Development

Fifth Third Bank, Pearlmark Provide Construction Financing for 336-Unit Dallas Apartment Community

by Taylor Williams June 20, 2022

DALLAS — Fifth Third Bank and Chicago-based Pearlmark have provided construction financing for Resia National Dallas, a 336-unit apartment community that will be located in the North Oak Cliff/West Dallas submarket. The property will feature one-, two- and three-bedroom units, including 17 affordable housing residences. Amenities will include a pool, fitness center and a business center. Fifth Third Bank provided a senior loan of an undisclosed amount, and Pealmark originated the $11.1 million junior loan. The borrower was Miami-based Resia, formerly known as AHS Residential. Completion is slated for the third quarter of 2023.

June 20, 2022

Development Multifamily Texas

HighPark Capital Underway on 288-Unit Multifamily Project in Melissa, Texas

by Taylor Williams June 20, 2022

MELISSA, TEXAS — Dallas-based HighPark Capital is underway on construction of Farmhouse 121, a 288-unit multifamily project located north of Dallas in Melissa. Farmhouse 121 will offer one- and two-bedroom units and amenities such as a pool, fitness center, a resident lounge with coworking areas and a dog park. Completion is slated for the first quarter of 2023. Project partners include construction lender Third Coast Bank, general contractor Brownstone Construction and designer Cross Architects.

June 20, 2022

Development Hospitality Texas

Pacific Hospitality Begins Renovation of 194-Room Hotel Granduca Austin

by Taylor Williams June 20, 2022

AUSTIN, TEXAS — Southern California-based Pacific Hospitality Group has begun the renovation of the 194-room Hotel Granduca Austin. The boutique hotel is located at 320 South Capital of Texas Highway and spans 190,000 square feet. The project will comprise the addition of a new spa, the redesign of the signature restaurant and the renovation of the pool deck and lobby. Completion is slated for the fall.

June 20, 2022

Development Florida Hospitality Mixed-Use Multifamily Southeast

Okan Group Breaks Ground on 70-Story Mixed-Use Tower in Downtown Miami

by John Nelson June 20, 2022

MIAMI — Okan Group has broken ground on a 70-story mixed-use tower located at 555 N. Miami Ave. in downtown Miami, the first U.S. project for the Turkish developer. Named Okan Tower, the waterfront project will comprise the 316-room Hilton Miami Bayfront Hotel; 163 condominiums with “owners-only” amenities, including an upscale fitness studio, spa, children’s play area, movie theater, wine cellar and lounge; 236 short-term rental residences that Hilton Hotels & Resorts will operate; and 64,000 square feet of office space. Shared amenities will include a 24-hour reception and concierge; 70th-floor rooftop pool and sky deck with private cabanas; 12th-floor lap pool with clubroom; and indoor and outdoor lounges. Designed by Behar Font & Partners, Okan Tower is set to be one of Miami’s tallest towers at 902 feet once complete in 2026.

June 20, 2022

Affordable Housing Development Florida Multifamily Seniors Housing Southeast

Integra Investments, EHDOC Complete $58M Affordable Housing Community for Seniors in Miami

by John Nelson June 20, 2022

MIAMI — A joint venture between Miami-based Integra Investments and nonprofit Elderly Housing Development & Operations Corp. (EHDOC) has completed Mosaico, a $58 million affordable housing community in Miami. The 13-story property will span 271 apartments reserved for households with citizens aged 62 years and older. Located at 1396 NW 36th St. in Miami’s Allapattah neighborhood, Mosaico features 179 one-bedroom units and 92 studios and townhomes. Designed by CC Hodgson Architectural Group, Mosaico’s amenities include a large community space, fitness center, computer lab, library, onsite management offices and a rooftop community garden. Integra Investments and EHDOC worked alongside HUD, the Housing Finance Authority of Miami-Dade County, City of Miami and Miami-Dade Public Housing & Community Development, which administered HUD project-based vouchers. Mosaico was financed with 4 percent Low-Income Housing Tax Credits (LIHTC) issued by Florida Housing Finance Corp. and syndicated by Boston Financial, as well as a $45.5 million tax exempt bond issuance from the Housing Finance Authority of Miami-Dade County that was underwritten by R4 Capital.

