pad sites will commence, with the groundbreaking of retail boxes and multifamily buildings to follow later that year.
AUSTIN, TEXAS — Hunt Capital Partners has provided $14.1 million in Low-Income Housing Tax Credit (LIHTC) equity for Saison North, a 116-unit affordable housing project in Austin. The complex will consist of eight one-bedroom, 44 two-bedroom and 24 three-bedroom units that will be reserved for households earning up to 30, 50 and 60 percent of the area median income, as well as 34 market-rate units. Amenities will include a fitness center, business center, leasing office and a clubhouse. The developer of the project is O-SDA Industries. Bank OZK has provided a $19.5 million construction loan for Saison North, with J.P. Morgan Chase providing a $12.9 million permanent loan. Other pieces of financing were originated by the Austin Housing Finance Corp. ($6.2 million), Travis County ($2.4 million) and the Texas State Affordable Housing Corp. ($375,000). Completion is slated for May 2024.
NEW BRUNSWICK, N.J. — A public-private partnership led by the New Brunswick Development Corp. has topped out the Jack and Sheryl Morris Cancer Center, a $750 million treatment facility in the northern-central part of the Garden State. RWJBarnabas Health and the Rutgers Cancer Institute of New Jersey will operate the facility, which will provide inpatient and outpatient cancer services, including ancillary services, as well as research labs and retail space. HOK Architects designed the project, and Jingoli is serving as the general contractor. Construction of the 12-story, 520,000-square-foot building is slated for completion in 2024.
SOUTH DAYTONA, FLA. — Charleston-based Middle Street Partners has purchased 23.4 acres in South Daytona for the development of a 389-unit multifamily community. Justin Basquill, Luke Wickham, Shelton Granade and Sean Williams of Institutional Property Advisors (IPA), a division of Marcus & Millichap, facilitated the land sale. The site is located off US Highway 1 with direct views of the Intracoastal Waterway. The name and details about the project were not disclosed, but Middle Street said the property will feature three- and five-story apartment buildings.
LAGRANGE, GA. — Alliance Residential Co. has purchased 22.3 acres in LaGrange with plans to develop Prose LaGrange, a 315-unit apartment community. Designed by Dynamik Design, the community will feature one- and two-bedroom units averaging 992 square feet. Amenities will include a fitness center, resort-style pool, grilling stations, coworking spaces, clubhouse, business center, pet park and a 24/7 LuxerOne parcel management system. The property will have direct access crosswalks to WellStar West Georgia Medical Center, which houses 1,800 medical employees, as well as a new Publix-anchored shopping center. Alliance Residential plans to open first units at Prose LaGrange in fall 2023. This will be Alliance Residential’s first project in the LaGrange area, second Prose project along Interstate 85 South and fifth Prose community in Georgia. The Arizona-based developer recently opened Prose Fairview, a 318-unit apartment community in Covington, Ga.
LEXINGTON, KY. — Academy Sports + Outdoors has opened an 80,000-square-foot store within South Park Shopping Center, a retail center located at 3200 Nicholasville Road in Lexington. Kaden Cos. is the landlord of South Park, which also houses Ulta Beauty, Best Buy, Burlington and Value City Furniture. The new store is the sixth Academy Sports location in Kentucky and its first in Lexington. Academy Sports plans to open nine stores this year and another 80 to 100 new locations over the next five years. The Katy, Texas-based company currently operates 264 stores across 17 states.