Development

Cammeby’s, Rybak to Develop 499-Unit Multifamily Property on Coney Island

by Taylor Williams December 21, 2021

CONEY ISLAND, N.Y. — A joint venture between two locally based firms, Cammeby’s International Group and Rybak Development, will build a 499-unit multifamily property on Coney Island. The property, which will house 40,368 square feet of commercial space, will be developed as part of the Neptune/Sixth mixed-use redevelopment. Units will come in one-, two- and three-bedroom formats, with 30 percent of the residences to be designated as affordable housing. Demolition work is underway at the site, and vertical construction is scheduled to begin in the second quarter of 2022.

December 21, 2021

Development Multifamily New Jersey Northeast

KRE Group, Russo Development Begin Leasing 345-Unit Apartment Community in Northern New Jersey

by Taylor Williams December 21, 2021

ROCKAWAY TOWNSHIP, N.J. — A partnership between two New Jersey-based firms, KRE Group and Russo Development, has begun leasing Rock Pointe, a 345-unit apartment community in Rockaway Township, located west of New York City in Morris County. Units come in one-, two- and three-bedroom floor plans and feature stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, tot lot, walking trails, outdoor grilling areas, fitness center, conference facility, game room, package lockers and a dog park. Rents start at $2,100 per month for a one-bedroom unit. Move-ins are slated to begin in mid-January.

December 21, 2021

Development Features Multifamily Seniors Housing

The Future of Seniors Housing is All About Lifestyle, Say InterFace Panelists

by Jeff Shaw December 21, 2021

PHILADELPHIA — Operators in the seniors housing industry have long been awaiting the incoming demographic wave of baby boomers reaching retirement age. Every day in the U.S., 10,000 people turn 65, and the number of older adults will more than double over the next several decades to top 88 million people and represent over 20 percent of the population by 2050. The oldest boomers are now 76. But this wave of customers will have very different desires than existing seniors housing residents, according to Tod Petty, chief operations officer at Lloyd Jones Senior Living. “We know demographics and psychographics are rapidly changing. Think of the success of The Villages [a famous retirement community in Florida]. They’re drawn to live their best life. It is the last hurrah for many people to be relevant.” Petty’s comments came during a panel titled “The Development Outlook: Experts Analyze the Smartest Plays for Developers in 2022” during France Media’s InterFace Seniors Housing Northeast conference. The event was held in Philadelphia on Dec. 2. Petty moderated the panel, which also included Stephen Bailey, senior vice president of new business development, Kendal Corp.; Michael Gordon, senior vice president of acquisitions and development, EPOCH Senior Living; Scott …

December 21, 2021

Development Office Texas

Partnership Opens 47-Story Texas Tower Office Building in Downtown Houston

by Taylor Williams December 20, 2021

HOUSTON — A partnership between locally based real estate giant Hines and Ivanhoe Cambridge has opened Texas Tower, a 47-story office building in downtown Houston. Designed by Pelli Clarke & Partners, the 1 million-square-foot building is already about 50 percent leased to a tenant roster that includes Hines, as well as law firms Vinson & Elkins, McGuireWoods and DLA Piper. Amenities include a full-service conference facility, fitness center and multiple terraces to maximize access to fresh air and the outdoors. Texas Tower also houses an 18,000-square-foot flexible workspace known as The Square, which is a product of Hines.

December 20, 2021

Development Multifamily Texas

KWA Construction Completes 358-Unit Truman Apartments in Arlington

by Taylor Williams December 20, 2021

ARLINGTON, TEXAS — Locally based general contractor KWA Construction has completed The Truman, a 358-unit apartment community that represents Phase II of the $250 million, 1,300-unit Arlington Commons development. Designed by JHP Architecture and developed by Nehemiah Co., The Truman features one-, two- and three-bedroom units with stainless steel appliances, granite countertops and European-style cabinetry. Amenities include a pool, fitness center, game room, coworking lounge, outdoor grilling stations and a dining room with private event space. Rents start at $1,360 per month for a one-bedroom unit.

