Development

Fifield Breaks Ground on 266-Unit Avida Aventura Apartments in Miami

by Julia Sanders February 4, 2022

MIAMI — Fifield Cos. has broken ground on Avida Aventura, a 266-unit apartment project in Miami. The construction timeline and development costs were not disclosed. The eight-story property will offer studio, one-, two- and three-bedroom floorplans ranging from 470 to 1,400 square feet. Each unit will include a balcony. Community amenities will include a 20,000-square-foot rooftop entertaining deck with a heated pool, shaded cabanas, dining areas, grills, sauna and a spa; dog spa; fitness center; two resident lounges with dining and coworking and hosting areas; and a dedicated coworking space. Located at 19401 W. Dixie Highway, the development is situated near the new Aventura Brightline rail station and Aventura Mall. The property is also 16.7 miles from downtown Miami and 14.8 miles from Fort Lauderdale. Fifield Cos. has partnered with CrowdStreet, Sencorp and Bank OZK for the project. MSA Architects designed the building, ID & Design International is handling interior design and Current Builders is the general contractor.

February 4, 2022

Development Loans Multifamily Texas

Madison Realty Capital Provides $53M Construction Loan for San Antonio Multifamily Project

by Taylor Williams February 4, 2022

SAN ANTONIO — Madison Realty Capital, a private equity real estate firm based in New York City, has provided a $53 million construction loan for The Josephine, a 261-unit multifamily project that will be located just outside of downtown San Antonio. The Josephine will feature studio, one-, two- and three-bedroom units that will be furnished with stainless steel appliances and quartz countertops. Amenities will include a pool, fitness center and outdoor activity areas. About half the residences will be designated as affordable housing, although information on specific income restrictions was not disclosed. The borrower is locally based developer LYND Co.

February 4, 2022

Development Illinois Leasing Activity Midwest Office

SPINS Preleases 47,883 SF at New Office Development in Chicago’s River North

by Kristin Harlow February 4, 2022

CHICAGO — SPINS, a data provider and advocate for the health and wellness industry, has preleased 47,883 square feet of space at 311 W. Huron, a new office development in Chicago’s River North. The developer, North Wells Capital, plans to break ground in April. SPINS will serve as the anchor tenant of the 15-story building upon completion in late 2023. The 153,611-square-foot building will be part of Verso, a three-phase development. Jeffrey Skender, Ari Klein, Scott Shelbourne and Marcus Berglund of Cushman & Wakefield represented SPINS. Melissa Rubenstein, Annie Nicolau and Anna Panici of JLL represented ownership. SPINS currently occupies space at 222 W. Hubbard, which is also owned by North Wells Capital.

February 4, 2022

Arizona Development Hospitality Multifamily Western

Sterling Real Estate Partners Plans Apartment Conversion at 114-Room Hotel in Scottsdale, Arizona

by Amy Works February 4, 2022

SCOTTSDALE, ARIZ. — Sterling Real Estate Partners has purchased Suites on Scottsdale, a hotel property in Scottsdale, for an undisclosed price in an off-market transaction. The company plans to convert the 114-key extended-stay hotel, which was built in 1996, into an 85-unit apartment community. The conversion will consist of modifying the existing structure to conform to Scottsdale’s building codes, including new balconies for every unit, enhanced curb appeal and select rooms combined to improve unit mix. New resident amenities will include a large conference room with workspace-style offices; indoor/outdoor fitness center; yoga studio; movie theater; dog park with pet washing station; resort-style pool; automated package locker delivery system; and smart access system.

February 4, 2022

Development Industrial Northeast Pennsylvania

Organic Snack Co. to Open $75M Warehouse, Distribution Center in Bedford, Pennsylvania

by Taylor Williams February 4, 2022

BEDFORD, PA. — Organic Snack Co., the maker of Kate’s Real Food, has purchased 82 acres in Bedford, located in the southern-central part of the state, with plans to open a new warehouse and distribution center. At full build-out, the facility will span about 750,000 square feet. The investment represents a total capital commitment of $75 million and is expected to add about 500 jobs to the local economy. Dollar Bank provided predevelopment and acquisition financing for the land.

