Development

Weller Development Partners Buys 2,870-Acre Aetna Springs Resort in Napa Valley

by Amy Works January 30, 2023

POPE VALLEY, CALIF. — Weller Development Partners has acquired Aetna Springs, a 2,870-acre wine country resort in Pope Valley. Mosaic Real Estate Investors sold the asset for an undisclosed price. Located at 1600 Aetna Springs Road, the property has producing vineyards, a community clubhouse, a nine-hole golf course designed (currently closed, but minimally maintained), tennis courts, a swimming hole and 40 planned estate lots. Development plans include 70 guest cottages in the historic resort village, 18 glamping sites, expansion of the existing vineyards and construction of the estate homes. Additional plans include recreational activities on Lake Juliana, a full-service spa, recreational center, restaurants and a boutique winery. Six Senses will operate the resort upon completion. Aetna Springs’ history stems from its 19th century origins, when it was best known for its mineral hot springs and outdoor activities. The property is 16 miles north of downtown St. Helena, and its vineyards produce cabernet sauvignon, sauvignon blanc and petite syrah grapes that are sold to premier wine brands, including Rombauer, Frank Family, Duckhorn and The Prisoner. Henry Bose, Alex Lee-Bull, Elena Quach, Jeff Woolson, Tom Berry and Morgan Abbott of CBRE represented the seller in the deal.

January 30, 2023

Arizona Development Industrial Western

Thompson Thrift Breaks Ground on 1 MSF Germann Commerce Center in Queen Creek, Arizona

by Amy Works January 30, 2023

QUEEN CREEK, ARIZ. — Thompson Thrift has started construction on the first phase of Germann Commerce Center, a 1 million-square-foot industrial development in Queen Creek, approximately 35 miles southeast of downtown Phoenix. Located on the southwest corner of Germann and Meridian roads, the first phase will consist of 400,000 square feet of speculative light industrial space spread across five standalone buildings on 26 acres. The facilities will feature front-park/rear-load industrial space, 28-foot to 32-foot clear heights and frontage on East Germann Road. At full buildout, the multi-phase project will provide up to 1 million square feet of warehouse, distribution, light assembly and manufacturing space covering 68 acres. Thompson Thrift plans to complete the first phase in first-quarter 2024, with build-to-suit and for-sale options in Phase II following immediately after.

January 30, 2023

Development Multifamily Texas

Sueba USA Opens 318-Unit San Estrella Apartments in Houston’s Energy Corridor

by Taylor Williams January 30, 2023

HOUSTON — Locally based developer Sueba USA has opened San Estrella, a 318-unit apartment community in Houston’s Energy Corridor neighborhood. Units come in one-, two- and three-bedroom floor plans that range in size from 480 to 2,087 square feet. Residences are furnished with stainless steel appliances, granite countertops, tile backsplashes and walk-in closets. Amenities include a pool, fitness center, internet café, business center, catering kitchen and outdoor grilling and dining areas. Rents start at roughly $1,200 per month for a one-bedroom unit.

January 30, 2023

Affordable Housing Development Multifamily Oklahoma Texas

TWG to Develop $47M Affordable Housing Project in Oklahoma City

by Taylor Williams January 30, 2023

OKLAHOMA CITY — Indianapolis-based multifamily developer TWG will build Fairground Flats, a $47 million affordable housing project in Oklahoma City. The six-building, 216-unit complex will house one-, two- and three-bedroom units that will be reserved for households earning 60 percent or less of the area median income. Amenities will include a pool, fitness center, playground and a clubhouse with a computer lab. The Oklahoma Housing Finance Agency provided a $33.6 million tax-exempt bond for the project. Construction is slated for an early 2024 completion.

January 30, 2023

Development Mixed-Use New York Northeast

Arden Group Underway on 351,000 SF Mixed-Use Project in Manhattan

by Taylor Williams January 30, 2023

NEW YORK CITY — Philadelphia-based development and investment firm Arden Group is underway on construction of a 351,000-square-foot mixed-use project at 4650 Broadway in Manhattan’s Inwood neighborhood. Designed by Handel Architects, the 20-story building will house 222 residential units that will come in studio, one- and two-bedroom formats, with 30 percent of the apartments subject to income restrictions. Residential amenities will include a fitness center, resident lounge, screening room and a children’s play area. In addition, 4650 Broadway will house 120,000 square feet of commercial space. Of that space, 80,000 square feet is earmarked for a charter school or medical office user, and at least 16,000 square feet will be marketed to grocers. Completion is slated for 2025.

