Development

Landmark, W5 Group Break Ground on 464-Bed Student Housing Community Near University of Florida

by Julia Sanders October 11, 2021

GAINESVILLE, FLA. — Landmark Properties and W5 Group have broken ground on The Metropolitan at Gainesville, a 464-bed student housing development near the University of Florida’s (UF) main campus. Construction will start before the end of the year and is slated for completion ahead of the 2023-24 school year. Athens, Ga.-based Landmark will develop and operate the property. The W5 Group is a joint venture partner and investor in The Metropolitan at Gainesville. Served by a campus shuttle to UF, The Metropolitan will include 169 units, with each bedroom having its own private bathroom. The property’s units will also include electrical appliances, washers and dryers and vinyl flooring. Located at 2205 S. W. 13th St., community amenities will include a pool, fitness center, study lounge, jumbotron and high-speed wireless internet. There will also be 399 parking spaces and 142 scooter parking spaces available onsite. Most recently, Landmark and W5 Group completed The Retreat East, a student housing community in Orlando serving University of Central Florida students.

October 11, 2021

California Development Multifamily Student Housing Western

HighBridge Properties Opens 706-Bed Student Housing Community Near the University of California, Davis

by Amy Works October 8, 2021

DAVIS, CALIF. — HighBridge Properties has opened The Ryder on Olive, a 706-bed student housing community located near the University of California, Davis. The 260,000-square-foot, LEED Gold-certified property offers a mix of two-, three-, four- and five-bedroom, fully furnished units. Shared amenities include a fitness center, yoga room, study areas, game rooms, a swimming pool, karaoke room, dog park and a 24-hour micro-market offering food and drinks. The project’s development team included partner Grand Peaks Development; general contractor Brown Construction; Humphreys & Partners Architects; and SouthPark Interiors. Asset Living manages the community.

October 8, 2021

Arizona Development Retail Western

Vestar to Develop $90M of Spec Retail Projects in Metro Phoenix

by Amy Works October 8, 2021

QUEEN CREEK AND PEORIA, ARIZ. — Vestar has unveiled plans to develop three speculative retail projects, totaling 465,000 square feet in Queen Creek and Peoria. With a combined construction cost of nearly $90 million, construction is slated to begin in late 2021 through early 2022. Queen Creek Crossing in Queen Creek is a planned 31-acre property featuring 300,000 square feet of retail space. Groundbreaking is scheduled for June 2022, with opening planned in March 2023. Costco will anchor the property, located at the northwest corner of Ellsworth and Queen Creek roads. Vineyard Towne Center, also in Queen Creek, will feature 75,000 square feet of retail for the first phase of the 23-acre development. Located at the northwest corner of North Gantzel and West Combs roads. Construction is slated to begin in first-quarter 2022 with completion scheduled for year-end. The Shops at Lake Pleasant in Peoria will feature 90,000 square feet of retail space on 26 acres at the intersection of Happy Valley Road and Lake Pleasant Parkway. The development is slated to open in late 2022.

October 8, 2021

Development Hospitality Loans Multifamily Utah Western

George Smith Partners Arranges $35.2M Construction Loan for Hotel-to-Multifamily Conversion in Salt Lake City

by Amy Works October 8, 2021

SALT LAKE CITY — The Davies Group at Los Angeles-based George Smith Partners has secured $35.2 million in construction financing for the first phase of a hotel-to-multifamily conversion project in downtown Salt Lake City’s The Granary District. The five-acre site features two landmark towers. The first phase of renovation includes the transformation of the property’s south tower into a 184-unit multifamily asset with boutique-style amenities. The planned future phase includes the adaptive reuse of the property’s north tower. The land site offers 2.7 acres of excess developable land, creating an opportunity for future mixed-use infill development. Malcolm Davies, Zack Streit, Drew Sandler, Alexander Rossinsky, Aiden Moran, Brandon Asherian and Ben Tracy of The Davies Group sourced the financing on behalf of the undisclosed sponsor.

October 8, 2021

Development Mixed-Use Multifamily Retail Southeast Tennessee Top Stories

Joint Venture Breaks Ground on $263M River North Mixed-Use Project in Nashville

by Julia Sanders October 8, 2021

NASHVILLE, TENN. — MRP Realty and Creek Lane Capital have broken ground on Phase I of River North, a 1.3 million-square-foot, master-planned, mixed-use project located along the Cumberland River in Nashville. The development cost for Phase I is $263 million. JLL brokered a $160 million construction loan for Phase I. Phase I will feature 817,070 square feet of development, including 651 apartment units, 78,000 square feet of office space and approximately 80,000 square feet of retail space spread across four buildings on the riverfront site. Phase I is slated for completion by 2023. River North is being developed on 13 acres of land in a designated Opportunity Zone across the river from Germantown, a historic district with restaurants, retailers and the Tennessee State Museum. The site was previously the location of a rail yard and shipping terminal, so the developers plan to incorporate restored warehouses and modern industrial finishes into the design of the project. A timeline for completion of all phases was not disclosed. “It’s a great opportunity for MRP to be underway on a project of such magnitude in one of Nashville’s most exciting submarkets,” says Bob Murphy, managing principal of MRP Realty. “We’ve also had the opportunity …

