Development

SunCap Breaks Ground on 284,400 SF Industrial Facility in Upstate South Carolina

by John Nelson June 15, 2022

DUNCAN, S.C. — SunCap Property Group has broken ground on Hillside 290, a 284,400-square-foot industrial facility within Hillside Industrial Park in Duncan. Situated along SC Highway 290 near I-85 and Inland Port Greer, the rear-load building will feature 62 dock doors, 315 car parking spaces and 59 trailer parking spaces. The property features spaces divisible to 70,000 square feet and can accommodate distribution, light manufacturing and automotive-related users. Garrett Scott, John Montgomery, Brockton Hall and Dillon Swayngim of Colliers will handle leasing at Hillside 290. SunCap has selected Hogan Construction Group to build the project. Details about the construction timeline were not disclosed.

June 15, 2022

Development Florida Loans Mixed-Use Southeast Top Stories

JDS Development Group Receives Construction Financing for 64-Story Southside Park Mixed-Use Tower in Miami

by Kristin Harlow June 15, 2022

MIAMI — JDS Development Group has received $86 million in acquisition and construction financing for 1 Southside Park, a 64-story mixed-use project in Miami’s Brickell neighborhood. Plans call for 1,175 apartment units, 190,000 square feet of office space, a 200-room hotel, 10,000 square feet of retail space and 1,400 parking spaces. The development will include the country’s first Treehouse Hotel, along with multiple food and beverage outlets and public spaces. As part of the Brickell Rapid Transit Zone, the project will enhance access to public transportation, provide direct connection to The Underline and reinvigorate Southside Park, according to JDS. The Underline is a 10-mile linear park, urban trail and public destination being built on land below Miami’s Metrorail that is opening in phases through 2025. Southside Park’s proposed design enhancements include an enclosed dog run, seating areas, water features, opportunities for public art, playgrounds, a new basketball court and space for active programming such as movie nights and community sports events. A Walker & Dunlop team led by Aaron Appel, Keith Kurland, Jonathan Schwartz and Adam Schwartz arranged the financing through Maxim Capital Group. An existing land acquisition loan was replaced with a bridge construction loan at a lower interest …

June 15, 2022

California Development Loans Multifamily Seniors Housing Western

Live Oak, Locust Point Provide $28M Construction Loan for Assisted Living, Memory Care Community in San Diego

by Amy Works June 14, 2022

SAN DIEGO — Live Oak Bank and Locust Point Capital have provided a $28 million loan for the development of an 81-unit assisted living and memory care community in the Clairemont neighborhood of San Diego. The borrower is a partnership between RhodesMoore and Frontier Management. The urban infill development will consist of a 73,000-square-foot building and parking deck situated on 1.5 acres. Frontier will be the operator upon completion.

June 14, 2022

Arizona Development Healthcare Western

Ironwood Cancer & Research Centers to Develop 28,634 SF Healthcare Facility in Goodyear, Arizona

by Amy Works June 14, 2022

GOODYEAR, ARIZ. — Ironwood Cancer & Research Centers have unveiled plans to develop a healthcare facility in Goodyear. Situated on six acres at the northwest corner of 159th Avenue and McDowell Road, the facility will feature 28,634 square feet of space and offer oncology, CT and PET diagnostic imaging, radiation, chemotherapy and immunotherapy. A groundbreaking ceremony is scheduled for Sept. 20, 2022.

June 14, 2022

Civic Development North Carolina Retail Southeast

Charlotte City Council OKs $275M Financing for Spectrum Center Renovations, New Practice Facility for Hornets

by John Nelson June 14, 2022

CHARLOTTE, N.C. — The Charlotte City Council has approved the proposed $275 million financing package for renovations to Spectrum Center, the home arena for the NBA franchise Charlotte Hornets. The city council voted 10-1 to approve the plan, which includes a $60 million budget to build a new basketball practice training facility that will be funded via new revenue generated from sponsorships and naming right agreements. Financing for the city’s role in the $215 million in renovations to Spectrum Center (approximately $173 million) will be sourced from rental car and hotel taxes. The plan also extends the team’s lease through 2045, an additional 15 years from its lease expiration in 2030. Located at 333 E. Trade St. in Uptown Charlotte, Spectrum Center opened in October 2005 and has a seating capacity exceeding 20,000. In addition to Hornets home games, the arena hosts concerts, collegiate sporting competitions, comedy shows and other events. The City of Charlotte owns the arena and Hornets Sports & Entertainment operates it. Details about specific renovations or a construction timeline have not been made public.

