HIALEAH, FLA. — Doral, Fla.-based The Easton Group and Irvine, Calif.-based LBA Logistics have acquired a 26.4-acre development site in Hialeah, about 11.6 miles from Miami. The joint venture purchased the land for $29.4 million with plans to build two speculative warehouse and distribution facilities on the site. The two buildings will total 462,954 square feet. Building features will include 36-foot clear heights, 124 trailer stalls and 407 parking spaces. Construction is expected to start towards the end of the year and take about 18 months to complete. Located at 4220 West 91st Place, the project is located about 17 miles from Miami Beach and 10 miles from the Miami International Airport. Easton Group and LBA Logistics are also partnering on a 266,760-square-foot warehouse development in nearby Hialeah Gardens, which is slated for completion by the second quarter of this year. Easton Group is scheduled to deliver 393,910 square feet of industrial space in Miami-Dade County over the next six months.
Development
TAMPA, FLA. — Athens, Ga.-based Landmark Properties has plans to develop The Metropolitan at Tampa, a 760-bed student housing community within a half-mile of University of South Florida (USF). Construction is slated to begin in June with the property opening to students in August 2024. The Metropolitan at Tampa will offer studio, one-, two-, three- and four-bedroom floorplans. In total, the four-story residential community will include 276 units and 1,779 net square feet of ground-floor retail space. The property was formerly a Quality Inn hotel. Located at 2701 E. Fowler Ave., The Metropolitan’s features will include fully furnished units, a complete appliance package and high-speed internet and cable. Community amenities will include a rooftop pool deck, ground floor courtyards, fitness center, 620-space covered parking deck and study and gaming lounges.
CHICAGO — The Habitat Co., a Chicago-based multifamily developer and operator, plans to build a 33-story apartment high-rise in its hometown. The firm closed on the site acquisition at 344 N. Canal St. in Chicago’s Fulton River District that is currently home to the five-story Cassidy Tire brick building. Designed by Solomon Cordwell Buenz, the new tower will rise 375 feet and feature a glass façade. Habitat’s joint venture partner on the project is Diversified Real Estate Capital LLC, a private equity investment firm based in Chicago. The land seller was not disclosed. “As we know from experience, there will always be a demand for Class A rentals in prime city locations like 344 N. Canal, so the fact that a highly experienced and successful developer like The Habitat Co. was behind the building only made it that much more attractive for us to be part of the project,” says Jeff Cherner, executive vice president of Diversified Real Estate Capital. Habitat Co. will begin demolition and break ground on the 343-unit property this spring, though a target delivery date was not disclosed. Upon completion, the unnamed community will feature a mix of studio, one- and two-bedroom units, as well as …
GLENVIEW, ILL. — McShane Construction Co. has completed a 429,524-square-foot addition to the warehouse and showroom for Abt Electronics in the Chicago suburb of Glenview. The expansion more than doubled the tenant’s space. The project includes 22,230 square feet of office space and 407,294 square feet of warehouse space. The office buildout includes trucking offices, security offices, a break room and open office space. The single-story warehouse features a clear height of 32 feet and 39 semi-truck docks. Abt sells home appliances and electronics.
