NEW YORK CITY — Locally based firm Extell Development has entered into a ground lease with The Feil Organization to develop a multifamily project at 356 Fulton St. in downtown Brooklyn. The Feil Organization previously secured approvals for the development of a 43-story tower that will also house 100,000 square feet of commercial space. In addition, Feil completed the demolition of the three-story Capital One bank branch that was situated on the site. Bob Knakal, Stephen Palmese, Brendan Maddigan, Ethan Stanton, Jonathan Hageman, Michael Mazzara and Winfield Clifford of JLL arranged the ground lease on behalf of The Feil Organization.
NASHVILLE, TENN. — Indianapolis-based retail giant Simon is partnering with Nashville-based Adventurous Journeys Capital Partners (AJ Capital Partners) to develop a new 300,000-square-foot outlet mall in Nashville. The location and name weren’t disclosed, but the property will be situated on the south side of the city and will be branded under Simon’s Premium Outlet concept. Simon and AJ Capital plan to break ground on the project in 2023. In addition to the Nashville outlet mall, Simon also recently announced new outlet malls coming to Los Angeles, Tulsa and New York. The new development will complement Simon’s Nashville holdings The Mall at Green Hills and Opry Mills. AJ Capital’s local projects include hotels Thompson Nashville, Soho House Nashville and Graduate Nashville, as well as a 23-acre project that the developer is underway on in the city’s Wedgewood-Houston neighborhood. Simon and AJ Capital’s project isn’t the only outlet mall coming to Nashville. Tanger Factory Outlets Center recently broke ground on Tanger Outlets Nashville, a 290,000-square-foot mall that is slated to open in fall 2023.
CUMMING, GA. — A joint venture between Wood Partners and CP Capital US (formerly HQ Capital Real Estate) has broken ground on Alta North, a 310-unit apartment community in the Atlanta suburb of Cumming. The site will be located at the intersection of Ga. Highway 400 and Settingdown Circle, about 45 miles north of Atlanta. Alta North will feature one- and two-bedroom apartments with wood-style plank flooring, stainless steel appliances, microwave hoods, undermounted single bowl sinks, tile backsplashes, in-home washer and dryers and granite countertops in the kitchen and bathrooms. Community amenities will include a resort-style swimming pool with a tanning ledge, multiple grilling stations and fire pits, pet park and spa, 24/7 fitness center, social gathering areas and rentable coworking office spaces, as well as 15,000 square feet of commercial space.
ROMEOVILLE, ILL. — Bridge Industrial has acquired a nearly 67-acre site in the Chicago suburb of Romeoville with plans to build a two-building speculative industrial development totaling 660,280 square feet. Dubbed Bridge Point Romeoville, the project is slated for completion in the third quarter of 2023. Building A will total 497,480 square feet and feature a clear height of 40 feet, 136 exterior docks, four drive-in doors, 314 car parking stalls, 87 trailer parking positions and a 130-foot truck court. Building B will span 162,800 square feet and feature a clear height of 36 feet, 47 exterior docks, two drive-in doors, 146 car parking stalls, 51 trailer parking positions and a 130-foot truck court. Both buildings will offer build-to-suit office opportunities.
PONTIAC, MICH. — SK Investments Group has unveiled plans to build The Shores at Crystal Lake, a 34-acre development with more than 1,200 apartment units in Pontiac, a northern suburb of Detroit. Plans also call for a mix of retail, dining, recreational and entertainment space. The project team includes architect Kreiger-Klatt and civil engineer and surveying firm Spalding DeDecker. Tim O’Brien, a Pontiac native and former principal of local development company O’Brien Group, will serve as strategic advisor. The site plan final approval is anticipated for this fall, with construction expected to begin in mid-to-late 2023. SK Investments Group is a South Florida-based developer.
WESLACO, TEXAS — San Antonio-based Garansuay Group has broken ground on Shops at N Bridge, a 40,000-square-foot retail project in Weslaco, located near McAllen in the Rio Grande Valley. The 10-acre site includes four pads and is situated at the corner of North Bridge Avenue & Expressway 83. Freddy’s Frozen Custard & Steakburgers, Juice Us and Paris Bakery have already signed leases at Shops at N Bridge. A tentative completion date was not released.
Granite Properties Receives Construction Financing for 143,500 SF Office Project in Southlake, Texas
SOUTHLAKE, TEXAS — Granite Properties has received an undisclosed amount of construction financing for Granite Place II at Southlake Town Square, a 143,500-square-foot office project in metro Dallas. Granite Properties is developing the five-story building in partnership with N5B Capital. Amenities will include outdoor work and meeting space, a corporate living room, fitness center and a grab-and-go food service. Trey Morsbach and Jim Curtin of JLL arranged the financing through Bank OZK. DPR Construction is the general contractor for the project. Sitework is underway, and completion is slated for March 2023.
DURHAM, N.C. — ZOM Living and AEW Capital Management have purchased a site at 500 E. Main St. in downtown Durham for the development of Maizon Durham, a 248-unit apartment community. The co-developers also secured $49 million in construction financing from Santander Bank. The project team includes architect Hord Coplan Macht, interior designer One Line Design Studio and general contractor LeChase Construction. Set to break ground this summer, Maizon Durham will feature studio, one-, two- and three-bedroom units ranging in size from 555 to 1,450 square feet, as well as coworking and conference spaces, a fitness center, dog spa, clubroom, 13,000 square feet of retail space and a swimming pool and sundeck.
SAN MARCOS, TEXAS — Hill Country Studios will open a $267 million film and TV production center in San Marcos, located roughly midway between Austin and San Antonio. The site spans 209 acres and is located at the entrance of the La Cima master-planned community. Hill Country Studios will include 12 sound stages totaling 310,000 square feet, two back lots totaling 15 acres of outdoor production space and 310,000 square feet of modular offices and four workshops. The facility will also feature post-production facilities, a 50-seat screening theater and a full-service restaurant and coffee shop. In addition, 25 acres will be reserved for vendor and commercial space built to serve both the studio and surrounding community. Foley Design is the project architect. Construction is slated to begin early next year.
WESTFIELD CENTER, OHIO — Stonemont Financial Group has unveiled plans to build a 450,000-square-foot speculative industrial development in Westfield Center near Cleveland. Named Westfield Commerce Park, the Class A facility marks Stonemont’s first speculative development in Northeast Ohio. Plans call for a clear height of 36 feet, cross-dock configuration, 500 car parking spaces, 130 trailer stalls, 65 dock doors and four drive-in doors. Stonemont is the developer, while Pinnacle Bank and PCCP are debt and capital partners. JLL will oversee lease-up. Completion is slated for the first quarter of 2023.