Development

Omnibuild Delivers 510-Room Hyatt Place New York Chelsea Hotel in Manhattan

by Taylor Williams October 14, 2021

NEW YORK CITY — Locally based construction firm Omnibuild has delivered the Hyatt Place New York Chelsea Hotel, a 510-room property located at 140 W. 24th St. in Manhattan. Developed by Magna Hospitality Group and designed by Gene Kaufman Architects, the hotel rises 45 stories and spans 173,000 square feet. The hotel also features a glass staircase to the hotel’s mezzanine space, a second-floor terrace bar area and a guest breakfast pantry. The second-floor terrace area includes a wall opening/glass hanger door leading to the bar, which includes a retractable enclosure system to ensure year-round use.

October 14, 2021

Development New York Northeast Office

SL Green Completes Redevelopment of 640,000 SF Manhattan Office Building

by Taylor Williams October 14, 2021

NEW YORK CITY — Locally based landlord SL Green Realty Corp. (NYSE: SLG) has completed the redevelopment of 410 10th Avenue, a 640,000-square-foot office building in Midtown Manhattan. The 20-story building was originally constructed in 1927 as the Master Printer’s Building, named for its ability to support printing presses. New York-based MdeAS led the design of the redevelopment, including a lobby relocation, addition of an adjacent garden and new windows, updating of retail storefronts, a full façade restoration and a refresh of office space. During construction, the building was purchased by The 601W Cos., but SL Green continued to oversee the redevelopment.

October 14, 2021

Affordable Housing Development Loans Multifamily New York Northeast

KeyBank Provides $18.7M in Financing for Affordable Housing Project in Cohoes, New York

by Taylor Williams October 14, 2021

COHOES, N.Y. — KeyBank has provided $18.7 million in financing for Erie Point, a 40-unit affordable housing project in Cohoes, a suburb of Albany. The financing consists of $8.3 million in Low-Income Housing Tax Credit (LIHTC) equity and a $10.4 million construction loan. Half the units will be supported by an Empire State Supportive Housing Initiative to provide supportive housing for households earning 50 percent or less of the area median income (AMI). Eight units will be rented to households earning 30 percent or less of AMI, and the remaining units will be restricted to renters who make 60 percent or less of AMI. The borrower and developer of the eight-building project is The Community Builders. Kelly Frank and Ryan Olman of KeyBank structured the financing. The capital stack also includes a $2.3 million permanent loan from Community Preservation Corp.

October 14, 2021

Development Georgia Loans Mixed-Use Southeast

JLL Secures Construction Financing for $2B High Street Project in Atlanta’s Central Perimeter

by Julia Sanders October 13, 2021

ATLANTA — JLL Capital Markets has arranged a construction loan for the development of Phase I of High Street, a $2 billion, 36-acre mixed-use development along Perimeter Center Parkway in Atlanta’s Central Perimeter submarket. Ed Coco and Matt Casey of JLL arranged the loan through Bank OZK on behalf of the developer, owner and operator of the project, GID Development Group. The loan amount was not disclosed. High Street will feature approximately 150,000 square feet of retail and restaurants, 600 luxury apartments, 90,000 square feet of loft offices and 222,000 square feet of existing office space. In September, Puttshack, an entertainment-driven mini golf retailer, signed a 26,000-square-foot lease at High Street to be the first anchor tenant at the development. High Street is situated across from the Dunwoody MARTA station and is close to Ga. Highway 400 and the Interstate 285 perimeter loop. GID will break ground on the first phase of High Street this year, with completion slated for 2024. Molly Morgan, Allie Spangler, Jeff Bellamy and Claire Ross of JLL represents GID in the retail and office leasing at High Street.

October 13, 2021

Civic Development Texas

Skanska Underway on 445,000 SF Renovation, Expansion of Tarrant County College Northwest Campus

by Taylor Williams October 13, 2021

FORT WORTH, TEXAS — General contractor Skanska is underway on the 445,000-square-foot renovation and expansion of the Tarrant County College Northwest Campus in Fort Worth. Huckabee is the architect of record for the project, and Gensler is providing additional design services. Design work consists of “re-skinning” three existing buildings and constructing four new ones. This approach will expand campus programs to incorporate an early college high school, classrooms and specialty labs, visitor welcome and administration, onboarding, and fine arts, learning commons, theater, music and multifunctional spaces. Completion is slated for 2025.

