Development

Bonaventure Breaks Ground on 271-Unit Apartment Complex as Part of Mall Revitalization in Fredericksburg, Virginia

by Kristin Harlow April 27, 2022

FREDERICKSBURG, VA. — Bonaventure, in partnership with Cafaro Properties, has broken ground on Attain at Spotsylvania Towne Centre in Fredericksburg, located approximately 55 miles southwest of Washington, D.C. and 50 miles north of Richmond. The 271-unit, Class A apartment development will replace a former Sears anchor store that closed in early 2020, furthering the revitalization of the Spotsylvania Towne Centre mall. The apartment project will include amenities such as a resort-style pool, artificial turf recreation area, outdoor kitchen, clubhouse, business center and fitness center. According to Bonaventure, the development of Attain is projected to create 388 new construction-related jobs and generate more than $1.1 million in real estate and other tax revenues annually. A timeline for completion and construction costs were not provided. “As an experienced local developer that owns its assets for the long term, we are committed to delivering a rental housing experience that combines best-in-class architecture, amenities and service,” says Dwight Dunton, founder and CEO of Bonaventure. “We look forward to contributing both to Fredericksburg’s housing supply and the renaissance of this well-located property.” Owned by Cafaro Co., Spotsylvania Towne Centre is home to numerous retailers and restaurants. Early last year, the Spotsylvania Board of Supervisors approved …

April 27, 2022

Alabama Development Life Sciences Southeast

UAB, Hoar Construction Top Out $76M Science and Engineering Complex in Birmingham

by Julia Sanders April 26, 2022

BIRMINGHAM, ALA. — Hoar Construction has topped out Phase I of the new Science and Engineering Complex at the University of Alabama at Birmingham (UAB). The $76 million, 138,842-square-foot development represents Phase I of a three-part project that aims to consolidate all the basic science undergraduate and graduate studies into one complex. Construction of Phase I began in February 2021 and is expected to be completed in the spring of 2023. The first phase of the concrete structure features four levels that will house biology, chemistry and physics labs and classrooms alongside faculty and staff offices. The project will also feature specialized labs, including an optics lab and cold-growth environment rooms. Collaboration spaces will be designed to allow students across different disciplines and levels of education to mingle and work together in a cohesive learning environment. Located on 14th Street South between University Boulevard and 10th Avenue South, the property is situated 1.6 miles from downtown Birmingham. Additional project partners include Goodwyn, Mills & Cawood as lead architect; Lord Aeck Sargent as lab and research spaces consultant; MBA Engineers as structural engineers; Schoel Engineering as civil engineers; Newcomb & Boyd as mechanical engineers; and Hyde Engineering as electrical engineers.

April 26, 2022

Affordable Housing Development Multifamily South Carolina Southeast

Exact Capital, Armada to Build 240-Unit Affordable Housing Community in Columbia, South Carolina

by Julia Sanders April 26, 2022

COLUMBIA, S.C. — New York City-based Exact Capital has plans to build the Villages at Congaree Pointe, a 240-unit affordable housing community in Columbia. Exact Capital is partnering with Charleston-based Armada Development. The construction timeline was not disclosed. The Villages at Congaree Pointe will be fully affordable and rented to households earning 60 percent or less of the area median income (AMI). The community will offer 10 three-story buildings with a unit mix of 60 one-bedroom, 144 two-bedroom and 36 three-bedroom apartments. Community amenities will include a fitness center, playground, splash pad, cabana with porch, clubhouse with a lounge, clubroom, computer room and a common laundry room. The total capitalization of the development is approximately $51 million with construction financing provided by J.P. Morgan Chase and Low-Income Housing Tax Credits (LIHTC) from Stratford Capital Group and Monarch Private Capital. In addition to the initial capitalization, Berkadia arranged permanent financing in the form of a Fannie Mae Municipal Tax-Exempt Bond offering. Located on a 14.9-acre site at 2701 Atlas Road, the project will be situated 5.9 miles from downtown Columbia and 5.4 miles from the University of South Carolina.

April 26, 2022

Development Healthcare Texas

Velocis, Prime Healthcare to Develop $35M Medical Office Complex in Fort Worth

by Taylor Williams April 26, 2022

FORT WORTH, TEXAS — A partnership between Dallas-based private equity firm Velocis and Prime Healthcare Properties has acquired 8.5 acres in the Willow Park area of Fort Worth for the development of a medical office complex. The $35 million project will consist of two buildings that will be constructed on speculative bases and will total 100,000 square feet. Grace Hebert Curtis Architects is designing the project. Wier & Associates is the civil engineer, Brasfield & Gorrie is the general contractor. JLL will lease the buildings. Construction is slated to begin this year and to be complete in 2023.

April 26, 2022

Development Illinois Midwest Office

Hines Tops Out 60-Story, 1.2 MSF Salesforce Tower Chicago

by Kristin Harlow April 26, 2022

CHICAGO — Hines has completed the concrete core and steel structure for Salesforce Tower Chicago, a 60-story, 1.2 million-square-foot office tower under development in downtown Chicago. The project is the first building in Chicago to require and measure Environmental Product Declarations (EPDs) to quantify the carbon emissions of concrete, steel and other various construction materials, according to Hines. This led to a 19 percent overall reduction in carbon emissions for steel and concrete in comparison to the industry average, adds the developer. Hines partnered with Magnusson Klemencic Associates, a structural and civil engineering firm, to spearhead the creation of the Embodied Carbon Reduction Guidebook to educate Hines employees and industry peers about carbon reduction results. Neither a timeline for completion of Salesforce Tower Chicago was provided, nor were additional tenants besides Salesforce.

