Development

J.G. Petrucci, Cabot to Develop 225,000 SF Industrial Project in Fairless Hills, Pennsylvania

by Taylor Williams January 13, 2021

FAIRLESS HILLS, PA. — A partnership between New Jersey-based developer J.G. Petrucci Co. and Boston-based Cabot Properties will develop a 225,000-square-foot industrial project in Fairless Hills, about 25 miles north of Philadelphia. The property will be situated on 18.3 acres and will feature 36-foot clear heights, 50 trailer parking spaces and 172 parking stalls. Jon Mikula and John Plower of JLL arranged the partnership between the co-developers. The project is expected to be complete by the end of the year. Jeffrey Licht, Adam Lashner and Jared Licht of NAI Mertz represented the seller, Hiossen, a supplier of implants and prosthetics, in the disposition of the land.

January 13, 2021

Development Florida Hospitality Multifamily Single-Family Rental Southeast Top Stories

Dart Interests to Redevelop 1,100-Acre Resort Bordering Walt Disney World in Orlando

by Kristin Harlow January 13, 2021

ORLANDO, FLA. — Dart Interests has unveiled plans to redevelop Villas at Grand Cypress in Orlando into a massive vacation rental resort and hotel project named Evermore Orlando Resort. The 1,100-acre resort is adjacent to Walt Disney World. At full buildout in 2023, the 10,000-bedroom project will represent an equity investment in excess of $1 billion. Evermore’s first phase will include nearly 1,500 rooms spread across single-family rental homes, villas, flats and hotel guestrooms. Plans call for 69 houses ranging in size from five to 11 bedrooms. “Dart is introducing an entirely new hospitality category that will change the landscape of vacation rental homes,” says Christopher Kelsey, president of Dart. “We are creating the first-ever wholly owned, large-scale community of purpose-built vacation rental homes and operating them with hotel-quality standards.” According to Kelsey, Dart’s approach to this project solves the main problem for vacation renters — uncertainty in the quality of the home. The centralized ownership model ensures the same quality for each residence, as opposed to most other vacation homes that are owned by individuals. In addition to vacation homes, the complex will also include 76 four-bedroom flats, 41 two- and four-bedroom villas and a Conrad hotel, which is …

January 13, 2021

Development Retail Southeast Virginia

Liberty University to Redevelop Portion of River Ridge Mall in Lynchburg, Virginia

by Alex Tostado January 12, 2021

LYNCHBURG, VA. — Liberty University will redevelop the west end of River Ridge, a regional mall in Lynchburg that the university owns. The enclosed shopping mall is located less than one mile from campus. The university will demolish the Macy’s building in the first quarter of this year and plans to turn the area into an open-air shopping center with a food hall. The renovated shopping area will feature higher store elevations and urban-esque storefront designs, as well as an outdoor venue for family-themed community events. Liberty University plans to deliver the food hall in late 2021 and the rest of the project in 2022. JLL manages the mall on behalf of the owner.

January 12, 2021

Development Industrial Michigan Midwest

Amazon to Open Six New Fulfillment, Sortation Centers in Metro Detroit This Year

by Kristin Harlow January 12, 2021

DETROIT — Amazon has unveiled plans to open six new fulfillment and sortation centers in metro Detroit this year in order to support operations closer to customers. The sites are expected to create more than 2,000 full- and part-time jobs. In addition to a robotics fulfillment center in Detroit, Amazon will build centers in Hazel Park, Pinnacle Park (2), Plymouth and Pontiac. The new Detroit property will span 823,000 square feet and is expected to create 1,200 new full-time jobs upon its opening. Amazon currently operates 10 facilities in Detroit that support customer fulfillment and delivery operations, including four properties that opened in 2020. Since 2010, Amazon has created more than 13,500 jobs in Michigan and invested more than $2.5 billion across the state, including infrastructure and compensation to its employees.

January 12, 2021

Development Illinois Midwest Multifamily

MZ Capital Partners Begins Pre-Leasing 112-Unit Apartment Community in Naperville, Illinois

by Kristin Harlow January 12, 2021

NAPERVILLE, ILL. — MZ Capital Partners has begun pre-leasing efforts for Vantage Naperville Apartments. The 112-unit apartment community, located at 1350 E. Ogden Ave. in Naperville, is slated to open in April. To commemorate the opening of the property, MZ donated a gift to the Northern Illinois Food Bank that will feed a local family of four for an entire year. Vantage Naperville Apartments features small studio and one-bedroom units with monthly rents as low as $950. Residents who pre-lease units are eligible to receive one month of free rent. Amenities include a fitness center, package pickup, common areas and private work suites.

