GEORGETOWN, TEXAS — Temple, Texas-based GTB Development will soon begin construction on Phase II of Highland Village, a 120-acre mixed-use project that will be located in the northern Austin suburb of Georgetown. Phase II of the development includes 299 single-family homes and a 14.8-acre (approximately 300 to 325 units) multifamily community, as well as unspecified amounts of retail, office and medical office space. The development team, which includes development manager American Southwest Co., expects to complete infrastructure hookups by the end of the second quarter of 2022. Phase I of the project began in July 2019 and ended in April 2020 with the delivery of 49 single-family residences known as The Oaks at Highland Village.
DOWNERS GROVE, ILL. — Bridge Development Partners LLC has acquired a 9.2-acre site at 5300 Belmont Road in Downers Grove, a southwest suburb of Chicago. Bridge will develop Phase III of Bridge Point Downers Grove at the site. Construction is scheduled to begin this summer following the demolition of an existing building. Plans call for a 126,445-square-foot industrial building with a clear height of 32 feet, 13 exterior dock doors, two drive-in doors, a 130-foot truck court and parking for 137 cars. Completion is slated for the fourth quarter. Sean Henrick and David Friedland of Cushman & Wakefield represented Bridge in the transaction. CBRE represented the undisclosed seller.
NEW YORK CITY — The Rudin Family, a locally based owner-operator, has launched a multimillion-dollar capital improvement program at 3 Times Square, a 30-story office tower in Midtown Manhattan. The program will include the creation of a new three-story lobby, touchless entry mechanisms, upgraded elevator systems and dedicated amenity space on the 16th floor. The new amenity deck will feature a coffee bar, fitness center with locker rooms, outdoor dining spaces and a conference and event center that can hold up to 220 people. The 885,000-square-foot building was originally completed in 2001 as the North American headquarters of Reuters Group PLC. Rudin has tapped FXCollaborative, which originally designed the building, as the project architect. Cushman & Wakefield will handle leasing of the redeveloped building. An expected completion date was not released.
EMERYVILLE, CALIF. — The City of Emeryville in Northern California’s Bay Area has approved BioMed Realty’s proposal to expand its Emeryville Center of Innovation life sciences campus. The 12-acre property is located about four miles north of Oakland and 10 miles east of San Francisco. The expansion will add 910,000 square feet of Class A laboratory and office space to the development. Phase I of the expansion, which BioMed Realty expects to begin in 2022, will span 265,000 square feet. “We are grateful for our partnership with the City of Emeryville to develop purpose-built lab research facilities that support the growth of the industry and help our business partners attract and retain talent,” says Salil Payappilly, vice president of BioMed Realty. BioMed Realty is currently modernizing an existing 303,000-square-foot building at Emeryville Center of Innovation. The building, which is not part of the newly announced expansion, will be fully occupied by Zymergen Inc., a biomanufacturing company and Emeryville’s largest employer. Zymergen signed a lease in 2019 for its new corporate headquarters and to accommodate the expansion of its operations. BioMed Realty expects to complete Zymergen’s building in early 2023. Emeryville Mayor Dianne Martinez says that the origin of the life …
COLLEGE PARK, MD. — Terrapin Development Co. (TDC), in partnership with the University of Maryland (UM) College Park, has entered into an exclusive development agreement with Brandywine Realty Trust for an upcoming mixed-use project on the UM campus. The Philadelphia-based REIT will develop a mixed-use neighborhood spanning five acres in College Park, within UM’s Discovery District. The development project is set to cost over $300 million. The Discovery District’s development will feature 550,000 square feet of Class A workspaces encompassing research, office, collaboration and retail space, as well as 200 to 250 multifamily residential units. The property will be located close to mass transit and major roadways and will serve as a natural extension of UM’s research enterprise. The Discovery District will provide pedestrian movement along the Baltimore Avenue corridor and campus. The project is adjacent to the new Purple Line, offering connections to Metro light rail system. The development has set forth sustainability goals, including LEED classification, to responsibly develop the land. The development plan will be executed over four phases. Baltimore-based Ayers Saint Gross and Michael Vergason Landscape Architects are the development’s architects.
WILMER, TEXAS — Indianapolis-based Duke Realty has completed a 431,630-square-foot distribution center at Intermodal III Industrial Park in Wilmer, a southern suburb of Dallas. Yokohama Tire Corp. has since signed a full-building lease at the property, which sits on 22 acres and features 281 car parking spaces, 114 trailer parking spaces and 7,000 square feet of office and showroom space. Nathan Lawrence, Kacy Jones and Krista Raymond of CBRE represented the tenant, which plans to take occupancy over the summer, in the lease negotiations. Matt Hyman represented Duke Realty on an internal basis.
BURLESON, TEXAS — New York City-based developer Sovereign Properties has broken ground on Reed Parke Apartments, a 217-unit multifamily community in Burleson, a southern suburb of Fort Worth. The property will feature one-, two- and three-bedroom units. Amenities will include an outdoor gaming lawn, cyber café, dog park, fitness and yoga studio, a pool and outdoor grilling areas. Womack + Hampton Architects is designing the community, and KWA Construction is serving as general contractor. Completion is slated for May 2022.
CANONSBURG, PA. — KeyBank’s Community Development Lending & Investment (CDLI) division has provided $23 million in financing for the construction of an affordable seniors housing project in Canonsburg, located about 20 miles south of Pittsburgh. The financing consisted of an $11 million construction loan and $12 million in low-income housing tax credit (LIHTC) equity. The Pennsylvania Housing Finance Agency also provided a $1.3 million permanent loan. The borrower is a partnership between Ohio-based developer MVAH Partners LLC and nonprofit operator Blueprints. David Lacki and Laura Janosko of KeyBank’s CDLI team structured the debt, while Ryan Olman, also with the CDLI team, structured the equity. The property will consist of 50 units, approximately 85 percent of which will be reserved for seniors earning between 20 and 60 percent of the area median income. The remaining eight units will be rented at market rates. Completion is scheduled for spring 2022.
SCHAUMBURG, ILL. — UrbanStreet Group has unveiled plans to develop The District at Veridian in Schaumburg, a northwest suburb of Chicago. The District is part of the larger 225-acre mixed-use campus known as Veridian. The District will comprise 30 acres with 159,000 square feet of retail space and 900 loft-style residences. Additionally, The Cordish Cos. will develop its entertainment concept known as Sports & Social. Completion of The District is slated for spring 2023. Mason Retail Group is handling retail leasing.
TACOMA, WASH. — Portland, Ore.-based Ethos Development has broken ground on Analog Tacoma, a multifamily property in Tacoma. Totaling 65,000 square feet, Analog Tacoma will feature 115 apartments in an eight-story, mid-rise, podium-style building. The development team includes Works Progressive Architecture as designer and Katerra as general contractor. The development is one of the first in the city to be funded from the outset with a project-specific Opportunity Zone fund.