Development

Mast Capital, AEW Break Ground on Second Phase of Waterline Miami River Multifamily Project

by Julia Sanders January 20, 2022

MIAMI — Coconut Grove, Fla.-based Mast Capital and AEW Capital Management have partnered to break ground this month on the second phase of Waterline Miami River. In late 2020, the joint venture built the first phase, which comprised a 346-unit multifamily community spanning 280,000 square feet. The second phase will add an additional 342 units on a 2.7-acre development site. The joint venture has secured an undisclosed amount of financing from Wells Fargo for the project’s construction. The project’s general contractor is Kaufman Lynn and the architect is Corwil Architects. The second phase of Waterline Miami River will offer studios, one-, two- and three-bedroom floorplans and span approximately 280,000 square feet. The unit features of Phase II will include modular European closets, washers and dryers, private balconies, quartz countertops and stainless steel appliances. Community amenities will include a fitness center, one-acre park, dog park, open recreational area, 24/7 package and dry-cleaning lockers, tech hub and flex office spaces for residents working remotely, conference rooms, Wi-Fi in social hubs, private access parking, pet spa with washing station and secure bike room with a repair station. Located along the Miami River, Waterline Miami River is located a half-mile south of the Miami …

January 20, 2022

Affordable Housing Development Multifamily North Carolina Seniors Housing Southeast

Greystone, Urban Trends to Develop $28.9M Affordable Housing Project for Seniors in Charlotte

by Julia Sanders January 20, 2022

CHARLOTTE, N.C. — Raleigh-based Greystone Affordable Development and Charlotte-based Urban Trends Real Estate Inc. plan to develop Eastway Crossings, a $28.9 million affordable housing Low-Income Housing Tax Credit (LIHTC) community located on Charlotte’s east side. Greystone Affordable Development and Urban Trends are co-developers working on behalf of Harmony Housing, a national nonprofit specializing in affordable and workforce housing. Eastway Crossings is Greystone Affordable Development’s first new construction project in the Charlotte market. The community will offer residential units for senior residents aged 55 years and older with household incomes at or below 60 percent of area median income (AMI). Forty of the units will be reserved for veterans through a Veterans Affairs Supportive Housing (VASH) project-based voucher contract. The property will be situated close to the recently completed Eastway Recreational Center, as well as the multimillion-dollar Community Resource Center planned by Mecklenburg County. Community amenities will include a conference room, private one-on-one meeting room, exercise room and other areas that can be used for health and wellness activities. Additionally, onsite staff will coordinate activities with local service providers as well as shuttle services for residents. To fund the development of Eastway Crossings, the partnership was awarded 4 percent LIHTC funds …

January 20, 2022

Acquisitions Development Industrial NAI Texas

NAI Partners Arranges Sale of 78-Acre Industrial Development Site in Metro Houston

by Taylor Williams January 20, 2022

WALLER, TEXAS — NAI Partners has arranged the sale of a 78-acre industrial development site in Waller, a northwestern suburb of Houston. The site is located within Beacon Hill, a 564-acre mixed-use development by Wolff Cos. John Simons, Gray Gilbert and Chris Haro of NAI Partners represented Wolff Cos. in the transaction. The buyer, Houston-based Hines, plans to develop an industrial park that will be able to support up to 1.3 million square feet of warehouse, distribution and/or manufacturing space. NAI Partners has also been tapped to market the project.

January 20, 2022

Development Industrial Texas

Avera Acquires Land in Northwest Houston for 1.3 MSF Industrial Development

by Taylor Williams January 20, 2022

HOUSTON — Locally based developer Avera Cos. has acquired 68 acres at the intersection of U.S. Highway 290 and Kermier Road in northwest Houston for the development of 290 Grand Logistics, an industrial project that will feature up to 1.3 million square feet of space. Building features will include 40-foot clear heights, ample car and trailer parking and build-to-suit office space. A construction timeline was not disclosed.

January 20, 2022

Development Illinois Industrial Midwest

Ridgeline Property Group Unveils Plans for 416-Acre Logistics Park in Minooka, Illinois

by Kristin Harlow January 20, 2022

MINOOKA, ILL. — Ridgeline Property Group has unveiled plans to develop I-80 Logistics Park, a 416-acre logistics and rail park in Minooka, about 13 miles southwest of Joliet. The site can support more than 7 million square feet of Class A industrial space. Ridgeline plans to break ground on the first building this spring. The 1.1 million-square-foot facility will feature a clear height of 40 feet, 241 exterior docks, four drive-in doors, 766 car parking stalls and 434 trailer stalls. Completion is slated for the third quarter of 2023. Ben Harris of Ridgeline’s Chicago office will lead the project. Matthew Stauber and Jim Estus of Colliers will market the development for lease.

