Development

L&L Holding Receives $911.4M in Financing for 47-Story Office Project in Midtown Manhattan

by Taylor Williams December 21, 2021

NEW YORK CITY — Locally based developer L&L Holding Co. has received $911.4 million in financing for 425 Park Avenue, a 47-story office building that is nearing completion in Midtown Manhattan. L&L Holding, which is developing the building in partnership with BentallGreenOak and Tokyu Land Corp., will use the proceeds to retire existing construction debt and fund the final stages of development, including lease-up costs. Global asset management firm Citadel has already committed to roughly half of the space as the 670,000-square-foot building’s anchor tenant. Additional tenants include Wafra Capital Partners, Hellman & Friedman and Medical Properties Trust. Michael Tepedino and Michael Gigliotti of JLL arranged the financing through a consortium of lenders led by Blackstone Real Estate Debt Strategies.

December 21, 2021

Development Indiana Industrial Midwest

Dayton Street Partners Buys Land in Northwest Indiana, Plans 538,000 SF Spec Industrial Development

by Kristin Harlow December 21, 2021

PORTAGE, IND. — Dayton Street Partners LLC has purchased 42 acres in the Northwest Indiana town of Portage. The developer plans to build a 538,000-square-foot speculative industrial development known as DSP Crossroads Portage. Corey Chase and Chris Hill of Newmark represented the undisclosed seller, which sold three assembled land sites. Chase and Hill will also be retained to market the project for sale or lease.

December 21, 2021

Development Life Sciences Northeast Pennsylvania

Spark Therapeutics to Open $575M Life Sciences Facility in Philadelphia

by Taylor Williams December 21, 2021

PHILADELPHIA — Spark Therapeutics, a locally based firm that devises and delivers gene therapy solutions, will open a 500,000-square-foot life sciences facility in Philadelphia’s University City neighborhood, a project that represents a $575 million capital investment. The facility will be part of a 1 million-square-foot campus at the intersection of 30th and Chestnut streets. Spark Therapeutics has entered into a 99-year ground lease with Drexel University to develop the project. Construction is scheduled to begin in the fourth quarter of 2022.

December 21, 2021

Development Multifamily New York Northeast

Cammeby’s, Rybak to Develop 499-Unit Multifamily Property on Coney Island

by Taylor Williams December 21, 2021

CONEY ISLAND, N.Y. — A joint venture between two locally based firms, Cammeby’s International Group and Rybak Development, will build a 499-unit multifamily property on Coney Island. The property, which will house 40,368 square feet of commercial space, will be developed as part of the Neptune/Sixth mixed-use redevelopment. Units will come in one-, two- and three-bedroom formats, with 30 percent of the residences to be designated as affordable housing. Demolition work is underway at the site, and vertical construction is scheduled to begin in the second quarter of 2022.

December 21, 2021

Development Multifamily New Jersey Northeast

KRE Group, Russo Development Begin Leasing 345-Unit Apartment Community in Northern New Jersey

by Taylor Williams December 21, 2021

ROCKAWAY TOWNSHIP, N.J. — A partnership between two New Jersey-based firms, KRE Group and Russo Development, has begun leasing Rock Pointe, a 345-unit apartment community in Rockaway Township, located west of New York City in Morris County. Units come in one-, two- and three-bedroom floor plans and feature stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, tot lot, walking trails, outdoor grilling areas, fitness center, conference facility, game room, package lockers and a dog park. Rents start at $2,100 per month for a one-bedroom unit. Move-ins are slated to begin in mid-January.