January 30, 2023

Affordable Housing Development Midwest Minnesota Multifamily

American Legion Post 435 Proposes $67.5M Redevelopment of Headquarters in Richfield, Minnesota

by Kristin Harlow January 30, 2023

RICHFIELD, MINN. — American Legion Post 435 has proposed a $67.5 million redevelopment of its headquarters in Richfield, a southern suburb of Minneapolis. The proposed project, Veterans Village 435, would deliver 195 apartment units with priority for veteran residents. Slightly more than 20 percent of the units would be priced for those earning up to 50 percent of the area median income. The development would also house the Post’s administrative offices and a banquet facility that would double as the Post’s membership meeting space. Plans call for a privately operated restaurant and dedicated space for agencies serving the needs of veterans. The project would also include several extended-stay units for the families of veterans staying at the Minneapolis VA Medical Center. Post leadership is seeking a $10 million state funding appropriation to help pay for construction of the project. Elwyn Tinklenberg, who formerly served as the state’s commissioner of transportation, is working through his own organization, The Tinklenberg Group, with the proposed project developer, St. Louis-based JPL Development.

January 30, 2023

Development Iowa Midwest Retail

Queen Casino & Entertainment Receives Approval to Move Iowa’s Casino Queen Marquette to Land

by Kristin Harlow January 30, 2023

MARQUETTE, IOWA — The Queen Casino & Entertainment, which acquired Casino Queen Marquette in 2017, has received permission from the Iowa Racing and Gaming Commission to move the riverboat casino to land. The casino is located at 100 Anti Monopoly St., along the banks of the Mississippi River in Marquette. The commission approved the request during a hearing on Thursday, Jan. 26. The Queen Casino & Entertainment plans to move the 17,000-square-foot gambling floor ashore, including more than 400 slot machines, two blackjack tables and several other table games. As part of the remodel, the property will receive an additional 12,000 square feet to its current dockside building; an enhanced single-level gaming floor easily accessible from the main entrance with the latest in gaming technology; and new dining outposts, including a dedicated sports bar.

January 30, 2023

Development Georgia Industrial Southeast

TCC, CBRE Investment Management Begin Construction on 2.3 MSF Industrial Development in Metro Atlanta

by John Nelson January 27, 2023

JACKSON COUNTY, GA. — Trammell Crow Co. (TCC), with joint venture partner CBRE Investment Management, has broken ground on the first phase of Jackson 85 North Business Park, an industrial park in Jackson County. Situated roughly 60 miles northeast of Atlanta, the industrial development will comprise 2.3 million square feet upon completion. The first phase will feature two buildings totaling more than 1.5 million square feet. Building 1 will comprise 538,450 square feet, and Building 2 will include 1 million square feet, with delivery scheduled for the first quarter of 2024. Construction of the second phase is expected to begin midway through 2024 and will include a single 713,050-square-foot facility, completion of which is scheduled for 2025. All three buildings will feature 40-foot clear heights, ample power, ESFR fire sprinklers and R-19 roof insulation. Wilson Hull & Neal Real Estate is handling the leasing assignment for Jackson 85 North Business Park.

January 27, 2023

Development Florida Multifamily Southeast

Related Group, Merrimac Ventures Break Ground on 33-Story Crosby Residences Tower in Miami

by John Nelson January 27, 2023

MIAMI — Related Group and Merrimac Ventures have broken ground on Crosby Residences, a 33-story residential tower in downtown Miami. Upon completion, the property, which is fully preleased, will feature 450 fully furnished rental units in studio, one-, two- and three-bedroom layouts and 22,000 square feet of amenity space. The development is located with the 27-acre Miami Worldcenter, a master-planned community featuring 300,000 square feet of retail, restaurant and entertainment space. All of Crosby’s ready-to-rent homes will be licensed to allow for listing on all leading homeshare platforms (subject to applicable laws and restrictions). Cohen Freedman Encinosa acted as architect on the project, with interiors by AVRO|KO. Amenities will include saunas, Jacuzzis, cold plunge pools, dedicated yoga space, a gaming lounge, rooftop restaurant and bar and a coworking center with a juice and coffee bar. Completion is scheduled for the first quarter of 2025.

January 27, 2023

Development Mixed-Use Office Retail Southeast Virginia

MRP Realty, LaSalle Near Completion of Crystal & Clark Mixed-Use Redevelopment in Metro D.C.

by John Nelson January 27, 2023

ARLINGTON, VA. — MRP Realty and LaSalle Investment Management are nearing completion of the redevelopment and rebranding of Crystal & Clark, previously known as Century Center, in the National Landing neighborhood of metro Washington, D.C. Located at 2450 Crystal Drive and 2461 S. Clark St. in Arlington, the mixed-use development comprises two buildings and spans 639,621 square feet. 2450 Crystal Drive features 336,229 square feet of office space and 51,443 square feet of retail space, 36,000 square feet of which is leased or under negotiation. 2461 South Clark comprises 232,969 square feet of office space and 23,980 square feet of retail space, 5,000 square feet of which is currently leased. Aerospace and defense manufacturing giant Raytheon recently renewed its lease at the development in 2021 for 120,000 square feet of office space across both buildings. The redevelopment has included new access to outdoor seating and gathering areas, the addition of ground-level retail and restaurant space, a pedestrian plaza, streetscape improvements and office improvements including lobby updates, a new conference center, fitness and locker rooms, second- and third-floor terraces and amenity space. Plans for the property also include the construction of a 334,270-square-foot residential tower comprising 302 units and 21,863 square …

January 27, 2023

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