April 26, 2022

Development Multifamily New Jersey Northeast

Veris Residential Begins Leasing 56-Story Apartment Tower in Jersey City

by Taylor Williams April 26, 2022

JERSEY CITY, N.J. — Veris Residential has begun leasing Haus25, a 56-story apartment tower in Jersey City. Designed by Elkus Manfredi Architects with interiors by Fogarty Finger and landscape architecture by Melillo Bauer Carman, Haus25 rises 600 feet and comprises 750 units, 20 percent of which have been preleased. Residences come in studio, one-, two- and three-bedroom formats and are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and ecobee smart thermostats. Amenities include a pool, indoor and outdoor fitness areas, chef’s kitchen, grilling stations, an amphitheater, bowling alley, karaoke lounge, game room, golf simulator, children’s playroom, pet spa and a dog run. Rents start in the low $3,000s per month for a studio apartment.

April 26, 2022

Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Texas Top Stories

Developers to Build $2B Fields West Mixed-Use Project Near Dallas, Including Ritz-Carlton Hotel

by John Nelson April 26, 2022

FRISCO, TEXAS — A development partnership has unveiled plans for Fields West, a $2 billion mixed-use project in Frisco, a northern suburb of Dallas. The 180-acre project will be situated along the Dallas North Tollway within Fields, a 2,500-acre master-planned development that houses PGA of America’s new headquarters. The development partnership for Fields West comprises Hunt Realty Investments, Karahan Cos., Chief Partners LP, CrossTie Capital Ltd. and the heirs of Bert Fields Jr., the original landowner and namesake of the development. Dallas-based Hunt Realty purchased the site, then known as Headquarters Ranch, from the Fields estate back in 2015. While individual components for Fields West weren’t disclosed, the developers did sign an agreement with Marriott International to bring a new Ritz-Carlton hotel to anchor the development. The size and room count for the new hotel were not announced. The Dallas Morning News reports that Fields West will ultimately feature three hotels and offices totaling a combined 4 million square feet. The outlet also reported the property will feature shopping, dining and entertainment uses, as well as 2,800 apartments. Project architect Gensler announced that Fields West will be “three times” the size of Legacy West Urban Village, a retail project within …

April 26, 2022

Development Industrial North Carolina Southeast

Beacon Partners Begins Construction on 375,874 SF Industrial Park in Charlotte

by Julia Sanders April 25, 2022

CHARLOTTE, N.C. — Beacon Partners has begun construction on two speculative buildings totaling 375,874 square feet within Carolina Logistics Park, a master-planned industrial park in Charlotte. Building 2 will span 202,403 square feet and Building 3 will be 173,471 square feet. Buildings 2 and 3 are situated at one of the park’s two entrances at the intersection of Carolina Logistics Drive and Downs Road. Both buildings will offer 32-foot clear heights, 180-feet concrete truck courts with ample trailer parking and six-inch floor slabs. The buildings are scheduled for delivery in the third quarter. Additionally, Building 4, a 525,624-square-foot property located at 11925 Carolina Logistics Drive, is already underway and scheduled for completion in June. Tim Robertson of Beacon Partners is handling leasing for Carolina Logistics Park. The project team includes general contractor Conlan Co., Merriman Schmitt Architects and civil engineer Orsborn Engineering Group. Wells Fargo is providing construction financing for the two speculative buildings. Carolina Logistics Park is a 288-acre park that will eventually accommodate up to 3.6 million square feet of Class A space. The site sits within proximity to Interstates 77 and 485, Charlotte Douglas International Airport and Uptown Charlotte. The park’s existing tenants include Amazon (1 million …

April 25, 2022

Development Multifamily Southeast Virginia

Jefferson Apartment Group, STARS REI Break Ground on 98-Unit Multifamily Project in Arlington, Virginia

by Julia Sanders April 25, 2022

ARLINGTON, VA. — Jefferson Apartment Group, with its Chilean-based partner STARS REI, has broken ground on a 98-unit apartment community at 1031 N. Vermont St. in Arlington. Construction is expected to be completed by early 2024. The new development will offer one-, two- and three-bedroom floorplans in a seven-story building. Unit features will include quartz countertops, tile backsplashes, stainless steel appliances and plank flooring. Many units will also include private terraces and balconies. Community amenities will include a resident lounge, rooftop terrace, below-grade parking totaling 120 spaces, 40 bicycle spaces and resident storage. KGD Architecture is the designer for the project and Donohoe Construction Co. is the general contractor. United Bank provided an undisclosed amount of financing.

April 25, 2022

Development Mixed-Use Nevada Office Western

UnCommons Breaks Ground on Phase II of Mixed-Use Community in Southwest Las Vegas

by Amy Works April 25, 2022

LAS VEGAS — UnCommons Matter Real Estate Group has broken ground on Phase II of its $400 million, 40-acre mixed-use community in southwest Las Vegas. The second phase will feature a conference center, two office buildings and an additional parking garage with nearly 750 stalls. Construction is slated for completion by summer 2023. Components of Phase II include The Assembly, a 5,000-square-foot conference center offering indoor and outdoor space accommodating meetings for 10 to 250 people; and two four-story office buildings totaling 180,000 square feet with 20,000-square-foot to 25,000-square-foot floor plates available for lease. The buildings will have connected patio balconies enabling tenants to enhance their spaces with floors that are up to 45,000 square feet. Phase II will bring UnCommons to more than 335,000 square feet of office space. Upon full build-out, the property will offer five office buildings and four parking garages.

April 25, 2022

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