NASHVILLE, TENN. — Alliance Residential has purchased 3.3 acres at 2500 Bransford Ave. in Nashville to develop Broadstone Berry Hill, a 302-unit apartment community. The Scottsdale, Ariz.-based developer has also recently opened Broadstone SoBro and will soon open Broadstone Centennial in Nashville. The Berry Hill community will be located approximately a half-mile from the newly opened Geodis Park, the 30,000-seat home arena of the Nashville FC MLS team. Unit interiors at Broadstone Berry Hill will include quartz countertops, stainless steel appliances and built-in mud benches and desks in select units. Community amenities will include a rooftop lounge, pool with a pool deck and putting green, coworking space and a clubroom with a tiki bar and demonstrator kitchen. Alliance Residential plans to welcome first residents in summer 2024.
PHILADELPHIA — Josh Harris and David Blitzer, managing directors of the National Basketball Association’s Philadelphia 76ers, have formed a development corporation for construction of the team’s new arena, known as 76 Place, in Center City Philadelphia. Development costs are estimated at $1.3 billion, with plans to complete construction before the 2031-2032 NBA season. The property will be part of Fashion District Philadelphia, a 900,000-square-foot mall redevelopment that opened in September 2019. The team will partner closely with Macerich, which owns Fashion District, on the project. The transit-oriented site is located at Market Street and South 11th Street, adjacent to five SEPTA public transit lines and three blocks from city hall. The Fashion District project was once a highly regarded development with top-tier retailers, but struggled due to the COVID-19 pandemic closing the doors on many retailers just six months after opening. “The decision to repurpose part of Fashion District Philadelphia to include the new 76ers arena is a natural evolution of the site and a unique and once-in-a-lifetime opportunity for our company,” says Tom O’Hern, CEO of Macerich. Team owner Harris Blitzer Sports & Entertainment tapped local real estate magnate David Adelman, CEO of Campus Apartments, co-founder of FS Investments …
CHARLESTON, S.C. — Capital Square has broken ground on 529 King Street ROOST Apartment Hotel, a five-story luxury apartment hotel located in the Garden District of Charleston. The hybrid property will feature 50 extended stay apartments in studio, one-, two- and three-bedroom floor plans. The property will operate under the ROOST Apartment Hotel brand, a division of Method Residential. The final development will total approximately 32,000 net rentable square feet, including an “open-air living room courtyard” and a rooftop lounge that will be open to the public. Capital Square’s project partners include architect Morris Adjmi & LS3P, general contractor BL Harbert and Method Residential as the retail leasing agent and co-developer of the property. 529 King is situated within an opportunity zone, and Capital Square is funding the project in part with proceeds from its fourth qualified opportunity zone fund, CSRA Opportunity Zone Fund IV LLC. The Richmond-based developer and investor expects to open the property in summer 2023.
MIAMI — International law firm Sidley Austin LLP has signed a 60,000-square-foot office lease at 830 Brickell, a 55-story office tower nearing completion in Miami’s Brickell district. The building, developed in partnership by OKO Group and Cain International, is the first standalone office tower to be built in Brickell in over a decade. The office building is nearly 70 percent leased ahead of its late-2022 completion to tenants including Microsoft, New York-based insurance firm A-CAP, private equity firm Thoma Bravo, CI Financial, Marsh Insurance, AerCap and WeWork, among others. Brian Gale, Ryan Holtzman and Andrew Trench of Cushman & Wakefield represented the landlords in the lease deal. Jeff Gordon and Barbara Black of JLL represented Sidley Austin.
NASHVILLE, TENN. — Kroger plans to open a new 40,000-square-foot distribution center on Polk Avenue in Nashville, which will extend the grocer’s delivery services to Middle Tennessee. The “spoke” facility will work in conjunction with the Atlanta fulfillment center that the grocer operates along with UK-based grocery delivery platform Ocado. According to Tennessee Gov. Bill Lee, the new Kroger facility will support 180 new jobs. Kroger worked with the Tennessee Valley Authority, Nashville Area Chamber and Tennessee Department of Economic and Community Development for the project. A construction timeline or exact address were not disclosed, but The Tennessean reports that the site is located at 1116 Polk Ave. on the south side of town.
