Development

Meridian Design Build Completes Industrial Build-to-Suit for XTRA Lease in Joliet, Illinois

by Kristin Harlow June 14, 2021

JOLIET, ILL. — Meridian Design Build has completed an industrial build-to-suit for XTRA Lease on a 15-acre site within Ketone Business Center in Joliet. Located at 3000 Channahon Road near I-80 and I-55, the facility will serve freight haulers in central and northeastern Illinois. The project includes two service bays and 4,191 square feet of office space. Verve Design Studio provided architectural and structural design services. Jacob & Hefner Associates was responsible for the civil engineering design.

June 14, 2021

Development Mixed-Use Top Stories Washington

Hines, Benenson Capital Partners, USAA Plan 1.2 MSF Mixed-Use Development in Metro Seattle

by Julia Sanders June 11, 2021

BELLEVUE, WASH. — Hines, Benenson Capital Partners and USAA Real Estate have unveiled plans for Main Street Place, a 6.8-acre, mixed-use development in downtown Bellevue. Development costs were not disclosed. Main Street Place will feature approximately 1.2 million square feet of newly built high-rise office space on the north side of the site, along with about 400 units of low-rise apartments on the south side of the development. Additionally, there will be about 90,000 square feet of ground-floor retail and amenity spaces, along with public open space and pedestrian-friendly areas. The development will be situated near a planned light rail station, which is slated to open in 2023. This rail station will connect the Main Street Place site to downtown Seattle, Seattle-Tacoma International Airport and Microsoft’s headquarters in Redmond. The mixed-use project is being developed on a long-term ground lease with Benenson Capital Partners. The Benenson family has owned the site for decades, originally acquiring the Albertson’s grocery store at the site, and then developing the retail center that currently exists on the property. “We are excited to bring the shared vision of Hines and Benenson Capital to Main Street Place. We believe this development, with its proximity to the …

June 11, 2021

Development Florida Mixed-Use Multifamily Retail Southeast

CIP Miami Springs, LV Lending Break Ground on 120,225 SF Mixed-Use Project in Metro Miami

by Julia Sanders June 11, 2021

MIAMI SPRINGS, FLA. — CIP Miami Springs and LV Lending have broken ground on Miami Springs Town Center, a 120,225-square-foot mixed-use project located at 1 Curtiss Parkway in Miami Springs, about 10 miles outside of downtown Miami. The project is scheduled to be complete in the second quarter of 2022. Designed by Cabrera Ramos Architects, Miami Springs Town Center will feature a 50,725-square-foot, three-story residential building with 51 apartments, 23,500 square feet of retail space on the ground floor and a parking garage with 124 spaces. Additional on-street parking will be available. Situated on 1.1 acres, Miami Springs Town Center will house two- and three-bedroom units spanning 975 to 1,075 square feet. Rents will start in the $1,850s. Benito Carmona at US Century Bank originated a $14.6 million construction loan for the project. Orlando-based Crossman & Co. is the retail leasing broker for the project. Miami-based LV Lending is a private lender focused on investment purpose loans for acquiring and developing residential, commercial and land projects.

June 11, 2021

Development Multifamily Texas

Stratus Properties to Develop 182-Unit Saint June Multifamily Project in Austin

by Taylor Williams June 11, 2021

AUSTIN, TEXAS — Locally based developer Stratus Properties (NASDAQ: STRS) will build The Saint June, a 182-unit multifamily project that will be located in Austin’s Barton Creek area. The garden-style property will be situated on 36 acres and will offer one-, two- and three-bedroom units. Amenities will include a pool, resident clubhouse and communal green space. Construction is expected to begin before the end of the quarter, and the first move-ins are scheduled for late 2022.

June 11, 2021

Development Massachusetts Multifamily Northeast

Nauset Construction Breaks Ground on 50-Unit Multifamily Project in Boston

by Taylor Williams June 11, 2021

BOSTON — Nauset Construction has broken ground on 1180 Boylston Street, a 50-unit multifamily project located at the site of a former gas station in the Brookline area of Boston. Designed by CBT Architects and developed by Chestnut Hill Investments LLC, the six-story building will also house 6,500 square feet of retail space. The property will feature a unit mix of 15 one-bedrooms, 33 two-bedrooms and two three-bedrooms. All units in the building are age-restricted; one resident in each unit must be 55 years or older. In addition, 10 units are reserved for households earning 50 percent or less of the area median income.

