Development

CGI+ Real Estate Strategies to Construct Mixed-Use Development on Los Angeles’ Miracle Mile

by Amy Works October 20, 2021

LOS ANGELES — CGI+ Real Estate Strategies has received full entitlements to develop a hotel, multifamily and retail mixed-use project at the intersection of Wilshire Boulevard and La Brea Avenue in Los Angeles’ Miracle Mile district. Located at 639 S. La Brea Ave., the eight-story, transit-oriented property will feature a 125-key hotel, 121 residential rental units and 13,000 square feet of street-level and rooftop restaurant space. The boutique-style hotel will offer rooms ranging in size from 320 square feet to 415 square feet, as well as two top-floor guest suites as large as 1,200 square feet. Hotel amenities will include a 3,500-square-foot event space, a layered rooftop guest deck and a swimming pool. The residential component will offer a mix of one-, two- and three-bedroom floorplans with 18 units set aside for extremely low-income households and one for a moderate-income household. Each apartment will feature hardwood floors, in-unit washers/dryers and home automation controls for security and climate, as well as one-touch access to neighborhood services. Community amenities will include a fitness center, rooftop deck with interactive lounge spaces and pool, and a bicycle storage area. Morris Adjmi is serving as architect and interior designer for the development, which is the …

October 20, 2021

Affordable Housing Development Multifamily Northeast Pennsylvania Seniors Housing

Tryko Partners to Develop 46-Unit Affordable Housing Project in Pittsburgh

by Taylor Williams October 20, 2021

PITTSBURGH — New Jersey-based Tryko Partners will develop Cedarwood Homes, an age-restricted affordable housing project that will be located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the units will be reserved for renters earning 60 percent or less of the area median income. The Pennsylvania Housing Finance Agency has awarded a 9 percent Low-Income Housing Tax Credit to fund the project. Completion is slated for late 2023.

October 20, 2021

Arizona Development Multifamily Western

Greenlight Communities, Holualoa Cos. to Develop 288-Unit Cabana Bridges Apartments in Tucson

by Amy Works October 20, 2021

TUCSON, ARIZ. — Scottsdale-based Greenlight Communities and Holualoa Cos. are developing Cabana Bridges, an apartment property located within the 350-acre Bridges mixed-use development in Tucson. Greenlight acquired the land site in early October for $3.4 million and plans to start construction in the upcoming weeks. The $50 million Cabana Bridges is slated to welcome its first residents in January 2023. The community will feature 288 apartments, contemporary appliances and kitchen finishes, luxury vinyl tile, a co-working lounge and fitness center, as well as access to smart-home technology.

October 20, 2021

Development Healthcare Texas

CBK Interests, Saber Street Break Ground on 126,113 SF Medical Office Building in West Houston

by Taylor Williams October 19, 2021

HOUSTON — A partnership between two locally based boutique real estate firms, CBK Interests and Saber Street, has broken ground on the Kelsey-Seybold Clinic — Memorial Villages, a build-to-suit project for Houston-based provider Kelsey-Seybold. The project includes a 126,113-square-foot medical office building and a seven-story parking garage. Kirksey Architecture provided design and engineering services for the project, and Tellepsen has been selected as the general contractor. First Horizon Bank provided construction financing. Completion is slated for July 2022.

October 19, 2021

Development New Hampshire Northeast Office

Kane Co. Completes 91,000 SF Office Building in Portsmouth, New Hampshire

by Taylor Williams October 19, 2021

PORTSMOUTH, N.H. — Locally based development and investment firm The Kane Co. has completed construction of a 91,000-square-foot office building at 145 Maplewood Ave. in Portsmouth, located in the southern coastal part of the Granite State. New Hampshire-based firm PROCON handled design and construction of the project, which includes ground-floor retail space. Tenants include Heinemann Publishing, Steward Partners and Sentient Decision Science.

October 19, 2021

Development Multifamily New Jersey Northeast

CHA Partners Breaks Ground on 66-Unit Multifamily Project in Wharton, New Jersey

by Taylor Williams October 19, 2021

WHARTON, N.J. — Locally based developer CHA Partners has broken ground on a 66-unit multifamily project that will include 7,800 square feet of retail space in Wharton, about 40 miles west of New York City. The property will feature one-, two- and three-bedroom units and amenities such as a lobby with a coffee and beverage station, lounge seating areas and electric vehicle charging stations. The first units are expected to be available for occupancy next summer.