February 4, 2022

Development Multifamily New Jersey Northeast

Accurate Builders & Developers Begins Leasing 234-Unit Apartment Complex in Linden, New Jersey

by Taylor Williams February 4, 2022

LINDEN, N.J. — Accurate Builders & Developers has begun leasing Citizen Linden, a 234-unit apartment complex in Northern New Jersey. Designed by Thomas J. Brennan Architects, the transit-served property includes 4,500 square feet of retail space and a 292-space parking garage. Units are available in studio, one- and two-bedroom formats, with rents starting at roughly $1,800 per month. The amenity package consists of a lobby lounge, demonstration kitchen, fitness center, multiple coworking spaces and conference rooms, landscaped courtyards with picnic areas, a dog park and an outdoor bar and TV area.

February 4, 2022

Development Florida Loans Multifamily Southeast

JLL Secures $72.5M Construction Financing for Residential Development in Tampa

by Julia Sanders February 3, 2022

TAMPA, FLA. — JLL Capital Markets has secured a $72.5 million construction loan for the development of Altura Bayshore, a 73-unit high-rise condominium project in Tampa. Steve Klein, Brian Gaswirth, Reid Carleton and Drew Jennewein of JLL worked on behalf of the developer and borrower, Naples, Fla.-based The Ronto Group, to secure the loan from MSD Partners LP. Slated to be complete by 2024, Altura Bayshore will stand 22 stories high. Community amenities will include a sky deck and pool, fitness center, club and entertainment room, guest suites, multiple sports courts, a synthetic turf putting green, dog park and barbecue grills. Unit features will include private elevator foyers, designer-selected finishes throughout, open terraces and energy-efficient sliding glass windows and doors. Located at 2910 W. Barcelona St. directly off Bayshore Boulevard, the property is situated near SOHO District, Hyde Park Village and the Downtown Tampa Arts District. The property is also located 8.2 miles from the Tampa International Airport.

February 3, 2022

Development Georgia Industrial Southeast

Dayton Street Partners Breaks Ground on 212,232 SF Distribution Center in Conyers, Georgia

by Julia Sanders February 3, 2022

CONYERS, GA. — Chicago-based Dayton Street Partners has broken ground on a 212,232-square-foot speculative distribution center in Conyers. Construction is slated for completion by July. The distribution center will feature 32-foot clear heights, 41 trailer and 203 auto stalls with separate access for cars and trucks and a 185-foot truck court. Located at 2020 East Park Road, the property is situated 28.6 miles east of downtown Atlanta and 31.3 miles from Hartsfield-Jackson Atlanta International airport. Dayton Street most recently completed the development of DSP Rock Hill, a 188,000-square-foot distribution center near Atlanta’s airport. Brookfield acquired the asset in December 2021.

February 3, 2022

Development Industrial Texas

Midway to Develop 128,000 SF Industrial Facility for Bluebonnet Nutrition in Sugar Land, Texas

by Taylor Williams February 3, 2022

SUGAR LAND, TEXAS — Houston-based Midway will develop a 128,000-square-foot build-to-suit industrial facility for Bluebonnet Nutrition Corp., a locally based provider of dietary supplements, in the southwestern Houston suburb of Sugar Land. Powers Brown Architecture is designing the project, and D.E. Harvey Builders is the general contractor. Completion is slated for the fourth quarter. Jarret Venghaus of JLL represented Midway in its acquisition of the 7.4-acre site from Houston-based energy firm Baker Hughes.

February 3, 2022

Gillette-Stadium-Foxborough-Massachusetts

Civic Development Massachusetts Northeast

Kraft Group Selects Suffolk as General Contractor for Redevelopment of Gillette Stadium

by Taylor Williams February 3, 2022

FOXBOROUGH, MASS. — The Kraft Group has selected Boston-based general contractor Suffolk as its construction partner for the redevelopment of Gillette Stadium, the home of the NFL’s New England Patriots and MLS’ New England Revolution. The stadium was built in 2002 and is located south of Boston in Foxborough, Mass. The redevelopment will feature a redesigned plaza leading into the stadium, including an enhanced lighthouse. In addition, the north end of the stadium will be renovated with 75,000 square feet of hospitality and event spaces that bridge the gap between the East and West Putnam Clubs, the Dell Technologies Suite Levels and the upper concourse. The development team expects to complete the project in advance of the 2023 NFL season.

February 3, 2022

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