Development

Patrinely Group, Dune Real Estate Partners Break Ground on 484,000 SF Office Tower in Downtown Bellevue

by Amy Works July 1, 2022

BELLEVUE, WASH. — Patrinely Group, in partnership with affiliates of Dune Real Estate Partners, has broken ground on FOUR106, an office tower in downtown Bellevue. The 21-story building will feature approximately 484,000 rentable square feet of office space with average floor plate sizes of 24,000 rentable square feet, along with 6,500 square feet of street-level retail space. FOUR106 will feature a fully equipped fitness center with shower and locker facilities, hands-free entries, delivery dispatch, hands-free elevators and hands-free restrooms. The project is designed to meet LEED Gold standards for core and shell. The project team includes CollinsWoerman, Mortenson Construction, DCI and Gensler. Paul Sweeney, Jason Furr and Colin Tanigawa of The Broderick Group are leasing FOUR106 on behalf of Patriney Group and Dune.

July 1, 2022

Acquisitions Arizona Development Office Western

George Oliver Acquires Biltmore Commerce Center in Phoenix, Plans $52M Renovation

by Amy Works July 1, 2022

PHOENIX — Phoenix-based George Oliver has purchased Biltmore Commerce Center, a landmark office building in Phoenix’s Camelback Corridor. A joint venture between Lincoln Property Co. and Oaktree Capital Management sold the asset for an undisclosed price. Located at 3200 E. Camelback Road, the 260,878-square-foot Biltmore Commerce Center features a three-story central atrium, large floorplates, multiple common areas and outdoor amenity spaces, conference facilities and a bronze-colored metal building exterior. George Oliver will deploy more than $52 million in capital improvements at the three-story building. George Oliver Design leads the architectural team. Ryan Timpani of JLL wills serve as the project’s leasing broker, while Arcadia Management Group will serve as the onsite property manager. Ben Geelan and Will Mast of JLL represented the sellers in the deal.

July 1, 2022

Development Florida Loans Mixed-Use Southeast

Forest Development Obtains $269M Construction Loan, Joint Venture Partner for South Florida Mixed-Use Project

by John Nelson July 1, 2022

LAKE PARK, FLA. — Forest Development, a Boca Raton, Fla.-based development firm, has obtained a $269 million construction loan for Nautilus 220, a mixed-use project in South Florida’s Palm Beach County. Located at 220 Lake Shore Drive in Lake Park, the waterfront development will comprise 330 condominium residences in two 24-story towers, as well as restaurants, shops and offices alongside a marina. Concord Summit Capital arranged the financing through Fortress Investment Group LLC, a New York City-based private equity firm. In addition to the financing, Forest Development has engaged in a joint venture partnership with Royal Palm Cos., a development firm based in Royal Palm Beach, Fla. Other project partners for Nautilus 220 include architect R+N Architecture, interior designer Interiors by Steven G. Inc. and landscape architect Insite Studio. Forest Development expects to complete Nautilus 220 in summer 2024.

July 1, 2022

Arkansas Development Southeast Student Housing

Landmark Begins Construction on 585-Bed Student Housing Development Near University of Arkansas

by John Nelson July 1, 2022

FAYETTEVILLE, ARK. — Landmark Properties has begun construction on The Retreat at Fayetteville, a 585-bed student housing development located adjacent to the University of Arkansas campus. Located at 1030 Razorback Road in Fayetteville, the community will offer a mix of two- to five-bedroom, fully furnished units in a cottage-style development. Shared amenities will include outdoor green space with a putting green and bocce ball area; 24-hour study lounge; computer lab; fitness center; resort-style swimming pool and hot tub; grilling area; and a fire pit. The property will also feature 1,000 square feet of ground floor retail space. Athens, Ga.-based Landmark expects to complete the project in fall 2023.

July 1, 2022

Development Georgia Industrial Southeast

LPC Southeast to Develop Two Northwest Atlanta Industrial Properties Totaling 800,000 SF

by John Nelson July 1, 2022

KENNESAW AND CALHOUN, GA. — Lincoln Property Co. Southeast (LPC Southeast) has acquired land in the northwest Atlanta suburbs of Kennesaw and Calhoun to build two new industrial developments totaling 800,000 square feet. The development in Calhoun, a 400,000-square-foot industrial facility on Belwood Road just off I-75, will break ground in the third quarter and deliver in summer 2023. In Kennesaw, LPC Southeast has purchased a 175,000-square-foot facility and additional land directly off I-75 and a quarter-mile from Kennesaw State University. The land can accommodate up to 400,000 square feet of additional development. No construction timeline was given for the Kennesaw project. LPC Southeast’s Turner Fortin and Colin Beecham will oversee construction, marketing and leasing of both buildings.

