SAGINAW, TEXAS — A partnership between management firm SilverPoint Senior Living and developer Journey Capital has begun construction on Edition Senior Living, a 93-unit community in Saginaw, a northern suburb of Fort Worth. The 6.1-acre property will consist of 22 independent living cottages, 54 assisted living units and 19 memory care residences. Residents will have access to resort-quality amenities, chef-prepared meals and concierge-style services. A tentative completion date was not disclosed.
BELMONT, MASS. — Apartment developer Toll Brothers Inc. has completed The Bradford, a 112-unit multifamily project that includes 38,000 square feet of retail space in Belmont, located east of Boston. The three-building complex is located at 525 Common St. near the Waverly Commuter Rail station. The Bradford’s unit mix consists of nine studios, 47 one-bedrooms and 56 two-bedrooms that are furnished with stainless steel appliances, quartz countertops and walk-in closets. Amenities include a rooftop deck with grills and fire pits, a resident lounge and a library room. Peter Quinn Architects designed the project, and Nauset Construction served as the general contractor.
BAYONNE, N.J. — German discount grocer Lidl has opened a 30,000-square-foot store within Harbor Point Marketplace in the Northern New Jersey city of Bayonne. Larry Anderson, Steve Durak and Dina Santarelli of Sabre Real Estate Advisors LLC, the national retail advisory practice of the Sabre real estate group of companies, represented Lidl in its site selection and acquisition of the land. The grand opening took place on Nov. 18.
The Dec. 7, two-part webinar “What will Salt Lake City Multifamily Activity Look Like in 2021?“, hosted by Western Real Estate Business, allowed industry experts to discuss development pipeline, investor appetite and trends in the apartment sector. Watch for an in-depth discussion from the first panel on broker/lender thoughts on pricing, timing for investment and trends in the multifamily market. The second panel is devoted to analysis from developers, covering perspectives on design, technical considerations and financial concerns. What can Salt Lake City brokers and developers expect in 2021? See below for a list of some important topics covered. Panel One: Broker/Lender Insight Valuations Equity Permanent market impacts from COVID-19 Lender underwriting Cooperation from municipalities Panel Two: Developer Insight Tenants moving into Utah Location hotspots for developers Occupancy rates Opportunity zones Unit size and style considerations Development Panel: Ronda Landa, First American Title (moderator) Ben Clifford, Keystone National Group Eli Mills, CBRE Rawley Nielsen, Colliers International/Utah Matt Gneiting, Gneiting Capital Kip Paul, Cushman & Wakefield Investment Panel: B.J. Laterveer, Dwell Design (moderator) Ben Lowe, Lowe Property Group Joe Baum, Hicap Management Stephen Alfandre, Urban Alfandre Thomas Vegh, SALT Development Marc Venegas, Orion Real Estate Partners Webinar sponsors: Gneiting Capital: …
WASHINGTON, D.C. — Stonebridge and Rockefeller Group will redevelop the Jackson Graham Building, a 400,000-square-foot office property in Washington, D.C.’s Penn Quarter district. Redevelopment costs are expected to total more than $300 million. The building currently serves as the Washington Metropolitan Area Transit Authority’s (WMATA) headquarters. The development team expects to break ground on the project in 2023, allowing WMATA to remain at the site through 2022. Upon completion, which is slated for 2025, WMATA will not return to the space. However, WMATA will continue to own the land, which Stonebridge and Rockefeller will control on a 99-year ground lease. The Jackson Graham Building has served as WMATA’s headquarters since 1974. The asset is situated at 600 Fifth St. NW, between the White House and U.S. Capitol Building. The office building will feature a rooftop deck and a penthouse conference center.
CLEVELAND — GBX Group LLC, in partnership with Ethos Capital Partners LLC, have completed the revitalization of 2125 Superior Avenue in Cleveland’s Superior Arts District. The modernized residential and retail property is now known as 2125 Superior Living. Originally built in 1914 as the home of The Prince-Wolf Co. garment factory, the property now includes 57 units. The 40,000-square-foot development features amenities such as a courtyard and dog park. Street-level retail space will be home to Green Goat, a bar and café by local restauranteur Bobby George. Residents will begin moving in this month with Green Goat slated to open in early 2021.
SUGAR LAND, TEXAS — A partnership between Houston-based Buckhead Investment Partners and Zane Segal Projects has broken ground on Arista Riverstone, a 142-unit active adult community that will be located in the southwestern Houston suburb of Sugar Land. The four-story building will border a lake and connect to the walking trails within the Riverstone master-planned development. Additional amenities will include a fitness and wellness center, a pool, multiple game rooms and lounges, conference and craft rooms, multiple dog parks, a hair and nail salon and climate-controlled storage units. San Antonio-based Gonzalez Newell Bender Architects is designing the project. Galaxy Builders Ltd., also based in San Antonio, is the general contractor, and Greystar is the leasing agent. Move-ins are slated to begin in early May, with full completion scheduled for fall 2021.
FATE, TEXAS — Tyler, Texas-based owner-operator Brookshire Grocery Co. and the City of Fate, located northeast of Dallas, have broken ground on a 66,000-square-foot grocery store for Brookshire’s FRESH concept. The public-private partnership expects to complete the project in late 2021 and to bring about 200 new jobs to the community. The store will be Brookshire’s second under the FRESH brand, with the first opening in Tyler in 2011. The concept in Tyler includes authentic Japanese ramen and Vietnamese pho counters, a taco bar, coffee bar, patio dining and onsite public spaces with live music and play areas for children.
UPPER MACUNGIE, PA. — New Jersey-based Woodmont Properties has completed the lease-up of Woodmont Ridge in Upper Macungie, located in the Lehigh Valley area. The property consists of 36 carriage homes in two-bedroom formats that feature open floor plans, modern plank floors and quartz countertops. Amenities include a pool, resident lounge, game room, theater room and a fitness center. The majority of the units also feature attached garages.
MIAMI — Royal Palm Cos. (RPC) will develop Legacy Hotel & Residences, a 50-story mixed-use building featuring 256 hotel rooms and 274 apartment units, within Miami Worldcenter. The master developer of Miami Worldcenter, Miami World Center Associates, sold the 1.5-acre plot to RPC for $33.9 million. RPC plans to break ground on the tower in early 2021. The asset will feature a business lounge, pool, a one-acre pool deck and a 100,000-square-foot wellness center. A timeline for completion was not disclosed. Robert Given, Troy Ballard and James Quinn of Cushman & Wakefield represented the seller in the land transaction. Miami Worldcenter is a $4 billion, 27-acre mixed-use development that has been delivering in phases. Assets that are currently open include RPC’s 60-story Paramount Miami Worldcenter condo tower, which opened across the street from Legacy Hotel & Residences in November 2019; and Caoba, a 444-room apartment tower. Projects currently underway and planned include a 348-room CitizenM hotel, ZOM Living’s 434-unit Bezel apartments, Hines’ 500,000-square-foot office building and MDM Group’s 1,700-room Marriott Marquis and adjacent 600,000-square-foot expo center.