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DevelopmentMultifamilyTexasTop Stories

Stratus Properties Acquires Land in Downtown Austin for 300-Unit Luxury Apartment Tower

by Kristin Harlow

AUSTIN, TEXAS — Stratus Properties Inc. (NASDAQ: STRS) has acquired land near the Texas State Capitol in downtown Austin with plans to develop Block 150, a 300-unit luxury apartment tower. Rising 400 feet at the corner of 12th and San Antonio streets, the project will span 420,000 gross square feet and include ground-floor retail space. Development costs are estimated at $185 million, according to the Austin American-Statesman. The scope of the project includes the historic A.O. Watson house, which will be renovated and expanded to offer resident amenities such as a restaurant, pool and garden. Built in 1894, the house was the personal residence of architect Arthur Osborn Watson. Construction on Block 150 is expected to begin in early 2023 with completion slated for mid-2025. Stratus Block 150 LP, a Texas limited partnership, will own the development. Financing for the land purchase and predevelopment is in place and includes a land acquisition loan in the amount of $14 million. The remaining predevelopment costs will be funded by approximately $21 million in equity contributed to the limited partnership by Stratus and private equity investors. Stratus will receive 25 percent of the limited partnership’s equity, in exchange for development costs to date …

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America Walks
DevelopmentFloridaMultifamilySeniors HousingSoutheast

Origin Construction to Build $75M Seniors Housing Community in Port St. Lucie, Florida

by Julia Sanders

PORT ST. LUCIE, FLA. — Miami-based Origin Construction will build America Walks, an active adult rental community in Port St. Lucie spanning 60 acres and more than 400 residences. The project is expected to cost $75 million to develop and deliver in the third quarter of 2023. Ohio-based America Walks is the developer for the gated community. America Walks will feature both a residential and recreational component, including two four-story apartment buildings with 115 units, as well as 300 villas in 60 buildings surrounding four lakes with walking and biking trails. Each of the 60 buildings will include four to six villas, each with its own garage. The recreational space will include a two-story clubhouse encompassing over 26,000 square feet with a restaurant, exercise facilities, sports bar and a salon. Community amenities will include a pool, spas, pickleball court, bocce, fire pits and an outdoor dining facility.

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Amazon
Company NewsDevelopmentMarylandRetailSoutheastVirginia

Amazon to Open New Delivery Stations, Career Center in Mid-Atlantic

by Julia Sanders

SEATTLE — Amazon is expanding its presence in the Mid-Atlantic by opening several new delivery stations and a career center in Maryland and Virginia. The first facility set to open is a 72,000-square-foot delivery station located at 2100 Van Deman St. in Baltimore, Amazon’s first delivery station in Baltimore City. The e-commerce giant also plans to open a 194,000-square-foot facility at 7226 Preston Gateway Drive in Hanover, Md., which will be Amazon’s third delivery station in the city. Since 2010, Amazon has created more than 29,000 jobs in Maryland, and the company has invested over $9.5 billion for infrastructure and compensation in the state. Additionally, Amazon announced it will open an Amazon Career Center at 1989 S. Military Highway in Chesapeake, Va. This center will be used for hiring and orientation duties for the company’s Hampton Roads operations facilities. Additionally, the company will open two new delivery stations in the area including a 165,000-square-foot facility at 1400 Sewells Point Road in Norfolk and a 111,600-square-foot facility at 223 W Mercury Blvd. in Hampton, which was formerly a Kmart store. Since 2010, Amazon has provided more than 27,000 jobs in Virginia. The company has 15 delivery stations in the Commonwealth.

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DevelopmentLoansNevadaWestern

ACRES, George Smith Partners Provide $37.5M Construction Loan for Mixed-Use Project Near Las Vegas

by Amy Works

HENDERSON, NEV. — ACRES Capital Corp. and George Smith Partners have provided a $37.5 million loan to fund the construction of The Watermark, a mixed-use multifamily property in Henderson. The borrower is Nevada-based Strada Development Group. Located at 215 S. Water St., The Watermark will feature 151 residential units and accompanying parking spaces, 9,928 square feet of retail space, 14,725 square feet of restaurant space and 11,923 square feet of office space. The property is situated in downtown Henderson’s Water Street District that features a mix of boutique shops, restaurants and nightlife venues. Chris Hetzel of ACRES’ Los Angeles office originated the loan, which features an initial term of 24 months.

