Development

HHHunt Breaks Ground on Two Apartment Communities in North Carolina

by Julia Sanders November 4, 2021

CARY AND CHARLOTTE, N.C. — Raleigh-based HHHunt Corp. has broken ground on two apartment communities: Abberly Commons in Charlotte and Abberly Alston in Cary. The two communities total 617 apartments. Located at 10601 Harrisburg Road in Charlotte, Abberly Commons will include 287 apartments. Slated for completion by the winter of 2023, the property is expected to cost over $56 million to develop. The other property, Abberly Alston, will include 330 apartment homes with 41 built-to-rent townhomes located at 2124 Alston Ave. in Cary, a suburb of Raleigh. The project is expected to cost over $84 million to build and is slated for completion by winter 2023. Both communities will include one-, two- and three-bedroom apartment homes that offer granite countertops, stainless steel appliances and wood-style flooring. ADT is a partner on the project so all units will feature an assortment of smart home technology including smart hubs, smart thermostats, monitored security alarms and smart locks. Community amenities at both properties will include an adrenaline cardio and strength studio with separate studio space; private pool with sundeck and in water seating; outdoor entertainment area; bark park; car care center with car charging stations; valet trash removal; elevator access and a clubhouse …

November 4, 2021

Development Florida Mixed-Use Retail Southeast

Stevens Construction Begins 13,712 SF PopStroke Project in Orlando

by Julia Sanders November 4, 2021

ORLANDO, FLA. — Stevens Construction has begun construction on PopStroke Orlando, a 13,712-square-foot experiential golf and casual dining concept. The project is slated for completion in spring 2022. PopStroke Orlando will be an interactive and competitive golf experience with food and beverage options, including an open-air restaurant with multiple open decks and covered dining areas and bars. The venue will also have a commercial kitchen, restrooms, covered playground, beer garden and lobby with retail space. The project will also include two 18-hole putting courses designed by TGR Design, and a jumbotron screen to display scores and sporting events. Located at 321 N. Alafaya Trail within Waterford Lakes Town Center, PopStroke Orlando will be the fourth PopStroke location to open in Florida. Stevens Construction is currently under construction on a Sarasota location and previously completed PopStroke Fort Myers in September 2020. Bruce Chartrand, Robert Koller and Corrie Cochran of Stevens Construction are overseeing development. MHK Architecture & Planning is the project’s architect.

November 4, 2021

Development Midwest Minnesota Mixed-Use

Kraus-Anderson Breaks Ground on North Loop Green Mixed-Use Project in Minneapolis

by Kristin Harlow November 4, 2021

MINNEAPOLIS — Kraus-Anderson has broken ground on North Loop Green, a mixed-use development in the North Loop neighborhood of Minneapolis. Hines, along with partners AFL-CIO Building Investment Trust and Marquee Development, are the developers. Plans call for 350,000 square feet of office space, 350 residential units, 100 hospitality units and 17,000 square feet of retail and restaurant space. A key feature of the project will be The Green, a one-acre green space that will host community events. The project architect, ESG Architects, plans to move its office to the development. Completion is slated for spring 2024. Brent Robertson of JLL will lead leasing efforts for the office component.

November 4, 2021

Build-to-Rent Content Partner Development Features Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Demographic, Economic Trends Likely to Sustain Build-For-Rent Sector’s Growth

by Sarah Daniels November 4, 2021

Institutional investors have been increasingly interested in the build-for-rent (BFR) space over the last five years. But the pandemic poured gasoline on an asset class that offers tenants space, privacy and the flexibility of renting. Now that COVID appears to be receding in some areas, can the BFR sector maintain its growth? Paul Garner, director at Walker & Dunlop, believes that demographic and economic trends will maintain the demand for BFR, especially in the Sun Belt states, for the near future. Opportunities for Growth and a Focus on the Sun Belt Garner sees the most potential for BFR growth in suburban areas — particularly those located 15 to 20 minutes outside of a metropolitan statistical area. The economic growth and increasing populations of nearby cities determine whether suburban BFR setups will attract tenants. According to Garner, the dedicated BFR/single-family rental (SFR) team at Walker & Dunlop has started to see a lot of action similar to what they saw on the West Coast (especially in Arizona) four or five years ago. He notes, “BFR properties are becoming increasingly popular all throughout the Sun Belt states, especially Florida and the Carolinas. There’s a potential in this area to get land very, …

November 4, 2021

Development Hospitality Texas

American Liberty Hospitality Opens 300-Room Dual-Branded Hotel in Houston

by Taylor Williams November 3, 2021

HOUSTON — Locally based owner-operator American Liberty Hospitality has opened a dual-branded hotel at 6840 Almeda Road on the Michael E. DeBakey Veterans Affairs Medical Center campus in Houston. The combined Hilton Garden Inn and Home2 Suites by Hilton total 300 rooms and include a pool, fitness center, business center, dog run and 3,600 square feet of shared meeting and event space. Project partners included Houston-based design firm MCS Architects, general contractor Arch-Con Corp. and construction lenders Amegy Bank and United Missouri Bank.

