Development

Chandler-Corporate-Center-II-Chandler-AZ

VanTrust Completes Construction of 118,000 SF Chandler Corporate Center II in Arizona

by Amy Works January 8, 2021

CHANDLER, ARIZ. — VanTrust Real Estate has completed the construction of Phase II at Chandler Corporate Center in Chandler. Situated on 12 acres at 4100 W. Chandler Blvd., the 118,000-square-foot speculative office building complements the property that was developed in the first phase. The first-phase building was leased to Allstate Insurance and subsequently sold to Strategic Office Partners in 2019. Designed by Butler Design Group of Phoenix, the building features a two-story glass entrance, 58,000-square-foot floor plates and an abundance of glass. Stevens-Leinweber Construction served as general contractor for the project, which Colliers International is marketing for lease.

January 8, 2021

Development Multifamily Texas

Fein Opens 332-Unit Canopy at Springwoods Village Apartments in Metro Houston

by Taylor Williams January 7, 2021

SPRING, TEXAS — Multifamily development and management firm Fein has opened Canopy at Springwoods Village, a 332-unit apartment community located within the $10 billion Springwoods Village mixed-use development in the northern Houston suburb of Spring. Designed by Steinberg Dickey Collaborative and built by Westchase Construction, the property offers one-, two- and three-bedroom units ranging in size from 552 to 1,705 square feet. Units are furnished with wood-style flooring, stone countertops, tile backsplashes, stainless steel appliances and individual washers and dryers. Amenities include a clubhouse with billiards and ping pong tables, a fitness center with yoga and spin studios, golf simulator room, library, conference room and a pool with sun shelves and cabanas. Residents also have access to a 1.5-acre lake with surrounding walking trails. Rents start at roughly $1,000 per month for a one-bedroom unit.

January 7, 2021

Development Multifamily Texas

Convexity Properties Begins Leasing 330-Unit Multifamily Tower in Dallas

by Taylor Williams January 7, 2021

DALLAS — Convexity Properties has begun leasing Eastline Residences, a 28-story multifamily tower located at 6050 N. Central Expressway in the Park Cities neighborhood of Dallas. Units come in studio, one-, two- and three-bedroom floor plans and feature 10-foot ceilings and private balconies. Amenities include a rooftop pool with tanning ledges and cabanas, a sky lounge with seating areas and event spaces, a fitness center with indoor and outdoor yoga decks and 15,000 square feet of ground-floor retail space. Chicago-based Convexity delivered the 330-unit community in 2020, and move-ins are scheduled to begin in February. Information on starting rents was not disclosed.

January 7, 2021

Acquisitions Development Multifamily Southeast Virginia

Capital Square, Greystar Acquire Land in Richmond to Develop 350-Unit Multifamily Community

by Alex Tostado January 7, 2021

RICHMOND, VA. — Capital Square and Greystar have acquired 2.3 acres in Richmond’s Scott’s Addition neighborhood to develop a 350-unit multifamily community. The six-story complex will be situated within an opportunity zone and is expected to feature 380 parking spaces and 15,000 square feet of ground-level retail space. Capital Square is raising capital through CSRA/GS Opportunity Zone V LLC, a $32.4 million project-specific opportunity zone fund. The property will be located at 1601 Roseneath Road, three miles northwest of downtown Richmond. A timeline for completion was not disclosed. This is Capital Square’s fourth project in the Scott’s Addition opportunity zone.

January 7, 2021

Affordable Housing Development District of Columbia Loans Multifamily Southeast

DCHFA Provides $25.4M Construction Financing for Affordable Housing Community in D.C.

by Alex Tostado January 7, 2021

WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided $17.7 million in tax-exempt bond financing and $7.7 million in 4 percent Low-Income Housing Tax Credits (LIHTC) for the preservation of Ritch Homes Apartments in Washington, D.C. Residents at the property exercised their right under the Tenant Opportunity to Purchase Act (TOPA) to obtain the property. Affordable housing developers Standard Communities and Housing on Merit will renovate the property’s 42 units and add four units to the building’s lower level. The co-developers expect the renovation project to cost $30.5 million. Of the existing units, 37 will be reserved for those earning 60 percent of the area median income (AMI) and five will be reserved for those earning 30 percent of AMI. The four new units will be for residents earning 80 percent of AMI. Renovations will include updated kitchens and bathrooms, as well as new flooring and appliances. Communal amenities will include a fitness center, business center, new flooring, new lighting and a new key fob entry system. Ritch Homes Apartments was originally built in 1920. It is situated at 1420 R St., in D.C.’s Ward 2 neighborhood and one mile north of downtown D.C.