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Meadow-Central-Market-Dallas
DevelopmentRetailTexas

Weitzman to Redevelop 108,778 SF Grocery-Anchored Shopping Center in Dallas

by Taylor Williams

DALLAS — Weitzman will redevelop Meadow Central Market, a 108,778-square-foot shopping center located at the intersection of North Central Expressway and Meadow Road in Dallas. A 29,121-square-foot Tom Thumb store anchors the center, which originally opened in the 1970s. The grocery store will receive new flooring, lighting and select food departments as part of the project. Other tenants include CVS, Edible Arrangements, The UPS Store and Sylvan Learning Center. Weitzman will upgrade the center’s façade, landscaping, signage and parking. Hodges & Associates is leading design of the project, which is expected to commence this fall. Completion is slated for early 2022.

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Affordable HousingDevelopmentIndianaMidwestMultifamilySeniors Housing

TWG Opens $11M Affordable Seniors Housing Project in Indianapolis

by Kristin Harlow

INDIANAPOLIS — TWG has opened Line Lofts Apartments, an $11 million affordable seniors housing project on the east side of Indianapolis. Located at 1145 E. Washington St., the property features 63 two-bedroom units. One-fifth of the units are designed and reserved for seniors with visual impairments, as part of a partnership between TWG and local nonprofit Visually Impaired Preschool Services (VIPS). The property includes specific features to aid visually impaired residents, including oversized elevator buttons, tactile markings, dedicated ride sharing pickup spots and a park area for service animals. Line Lofts will also serve as the new home for the VIPS Simon and Estelle Knoble Family Resource Center, a 6,000-square-foot center that will offer services for blind or visually impaired children such as early intervention, orientation and mobility, preschool transition assistance, advocacy training and parent events. Low-income housing tax credits from the Indiana Housing and Community Development Authority helped fund the project.

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DevelopmentLoansMontanaMultifamilyWestern

George Smith Partners Secures $46M Construction Loan for 400-Unit Multifamily Property in Bozeman, Montana

by Amy Works

BOZEMAN, MONT. — George Smith Partners has secured a $46 million construction loan for the phased development of 400 apartment units located within an Opportunity Zone in Bozeman. The borrower is Roundhouse Development. Jonathan Lee and Paul Monsen of George Smith Partners secured the financing for the borrower. For the first 268 units, the loan is priced at a sub 3 percent rate. Construction of the first phase is expected to finish in late 2023, at which time the construction on the remaining 132 units will begin.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Skender Builds 16-Unit Affordable Housing Project in Wilmette, Illinois

by Kristin Harlow

WILMETTE, ILL. — Skender has completed construction of Cleland Place, a three-story, 16-unit affordable housing project located at 1925 Wilmette Ave. in Wilmette, about 14 miles north of downtown Chicago. Housing Opportunity Development Corp. (HODC) will operate the property, which will house working families, seniors and veterans. The project is part of the Public Housing Voucher program, meaning residents pay 30 percent of their income and Housing Authority of Cook County subsidizes the rest. Cleland Place is named for Jean Cleland, a long-time Wilmette resident and founding member of HODC. The building includes one- and two-bedroom units. Amenities include a laundry room, covered parking and social activities for residents. Cordogan Clark & Associates served as architect.

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DevelopmentIllinoisMidwestOffice

J.C. Anderson Completes 32,576 SF Spec Office Buildout in Chicago

by Kristin Harlow

CHICAGO — J.C. Anderson has completed construction of a 32,576-square-foot spec office suite buildout for owner GlenStar at the Chicago Board of Trade Building. Located in Chicago’s Loop at 141 W. Jackson Blvd., the property was originally built in 1930. The scope of the project included building out spec suites on the 13th floor that range in size from 2,300 to 7,500 square feet. The spaces feature conference rooms, private offices, huddle rooms, break rooms and open office areas. MRSA Architects & Planners served as architect. This is the third spec suite project that J.C. Anderson has completed for GlenStar at the building.

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285-Hancock-St.-North-Quincy-Massachusetts
DevelopmentMassachusettsMultifamilyNortheast

Bozzuto, Atlantic Development Complete Phase I of Metro Boston Multifamily Project

by Taylor Williams

NORTH QUINCY, MASS. — A partnership between Maryland-based developer Bozzuto and Atlantic Development has completed Phase I of The Abby, a 218-unit multifamily project at 285 Hancock St. in North Quincy, located south of Boston. The transit-served community will ultimately consist of 610 apartments across three buildings and 50,000 square feet of retail space, the bulk of which is preleased to Target. Construction of the second phase, which will consist of 137 units and amenities such as a wellness center, rooftop pool and a lounge area, is nearing completion. Phase III will include 255 units, more amenities and retail space and is slated for a fall 2022 completion.

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