Development

Klotz, KABR to Build $85M Apartment Project in South Daytona, Florida

by Julia Sanders November 1, 2021

SOUTH DAYTONA, FLA. — The Klotz Group of Cos., a Jacksonville, Fla.-based private equity real estate investment platform, plans to develop the Halifax Riverfront Residences & Marina, an $85 million mixed-use multifamily and marina project in South Daytona. Klotz, in partnership with KABR, purchased the site in September 2020 for $1.6 million and immediately began working with the City of South Daytona to review and approve the project. The partnership expects to break ground in late 2022, and construction is expected to take about 24 months. Located at 2941 S. Ridgewood Ave., the Halifax Riverfront Residences & Marina will include 330 residential units, more than 15,000 square feet of commercial space and 145 boat slips. The project will have dockside restaurants and a tiki bar.

November 1, 2021

Development Multifamily Texas

KWA Construction Tops Out 217-Unit Multifamily Project in Burleson, Texas

by Taylor Williams November 1, 2021

BURLESON, TEXAS — Locally based general contractor KWA Construction has topped out Atlantica at Burleson, a 217-unit multifamily project located south of Fort Worth in Tarrant County. Developed by Sovereign Properties and designed by Womack + Hampton Architects, the property will offer one-, two-and three-bedroom units. Amenities will include a pool, outdoor gaming lawn and grilling areas, dog park, cybercafé and a fitness and yoga studio. Atlantica at Burleson is expected to be completed in June 2022.

November 1, 2021

Development Multifamily New Jersey Northeast

Arden Group, Spitzer to Build $150M Multifamily Project in Jersey City

by Taylor Williams November 1, 2021

JERSEY CITY, N.J. — A partnership between investment management firm Arden Group and developer Spitzer Enterprises will build a $150 million multifamily project within one of Jersey City’s opportunity zones. The 26-story, 390-unit building will be located adjacent to the Journal Square PATH station and will include ground-floor retail space and onsite parking. Dustin Stolly, Jordan Roeschlaub, Chris Kramer and Nick Scribani arranged the equity partnership between the two firms. Completion of the project is scheduled for 2024.

November 1, 2021

Development Massachusetts Multifamily Northeast

Procopio Cos. to Develop 290-Unit Multifamily Project in Haverhill, Massachusetts

by Taylor Williams November 1, 2021

HAVERHILL, MASS. — Locally based owner-operator The Procopio Cos. will develop The Beck, a 290-unit multifamily project that will be located in the northern Boston suburb of Haverhill. The Beck will consist of two five-story residential buildings, 6,750 square feet of retail space and 3.2 acres of public parks, playgrounds and hiking/jogging trails. Dellbrook | JKS is the construction manager of the project, and CUBE3 designed the project. Construction is scheduled to begin next spring and to be substantially complete by 2024.

November 1, 2021

Affordable Housing Development Loans Midwest Multifamily Wisconsin

Associated Bank Provides $16.9M in Financing for Development of Affordable Housing Community Near Madison

by Kristin Harlow November 1, 2021

MT. HOREB, WIS. — Associated Bank has provided a $16.9 million financing package for the development of Landsby Ridge, a 51-unit affordable housing community at 400 W. Garfield St. in Mt. Horeb, about 20 miles southwest of Madison. Gorman and Co. LLC and Impact Seven are the developers. Landsby Ridge will include 46 units for residents who earn 30 to 60 percent of the area median income (AMI) along with five units that will be rented at market rates. Lutheran Social Services and Impact Seven will provide supportive services for 11 units that will be reserved at the 30 percent AMI threshold. In addition to co-developer, Gorman and Co. will serve as general contractor and property manager. Construction is underway, and completion is scheduled for the third quarter of 2022. Associated Bank provided a total of $9.2 million in loan proceeds, and Associated Community Development provided federal low-income housing tax credit equity of $7 million. Associated Bank also sponsored a $690,000 affordable housing project grant from the Federal Home Loan Bank of Chicago. Royal Bank of Canada is the tax credit syndicator. Bryan Schreiter of Associated Bank’s commercial real estate group managed the loan closings. Stefanie Bachrach of Associated Community …

November 1, 2021

Affordable Housing Development Illinois Midwest Multifamily

Skender Breaks Ground on 48-Unit Affordable Housing, Health Clinic Project in Lansing, Illinois

by Kristin Harlow November 1, 2021

LANSING, ILL. — Skender and its joint venture partner Ashlaur Construction have broken ground on Torrence Place, an affordable housing and health clinic project in Lansing, located about 25 miles south of the Chicago Loop. Full Circle Communities is the developer. The three-story project will include 48 affordable and accessible units for veterans and people with disabilities. It will also include a 3,000-square-foot health clinic on the ground floor to be operated by Christian Community Health Center. Residents will have access to supportive services, a fitness area, computer lab and communal kitchen. The project team includes architect Cordogan, Clark & Associates and CAGE Civil Engineering.

