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Development

First-Bordentown-Logistics-Center-New-Jersey
DevelopmentIndustrialNew JerseyNortheast

First Industrial to Develop 208,000 SF Spec Distribution Center in Bordentown, New Jersey

by Taylor Williams

BORDENTOWN, N.J. — Chicago-based First Industrial Realty Trust will develop First Bordentown Logistics Center, a 208,000-square-foot speculative distribution center that will be located on the southern outskirts of Trenton. Building features will include a clear height of 36 feet, 45 trailer stalls, 42 dock doors, an ESFR sprinkler system and 2,950 square feet of office space. Jonathan Klear and Fred Meyer of NAI Mertz represented the undisclosed seller in the disposition of the 20-acre site on which the property will be located. Along with Cushman & Wakefield, NAI Mertz has also been tapped to market the facility for lease. Completion is slated for late 2022.

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Gattuso-Philadelphia-Navy-Yard
DevelopmentIndustrialLife SciencesNortheastPennsylvania

Gattuso Breaks Ground on 130,000 SF Flex Project at Philadelphia Navy Yard

by Taylor Williams

PHILADELPHIA — Gattuso Development Partners has broken ground on a 130,000-square-foot flex project at The Philadelphia Navy Yard that will be marketed to industrial and life sciences users. Designed by SITIO Architects, the property will feature a clear height of 30 feet, 14 loading bays and 360 parking spaces. Completion is slated for the fourth quarter. Citizens Bank provided construction financing for the project, with Boston-based The Baupost Group contributing joint venture equity. Ryan Ade and Brett Segal arranged and structured the debt and equity financing.

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DevelopmentNortheastOfficePennsylvania

SomeraRoad Completes 77,000 SF Office Redevelopment Project in Pittsburgh

by Taylor Williams

PITTSBURGH — SomeraRoad Inc., a national development and investment firm, has completed The Box Office, a 77,000-square-foot office redevelopment project in Pittsburgh’s Southside neighborhood. HOK Architects designed the project, which converted a former movie theater into a Class A office building. The Box Office features a 7,000-square-foot lobby with a staircase and open verandas, as well as a 1,700-square-foot private outdoor patio. Construction began in summer 2020.

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Venice-Townhome
Build-to-RentConference CoverageDevelopmentFeaturesMultifamilySingle-Family Rental

InterFace Panel: Site Costs, Entitlements Processes Contribute to Build-to-Rent Projects’ Unique Risk Profile

by Taylor Williams

ATLANTA — The build-to-rent (BTR) space boasts a scintillating story of short-term success, driven by demand from households that rent by choice and want the feel and privacy of owning a home without dealing with maintenance and paying property taxes. Building to rent involves developing residential properties with the explicit, predetermined purpose of renting them. This differs from single-family rental (SFR), a more established practice of buying existing single-family homes and renting them out that has its roots in mom-and-pop investments but is now being adopted by larger companies. The rapid growth of the BTR space has brought challenges that are markedly different from those of building and operating traditional multifamily and student housing properties. A panel of experts outlined some of these commonplace hurdles at the 12th annual InterFace Multifamily Southeast conference on Thursday, Dec 2. About 350 industry professionals attended the event, which took place at the Westin Buckhead hotel in Atlanta. For starters, the space can be a tough one to break into. Developers undertake different strategies for launching their BTR platforms and divisions, frequently partnering with single-family homebuilders or leveraging existing relationships with third-party general contractors. This is largely because these developers often lack the in-house …

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Phase1-Elevation25-Mead-CO
ColoradoDevelopmentIndustrialWestern

Partnership Buys 37-Acre Parcel in Mead, Colorado for Five-Building Spec Industrial Development

by Amy Works

MEAD, COLO. — A partnership between Denver-based Silver Point Development and an affiliate of Walker & Dunlop Investment Partners has purchased 37 acres of land for Phase I of Elevation25, a five-building, 578,240-square-foot speculative industrial warehouse development in Mead. Terms of the transaction were not released. The team plans to break ground on the first two buildings later this month, with completion slated for fall 2022. Building 1, totaling 94,076 square feet, is 40 percent pre-leased to Premier Manufacturing with 56,642 square feet of remaining available space. Building 2 will total 109,676 square feet. The developer is positioned to acquire an adjacent 36-acre land parcel within the next three years for the development of Phase 2 of Elevation25, which will include four buildings totaling 422,000 square feet. Dawn McCombs and Kevin Hann of Avison Young’s Industrial Services team in Denver represented the buyers. Clayton Pristou of Avison Young’s Denver-based Structured Finance Group arranged acquisition and construction financing with CIBC Bank USA for the ownership team.