June 20, 2022

Development Industrial New Jersey Northeast

Crow Holdings Breaks Ground on 1.2 MSF Spec Industrial Complex in Northern New Jersey

by Taylor Williams June 20, 2022

CARTERET, N.J. — Crow Holdings has broken ground on a 1.2 million-square-foot speculative industrial project in Northern New Jersey. Carteret Crow Holdings will be located on a 126-acre site just off Exit 12 of the New Jersey Turnpike and will consist of three buildings ranging in size from 335,000 to 480,000 square feet. Building features will include clear heights of 40 feet and a total of 179 car parking spaces, 174 dock doors and six drive-in ramps. Crow Holdings expects to deliver the first building in September, with full completion slated for the first quarter of 2023. Cushman & Wakefield is marketing the development for lease.

June 20, 2022

Development Georgia Multifamily Southeast

RangeWater to Develop Residential Campus in Metro Atlanta Totaling 488 Units

by John Nelson June 20, 2022

BUFORD, GA. — RangeWater Real Estate has purchased 50 acres in the Atlanta suburb of Buford with plans to build two adjacent residential communities totaling 488 units. The properties include The Mabry, a build-to-rent community with 156 single-family homes, and The Margot, a 332-unit apartment community. The Mabry will feature three- to four-bedroom homes, each with its own backyard and patio. Amenities will include a pool, events lawn, dog park and a walking trail around a pond. The Margot will feature a garden, pool, outdoor kitchen, two dog parks and a clubhouse that will feature work and study pods and a coffeehouse open to the public. The communities will be located near Coolray Field, home ballpark of the Atlanta Braves’ Minor League Baseball affiliate Gwinnett Stripers, as well as The Exchange @ Gwinnett and Mall of Georgia. Additionally, RangeWater launched an in-house construction division called RangeWater Construction that will build both The Mabry and The Margot. Alp Kirmizioglu is overseeing the new division. RangeWater expects to begin construction in July for both communities, with first units slated to deliver in October 2023.

June 20, 2022

Development Life Sciences Massachusetts Northeast

Cabot, Cabot & Forbes to Develop 300,000 SF Life Sciences Campus in Woburn, Massachusetts

by Taylor Williams June 20, 2022

WOBURN, MASS. — Locally based firm Cabot, Cabot & Forbes has filed plans with the Planning Board of the City of Woburn, a northern suburb of Boston, to develop a 300,000-square-foot life sciences campus. Plans call for a 175,000-square-foot lab and office building and a 135,000-square-foot manufacturing facility. Cushman & Wakefield has been tapped to lease the project. The developer expects to receive the necessary permits and approvals by the end of the summer.

June 20, 2022

Development Illinois Industrial Midwest

PREMIER Design + Build Group Breaks Ground on 438,750 SF Industrial Build-to-Suit in Elgin, Illinois

by Kristin Harlow June 20, 2022

ELGIN, ILL. — PREMIER Design + Build Group has broken ground on a 438,750-square-foot industrial build-to-suit in Elgin for Atlantic Packaging, a designer and manufacturer of packaging solutions. The property, situated at 2601 Mason Road, will serve as the firm’s Midwest branch. The facility will feature a clear height of 36 feet, 30 dock positions, three drive-in doors, seven offices, conference rooms and open workspaces. PREMIER will install an exterior asphalt lot to accommodate 300 vehicles and 32 trailers. Completion is slated for February 2023. The project team includes architect Ware Malcomb, civil engineer Manhard Consulting and structural engineer LJB Engineers. Industrial Equity Partners and World Richman are the developers.

June 20, 2022

Development Mixed-Use New Jersey Northeast Top Stories

Kushner Breaks Ground on 2 MSF One Journal Square Mixed-Use Project in Jersey City

by Taylor Williams June 20, 2022

JERSEY CITY, N.J. — New York City-based developer Kushner has broken ground on One Journal Square, a 2 million-square-foot mixed-use project in Jersey City. The site is adjacent to Journal Square PATH Station, and the neighborhood name stems from the area’s history as a media and publishing hub. The centerpiece of the development will be two 64-story towers that will house a combined 1,723 apartments, 45,000 square feet of indoor and outdoor amenity space and a 40,000 square feet of ground-floor retail space that is fully preleased to an undisclosed tenant. One Journal Square will also include a new public plaza at its base facing John F. Kennedy Boulevard that will feature green space and seating areas for residents and visitors. Woods Bagot is the project architect, and AJD Construction is the general contractor. Phase I will center on the construction of 900 residential units and is expected to take approximately three years. Full completion of the project is scheduled for 2026. One Journal Square will feature an array of amenities that promote health and wellness. These will include an indoor and outdoor pool; fitness center with a yoga studio, sauna and spa; full-size basketball court; squash court; and a …

June 20, 2022

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