Development

Capitol Seniors Housing Breaks Ground on 87-Unit Project in Evesham Township, New Jersey

by Taylor Williams April 26, 2021

EVESHAM TOWNSHIP, N.J. — Capitol Seniors Housing has broken ground on Arbor Terrace Marlton, a project in Evesham Township near Philadelphia that will consist of 60 assisted living apartments and 27 memory care units. The 76,500-square-foot community will be located near several major medical facilities and will offer amenities such as a private dining area, theater, bistro, hair salon, lounges and outdoor amenity spaces with artwork and a pond. Meyer Senior Living Studio is designing the project, and IMC Construction is the general contractor. The opening is scheduled for early 2022.

April 26, 2021

Development Multifamily Oregon Seniors Housing Western

Alliance Residential Breaks Ground on 237-Unit High-Rise Seniors Housing Project in Downtown Portland

by Amy Works April 26, 2021

PORTLAND, ORE. — Alliance Residential has started construction on Holden of Pearl, a 16-story seniors housing community in the Pearl District of downtown Portland. The 237-unit community will offer apartments for rent that cater to residents seeking both independent and assisted living, while also reserving a separate, private community for memory care residents. The asset includes 28,000 square feet of indoor amenity space. Milestone Retirement Communities will operate the property upon completion.

April 26, 2021

Development North Carolina Office Southeast Top Stories

Apple to Open $1B Office Campus in North Carolina’s Research Triangle, Add 3,000 Jobs

by Taylor Williams April 26, 2021

CUPERTINO, CALIF. — Apple Inc. (NASDAQ: AAPL) will open a $1 billion office campus in North Carolina’s Research Triangle, a move that is expected to add more than 3,000 new jobs to the local economy. The move is part of a larger, $430 billion expansion and capital investment program that the Cupertino-based tech giant projects will bring about 20,000 new jobs to the country over the next five years. According to the Raleigh News & Observer, North Carolina’s Economic Investment Committee, for its part, approved a job creation and tax incentives plan for Apple that was valued at $845 million over 40 years, the largest such grant in state history. The local newspaper also reports that the campus will span about 1 million square feet and will be located in Wake County on a site near the border of Cary and Morrisville, two smaller towns on the south side of the triangle. A construction timeline has not yet been released. As part of its commitment to the Tar Heel State, Apple plans to launch a $100 million fund to support local schools and invest $110 million in improving pieces of local infrastructure, such as bridges and telecommunications systems. The new …

April 26, 2021

Development Life Sciences Massachusetts Northeast Office

Davis, BDG to Develop 450,000 SF Life Sciences Campus in Metro Boston

by Kristin Harlow April 23, 2021

WATERTOWN, MASS. — A joint venture between two locally based firms, The Davis Cos. and Boston Development Group, will develop a 450,000-square-foot life sciences campus at 66 Galen St. in the western Boston suburb of Watertown. Phase I of the project, construction of which is set to begin in May, will consist of a 224,106-square-foot research and lab building. Amenities will include a fitness center, bike room and an onsite café and retail space. Elkus Manfredi is the architect for the project. About 40 percent of the site’s total acreage will be dedicated to parks and green spaces.

April 23, 2021

Conference Coverage Development Features Multifamily Seniors Housing

InterFace Panel: Seniors Housing Developers Continue to Build Projects Through Pandemic

by John Nelson April 23, 2021

The seniors housing industry has had a rough ride through the COVID-19 pandemic. First-quarter occupancy clocked in at a record-low 78.8 percent, a drop of 870 basis points from the year prior, according to the National Investment Center for Seniors Housing & Care (NIC). But seniors housing is a needs-based product, and most industry professionals expect a strong rebound. As a result, new construction projects are starting to make a comeback in preparation for pent-up demand. That was the topic of discussion during “The Power Panel: CEOs Discuss the State of Development” at France Media’s InterFace Seniors Housing Development, Design & Finance conference, held virtually on April 20 and 21. Panelists included Marco Vakili of Alliance Residential; Keven Bennema of Charter Senior Living; moderator Kevin Kinigstein of Cox, Castle & Nicholson; Scott Stewart of Capitol Seniors Housing; and Torsten Hirche of Transforming Age. “The pandemic was a double whammy. Revenue is going down and expenses are going up,” said Stewart. “The good news is it wasn’t as bad as we thought. Fast forward to where we are today, we’re essentially at the same occupancy level as we were in March of 2020. That gave us the green light for developing.” …

April 23, 2021

Development Industrial Texas

Charah Solutions to Redevelop 6,166-Acre Coal-Fired Electric Station in Grimes County, Texas

by Taylor Williams April 22, 2021

HOUSTON — A subsidiary of Kentucky-based Charah Solutions has purchased and will redevelop the 6,166-acre Gibbons Creek Steam Electric Station & Reservoir in Grimes County, located northwest of Houston. The new ownership plans to redevelop the property to support solar, battery, and energy storage uses and will work with the Texas Commission on Environmental Quality (TCEQ) to complete all environmental remediation required for the property. Richard Shields, Richard Hanson, Marissa Rose and Tommy Leblanc of Avison Young advised Charah Solutions on the deal.

