Saturday, June 21, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Development

Affordable HousingDevelopmentMidwestMissouriMultifamily

LEDG Capital Begins $5.5M Modernization of Ridge Crest Apartments in St. Louis

by Kristin Harlow

ST. LOUIS — LEDG Capital has begun a $5.5 million renovation of Ridge Crest Apartments, an 84-unit affordable housing community in the Marine Villa neighborhood of St. Louis. The project will preserve the apartments as affordable housing for the next 30 years. The 12-month renovation effort will update all units at the 60-year-old community, address the capital needs of its three buildings, improve amenities and strengthen security at the property. The project will also continue to support an ongoing program of supportive services, after-school enrichment and community events. The Industrial Development Authority of the City of St. Louis provided private activity bonds to support the renovation effort, while the Missouri Housing Development Commission approved Low-Income Housing Tax Credits and the U.S. Department of Housing & Urban Development approved a new project-based Section 8 contract. Citibank NA served as the primary lender, and Walker & Dunlop Inc. was the equity partner. Interior scope upgrades will include new cabinets and countertops, vinyl plank flooring, kitchen and bathroom fixtures, appliances, interior paint, new HVAC and water heating systems, new LED lighting fixtures and mobility upgrades to five units. The exterior scope of work will include reroofing all buildings, replacing gutters and downspouts, repairing …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIllinoisMidwest

Principle Construction Completes Renovation of Heartland Animal Shelter in Wheeling, Illinois

by Kristin Harlow

WHEELING, ILL. — Principle Construction has completed the renovation of the Heartland Animal Shelter, which was damaged by a water main break in June 2024. The 8,205-square-foot facility is located at 586 Palwaukee Drive in the Chicago suburb of Wheeling. The shelter provides a temporary home for over 100 animals as they await adoption or fostering. The renovation project included a 601-square-foot office, 850-square-foot surgery room, 66 square-foot donation room and parking for 23 vehicles. During the flood, the shelter’s animals were cared for in foster homes. Heartland Animal Shelter is a no-kill shelter with a 96 percent adoption rate. Designhaus was the project architect.

Continue Reading
FacebookTwitterLinkedinEmail
CaliforniaDevelopmentLeasing ActivityLife SciencesMixed-UseOfficeTop StoriesWestern

Chan Zuckerberg Initiative Signs 225,000 SF Lease to Anchor Elco Yards Development in Silicon Valley

by John Nelson

REDWOOD CITY, CALIF. — The Chan Zuckerberg Initiative (CZI), one of the largest philanthropies supporting biomedical research and AI-driven science, has signed a 225,000-square-foot life sciences lease in Silicon Valley. The company will fully occupy one of four buildings at IQHQ Inc.’s Elco Yards mixed-use development underway in Redwood City, roughly 25 miles south of San Francisco. Situated along the Caltrain corridor on the San Francisco Peninsula, Elco Yards is a 670,000-square-foot mixed-use development that comprises four buildings offering lab, office and retail space. The project, which began construction in 2021, will deliver additional phases between mid-2025 and 2026. CZI is expected to officially occupy its newly leased space in 2027. The deal brings Elco Yards to 30 percent preleased, according to IQHQ. Founded by Dr. Priscilla Chan and Facebook founder Mark Zuckerberg in 2015, CZI’s purpose is to eradicate disease, improve education and address the needs of local communities, while building a more “inclusive, just and healthy future for everyone,” according to the company’s mission statement. “We are excited to continue to grow our roots in Redwood City with this new space for our biomedical research efforts,” says Marc Malandro, chief operating officer of CZI and the CZ Biohub …

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentIllinoisLeasing ActivityMidwestMultifamily

Habitat Completes Lease-Up of OC Living Phase I Mixed-Income Development in Chicago

by Kristin Harlow

CHICAGO — Habitat has completed the lease-up of OC Living Phase I, the first residential building within the $200 million Ogden Commons community in Chicago’s North Lawndale neighborhood. Located at 1325 S. Washtenaw Ave., the building features 92 units, 90 percent of which are affordable, including 37 Chicago Housing Authority (CHA) units. Simultaneously, Habitat has closed financing and finalized a 75-year ground lease for OC Living Phase II at nearby 1312 S. Talman Ave. The $38 million building is scheduled to open in the second quarter of 2026, delivering an additional 75 units with 76 percent of them reserved as affordable housing, including 30 CHA-designated residences. Site preparation is underway. Amenities will include a children’s tot lot, bike racks, walking path, package room, resident lounge, fitness center and bike room. A planned third phase of OC Living is expected to feature townhome and multi-flat units, which will feature larger units designed for families. Habitat intends to break ground on Phase III in the second half of 2026 or early 2027. Once completed, Ogden Commons will feature 120,000 square feet of commercial and retail space with more than 350 mixed-income housing units. Designed by Habitat, along with Sinai Chicago and the …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentFloridaRetailSoutheast

Whole Foods Opens 35,000 SF Grocery Store in Boca Raton, Florida

by John Nelson

BOCA RATON, FLA. — Whole Foods Market has opened a new 35,000-square-foot grocery store at 9560 Glades Road in Boca Raton. The new store, which carries more than 700 items sourced from Florida, is one of the several anchors at the Uptown Boca development on the city’s west side. Giles Capital Group, Rosemurgy Properties, Schmier Property Group and Wheelock Street Capital broke ground on the $200 million mixed-use development in 2018. Other elements at Uptown Boca include REI, Sephora, Life Time Fitness and 456 apartments, among other components.

