MADISON, WIS. — M&R Development has opened Elevate, a 270-unit luxury apartment complex located at 5022 American Parkway in Madison. Elevate marks M&R’s second apartment project to open in Wisconsin this year, following the completion of 42 Hundred On The Lake in St. Francis this summer. Units at the four-story Elevate measure 590 to 1,254 square feet. Monthly rents range from $1,205 to $3,199. The centerpiece of the community is a two-story clubhouse, complete with an outdoor pool, grilling stations, fire pit and lounge seating. Inside, the clubhouse includes an entertainment kitchen, coffee bar, fitness center, yoga room, business center, pet washing station and package room. The project team included Stevens Construction and Poole & Poole Architecture. M&R co-developed Elevate with Campbell Capital Group LLC. RMK Management is overseeing leasing and property management.
Development
CARY, N.C. — JLL Capital Markets has brokered the $5 million sale for a 5.8-acre infill land parcel in Cary that is zoned for multifamily. SunCap Property Group acquired the land with plans to develop a 230-unit apartment community called Ashby at Twin Lakes at the site. The property will include one-, two- and three-bedroom residences, as well as a courtyard and pool, gas grills, indoor and outdoor fitness center, workout stations, dog park and spa, bike storage and secured parking. Situated along Davis Drive, the site is located within the Twin Lakes Planned Development District, which also includes a new 100,000-square-foot Wegmans-anchored retail center. David Lee of SunCap’s multifamily division worked closely with the Town of Cary to plan the community. Sarah Godwin of JLL marketed the land on behalf of the seller, an entity doing business as Leyland Twin Lakes LLC.
AUSTIN, TEXAS — General contractor Cadence McShane has completed a project for the Austin Independent School District that delivered a 179,000-square-foot addition and renovations to Eastside Early College High School. The new structure features learning studios that incorporate flexible workspaces and integrated technology throughout the building. A gym with a second-story running track was also constructed. Perkins + Will served as the project architect.
TINLEY PARK, ILL. — Scannell Properties has unveiled plans to develop Tinley Business Park, a 1.3 million-square-foot speculative industrial project in Tinley Park, a southwest suburb of Chicago. The three-building development will offer immediate access to I-80, I-57 and I-294. The two larger buildings will feature a clear height of 36 feet, while the smaller building will feature a clear height of 32 feet. All buildings will have ample trailer and automobile parking. Construction is expected to begin next year. Sam Durkin, Scott Duerkop and Conor Mullady of JLL will market the project for lease.
BOSTON — Nuestra Comunidad and Preservation of Affordable Housing (POAH) have broken ground on The Kenzi at Bartlett Station, a 50-unit affordable seniors housing community in Boston. The $27 million project is part of a five-phase redevelopment at a vacant bus yard, which Nuestra Comunidad and Windale Developers now own, located in Nubian Square within the Roxbury neighborhood. The Kenzi will feature 41 one-bedroom units, and three two-bedroom apartments in a 57,576-square-foot building. The housing includes 44 units restricted to Bostonians over the age of 55 who earn at or below 80 percent of the area median income, or $69,000 for a two-person household. The development also includes five units of housing for formerly homeless Bostonians. The project is supported by $15 million in state and federal housing tax credit investments, $4 million from the Massachusetts Department of Housing and Community Development, $1.8 million in Community Preservation Act funding, $750,000 from the Neighborhood Housing Trust, a $700,000 investment by POAH and $500,000 from the Boston Medical Center.
CGI+ Real Estate Strategies to Construct Mixed-Use Development on Los Angeles’ Miracle Mile
by Amy Works
LOS ANGELES — CGI+ Real Estate Strategies has received full entitlements to develop a hotel, multifamily and retail mixed-use project at the intersection of Wilshire Boulevard and La Brea Avenue in Los Angeles’ Miracle Mile district. Located at 639 S. La Brea Ave., the eight-story, transit-oriented property will feature a 125-key hotel, 121 residential rental units and 13,000 square feet of street-level and rooftop restaurant space. The boutique-style hotel will offer rooms ranging in size from 320 square feet to 415 square feet, as well as two top-floor guest suites as large as 1,200 square feet. Hotel amenities will include a 3,500-square-foot event space, a layered rooftop guest deck and a swimming pool. The residential component will offer a mix of one-, two- and three-bedroom floorplans with 18 units set aside for extremely low-income households and one for a moderate-income household. Each apartment will feature hardwood floors, in-unit washers/dryers and home automation controls for security and climate, as well as one-touch access to neighborhood services. Community amenities will include a fitness center, rooftop deck with interactive lounge spaces and pool, and a bicycle storage area. Morris Adjmi is serving as architect and interior designer for the development, which is the …
PITTSBURGH — New Jersey-based Tryko Partners will develop Cedarwood Homes, an age-restricted affordable housing project that will be located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the units will be reserved for renters earning 60 percent or less of the area median income. The Pennsylvania Housing Finance Agency has awarded a 9 percent Low-Income Housing Tax Credit to fund the project. Completion is slated for late 2023.
Greenlight Communities, Holualoa Cos. to Develop 288-Unit Cabana Bridges Apartments in Tucson
by Amy Works
TUCSON, ARIZ. — Scottsdale-based Greenlight Communities and Holualoa Cos. are developing Cabana Bridges, an apartment property located within the 350-acre Bridges mixed-use development in Tucson. Greenlight acquired the land site in early October for $3.4 million and plans to start construction in the upcoming weeks. The $50 million Cabana Bridges is slated to welcome its first residents in January 2023. The community will feature 288 apartments, contemporary appliances and kitchen finishes, luxury vinyl tile, a co-working lounge and fitness center, as well as access to smart-home technology.
HOUSTON — A partnership between two locally based boutique real estate firms, CBK Interests and Saber Street, has broken ground on the Kelsey-Seybold Clinic — Memorial Villages, a build-to-suit project for Houston-based provider Kelsey-Seybold. The project includes a 126,113-square-foot medical office building and a seven-story parking garage. Kirksey Architecture provided design and engineering services for the project, and Tellepsen has been selected as the general contractor. First Horizon Bank provided construction financing. Completion is slated for July 2022.
PORTSMOUTH, N.H. — Locally based development and investment firm The Kane Co. has completed construction of a 91,000-square-foot office building at 145 Maplewood Ave. in Portsmouth, located in the southern coastal part of the Granite State. New Hampshire-based firm PROCON handled design and construction of the project, which includes ground-floor retail space. Tenants include Heinemann Publishing, Steward Partners and Sentient Decision Science.