SCOTTSDALE, ARIZ. — Phoenix-based CapMatrix Ltd., acting as exclusive capital markets advisors to Optima, secured a $37.1 million senior loan to provide financing for ongoing land and horizontal infrastructure improvements at Optima McDowell Mountain in Scottsdale. At completion, Optima McDowell Mountain will feature six residential towers offering more than 1,330 units of for-sale condominiums and rental units. The project is located at the southeast corner of Scottsdale Road and Loop 101 freeway. Western Alliance Bank provided the financing, which represented the first deal between Optima and Western Alliance.
NORTH LITTLE ROCK, ARK. — Dollar General opened its new distribution center in North Little Rock in February, the retailer’s first warehouse facility in Arkansas. The $160 million development is expected to create 300 new jobs at full capacity and support Dollar General’s traditional, DG Fresh and DG Private Fleet distribution channels. The facility spans more than 1 million square feet in Pulaski County. Dollar General opened its first store in Arkansas 50 years ago in 1975 and currently employs more than 5,700 Arkansans through its and store and distribution center presence.
WILMINGTON, N.C. — Greysteel has arranged construction financing for Venture at Port City, a 225-unit apartment development in Wilmington. The borrower and developer, Indianapolis-based Millstone, expects to deliver the midrise community in spring 2027. Chris Wilkins led the Greysteel team to secure a three-year, floating-rate loan through an unnamed regional bank and an undisclosed amount of joint venture equity from an institutional real estate investment fund for Millstone. Venture at Port City will offer one-, two- and three-bedroom apartments, as well as a resort-style saltwater pool, gas grilling stations, an upscale clubhouse and a large outdoor cabana with a poolside lawn area.
Port San Antonio Board of Directors Approves Next Step in Development of 300,000 SF Innovation Tower
SAN ANTONIO — The Port San Antonio Board of Directors has unanimously approved the next step in the development of Innovation Tower, an office project on the 1,900-acre Tech Port campus, located just southwest of downtown San Antonio. Port San Antonio is a public entity created to redevelop land formerly occupied by Kelly Air Force Base. Yesterday, the board approved $7.5 million to move the tower from its preliminary phase to the finalization of architectural plans, budget and schedule. The design phase is expected to last about one year, with groundbreaking slated for 2026 and completion by 2028. Project costs are estimated at roughly $275 million, according to the San Antonio Business Journal. The multi-story Innovation Tower, which will be located at the main entrance of the campus, will support growing demand by adding nearly 300,000 square feet of high-end office space. The tower will also include 27,000 square feet of amenity spaces such as a health and wellness center, sauna, locker rooms and a large conference room. Pelli Clarke & Partners designed the tower, with architect Bill Butler leading the project. The tower is a component of a broad innovation campus development strategy the organization unveiled in fall 2024. …
FRISCO, TEXAS — A public-private partnership between FC Dallas and the City of Frisco has begun the $182 million renovation of Toyota Stadium, the Major League Soccer (MLS) team’s home playing field. Upgrades will include three new clubs and a new roof structure that will provide shade for the majority of fans in the seating bowl. The partnership will also deliver expanded seating capacity, renovated entrances and new concession stands and restroom locations. HKS Architects is handling design of the project, and Manhattan Construction Group is serving as the general contractor. Toyota Stadium originally opened in 2005, which makes it the third-oldest soccer-specific venue among MLS teams, according to the partnership. The Hunt Family, which also owns the NFL’s Kansas City Chiefs, owns FC Dallas.
SAN ANTONIO — A partnership between San Antonio-based Bakke Development Corp. and Atlanta-based Batson-Cook Development Co. (BCDC) has broken ground on Talleybak Storage, a 744-unit self-storage facility in San Antonio. The three-story facility will be located in the Alamo Ranch submarket on the city’s west side and will span 82,938 net rentable square feet of space. Project partners include Alamo Architects, MBC Engineers and Independent Contractors. Completion is slated for early 2026. The project marks the eighth self-storage collaboration between Bakke and BCDC, including a 751-unit facility at the corner of SW Loop 410 and Palo Alto Road in San Antonio that is nearing completion.
THE WOODLANDS, TEXAS — Marquette Cos., an Illinois-based developer, has begun leasing The Sylvan, a 300-unit residential project located about 30 miles north of Houston in The Woodlands. The Sylvan consists of 188 single-family rentals and townhouses and 112 apartments. Single-family homes feature three- and four-bedroom floor plans, range in size from 1,495 to 1,805 square feet and include private yards and garages. Ranging from 1,456 to 1,581 square feet, townhomes have two- and three-bedroom floor plans with attached garages and private outdoor space. Apartments come in one-, two- and three-bedroom formats and range in size from 650 to 1,574 square feet. Amenities include a clubhouse, pool, fitness center and walking paths. Rents start at $1,700 per month for a one-bedroom unit. Construction of The Sylvan began in October 2023.
HUTTO, TEXAS — Jack Allen’s Kitchen, a food-and-beverage concept that specializes in Texas-based cuisine, has opened a 7,000-square-foot restaurant in Hutto, a northern suburb of Austin. The restaurant was built from the ground up within the 35-acre Hutto Co-Op District and will be able to house about 275 patrons between its indoor and patio dining spaces. Designtrait Architects designed the restaurant.
NEW YORK CITY — A partnership between Brisa Builders Development LLC and PMG Affordable has received $51.7 million in financing for a 92-unit affordable housing project that will be located in the Far Rockaway area of Queens. The financing package primarily consists of $28.4 million in construction financing from Bank of America; a $12.9 million supportive housing loan from the New York City Department of Housing Preservation & Development; and $8.3 million from the New York State Homes & Community Renewal. The capital stack also includes $23.7 million in Low-Income Housing Tax Credit equity. The nine-story building at 19-19 Cornaga Ave. will offer studio, one- and two-bedroom residences ranging in size from 331 to 652 square feet, with 60 units to be designated as supportive housing units and the other 30 to serve as Federal Housing Trust units. Amenities will include a fitness center, lounge, computer room and a multi-purpose room to accommodate community programs, classes and recreational activities, as well as an outdoor courtyard with a playground. Urban Atelier Group is the general contractor for the project, and Paul Castrucci Architects is handling design. Completion is slated for late 2026.
Ardent Acquires 1.1 MSF Seminole Towne Center Mall in Central Florida, Plans Mixed-Use Redevelopment
SANFORD, FLA. — The Ardent Co. has acquired Seminole Towne Center Mall, a 1.1 million-square-foot regional mall located in Sanford, roughly 28 miles northeast of Orlando. The Atlanta-based investor plans to develop the property into a mixed-use development. According to several local media outlets, Ardent purchased the mall from Hollywood, Fla.-based 4th Dimension Properties for roughly $17.5 million. While plans for the 76-acre property will include the addition of new retailers, multifamily housing and a hotel, the center’s four anchor tenants — Dillard’s, JC Penney, Dick’s Sporting Goods and Elev8 — will remain at the property. Seminole Towne Center Mall originally opened in 1995 and officially closed for redevelopment in January.