KENNESAW, GA. — Oakmont Industrial Group has broken ground on a 484,323-square-foot cross-dock logistics center in Kennesaw. Oakmont is developing the facility on a speculative basis through a joint venture with Pacolet Milliken. The Conlan Co. is the project’s general contractor, and Regions Bank is providing construction financing. The project, Oakmont Cobb International, is situated on 35 acres within Cobb International Park, a business park located near Interstate 75 and U.S. Highway 41 (also known as Cobb Parkway). In addition to Oakmont Cobb International, Oakmont is also underway with a 468,000-square-foot building off Hartman Road in Atlanta’s I-20 West industrial submarket. Oakmont Cobb International will feature at least 40-foot clear heights, cross-dock loading offering 103 dock-high loading doors, an enhanced 7-inch Ductilcrete floor slab system, 70-foot loading bays and full-concrete truck courts providing for up to 147 trailer storage spaces. Additionally, the project provides a lot at the north end of the building that will provide additional function and flexibility based on the end-user’s specific needs. Oakmont Industrial Group is an industrial real estate development and management company based in Atlanta. Pacolet Milliken is a private, family-owned investment company based in Greenville, S.C.
Development
DALLAS — Harwood International has begun construction on Harwood No. 14, a 27-story office tower in Dallas. The building will span approximately 360,000 square feet and will feature a 17,000-square-foot rooftop terrace and sky garden, as well as a fitness center with locker rooms and a multi-purpose flex space. The development team includes Manhattan Construction Co. (general contractor), Dallas-based HDF (architect of record), Dallas-based Corgan (associate architect) and Tokyo-based Kengo Kuma & Associates (design architect). Law firm Haynes & Boone LP has committed to 125,000 square feet at the building upon completion, which is scheduled for 2023.
DETROIT — LIFTbuild will construct The Exchange, a 16-story residential tower in Detroit’s Greektown neighborhood. The project will include 153 apartment units and 12 for-sale condominiums. There will also be ground-level rental office suites and retail space totaling 166,742 square feet. Amenities will include a valet and concierge, fitness and yoga studio and an outdoor terrace. LIFTbuild expects to break ground later this year with completion slated for 2022. LIFTbuild is a subsidiary of Southfield-based general contractor Barton Malow.
BROOKSHIRE, TEXAS — Locally based developer Realty1 Partners has broken ground on Point West Distribution Center, a 133,900-square-foot industrial project in the western Houston suburb of Brookshire. The property will be situated on 10.5 acres and will feature 32-foot clear heights, extra trailer parking and an ESFR sprinkler system. Tramonte Design Studio is the architect for the project, and Arch-Con Corp. is the general contractor. Boyd Commercial is the leasing agent. Completion is slated for the fourth quarter.
NEW YORK CITY — New York City-based development and investment firm Innovo Property Group (IPG) has received a $155 million construction loan for a 900,000-square-foot industrial project in the Long Island City area of Queens. The site previously housed the warehouse of online grocer FreshDirect. Innovo will redevelop the property to function as a last-mile distribution facility with elevated truck courts and a vertical parking structure. An affiliate of Starwood Property Trust provided the loan. IPG acquired the asset in January 2019 with Atalaya Capital Management and Nan Fung Group for $75 million. Since then, the partnership has demolished the existing warehouse.
AUBURN, MASS. — Pennrose and the Town of Auburn, located just south of Worcester, have broken ground on the historic rehabilitation of the Julia Bancroft School, a 60-unit, mixed-income development for seniors age 62 and older. Plans for the redevelopment include renovating the original 1920s school building, demolishing the later-built addition and replacing it with a new, four-story building. The project is slated for completion in summer 2022. The Massachusetts Department of Housing and Community Development provided 9 percent federal low-income housing tax credits for the project.
Parkview Financial Provides $100M Loan for Conversion of Harrah’s Hotel Casino to Mixed-Use Project in Downtown Reno
by Amy Works
RENO, NEV. — Parkview Financial has provided a $100 million loan to Reno City Center, an affiliate of Las Vegas-based CAI Investments. The funds will be used for the renovation and redevelopment of Harrah’s Reno Hotel and Casino into Reno City Center, a mixed-use project. Gryphon Private Wealth Management’s opportunity zone fund provided the equity. Located at 219 N. Center St. in downtown Reno, the development will include 538 apartments and more than 250,000 square feet of office and retail space. The existing 6.3-acre, 15-building property comprises approximately 1.4 million square feet of gross building area, including three hotel towers rising 17, 24 and 26 stories; a seven-story parking garage with additional parking on the top of the structure; casino and sports book; convention and meeting areas; multiple restaurants and coffee shops; retail sales areas; administrative offices; back-of-house support areas; and maintenance and storage areas. Luxe General Consulting is performing the renovation, which is slated for completion by summer 2022. Upon completion, the residential component will feature a rooftop pool, amenity deck, outdoor plaza, fountain, fitness center, theater room, bar and game room. The 538 units will feature a home office alcove, full kitchen with stainless steel appliances and quartz …
BRANDON, FLA. — HGreg.com, a pre-owned automotive retailer, has expanded to a 10-acre property in the Tampa Bay Area. The retailer plans to open its new regional fulfillment center and dealership in Brandon this spring. Construction costs are estimated at more than $30 million. Located at 1207 E Brandon Blvd. in Hillsborough County, the new facility will feature a 42,000-square-foot building, a showroom and an inventory of more than 1,000 pre-owned vehicles. The new property will allow HGreg.com to expand its service offering, both digital and onsite, to car buyers throughout Central and West Coast Florida, as well as out-of-state markets. HGreg.com plans to fill 90 jobs in its new facility. HGreg.com is part of HGregoire, a network of 17 pre-owned and 13 new car dealerships throughout Canada and the United States. In December 2020, the company announced the expansion of HGreg.com into the West Coast with a major investment based in the Greater Los Angeles area.
WINTER HAVEN, FLA. — Merlin Entertainments and Hasbro have partnered to build the world’s first standalone Peppa Pig Theme Park. Situated within LEGOLAND Florida Resort in Winter Haven, the new park is expected to open in 2022. Merlin has an exclusive multi-territory licensing agreement with Hasbro, owner of the Peppa Pig brand, to build and operate the attractions, which are targeted at the preschool market. Peppa Pig has over 1,000 licensees across 60 countries, and the TV program is broadcast in 180 territories in 40 different languages. Peppa Pig Theme Park will feature multiple rides, interactive attractions, themed playscapes and water play areas and live daily shows. Ride and attraction details for the new Central Florida theme park will be announced this summer. When Peppa Pig Theme Park opens, it will be a separately ticketed theme park from LEGOLAND.
FORT WORTH, TEXAS — Dodson Commercial Real Estate has broken ground on The 701, a redevelopment of historic buildings in Fort Worth located at the corner of Hemphill Street and West Magnolia Avenue. The project, which is slated for an early 2022 completion, will ultimately feature 68,000 square feet of retail, restaurant, office and medical office space. VLK Architects is designing the project and will occupy 26,000 square feet of office space.