Development

Birge & Held Opens Five-Story Apartment Community in Indianapolis

by Kristin Harlow June 4, 2021

INDIANAPOLIS — Birge & Held has opened The E’Laan Apartments, a five-story apartment community located at 515 E. Market St. in downtown Indianapolis. The 71-unit property features studio, one- and two-bedroom floor plans. Amenities include a rooftop pool, lounge area, dog park and parking garage. Residents can now receive two months of free rent if they sign a 13-month lease prior to June 30. Monthly rents start at $1,276. Indianapolis-based Birge & Held, which served as the developer and contractor, has more than $1.6 billion in projects under management and has acquired over 14,000 units throughout the central United States.

June 4, 2021

Development Illinois Industrial Midwest

Summit Design + Build Begins Warehouse Expansion Project for TLC Ingredients in Crest Hill, Illinois

by Kristin Harlow June 4, 2021

CREST HILL, ILL. — General contractor Summit Design + Build LLC has begun construction of a warehouse expansion project for TLC Ingredients in Crest Hill, just north of Joliet. Summit will add 55,012 square feet to the tenant’s existing 40,000-square-foot warehouse. Summit will also build a new break room, loading dock, bathroom and parking stalls. TLC Ingredients is a distributor of food additives including chemicals and phenolic resins. Harris Architects Inc. is the project architect. Completion is slated for this fall.

June 4, 2021

Development Multifamily Texas

REEP Equity to Renovate 100-Unit Multifamily Property in San Antonio

by Taylor Williams June 3, 2021

SAN ANTONIO — Locally based owner-operator REEP Equity will renovate Oakdell Way Townhomes, a 100-unit multifamily community in San Antonio. Built in 1988, the property offers two- and three-bedroom units averaging 1,114 square feet. The capital improvement program will upgrade the units with stainless steel or black appliances, new faucets and countertops and fresh paint and flooring. Amenity spaces and common areas will also be upgraded. Mark Brandenburg, C.W. Sheehan and Cort Martin of JLL arranged financing for the renovations on behalf of REEP Equity.

June 3, 2021

Development Florida Hospitality Loans Southeast

Madison Realty Capital Provides $30M Loan for Two Condominium Properties at Metropica in Sunrise, Florida

by Julia Sanders June 3, 2021

SUNRISE, FLA. — Madison Realty Capital has provided a $30 million first mortgage loan to Metropica Development for a luxury condominium tower and a 10-acre development site, on which the borrower plans to develop a second 250-unit multifamily tower. The development portfolio is part of Metropica, a four million-square-foot master planned community including residences, office towers and retail offerings located in Sunrise, Florida. Metropica Development, led by Joseph Kavana, began construction of the first 263-unit luxury condominium tower in 2017 and has sold 174 units to date. The loan will be used to support 89 units, representing 101,989 square feet on the upper floors of the first condominium tower as well as the new development. In addition to the condominium towers, the Metropica master-planned development will include 500 multifamily units, 550,000 square feet of commercial space for retail, dining and entertainment retailers, and 246 hotel rooms. Located at 2000 Metropica Way, the 28-story Metropica Tower is adjacent to the Sawgrass Mills shopping mall and BB&T Center. The tower offers luxury residences with an average of 1,034 square feet. Oppenheim Architecture and YOO Studio were the designers. The tower’s amenities include a saltwater swimming pool, lounges, movie theater, fitness center, massage …

June 3, 2021

Development Multifamily Single-Family Rental Texas

Taylor Morrison Home Corp. to Develop 140-Unit SFR Community in Metro Dallas

by Taylor Williams June 3, 2021

GRAND PRAIRIE, TEXAS — Taylor Morrison Home Corp. (NYSE: TMHC) will develop Christopher Todd Communities at Dechman, a 140-unit single-family rental (SFR) community in the central metroplex city of Grand Prairie. The property will be situated on 15.9 acres and will offer one- and two-bedroom residences that will range in size from approximately 750 to 1,050 square feet. Communal amenities will include a pool, fitness center and a dog park. Christopher Todd Communities is providing design and management services for the project. Construction is set to begin in the coming weeks.