October 19, 2021

Acquisitions Arizona Development Mixed-Use Top Stories Western

Howard Hughes Corp., Jerry Colangelo Buy 37,000 Acres in Phoenix for Massive Douglas Ranch Mixed-Use Project

by John Nelson October 19, 2021

PHOENIX — The Howard Hughes Corp. (NYSE: HHC) and local business magnate Jerry Colangelo are partnering to develop Douglas Ranch, a large-scale, master-planned community in Phoenix. HHC and Colangelo have purchased 37,000 acres for the project in Phoenix’s West Valley region for $600 million. Upon full buildout, Douglas Ranch will comprise 100,000 homes for 300,000 residents, as well as 55 million square feet of commercial development. The partnership plans to launch residential lot sales at Douglas Ranch in the first half of 2022. “We are creating a city of the future — leveraging HHC’s development expertise to build a community with limitless potential to spur growth, business expansion, economic opportunity and innovation,” says Colangelo, a longtime Phoenix resident and former owner of the Phoenix Suns NBA franchise. The land sellers, locally based JDM Partners and Scottsdale-based El Dorado Holdings, will remain as joint venture partners for Douglas Ranch’s first phase, which is a 3,000-acre village called Trillium located in the city of Buckeye. Colangelo is a partner at JDM Partners, along with David Eaton and Mel Shultz. The firm is one of the largest owners of entitled land in Arizona. HHC and Colangelo are launching Douglas Ranch to tap into …

October 19, 2021

Development Features Multifamily Student Housing

Student Housing Supply, Demand Reach Healthy Balance

by Jeff Shaw October 19, 2021

There are 11 university markets set to add 1,000 or more student housing beds this year, according to data from RealPage. The Richardson, Texas-based research firm tracks new construction, rental rates and leasing activity in 175 core university markets for its student housing data. Overall, RealPage reports that approximately 42,000 new purpose-built student housing beds will deliver in 2021, which falls into the firm’s normal supply growth range of 40,000 to 50,000 beds annually. Carl Whitaker, senior manager of market analytics at RealPage, says that figure is an encouraging sign given the uncertainty and disruptions of the past year from the COVID-19 pandemic. “That 42,000-bed number was about what we hoped to see,” says Whitaker. “The pandemic was so sudden that developers that were looking to build in 2021 had gotten just far enough down the planning process that they went ahead and proceeded as if it was a normal year.” In Walker & Dunlop’s annual year-end student housing report (2020), the Bethesda, Maryland-based firm found that 38,036 student housing beds will come on-line in 2021, which is a 27 percent decrease from 2020. For both 2020 and 2021, the Southeastern United States is dominating in terms of new student …

October 19, 2021

Affordable Housing Development Multifamily Oregon Western

Ethos Development Breaks Ground on 73-Unit Shift Apartments in Portland

by Amy Works October 18, 2021

PORTLAND, ORE. — Ethos Development has broken ground for the construction of Shift Apartments, a five-story multifamily property located in Portland’s Overlook neighborhood. The 43,000-square-foot, transit-oriented community will feature 73 apartments in a mix of lofts, one-, two- and three-bedroom layouts affordable to residents earning 60 percent of area median income. Shift will also feature 22 market-rate micro-studios. On-site amenities will include a gym, community room and roof deck. Works Progress Architecture is serving as architect and O’Brien & Co. is serving as general contractor for the project. Shift Apartments is located one block from Nomad, a 130-unit apartment community completed by Ethos in December 2020.

October 18, 2021

Development Midwest Missouri Multifamily

Cordish Breaks Ground on $140M Luxury Apartment Project in Kansas City’s Power & Light District

by Kristin Harlow October 18, 2021

KANSAS CITY, MO. — The Cordish Cos. has broken ground on Three Light Luxury Apartments, a $140 million apartment complex in the heart of Kansas City’s Power & Light District. Three Light is the third apartment property to be built in the area, following One Light and Two Light, which are 97 percent occupied. Three Light will rise 26 stories with 288 units. The project will also include a seven-story parking garage and 7,600 square feet of ground-floor retail space. More than 30,000 square feet of amenities will include an exterior deck, infinity pool, entertainment kitchen, theater room, fitness center, business center, valet dry cleaning and coworking areas. Completion is slated for September 2023. More than 20 percent of the units in Three Light will be priced for residents who earn up to 80 percent of the area median income. The project team includes JE Dunn Construction, Hord Coplan & Macht, RD Jones + Associates and Selbert Perkins Design. The project was first announced in April.

October 18, 2021

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