WILMINGTON, DEL. — Hospitality investment and development firm Driftwood Capital has completed a $31 million hotel in Wilmington that will be operated as a Staybridge Suites, which is part of the InterContinental Hotels Group family of brands. The 11-story, 134-room hotel offers a lounge, fitness center, business center, meeting and event spaces and a convenience mart. Whiting-Turner Contractor Co. handled construction of the project, which was designed by Dever Architects. First International Bank & Trust provided construction financing. Driftwood will manage the property.
PHILADELPHIA — SmartLabs, a Boston-based life sciences operator, will open a new facility within Drexel University’s campus in Philadelphia. The square footage was not disclosed, but the space will span two stories within a 508,000-square-foot facility that is being developed by a partnership between Gattuso Development Partners and New York-based Vigilant Holdings. The facility, which is scheduled to open in 2025 and will include research and development, office and manufacturing space, will be SmartLabs’ seventh in the country.
KAPOLEI, HAWAII — Irvine, Calif.-based KZ Companies has broken ground on Ho’omaka Marketplace, a retail development located at the corner of Kapolei Parkway and Kualakai Parkway in Kapolei. Longs Drugs, HELE Gas, Chick-fil-A and 7-Eleven will anchor the 45,737-square-foot shopping center. The property will feature units ranging from 954 square feet to 4,008 square feet, plus a 15,000-square-foot anchor pad. Ho’omaka Marketplace is designed to provide an economic future for native Hawaiians who live in Kapolei, according to KZ Companies All money generated through the ground lease proceeds will benefit Kapolei Community Development Corp. (KCDC), a nonprofit that serves Hawaiian homestead areas. KCDC will use the proceeds to support facilities, scholarships, education, childcare, emergency services and job creation for native Hawaiian families. The marketplace is minutes away from University of Hawaii West Oahu, Ka Makana Ali’I and Ho’opili, an 11,750-residence master-planned community. The retail center is also across the street from Ka Makana Alii, a 1.4 million-square-foot regional mall. The development team includes KZ Companies, KCDC and the Department of Hawaiian Home Lands. Architects Hawaii Limited and Wilson Okamoto are designing the project, which is slated for completion by summer 2023.
LOS ANGELES — A co-development team consisting of BRIDGE Housing, the Coalition for Responsible Community Development (CRCD) and Primestor Development have started construction of Evermont, a mixed-use project on the former site of the 1992 Los Angeles riots. The new mixed-use development will deliver 180 affordable housing units for seniors and families, retail stores, a transit plaza and a Metro public transportation system training facility. Construction at Evermont is scheduled for completion in 2024. The residential component, led by BRIDGE Housing and CRCD, consists of Vista@Evermont, which will offer 62 permanent supportive housing apartments for seniors who have experienced chronic homelessness, and Luminus@Evermont, which will feature 118 affordable homes for families with low incomes, including 60 permanent supportive housing units. Located along the Vermont Corridor, the site is home to the second busiest transit stop in the entire Metro system. Additional key features of the development include a new, landscaped public transit plaza located on Vermont Avenue, plus improved pedestrian and cycling connections to other community facilities. The future LEED-certified facilities will be connected by a 22,000-square-foot plaza with a five-story parking structure to serve both commercial and residential tenants. Financial partners include JPMorgan Chase Bank, Los Angeles County Development …
Affordable HousingCaliforniaDevelopmentHospitalityMixed-UseMultifamilyRestaurantRetailTop StoriesWestern
Silver Creek Receives Funding for Mixed-Use Redevelopment of 8850 Sunset Boulevard in West Hollywood
WEST HOLLYWOOD, CALIF. — Silver Creek Development has received funding for the redevelopment of 8850 Sunset Boulevard, which is located on the Sunset Strip in West Hollywood. Cottonwood Group provided a $62 million loan for the project. Currently a retail strip center and home to the legendary Viper Room music venue, the property is going through re-entitlement and will be transformed into a mixed-use project. Plans call for a redesigned music venue and recording studio, multiple eateries, retail spaces, a five-star hotel, 26 condominiums and eight income-restricted housing units. Completion is slated for 2023. Residents will have access to an outdoor fitness center, rooftop pool and below-ground parking. The hotel’s rooftop will feature a restaurant and bar with panoramic views from downtown Los Angeles to the Pacific Ocean. Architectural firm Arquitectonica designed the project, which is being built to meet or exceed LEED standards. Silver Creek is a Los Angeles-based real estate developer that focuses on revitalizing underused sites. The firm has developed more than 10 million square feet of mixed-use projects globally. The financing deal was executed as part of Cottonwood’s strategic platform with BCEG International Investment. Headquartered in Los Angeles, Cottonwood is a private real estate investment firm …
Affordable HousingCaliforniaDevelopmentHospitalityMixed-UseMultifamilyRestaurantRetailTop StoriesWestern
