Development

CEDARst Closes $170M in Capital to Develop Apartment Project in Minneapolis

by Kristin Harlow July 19, 2022

MINNEAPOLIS – CEDARst Cos., a national multifamily developer, has closed $170 million in capital with plans to develop 358 apartment units above 40,000 square feet of retail space along North Sixth Avenue in the North Loop neighborhood of Minneapolis. CEDARst has invested nearly $250 million of capital in the North Loop over the past two years, having successfully developed the Duffey, its first development in the submarket consisting of 188 apartment units, located at the corner of North Sixth and North Washington avenues. CEDARst’s second development, Duffey 2.0, consists of both an adaptive reuse and ground-up component. It is located within a landmark overlay and required approval from the National Park Service for the procurement of historic tax credits at the state and federal level. This represents CEDAR’s seventh tax credit development. In addition to syndicating over $30 million of tax credits, CEDARst partnered with ULLICO on a $101 million construction loan and Pearlmark on a $12 million structured finance investment. The remaining $27 million was CEDARst equity. Pat Minea and Dan Trebil of Northmarq arranged the financing on behalf of CEDARst. CEDARst has already broken ground and plans to complete the development by the end of 2023. BKV is …

July 19, 2022

Development Illinois Midwest Office

J.C. Anderson Completes 59,000 SF Interior Office Buildout for Ipsos in Chicago

by Kristin Harlow July 19, 2022

CHICAGO — J.C. Anderson has completed a 59,000-square-foot interior office buildout for Ipsos at The Franklin in Chicago. Ipsos is a market research company headquartered in Paris. The firm relocated its Chicago office from 222 Riverside to the 11th floor of The Franklin. The buildout includes a “user experience” facility, collaboration spaces, offices, open seating and a game room. Ohio-based Champlin Architecture served as the architect. I-Lee Hwa and Nick Ferro of Cushman & Wakefield provided project management and consulting services.

July 19, 2022

Affordable Housing Development Illinois Midwest Multifamily Seniors Housing

SWIDA, Bywater Complete $14.2M Transformation of Historic Illinois Building into Affordable Seniors Housing

by Kristin Harlow July 19, 2022

BELLEVILLE, ILL. — Southwestern Illinois Development Authority (SWIDA) and Bywater Development Group have completed the $14.2 million transformation of a 90-year-old building in Belleville into an affordable active adult community named Lofts on the Square. The building originally opened in 1931 as the Hotel Belleville. It was renovated in the early 1960s and converted into a residential community for seniors known as the Meredith Home. The building sat vacant for 10 years before SWIDA and Bywater acquired it from the city for $600,000. In 2018, the property earned a place on the National Register of Historic Places, making it eligible for federal and state historic tax credits. Holland Construction Services served as general contractor for the renovation project. Units are designated for residents age 55 and older who earn at or below 60 percent of the area median income. The six-story building is comprised of 47 units and more than 3,000 square feet of street-level commercial space. Amenities include a common room, library, computer lab, exercise room and storage facilities. Joining Holland on the construction team were Blank, Wesselink, Cook & Associates and Kaskaskia Engineering Group LLC, which handled the engineering; Louer Facility Planning Inc. for interior design; and WJW …

July 19, 2022

Arizona Development Hospitality Loans Western

EKN Development Receives $24.5M Construction Loan for Dual-Branded Hotel Development in Tempe

by Amy Works July 19, 2022

TEMPE, ARIZ. — California-based EKN Development has received a $24.5 million construction loan for the development of a dual-flagged Fairfield Inn and TownePlace Suites by Marriott in Tempe. The four-story, 148-key, dual-branded hotel will share a lobby; more than 2,000 square feet of meeting space; a select-service restaurant and bar; fitness and business center; outdoor pool with hot tub; and a covered patio. Aimbridge Hospitality will manage both hotels upon completion, which is scheduled for first-quarter 2024. Jillian Mariutti, Robert Tonnessen, Phil Cadorette and Carl Beardsley of JLL Capital Markets sourced the financing for the project. Dallas-based Hall Structured Finance closed the loan for the borrower.

July 19, 2022

Development Multifamily Washington Western

CBRE Brokers $35M Sale of Land in Downtown Redmond for Multifamily Development

by Amy Works July 19, 2022

REDMOND, WASH. — CBRE has arranged the $35 million sale of a land parcel in downtown Redmond to an undisclosed buyer. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE represented the undisclosed seller in the deal. Located at 16135 NE 85th St., the 99,883-square-foot parcel is fully entitled for the development of 425 multifamily units. Initial plans proposed prior to the sale called for two nine-story apartment towers with one-, two- and three-bedroom floorplans and ground-floor retail space. The site is within walking distance of the future Downtown Redmond Link light rail station, which is slated for completion in 2024.

