Development

AMAC Breaks Ground on 203-Unit Multifamily Project in Lewisville, Texas

by Taylor Williams January 3, 2022

LEWISVILLE, TEXAS — AMAC, a national investment and development firm, has broken ground on a 203-unit multifamily project that will be located within a Qualified Opportunity Zone in the northern Dallas suburb of Lewisville. Designed by locally based architecture firm HEDK, the property will feature one- and two-bedroom units respectively averaging 724 and 1,134 square feet, as well as three retail spaces. Amenities will include a pool, fitness center, grilling areas, dog wash, lounge and clubroom. Truist is providing $29.3 million in construction financing for the project. Completion is slated for fall 2023.

January 3, 2022

Development Hospitality Northeast Rhode Island

CV Properties Completes $55M Aloft Providence Downtown Hotel

by Taylor Williams January 3, 2022

PROVIDENCE, R.I. — Boston-based developer CV Properties has completed the $55 million Aloft Providence Downtown Hotel. The hotel consists of 175 rooms and meeting spaces, a fitness center, grab-and-go food market, a lobby bar with patio seating and a rooftop bar with views of the downtown skyline. Elkus Manfredi Architects designed the project, and Shawmut Design & Construction served as the construction manager. Construction began in January 2020.

January 3, 2022

Development Mixed-Use New York Northeast Top Stories

Howard Hughes Corp. Receives Municipal Approval for $850M Mixed-Use Project in Manhattan’s Seaport District

by Taylor Williams January 3, 2022

NEW YORK CITY — The Howard Hughes Corp. (NYSE: HHC) has received approval from the City of New York for the development of an $850 million mixed-use project in Manhattan’s Seaport District. The 26-story building at 250 Water St. will house office, retail and multifamily uses, with the housing component comprising 80 percent market-rate and 20 percent affordable units. The residential element of the project will also include for-sale and for-rent units. More specifically, current plans for the 324-foot-tall building call for 270 multifamily units to be developed above five stories of office and retail space. The site currently houses a parking lot that spans a full city block. Skidmore, Owings & Merrill is the architect of the project, which was originally announced in October 2020. The Dallas-based developer estimates that the project will generate more than $1 billion in economic impact, including the creation of more than 3,000 construction and permanent jobs. Howard Hughes Corp. plans to begin remediation of the site this year, with the commencement of vertical construction to occur after that process is completed. “This project will play a vital role in New York City’s recovery through the creation of a new mixed-income rental building, office …

January 3, 2022

California Company News Development Industrial Western

CapRock Raises $700M for New US Industrial Development Fund

by Amy Works December 23, 2021

NEWPORT BEACH, CALIF. — CapRock Partners, a Newport Beach-based industrial real estate manager, has raised $700 million for CapRock Logistics Venture, its new development fund. The raised amount exceeds the fund’s initial $450 million target. CapRock Logitsics Venture is seeded with large-scale industrial real estate projects and will fund nearly $2 billion worth of projects in the Western United States totaling 15 million square feet. The seed portfolio includes CapRock’s Palomino Business Park, Saddle Ranch Business Park, Phase 2 and the I-15 Logistics asset. The new fund is an expansion of CapRock’s fund strategy that previously focused on value-add investments. Hodes Weill Securities served as global placement agent and financial advisor to CapRock.

December 23, 2021

California Development Multifamily Seniors Housing Western

Partnership Breaks Ground on 80-Unit Seniors Housing Community in Brea, California

by Amy Works December 23, 2021

BREA, CALIF. — Cadence Living, Flournoy Development Group and Harrison Street have broken ground on Cadence Brea, an 80-unit assisted living and memory care in the Orange County city of Brea. The project team includes Thoma-Holec Design, Irwin Partners Architects and Flatiron Development Group. “This is a unique opportunity and part of our overall strategy to focus on boutique, high-end, amenity-laden communities with high walkability scores,“ says Rob Leinbach, principal with Cadence. “We are focused on locations with a high barrier to entry,” adds Justin Osborne, vice president at Flournoy Development Group. “It is rare that we come across a site with this many amenities in close proximity.” The community is scheduled to open in first-quarter 2024. This will be the third community delivered in the Cadence/Flournoy partnership after Cadence Olney in the Washington, D.C. suburb in Montgomery County, Maryland and Cadence at Kent-Meridian in the Seattle MSA. Cadence Brea is also the eighth collaboration between Cadence and Harrison Street.

