Development

The-Oddie-District

SPARKS, NEV. — A joint venture between Foothill Partners and Belay Investment Group has purchased a vacant, 209,000-square-foot former Lowe’s Home Improvement Warehouse property in Sparks for an undisclosed price. The partnership plans to redevelop the site into an environmental, social and corporate governance, arts-based technology, flex and research and development campus named The Oddie District. Located at 2450 Oddie Blvd., the vacant property will be repurposed into creative office, flex-tech R&D, lab and maker spaces, as well as food and beverage tenant space and work-live studios for artists and entrepreneurs. Construction is slated to start later this year, with a planned opening date of the project’s first phase in August 2022. The partnership has already signed two tenants: The Generator and The Innovation Collective. The Generator, a nonprofit maker space that serves as a creative resource for Northern Nevada community members, will occupy 35,000 square feet of the project. The Innovative Collection, a Coeur d’Alene, Idaho-based business accelerator and collaborative co-working space for technology companies, will occupy 12,500 square feet at The Oddie District. Another 100,000 square feet of flex-tech space will be available to technology, research, engineering, software and design companies complemented by 16,000 square feet of restaurant …

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CINCINNATI — Trinitas Ventures and its partner Crawford Hoying have received approval from the Cincinnati City Council for the development of The District at Clifton Heights, a $500 million mixed-use project near the University of Cincinnati campus. The development will be completed in two phases. Phase I of the project will include The Deacon, an existing 1,029-bed student housing community; The Hub at Cincinnati, a 1,112-bed student housing development featuring 2,300 square feet of commercial space; a 175-room hotel with 22,000 square feet of retail space; a new Delta Delta Delta sorority house; and a 169-space public parking garage. The first phase of the project is scheduled for completion in October 2024 and is estimated at $315 million in development costs. Phase II, set to total $185 million in development costs, will consist of 45,000 square feet of commercial space; 170 seniors housing units with a private parking garage; 350 multifamily units; and a public parking garage. The second phase of development is scheduled for completion by the end of 2025. The project will also include the addition of public infrastructure, utility improvements and streetscape enhancements funded through $80 million of tax-increment financing. In total, the development will house over …

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SAN ANTONIO — Cold Creek Solutions, a cold storage developer based in the Dallas-Fort Worth area, will build a 305,000-square-foot facility at the intersection of Interstate 10 and Loop 410 in San Antonio. ARCO National Construction is designing the project, which will feature space for approximately 45,000 pallets of frozen or refrigerated product. Construction is set to begin this fall, and the facility is expected to be operational by late 2022.

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Tamarac Village

TAMARAC, FLA. — Sean Harrington and Joel Zusman of Aztec Group have arranged a $45 million, non-recourse loan for the refinancing of Tamarac Village, a 211-unit luxury rental apartment community in the Broward County city of Tamarac. JKM Developers is the developer on the project. The City of Tamarac owns the land. Boca Raton-based Lotis is the parent company of JKM, and Blue Bell, Pa.-based Capital Solutions Inc. invested an undisclosed amount for the project. New York City-based Limekiln Real Estate provided full term interest only financing. Tamarac Village Phase I, a Lotis Community, was completed in 2020 and is currently 99 percent occupied. Tamarac Village Phase I is located at 9141 W Commercial Blvd. on a 6.9-acre parcel that is ground-leased from the City of Tamarac. Phase I includes a two-story fitness facility, 8,885-square-foot clubhouse featuring a game and media room, resort-style pool and private garage spaces. Phase II of Tamarac Village is under construction and scheduled for completion in 2022, which will bring the overall community to 401 units.

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The Ella

LARGO, MD. — Retail Properties of America Inc. (RPAI) plans to begin developing the first building within Carillon, a planned mixed-use development in Largo. Construction on the first building known as The Ella, a 125,000-square-foot medical office building, will begin in the second half of 2021. The Ella will be situated 300 feet from the University of Maryland Capital Region Medical Center. The property will also be located close to the Largo Town Center Metro Blue and Silver lines, onsite surface parking and access to the Capital Beltway. RPAI is in active negotiations with prospective tenants.

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Tropical Manor Apartments

MERRITT ISLAND, FLA. — Hunt Capital Partners and co-developers HumanKind Housing LLC and Kingdom Development Inc. have secured $4 million in Low Income Housing Tax Credit (LIHTC) equity financing to acquire and rehabilitate 85 units of affordable housing in Merritt Island. Total development cost at the property, known as Tropical Manor Apartments, is $17.3 million. Other funding sources include Bonneville Multifamily Capital extending a $12.3 million HUD 223(f) construction-to-permanent loan and RBC Capital is the underwriter of the publicly sold bonds issued by Brevard County Housing Authority. Tropical Manor is located in the central part of Merritt Island, approximately six miles west of Cape Canaveral in Brevard County. The acquisition and rehab project of the two-bedroom/one-bathroom units will preserve nine two-story garden-style apartment buildings, a one-story community building and a one-story maintenance building. The units are restricted to households earning up to 60 percent of area median income (AMI). In addition, the financing will result in continued affordability for residents as Tropical Manor’s Department of Housing and Urban Development Section 8 HAP contract will be extended for 20 years. Five of the units will be Americans with Disabilities Act accessible. After the renovation, the in-unit amenities will include garbage disposals, …

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LYCOMING COUNTY, PA. — Digger Specialties, an Indiana-based manufacturer of building products, will open a 160,000-square-foot production and distribution facility in Central Pennsylvania’s Lycoming County. The build-to-suit facility will be located on a 25-acre site within Timber Run Industrial Park and is expected to bring about 150 new jobs to the community. Howard Fertman of NAI Mertz represented Digger Specialties in its site selection. Construction is scheduled to begin in August and to be complete in the first quarter of 2022.

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Cigars-International-Bethlehem-Pennsylvania

BETHLEHEM, PA. — Locally based developer J.G. Petrucci Co. Inc. has begun construction on a 100,000-square-foot industrial expansion project at the headquarters of Cigars International in the Lehigh Valley city of Bethlehem. The project will increase the total size of the building to 213,500 square feet and will include an interior build-out for advanced material handling equipment. The project is slated for completion by the end of the year.

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The-Randolph-Plainfield-New-Jersey

PLAINFIELD, N.J. — New Jersey-based developer CHA Partners has completed The Randolph, a 120-unit apartment complex in the Northern New Jersey community of Plainfield. Construction of the project, which is located at the site of the former Muhlenberg Regional Medical Center, began in late 2019. Units feature one- and two-bedroom floor plans, and amenities include a fitness center, dog park, multi-purpose event rooms, outdoor lounge areas and an automated package system. CHA Partners developed the property in a public-private partnership with the City of Plainfield.

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KENT, WASH. — New York Life Real Estate Investors has provided $44.5 million in construction financing for Bridge Point Kent 300, a two-building industrial project located in Kent. Situated on 16 acres on the former REI headquarters site, the property will feature 309,028 square feet of Class A warehouse distribution space spread across a 50,529-square-foot building and a 258,480-square-foot building. The buildings will feature 32- to 36-foot clear heights, 42 dock doors, 391 parking spaces and approximately 26,000 square feet of additional yard space. Steve Skok of Berkadia Commercial Mortgage placed the debt on the transaction.

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