January 12, 2021

Development Industrial Northeast Pennsylvania

Core5 Industrial Partners Begins Work on 591,360 SF Spec Project in Souderton, Pennsylvania

by Taylor Williams January 12, 2021

SOUDERTON, PA. — Atlanta-based Core5 Industrial Partners has begun construction on Core5 Logistics Center at Park 31, a 591,360-square-foot speculative industrial project that will be situated on 74.4 acres in Souderton, about 35 miles north of Philadelphia. The first phase of the development will consist of two buildings totaling approximately 400,000 square feet that are expected to be complete in the third quarter. Michael Golarz and Tom Golarz of Colliers International are handling leasing of the project.

January 12, 2021

Affordable Housing Development Multifamily New York Northeast

NRP Group Breaks Ground on 179-Unit Workforce Housing Project in New Rochelle, New York

by Taylor Williams January 12, 2021

NEW ROCHELLE, N.Y. — The NRP Group has broken ground on Renaissance at Lincoln Park, a 179-unit workforce housing project in New Rochelle, located north of New York City. The project will also include the construction of a 23,400-square-foot Boys & Girls Club facility that will feature a gym, basketball court, recording studio, demonstration kitchen, administrative offices and other rooms for work and play. The NRP Group is developing the project in partnership with Guion Renaissance Housing Development Finance Corp. (HDFC), Kensworth Consulting, The Boys & Girls Club of New Rochelle and The City of New Rochelle. The total development cost of the project is $97 million. The New York State Homes & Community Renewal provided $48 million of tax-exempt bonds issued by its Housing Finance Agency to help fund development costs.

January 12, 2021

Affordable Housing California Development Multifamily Western

Alta Housing Breaks Ground on $46.3M Wilton Court Affordable Housing Project in Palo Alto

by Amy Works January 12, 2021

PALO ALTO, CALIF. — Alta Housing (formerly Palo Alto Housing), a nonprofit affordable housing developer, has broken ground on Wilton Court, a 100 percent affordable housing community in Palo Alto. Located at 3705 El Camino Real, the four-story property will feature 59 units offering independent living for a mix of single- and two-person households earning between 30 percent and 60 percent of the area median income. Twenty-one of the units are reserved for adults with intellectual or developmental disabilities. The property is within walking distance of a grocery store, retail, restaurants, parks and public transportation. The project team includes L&D Construction Co. as general contractor and PYATOK as designer. Completion is scheduled for summer 2022. The City of Palo Alto, Santa Clara County, Wells Fargo Bank, Enterprise Community Partners California Community Reinvestment Corp., California Tax Credit Allocation Committee, California Department of Housing and Community Development, and California Municipal Finance Authority are providing financing for the $46.3 million project.

January 12, 2021

Development Industrial Kentucky Southeast

Ball to Develop $305M Aluminum Manufacturing Facility in Bowling Green, Kentucky

by Alex Tostado January 11, 2021

BOWLING GREEN, KY. — Ball Corp. plans to open a new 500,000-square-foot building in Bowling Green that will serve as a manufacturing facility for aluminum can tops. According to the Kentucky Economic Development Finance Authority, Ball will invest $305 million to develop the facility. The Westminster, Colo.-based company expects to create 200 jobs at the property, which is scheduled to open in early 2022. The project’s construction is also expected to support 391 jobs. The facility will be situated within Transpark, a 300-acre industrial development owned by the City of Bowling Green and Warren County. Ball will be the first tenant at the site. Transpark has CSX Railroad service through the southern end of the property and is located five miles from Interstate 65. A design team for the project was not disclosed. Ball supplies aluminum packaging solutions for beverage, personal care and household products customers, as well as aerospace and other technologies and services primarily for the U.S. government.

January 11, 2021

Development Multifamily North Carolina Southeast

Ardmore Residential to Develop 396-Unit Apartment Community Near Raleigh

by Alex Tostado January 11, 2021

CLAYTON, N.C. — Ardmore Residential has purchased 20 acres in Clayton to develop Ardmore at Flowers, a planned 396-unit apartment community in the Raleigh-Durham area. The property will offer one-, two- and three-bedroom floor plans with modern kitchens, designer cabinetry and wood-style vinyl flooring. Communal amenities will include a cyber café, two fitness centers, two pools, several grilling areas, a clubhouse and a dog park. The developer expects to break ground on the community in the spring. Greensboro, N.C.-based Ardmore acquired the land from Southwest Crossroads Holdings LLC for $6.5 million. Sarah Godwin and John Mikels of JLL worked in partnership with John Koonce of York Properties to represent the seller in the transaction.

January 11, 2021

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