Development

Domain Capital, Capstone South Underway on New Film and TV Studio Campus in Metro Atlanta

by Julia Sanders December 15, 2021

STONE MOUNTAIN, GA. — Domain Capital Advisors, a subsidiary of Atlanta-based Domain Capital Group LLC, and Atlanta-based Capstone South Properties recently acquired a 17-acre site in Stone Mountain, about 14 miles from downtown Atlanta, for a new film and TV studio campus dubbed Electric Owl Studios. Construction on the project broke ground in November and is slated for completion by January 2023. The price for the land and the seller were not disclosed. Phase I of the Electric Owl Studios will include a 300,000-square-foot film studio with six stages. The project will be designed to meet LEED certification. Located at 3963 Redan Road, the property is situated about a half-mile from the Indian Creek Transit MARTA Station and 18.1 miles from Hartsfield-Jackson Atlanta International Airport. Chuck Taylor and Alex Lacher of Domain Capital Advisors will lead operations and development along with Michael Hahn and Dan Rosenfelt of Capstone.

December 15, 2021

Development Georgia Hospitality Southeast

Songy Highroads Opens 15-Story Hyatt Centric Buckhead Atlanta Hotel

by Julia Sanders December 15, 2021

ATLANTA — Atlanta-based Songy Highroads (SHR) has opened the Hyatt Centric Hotel in the Buckhead neighborhood of Atlanta. Construction on the 15-story hotel started in early 2020 and finished this month. SHR developed the hotel in a joint venture with Chicago-based Hyatt Hotels Corp. Designed by New York-based Sawyer & Co., the Hyatt Centric Buckhead Atlanta hotel features 218 guestrooms (including seven suites), two dining concepts and more than 3,700 square feet of meeting and event spaces. The guestrooms average 400 square feet in size, while the suites exceed 850 square feet. Each guestroom offers a variety of amenities including a 65-inch flat-screen TV, bathrobe, bath amenities and a salon-quality hair dryer. Other hotel amenities include a fitness center and an outdoor heated plunge pool with pool sundeck located on the second floor. The two dining concepts include Mount Royal, a Montreal-style steakhouse located on the ground floor, and Spaceman, an indoor-outdoor lounge with cocktails and shareable dishes located on the 15th floor rooftop. The hotel is located next to Bloomingdale’s at Lenox Square, Simon’s enclosed shopping mall fronting Lenox and Peachtree roads. The property is also close to PATH400, a multi-use trail for bicyclists and pedestrians, Shops Around Lenox …

December 15, 2021

Development Mixed-Use Texas

Cedar Park City Council Approves 117-Acre Mixed-Use Project

by Taylor Williams December 15, 2021

CEDAR PARK, TEXAS — The Cedar Park City Council has approved an agreement with CPM Development for a 117-acre mixed-use project that is expected to generate more than $435 million in tax revenue for the northern Austin suburb over the next 25 years. The approval of the development agreement on Dec. 9 marks the first step into making the project, which will be anchored by Nebraska Furniture Mart (NFM), a reality. Preliminary plans include a 250-room hotel with a 30,000-square-foot convention center that would be owned by the city; a 500,000-square-foot NFM store and showroom; a 700,000-square-foot warehouse to support NFM’s retail operations; and 250,000 square feet of additional commercial space. The terms of the agreement also call for CPM Development to invest a minimum of $400 million to build the NFM-anchored development, which then must generate a minimum of $450 million annually in sales. The project also must generate a minimum of 725 jobs within the first year of opening. In return, the city will issue a maximum of approximately $45 million total in performance-based tax rebates to CPM Development. Rebated funds will be used in part to reimburse the developer for costs associated with required on- and offsite …

December 15, 2021

Development Georgia Leasing Activity Retail Southeast

Cotton Cos. Signs Cleaver & Cork to Join Highside Market Adaptive Reuse Project in Columbus, Georgia

by Julia Sanders December 15, 2021

COLUMBUS, GA. — Cotton Cos. has signed Cleaver & Cork, a butcher and artisan market, to an 1,800-square-foot lease at Highside Market, an adaptive reuse mixed-use development in Columbus. Cleaver & Cork will offer a selection of charcuterie, meats, seafood, artisan goods, local cheeses, as well as a variety of craft beer and wine. Cleaver & Cork currently has locations across Georgia in Sharpsburg, Newnan, Marietta and Alpharetta. Slated to open this summer, Highside Market will be a 55,000-square-foot mixed-use development featuring 20,000 square feet of restaurants, 20,000 square feet of retail, 15,000 square feet of office space, a greenspace and outdoor lounge areas. Cotton Cos. has already received tenant commitments for 26 percent of Highside Market’s available leases. Colliers is representing the locally based developer in the lease transactions.