June 11, 2021

Development Illinois Midwest

McShane Completes Expansion Project at Prep School in Waukegan, Illinois

by Kristin Harlow June 11, 2021

WAUKEGAN, ILL. — McShane Construction Co. has completed Phase II construction at Cristo Rey St. Martin College Prep in Waukegan. McShane expanded the existing 115,000-square-foot building by an additional 42,000 square feet. The expansion includes four new classrooms, a chapel, office and meeting space, fitness center, locker rooms and a gymnasium with a performing arts stage. JGMA Architects provided architectural services. Part of the Cristo Rey Network of schools, the facility offers a Catholic education for families with limited financial resources. The school utilizes a work-study program that covers most tuition costs for students. In 2018, McShane completed Phase I of the project, which involved the transformation of a vacant Kmart store into the educational facility. The project included 18 classrooms, three science laboratories, offices, a cafeteria and library.

June 11, 2021

Development Multifamily Texas

Larkspur Capital to Develop 190-Unit Willow Apartments in Dallas’ Deep Ellum District

by Taylor Williams June 10, 2021

DALLAS — Locally based firm Larkspur Capital LLC will develop The Willow, a 190-unit apartment complex that will be located at 3900 Commerce St. in the Deep Ellum area of Dallas. Omniplan is designing the eight-story, 171,575-square-foot building, which will offer amenities such as a pool, fitness center, rooftop sky lounge, indoor and outdoor coworking spaces, bike workshop and a coffee bar. Construction is underway and expected to last 18 to 24 months.

June 10, 2021

Development Multifamily Seniors Housing Texas

Sparrow Partners, Welltower Break Ground on 188-Unit Active Adult Community in Metro Austin

by Taylor Williams June 10, 2021

GEORGETOWN, TEXAS — Austin-based developer Sparrow Partners and Ohio-based REIT Welltower (NYSE: WELL) have broken ground on Amberlin Georgetown, a 188-unit active adult community in Georgetown, a northern suburb of Austin. The property will feature one- and two-bedroom units ranging in size from 615 to 1,285 square feet and equipped with private terraces or fenced-in backyards. Amenities will include bocce and pickleball courts, a resort-style pool and sundeck, a fenced-in dog park, fitness center, game lounge, media lounge, community garden, library and a coffee bar. Each unit will rent for approximately $1,500 to $2,500 per month. The first move-ins are scheduled to begin next summer.

June 10, 2021

Development Florida Multifamily Southeast

Latigo Group to Develop $82M Multifamily Project in Metro Orlando

by Julia Sanders June 10, 2021

KISSIMMEE, FLA. — Los Angeles-based The Latigo Group plans to develop Infield Apartments, a 384-unit multifamily community in Kissimmee. The $82 million property will feature 192 one-bedroom, 168 two-bedroom and 24 three-bedroom units. Community amenities will include a two-story clubhouse, fitness center with a dry sauna, golf simulator and a resort-style pool. The property will be built on the site of a former county softball field at 1900 Ball Park Road. Construction will begin in July and initial occupancy is expected for late summer 2022. Greystar, a multifamily development and management firm based in Charleston, will manage the property. Principal Life Insurance Co. provided $45 million in construction debt for the project. Additionally, there was $22.6 million in investor equity, with $10 million coming from 207 individual CrowdStreet investors. There was also $15.7 million in preferred equity provided. The Latigo Group is a privately owned residential and mixed-use development and investment company. Latigo acquired the 25-acre site for Infield Apartments with an option to develop a second phase of apartments. The firm has two other ground-up projects under development in Central Florida, and currently owns an apartment property in Orlando.

June 10, 2021

Acquisitions Development Multifamily New York Northeast

JLL Brokers $31.7M Sale of Multifamily Development Site in Queens

by Taylor Williams June 10, 2021

NEW YORK CITY — JLL has brokered the $31.7 million sale of a 57,035-square-foot multifamily development site in the Forest Hills neighborhood of Queens. Stephen Palmese, Brendan Maddigan, Michael Mazzara, Winfield Clifford, Ethan Stanton and Patrick Madigan of JLL represented the seller, Jasper Venture Group, in the deal. The buyer, a partnership between Top Rock Holdings, RJ Capital Group and SYU Properties, plans to develop a 235,679-square-foot market-rate project and an 82,559-square-foot senior affordable living development on the site.

June 10, 2021

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