Development

Clayco Breaks Ground on 28-Story PALMtower Apartment Building in Downtown Phoenix

by Julia Sanders January 14, 2022

PHOENIX, ARIZ. — Chicago-based Clayco has broken ground on PALMtower, a 28-story residential tower development in downtown Phoenix. The project is slated for completion by early 2024. Development costs were not disclosed. PALMtower will feature 352 apartment units with unit features including quartz countertops, luxury vinyl tile, custom finish light fixtures and views of downtown Phoenix. The property will also offer parking onsite, including six floors of above-ground parking with 370 spaces and 120 spots for bike parking. The property will also include a 17,500-square-foot seventh-floor amenity level with an indoor-outdoor common space. The outdoor amenities will include a pool, spa, outdoor kitchen, native gardens and 360-degree city views. Indoor amenities will feature a resident’s club, media room, lounge areas and fitness and yoga centers. The project is landlocked on all sides in one of downtown Phoenix’s most constrained sites, according to Clayco. The 481,980-square-foot building’s exterior cladding will include glass and metal paneling. Located at 440 East Van Buren St., PALMtower is located less than a half mile from the Arizona State University Downtown Phoenix campus and across the street from the University of Arizona College of Medicine campus. The property will be located near retailers and restaurants, including …

January 14, 2022

Development Georgia Loans Mixed-Use Southeast

Newport RE Receives $75M Financing for Mixed-Use Campus in Downtown Atlanta

by Julia Sanders January 14, 2022

ATLANTA — Newport RE has received $75 million in debt financing in order to redevelop 222 Mitchell, a 330,000-square-foot mixed-use campus in downtown Atlanta. JLL Capital Markets arranged the financing through Miami-based BridgeInvest on behalf of Newport. General contractor Balfour Beatty has started construction for 222 Mitchell, which is slated for completion in the first quarter of 2023. 222 Mitchell, which will include office and retail space, is a redevelopment of a brick building built in 1909, as well as two mid-century modern buildings spanning a full city block. The property will include a new park and a 27,000-square-foot rooftop. Newport plans to keep the historical elements of the property while redeveloping the buildings to make it more modern. Some planned tenants for the development include Pins Mechanical, an Ohio-based arcade and game bar, as well as an Atlanta-based Slater Hospitality that will be designed as a modern diner with a cocktail lounge.Some planned tenants for the development include Pins Mechanical, an Ohio-based arcade and game bar, as well as an Atlanta-based Slater Hospitality that will be designed as a modern diner with a cocktail lounge. Brooke Dewey and David Horne of JLL are leading the preleasing of the 250,000-square-foot …

January 14, 2022

Development Industrial South Carolina Southeast

Rockefeller Group to Develop 827,000 SF Industrial Park in Metro Greenville

by Julia Sanders January 14, 2022

DUNCAN, S.C. — Rockefeller Group has plans to develop Duncan Logistics Center, three industrial warehouses totaling 827,000 square feet in Duncan, about 19.4 miles north of Greenville. The firm purchased 98 acres for the industrial park, which is the company’s first project in the Greenville-Spartanburg metro area. The seller and sales price for the land were not disclosed. Duncan Logistics Center will feature Building One, a 431,000-square-foot cross-dock building, and Building Two, a 142,000-square-foot rear-load building. Construction on the first two buildings will be completed in the fourth quarter. Additionally, a build-to-suit pad will be available to accommodate a 254,000-square-foot rear-load building. Duncan Logistics Center is located off Highway 290 between Greenville and Spartanburg along Interstate 85. Building One will feature 36-foot clear heights, 54- by 50-foot column spacing and up to 233 parking spaces and 144 trailer spaces. Building Two will feature 32-foot clear heights, 52- by 50-foot column spacing and up to 140 parking spaces and 44 trailer spaces. Campbell Lewis and Nick Hollstegge of CBRE are the exclusive leasing agents for Duncan Logistics Center. Harper General Contractors, in conjunction with MCA Architects, is providing design-build services. SeamonWhiteside is the project’s civil engineer.

January 14, 2022

Affordable Housing Development Iowa Midwest Multifamily

TWG Breaks Ground on $49M Mixed-Income Apartment Community in Cedar Rapids, Iowa

by Kristin Harlow January 14, 2022

CEDAR RAPIDS, IOWA — Developer TWG has broken ground on Annex on the Square, a $49 million mixed-income apartment community in downtown Cedar Rapids. The property will include 202 units for residents earning up to 60 percent of the area median income along with 22 market-rate units. TWG will serve as owner and general contractor. Amenities will include a pool, fitness room, business center, bike storage, gated garage and top-floor deck. The development will also include 1,219 square feet of retail space. Studio Architecture is the project architect. Jeremy Tipton of NAI Iowa Realty Commercial coordinated the land acquisition. Completion is slated for January 2024.