October 13, 2021

Development Multifamily Single-Family Rental Texas

Banyan Residential Breaks Ground on 163-Unit Single-Family Rental Community in Kyle, Texas

by Taylor Williams October 13, 2021

KYLE, TEXAS — Los Angeles-based Banyan Residential has broken ground on Banyan Bunton Creek, a 163-unit single-family rental (SFR) community in Kyle, located in between Austin and San Antonio. Residences will feature two-car garages, fully landscaped backyards and modern interiors, and renters will have access to a pool with a splash pad and cabanas. Leasing is scheduled to begin early next year. An affiliate of Walton Street Capital is financing the project, which will be Banyan Residential’s second SFR community following the July opening of the 96-unit Banyan Kingsland Heights in Houston.

October 13, 2021

Colorado Development Industrial Western

Opus Buys 19.7-Acre Site in Metro Denver to Develop Two Spec Industrial Buildings

by Amy Works October 13, 2021

CENTENNIAL, COLO. — Opus Development Corp. has purchased a 19.7-acre land site at 7801 S. Fairway St. within the Dove Valley submarket of Centennial. Heirborn Partners sold the parcel for an undisclosed price. Opus plans to develop The Ridge at Dover Valley, a two-building speculative industrial development, at the site. The 102,877-square-foot building will offer 26 dock positions, four drive-in doors and 210 parking stalls, while the 116,524-square-foot building will offer 26 dock positions, four drive-in doors and 250 parking stalls. Both buildings will be Class A industrial facilities featuring extensive glass and architectural design elements. Completion is slated for May 2022. Opus is the developer, design-builder, architect and engineer of record for the property. Todd Witty and Daniel Close of CBRE are marketing the buildings for lease. Rick Egitto of Avison Young represented the seller, while Witty represented the buyer in the deal.

October 13, 2021

Development Illinois Industrial Midwest

Krusinski Breaks Ground on 19,000 SF Automotive Center in Joliet, Illinois

by Kristin Harlow October 13, 2021

JOLIET, ILL. — Krusinski Construction Co. has broken ground on a 19,000-square-foot automotive center for Cassidy Best-One Tire & Service in Joliet. The project will be situated within the Rock Creek Logistics Center at 3100 Channahon Road. The facility will provide truck and automobile tire work as well as general vehicle maintenance services. The project will feature 20 drive-in doors, 10 service bays and 1,000 square feet of office space. Completion is slated for early 2022. Cornerstone Architects is the architect and Jacob & Hefner Associates is the civil engineer. Ketone Partners is the developer of the project and the owner of Rock Creek Logistics Center, which is a 263-acre business park that offers direct access to I-80.

October 13, 2021

California Development Multifamily Top Stories Western

Kennedy Wilson Unveils Plans for 589-Unit Master-Planned Community in Camarillo, California

by Kristin Harlow October 13, 2021

CAMARILLO, CALIF. — Kennedy Wilson (NYSE: KW) has signed a long-term ground lease for a 32-acre parcel in Camarillo owned by California State University Channel Islands (CSUCI), with plans to build a new residential community. The master-planned project will include 310 market-rate apartments, 109 for-sale townhomes and 170 income-restricted apartments for seniors. It will also feature community-serving amenities. The project site is adjacent to the university and at the western edge of the Santa Monica Mountains. Camarillo is about 60 miles northwest of Los Angeles. The soon-to-be-named development contributes to Kennedy Wilson’s growing pipeline totaling approximately 4,700 multifamily units that are scheduled for completion by 2024. When the Camarillo project is completed, Kennedy Wilson’s global portfolio will total more than 33,000 units. “Developing this new community is an important step in our larger partnership with CSUCI and will meaningfully contribute to a region that is short on supply of high-quality apartments and homes for faculty, staff and local residents,” says Nick Bridges, managing director with Kennedy Wilson. “Many people are rethinking how and where they want to live, and we continue to see a trend of residents moving from city centers toward communities that have access to the outdoors, are …

October 13, 2021

Development Multifamily New Hampshire Northeast Seniors Housing

Edgewood Senior Solutions Breaks Ground on 190-Unit Project in Londonderry, New Hampshire

by Taylor Williams October 13, 2021

LONDONDERRY, N.H. — Massachusetts-based Edgewood Senior Solutions Group has broken ground on The Baldwin, a 190-unit continuing care retirement community (CCRC) in Londonderry, approximately 45 miles northwest of Boston. Designed by DiMella Shaffer, The Baldwin will offer amenities such as an indoor pool, fitness center, art studio and gallery, library and a woodworking shop. Construction is scheduled for a summer 2023 completion.

October 13, 2021

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