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Avenir-Memory-Care-Westside-Los-Angeles-CA
CaliforniaDevelopmentMultifamilySeniors HousingWestern

Avenir Opens 88-Unit Memory Care Community in Los Angeles

by Amy Works

LOS ANGELES — Avenir Senior Living has opened Avenir Memory Care Westside, a seniors housing community in Los Angeles’ Westchester neighborhood. The community features 88 memory care units using a specialized program that aligns residents who have similar cognitive abilities. “We call this the cognitive lifestyle,” says Jason Gurash, vice president of sales and marketing for Avenir Senior Living. “Taking it a step further, every neighborhood is intentionally designed to look exactly the same. That way, everything is familiar. Residents feel comfortable and at home even if they need to move to a higher level of support.”

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DevelopmentFloridaMixed-UseMultifamilySoutheast

Major Food Group, JDS to Develop 259-Unit Mixed-Use Residential Tower in Miami

by Julia Sanders

MIAMI — Major Food Group and New York-based JDS Development Group have plans to develop MAJOR, a mixed-use residential tower located at 888 Brickell Ave. in Miami. Upon completion, MAJOR will be the tallest building in Miami at 1,049 feet, according to the developers. MAJOR will offer 259 for-sale condominiums, as well as a collection of food and beverage amenities, including standalone restaurants and private clubs. No other project plans were disclosed. William Sofield of Studio Sofield will oversee design of the tower, lobby and residences. Ken Fulk Inc. will be responsible for the food, beverage and club spaces at MAJOR. New York-based Major Food Group will oversee all branding and hospitality programming at the project. Major Food Group currently operates over 30 restaurants, hotels and private clubs. Michael Stern of JDS is leading the development team for the project. JDS Development Group has projects including the Walker Tower, The American Copper Buildings, Brooklyn Tower and 111 West 57th St. in New York City, as well as Monad Terrace, Echo Brickell and Echo Aventura in South Florida.

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McKinney-121
DevelopmentMultifamilyTexas

EastGroup Properties Breaks Ground on 212,200 SF Industrial Project in Metro Dallas

by Taylor Williams

MCKINNEY, TEXAS — EastGroup Properties has broken ground on Phase I of McKinney 121, a 212,200-square-foot industrial project that will be located on the northern outskirts of Dallas. The site, which offers proximity to State Highway 121, can support an additional 168,800 square feet of new development. Completion of the two-building Phase I is slated for summer 2022. Lee & Associates is leasing the project.

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Route-61-Logistics-Center
DevelopmentIndustrialNortheastPennsylvania

Crow Holdings to Develop 652,080 SF Logistics Center Near Reading, Pennsylvania

by Taylor Williams

ONTELAUNEE, PA. — Crow Holdings Industrial will develop Route 61 Logistics Center, a 652,080-square-foot industrial project in Ontelaunee, located near Reading in the southern part of the state. The property will feature a clear height of 40 feet, 484 car parking spots, 182 trailer parking stalls and 124 loading docks. Crow Holdings acquired the nearly 60-acre site from the economic development arm of the Greater Reading Chamber Alliance (GRCA), which purchased the land in 2019 and subsequently rezoned it for industrial use. Construction will begin before the end of the year. JLL is marketing the property for lease. The project is Crow Holdings’ first in the Lehigh Valley.

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Affordable HousingDevelopmentIllinoisMidwestMixed-UseMultifamily

Structured Development Breaks Ground on First Two Residential Buildings at Chicago’s Shops at Big Deahl

by Kristin Harlow

CHICAGO — Structured Development has broken ground on the first two residential buildings at The Shops at Big Deahl, a mixed-use development in Chicago’s Lincoln Park neighborhood. The Seng is a four-story, 34-unit affordable condo building whose income-restricted buyers will be selected by the Chicago Community Land Trust, a nonprofit corporation administered and staffed by the Chicago Department of Housing. Completion of The Seng is slated for December 2022. Common Lincoln Park is a 10-story, 400-bed co-living community that will be operated by New York-based co-living provider Common. Completion of Common Lincoln Park is slated for March 2023. Each unit will feature one to four bedrooms that will be furnished along with a communal kitchen and living area. Co-living refers to a type of communal living where residents have their own private bedrooms but share common areas with others. Both buildings will join the newly completed Movement Lincoln Park, a 40,000-square-foot climbing, yoga and fitness gym. Structured also plans to build an additional 327-unit market-rate apartment tower on the western end of the property. The groundbreaking for the 27-story project is scheduled for March 2022. The Shops at Big Deahl is named after the former Big Deahl Productions studio that …

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