Development

Evergreen Real Estate Group, CJE SeniorLife Complete $25M Affordable Seniors Housing Community in Evanston, Illinois

by Kristin Harlow May 17, 2022

EVANSTON, ILL. — Evergreen Real Estate Group and Council for Jewish Elderly, doing business as CJE SeniorLife, have completed Ann Rainey Apartments, a $25 million affordable seniors housing community in Evanston. The 60-unit project is located at 1011 Howard St. next to the existing CJE SeniorLife Adult Day Services Center, which provides programming and socialization opportunities for seniors who require supervision. The new community is named for Ann Rainey, who served as alderman of Evanston’s 8th Ward for more than three decades. Units at the property are restricted to residents who earn up to 60 percent of the area median income. Amenities include a community room, fitness center, outdoor terrace, second-floor deck and lounge areas. Housing and Human Development Corp., a Chicago-based nonprofit that serves low-income seniors and families, will provide a part-time social service coordinator for the property. Evergreen Construction Co., a division of Evergreen Real Estate Group, served as general contractor. Architecture firm UrbanWorks designed the community, which is anticipated to receive LEED Silver certification. A partnership between Evergreen, CJE and U.S. Bancorp Community Development Corp. owns Ann Rainey Apartments. Financing for the project came from IFF, provider of the pre-development loan; U.S. Bank, provider of the construction …

May 17, 2022

Development Features Retail

Retail Real Estate is All About Creating the ‘Place to Be’

by Jeff Shaw May 17, 2022

By Greg Lyon, Chairman and Principal, Nadel Architects The appearance of retail is always evolving in terms of space and function. Today, however, it is becoming increasingly important to ensure a shopping center is the “place to be” in a community to achieve long-term success. This strategy allows developers to consistently deliver retail projects that attract crowds, encourage increased length of stay and repeat visits, and set the bar for the next evolution of retail. But how can retail designers work with developers to create this go-to destination within a community? Use Demographics, Psychographics to Inform Design Plans When you’re creating authenticity, you want to analyze not just a region’s demographics, but its psychographics as well. Every, single community is different and there is no one-size-fits-all approach when it comes to creating a center that resonates. For example, Trails at Silverdale, a 35-acre shopping and dining destination in Silverdale, Wash., speaks to the very distinct lifestyle of the region. Pacific Northwest shoppers enjoy the outdoors, are dedicated to sustainable living, and are drawn to authentic architectural elements that are innovative and youthful, while still conveying an elevated and sophisticated experience. Having a diverse, complementary mix of tenants, programmed common areas, pop-up experiences, and experiential retail alongside traditional tenants are …

May 17, 2022

Acquisitions Development Life Sciences Northeast Pennsylvania Top Stories

Tishman Speyer, Bellco Capital to Develop 200,000 SF Life Sciences Campus in Philadelphia

by John Nelson May 17, 2022

PHILADELPHIA — A joint venture between Tishman Speyer and Bellco Capital has purchased a development site at the 2300 Market Street city block in Philadelphia’s Center City district. The joint venture, which goes by the name Breakthrough Properties, plans to redevelop the site into 200,000 square feet of life sciences space. The site is located adjacent to the University of Pennsylvania and Drexel University and within walking distance to several academic medical centers. The property will sit between the city’s Rittenhouse Square and University City neighborhoods, as well as near the 30th Street Transit Station that is serviced by SEPTA, Amtrak and trolley and commuter rail lines. The development team plans to deliver the laboratory and research and development spaces by 2024. Breakthrough has enlisted KieranTimberlake, a Philadelphia-based architectural firm, as the project architect and Cushman & Wakefield as the exclusive leasing agent. All Breakthrough properties are designed to achieve LEED Gold certification, according to the developer’s website. Philadelphia has emerged as one of the leading life sciences clusters in the country. Greater Philadelphia ranks No. 1 nationally for the National Institutes of Health (NIH) Grant Funding for cell and gene therapy and has attracted over $3.8 billion in venture …

May 17, 2022

Development Mixed-Use New York Northeast Top Stories

Public-Private Partnership to Develop $2.8B Mixed-Use Project on Long Island

by Taylor Williams May 16, 2022

ISLIP, N.Y. — A public-private partnership between The Town of Islip, Suffolk County and JLL has unveiled plans for Midway Crossing, a $2.8 billion mixed-use project that will be located on Long Island. The Long Island Regional Planning Council approved the project, which will be the largest commercial or residential development on Long Island in the last 50 years, on the evening of Thursday, May 12. Midway Crossing will span approximately 2.7 million square feet across 179 acres. Plans currently call for a variety of uses, including life sciences, healthcare and hospitality, as well as a convention center and traditional retail, restaurant and entertainment space. The development team expects these uses to collectively generate more than $4.5 billion in annual economic impact upon completion. The location is near Long Island MacArthur Airport, as well as the Ronkonkoma Station of the Long Island Rail Road (LIRR), establishing Midway Crossing as a multimodal transit hub. Under the current development plan, the airport and train station would be connected via an 1,800-foot corridor. The development team also plans to make various infrastructural improvements at the airport that could have as much as $1.9 billion in additional economic impact. Beyond the economic benefits, the …

