Development

Element-by-Westin-Mission-Valley-San-Diego-CA

SAN DIEGO — Driftwood Capital has obtained $37.9 million in construction financing for the development of Element by Westin Mission Valley, an extended stay hotel in San Diego’s Mission Valley neighborhood. Upon completion, the hotel will feature 148 suite-style rooms, more than 5,000 square feet of meeting and event space, a fitness center, courtyard, lobby bar and lounge and a restaurant. Situated on 1.5 acres, The Element by Westin Mission Valley is slated for completion by the end of 2026. Driftwood Capital currently owns the adjacent hotel, Marriott Mission Valley, which was purchased in 2019 with the adjacent development parcel with the plans to renovate the existing property and later develop an extended-stay hotel that would benefit from Marriott’s amenities, resort-style pool and parking. Jordan Ray, Jamie Matheny, Steven Buchwald and Rachael Krawiecki of IPA Capital Markets secured the financing from Fifth Third Bank for the sponsor, a vertically integrated commercial real estate investment, development and lending platform specializing in hospitality properties.

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CHICAGO — Evergreen Real Estate Group and nonprofit Latin United Community Housing Association (LUCHA) have completed Encuentro Square Apartments in Chicago’s Logan Square neighborhood. The duo developed the project in partnership with the Chicago Department of Housing, the Department of Planning and Development and the Chicago Housing Authority (CHA). The $67.5 million development comprises two buildings at the western terminus of The 606 trail, an area that has experienced housing costs soar in recent years. The units are designated for families and individuals with incomes at or below 60 percent of the area median income. Managed by Evergreen, Encuentro Square is nearly fully leased. In Spanish, “encuentro” means the act of coming together. Leopardo Cos. and All Construction were the general contractors. Designed by Canopy, the buildings feature rounded corners with orange paneling. The orange panels are meant to mimic the migration pattern of the monarch butterfly. Floor plans range from one- to three-bedroom units. Fifty-five of the homes benefit from long-term project-based rental assistance administered by the CHA, of which 44 are family-sized units with at least two bedrooms. Amenities include a community room, teaching kitchen, children’s playroom, private courtyard, resident lounges, laundry rooms and bike storage. A new …

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The-Welz-Brooklyn

NEW YORK CITY — Locally based development and investment firm Slate Property Group has begun leasing The Welz, a 162-unit apartment complex in Brooklyn. Designed by Aufgang Architects with interior design by Alchemy, the 19-story building is located in the Williamsburg area and offers studio, one- and two-bedroom units. Roughly 30 percent (49) of the residences are reserved for renters earning between 60 and 130 percent of the area median income, and residents also have access to a rooftop deck with grilling stations, a fitness center and package lockers. Slate developed the property in partnership with local real estate private equity firm Avenue Realty Capital. Rents start at $3,175 per month for a studio apartment.

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FISHERS, IND. — AC Hotels by Marriott has committed to opening its first Indiana location at The Union at Fishers District in the Indianapolis suburb of Fishers. Thompson Thrift is the master developer of Fishers District. Local hotelier Dora Hospitality will own and operate the 135-room hotel. Seated on top of approximately 15,000 square feet of retail space, the property will feature meeting space, fitness equipment and European-inspired beverage and food offerings in the AC Lounge and AC Kitchen. The Union is one of five developments within the Fishers District. In addition to the AC Hotel, the mixed-use development will incorporate approximately 57,000 square feet of retail, restaurant and entertainment space, 251 luxury apartment units and 70,000 square feet of Class A office space. Construction of The Union is expected to begin this quarter. Thompson Thrift is actively negotiating leases on the remaining 30 percent of retail space and has signed leases with restaurants such as Piedra, Niku Sushi, Kitchen Social, Everbowl and Racha Thai. Thompson Thrift began work on the Fishers District in 2015. Once completed the $750 million development will span 123 acres with an array of multifamily, townhome, hotel, office, dining, shopping and entertainment options.

