Development

Trez Capital Provides $70M Construction Loan for Block 40 Multifamily Project in South Florida

by Julia Sanders March 1, 2021

HOLLYWOOD, FLA. — Trez Capital has provided a $70 million construction loan for Block 40, a high-rise multifamily project located at 1818 Hollywood Blvd. in downtown Hollywood. The community will be situated along the city’s famous Young Circle. The borrower, an entity doing business as Block 40 LLC, has begun construction. Block 40 is a 19-story project with 273 apartment units and 20,779 square feet of ground-floor retail space. The apartments will have Class A finishes, including stainless appliances, stone counters, designer cabinets, modern plumbing and light fixtures, breakfast bars, washer and dryers and patios. Community amenities will include a rooftop pool and deck, fitness center, clubroom with kitchen, concierge, valet parking, Wifi in common areas and 24 hour security. The tenants in the retail space are undecided at this time. Trez Capital provides short-term debt and equity financing usually between six months and 36 months in term, ranging from $5 million to more than $100 million in loan value. The firm has offices in Vancouver, Toronto, Montreal, Dallas, New York and Palm Beach, Fla.

March 1, 2021

Development Retail Texas

Gulf Coast Commercial Unveils Plans for 38,000 SF Retail Redevelopment Project in Houston

by Taylor Williams March 1, 2021

HOUSTON — Locally based developer Gulf Coast Commercial Group has unveiled plans for The Common, a project that will redevelop a retail strip center in one of Houston’s Opportunity Zones into a 38,000-square-foot lifestyle hub. Houston-based Schooley Design is the architect of the project, which will feature multiple retail and restaurant concepts, as well as a central common area for events. Construction is scheduled to begin in March and to be complete in the fall.

March 1, 2021

Development Healthcare Midwest Minnesota

Davis to Develop 40,000 SF Medical Office Building in Suburban Minneapolis

by Kristin Harlow March 1, 2021

BROOKLYN PARK, MINN. — Minneapolis-based Davis has been selected by Allina Health and Surgical Care Affiliates to develop and own the venture’s first ambulatory surgery center in Brooklyn Park, a northwest suburb of the Twin Cities. Davis expects to break ground in late April or early May on the two-story, 40,000-square-foot project. Allina and Surgical Care Affiliates will lease 18,000 square feet on the second floor. The project team includes Plymouth, Minn.-based Timco Construction Inc. and Minneapolis-based Synergy Architecture Studio. Completion is slated for the end of first-quarter 2022.

March 1, 2021

Development Industrial Nevada Western

Panattoni Development Breaks Ground on 138,240 SF Building to Complete North Valleys Commerce Center in Reno

by Amy Works March 1, 2021

RENO, NEV. — Panattoni Development has commenced construction of Building J, the 10th and the final building of the North Valleys Commerce Center in Reno. Located at 9575 N. Virginia Road, Building J will add 138,240 square feet of space to the park, which totals nearly 3 million square feet. Current tenants at North Valleys Commerce Center include S&S Activewear, Mary’s Gone Crackers, Mary Kay Corp. and Compass Health. The buildings at the park feature 36-foot clear heights, ESFR sprinkler systems, LED lighting, ample power, standard column spacing, divisibility, quick access to US 395 via the Steade Boulevard and Lemmon Drive interchanges and freeway visibility. CP Logistics NVCC IV LLC owns the center, which Panattoni is developing. Tectonics served as architect and Alston Construction is the builder for the project. Mike Nevis and Shawn Jaenson of Kidder Mathews are handling leasing for the project.

March 1, 2021

Development Massachusetts Multifamily Northeast

Procopio Cos. Completes 30-Unit Multifamily Building in Beverly, Massachusetts

by Taylor Williams March 1, 2021

BEVERLY, MASS. — Locally based developer The Procopio Cos. has completed the 30-unit Building B at Sedna, a 3.5-acre waterfront multifamily development in Beverly, located northeast of Boston. The 32-unit Building A opened to residents in October. Units feature one- and two-bedroom floor plans, and amenities include two rooftop terraces, a fitness center, clubroom and wine bar, pet wash station and onsite parking for residents. Rents start at $2,450 per month for a one-bedroom unit, according to Apartments.com.