June 3, 2021

Development Multifamily New Jersey Northeast

JMF Properties Nears Completion of 110-Unit Apartment Project in Northern New Jersey

by Taylor Williams June 3, 2021

GLEN RIDGE, N.J. — JMF Properties is nearing completion of Clarus Glen Ridge, a 110-unit apartment project in the Northern New Jersey community of Glen Ridge. Units will feature one- and two-bedroom floor plans and stainless steel appliances and individual washers and dryers, while select units will offer private outdoor spaces. Amenities will include a fitness center with a personal training studio, a resident lounge with a wet bar, business center, theater room and an outdoor courtyard with seating areas and fire pits. Leasing is set to begin in July. Rental rates are still being determined.

June 3, 2021

Development Florida Hospitality Mixed-Use Multifamily Southeast Top Stories

Joint Venture Launches Condominium Sales at $970M Waldorf Astoria Hotel & Residences Project in Downtown Miami

by Katie Sloan June 3, 2021

MIAMI — A joint venture between Property Markets Group (PMG), Greybrook Realty Partners and S2 Development has launched condominium sales at the Waldorf Astoria Hotel & Residences Miami. The estimated development cost for the project is $970 million, according to Greybrook’s website. The 800,000-square-foot project is located at 300 Biscayne Blvd. in the heart of downtown Miami. Rising 100 stories, the building is expected to be the tallest residential tower south of New York City, according to the development team. The project will feature a five-star hotel operated under Hilton’s Waldorf Astoria banner and 360 condominiums with interiors by San Francisco-based design firm BAMO. Residences will offer floor-to-ceiling glass windows with views of the Atlantic Ocean. Shared amenities at the Waldorf Astoria Hotel & Residences Miami are set to include a lounge named Peacock Alley, indoor and outdoor event spaces, a signature restaurant, resort-style swimming pool with cabanas, spa and fitness center. PMG is leading sales and marketing for the residential portion of the development, with the cost for condominiums starting at $1 million, according to reports by Architect Magazine. Siger Suarez Architects designed the project in collaboration with Carlos Ott. Completion is scheduled for 2025, according to reports by …

June 3, 2021

Development Loans Multifamily New York Northeast

BHI Provides $102.7M Construction Loan for Manhattan Multifamily Project

by Taylor Williams June 2, 2021

NEW YORK CITY — BHI, the U.S. division of Israeli financial institution Bank Hapoalim, has provided a $102.7 million construction loan for the development of a multifamily project at 1165 Madison Ave. on Manhattan’s Upper East Side. Naftali Group is developing the 62,700-square-foot project, which will offer 12 for-sale condos and 3,750 square feet of retail space. Robert A.M. Stern Architects is designing the project. Completion is slated for May 2023.

June 2, 2021

Development Midwest Missouri Multifamily

Sky Real Estate, Sunflower Development Complete $36M Multifamily Adaptive Reuse Project in St. Joseph, Missouri

by Kristin Harlow June 2, 2021

ST. JOSEPH, MO. — Sky Real Estate LLC and Sunflower Development Group LLC have completed a $36 million adaptive multifamily reuse project in downtown St. Joseph, about 55 miles north of Kansas City. The project involved the conversion of the former Richardson Dry Goods Co. headquarters into a 140-unit, loft-style apartment complex named American Electric Lofts. Amenities include a game room, fitness room, pet park and smart home technology throughout the property. Hazel’s Coffee recently opened on the building’s first floor. SWD Architects, Lankford Fendler + Associates and Rau Construction made up the project team. The developers utilized federal and state historic tax credits.

June 2, 2021

Development North Carolina Office Southeast

USAA to Open 90,000 SF Office in Charlotte’s South End

by Julia Sanders June 2, 2021

CHARLOTTE, N.C. — USAA will open a new 90,000-square-foot office in Charlotte later this year. The San Antonio- based financial services company entered into a lease agreement with the undisclosed landlord to occupy space within The Square at South End, a 10-story office building located at 200 W. Boulevard. The new location was selected because of the area’s highly skilled individuals in the financial services sector. USAA already has a number of employees living in the Charlotte area. The new office location will eventually host approximately 750 employees who will work either onsite or in a hybrid model. USAA will lease six floors of the 153,000-square-foot building. Employees are expected to begin moving into the building by the end of 2021.

June 2, 2021

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