January 20, 2022

Development Illinois Industrial Midwest

CRG, Venture One Break Ground on 897,000 SF Industrial Build-to-Suit in University Park, Illinois

by Kristin Harlow January 20, 2022

UNIVERSITY PARK, ILL. — CRG and Venture One Real Estate have broken ground on an 897,000-square-foot industrial build-to-suit for Central Steel & Wire Co. (CS&W) at Gateway 57 Business Park in University Park, a southern suburb of Chicago. The new facility will serve as the headquarters and operations hub for CS&W, which is a metals distributor and fabricator. The project is the third development within Gateway 57, a 355-acre industrial park located at the southeast corner of Steger and Central roads. Clayco will serve as the design-builder, Lamar Johnson Collaborative will serve as architect and Jacob & Hefner Associates is the civil engineer. Dirk Riekse, Jordan Rovito and Sean Henrick of Cushman & Wakefield represented CS&W, while Jason West and Ryan Klink of Cushman & Wakefield represented the developers. Completion is slated for spring 2023.

January 20, 2022

Affordable Housing Development Iowa Midwest Multifamily

TWG Underway on $11M Affordable Housing Community in West Des Moines

by Kristin Harlow January 20, 2022

WEST DES MOINES, IOWA — Developer TWG is underway on construction of Pointe on 88th, an $11 million affordable housing community in West Des Moines. The three-story project will be located at 520 88th St. Of the 49 units, 44 will be reserved for residents earning between 30 and 60 percent of the area median income. Five units will be rented at the market rate. Amenities will include a community room, fitness room and onsite leasing office. Completion is slated for this fall.

January 20, 2022

Acquisitions Development Industrial Northeast Pennsylvania

Dermody Acquires Former Manufacturing Site in York, Pennsylvania, Plans Redevelopment

by Taylor Williams January 20, 2022

YORK, PA. — Nevada-based Dermody Properties has acquired the former Glen-Gery Corp. manufacturing site in York with plans to redevelop the property into a 342,720-square-foot logistics center. Glen-Gery, a Pennsylvania-based manufacturer of building products, has occupied the 29.5-acre site for more than 50 years and will lease back the facility for the next two years. Dermody will begin construction of the logistics center at that time. The company also intends to complete roadwork improvements to the adjoining intersection.

January 20, 2022

Development Mixed-Use Multifamily Office Retail Texas Top Stories

Rockhill Capital Plans 1,807-Acre Shoop Ranch Mixed-Use Development Near Fort Worth

by Jeff Shaw January 20, 2022

NEW FAIRVIEW, TEXAS — Rockhill Capital and Investments has acquired Shoop Ranch, a 1,807-acre plot of land in New Fairview. The tiny city of fewer than 2,000 residents is located approximately 30 miles northwest of downtown Fort Worth. Rockhill plans to build a massive mixed-use project on the site, which will include 4,150 single-family homes, 900 multifamily residences, shops, restaurants, offices, public spaces and government buildings such as schools, a town hall, public pool and fire station. “The [city] council and staff are focusing on maintaining our current rural feel, natural elements and open space, while creating a development and city center where people can live, work and play,” says Ben Nibarger, New Fairview’s city administrator. He notes that the city and Rockhill have been planning the development for about a year. “New Fairview is in a position for growth, and we are working with the city to thoughtfully plan a thriving community that will satisfy the needs for a city hub and additional housing, while also celebrating the area’s natural beauty,” says Jennifer Alexander, project manager at Rockhill Capital and Investments. The Shoop Ranch property features more than 1.5 miles of Oliver Creek, which offers fishing locations for bass …

January 20, 2022

Development Florida Industrial Southeast

Stonemont Breaks Ground on 1.3 MSF Spec Industrial Development in Fort Pierce, Florida

by Julia Sanders January 19, 2022

FORT PIERCE, FLA. — Atlanta-based Stonemont Financial Group has broken ground on South Florida Logistics Center 95, a two-building, 1.3-million-square-foot speculative industrial development in Fort Pierce. Construction is slated to be complete by the fourth quarter. South Florida Logistics Center 95 is a Class A development that will include one cross-dock facility totaling 1.1 million square feet with a 40-foot clear heights, along with a rear-load facility totaling 202,400 square feet with 32-foot clear heights. Located at the intersection of South Kings Highway and Orange Avenue, the project is situated adjacent to Interstate 95. The site and buildings are being developed for possible future e-commerce and third-party logistics tenants. JLL is overseeing leasing for the project, which will have spaces ranging from 50,000 to 1.1 million square feet available for lease. The project marks Stonemont’s first venture in the South Florida region, with the firm already active in Jacksonville, Orlando, Lakeland and Tampa. The firm currently has nearly 4 million square feet of new industrial space under construction across Florida.

January 19, 2022

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