December 15, 2021

Development Mixed-Use Texas

Satya to Build 37-Acre Mixed-Use Project in Rosenberg, Texas

by Taylor Williams December 15, 2021

ROSENBERG, TEXAS — Locally based developer Satya will build a mixed-use project on a 37-acre site within a Qualified Opportunity Zone in Rosenberg, a southwestern suburb of Houston. The project will consist of Fairgrounds Apartments, a 312-unit multifamily community complex situated on a 15-acre site, as well as retail and restaurant space on an adjoining 17-acre parcel. Tenants such as Arby’s, Starbucks, Whataburger, AutoZone and Harbor Freight have already committed to the latter portion of the project. Residential units will feature one-, two- and three-bedroom floor plans ranging in size from 670 to 1,500 square feet. Amenities will include a pool, playground, dog park, fitness center, golf simulator, beer garden and an Amazon package locker system. Garcia & Associates is the project architect. Construction is set to begin next summer and to be complete in the fourth quarter of 2023.

December 15, 2021

Development Industrial Kansas Midwest

Block Real Estate Services Breaks Ground on 200,000 SF Industrial Build-to-Suit for MSI in Lenexa, Kansas

by Kristin Harlow December 15, 2021

LENEXA, KAN. — Block Real Estate Services LLC has broken ground on a roughly 200,000-square-foot industrial build-to-suit for MS International Inc. (MSI), a supplier of flooring, countertops, tile and hardscaping products, in Lenexa. The property will be located within Lenexa Logistics Centre, a Class A industrial park. The facility will feature nearly 195,000 square feet of warehouse space, 5,800 square feet of office space, 13 dock positions, 132 car parking spaces, 13 trailer parking spaces and a clear height of 32 feet. Future additions to the space will include a crane production area and a showroom. ARCO National Construction is serving as design-builder. John Stafford of Colliers represented MSI. Kenneth Block, Michael Block, Zach Hubbard, Andrew Block and William Block represented the developer on an internal basis.

December 15, 2021

Civic Development Texas

Joeris General Contractors Completes Renovation of 10,000-Seat Stadium in Metro Austin

by Taylor Williams December 15, 2021

HUTTO, TEXAS — Joeris General Contractors, in partnership with the Hutto Independent School District, has completed the renovation of Hutto Memorial Stadium, a 10,000-seat venue located north of Austin. The total project cost was approximately $18 million. Upgrades include a new visitors’ field house, new home and visitors’ concessions and restroom facilities, an enhanced LED video display board, multi-level press box and film deck and additional site improvements to support these facilities. VLK Architects designed the project.

December 15, 2021

Development Industrial Texas

Seefried, USAA to Develop 1.3 MSF East Gate Logistics Center in Forney, Texas

by Taylor Williams December 14, 2021

FORNEY, TEXAS — A partnership between Atlanta-based Seefried Industrial Properties and San Antonio-based USAA Real Estate will develop East Gate Logistics Center, an approximately 1.3 million-square-foot industrial project that will be located in the eastern Dallas suburb of Forney. Building features will include 40-foot clear heights, abundant car and trailer parking and an ESFR sprinkler system. Construction is slated to begin in the first quarter of next year and to be complete in mid-2023. The new facility will be the largest of its kind in the history of the Dallas-Fort Worth metroplex, according to the development team. KBC Advisors is marketing the property for lease.

December 14, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

USA Properties Fund Starts Construction of $32M Sage at Folsom Seniors Housing Property in California

by Amy Works December 14, 2021

FOLSOM, CALIF. — USA Properties Fund has started construction on Sage at Folsom, located approximately 25 miles east of Sacramento in Folsom. Sage at Folsom will offer affordable housing for residents 55 years and older earning between 30 and 80 percent of area median income — approximately $19,150 to $51,000 per year. Rents will range from $450 to $1,300. The 111-unit community is a few blocks from Folsom Lake College, healthcare providers, grocery stores and several large shopping centers, including Broadstone Plaza and the Palladio Shopping Center. Construction of the $32 million development is scheduled for completion in first-quarter 2023. Bank of America and the City of Folsom are investment partners on the project.

December 14, 2021

Development Florida Hospitality Loans Mixed-Use Multifamily Southeast

RPC Receives $340M Construction Loan for Legacy Hotel Project at Miami Worldcenter

by Julia Sanders December 14, 2021

MIAMI — Royal Palm Cos. (RPC) has received a $340 million construction loan from New York City-based Silverstein Capital Partners for the development of Legacy Hotel & Residences, a mixed-use hospitality property in downtown Miami. The hotel development is part of Miami Worldcenter, a $4 billion, 27-acre mixed-use development underway by Miami Worldcenter Associates. Legacy will offer 310 for-sale residential units on top of a 219-room hotel. The project’s residential units all sold out in May 2021 in less than 12 months. Construction on the property broke ground in August and is slated for completion by 2024. Community amenities at the mixed-use tower include ground-floor retail space, five restaurant and bar concepts, a hotel pool deck, enclosed seven-story rooftop atrium with a restaurant bar and lounge and a members-only international business lounge. Other than the residential and hotel space, Legacy will also include a 10-floor, $100 million medical center known as Blue Zones Medical and Wellbeing Center. RPC’s design team for the Legacy Hotel project includes Miami-based Kobi Karp Architects, Design Agency and ID & Design International. Martin Schwartz and Anthony de Yurre of Bilzin Sumberg provided legal counsel to the development team in the loan transaction.

December 14, 2021

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