November 1, 2021

Lee & Associates Breaks Down Third-Quarter Economic Outlook by Sector

by Sarah Daniels November 1, 2021

The calculus for which asset classes are likeliest to demonstrate strong growth continues to shift as the pandemic appears to be receding. Patterns in labor shortages, supply chain issues and material costs have managed to solidify through the third quarter of 2021. Lee & Associates’ newly released Q3 2021 North America Market Report dissects third-quarter 2021 industrial, office, retail and multifamily findings, with a focus on where demand is moving and the challenges facing each asset class. Lee & Associates has made the full market report available at this link (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). Below is a bird’s-eye overview of four commercial real estate asset classes as general categories, broken down to frame each through the trends and complications they faced up to the fourth quarter, according to Lee & Associates’ research. Industrial: Q3 Posts More Record Demand Pandemic-fueled consumer spending drove up third-quarter demand for warehouse and distribution facilities that eclipsed previous records. And despite a nationwide surge in new construction, some metros can barely accommodate the pace of tenant expansion. Additionally, year-over-year rent growth is at a record 6.7 percent for the industrial property sector …

November 1, 2021

Affordable Housing Development Midwest Minnesota Multifamily Seniors Housing

Ecumen Breaks Ground on 100-Unit Affordable Seniors Housing Community in Minneapolis

by Kristin Harlow October 29, 2021

MINNEAPOLIS — Nonprofit developer Ecumen has broken ground on The Hillock, a 100-unit affordable seniors housing community in the Longfellow neighborhood of Minneapolis. The development will include 11 units designated for veterans who are experiencing homelessness. The rest of the units will be reserved for residents age 55 and older who earn up to 60 percent of the area median income. Monthly rents are expected to range from $816 to $1,339. Amenities will include a community garden and onsite clinic. Project costs are estimated at $24 million, and completion is slated for fall 2022. Phase II calls for an 89-unit affordable housing building with 13 units for veterans experiencing homelessness. Ecumen and Snelling Yards Development, a joint venture between Lupe Development Partners and Wall Cos., are co-developing the overall campus. The two communities will sit on a three-acre site that formerly housed the City of Minneapolis Public Works maintenance yard.

October 29, 2021

Development Florida Multifamily Southeast

Onicx Breaks Ground on $65M Multifamily Development in Orlando’s Lake Nona District

by Julia Sanders October 29, 2021

ORLANDO, FLA. — Onicx Group, a Tampa-based private real estate firm, has broken ground on East Park Village Apartments, a 264-unit multifamily development in the Lake Nona neighborhood of Orlando. The development is predicted to cost $65 million and is slated to be complete in early 2024. East Park Village will be part of a $200 million mixed-use development called East Park Village Development, which will include a 50,000-square-foot medical office building, 150-room hotel and 15,000 square feet of retail spaces. The community will comprise one-, two- and three-bedroom floorplans. Community amenities will include a swimming pool with an outdoor kitchen and recreational area, fitness center with spin/yoga room, business center, detached garages and a playground. Located at 10735 Moss Park Road, the project is situated about eight miles from Orlando International Airport, approximately 17 miles from downtown Orlando and 23.7 miles from Walt Disney World Resort. The Lunz Group, a Lakeland, Fla.-based architectural firm, designed the property. Live Oak Contracting is the general contractor for the project.

October 29, 2021

Development Industrial South Carolina Southeast

PCCP, Panattoni to Develop 182,520 SF Industrial Project in Greer, South Carolina

by Julia Sanders October 29, 2021

GREER, S.C. — PCCP LLC and Panattoni Development Co. Inc. have formed a joint venture to develop Abner Creek Logistics Center, a 182,520-square-foot warehouse in Greer. The joint venture plans to start construction in the second quarter of 2022 with completion expected by the fourth quarter of 2022. Abner Creek Logistics Center will be located on a 16.5-acre site along the east side of Deyoung Road. The project will include amenities such as 32-foot clear heights, a rear-load configuration, 44 trailer parking spaces, 123 car parking spaces and 33 dock doors. The site is located adjacent to BMW’s manufacturing facility and provides access to Interstate 85. The property is also situated six miles from Inland Port Greer.

October 29, 2021

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