Development

AUSTIN, TEXAS — Austin-based Inspire Development has begun construction of Pearson Ranch, a $2 billion, 156-acre mixed use project located just off State Highway 45 in northwest Austin. The master plan for the project includes 48 acres of land for a corporate campus, including 2.6 million square feet of office space. Upon completion, the mixed-use property will also include approximately 200,000 square feet of retail, restaurant and community/cultural spaces; two hotels; thousands of residential units; and 30 acres of parks and green space. Phase I of Pearson Ranch will center on The Eden, an apartment community that will feature 306 one-, two- and three-bedroom units that will range in size from 672 to 1,511 square feet. Residences will be furnished with technology such as smart locks and thermostats, gas appliances, built-in kitchen islands with quartz countertops and in-unit washers and dryers. Residents will have access to amenities such as a fitness center, rooftop deck, coworking lounge, golf simulator, dog spa, community gardens, a three-acre park and a pool area with barbeque grills, day beds, cabanas and a bocce ball court. The general contractor for The Eden is NRP Group. The project’s architect is Austin-based Davies Collaborative. Vertical construction on The …

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SKOKIE, ILL. — Unibail-Rodamco-Westfield is underway on the redevelopment of the Westfield Old Orchard shopping mall in Skokie. Plans call for retail, apartments, restaurants, gourmet markets, health and wellness amenities and entertainment space. The project will also include a park and event space designed as the center’s focal point and social gathering space. The multi-phase project began earlier this fall with the modernization of the existing shopping center, starting with enhancements to the common areas as well as the opening of new restaurants, health and wellness components and retailers such as Bloomies and Louis Vuitton as well as the return of Barnes & Noble. Redevelopment will continue in 2023 with the former Lord & Taylor space, which will be completely reimagined. Development of the new residences, eateries, wellness facilities and outdoor amenities is expected to begin in 2024 and open in phases starting in 2026. Westfield Old Orchard originally opened in 1956.

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ETNA TOWNSHIP, OHIO — Contegra Construction Co. has completed a 1.1 million-square-foot distribution center at The Cubes at Etna 70 development in Etna Township near Columbus. Known as Building E, the speculative facility features a clear height of 40 feet, 108 dock doors, four drive-in docks and parking for 289 tractor-trailers and 298 cars. The developer was CRG and its capital partner LXP Industrial Trust. Lamar Johnson Collaborative served as architect. At full buildout, CRG’s The Cubes at Etna 70 will provide up to 2.9 million square feet of industrial space across 220 acres.

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MADISON, WIS. — Subtext has begun development of VERVE Madison, a 536-bed student housing community located within walking distance of the University of Wisconsin-Madison campus. The project will rise 12 stories at 506 W. Johnson St. Completion is slated for fall 2024. In addition to fully furnished units, VERVE Madison will feature 19,000 square feet of amenity space with a rooftop pool, outdoor terrace, fitness center, coffee bar, study lounge, dog walk and pet spa. Stevens Construction Corp. is the general contractor and ESG is the architect.

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NEW WINDSOR, N.Y. — New Jersey-based developer Diversified Properties has broken ground on Stonegate at New Windsor, an 81-unit multifamily project in New Windsor, about 70 miles north of New York City. The site at 435 Little Britain Road is directly across from Lake Washington. Designed by Thomas Brennan Architects, the property will feature a mix of studio, one-, two- and three-bedroom units, as well as a lounge and a fitness center. Completion is scheduled for July 2023.

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PHOENIX — JLL Capital Markets has arranged a $30 million construction loan for Villas Litchfield Park, a build-to-rent community in Phoenix. The borrower is a joint venture between Blue Vista Capital Management and Family Development. Upon completion, Villas Litchfield Park will feature 153 one- and two-bedroom, freestanding, single-story units for residences. All units will offer simulated wood flooring, quartz countertops, stainless steel appliances, in-unit washers/dryers and private backyards. Community amenities will include a resort-style pool, fitness center, open turf spaces, outdoor lounge areas and grill area. Brian Walsh, Brad Miner and Dave Hunter of JLL Capital Markets secured the 3.5-year loan through Old National Bank for the borrower.

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HOLTVILLE, CALIF. — JK Management has completed the disposition of a 21.3-acre industrial site at 2255 Melon Road in Holtville. An undisclosed owner/occupier acquired the asset for $4.2 million. The buyer has not released future plans for the facility. The property currently features 101,665 square feet of industrial building improvements, with a 57,310-square-foot refrigerated space, two shop buildings and office space. Matt Davis, Melanie Haynes and Shannon Whitfield of Cushman & Wakefield’s National Land Advisory Group represented the seller in the deal.

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John Ducey Walker & Dunlop Affordable Housing

By John Ducey, chief production officer of Walker & Dunlop’s affordable lending group Private industry and the federal government are rallying to recover ground lost to a housing affordability crisis that has been decades in the making. Nearly half of the nation’s renters, 46 percent, are housing cost-burdened, which the Census Bureau defines as those families paying 30 percent or more of their income on rent and utilities. The burden is higher for some, with nearly one in four families (23 percent of Americans) paying half or more of their income for housing. The situation calls for a change in tactics, a recognition of recent policy failures and a shared commitment to double down on programs with proven efficacy. As a nation we must ask, what can we do differently to put more homes within reach for the growing ranks of Americans who struggle to meet basic housing costs? A Building Problem The gap between housing costs and strained household budgets has widened due to both insufficient supply and wage stagnation that has fueled demand for affordable housing. The larger of the two issues — a lack of supply — traces chiefly to the 2008 financial crisis, which put a …

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KALAMAZOO, MICH. — Pfizer Inc. (NYSE: PFE) has unveiled plans to invest $750 million in its sterile injectable facility in Kalamazoo. This investment builds upon a $465 million Phase I investment in the facility in 2018 and is expected to create 300 additional jobs at the location. One of Pfizer’s largest plants, the Kalamazoo property is a global supplier of sterile injectable, liquid and semi-solid medicines as well as active pharmaceutical ingredients. Currently, the multi-story, 400,000-square-foot facility employs 3,000 employees and contractors. The plant has been in operation since 1948. Pfizer’s stock price opened at $49.76 per share Wednesday, Dec. 7, down slightly from $51.72 per share one year ago.

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GRAFTON, WIS. — McShane is building Woodside Prairie, a 32-unit supportive living community for adults with autism in Grafton, about 20 miles north of Milwaukee. Impact Seven is the developer. The project incorporates four supportive living buildings as well as two townhomes. Additionally, a 3,700-square-foot activity building will contain a community kitchen, craft space, computer center and fitness area. Completion is scheduled for October 2023. New Horizon Ventures is the architect.

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