July 1, 2022

Development Florida Multifamily Southeast

Presidium to Break Ground on 334-Unit Apartment Community in Jacksonville

by John Nelson July 1, 2022

JACKSONVILLE, FLA. — Presidium plans to break ground on Presidium Regal Apartments, a 334-unit multifamily community located at 14051 Beach Blvd. in Jacksonville. The gated community will be situated on a 15-acre site that once housed a Regal Cinemas theater. Designed by Atlanta-based Dwell Design Studio, apartments will feature stainless steel appliances, quartz countertops, private balconies, smart lighting and lock systems, Ecobee thermostats and built-in Alexa capabilities. Amenities at Presidium Regal will include a zero-edge pool with grilling stations, cabanas and outdoor fireplaces with lounges. The clubhouse and leasing office will include a fitness center, game lounge, golf simulator, coworking spaces, podcast rooms and a rooftop lounging deck. Other amenities will include an onsite car wash, juice and java bar and a dog park and spa. Presidium expects to deliver the property, which represents the firm’s fourth multifamily community in the Jacksonville market, in late 2023.

July 1, 2022

Development Multifamily Texas

Resia Begins Work on 576-Unit Apartment Community in Houston’s Energy Corridor

by Taylor Williams July 1, 2022

HOUSTON — Resia, a Miami-based developer formerly known as AHS Residential, has begun construction on Resia Ten Oaks, a 576-unit apartment community that will be located within the 83-acre Ten Oaks master-planned development in Houston’s Energy Corridor. The community will comprise three 12-story buildings that will house one-, two- and three-bedroom units. Amenities will include a pool, fitness center and a resident clubhouse. Gensler is the project architect. Completion is slated for the first quarter of 2024.

July 1, 2022

Development Healthcare Midwest Minnesota

Davis Breaks Ground on 100,500 SF Specialty Clinic in Lakeville, Minnesota

by Kristin Harlow July 1, 2022

LAKEVILLE, MINN. — Minneapolis-based developer Davis, along with MNGI Digestive Health and Allina Health, have broken ground on Lakeville Specialty Center in suburban Minneapolis. The 100,500-square-foot clinic and surgery center is slated to open in fall 2023. Allina signed a lease for 60,000 square feet in the specialty center and 18,500 square feet in the surgery center. The clinic will offer 20 Allina specialties, including orthopedics, oncology, women’s health and cardiology. In addition, MNGI Digestive Health has signed a lease for 22,000 square feet to house a new clinic and endoscopy center. Minneapolis-based Synergy Architectural Studio is the project architect and Plymouth, Minn.-based Timco Construction Inc. is the general contractor.

July 1, 2022

Affordable Housing Development Midwest Missouri Multifamily

Drever Partners Opens 324-Unit Workforce Housing Property in Branson, Missouri

by Kristin Harlow July 1, 2022

BRANSON, MO. — Drever Partners has opened The Penleigh – Branson Row, a 324-unit workforce housing property in Branson. The project consisted of the conversion of the former Angel Inn – by the Strip hotel, which Drever Partners acquired. The property offers micro apartment units along with a resident lounge, fitness center, onsite laundry facilities, playground and pool. Monthly rents start at $700. Residents can receive a $25 discount each month for early payment.

July 1, 2022

Civic Development Loans New Jersey Northeast

Progress Capital Places $54.5M Construction Loan for Newark Educational Project

by Taylor Williams July 1, 2022

NEWARK, N.J. — Locally based mortgage banking and advisory firm Progress Capital has placed a $54.5 million construction loan for an educational project in Newark. The borrower, an entity doing business as 155 Jefferson LLC, plans to redevelop the site of the former St. James Hospital, which has been vacant for 15 years, into a 179,100-square-foot specialized higher learning center. Specifically, the new facility will support students studying architecture, computer-aided design and construction technology, as well as students who have opted for traditional trade programs. Completion is slated for July 2023. David May and Evan Boles of Progress Capital arranged the financing. The direct lender was not disclosed.

July 1, 2022

Newer Posts

Older Posts