December 20, 2021

Affordable Housing Development Multifamily Texas

Palladium USA Breaks Ground on 107-Unit Mixed-Income Housing Project in Garland, Texas

by Taylor Williams December 20, 2021

GARLAND, TEXAS — Palladium USA has broken ground on Embree Eastside, a 107-unit mixed-income housing community in Garland, a northeastern suburb of Dallas. About a quarter of the units will be rented at market rates, while the remainder will be reserved for renters earning between 30 and 60 percent of the area median income (AMI). Amenities will include a pool, dog park, walking trails, fitness center, conference room, computer lab and a kids’ playroom. HEDK is the project architect. General contractor Brownstone Construction is teaming up with the Garland Housing Finance Corp. on construction. PNC Bank provided both equity ($13.7 million) and debt ($11.2 million) for the project. The first units are scheduled to come on line in January 2023.

December 20, 2021

Acquisitions Development Florida Mixed-Use Southeast

Avison Young Arranges $105M Sale of Mixed-Use Development Site in Miami

by Julia Sanders December 20, 2021

MIAMI — Avison Young has arranged the $105 million sale of approximately three acres called Biscayne Place in Miami for a future mixed-use development. Michael Fay, John Crotty, David Duckworth, Brian de la Fe and Berkley Bloodworth of Avison Young represented the seller, Midgard Group. Joel Rodriguez of Global Investments Realty represented the buyer, Miami-based Melo Group. Construction has not started and the development timeline was not disclosed. Melo Group plans to build apartments, condominiums and retail across four 60-story towers at the Biscayne Place land site. Located within an opportunity zone at 1700 Biscayne Blvd., Biscayne Place will be situated near Miami’s Arts & Entertainment District between Biscayne Boulevard and Northeast Second Avenue. The site is currently home to a Burger King, a two-story mixed-use commercial building, parking lots and several vacant parcels.

December 20, 2021

Development Multifamily New Jersey Northeast

Accurate Builders & Developers Opens 234-Unit Apartment Community in Linden, New Jersey

by Taylor Williams December 20, 2021

LINDEN, N.J. — New Jersey-based Accurate Builders & Developers has opened Citizen Linden, a 234-unit apartment community that is located about 20 miles south of New York City in Union County. Designed by Thomas J. Brennan Architects, Citizen Linden includes 4,500 square feet of retail space and a 292-space parking garage. Units feature studio, one- and two-bedroom floor plans, and amenities include a fitness center, multiple coworking and conference rooms, a dog park, outdoor grilling and dining areas and a resident lounge with a demonstration kitchen. Rents start at $1,800 per month for a studio apartment.

December 20, 2021

Development Georgia Industrial Southeast Top Stories

Rivian Plans $5B Electric Truck Manufacturing Plant Near Atlanta

by Julia Sanders December 17, 2021

RUTLEDGE, GA. — Rivian Inc. (NASDAQ: RIVN), an Irvine, Calif.-based electric truck manufacturer, has announced plans for the East Atlanta Megasite, a $5 billion manufacturing plant about 50 miles east of downtown Atlanta. The site is located between Social Circle and Rutledge on Interstate 20, according to The Atlanta Journal-Constitution. Construction on the plant is slated to start in the summer of 2022, with plans to open by 2024. The manufacturing plant is the largest economic development in Georgia’s history, according to a press release by Georgia Governor Brian Kemp. With the new plant, Rivian says it will create approximately 7,500 jobs. The manufacturer plans to develop community engagement and workforce training programs in the area of the new plant. Additionally, Georgia Quick Start, a division of the Technical College System of Georgia and provider of workforce training, plans to build and operate a manufacturing training center. The Georgia Department of Labor also plans to assist Rivian in finding skilled employees to work at the Georgian plant. The plant could have up to 10,000 workers, which would mean the project would be the biggest car assembly project in the country, according to CNBC. The East Atlanta Megasite, which is located on nearly …

December 17, 2021

Development Hospitality Texas

Turnbridge Equities Breaks Ground on 344-Room CitizenM Hotel in Downtown Austin

by Taylor Williams December 17, 2021

AUSTIN, TEXAS — Development and investment firm Turnbridge Equities has broken ground on a 344-room hotel at 617 Colorado St. in downtown Austin that will be operated under the citizenM brand. Amenities will include a pool, fitness center and a rooftop bar. Baskervill is the architect of record for the project, and Dutch firm Concrete is handling interior design. Gilbane is the general contractor for the project, and Bank OZK provided construction financing. The opening is slated for late 2023.

December 17, 2021

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