December 23, 2021

Development Multifamily Texas

Guefen Development to Build 320-Unit Build-to-Rent Project in Fresno, Texas

by Taylor Williams December 23, 2021

FRESNO, TEXAS — Houston-based Guefen Development Partners has acquired two parcels totaling roughly 40 acres in Fresno, located southwest of Houston, for the development of a 320-unit build-to-rent residential project. The tracts include a 30.3-acre parcel along Rabb Road and a 9.7-acre adjacent parcel fronting State Highway 6. Jason Scholtz of Colliers represented the family that sold the land to Guefen Development. A construction timeline was not disclosed.

December 23, 2021

Development Multifamily Texas

Presidium Begins Leasing 290-Unit Multifamily Project in Grand Prairie, Texas

by Taylor Williams December 23, 2021

GRAND PRAIRIE, TEXAS — Texas-based developer Presidium has begun leasing Presidium Hill Street, a 290-unit multifamily project located in the central metroplex city of Grand Prairie. Units are furnished with stainless steel appliances, smart technology lock systems and Ecobee thermostats. Amenities include a pool, business lounge with conference rooms, rooftop terrace, fitness center, onsite car wash and a pet grooming area. Project partners include O’Brien Architects, interior design firm SLJ Design Group and civil engineer Kimley-Horn. Move-ins are scheduled to begin in spring 2022.

December 23, 2021

Development Midwest Missouri Mixed-Use

New + Found to Begin Construction on $125M Phase II of City Foundry STL Mixed-Use Project in St. Louis

by Kristin Harlow December 23, 2021

ST. LOUIS — New + Found is scheduled to break ground on the second phase of City Foundry STL in January. The $125 million project will include a 272-unit apartment tower, 83,000-square-foot office building, 25,000 square feet of retail space and a 481-car parking garage. Lawrence Group is the lead architect and interior design firm for the project. ARCO/Murray will construct the apartment building, while Lawrence Group’s construction team will build the timber office building. Completion is slated for early 2024. CliftonLarsonAllen LLP secured $49.7 million in joint venture equity funding for the project. City Foundry STL is the transformation of the former Federal-Mogul foundry site into a mixed-use development. Phase I includes a food hall as well as creative office, retail and entertainment space.

December 23, 2021

Development Florida Multifamily Southeast

Altman Breaks Ground on 449-Unit Apartment Community in Tampa

by John Nelson December 23, 2021

TAMPA, FLA. — Altman Cos. has broken ground on Altís Grand at Suncoast, a 449-unit apartment community in Tampa. Rockpoint Group provided equity for the project, and PNC Bank provided debt. Construction is slated for completion by 2023. Altís Grand at Suncoast will offer one-, two- and three-bedroom floor plans. Unit features include bathrooms equipped with dual sink vanities, a soaking tub, quartz countertops, 39-inch cabinets, frontload washers and dryers, stainless steel and energy-efficient appliances. Community amenities include a fitness center, Starbucks cyber cafe, multiple coworking lounges, wellness treatment room, pool, private conference room, game room, indoor air-conditioned dog grooming spa, a multipurpose trail, pet park, hobby/craft room and a 24/7 automated package pickup station. Residents will enjoy membership to The Club, an onsite clubroom that will host activities including daily continental breakfast, Sunday brunch and “Wine Down Wednesdays.” Altman plans for Altís Grand at Suncoast to achieve National Green Building Standard (NGBS) certification, and the property’s sustainable initiatives will include 100 percent energy-efficient designer lighting, Energy Star refrigerators and dishwashers, high-efficiency water heaters and sub-metered water stations and electric car charging stations.

December 23, 2021

Acquisitions Development Florida Industrial Southeast

CBRE Arranges $26.4M Sale of Industrial Site in Hialeah, Florida

by John Nelson December 23, 2021

HIALEAH, FLA. — CBRE has arranged the sale of North Dade Distribution, a 16.5-acre industrial site under development in Hialeah. Dallas-based Dalfen Industrial purchased the site for $26.4 million. Christian Lee, Chris Riley, José Lobón, Amy Julian and Royce Rose of CBRE represented the seller, Coconut Creek, Fla.-based Butters Realty, in the transaction. Slated to be completed in March 2023, North Dade Distribution will total 298,354 square feet. The rear-load warehouse will feature 32-foot clear heights, a 120-foot truck court, 240-foot building depth, separate ingress and egress access for cars and trucks and an ESFR sprinkler system. Located on the corner of 97th Ave. and 165th St., the site provides access to Interstate 75 and the Florida Turnpike via NW 138th St.

December 23, 2021

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