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.
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.
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.
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.
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.
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.
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.
NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $70 million loan for the construction and refinancing of a 61,513-square-foot office building in Manhattan’s Greenwich Village area. Approximately 8,000 square feet of that total will be reserved as ground-floor and below-grade retail space. The borrower, Real Estate Equities Corp., acquired the 99-year leasehold interest on the land in 2017 and demolished the existing structures on the site. However, construction delays required the project’s capital stack to be restructured and the original loans underlying the leasehold to be recapitalized. Parkview’s loan includes the refinancing of the existing land loan as well as construction financing. Development has now begun with project completion slated for June 2024.
KYLE, TEXAS — A public-private partnership between developer Alliance Industrial Co., Kyle Economic Development and the Greater San Marcos Partnership will build a 1 million-square-foot speculative industrial project in Kyle, a southern suburb of Austin. Branded Kyle/35 Logistics Park, the development will consist of five facilities ranging in size from approximately 140,000 to 475,000 square feet. Buildings will feature clear heights of 36 to 40 feet, a mix of single-load and cross-dock configurations and ample employee and trailer parking spaces. Completion is slated for the first quarter of 2023.
HOUSTON AND SUGAR LAND, TEXAS — Cubework, an industrial and office operator specializing in flexible work solutions, has opened two warehouses totaling 302,000 square feet in Houston. The rail-served property at 3401 Navigation Blvd. is located near downtown and features 32-foot clear heights and 38 exterior dock doors. The second property, located in the southwestern Houston suburb of Sugar Land, spans 200,000 square feet and offers 32-foot clear heights and 3,030 square feet of office space. The owner(s) was not disclosed. Cubework also recently opened a 180,000-square-foot facility in San Antonio.
