LAWNSIDE, N.J. — Developer Sterling Properties has opened Station Place, a 144-unit apartment community in Lawnside, located outside of Philadelphia. The transit-oriented property offers studio, one- and two-bedroom units with European-style cabinetry, stainless steel appliances, quartz countertops and in-unit washers and dryers. Amenities include a pool, resident lounge, fitness center, bocce courts, outdoor grilling area, package lockers and a private parking garage.
ATLANTA — Lincoln Property Co. has broken ground on the next phases of Echo Street West, a 19-acre mixed-use property located at intersection of Donald Lee Hollowell Parkway and Northside Drive in Atlanta. The multi-phase project includes 300,000 square feet of creative office space, 50,000 square feet of retail and restaurant space, 292 multifamily units, an events venue, artist colony and 3.4 acres of outdoor entertainment and green space. Future phases will bring additional office, retail, residential and hotel components to the site. The total Phase I development is expected to cost $265 million. Echo Street West will have several new community amenities, including the now-open event venue Guardian Works, the soon-to-open artist colony Guardian Studios and CoLab, a neighborhood creative office and venue space led by Joan Vernon, community organizer and director of Neighborhood Engagement at Westside Future Fund. Guardian Studios is an adaptive reuse of an early 1900s-era warehouse at Echo Street West. The first phase will feature 14 rentable art studios ranging in size from 200 to 500 square feet, a 3,000-square-foot open gallery space and outdoor wall murals. The second phase will add another 26 studios, bringing the total creative community to over 40 artists. Black …
PORT ST. LUCIE, FLA. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, will develop Boardwalk at Tradition, a 214-unit build-to-rent multifamily community in Port St. Lucie. Watermark acquired 17.5 acres of land to develop the property, which will be a residential community featuring one- and two-story paired villa-style homes. The project is slated for completion in December 2022. Boardwalk at Tradition will be located at the southeast corner of SW Stockton Place and SW Community Boulevard. The property will offer a mix of one-, two- and three-bedroom layouts that average 1,100 square feet. Community amenities will include gourmet bar-kitchens with quartz countertops, stainless steel appliances, full-size washers and dryers, private backyard patios, resort style pool, professionally design and appointed clubhouses, a pickleball court, fire pits, outdoor kitchens, several dog parks and a 24-hour fitness center. Boardwalk at Tradition is part of the 8,200-acre master planned Tradition community, which has $365 million in new development in the works. The apartment community is situated close to Cleveland Clinic Tradition Hospital and sits one mile west of Interstate 95.
RUTHERFORD, N.J. — Cushman & Wakefield has arranged a $115 million construction loan for Highland Cross, a 360,000-square-foot industrial project that will be located in the Northern New Jersey community of Rutherford. Los Angeles-based PCCP LLC provided the loan to the borrower, Lincoln Equities Group. A tentative completion date for the project, which is a build-to-suit for an undisclosed, investment-grade logistics user, was not disclosed. John Alascio, Chuck Kohaut, T.J. Sullivan and Zachary Kraft of Cushman & Wakefield placed the debt.
LOS ANGELES — Rescore Property, as developer, and Nadel Architecture + Planning, as architect, have completed construction of The Rise, a seven-story, mixed-use project located at 1331 N. Cahuegna Blvd. in Hollywood. The 561,600-square-foot property features 369 apartments, 13 live/work units and 2,570 square feet of creative office space. Consisting of five buildings linked by pedestrian bridges, The Rise offers 341,600 square feet of residential space on six levels and more than 220,000 square feet of parking space on two levels, with space for 567 cars and 410 bicycles. The project offers a mix of ADA-adaptable micro-units, studios and one- and two-bedroom layouts. Community amenities include a rooftop deck, inner open courtyard, outdoor gym, pool, barbecue grills, fire pits, dog runs with a dog wash unit and outdoor seating with TVs. Additional amenities include a clubhouse with fireplace and pool table, fitness center, lounges, conference rooms, electric-vehicle charging stations and a video screen in the main lobby that displays transit options and status. The Rise also offers a 2,000-square-foot penthouse unit on the seventh floor that can be leased for special events. The penthouse is adjacent to a party room and rooftop deck.