Continue Reading
FacebookTwitterLinkedinEmail
Source-Logistics-Center-Tempe-AZ
ArizonaDevelopmentIndustrialWestern

Creation Breaks Ground on 144,885 SF Source Logistics Center in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — Creation has started construction of Source Logistics Center, a Class A industrial facility in Tempe. The company acquired the 15-acre site at the southeast corner of Warner Road and Hardy Drive in partnership with CrossHarbor Capital Partners as investor. The 144,885-square-foot project will feature a clear height of 32 feet, abundant power and 6 acres of contiguous yard space allowing for flexible storage or excess passenger vehicle, trailer or box-truck parking. The property also offers access to Interstate 10 and Loop 101, as well as Union Pacific rail spur capabilities. LGE Design Build is serving as architect and general contractor for Source Logistics Center, which is slated for completion in mid-2026. Cooper Fratt, John Werstler and Tanner Ferrandi of CBRE are handling leasing efforts for the project.

Continue Reading
FacebookTwitterLinkedinEmail
The-Aspire-Apts-Riverside-CA.jpg
Affordable HousingCaliforniaDevelopmentMultifamilyWestern

IHO Opens Affordable Housing Complex for Transitional Age Youth in Riverside, California

by Amy Works

RIVERSIDE, CALIF. — Innovative Housing Opportunities (IHO) has opened The Aspire, an affordable residential community in Riverside. Situated at the corner of Third Street and Fairmount Boulevard, The Aspire features 33 fully furnished units for transitional age youth, including young people aging out of the foster care system. The furnished one-bedroom units are approximately 450 square feet and include a patio or deck. Community amenities include an interior courtyard, roof terrace, communal living room and public art. Additionally, The Aspire is in a walkable neighborhood close to transit, employment, recreation, retail and cultural options. The Aspire will offer onsite education services and programs, provided by the California Family Life Center. Riverside Community College District is also offering academic, career and financial aid counseling, as well as job placement assistance. The $25 million development was funded with Housing Authority funds from the City of Riverside, project-based housing choice vouchers from Riverside County and California’s Housing and Community Development/Multifamily Housing Program.   

Continue Reading
FacebookTwitterLinkedinEmail
The-Eastwalk-Braintree
Affordable HousingDevelopmentMultifamilyNortheast

WinnCos. Breaks Ground on $47M Affordable Housing Project in Braintree, Massachusetts

by Taylor Williams

BRAINTREE, MASS. — Developer WinnCos. has broken ground on The Eastwalk, an affordable housing project in the southern Boston suburb of Braintree that is valued at $47 million. Of the development’s 56 total units, 30 will be reserved for households earning 60 percent or less of the area median income (AMI). Another 20 residences will be earmarked for renters earning 120 percent or less of AMI, and the remaining six units will be rented at market rates. Residences will come in one-, two- and three-bedroom floor plans, and amenities will include a community room with a kitchen, onsite resident workspace, fitness room and a patio lounge with grills. The Eastwalk is expected to be available for occupancy in summer 2026. WinnCos. is developing the project in partnership with Arch Communities, with Webster Bank financing construction. The capital stack also includes both state- and federal-issued Low-Income Housing Tax Credits, and the investors of those securities are U.S. Bank and Boston Financial, respectively.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIndustrialMassachusettsNortheast

Partnership Completes 82,790 SF Warehouse in Peabody, Massachusetts

by Taylor Williams

PEABODY, MASS. — A partnership between two local development and investment firms, Oliver Street Capital and Bain Capital Real Estate, has completed an 82,790-square-foot warehouse in Peabody, a northern suburb of Boston. The project is a build-to-suit for Christianbook, and the site is contiguous to the literary retailer’s existing headquarters. Locally based design-build firm Dacon Corp. handled the architectural and general contracting aspects of the partnership in conjunction with Fraser Project Management.

Continue Reading
FacebookTwitterLinkedinEmail
The-Bend-Plano
DevelopmentMixed-UseTexas

Centennial Unveils New Plans for Mixed-Use Redevelopment of Plano Mall

by Taylor Williams

PLANO, TEXAS — Dallas-based Centennial has unveiled new and revised redevelopment plans for The Shops at Willow Bend, a 1.4 million-square-foot regional mall in Plano, to include townhomes-style attached residences and detached single-family homes. Centennial, which initially acquired the property in 2022 in partnership with Cawley Partners, had previously unveiled plans to convert the enclosed center to a mixed-use property called The Bend. Centennial’s late-2024 acquisition of the Macy’s building at the center — following the retailer’s announcement that the store would be closing — has enabled the inclusion of additional uses, according to the company. Under the plans, a portion of the enclosed mall’s footprint will be demolished to make room for multifamily housing options, a hotel, neighborhood dog park and green spaces for community activities. The Bend will also continue to offer residents and visitors a mix of retail, dining, fitness, and entertainment options. The Plano City Council must still approve the project, although the Plano Planning & Zoning Committee has already signed off on the updated plans. Construction is expected to begin later this year pending city council approval.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts