JERSEY CITY, N.J. — A partnership between investment management firm Arden Group and developer Spitzer Enterprises will build a $150 million multifamily project within one of Jersey City’s opportunity zones. The 26-story, 390-unit building will be located adjacent to the Journal Square PATH station and will include ground-floor retail space and onsite parking. Dustin Stolly, Jordan Roeschlaub, Chris Kramer and Nick Scribani arranged the equity partnership between the two firms. Completion of the project is scheduled for 2024.
HAVERHILL, MASS. — Locally based owner-operator The Procopio Cos. will develop The Beck, a 290-unit multifamily project that will be located in the northern Boston suburb of Haverhill. The Beck will consist of two five-story residential buildings, 6,750 square feet of retail space and 3.2 acres of public parks, playgrounds and hiking/jogging trails. Dellbrook | JKS is the construction manager of the project, and CUBE3 designed the project. Construction is scheduled to begin next spring and to be substantially complete by 2024.
MT. HOREB, WIS. — Associated Bank has provided a $16.9 million financing package for the development of Landsby Ridge, a 51-unit affordable housing community at 400 W. Garfield St. in Mt. Horeb, about 20 miles southwest of Madison. Gorman and Co. LLC and Impact Seven are the developers. Landsby Ridge will include 46 units for residents who earn 30 to 60 percent of the area median income (AMI) along with five units that will be rented at market rates. Lutheran Social Services and Impact Seven will provide supportive services for 11 units that will be reserved at the 30 percent AMI threshold. In addition to co-developer, Gorman and Co. will serve as general contractor and property manager. Construction is underway, and completion is scheduled for the third quarter of 2022. Associated Bank provided a total of $9.2 million in loan proceeds, and Associated Community Development provided federal low-income housing tax credit equity of $7 million. Associated Bank also sponsored a $690,000 affordable housing project grant from the Federal Home Loan Bank of Chicago. Royal Bank of Canada is the tax credit syndicator. Bryan Schreiter of Associated Bank’s commercial real estate group managed the loan closings. Stefanie Bachrach of Associated Community …
LANSING, ILL. — Skender and its joint venture partner Ashlaur Construction have broken ground on Torrence Place, an affordable housing and health clinic project in Lansing, located about 25 miles south of the Chicago Loop. Full Circle Communities is the developer. The three-story project will include 48 affordable and accessible units for veterans and people with disabilities. It will also include a 3,000-square-foot health clinic on the ground floor to be operated by Christian Community Health Center. Residents will have access to supportive services, a fitness area, computer lab and communal kitchen. The project team includes architect Cordogan, Clark & Associates and CAGE Civil Engineering.
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Lee & Associates Breaks Down Third-Quarter Economic Outlook by Sector
The calculus for which asset classes are likeliest to demonstrate strong growth continues to shift as the pandemic appears to be receding. Patterns in labor shortages, supply chain issues and material costs have managed to solidify through the third quarter of 2021. Lee & Associates’ newly released Q3 2021 North America Market Report dissects third-quarter 2021 industrial, office, retail and multifamily findings, with a focus on where demand is moving and the challenges facing each asset class. Lee & Associates has made the full market report available at this link (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). Below is a bird’s-eye overview of four commercial real estate asset classes as general categories, broken down to frame each through the trends and complications they faced up to the fourth quarter, according to Lee & Associates’ research. Industrial: Q3 Posts More Record Demand Pandemic-fueled consumer spending drove up third-quarter demand for warehouse and distribution facilities that eclipsed previous records. And despite a nationwide surge in new construction, some metros can barely accommodate the pace of tenant expansion. Additionally, year-over-year rent growth is at a record 6.7 percent for the industrial property sector …
MINNEAPOLIS — Nonprofit developer Ecumen has broken ground on The Hillock, a 100-unit affordable seniors housing community in the Longfellow neighborhood of Minneapolis. The development will include 11 units designated for veterans who are experiencing homelessness. The rest of the units will be reserved for residents age 55 and older who earn up to 60 percent of the area median income. Monthly rents are expected to range from $816 to $1,339. Amenities will include a community garden and onsite clinic. Project costs are estimated at $24 million, and completion is slated for fall 2022. Phase II calls for an 89-unit affordable housing building with 13 units for veterans experiencing homelessness. Ecumen and Snelling Yards Development, a joint venture between Lupe Development Partners and Wall Cos., are co-developing the overall campus. The two communities will sit on a three-acre site that formerly housed the City of Minneapolis Public Works maintenance yard.