July 19, 2022

Colorado Development Industrial Mixed-Use Top Stories Western

Coors Family Begins $900M Mixed-Use Redevelopment of CoorsTek Headquarters Campus in Golden, Colorado

by John Nelson July 19, 2022

GOLDEN, COLO. — The Coors family, a magnate responsible for Coors beer products, has begun Phase I of the mixed-use redevelopment of its CoorsTek Inc. campus in downtown Golden, just west of Denver. CoorsTek, formerly Coors Porcelain, was founded in 1910 at the multi-block site at Washington Avenue and 9th Street, which is the historical location of the invention of the aluminum beer can in 1959. The new global headquarters for CoorsTek will anchor the 1.3 million-square-foot project, which is the largest redevelopment in the history of downtown Golden. At full buildout, the development will feature new and adaptive reuse office space, multifamily residences, shops, restaurants and a hotel. The costs for the redevelopment weren’t disclosed, but the Denver Business Journal reports that the Coors family is investing $900 million in the project. AC Development, a master-planned community developer established by the Coors family in 2020, is overseeing construction. Owned by the Coors family since 1884, the site was in continuous use for industrial purposes for over 100 years, ceasing its operations earlier this year. CoorsTek is privately owned by the Coors family and is not part of Molson Coors Beverage Co. (NYSE: TAP), the producer of beer and seltzer …

July 19, 2022

Bohler Content Partner Development Features Midwest Northeast Southeast Texas Western

Streamlining Permits and Entitlements: How to Avoid Timeline Creep

by Sarah Daniels July 19, 2022

Developers have seen permitting and entitlement timelines lengthen exponentially over the past few years. What is causing increased timelines and how do developers overcome challenges and avoid unnecessary delays? If expanded timelines are inevitable in some cases, how can developers ensure that slowdowns do not spread to other aspects of development? Many municipalities have been overwhelmed by an explosion in projects and applications in the development queue, and the issues are compounded by employee turnover within these organizations. Municipal slowdowns in upgrading utility capacities have further stalled the process of development. Additionally, the process for obtaining permits and entitlements has grown increasingly complex in certain regions, regardless of property type. REBusiness Online spoke with experts at Bohler, a land development design and consulting firm, to learn the best practices for keeping delays and budgets under control in the face of growing timeline uncertainties. To avoid problems before they begin, these experts recommend early due diligence and local expertise, as well as an approach that incorporates the community, local agencies and the authority having jurisdiction at crucial points. Bohler’s team also emphasizes the importance of working through waiting periods and working on different elements of a project concurrently, so that if …

July 19, 2022

Development Life Sciences Massachusetts Northeast

Trammell Crow, Invesco to Develop 310,000 SF Life Sciences Project in Metro Boston

by Taylor Williams July 18, 2022

LEXINGTON, MASS. — A joint venture between Dallas-based developer Trammell Crow Co. and Invesco Real Estate will develop a 310,000-square-foot life sciences project in the northwestern Boston suburb of Lexington. The six-story facility will be known as 440 Bedford and will feature a covered parking garage, bicycle storage area, cafeteria, fitness center and various outdoor spaces, including proximity to the Minuteman bicycle trail. Completion is slated for the middle of 2024.

July 18, 2022

Development Seniors Housing Southeast Virginia

Bonaventure Breaks Ground on 133-Unit Seniors Housing Development in Alexandria, Virginia

by John Nelson July 18, 2022

ALEXANDRIA, VA. — Bonaventure, a locally based multifamily developer and manager, has broken ground on a 133-unit seniors housing project in Alexandria’s Old Town West neighborhood. The six-story property will feature studio, one- and two-bedroom units, as well as underground parking, an onsite restaurant, 24-hour fitness center, club lounge, business center, media room, community garden and an outdoor gazebo. The unnamed property will be situated within walking distance of the Braddock Road Metro Station, as well as I-495, King Street and Ronald Reagan Washington National Airport. Bonaventure expects to complete construction and begin welcoming renters in late 2023.

July 18, 2022

Development Louisiana Mixed-Use Restaurant Retail Southeast

Richards Family Begins Construction on Retail Center at Clearview City Center in Metairie, Louisiana

by John Nelson July 18, 2022

METAIRIE, LA. — The Richards family has begun construction of The Commons of Clearview City Center, a new 10,476-square-foot retail project in the New Orleans suburb of Metairie. The property will be situated within the 100-acre Clearview City Center, which is a redevelopment of the former Clearview Mall. Set to come on line in March 2023, The Commons will house a 4,000-square-foot restaurant occupied by brunch eatery Ruby Slipper, as well as other concepts that have not yet been announced. The project includes the demolition of the existing structure at 4236 Veterans Blvd. In addition to The Commons, projects underway at Clearview City Center include Target’s renovation of its 160,000-square-foot store; Ochsner Health’s new Super Clinic set to open in October; and The Metro at Clearview, a five-story apartment community set for completion in October 2023. Other uses at Clearview City Center include a new branch of Regions Bank, Bed Bath & Beyond and Walk On’s Sports Bistreaux, among other stores and restaurants. Kirsten Early of SRSA Commercial Real Estate is handling the leasing assignment on behalf of the Richards family, which has owned the site since 1968.

July 18, 2022

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