January 7, 2021

Acquisitions Development Life Sciences Massachusetts Northeast Office Top Stories

BioMed Realty Acquires Former John Hancock Building in Boston, Plans Life Sciences Conversion

by Alex Tostado January 7, 2021

BOSTON — BioMed Realty has acquired the former headquarters of John Hancock Life Insurance Co. in Boston and plans to convert the 14-story building into a life sciences facility. The building, which is located at 601 Congress St. in the Seaport District, features floor plates ranging from 19,000 to 50,000 square feet, 11 elevators, 14-foot ceilings on the second and third floors, 12-foot ceilings on the fifth through 14th floors, a fitness center, six-story atrium, two rooftop decks, conference center and a café. The property has sat vacant since 2018 when John Hancock consolidated its Boston offices to its building in the Back Bay district. BioMed, a Blackstone subsidiary, acquired the 485,000-square-foot property from an affiliate of Manulife Investment Management for an undisclosed price. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark brokered the deal. BioMed says the building is ideal for the planned conversion due to its mechanical and structural infrastructure, collaborative meeting areas and strong visual identity. BioMed is yet to select a general contractor for the conversion project, which the San Diego-based company expects to deliver in the second half of 2022. The Seaport District is situated along the Boston Main Channel and is …

January 7, 2021

Development Maryland Mixed-Use Southeast

Weller Development to Break Ground on Next Phase of Port Covington in Baltimore

by Alex Tostado January 6, 2021

BALTIMORE — Weller Development Co. plans to break ground on what it calls Chapter 1B of Port Covington in Baltimore in February. The development team, which also includes Goldman Sachs and Sagamore Ventures, received $650 million in financing for this phase, including $137 million in tax increment financing (TIF) bonds. In conjunction with the closings, the Port Covington development team funded more than $9 million to the South Baltimore 7 Coalition as part of its Community Benefits Agreement (CBA), which is the largest CBA payout in the history of Baltimore. The latest phase will comprise five buildings totaling 1.1 million square feet that is expected to start delivering in late 2022. The planned buildings in Chapter 1B include: Building E1: 162 residential units and 40,000 square feet of retail space; Building E5A: 212,000 square feet of office space and 9,500 square feet of retail space; Building E5B: 40 residential units, 81 extended stay rooms and 6,000 square feet of retail space; Building E6: 254 residential units and 16,000 square feet of retail space; and Building E7, dubbed Rye Street Market: 228,000 square feet of office space and a 45,000-square-foot retail market. In addition, 89 of the residential units in Chapter …

January 6, 2021

Affordable Housing Development Loans Louisiana Multifamily Southeast

Millenia Cos. Receives $27.5M Loan to Redevelop Affordable Seniors Housing Community in New Orleans

by Alex Tostado January 6, 2021

NEW ORLEANS — The Millenia Cos. has received a $27.5 million construction loan to redevelop Peace Lake Towers, a 131-unit affordable seniors housing community in New Orleans’ Read Boulevard West neighborhood. Upon completion, the property will offer renovated one-bedroom floor plans and communal amenities such as a community center, arts activity space, library, computer lab and a fitness room. The renovations will also include upgraded heating, cooling and electrical systems; a new roof, windows and doors; and eco-friendly appliances. Cleveland-based Millenia expects to begin renovations soon and complete the project in roughly 14 months. Crews will renovate vacant units first and relocate households onsite as the construction is completed in phases. Residents will pay 30 percent of their income toward rent, and rent will remain affordable for at least 20 years by a federal project-based Section 8 contract. Redstone Federal Credit Union provided the construction loan, and Netherlands-based Aegon is the syndicated lender. Additionally, Louisiana Housing Corp. issued bond and tax credits for the project, and the U.S. Department of Housing and Urban Development (HUD) and the City of New Orleans both provided financing. Marous Brothers Construction is serving as the general contractor, Hooker DeJong Inc. is the architect and Millennia Housing …

January 6, 2021

Development Industrial Texas

HPI Real Estate to Develop 1.6 MSF Crossroads Logistics Center in Austin

by Taylor Williams January 6, 2021

AUSTIN, TEXAS — Austin-based HPI Real Estate Services & Investments will develop Crossroads Logistics Center, a 1.6 million-square-foot industrial project that will be located east of Parmer Lane between U.S. Highway 290 and State Highway 130 in Austin. The project will be developed across four phases, with the first phase consisting of three cross-dock buildings totaling 483,840 square feet. Delivery of Phase I is scheduled for the fourth quarter of 2021. Project partners include David Bessent Architects and Jamison Civil Engineering.

January 6, 2021

Development Florida Hospitality Southeast

HG Management Opens 110-Room TownePlace Suites Hotel in Orlando

by Alex Tostado January 6, 2021

ORLANDO, FLA. — HG Management affiliate 51 Columbia Hotel Property LLC has opened TownPlace Suites by Marriott, a 110-room hotel in Orlando’s South Orange district. The hotel offers studio and one-bedroom suites with fully equipped kitchens, flat-screen TVs and work areas. Hotel amenities include a pool, 24-hour fitness center, meeting room, laundry facilities, Wi-Fi and a business center. The asset is situated at 51 Columbia St., one mile south of downtown Orlando. Naples, Fla.-based Naples Hotel Group will manage the property.

January 6, 2021

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