March 1, 2021

Development Southeast Virginia

Partnership Purchases Land in Fredericksburg, Virginia to Develop 450,000 SF VA Outpatient Clinic

by Julia Sanders February 26, 2021

FREDERICKSBURG, VA. — Carnegie Management and Development Corp. have purchased a 48.8-acre parcel in Fredericksburg from SH-Thompson LP and JDH LLC for $8.5 million. The development teams plans to construct one of the largest Veterans Affairs (VA) facility in the United States. The property is located at 5317 Jefferson Davis Highway in southern Spotsylvania County. The new 450,000-square-foot outpatient clinic will feature 2,600 parking spaces and create more than 550 jobs. The VA will fully occupy the four-story property. Construction will begin this year and is estimated to be finished in late 2023. Jamie Scully of Cushman & Wakefield | Thalhimer represented the buyers in the transaction. Adam Nelson and Virgil Nelson, also with Cushman & Wakefield | Thalhimer, represented the sellers.

February 26, 2021

Development Florida Mixed-Use Multifamily Retail Southeast

Terra, Grass River Break Ground on Grove Central Mixed-Use Project in Miami

by Julia Sanders February 26, 2021

MIAMI — Terra and Grass River Property Co. have broken ground on a new mixed-use project in Miami called Grove Central. Located at 2780 SW 27th Court, the transit-oriented development will include a new 23-story residential tower comprising 402 market-rate, workforce and co-living units; a 1,250-space public parking garage; and approximately 170,000 square feet of retail space anchored by Target. Terra and Grass River expect to complete Grove Central in 2023. As part of a Miami-Dade County initiative to improve mass transit offerings, the project will include a new bus terminal for Miami-Dade Transit. Terra and Grass River Property entered into a 90-year ground lease with the County, which enables the partnership to build, manage and lease the property. The developers are building Grove Central in line with the City of Miami’s sustainability, efficiency and green building requirements with Gold Level certification under the National Green Building Standard (NGBS) program. Sustainability features include water-resilient plantings that will be used to absorb storm water, as well as a large cistern that will capture roof runoff or reuse. Additionally, the project includes future capacity for solar energy and battery storage. The development of Grove Central is expected to create more than 1,500 …

February 26, 2021

Development Florida Multifamily Southeast

Suffolk Opens 226-Unit Sanctuary at Doral Apartments in South Florida

by Julia Sanders February 26, 2021

DORAL, FLA. — Suffolk, a Florida-based general contractor,  has opened Sanctuary at Doral, a 226-unit apartment community located at 9400 NW 41st St. in Doral. Shoma Group selected Suffolk as the builder and MSA Architects as the designer. The development exceeds 500,000 square feet and features two five-story parking garages, two standalone retails buildings with grade parking, a three-story clubhouse, eight acres of outdoor amenities and a ground-floor pool. According to Apartments.com, Sanctuary at Doral’s rental rates range from $2,289 to $3,815 per month. Community amenities include a fitness center, sauna, spa, pool with a sundeck and cabana, playground, bike storage, walking trails, game room, Zen garden and a picnic area.

February 26, 2021

Development Hospitality Texas

Extended Stay America Opens Three Hotels Totaling 291 Rooms in Oklahoma

by Taylor Williams February 26, 2021

BARTLESVILLE, MCALESTER AND LAWTON, OKLA. — Extended Stay America (NASDAQ: STAY) has opened three hotels totaling 291 rooms in Oklahoma. Dallas-based Provident Realty Advisors owns the properties, and Plano-based Aimbridge Hospitality manages them. The properties are located in the northern city of Bartlesville, the central city of McAlester and the southwestern city of Lawton. All hotels feature fitness centers and onsite laundry facilities.

February 26, 2021

California Development Multifamily Western

Anton DevCo Breaks Ground on 205-Unit Anton Pacific Apartments in Downtown Santa Cruz

by Amy Works February 26, 2021

SANTA CRUZ, CALIF. — Anton DevCo has started construction of Anton Pacific, a 205-unit multifamily property located at the corner of Pacific Avenue and Laurel Street in downtown Santa Cruz. The development will feature 48 studio, 98 one-bedroom and 59 two-bedroom layouts, a rooftop deck, spa, fitness center and fire pits. The rooftop deck will offer fireside seating, dining areas and barbecue grills, as well as a 1,300-square-foot indoor lounge with kitchen and bar. The property will also feature 11,000 square feet of ground-floor retail space with two-story-high ceilings and outdoor patio areas to accommodate sidewalk dining. Anton Building Co. is serving as general contractor for the project, which is slated for completion in 2023.

February 26, 2021

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