Development

Confluent Development, Invesco Real Estate Plan 243,950 SF Industrial Park in Central Denver

by Amy Works February 26, 2021

DENVER — Confluent Development and Invesco Real Estate have unveiled plans for Central Park Business Center, an infill industrial business park located at the intersection of Interstate 70 and Central Park Boulevard. Construction is slated to start in March on the 243,950-square-foot project, located at 9575 E. 40th Ave., with delivery scheduled for fourth-quarter 2021 The industrial park will feature two Class A buildings, divisible down to approximately 20,000 square feet, with direct interstate visibility. Building One will consist of 130,900 square feet, divisible to 22,880 square feet, and Building Two will total 113,050 square feet, divisible to 19,760 square feet. Both facilities will offer front-park, rear-load design with 60-foot speed bays, dock-high and drive-in loading, 28-foot clear heights, ESFR sprinklers and a combined total of 248 parking spaces.

February 26, 2021

Development Multifamily New Jersey Northeast

KRE Group, NREA Near Completion of 68-Story Apartment Tower in Jersey City

by Taylor Williams February 26, 2021

JERSEY CITY, N.J. — Developer KRE Group and National Real Estate Advisors (NREA) are nearing completion of Journal Squared 2, a 68-story apartment tower in Jersey City that will consist of 704 units overlooking the Hudson River and downtown Manhattan. Designed by HWKN Architects, the property will offer studio, one-, two- and three-bedroom residences, including two penthouse floors, that are furnished with stainless steel appliances and quartz countertops. Residents will have access to approximately 70,000 square feet of indoor and outdoor amenity space that includes a pool, multiple lounges and coworking areas, a fitness center with a yoga studio, dog park and a sky lounge. Leasing is set to begin in March. The first residential building at Journal Squared consists of 538 units in a 53-story building.

February 26, 2021

Development Mixed-Use Multifamily Office Retail Southeast Tennessee

SomeraRoad to Develop $200M Paseo South Gulch Towers in Nashville

by Julia Sanders February 25, 2021

NASHVILLE, TENN. — SomeraRoad, a commercial real estate investment and development company, is developing a mixed-use project known as Paseo South Gulch in Nashville. The $200 million property will be located at 620 Eighth Ave. S. The property’s 16-story tower 1 is expected to be finished by 2023, and the 20-story tower 2 is expected to be completed by 2024. The two towers will total 608 residential units. Between the high rises, there will be 18,000 square feet of office space and 14,000 square feet of new retail space. The base of the towers blends with the original Voorhees Building and former Antiques Mall. SomeraRoad plans to refurbish the original bow truss roof and brick façade of the Antiques Mall, which will open in March. The development company also plans to update the Voorhees Building with all new windows, elevators and building systems, as well as a glass rooftop addition. The building is expected to open in June. SomeraRoad partnered with ESa, Hawkins Partners, Manuel Zeitlin Architects and Kimley-Horn on the design front, as well as Cushman & Wakefield and Ojas Partners for office and retail leasing, respectively.

February 25, 2021

Development Mixed-Use Multifamily North Carolina Retail Southeast

Jamestown, Grubb Ventures Break Ground on $150M Raleigh Iron Works Mixed-Use Project in Raleigh

by Julia Sanders February 25, 2021

RALEIGH, N.C. — Jamestown and Grubb Ventures have started construction on the first phase of Raleigh Iron Works, a new mixed-use development with nearly 500,000 square feet of creative office space, 90,000-plus square feet of retail and 220 new residential units. The property will be located in Raleigh’s Five Points, Person Street and Mordecai neighborhoods. Brasfield & Gorrie is part of the construction team. Located at 2200 Atlantic Ave., Raleigh Iron Works was designed with a mix of shopping, dining, wellness, event and outdoor spaces. The first phase of the project includes the renovation of the historic Peden Steel mills and warehouses into office and retail spaces, along with the construction of a new seven-story multifamily residential building. The office, retail and residential components are expected to open in 2022. The 18-acre property’s first phase will include a structured parking deck of just under 700 spaces as well as 115 surface slots sitewide, and there is a planned greenway connection. The property will feature flexible seating for informal gatherings, outdoor dining, public art and events.