AURORA, COLO. — Consolidated Investment Group has started construction of Building 5 and Building 6 at Eastpark 70, a currently four-building, 900,000-square-foot industrial park in northeast Aurora. Building 5 will feature 158,900 square feet, divisible to 40,000 square feet, and Building 6 will offer 77,100 square feet, divisible to 30,000 square feet. The buildings will feature 32-foot clear heights, ESFR sprinklers, dock-high and drive-in loading, trailer parking and office space available to suit. Eastpark 70 is zoned M-1 industrial with approval for outside storage. Completion for Building 5 is slated for January 2022, with delivery of Building 6 scheduled soon thereafter. Todd Witty and Doug Viseur of CBRE are handling leasing for the buildings. Current tenants at Eastpark 70 include UPS, Wayfair and Benjamin Moore.
WHITELAND, IND. — Hines and Cresset Real Estate Partners have broken ground on Whiteland 65 Logistics Center, a 1.1 million-square-foot industrial project in suburban Indianapolis. The development will feature a cross-dock configuration, a clear height of 40 feet and outdoor amenity areas. Located off I-65 and Whiteland Road, the project is situated within the south submarket of Indianapolis. The site is within a 30-minute drive of the Indianapolis International Airport. Cushman & Wakefield will market the project for lease. Completion is slated for the second quarter of 2022. This is the first Indianapolis-area logistics property for Dallas-based Hines.
RICHARDSON, TEXAS — Legacy Partners and Bridge Investment Group have broken ground on Ovation at Galatyn Park, a 361-unit apartment community in the northeastern Dallas suburb of Richardson. Designed by WDG, the property will offer one-, two- and three-bedroom units that will range in size from 570 to 1,700 square feet. Amenities will include a fitness center, bike storage and repair shop, outdoor kitchen, sky lounge, coworking space and a grab-and-go convenience mart. Completion is slated for spring 2023. Rents will start at $1,400 per month for a one-bedroom unit.
SUMTER, S.C. — Berkadia has arranged a $14.3 million construction loan for the development of a Veterans Affairs clinic located at 245 Bultman Drive in Sumter, just east of Columbia. Michael Weinberg, Rebecca Van Reken and Alec Fox of Berkadia secured the financing on behalf of the developer, Central Florida-based Blue Cord DevGroup LLC. Berkadia secured a non-recourse, construction-to-perm loan with a 20-year term following construction of the property. The debt facility was sourced through an unnamed global investment manager. Located at 245 Bultman Drive near U.S. Highway 76 and Broad Street, the Sumter VA clinic will encompass over 26,000 square feet throughout the single-story structure. The development is slated to be completed in June 2022.
DETROIT — City Club Apartments has opened its new community in Detroit’s central business district. Located at the corner of Washington Boulevard and Park Avenue facing Grand Circus Park, the site once housed the 18-story, 800-room Statler Hotel, which dates back to 1915. The property was demolished in 2005 after sitting vacant for 30 years. The new project on the site includes 288 apartments and penthouses, 396 underground parking spaces and 13,000 square feet of commercial space. Amenities include a lobby lounge with concierge, clubroom, indoor theater, fitness room, work-from-home business center, pool, outdoor courtyard and bark park. Dubbed an “apartment hotel community,” the property offers both short-term furnished and long-term furnished options. The Joe Vicari Restaurant Group will soon open the Statler Bistro, an American and French bistro and market on the first floor. Michigan-based Premier Pet Supply will open its pet supply store at the property this summer. Huntington Bank, Bank of Ann Arbor, Comerica Bank and Asia Capital Real Estate provided project financing. BKV Group and Damon Farber were the project architects. Monthly rents start at $1,265.
