SACHSE, TEXAS — PMB Capital Development has unveiled updated plans for the retail and multifamily components of The Station, the Dallas-based developer’s $500 million mixed-use project in the northeastern suburb of Sachse. New food and beverage users that will open in the coming months at The Station include Manny’s Tex-Mex Restaurant, brewery Brass Tap, confectionary concept Cold Stone Creamery and Vietnamese kitchen Pho Station. In addition, PMB Capital has announced the construction of a 297-unit apartment community with 18,000 square feet of retail and restaurant space.
RICHMOND, TEXAS — Houston-based REIT Camden Property Trust has acquired 16 acres in the southwestern Houston suburb of Richmond for the development of a single-family rental community that will total 180 to 200 residences. The site is located within the 58-acre Grand Center at Long Meadow Farm mixed-use development. Ashley Strickland of NewQuest Properties represented the seller, CJ Development, in the sale of the land. Kenneth Danna of Dosch Marshall Real Estate represented Camden Property Trust. A construction timeline was not disclosed.
BILLERICA, MASS. — Design-build firm PROCON has broken ground on the redevelopment of Billerica Mall on the northern outskirts of Boston. The main piece is the demolition of an 84,000-square-foot structure that was vacated by Kmart several years ago and the new construction of a 43,000-square-foot grocery store at that site. In addition, the development team, which is led by an entity doing business as F.B. Billerica Realty Investors LLC, will deliver 18,000 square feet of new restaurant space and upgrade the property’s signage, landscaping and utility systems. Lastly, the project team will develop a 200-unit apartment community on the Tower Farm Road section of the site that will include 20 affordable housing units and Class A amenities. Upon completion, a tentative date of which was not disclosed, the project will be branded The Shoppes and Residences at Billerica.
By Taylor Williams From sprawling garden-style complexes in the suburbs to wrap-style construction and high-rise buildings in the urban core, multifamily properties come in many shapes and sizes. And in Texas, all of these product types are in high demand. Consequently, developers have generally seen healthy paces of rent growth over the last decade. But with each year of cyclical maturation, land becomes more scarce, construction grows more costly and more communities come on line, making the competition to secure renters increasingly stiff. On a more granular level, bidding wars for large tracts of land that can support major residential density are becoming increasingly intense with the growth of build-to-rent (BTR) development throughout Texas. Global supply chain disruption is putting relentless pressure on costs of construction materials and timelines for new projects, and leasing initiatives are getting smarter via sophisticated proptech platforms that were developed exclusively with real estate operations in mind. But these economic and operational constraints exist entirely on the supply side of the market. Simultaneously, demand for housing is accelerating unencumbered throughout Texas, a perennial medalist in population growth among the 50 states. These market factors are creating an unusual dynamic in which the forces that drive …
ORCHARD PARK, N.Y. — The Buffalo Bills have reached an agreement with New York State and Erie County for a new $1.4 billion football stadium in Orchard Park, a southeast suburb of Buffalo that is also home to the team’s current arena, Highmark Stadium. According to New York State, the new stadium represents the largest construction project in the history of Western New York. The National Football League (NFL) and the Bills have committed to providing a combined $550 million for the project, while New York Gov. Kathy Hochul plans to advance a $600 million proposal to the state budget. Erie County will contribute $250 million. NFL owners on Monday approved the deal, which keeps the team in Buffalo for another 30 years. “While there are a few more yards to go before we cross the goal line, we feel our public-private partnership between New York State, Erie County led by county executive Mark Poloncarz and the NFL will get us there,” say Terry and Kim Pegula, owners of the Buffalo Bills. The agreement details the construction of a new stadium with a minimum of 60,000 seats in Orchard Park to be designed and constructed by the Bills. The team …
PORTLAND, ORE. — JLL Capital Markets has secured $95.2 million in construction financing and joint venture equity for the development of Slabtown Square, a multifamily project in Portland. The borrower is Guardian Real Estate Services. Casey Davidson and Charlie Watson of JLL Capital Markets arranged the four-year, floating-rate construction loan through a large money center bank, while Ira Virden and Mark Erland of JLL’s equity placement team secured the joint venture equity through an institutional investor. Located at 2070 NW Quimby St., the seven-story Slabtown Square will feature 200 studio, one- and two-bedroom units with vinyl plank flooring, quartz countertops, stainless steel appliances, and in-unit washers and dryers. Community amenities will include a fitness enter, yoga studio, clubhouse with kitchen and lounge, rooftop deck and 230 bicycle parking stalls. Additionally, the development will feature 11,542 square feet of ground-floor retail space.
FRISCO, TEXAS — Hillwood has broken ground on The Casey at Frisco Station, a 300-unit multifamily project that will be located on the northern outskirts of Dallas. Designed by JHP Architecture, the five-story building represents Hillwood’s third multifamily project within the 242-acre Frisco Station mixed-use development and follows The Cadence at Frisco Station, which opened last September. Units will offer one- and two-bedroom floor plans that will range in size from 513 to 1,375 square feet and feature built-in desks, stainless steel appliances, walk-in closets and private patios/balconies. Amenities will include a coworking lounge with private offices and conference facilities, pool, fitness center and a library. The first units are expected to be available for occupancy in fall 2023.
GEORGETOWN, TEXAS — Atlanta-based Stonemont Financial Group has acquired an 18-acre site just off Interstate 35 in the northern Austin suburb of Georgetown for the development of a 230,000-square-foot speculative industrial project. Westinghouse35 will feature a rear-load configuration, 32-foot clear heights and 58 dock doors, as well as up to 345 auto parking stalls and 68 full-size trailer parking stalls. Project partners include architecture firm GMA, civil engineer Kimley-Horn, design-build firm ARCO/Murray and leasing agent KBC Advisors. Completion is slated for the first half of 2023.
ROCHESTER, N.Y. — Aptitude Development has broken ground on The Marshall at Rochester, a 494-bed student housing community located near the Rochester Institute of Technology in upstate New York. The six-building property will offer units with bed-to-bath parity. Shared amenities will include a pool and hot tubs, individual and group study areas, an e-sports gaming lounge and a fitness center. Lecesse Construction is the general contractor for the project, which is set for completion in summer 2023. Landmark Properties will manage the community.
NEW PROVIDENCE, N.J. — Marquis Health Consulting Services has completed a $4 million renovation project at Spring Grove Rehabilitation & Healthcare Center in New Providence, about 30 miles west of Manhattan. The renovation included a retrofit of the facility’s dedicated subacute unit and enhancements throughout its long-term care accommodations. The work also centered on an expansion of the rehab therapy gym and the incorporation of an activities of daily living (ADL) suite.