ORLANDO, FLA. — Onicx Group, a Tampa-based private real estate firm, has broken ground on East Park Village Apartments, a 264-unit multifamily development in the Lake Nona neighborhood of Orlando. The development is predicted to cost $65 million and is slated to be complete in early 2024. East Park Village will be part of a $200 million mixed-use development called East Park Village Development, which will include a 50,000-square-foot medical office building, 150-room hotel and 15,000 square feet of retail spaces. The community will comprise one-, two- and three-bedroom floorplans. Community amenities will include a swimming pool with an outdoor kitchen and recreational area, fitness center with spin/yoga room, business center, detached garages and a playground. Located at 10735 Moss Park Road, the project is situated about eight miles from Orlando International Airport, approximately 17 miles from downtown Orlando and 23.7 miles from Walt Disney World Resort. The Lunz Group, a Lakeland, Fla.-based architectural firm, designed the property. Live Oak Contracting is the general contractor for the project.
GREER, S.C. — PCCP LLC and Panattoni Development Co. Inc. have formed a joint venture to develop Abner Creek Logistics Center, a 182,520-square-foot warehouse in Greer. The joint venture plans to start construction in the second quarter of 2022 with completion expected by the fourth quarter of 2022. Abner Creek Logistics Center will be located on a 16.5-acre site along the east side of Deyoung Road. The project will include amenities such as 32-foot clear heights, a rear-load configuration, 44 trailer parking spaces, 123 car parking spaces and 33 dock doors. The site is located adjacent to BMW’s manufacturing facility and provides access to Interstate 85. The property is also situated six miles from Inland Port Greer.
NEWARK, DEL. — Chicago-based Logistics Property Co. will develop First State Logistics, an approximately 1 million-square-foot industrial project that will be located on a 149-acre parcel in Delaware’s New Castle County. The site of the three-building project, which will be developed in two phases, is in Newark, about 45 miles south of Philadelphia. Building features will include 40-foot clear heights, 60,000 square feet of office space, proximity to Interstate 95 and ample car and trailer parking. Phase I will comprise two buildings totaling 702,600 square feet that will be developed on a speculative basis. Phase II will encompass one 385,000-square-foot building. CBRE is leasing the project. A construction timeline was not disclosed.
FRISCO, TEXAS — Dallas-based developer HALL Group has unveiled plans for the $7 billion mixed-use expansion of HALL Park, an existing 2.2 million-square-foot, 15-building office park located in Frisco. The full master plan will bring the development to 9.5 million square feet with a mix of office, hospitality, residential and retail uses. The $500 million first phase of development includes a Class A office tower, 154-key boutique hotel, 19-story luxury residential tower, a collection of 60 executive suites and a 10,000-square-foot food hall surrounding a community park. HKS Architects designed the 16-story office building, which will span 410,000 square feet. Amenities include 10,000 square feet of ground-level retail and restaurant space, a corporate lounge, fitness center, meeting space to accommodate upwards of 230 people, a seven-level parking garage and rooftop decks. Merriman Anderson Architects designed the 110,000-square-foot, full-service hotel component of the project, which will offer 13,000 square feet of indoor and outdoor event space, including a 3,000-square-foot ballroom; an outdoor swimming pool; gardens; a state-of-the-art fitness center; chef-driven restaurant and bar; and an expansive patio overlooking the community park. WDG Architecture designed the 331,529-square-foot residential tower with interiors by Dallas-based Waldrop + Nichols Studio. The community will offer one- …