April 22, 2021

Development Restaurant Retail Texas

Local Entrepreneurs Open Granary Dining, Entertainment Venue in Jarrell, Texas

by Taylor Williams April 22, 2021

JARRELL, TEXAS — A group of local entrepreneurs has opened The Granary, a food, drink and entertainment venue in Jarrell, located about 40 miles north of Austin. The Granary is a 1.1-acre site fronting Interstate 35 that is a retrofit of an existing garage and office space using old barn wood from a nearby church barn that was torn down. The venue houses multiple food trucks, outdoor seating for 200 people and a music stage that is a retrofit of an old grain truck. The owners are also looking to purchase the adjacent lot to provide additional parking.

April 22, 2021

Alabama Development Mixed-Use Multifamily Southeast

Beach Co. Breaks Ground on Apartment Community, Office Building in Huntsville

by Julia Sanders April 22, 2021

HUNTSVILLE, ALA. — The Beach Co. has broken ground on The Foundry, a mixed-use apartment community, and The Range, a commercial office building, in Huntsville. Construction on The Foundry is scheduled for completion in spring 2023, and The Range is scheduled to be completed in winter 2022. The Foundry will comprise four residential buildings offering 328 multifamily residences with studio, one- and two-bedroom floor plans and three townhome buildings encompassing 14 units. The multifamily units will range from 608 to 1,176 square feet, and the three-bedroom townhomes average 2,468 square feet. Residences at The Foundry will feature stainless appliances, designer fixtures, tile showers and backsplashes, granite counters and ceilings ranging from nine to 14 feet. Residential amenities will include a pool deck, dog park, club and fitness rooms, private parking and a bike storage room and bike shop. The Foundry will also offer approximately 9,900 square feet of commercial space throughout its campus, including a one-story, 5,500-square-foot building designated to feature multiple retail or restaurant concepts sharing a common patio space along Governors Drive. Wieland was The Foundry’s general contractor, Nashville-based Smith Gee Studio is the architect and Fifth Third Bank is the lender. The Range will offer 49,000 square …

April 22, 2021

Acquisitions Development Multifamily Southeast Virginia

IDI Group, PTM Partners to Build 318-Unit Multifamily Project in Woodbridge, Virginia

by Julia Sanders April 22, 2021

WOODBRIDGE, VA. — The IDI Group Cos., a multifamily developer based in Washington, D.C., and PTM Partners, a real estate development and investment firm, have formed a joint venture to acquire 1000 Annapolis Way in Woodbridge for a future multifamily project totaling 318 units. The $16.6 million land acquisition represents the start of the second phase of IDI’s 720-unit riverfront development. The transaction is the second deal for PTM Partners Opportunity Zone Fund II, which launched in September 2020. IDI and PTM secured a $63.8 million loan from United Bank for the project. Situated along the Occoquan River, 1000 Annapolis Way will have a mix of one-, two- and three-bedroom apartments. Community amenities will include a health and fitness center, club lounges, roof terrace, outdoor pool with sundeck and resident activities. The project will provide more housing options for those working at a nearby growing Army base less than eight miles north of the project. Leasing is expected to begin in 2022. The property has immediate access to Interstate 95 and the Virginia Railway Express and is close to Fort Belvoir, which employs more than 50,000 military, civilian, contractor and Department of Defense personnel.

April 22, 2021

Arizona Development Office Western

Trammell Crow, PGIM Complete 175,112 SF Axis Raintree Spec Office Building in Scottsdale

by Amy Works April 22, 2021

SCOTTSDALE, ARIZ. — A partnership between Trammell Crow Co. and PGIM Real Estate has completed Axis Raintree, a speculative office property in Scottsdale. Located at 8605 E. Raintree Drive, Axis Raintree offers 175,112 square feet of Class A office space across three stories and structured parking. Designed by RSP Architects and constructed by Willmeng Construction, the building is situated on five acres and features 5,000 square feet of outdoor, Wi-Fi-enabled amenity space; a 1,500-square-foot tenant lounge; and a 40-person training room. Additionally, the building features touchless entries, an air testing and monitoring system and MERV-13 filters, which meets new CDC guidelines. Axis Raintree is also in the process of achieving WELL v2 Core Certfication and a WELL Health-Safety rating. Bryan Taute and Charlie Von Arenschidlt of CBRE will handle marketing and leasing of the property.

April 22, 2021

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