December 21, 2021

Development Features Multifamily Seniors Housing

The Future of Seniors Housing is All About Lifestyle, Say InterFace Panelists

by Jeff Shaw December 21, 2021

PHILADELPHIA — Operators in the seniors housing industry have long been awaiting the incoming demographic wave of baby boomers reaching retirement age. Every day in the U.S., 10,000 people turn 65, and the number of older adults will more than double over the next several decades to top 88 million people and represent over 20 percent of the population by 2050. The oldest boomers are now 76. But this wave of customers will have very different desires than existing seniors housing residents, according to Tod Petty, chief operations officer at Lloyd Jones Senior Living. “We know demographics and psychographics are rapidly changing. Think of the success of The Villages [a famous retirement community in Florida]. They’re drawn to live their best life. It is the last hurrah for many people to be relevant.” Petty’s comments came during a panel titled “The Development Outlook: Experts Analyze the Smartest Plays for Developers in 2022” during France Media’s InterFace Seniors Housing Northeast conference. The event was held in Philadelphia on Dec. 2. Petty moderated the panel, which also included Stephen Bailey, senior vice president of new business development, Kendal Corp.; Michael Gordon, senior vice president of acquisitions and development, EPOCH Senior Living; Scott …

December 21, 2021

Development Office Texas

Partnership Opens 47-Story Texas Tower Office Building in Downtown Houston

by Taylor Williams December 20, 2021

HOUSTON — A partnership between locally based real estate giant Hines and Ivanhoe Cambridge has opened Texas Tower, a 47-story office building in downtown Houston. Designed by Pelli Clarke & Partners, the 1 million-square-foot building is already about 50 percent leased to a tenant roster that includes Hines, as well as law firms Vinson & Elkins, McGuireWoods and DLA Piper. Amenities include a full-service conference facility, fitness center and multiple terraces to maximize access to fresh air and the outdoors. Texas Tower also houses an 18,000-square-foot flexible workspace known as The Square, which is a product of Hines.

December 20, 2021

Development Multifamily Texas

KWA Construction Completes 358-Unit Truman Apartments in Arlington

by Taylor Williams December 20, 2021

ARLINGTON, TEXAS — Locally based general contractor KWA Construction has completed The Truman, a 358-unit apartment community that represents Phase II of the $250 million, 1,300-unit Arlington Commons development. Designed by JHP Architecture and developed by Nehemiah Co., The Truman features one-, two- and three-bedroom units with stainless steel appliances, granite countertops and European-style cabinetry. Amenities include a pool, fitness center, game room, coworking lounge, outdoor grilling stations and a dining room with private event space. Rents start at $1,360 per month for a one-bedroom unit.

December 20, 2021

Affordable Housing Development Multifamily Texas

Palladium USA Breaks Ground on 107-Unit Mixed-Income Housing Project in Garland, Texas

by Taylor Williams December 20, 2021

GARLAND, TEXAS — Palladium USA has broken ground on Embree Eastside, a 107-unit mixed-income housing community in Garland, a northeastern suburb of Dallas. About a quarter of the units will be rented at market rates, while the remainder will be reserved for renters earning between 30 and 60 percent of the area median income (AMI). Amenities will include a pool, dog park, walking trails, fitness center, conference room, computer lab and a kids’ playroom. HEDK is the project architect. General contractor Brownstone Construction is teaming up with the Garland Housing Finance Corp. on construction. PNC Bank provided both equity ($13.7 million) and debt ($11.2 million) for the project. The first units are scheduled to come on line in January 2023.

December 20, 2021

Acquisitions Development Florida Mixed-Use Southeast

Avison Young Arranges $105M Sale of Mixed-Use Development Site in Miami

by Julia Sanders December 20, 2021

MIAMI — Avison Young has arranged the $105 million sale of approximately three acres called Biscayne Place in Miami for a future mixed-use development. Michael Fay, John Crotty, David Duckworth, Brian de la Fe and Berkley Bloodworth of Avison Young represented the seller, Midgard Group. Joel Rodriguez of Global Investments Realty represented the buyer, Miami-based Melo Group. Construction has not started and the development timeline was not disclosed. Melo Group plans to build apartments, condominiums and retail across four 60-story towers at the Biscayne Place land site. Located within an opportunity zone at 1700 Biscayne Blvd., Biscayne Place will be situated near Miami’s Arts & Entertainment District between Biscayne Boulevard and Northeast Second Avenue. The site is currently home to a Burger King, a two-story mixed-use commercial building, parking lots and several vacant parcels.

December 20, 2021

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