BRANSON, MO. — Outside the Lines (OTL), a design-build construction company that specializes in water features, fountains, rockwork and themed environments, has completed a water-effects show fountain at Branson Boardwalk in Missouri. The water feature is in a cascading lake situated adjacent to the Aquarium at the Boardwalk, the first attraction developed at the entertainment complex that opened in fall 2020. The fountain plays two fully choreographed shows every half hour from 8 a.m. to 10:30 p.m. seven days a week. Branson Boardwalk is a dining, shopping and entertainment destination that is opening in phases.
Development
Cushman & Wakefield Arranges $193M in Development Funding for The Confidential Mixed-Use Project in Seattle
by Amy Works
SEATTLE — Cushman & Wakefield has procured a $193 million development funding package on behalf of Seattle-based Security Properties. The package includes a $65.2 million joint venture equity investment with MetLife Investment Management and $115.3 million in construction financing from Bank OZK for The Confidential, a 29-story, 212-unit, 374,000-square-foot mixed-use building being developed in the Belltown submarket Located at 2315 Fourth Ave., at the corner of Bell Street, The Confidential will feature 212 apartments, 17,500 square feet of office space, 8,000 square feet of ground-floor retail space and 243 parking spaces. Planned community amenities include a fitness center, lounge and theater. Currently under construction, The Confidential is expected to open in 2024. Design of The Confidential is being provided by VIA Architecture. Communita Atelier is the landscape architect and Exxel Pacific is the general contractor.
MESQUITE, TEXAS — Stream Realty Partners has broken ground on 20 East, a 3.4 million-square-foot industrial project in the eastern Dallas suburb of Mesquite. The initial phase of the development will consist of three buildings totaling 1.8 million square feet that will be constructed on 192 acres. One of those warehouses will feature a rear-load configuration and 36-foot clear heights, while the other two will be cross-dock facilities with 40-foot clear heights. Phase II will also comprise three buildings that will total 1.6 million square feet across 92 acres and will be marketed as both speculative and build-to-suit spaces. Stream is also leasing and managing the development. Completion of Phase I is scheduled for the third quarter of 2023.
BURLESON, TEXAS — A partnership between operator Arcadia Cold Storage & Logistics and developer Saxum Real Estate has begun construction a 295,245-square-foot cold storage facility in Burleson, a southern suburb of Fort Worth. The facility will be developed on speculative basis and will feature roughly 43,000 pallet positions and spaces for distribution of both frozen and refrigerated product. Primus Builders is the general contractor for the project. Completion is slated for the second quarter of 2023.
PHILADELPHIA — Longfellow Real Estate Partners will undertake a $365 million expansion project at Pennovation Center, a life sciences development located across the Schuylkill River from the University of Pennsylvania in Philadelphia. The university owns the 23-acre site on which the facility will be constructed. The initial, 65,000-square-foot lab opened last year, and the expansion will add 387,000 square feet of research and development space and 68,000 square feet of biomanufacturing space to the local supply. Architectural and engineering firm Jacobs is designing the project, construction of which is scheduled to begin next year, with completion slated for 2025.
WINDSOR, CONN. — Condyne Capital Partners is underway on construction of Baker Hollow Logistics Center, a 165,000-square-foot industrial project in Windsor, a northern suburb of Hartford. The project will feature a clear height of 32 feet, one drive-in ramp and 58 trailer parking spots. Project partners include Polar Design Build, Maugel DeStefano Architects, C.E.Doyle, Pierce Builders Inc. and Turner Brothers LLC. The tilt-up walls have been fabricated and erected, and full completion is scheduled for November.
PHILADELPHIA — New Jersey-based developer Accurate will build a 404-unit multifamily project in Philadelphia’s Northern Liberties neighborhood. The development will consist of 297 rental units in micro studio, studio, one- and two-bedroom floor plans, as well as 107 for-sale townhomes. A construction timeline has not yet been finalized, though that phase of the project is expected to last about 24 months.
SEATTLE — Landmark Properties has acquired two development parcels, totaling 15,225 square feet, at 1200 NE 45th St. in Seattle’s U-District. Terms of the transaction were not released. Situated near the University of Washington campus and the U-District station on Sound Transit’s Link light rail system, the land is entitled for a 24-story, 237-unit multifamily property. The new light rail station, which opened in October 2021, is two stops from Capitol Hill and three stops from the Seattle central business district. By 2023, the rail station will also connect to the Eastside and downtown Bellevue. Kyle Yamamoto, Eli Hanacek, Jon Hallgrimson and Mark Zoffel of CBRE Capital Markets’ Seattle office brokered the transaction.
WHITE MARSH, MD. — Monarch Communities has unveiled plans for Monarch White Marsh, a 188-unit independent living, assisted living and memory care community in the Baltimore suburb of White Marsh. Construction is scheduled to begin this month on the $80 million project. The property is incorporated into a 113-acre, master-planned, mixed-use development known as Villages of White Marsh. The community will be connected to a 20-acre park via a walking bridge, providing access to 40 acres of open space and walking trails. Monarch will be the operator upon completion, which is slated for late 2023. Monarch Communities operates and develops senior living communities along the East Coast.
ATLANTA — Shadowbox Studios, a TV and movie studio operator formerly known as Blackhall Studios, is underway on expanding its studio campus in Atlanta from nine soundstages to 31. The 1.2 million-square-foot expansion project will grow the locally based company’s footprint to total 2 million square feet. The move follows a $500 million financing commitment from Silver Lake, a private equity investor with more than $88 billion in assets under management. Silver Lake will partner with existing investor Commonwealth Asset Management, which remains the majority shareholder of Shadowbox Studios. The capital injection will also be used to fund Shadowbox’s studio developments underway in London and Los Angeles. Deutsche Bank, EY and Sidley Austin represented Shadowbox in the financing transaction with Silver Lake. Farrer & Co. and King & Spalding also provided legal counsel. Latham & Watkins represented Silver Lake. The existing Atlanta studios for Shadowbox Studios served as filming locations for movies such as Jumanji: The Next Level, Jungle Cruise and Godzilla: King of the Monsters. The construction timeline for the expansion project was not disclosed.