October 8, 2021

Development Healthcare Life Sciences Office Texas

Partnership Breaks Ground on 270,000 SF Life Sciences Building in Houston

by Taylor Williams October 8, 2021

HOUSTON — A partnership between Chicago-based investment firm Harrison Street, 2ML Real Estate Interests and local developer Hines has broken ground on a 270,000-square-foot life sciences building in Houston. The building, which represents the first phase of the Levit Green mixed-use development, is located on a 53-acre site adjacent to Texas Medical Center. Additional uses at Levit Green will include retail, residential and office space. DE Harvey Builders is the general contractor for the project, which is slated for a fourth-quarter 2022 delivery. JLL is marketing the space for lease.

October 8, 2021

Development Industrial Midwest Missouri

Opus Breaks Ground on 847,475 SF Industrial Build-to-Suit for Hallmark in Liberty, Missouri

by Kristin Harlow October 8, 2021

LIBERTY, MO. — The Opus Group has broken ground on Liberty Heartland Logistics Center in Liberty, a suburb just northwest of Kansas City. The first building is an 847,475-square-foot build-to-suit for Hallmark Cards Inc. The project will feature a clear height of 40 feet, 48 dock doors, two drive-in doors, 150 trailer parking spots and 450 vehicle parking spots. This will be Hallmark’s second distribution center in Liberty and will be situated less than one mile from its current facility. Completion is slated for February 2023, at which time Hallmark anticipates more than 1,200 full-time employees working between its two centers. Opus also plans to build two additional speculative buildings at Liberty Heartland Logistics Center that will span 572,000 and 239,000 square feet. Opus is the developer, design-builder, interior designer, architect and engineer. Mark Long, John Hassler and Scott Bluhm of Newmark Zimmer are marketing Buildings B and C for sale or lease. The Missouri Department of Economic Development collaborated with project partners.

October 8, 2021

Development Industrial Kansas Midwest

Contegra Construction Completes Two Distribution Centers Totaling 919,080 SF in Kansas City

by Kristin Harlow October 8, 2021

KANSAS CITY, KAN. — Contegra Construction Co. has completed two additional industrial buildings at NorthPoint Development’s Turner Logistics Center in Kansas City. The two distribution centers total 919,080 square feet. Building II spans 543,544 square feet and features 54 dock doors, four drive-in ramps, 284 car parking stalls and 137 trailer stalls. Building III totals 375,536 square feet and offers 37 dock doors, two drive-in ramps and 371 parking spaces. Both buildings feature clear heights of 36 feet. The 250-acre industrial park is now home to three buildings, the first of which totals 408,000 square feet.

October 8, 2021

Development Industrial Midwest Ohio

Stotan Industrial Unveils Plans to Develop 640,640 SF Spec Facility in Suburban Columbus

by Kristin Harlow October 8, 2021

GROVEPORT, OHIO — Chicago-based Stotan Industrial and its joint venture partners LaSalle Investment Management and CA Industrial have acquired a 47-acre site in Groveport with plans to build a 640,640-square-foot speculative facility. The partnership acquired the land on Hayes Road from Sunshine and Smooch LLC. Development plans call for 60 dock doors, 154 trailer spots, 310 car parking spots and a clear height of 36 feet. CBRE’s Rick Trott represented Stotan in the land purchase and has been retained as the project’s leasing agent. Stotan, a private investment firm specializing in the acquisition and development of industrial properties, was launched earlier this year.

October 8, 2021

Development Multifamily Northeast Pennsylvania

GMH Communities Begins Leasing 225-Unit Apartment Community in Malvern, Pennsylvania

by Taylor Williams October 8, 2021

MALVERN, PA. — Metro Philadelphia-based developer GMH Communities has begun leasing The Yards at Malvern, a 225-unit apartment community located on the western outskirts of Philadelphia. The property features studio, one- and two-bedroom units that are furnished with stainless steel appliances, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, conference room, courtyard, golf simulator, bocce ball court and a package locker system. GMH Communities developed The Yards at Malvern in a joint venture with AEW Capital Management LP. Rents start at approximately $1,500 per month for a studio unit.

October 8, 2021

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