Silver Creek Receives Funding for Mixed-Use Redevelopment of 8850 Sunset Boulevard in West Hollywood
WEST HOLLYWOOD, CALIF. — Silver Creek Development has received funding for the redevelopment of 8850 Sunset Boulevard, which is located on the Sunset Strip in West Hollywood. Cottonwood Group provided a $62 million loan for the project. Currently a retail strip center and home to the legendary Viper Room music venue, the property is going through re-entitlement and will be transformed into a mixed-use project. Plans call for a redesigned music venue and recording studio, multiple eateries, retail spaces, a five-star hotel, 26 condominiums and eight income-restricted housing units. Completion is slated for 2023. Residents will have access to an outdoor fitness center, rooftop pool and below-ground parking. The hotel’s rooftop will feature a restaurant and bar with panoramic views from downtown Los Angeles to the Pacific Ocean. Architectural firm Arquitectonica designed the project, which is being built to meet or exceed LEED standards. Silver Creek is a Los Angeles-based real estate developer that focuses on revitalizing underused sites. The firm has developed more than 10 million square feet of mixed-use projects globally. The financing deal was executed as part of Cottonwood’s strategic platform with BCEG International Investment. Headquartered in Los Angeles, Cottonwood is a private real estate investment firm …
WINCHESTER, VA. — The Meridian Group and Wickshire Industrial have broken ground on Phase I of One Logistics Park, a 2.7 million-square-foot industrial campus located near I-81 in Winchster. The first phase comprises a 1 million-square-foot, cross-dock facility that will feature 40-foot clear heights, 50- by 54-foot column spacing, tilt-wall construction, 65-foot speed bays, 250 trailer drops and 230 parking spaces. At full buildout, the 277-acre One Logistics Park will feature distribution facilities as well as 100,000 square feet of quick-service restaurants, a gas station/convenience store and other retail options. The project team includes civil engineer Gordan, horizontal construction manager Perry Engineering and architect and general contractor Shockey. John Lesinski and Ben Luke are leading the Colliers team to market the project.
WEST PALM BEACH, FLA. — Tricera Capital has signed new office and retail tenants to join The Press, a mixed-use redevelopment of the former Palm Beach Post campus in West Palm Beach. The project comprises two components: the 120,000-square-foot Shops at the Press and the 136,000-square-foot Workspaces at the Press. The new tenants, which combined will occupy 68,000 square feet, include Salons by JC, interior design firm Calico, health concept Restore Hyper Wellness, Raw Juice, self-storage investor SROA Capital, coworking concept Knotel and mortgage broker Blue Sky Financial. In addition to the new leases, Miami-based Tricera Capital has upsized its loan with Chicago-based Monroe Capital by $19 million to help fund tenant and site improvements. Jason Krane of Ackman-Ziff Real Estate Group arranged the financing on behalf of Tricera Capital.
FORT WORTH, TEXAS — Hillwood has broken ground on Westport 25 and Alliance Center North 4, two speculative industrial buildings totaling approximately 1.7 million square feet at AllianceTexas on the north side of Fort Worth. Alliance Westport 25 will be a cross-dock building with 40-foot clear heights, two 190-foot truck courts with land to expand to a third, 504 car parking spaces (expandable to 584) and 233 trailer parking spaces (expandable to 471). Alliance Center North 4 will also feature a cross-dock configuration and 40-foot clear heights, as well as 185-foot truck court depths, 180 car parks (expandable to 487) and 132 trailer parking spaces (expandable to 243). GSR Andrade Architects is designing the projects, and Peloton Land Solutions is serving as the civil engineer. Hillwood Construction Services will be the general contractor. Citizens Bank provided construction financing for Westport 25, and Comerica Bank is the construction lender for Alliance Center North 4. Construction on both buildings will begin within the next 30 days, with completion slated for the second and third quarters of 2023, respectively.
CHICAGO — The Habitat Co. and P3 Markets have topped out construction of the first building at 43 Green, a $100 million mixed-income apartment development in Chicago’s Bronzeville neighborhood. Centered around the Chicago Transit Authority’s 43rd Street Green Line station, the project represents the first equitable transit-oriented development (ETOD) on Chicago’s South Side. The project will be developed in three phases and ultimately bring 300 new apartments to the neighborhood. The first building is the largest of the three planned buildings. The 10-story asset will house 99 apartment units as well as 5,500 square feet of retail space. Half of the units will be reserved for households earning up to 60 percent of the area median income. Construction of Phase I is slated for completion in February 2023. Construction on Phase II is expected to begin later this year. Bowa Construction and McHugh Construction are jointly building the project. Landon Bone Baker is the architect. Momentum Coffee and Super Cycle will occupy retail space. Financing for 43 Green involved a multi-layered capital stack, including the use of the City of Chicago’s low-income housing tax credits allocation and tax credit investor Stratford Capital. Fifth Third Bank provided debt via HUD’s 221(d)(4) …