Development

Taconic Partners, NREA to Develop 33-Story Multifamily Building in Manhattan

by Taylor Williams November 24, 2021

NEW YORK CITY — Taconic Partners and National Real Estate Advisors (NREA) will develop a 33-story multifamily building at 312 W. 43rd St. in Manhattan’s Hell’s Kitchen neighborhood. Designed by Handel Architects, the project will consist of 330 rental units, 40,000 square feet of retail space and 30,000 square feet of indoor and outdoor amenity space. The amenity package will include a pool, rooftop terrace, workspaces and private gardens. Avison Young arranged $204 million in construction financing through The Union Labor Life Insurance Co. for the project, completion of which is slated for mid-2024.

November 24, 2021

Development Industrial Texas Top Stories

Samsung to Build $17B Semiconductor Manufacturing Facility in Taylor, Texas

by Kristin Harlow November 24, 2021

TAYLOR, TEXAS — Samsung Electronics Co. Ltd. has unveiled plans to build a $17 billion semiconductor manufacturing facility in Taylor, about 35 miles northeast of Austin. The facility will manufacture products based on advanced process technologies for application in areas such as mobile, 5G, high-performance computing and artificial intelligence. South Korea-based Samsung says the project marks its largest-ever investment in the U.S. and will improve supply chain resilience of crucial logic chips. The $17 billion investment includes buildings, property improvements, machinery and equipment. “As we add a new facility in Taylor, Samsung is laying the groundwork for another important chapter in our future,” says Kinam Kim, vice chairman and CEO of Samsung’s device solutions division. “With greater manufacturing capacity, we will be able to better serve the needs of our customers and contribute to the stability of the global semiconductor supply chain.” Construction is expected to begin in the first half of 2022 with completion slated for the second half of 2024. The Taylor site will span more than 53 million square feet and is expected to serve as a key location for Samsung’s global semiconductor manufacturing capacity along with its latest production line in Pyeongtaek, South Korea. Samsung says …

November 24, 2021

Development Maryland Mixed-Use Multifamily Southeast

BKV-Designed $32M Mixed-Use Development Reserved for Artists Opens in Silver Spring, Maryland

by Julia Sanders November 23, 2021

SILVER SPRING, MD. — BKV Group has designed Artspace Silver Spring Arts Campus, a mixed-use development in Silver Spring featuring affordable housing and studio space for artists. The development cost for the project was $32 million. Construction of the project took about 18 months to complete, and now the project is open. Formerly the Third District Police Station, Artspace Silver Spring Arts Campus has workspaces for artists to rent out studio space and is anchored by 7,500 square feet of communal space. BKV Group worked with nonprofit developer Artspace, as well as the Montgomery County Department of Housing and Community Affairs, to redevelop the building into a creative hub. The project includes 68 affordable housing units that are intended for local artists. Rental restrictions include households whose income is below 60 percent of Area Median Income, with some units having further restrictions to income at or below 50 percent or 30 percent of AMI. The rental units feature one-, two- and three-bedroom floorplans with hardwood-style flooring, stainless steel appliances, in-unit washers and dryers and full-size balconies available in select floorplans. The property also includes 11 mixed-income rental townhomes on the eastern end of the site along Grove Street. Leasing is …

November 23, 2021

Affordable Housing Development Florida Multifamily Southeast

CVS Health to Invest $7.7M for Affordable Housing Project in Tampa

by Julia Sanders November 23, 2021

TAMPA, FLA. — CVS Health plans to invest $7.7 million with Raymond James Tax Credits Funds to build Uptown Sky, a 61-unit multifamily affordable housing development in Tampa. CVS Health will work with co-developers Blue Sky Communities and University Area Community Development Corp., a Tampa-based nonprofit, to develop Uptown Sky and provide comprehensive support to residents. Uptown Sky will offer two- and three-bedroom units at a reduced rent. The affordable units will be for families earning up to 50 percent, 60 percent or 70 percent of Area Median Income. Additionally, all residents will have access to onsite supportive services in the neighborhood center located on the bottom floor of the building. The center will offer computer training, homeownership programs, workforce training and financial management programs. Additionally, the neighborhood center will include a multi-purpose classroom where residents will have access to art, dance, yoga and karate classes. Located at 13603 North 12th St., the Uptown Sky project is situated 9.2 miles from downtown Tampa and is 16.1 miles from the Tampa International Airport. The project is slated for completion by October 2022.

November 23, 2021

California Development Multifamily Student Housing Western

Construction Underway on 1,600-Bed P3 Project at the University of California, Davis

by Amy Works November 23, 2021

DAVIS, CALIF. — Construction is underway on Orchard Park, a 1,600-bed student housing community located on the University of California, Davis campus. The property will target graduate students, offering units at below-market rates. The community is scheduled for completion in fall 2023. Orchard Park is Phase II of a larger development named The Green at West Village, which is being built through a public-private partnership between the university and Michaels. Phase I of the project delivered 1,000 beds in fall 2020, and included nine four-story buildings with shared amenities including a fitness center, multipurpose room and student support services. The property was fully leased ahead of the 2020-2021 academic year. “Michaels is honored to be the university’s private-sector partner for both of these beautiful, amenity-rich, energy-efficient housing developments,” says Ned Williams, senior vice president of Michaels Student Living. “We understand that great housing, along with a great education, represents the door to opportunity not just for success today, but success for tomorrow and beyond.”

