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Development

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Affordable HousingCaliforniaCompany NewsDevelopmentMultifamilyTop StoriesWestern

Standard Communities, Faring Plan to Build $2B in Middle-Income Housing in California Within Two Years

by Amy Works

LOS ANGELES — Standard Communities and Faring have formed a joint venture with plans to create more than $2 billion of middle-income housing across California over the next 18 to 24 months. The strategic partnership, Standard-Faring Essential Housing, will engage in both ground-up construction of middle-income rental housing and the acquisition and conversion of existing market-rate properties. The partnership recently created more than 650 units of dedicated middle-income housing in Southern California with a total capitalization of over $400 million. The transactions utilized tax-exempt bond financing provided by CSCDA Community Improvement Authority, a state program that seeks to improve the availability of housing for Californians earning approximately the same as the area median income (AMI).  Upon taking ownership, CSCDA Community Improvement Authority worked with Standard-Faring Essential Housing as project administrator to immediately lower rents for new residents who qualify with incomes between 80 percent and 120 percent of AMI. “By focusing on middle-income housing, California cities can ensure that middle-income families and essential workers such as first responders, hospital and healthcare staff, and teachers can afford to live near their jobs in the communities they serve,” says Jeffrey Jaeger, principal and co-founder of Standard Communities. “This joint venture will provide …

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Gateways-at-Randolph
DevelopmentMultifamilyNew JerseyNortheast

Values Cos. Breaks Ground on Final Phases of Multifamily Project in Randolph, New Jersey

by Taylor Williams

RANDOLPH, N.J. — Developer Value Cos. has broken ground on the final phases of Gateways at Randolph, a rental community in Northern New Jersey. The final phases will deliver 104 two-bedroom residences across four buildings and a 7,000-square-foot leasing office. Upon full completion, Gateways at Randolph will consist of more than 1,000 units, with the newest residences ranging in size from 981 to 1,100 square feet. Communal amenities include a pool, fitness center, playground, volleyball court and grilling areas.

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DevelopmentIndustrialWashingtonWestern

GTIS Partners, Ryan Cos. to Develop 126,646 SF Last-Mile Industrial Project in Seattle

by Amy Works

SEATTLE — GTIS Partners and Ryan Cos. have formed a joint venture to develop 65 S Horton St., a last-mile industrial/urban logistics property in Seattle. The project is expected to cost approximately $42.5 million. Totaling 126,646 square feet, the four-story building will offer dual freight elevator access to floors two through four, and the ground floor will feature a loading dock, shipping/receiving space, 10 covered docks and 85 parking spots. The site is located in one of the city’s qualified opportunity zones, adjacent to several Port of Seattle terminals and one mile south of downtown Seattle.

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DevelopmentMidwestMinnesotaRestaurantRetail

Taco Bell to Reinvent Drive-Thru Concept With Futuristic Restaurant in Brooklyn Park, Minnesota

by Kristin Harlow

BROOKLYN PARK, MINN. — Taco Bell is building a restaurant with a new drive-thru concept in Brooklyn Park, a suburb of Minneapolis. Construction is underway on the 3,000-square-foot, two-story restaurant. Completion is scheduled for summer 2022. Known as Defy, the new restaurant concept was developed in partnership with Minneapolis-based Vertical Works Inc., a design company that works with quick-serve restaurants, retailers and healthcare tenants. In 2020, Border Foods, one of the largest privately held Taco Bell franchisees in America, enlisted Vertical Works to create a new restaurant design. With Defy, Taco Bell and Border Foods will partner on their 230th restaurant and 82nd new restaurant build. The concept reimagines the traditional drive-thru experience with four lanes, three of which are dedicated to mobile or delivery order pickups. This way, customers who order via the Taco Bell app or third-party delivery services can skip the line. The drive-thru lanes are situated below the restaurant kitchen. Additionally, digital check-in screens enable mobile order customers to scan in their order via a unique QR code. Food is delivered in a contactless manner via a proprietary lift system. The Defy footprint is smaller or equal to existing Taco Bell store footprints. There will be …

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DevelopmentMidwestMultifamilyWisconsin

Greenfire to Construct 178-Unit Luxury Apartment Community in Oconomowoc, Wisconsin

by Kristin Harlow

OCONOMOWOC, WIS. — Wangard Partners has selected Greenfire to build its new Olympia Fields Apartments in Oconomowoc, about 34 miles west of Milwaukee. The development will include 178 luxury apartment units along with a pool and clubhouse. Seven buildings will house a variety of unit sizes, including studios, one-, two- and three-bedroom floor plans. The project will be built on the site of the former Olympia Resort, which is currently being demolished. Construction is expected to begin in October with completion slated for fall 2022. Kahler Slater will serve as architect and R.A. Smith as civil engineer.