November 3, 2021

Acquisitions Development Multifamily Southeast Tennessee

RangeWater Purchases Land in Nashville, Plans Apartment Development

by Julia Sanders November 3, 2021

NASHVILLE, TENN. — RangeWater Real Estate has purchased a 2.7-acre site in Marathon Village, a neighborhood near downtown Nashville. The Atlanta-based firm plans to develop a 320-unit apartment community on the site, which is located at 806 16th Ave. The Marathon Village project is situated next to Marathon Music Works, the headquarters for Nelson’s Green Brier Distillery. The project is also located near the Watkins Park Pump Track, a skatepark, and Foundry Events, an event venue. The development will include a mix of studio, one- and two-bedroom apartments, as well as community amenities such as a podcast lounge, flexible workspaces, pool deck and yoga lawn. Groundbreaking is scheduled to begin this month with completion expected by the summer of 2023.

November 3, 2021

Alabama Development Leasing Activity Office Southeast

Tech Company Shipshape Signs Office Lease at 2222 Arlington Project in Birmingham

by Julia Sanders November 3, 2021

BIRMINGHAM, ALA. — Shipshape, an Austin-based smart home software tech company, has signed a lease at the 2222 Arlington Ave. office building in Birmingham, which is slated to break ground this month. New York-based D&A Cos. is the developer for the restoration project. The building has 55,000 square feet of office space. Shipshape is joining Atlas Senior Living as anchor tenants in the office project. Shipshape will house its Network Operations Center on the top floor, including signage rights for the building. The company is taking 6,000 square feet of space with an option to expand to 12,000 square feet after one year. The property is currently vacant, but is 50 percent preleased. Previously, the property was the headquarters for Bayer Properties. 2222 Arlington Ave. will offer covered parking, secure building access, a double-height lobby atrium with coffee bar and potential for food service. D&A Cos. plans to install floor-to-ceiling windows, as well as a new east lobby with a grand atrium and exterior reflecting pool. Construction for 2222 Arlington Ave. is slated to complete and be open for occupancy in late 2022. D&A Cos. partnered with The FiveStone Group, a Birmingham-based commercial real estate firm, on the redevelopment project. …

November 3, 2021

Development Multifamily New York Northeast

JDS Development Group Tops Out 93-Story Brooklyn Tower Residential Building

by Taylor Williams November 3, 2021

NEW YORK CITY — Locally based firm JDS Development Group has topped out The Brooklyn Tower, a 93-story residential tower that connects to the historic Dime Bank Savings Building in the borough’s downtown area. Designed by SHoP Architects and rising 1,066 feet, Brooklyn Tower will house 150 residences for sale and 400 units for rent, as well as approximately 100,000 square feet of ground-floor retail space. Thirty percent of the rentals will be designated as affordable housing. Sales are scheduled to begin in early 2022, and leasing is slated to begin in mid-2022. The development team expects the first units to be available for occupancy in late 2022.

November 3, 2021

Development Industrial Iowa Midwest

Russell Breaks Ground on First Building at 95-Acre Industrial Park in Davenport, Iowa

by Kristin Harlow November 3, 2021

DAVENPORT, IOWA — Iowa-based construction and development firm Russell has broken ground on the first building at Russell Industrial Park in Davenport, one of the Quad Cities. The 251,100-square-foot building is a build-to-suit for an undisclosed tenant. The building marks the first of six anticipated projects at the 95-acre site. Russell plans to soon break ground on the second building, a 300,000-square-foot speculative project slated for completion in the fourth quarter of 2022. Marcus Pitts, Michael Minard and Austin Hedstrom of JLL represented Russell in the build-to-suit lease.

November 3, 2021

Acquisitions Development Multifamily New Jersey Northeast Office

AvalonBay Buys Princeton Office Buildings, Plans Multifamily Conversion

by Taylor Williams November 3, 2021

PRINCETON, N.J. — Virginia-based AvalonBay Communities (NYSE: AVB) has purchased two office buildings totaling approximately 110,000 square feet in Princeton with plans to redevelop the site into a 221-unit apartment community and an 80-unit affordable seniors housing property. The future development will feature a four-story apartment building with an elevator, as well as three-story walk-up buildings and high-end luxury rental townhomes. A construction timeline was not disclosed. Jeffrey Dunne, Jeremy Neuer, Steven Bardsley, David Gavin, Travis Langer and Zach McHale of CBRE represented the previous owner and seller buildings, KABR Group, which bought the property in 2018 and shortly thereafter executed a sales contract with AvalonBay.

November 3, 2021

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