May 16, 2022

Development Multifamily Seniors Housing Texas

SilverPoint, Journey Capital to Develop 101-Unit Seniors Housing Project in Fort Worth

by Taylor Williams May 16, 2022

FORT WORTH, TEXAS — Two Texas-based firms, SilverPoint Senior Living and Journey Capital, have unveiled plans for the development of Edition Senior Living of Fort Worth. Initial plans call for 101 assisted living and memory care units set in a 100,000-square-foot community on nine acres. There are also long-term plans to expand and add independent living facilities. This community will be the fifth collaboration between SilverPoint and Journey Capital. Construction is scheduled to begin toward the end of this year.

May 16, 2022

Development Industrial Midwest Missouri

Kadean Construction Breaks Ground on 781,000 SF Spec Industrial Development in Metro Kansas City

by Kristin Harlow May 16, 2022

LEE’S SUMMIT, MO. — Kadean Construction has broken ground on Lee’s Summit Commerce Center, a three-building speculative industrial development totaling 781,000 square feet. Located in the Kansas City suburb of Lee’s Summit, the 75-acre project will feature clear heights ranging from 32 to 36 feet. Scannell Properties is the developer and Newmark Zimmer is marketing the project for lease. An undisclosed tenant has preleased 215,730 square feet of Building A, which will span 430,000 square feet and is slated for completion by the end of this year. Building B will total 238,000 square feet, while Building C will span 113,000 square feet. Completion of all buildings is scheduled for the first quarter of 2023.

May 16, 2022

Development Loans Multifamily Washington Western

JLL Arranges $60M in Construction Financing for Gridline Apartments in Seattle

by Amy Works May 16, 2022

SEATTLE — JLL Capital Markets has arranged $60 million in construction financing for Gridline Apartments, a multifamily property currently under construction in Seattle. SRM Development and its partners are the borrowers. An affiliate of an international real estate investment company provided the funds. Kaden Eichmeier and Steve Petrie of JLL Capital Markets arranged the financing for the borrower. Located at 1421 Harvard Ave., Gridline Apartments will feature 178 residences.

May 16, 2022

Development Multifamily Texas

Greystar, J.P. Morgan Open 315-Unit Westcott Apartment Community in Houston

by Taylor Williams May 13, 2022

HOUSTON — A partnership between South Carolina-based developer Greystar and J.P. Morgan Global Alternatives has opened The Westcott, a 315-unit apartment community in Houston’s Memorial Park neighborhood. The property features one-, two- and three-bedroom floor plans that range in size from 788 to 3,235 square feet. Amenities include a pool, fitness center, media lounge, coworking space, a rooftop terrace with a lounge and bar and concierge services. Rents start at $2,250 per month for a one-bedroom unit.

May 13, 2022

Development Multifamily Texas

KWA Construction Breaks Ground on 155-Unit Active Adult Community in Carrollton, Texas

by Taylor Williams May 13, 2022

CARROLLTON, TEXAS — Locally based general contractor KWA Construction has broken ground on Avenida Carrollton, a 155-unit active adult community located north of downtown Dallas. Developed by Avenida Partners, the property will comprise a 202,106-square-foot apartment building and an additional 63,925 square feet of cottages that will be reserved for renters age 55 and above. Amenities will include a pickleball court, pool, theater, private dining room, a spa and outdoor grilling and dining areas. Meeks + Partners and REES Associates are the project architects. Completion is slated for September 2023.

May 13, 2022

Build-to-Rent Development Loans Single-Family Rental Texas

Tempo Capital Arranges $42M Construction Loan for Metro Houston Residential Project

by Taylor Williams May 13, 2022

CONROE, TEXAS — Chicago-based financial advisory firm Tempo Capital Group has arranged a $42 million nonrecourse construction loan for a 287-unit single-family rental project in Conroe, about 35 miles north of Houston. The project will be situated on a 45-acre site and will feature cottages, duplexes and two-story homes. Amenities will include a pool, fitness center and clubhouse. The direct lender and borrower were not disclosed. A construction timeline was also not released. Michael Berke led the debt placement for Tempo Capital Group.

May 13, 2022

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