January 14, 2022

Affordable Housing Development Indiana Midwest Multifamily

Annex Group Underway on $23M Workforce Housing Community in Bloomington, Indiana

by Kristin Harlow January 14, 2022

BLOOMINGTON, IND. — The Annex Group has closed on funding and started construction of The Annex of Bloomington, a $23 million workforce housing community in Bloomington. The 102-unit, two-building property will be situated within an area called the University Village Downtown Character Overlay District. Completion is slated for spring 2023. The project team includes general contractor Gilliatte General Contractors Inc., architect KTGY and engineer Smith Design Group Inc. Star Financial Bank provided $18.1 million in funding. Bloomington has a high population of renters, and the student population of Indiana University puts a strain on the market, according to Kyle Bach, CEO of Annex. Bach says this new project is in response to the need for housing in the area. A percentage of the units are restricted for residents earning below 120 percent of the area median income.

January 14, 2022

Development Multifamily Texas

Banyan Residential, Bridge Break Ground on 289-Unit Multifamily Project in Dallas

by Taylor Williams January 14, 2022

DALLAS — Los Angeles-based Banyan Residential, in partnership with Bridge Investment Group, has broken ground on Banyan Flats, a 289-unit multifamily project that will be located at 2022 N. Beckley Ave., just west of downtown Dallas. Floor plans will feature micro, studio, one-, two- and three-bedroom units ranging in size from 415 to 1,425 square feet. Amenities will include a pool, fitness center, clubhouse, dog wash and a rooftop deck. JHP Architecture is designing the project. J.P. Morgan provided construction financing for the project, which is slated for a 2023 completion.

January 14, 2022

California Development Retail Western

Progressive Real Estate Negotiates $1.7M Sale of Development Site in Hemet, California

by Amy Works January 14, 2022

HEMET, CALIF. — Progressive Real Estate Partners has negotiated the sale of a 3.3-acre commercial land parcel in Hemet. Sater Hemer LLC acquired the property from an undisclosed seller for $1.7 million. The buyer plans to develop a gas station, car wash and drive-thru restaurant on the site, which is located at the northeast corner of Florida and Soboba avenues. Neither a timeline nor specific plans have been released yet. Chris Lindholm of Progressive Real Estate Partners represented both parties in the transaction.

January 14, 2022

Build-to-Rent Development Single-Family Rental Texas

Taylor Morrison to Develop 240-Unit Single-Family Rental Community in Metro Houston

by Taylor Williams January 14, 2022

CYPRESS, TEXAS — Arizona-based homebuilder Taylor Morrison (NYSE: TMHC) will develop a 240-unit single-family rental (SFR) community in the northwestern Houston suburb of Cypress. Homes will come in one-, two- and three-bedroom formats and will range in size from approximately 750 to 1,250 square feet. Communal amenities will include a pool, fitness center, event lawn and a dog park. Christopher Todd Communities will operate and manage the property. Initial occupancy is slated for late 2023.

January 14, 2022

Development Multifamily New York Northeast

Grubb Properties to Develop 173-Unit Multifamily Project in Hempstead, New York

by Taylor Williams January 14, 2022

HEMPSTEAD, N.Y. — Charlotte, N.C.-based Grubb Properties, in partnership with First Street Capital, will develop a 173-unit multifamily project within a Qualified Opportunity Zone in the Long Island community of Hempstead. Grubb Properties will operate the community, which will include 2,500 square feet of commercial space, under its Link brand. About 10 percent (17) of the units will be designated as affordable housing. Construction is scheduled to begin in the third quarter, and initial occupancy is slated for the third quarter of 2024. Grubb Properties is also underway on Link-branded projects in Manhattan’s Financial District and in the Long Island City area of Queens.

January 14, 2022

Development Illinois Midwest Multifamily

McHugh Construction Underway on Platform 4611 Apartment Project in Chicago

by Kristin Harlow January 13, 2022

CHICAGO — McHugh Construction has started building Platform 4611, a nine-story apartment building in Chicago’s Uptown neighborhood. The project includes 200 units and 9,000 square feet of ground-floor retail space. The developers are The John Buck Co. and Free Market Ventures. Pappageorge Haymes Partners is the architect. Levels two through eight will include a mix of studio, one- and two-bedroom units, while the top floor will include four three-bedroom penthouse units and a host of building amenities. Plans call for touchless entry, reservable office space on each floor, a fitness center and a rooftop amenity floor with coworking space and an outdoor terrace. Completion is slated for late 2022 or early 2023. The name Platform 4611 is a nod to the project’s transit-oriented nature. The Wilson Chicago Transit Authority (CTA) train station is located across the street.

January 13, 2022

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