MCKINNEY, TEXAS — Locally based developer KDC has completed Phase II of Independent Financial’s $150 million office headquarters campus in the northern Dallas suburb of McKinney. Construction of the six-story, 198,000-square-foot building, which is located within the Craig Ranch master-planned development, began in early 2021. KDC completed Phase I of the project, which featured a 165,000-square-foot building on a 10-acre site, in summer 2019. Amenities include a fitness center, coffee bar and a grab-and-go dining area. Earlier this year, the project team purchased an additional 17 acres located northwest of the campus for further expansion, bringing the total footprint to 30 acres.
AVON, OHIO — Bendix has taken occupancy of its new 231,000-square-foot office headquarters in Avon, a western suburb of Cleveland. Bendix develops safety technologies, energy management solutions and air brake charging and control systems for trucks, trailers, buses and other commercial vehicles throughout North America. The build-to-suit project is LEED-certified and features a fitness facility, lab space and private meeting rooms. JLL’s project and development services team assisted Bendix on every aspect of the project, from budgeting and site selection to design. Geis Construction served as the general contractor, and GLSD Architects served as the architect, engineer and LEED specialist. Hasenstab Architects designed the lab space. Bendix was previously headquartered in Elyria, Ohio.
LAWRENCEBURG, IND. — Flaherty & Collins Properties has opened Whiskey River, a $32 million apartment development constructed in partnership with the City of Lawrenceburg and the Lawrenceburg Redevelopment Commission. Located along the Ohio River, Whiskey River comprises 150 units and 179,410 square feet. Community amenities include a pool, fitness center, coworking lounge, bark park, dog spa and bike storage with bike wash and repair station. Units feature quartz countertops, stainless steel appliances, washers and dryers and private balconies on most units. Additionally, the community includes green space that is accessible by the public. Illinois-based Busey Bank served as the construction lender for the project. Indiana-based American Structurepoint was the project architect and engineering firm. Flaherty & Collins Construction served as the general contractor and Flaherty & Collins Properties manages the community. More than 80 percent of the units are leased. Monthly rents start at $1,220 for studios.
DALLAS AND AUSTIN, TEXAS — Good + West has partnered with a Dallas-based private equity fund for the development of four build-for-rent (BFR) projects in the state of Texas. Development costs are set to total $400 million. The communities will be built under the Austin, Texas-based development firm’s Perch banner over the course of the next four years. Heather McClure of Walker & Dunlop advised Good + West in identifying its joint venture partner for the projects. Perch communities offer a seres of single-family buildings with fenced-in yards and patios, alongside shared amenities including resort-style swimming pools, outdoor kitchens with gas grills, fire pits, game lawns, pet parks, fitness centers and landscaped courtyards. The company currently has $150 million worth of BFR development underway in the state of Texas, including the joint venture’s first project, Perch Denton. Located in the Dallas-Fort Worth suburb of Denton, the community is scheduled for delivery in 2023 and will offer 195 units. Additional Good + West BFR projects currently underway include Perch Chisolm Trail in Fort Worth and Perch Manor Downs, located outside Austin in Manor. Phase I of both projects are set for delivery in 2023 and 2024, respectively. The pace of development …
BLACK CREEK, GA. — Rooker, an Atlanta-based industrial developer and construction management firm, has broken ground on Seaport 16 Trade Center, a 797-acre industrial campus situated about 25 miles from the Port of Savannah in Black Creek. The multi-phased project has the capacity for 7.1 million square feet of logistics space across 10 facilities at full buildout. Rooker has begun construction on Building 1, an 868,160-square-foot speculative building that is expandable to 1.6 million square feet and is scheduled for completion in 2023. Solution Property Group is Rooker’s marketing partner for the project and represented the developer in its land acquisition in 2021. Thomas & Hutton is the civil engineer for Seaport 16, and POH Architects will provide architectural design. Morgan Corp. is the site work contractor. The development will be located at the intersection of Olive Branch Road and Ga. Highway 80, a little over three miles from I-16. The campus will also be situated about five miles from Hyundai’s new electric vehicle assembly and battery factory, which is expected to come on line in 2025.