June 14, 2022

Development District of Columbia Loans Multifamily Southeast

J.P. Morgan Chase Provides $75.6M Construction Loan for D.C. Apartment Project

by John Nelson June 14, 2022

WASHINGTON, D.C. — J.P. Morgan Chase has provided a $75.6 million construction loan to Urban Atlantic and Triden Development Group for The Reynard, a 344-unit apartment development in Washington, D.C. The property will be part of The Parks at Walter Reed, a 66-acre redevelopment of the former Walter Reed Army Medical Center in northwest D.C. The project represents the eighth ground-up project at the mixed-use campus. Urban Atlantic and Triden, in partnership with an opportunity zone investment from CrossHarbor Capital Partners, will build the apartment building on a 2.3-acre site adjacent to the Whole Foods Market-anchored Parks Marketplace. Amenities at The Reynard will include coworking space, a fitness center, resort-style pool and a maker space with podcast studios. Unit types range from studios to three -bedrooms, including 11 live-work units with storefronts along Georgia Avenue and 26 income-restricted apartments reserved for households earning 80 percent or less of the area median income. Bozzuto will manage The Reynard upon completion, which is expected to be roughly 24 months following the ground breaking.

June 14, 2022

Development Healthcare Maryland Office Southeast

Catalyst Healthcare, Bain Capital Break Ground on 60,000 SF Medical Office Building in Laurel, Maryland

by John Nelson June 14, 2022

LAUREL, MD. — Catalyst Healthcare Real Estate and Bain Capital Real Estate have broken ground on a 60,000-square-foot medical office building in Laurel, a city about midway between Baltimore and Washington, D.C. The property will be connected to the University of Maryland Capital Region Health Hospital by an enclosed skyway and offer outpatient services, including family medicine, imaging, internal medicine, oncology, orthopedics, pharmacy, physical therapy, OB/GYN and dialysis. The building, which will feature about 3,000 square feet of commercial space, is the first phase of the master plan that will include the development of 11 healthcare buildings, as well as retail, restaurants and green space. Catalyst Healthcare and Bain Capital plan to open the property in summer 2023.

June 14, 2022

Development Industrial Texas

Jackson-Shaw Breaks Ground on 917,374 SF Industrial Project in Benbrook, Texas

by Taylor Williams June 14, 2022

BENBROOK, TEXAS — Locally based developer Jackson-Shaw has broken ground on Chisholm 20, a 917,374-square-foot industrial project in Benbrook, a southwestern suburb of Fort Worth. Chisholm 20’s four buildings will range in size from 80,773 to 377,844 square feet and will feature clear heights of 32 to 36 feet and ample trailer parking. Ridgemont Commercial Construction is the general contractor for the project, GSR Andrade is the architect and Kimley-Horn is the civil engineering firm. Veritex Community Bank and Comerica Bank provided construction financing. Jackson-Shaw has tapped CBRE to lease the development. Completion is slated for the third quarter of 2023.

June 14, 2022

Development Healthcare Midwest Minnesota

Davis, Allina Health Open 40,000 SF Surgery Center in Suburban Minneapolis

by Kristin Harlow June 14, 2022

BROOKLYN PARK, MINN. — Minneapolis-based developer Davis and Minnesota-based health system Allina Health have opened 610 Medical, a 40,000-square-foot ambulatory surgery center in the Minneapolis suburb of Brooklyn Park. The two-story property is located at 6001 96th Lane. Allina Health leases most of the second floor. Minneapolis-based Synergy Architecture Studio served as architect and Plymouth, Minn.-based Timco Construction Inc. was the general contractor.

June 14, 2022

Development New York Northeast Office

Durst Organization to Undertake $150M Redevelopment of Manhattan Office Tower

by Taylor Williams June 14, 2022

NEW YORK CITY — Locally based landlord The Durst Organization will undertake a $150 million redevelopment of 825 Third Avenue, a 40-story office tower in Manhattan that was originally constructed in 1969. The redevelopment will include upgrades of the 544,000-square-foot building’s elevators, windows, lobby and mechanical systems, as well as the addition of new amenities. Upon completion, tenants will have access to a 3,000-square-foot ground-floor lounge with coffee, wine and arcade games. The Durst Organization will also add 15,000 square feet of health and wellness amenities on the second floor and a new terrace on the 12th floor. JP Morgan Chase and Wells Fargo have provided $100 million in financing for the project.

June 14, 2022

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