November 23, 2021

Development Multifamily Texas

Rosewood, Trinsic Residential Complete Phase I of 339-Unit Multifamily Project in Austin

by Taylor Williams November 23, 2021

AUSTIN, TEXAS — A partnership between Dallas-based Rosewood Property Co. and Trinsic Residential Group has completed the initial phase of Aura Avery Ranch, a 339-unit multifamily project in Austin. Units feature one-, two- and three-bedroom floor plans and range in size from 576 to 1,422 square feet. Amenities include a pool, fitness center, clubhouse, game room and a dog park. Project partners included Davies Collaborative (architect), Benkendorfer & Associates (landscape architect), Faulkner Design Group (interior designer) and Jones Carter Engineering. Associated Bank provided construction financing. Rents start at $1,300 per month for a one-bedroom unit.

November 23, 2021

Development Multifamily New Jersey Northeast

Russo Development Begins Leasing 296-Unit Apartment Community in Garwood, New Jersey

by Taylor Williams November 23, 2021

GARWOOD, N.J. — Locally based firm Russo Development has begun leasing Vermella at Garwood Station, a 296-unit apartment community located in the Northern New Jersey community of Garwood. Residences come in studio, one- and two-bedroom formats and feature 9-foot ceilings, individual washers and dryers and private balconies/patios in select units. The transit-served property offers 40,000 square feet of indoor and outdoor amenity space that houses a clubroom with game tables and media center, multi-sport simulator, business and coworking center, fitness center with yoga and spin studios, a juice bar and private dining space. Vermella at Garwood Station also houses 19,500 square feet of ground-floor retail space. Rents start at approximately $2,300 per month for a studio apartment.

November 23, 2021

Acquisitions Development Healthcare Mixed-Use Retail Southeast Top Stories Virginia

Inova Health to Anchor Landmark Mall Redevelopment in Alexandria with $1B Hospital Campus

by John Nelson November 23, 2021

ALEXANDRIA, VA. — The City of Alexandria has signed Inova Health System, a nonprofit healthcare provider in Northern Virginia, to a 99-year ground lease at the site of the former Landmark Mall on the city’s west side. Inova plans to invest $1 billion to create a new medical campus that will be anchored by the relocation and expansion of its existing Alexandria hospital, which is located at 4320 Seminary Road. Inova expects the new campus to employ more than 2,000 healthcare workers. The hospital will include a large emergency room, private patient rooms and a prominent oncology department, according to reports from Patch.com. The healthcare campus will also include a medical office building. The landowner for the hospital portion, the City of Alexandria’s Industrial Development Authority (IDA), signed Inova to the longest ground-lease term possible. IDA purchased the 11-acre former Sears site recently from Landmark Land Holdings LLC for $54 million. Landmark Land Holdings LLC is the joint venture ownership comprising Foulger-Pratt, The Howard Hughes Corp. (NYSE: HHC) and Seritage Growth Properties (NYSE: SRG). Development plans for the remaining portions of the overall 52-acre Landmark Mall site include a mix of residential, retail, commercial and entertainment offerings. Plans also call …

November 23, 2021

Development Multifamily North Carolina Seniors Housing Southeast

Acts Breaks Ground on $59M Expansion at Matthews Glen Seniors Housing Community in North Carolina

by Julia Sanders November 22, 2021

MATTHEWS, N.C. — Acts Retirement-Life Communities has broken ground on a $59 million expansion at Matthews Glen, a 124-acre continuing care retirement community in Matthews. The project will add 72 independent living apartments and 16 villas to its campus. Construction is also underway to add additional assisted living residences. The first phase of the Matthews Glen expansion includes a $35 million WillowBrooke Court skilled care center addition that increased capacity to 90 private beds. The 93,000-square-foot building has three floors with six “neighborhoods,” each encompassing 15 private resident rooms with private bathrooms. The new construction is Phase II of the expansion and features 1,650- to 1,785-square-foot apartments along with 2,275- to 2,500-square-foot duplex-style villas, along with amenities such as tennis and pickleball courts. Acts is also adding 40 suites to its OakBridge Terrace assisted living residence, which will increase its capacity to 100 suites. Construction on the Phase II expansion is scheduled for completion in 2023.

November 22, 2021

Development Industrial Loans South Carolina Southeast

Patterson Secures JV Equity, Debt Financing for 535,000 SF Industrial Project in Orangeburg, South Carolina

by Julia Sanders November 22, 2021

ORANGEBURG, S.C. — Patterson Real Estate Advisory Group has secured joint venture equity via Pacolet Milliken to develop the first phase of Shamrock Commerce Center, an industrial park in Orangeburg that will ultimately span 2 million square feet across 200 acres. Patterson also secured separate debt financing via United Community Bank, which provided a senior construction loan. The equity and debt financing amounts were not disclosed. Appian Investments/NAI Earle Furman plans to break ground soon on Building A, which will be an approximately 535,000-square-foot industrial facility. Building A will sit on approximately 50 acres at the interchange of Interstate 26 and US Highway 301, about 76.4 miles from the Port of Charleston. Slated for completion by the fourth quarter of 2022, the property will be a cross-dock facility with 36-foot clear heights.

November 22, 2021

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