ILLINOIS, INDIANA AND WISCONSIN — Ryan Cos. US Inc. has completed three new healthcare facilities in the Midwest. The properties include Edward-Elmhurst Health Center in Woodridge, Ill.; U.S. Department of Veterans Affairs community-based outpatient clinic in Brownsburg, Ind.; and Froedtert & the Medical College of Wisconsin Community Hospital in Mequon, Wis. The Woodridge facility rises two stories and spans 36,100 square feet at the southwest corner of Route 53 and 75th Street. The property includes offices for primary care physicians and specialists. Additional services include a walk-in clinic, behavioral health, physical therapy, laboratory and diagnostic imaging. The Brownsburg facility is located just west of Indianapolis. The clinic provides primary care and specialty services such as mental health, orthopedics, podiatry, neurology, cardiopulmonary, women’s health, blood draw, optometry, audiology, radiology, prosthetics and physical therapy to veterans. The building also houses a pharmacy, meeting spaces for 175 staff members, food services, a chem lab, training classroom, locker rooms and police services. Lantz-Boggio Architects served as architect. The 17,000-square-foot hospital in Mequon is located across the street from the 89,300-square-foot Froedtert Mequon Health Center that Ryan developed in 2017. The suburban Milwaukee facility will house eight inpatient beds, a seven-bed emergency department, laboratory, pharmacy …
AUSTIN, TEXAS — JLL has arranged an undisclosed amount of construction financing for The Travis, a 50-story multifamily tower located at 80 River St. in downtown Austin’s Rainey Street District. The 423-unit project is currently slated for a fall 2024 completion. Campbell Roche and Robert Wooten of JLL arranged the debt through JP Morgan Chase on behalf of the borrower, a partnership between metro Dallas-based Genesis Real Estate Group and PGIM Real Estate.
FRISCO, TEXAS — General contractor Brasfield & Gorrie has topped out the Omni PGA Frisco Resort, a 510-room hospitality project in metro Dallas. Omni Resorts is developing the property in partnership with the City of Frisco and the PGA of America, which is in the midst of relocating its headquarters from South Florida to the northern Dallas suburb. The relocation represents a total investment of $520 million for Frisco. Guests of the hotel will have access to two 18-hole courses, a 10-hole short course and a two-acre putting green, as well as 12 food and beverage options, three pools, a spa and 127,000 square feet of meeting and event space. SB Architects designed the project. Completion is slated for spring 2023.
NEW YORK CITY — JLL has arranged a $49 million loan for the acquisition of a two-acre industrial development site in Brooklyn. The borrower, a partnership between Turnbridge Equities and Dune Real Estate Partners LP, plans to develop an 80,000-square-foot facility at the site using a portion of the proceeds from this loan. The project will also include 92,000 square feet of covered and rooftop parking space. Christopher Peck and Peter Rotchford of JLL arranged the loan through Starwood Property Trust.
Urban Visions Receives $90M in Construction Financing for Office Development in Seattle
by Amy Works
SEATTLE — Urban Visions has obtained $90 million in construction financing for The Jack, an office development under construction at 74 S. Jackson St. in Seattle’s Pioneer Square. Slated for delivery in first-quarter 2023, The Jack will offer 146,000 square feet of office space in 20,000-square-foot flexible floorplates. The property will also feature 42 below-grade parking spots, onsite secure bike storage and a 17,000-square-foot outdoor terrace/roof deck. Olson Kundig designed the eight-story brick and glass building. Bruce Ganong, Kaden Eichmeier and Christopher DuCharme of JLL secured the construction financing, which an affiliate of Mack Real Estate Credit Strategies provided.
PLAINFIELD, IND. — A partnership led by Indianapolis-based New City Development has unveiled plans for Hobbs Station, a $300 million mixed-use project in Plainfield, about 19 miles southwest of Indianapolis. Hobbs Station will be located on a 125-acre site just off U.S. Highway 40. Phase I of the project will consist of 300 apartments with 30,000 square feet of street-level commercial space, 99 single-family homes and 500,000 square feet of logistics space. The industrial component will be known as Terminus at Hobbs Station. Phase I’s residential amenities will include a pool, fitness center, remote workspaces, a pet washing facility and various open green spaces. As part of the project, the development team is investing in local infrastructure, including a two-mile extension of the Vandalia Trail across the southern boundary of the site. The trail network will connect to a public park with pickleball courts, a playground and space for festivals and events. Additional planned infrastructure improvements include new sidewalks, landscaping, hardscaping, utilities, stormwater facilities roads and parking. Construction of Phase I is slated to begin this summer. At full build-out, Hobbs Station will feature 240 single-family homes, 650 multifamily units, 120 seniors housing residences, 70,000 square feet of retail and …