February 25, 2021

Affordable Housing Colorado Development Multifamily Western

Overland Property Group, The Dinerstein Cos. Plan 525 Apartment Units at Gateway Landing in Denver

by Amy Works February 25, 2021

DENVER — Equity Ventures Commercial Development and Wall Development Group have announced plans for 525 affordable and market-rate apartments to the Gateway Landing, the partnership’s 34-acre mixed-use development in Denver’s Green Valley Ranch. The newly announced residential units, located at the northeast quadrant of Green Valley Ranch and Peña boulevards, will be developed through partnerships with Overland Property Group (OPG) and The Dinerstein Cos. (TDC). The Reserves at Green Valley Ranch by OPG will offer 216 affordable apartment units in a mix of one-, two- and three-bedroom units. Amenities will include a 7,500-square-foot clubhouse, 24/7 fitness center, movie theater, game room, indoor and outdoor fireside rooms, and a business center. TDC will deliver Millennium Green Valley Ranch, a seven-building, market-rate multifamily complex. Developed to accommodate the regional workforce, the 312-unit community will offer apartments with nine-foot ceilings, stainless steel appliances, dual-bath vanities, full-size washers/dryers, flat-front cabinets, granite countertops, modern lighting fixtures, custom finishes, private balconies and keyless entries. Community amenities will include a resort-style pool and spa with poolside cabanas, an outdoor kitchen area, landscaped courtyards, fitness center, resident lounges, clubhouse, business center, wireless internet access, bike storage and an automated parcel system. At build-out, Gateway Landing will offer residential, …

February 25, 2021

Development Industrial Texas

Gap to Open $140M Distribution Center in Longview, Texas, Create 500 Jobs

by Taylor Williams February 25, 2021

LONGVIEW, TEXAS — Gap Inc. (NYSE: GPS) will open a $140 million distribution center in Longview, located about 120 miles east of Dallas, to meet rising demand for its online shopping business. The new facility will span approximately 850,000 square feet. Construction is set to begin in April with plans for the center to be fully operational by August 2022. The San Francisco-based apparel retailer expects that the move will add about 500 new jobs to the local economy, a figure that could grow to more than 1,000 full-time jobs over the next five years. Additionally, Gap expects to create more than 1,000 part-time and seasonal jobs by 2026. According to local news station KLTV, this will be the first ground-up distribution center that Gap has built in 20 years.

February 25, 2021

Development Multifamily Texas

High Street Residential Breaks Ground on 370-Unit Montgomery Apartments in Allen, Texas

by Taylor Williams February 25, 2021

ALLEN, TEXAS — High Street Residential, a subsidiary of Trammell Crow Co., has broken ground on The Montgomery, a 370-unit apartment community in the northeastern Dallas suburb of Allen. Units will be available in one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, dog park, business center, micro-market and a resident clubroom, as well as outdoor space for exercise and other activities. High Street is developing the project, completion of which is slated for the fourth quarter of 2022, in a joint venture with Principal Real Estate Investors. JHP Architecture is designing the development. Andres Construction will serve as general contractor.

February 25, 2021

Development Industrial New Jersey Northeast

J.G. Petrucci Underway on 1 MSF Spec Industrial Project in Logan Township, New Jersey

by Taylor Williams February 25, 2021

LOGAN TOWNSHIP, N.J. — J.G. Petrucci Co. is underway on construction of Building A at Port Logistics Center at Logan, in Logan Township, located outside of Philadelphia in Gloucester County. The 1 million-square-foot building is part of a larger speculative industrial project that will eventually consist of four buildings totaling 1.9 million square feet across 190 acres. The first and largest building is scheduled to be complete in late 2021. CBRE has been tapped to lease the development.

February 25, 2021

Development Industrial New Jersey Northeast

Elberon, Fidelco to Develop 140,000 SF Cold Storage Facility in Northern New Jersey

by Taylor Williams February 25, 2021

ELIZABETH AND NEWARK, N.J. — A partnership between two New Jersey-based firms, Elberon Development Group and Fidelco Realty Group, will develop a 140,000-square-foot cold storage facility in Northern New Jersey. The property will be located on a 7.8-acre site within the port submarket on the border of Newark and Elizabeth and will be a build-to-suit for FreezPak Logistics. Michael Klein, Jon Mikula and Max Custer of JLL arranged a $34 million construction loan through a correspondent insurance company on behalf of the development team. A construction timeline was not disclosed. The facility will be FreezPak’s fifth in New Jersey and will feature 10.5 million cubic feet of space, 18 docks and 30,000 pallet positions.

February 25, 2021

Development Multifamily New Jersey Northeast Seniors Housing

Joint Venture Completes 35-Unit Multifamily Project in East Rutherford, New Jersey

by Taylor Williams February 25, 2021

EAST RUTHERFORD, N.J. — A joint venture between Diversified Properties and North Jersey Builders Group has completed construction of 480 Flatz, a 35-unit multifamily project in the Northern New Jersey community of East Rutherford. Units feature two- and three-bedroom floor plans and are furnished with granite countertops, stainless steel appliances and individual washers and dryers. Project partners included Thomas J. Brennan Architects, MCB Engineering Associates and Morris Construction Management. Kearny Bank provided construction financing.

February 25, 2021

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