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DevelopmentIndustrialMidwestOhio

Pizzuti Underway on 324,000 SF Spec Industrial Building in Central Ohio

by Kristin Harlow

GROVEPORT, OHIO — The Pizzuti Cos. and development partner Olympus Ventures LLC are underway on the construction of Hamilton Road One Distribution Center, a 324,000-square-foot industrial building in central Ohio’s Groveport. The development team is undertaking the project on a speculative basis. Located on Hamilton Road, the site provides convenient access to I-270 and I-70. The building will feature a clear height of 32 feet, 57 dock doors, four grade doors, 212 auto parking spaces and 64 trailer parking spaces. Completion is slated for December. Jeff Lyons of CBRE is marketing the project for lease.

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DevelopmentIndustrialTexas

Creation Breaks Ground on 234,000 SF Northmark Commerce Center Near Fort Worth

by Taylor Williams

HALTOM CITY, TEXAS — Creation, a Phoenix-based investment and development firm, has broken ground on Northmark Commerce Center, a 234,000-square-foot industrial project in the Fort Worth suburb of Haltom City. Designed by LGE Design Build, the Class A logistics facility is expected to be complete in late 2022. Creation is developing Northmark Commerce Center in partnership with Crow Holdings Capital. Dallas-based Holt Lunsford Commercial has been tapped to lease the development.

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DevelopmentRetailTexas

Victory Real Estate to Develop New Retail Project in Forney, Texas

by Taylor Williams

FORNEY, TEXAS — Dallas-based Victory Real Estate Group will develop The Victory Shops at Forney, a new retail project that will be located on a 26-acre lot in Forney, an eastern suburb of Dallas. Phase I of the project will consist of 44,000 square feet across four buildings, and the remainder of the development will include 160,000 square feet for Phase II. Tenants will include Kohl’s, Aspen Dental, Jamba Juice, Chiloso Tex-Mex, The Joint Chiropractic, Mod Pizza and My Eye Lab. Construction of Phase I is set to begin in mid-September and to be complete in the first quarter of 2022. DuWest Realty has been appointed as the project’s leasing agent.

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DevelopmentMultifamilyNew JerseyNortheastSeniors Housing

Braemar Partners Unveils Plans for 80-Unit Seniors Housing Project in Basking Ridge, New Jersey

by Taylor Williams

BASKING RIDGE, N.J. — Braemar Partners has unveiled plans for Arbor Terrace Basking Ridge, an assisted living and memory care community that will be located approximately 35 miles west of Manhattan. When completed, the property will feature 27 assisted living apartments, 24 units for seniors in early stages of dementia and 29 units for full memory care. The groundbreaking is scheduled for later this year, with completion targeted for early 2023. The Arbor Co., which operates other senior living communities in New Jersey, will operate the community when it opens.

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ArizonaDevelopmentIndustrialWestern

Baker Development to Build $150M Cactus 303 Industrial Park in Surprise, Arizona

by Amy Works

SURPRISE, ARIZ. — Baker Development Corp. (BDC) has acquired an 81-acre land site for the development of Cactus 303, an industrial park in Surprise. BDC purchased the land, located on the northeast corner of Cactus Road and Loop 303, for $20 million. The $150 million project will feature approximately 1 million square feet of industrial space spread across seven Class A buildings. The project will also feature a retail component along the Cactus Road frontage, with retail pads ranging from 0.75 acres to 16 acres. The industrial buildings will range from 82,000 square feet to 378,000 square feet with all buildings offering flexible single- or multi-tenant configurations; 32-foot to 40-foot clear heights; dock-high and grade-level doors; up to 200-foot truck courts; and extensive, expandable auto and trailer parking. The site can also accommodate build-to-suit users of up to 600,000 square feet. Construction is scheduled to begin in early 2022, with the first phase slated for completion by year-end 2022. Butler Design is serving as architect and Layton Construction is serving as the general contractor. Cactus 303 is situated within the 3,300-acre Prasada master plan, which features single-family homes, a 180-acre auto mall and a 60-acre power center. Anthony Lydon, Marc …

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