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WENTZVILLE, MO. — A Block & Co. Inc. Realtors-headed investment group comprised of investors from Kansas City and St. Louis has purchased 18 acres of land at Wentzville Parkway and Will Ron Drive in Wentzville, a suburb of St. Louis. Wentzville Parkway serves as a major commercial corridor and is located near General Motors’ $2 billion manufacturing campus and Mercy’s new $650 million hospital. The development plan calls for a retail project, with over 10 acres available for ground lease or build-to-suit opportunities. Zach Albrecht and David Block of Block & Co., along with Eddie Cherry of Manor Real Estate will co-list the development. The trio also negotiated the sale on behalf of the buyer, while Danny Wappelhorst of Cissell Mueller represented the undisclosed seller.

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The-Gilman-Irving

IRVING, TEXAS — Locally based developer Rosewood Property Co. has broken ground on The Gilman, a 370-unit multifamily project in Irving. The Gilman will be situated on a 6.8-acre site in the Las Colinas district, and the development will feature studio, one-, two- and three-bedroom units that will range in size from 615 to 1,460 square feet. Amenities will include a pool, fitness center, dog park, clubroom, coworking lounge, courtyards and a sky lounge. Hensley, Lamkin, Rachel Inc. is designing the project, and Blackland Partners is serving as the general contractor. Completion is slated for early 2027.

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HOUSTON — Apple (NASDAQ: AAPL) will open a 250,000-square-foot manufacturing facility in Houston. Apple plans to use its new Houston facility, which is expected to come on line in 2026, to manufacture servers that support the company’s artificial intelligence projects and programs. The development of the facility represents part of a larger initiative in which the Silicon Valley-based tech giant has pledged to invest $500 billion in U.S. innovation and technological infrastructure, creating about 20,000 new jobs in the process. That initiative also calls for the creation of a training academy in Michigan.

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Irvine-High-School-Performing-Arts-Center-Irvine-CA

IRVINE, CALIF. — C.W. Driver Cos. has completed Irvine High School Performing Arts Center, a facility designed to inspire creativity and support the performing arts. The $35 million, 25,000-square-foot complex opened to the community in early February. The state-of-the-art venue features a 650-seat main theater equipped with advanced sound, lighting and rigging systems, providing students and the community with a professional-grade performance experience. Additionally, the center includes a Black Box theater, scene shop, dressing rooms and a modern lobby. The single-story complex consists of a steel and metal frame diaphragm building featuring a combination of metal panels, plaster and curtain wall system finishes. The ground-up construction began in January 2023. Ruhnau Clarke Architects served as architect for the project.

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Lincoln-Ave-Apts-Buena-Park-CA

BUENA PARK, CALIF. — C&C Development and Riverside Charitable Corp. have broken ground on Lincoln Avenue Apartments, an affordable housing community in Buena Park. Consisting of four three-story buildings, Lincoln Avenue Apartments will offer 54 apartments for families and veterans in need. The project will include five units for student families, 11 units for veterans and 13 permanent supportive housing units for families and individuals with special needs. Units will range in size from approximately 500 square feet to 900 square feet and will be both ADA-accessible and adaptable. Additionally, units will incorporate sustainable design elements and practices, such as drought-tolerant landscaping and the installation of energy-efficient HVAC systems, water heaters and appliances. Onsite amenities will include a community room, laundry room, children’s tot lot, teen outdoor fitness area and a barbecue pavilion. Additionally, LifeSTEPS will offer onsite programming for adult education and after-school activities for children. Funding for the project was provided by several entities, including the City of Buena Park and CalOptima Health, which is providing an $8 million grant to support housing for Medi-Cal members.

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MONROE, GA. — CBRE has arranged a $42.7 million construction loan for The Jax, a 282-unit, garden-style apartment development located at 200 Aycock Ave. in Monroe, about 40 miles east of downtown Atlanta. Blake Cohen and Charlie Clark of CBRE’s Debt & Structured Finance team in Atlanta arranged the financing on behalf of the borrower, a joint venture between Green River Builders and ARC Multifamily Group. Atlanta-based Peachtree Group provided the 2.5-year, interest-only loan at approximately 74 percent loan-to-cost. The Jax will comprise seven three-story residential buildings housing one-, two- and three-bedroom apartments averaging 1,117 square feet in size. Amenities will include a business center, clubhouse, pool, fitness center, volleyball court, picnic area, EV charging stations and a breakfast/coffee concierge. The construction timeline was not released.

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