NEW YORK CITY — A partnership between locally based developer The Moinian Group and Bushburg is underway on a 320-unit multifamily redevelopment in Brooklyn. The project at 2840 Atlantic Ave. will convert the site of the former Empire State Dairy into a multifamily community with market-rate and affordable housing units, as well as 14,000 square feet of retail space. Units will be available in studio, one-, two- and three-bedroom formats, and amenities will include a rooftop terrace, fitness center, coworking space, tenant lounge and a children’s play area. Valley Bank and Cross Valley Bank provided $105 million in construction financing for the project. The development team expects the first units to be available for lease in the first quarter of 2024.
CHARLOTTE, N.C. — Washington, D.C.-based multifamily developer Jefferson Apartment Group (JAG) has closed on its purchase of five acres at 200 Wadsworth Place in Charlotte. JAG, along with equity partner Cadre, will break ground on a planned 350-unit, mid-rise apartment community on the site this summer. United Bank is providing construction financing to JAG for the property, which is situated in Charlotte’s Optimist Park neighborhood near the city’s Uptown, NoDa and Belmont submarkets. This location will also offer easy access to both I-277 and I-74, as well as public transit and Optimist Hall, a mixed-use development featuring a food hall and creative office space. The exterior of the unnamed, six-story apartment building will feature red brick and ironwork, and units will be a configured in studio, one- and two-bedroom floor plans ranging from 585 square feet to 1,027 square feet. Units will feature modern finishes, including plank flooring, quartz countertops, stainless steel appliances and tile backsplashes, and some will feature private balconies and views of Uptown. Additionally, 355 parking spaces will be available to residents, consisting of both garage and surface parking. Amenities will include a lounge with double-sided fireplace, game room, fitness center, open coworking space, pet spa and …
SAN ANTONIO — Locally based developer Koontz Corp. has broken ground on Westport Industrial Park, a 374,400-square-foot project in San Antonio. Koontz Corp. is developing Westport Industrial Park in phases, with the first of the two 187,200-square-foot buildings set to be delivered in February 2023. Building features will include 24-foot clear heights, 130-foot truck court depths, 23 dock doors and a total of 480 parking spaces. NAI Partners has been tapped to lease the development.
KYLE, TEXAS — Dallas-based Kalterra Capital Partners is underway on construction of The Verge, a 263-unit multifamily project in the southern Austin suburb of Kyle. Units will feature quartz countertops, stainless steel appliances and private balconies. Amenities will include a pool, outdoor grilling stations, pickleball court, lounge areas, a fitness center, business center, dog spa and game rooms. Leasing is scheduled to begin in February 2023, with full completion slated for the third quarter of next year. Kalterra has also secured tenants for the development’s retail/restaurant component, with construction of those spaces expected to begin in the next six months.
MONROVIA, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged $64.4 million in financing for a multifamily development located at 127 W. Pomona in Monrovia. The borrower was not disclosed. Sharone Sabar and Stefen Chraghchian of MMCC arranged the financing, which features a 42-month term, a 65 percent loan-to-cost ratio and an interest rate of 3.4 percent. Situated on 1.8 acres, the fully entitled and construction-ready property is slated for a 33-month development timeline. The 252,100-square-foot community will feature 220 apartments, 7,050 square feet of commercial space and 357 parking spots.
Sansone Group, Crow Holdings Near Completion of 702,450 SF Industrial Project in Palmyra, New Jersey
PALMYRA, N.J. — A partnership between St. Louis-based Sansone Group and a fund advised by Crow Holdings Capital is nearing completion of Tac Pal Logistics Center, a 702,450-square-foot industrial project located in the Southern New Jersey community of Palmyra. The facility will feature a clear height of 40 feet, 107 loading docks, 240 trailer stalls and 499 car parking spaces. Tac Pal Logistics Center also offers proximity to Route 130, Interstate 95 and the New Jersey Turnpike. Cushman & Wakefield and Avison Young have been tapped as co-leasing agents for the development, which is slated for a September 2022 delivery.
NEWARK, N.J. — Wholesale discount merchandiser Costco has opened a 183,000-square-foot warehouse and distribution center roughly two miles from the Port of Newark. The facility sits on 12.6 acres and features a clear height of 40 feet, 36 exterior docks, 83 trailer parking spaces and 168 car parking spaces. RC Anderson served as the general contractor for the project, which was developed on a speculative basis by Illinois-based CenterPoint Properties.
NEW ALBANY, OHIO — AmplifyBio, a biotechnology contract research organization, will invest approximately $150 million for a new 350,000-square-foot facility in New Albany, about 15 miles northeast of Columbus. The company plans to generate 263 new jobs between the new facility and its existing property in West Jefferson. AmplifyBio says it is expanding to meet surging market demand for advanced therapies, including cell and gene therapy products. The new property at 9885 Innovation Campus Way in New Albany will create 132 jobs. A timeline for construction was not provided.
ANN ARBOR, MICH. — KIRCO has completed a new innovation center and regional headquarters for Wacker Chemical Corp. in Ann Arbor. The 140,000-square-foot project sits on 18 acres at 4950 S. State Road and represents a more than $50 million investment. Wacker chemists, scientists and senior leadership that previously worked out of separate Michigan locations are now able to collaborate in a single environment. The innovation center houses labs, open workspaces, a full-service cafeteria and a fitness center.
MOBRIDGE, S.D. — The North Dakota office of Kraus-Anderson has begun a $36 million expansion and renovation of Mobridge Regional Hospital and Clinics in Mobridge, a city in South Dakota situated along the Missouri River. The campus includes a 25-bed critical access hospital, four federally certified rural health clinics, a 24-bed assisted living and seniors housing center and a rural ambulance service. The expansion project will include a new patient wing, surgery suite and ambulance garage, as well as 63,000 square feet of upgrades to the hospital’s emergency room department, surgery suite, imaging, dining area and support offices. Davis Partnership Architects is the project architect. Completion is slated for spring 2025.