Development

Crescent Real Estate Breaks Ground on $250M Mixed-Use Project in Fort Worth

by Taylor Williams September 20, 2021

FORT WORTH, TEXAS — Locally based developer Crescent Real Estate has broken ground on a new mixed-use project in Fort Worth’s Cultural District that is valued at $250 million, according to The Dallas Morning News. Current plans for the project, which was announced in February, call for 175 residential units, a 200-room boutique hotel and a 160,000-square-foot office building that will house the headquarters of tenants such as Goff Capital, Canyon Ranch and Contango Oil & Gas. Crescent Real Estate also plans to move its headquarters into the new office building. Construction is scheduled to be complete in mid-2023.

September 20, 2021

Development Mixed-Use Texas

Century Pacific, Valor Club USA Open Office in San Antonio

by Taylor Williams September 20, 2021

SAN ANTONIO — Valor Club USA, an organization dedicated to helping veterans and servicemen and women transition from military to civilian life, has opened an office in San Antonio. The group’s president, Michael McDowell, is overseeing construction of a 200-acre campus with recreational facilities, residential units, a hotel and commercial and retail space. In addition, the development will feature veteran support services and an entertainment district anchored by an indoor/outdoor performance and training center. Gensler designed the project.

September 20, 2021

Development Industrial North Carolina Southeast

Frampton Construction Breaks Ground on 204,000 SF Industrial Building in Knightdale, North Carolina

by Julia Sanders September 20, 2021

KNIGHTDALE, N.C. — Frampton Construction Co. LLC has broken ground on the final building within Eastgate 540, an industrial park in the Raleigh suburb of Knightdale. The facility is the seventh building in the park and the fourth built by Frampton. Eastgate 540’s final building will be a 204,000-square-foot industrial facility with features including 32-foot clear heights, 50 dock doors and two drive-in doors. The property will feature concrete tilt walls and a structural steel frame. Eastgate 540 is located beside Interstate 540 in Raleigh’s East Wake submarket and totals 1.2 million square feet. The developer, Trinity Capital Advisors, has sold three buildings at Eastgate 540, and there are agreements in place for the disposition of the four remaining buildings once construction and delivery near completion. Merriman Schmitt Architects completed the design for the buildings, and Advanced Civil Design Inc. provided civil engineering services. Construction for the final building is expected to finish in May 2022.

September 20, 2021

Development Illinois Midwest Multifamily

LG Development Purchases Land in Chicago for $32M, Plans Apartment Development

by Kristin Harlow September 20, 2021

CHICAGO — LG Development has paid more than $32 million for a 1.3-acre land site at 1143 W. Lake St. in Chicago. LG plans to develop two apartment buildings with 665 units and 290 parking spaces. Both buildings will include ground-floor retail space. Scott Maesel and Drew Dillon of SVN | Chicago Commercial represented the undisclosed seller.

September 20, 2021

Development Midwest Missouri Office

Knoebel Construction to Expand Headquarters in Chesterfield, Missouri

by Kristin Harlow September 20, 2021

CHESTERFIELD, MO. — Simultaneous with its 40th anniversary, general contractor Knoebel Construction is expanding its headquarters in Chesterfield by 19,210 square feet. Knoebel, which employs more than 90 people, has purchased a three-acre parcel adjacent to its headquarters at 18333 Wings Corporate Drive. Construction is scheduled to begin this winter with completion slated for next fall. Plans call for an expanded educational and training area, a rooftop terrace, numerous meeting and gathering areas, a gym and offices for all team members. Knoebel specializes in the construction of retail, restaurant, grocery and automotive projects. The company’s anticipated revenue for 2021 is $106 million.

September 20, 2021

Acquisitions Development Industrial North Carolina Southeast

NorthPoint Development Purchases Land in Metro Charlotte for 676,000 SF Industrial Development

by Julia Sanders September 17, 2021

SALISBURY, N.C. — NorthPoint Development has purchased around 40 acres in Salisbury, about 36.5 miles north of Charlotte. NorthPoint bought the land in order to build I-85 Commerce Center, a speculative industrial project that will total 676,000 square feet. The seller and sales price were not disclosed. I-85 Commerce Center will feature 40-foot ceilings, 185-foot truck courts, auto and trailer parking, as well as immediate access to Interstate 85. The project is slated for completion by summer 2022. Avison Young will be in charge of leasing once the property is finished.

September 17, 2021

Development Retail Southeast Virginia

Wegmans to Open 81,300 SF Grocery Store in Alexandria, Virginia

by Julia Sanders September 17, 2021

ALEXANDRIA, VA. — Wegmans Food Markets Inc., a 106-store supermarket chain based in Rochester, N.Y., plans to open a new grocery store within Carlyle Crossing, a 1.7 million-square-foot mixed-use development underway in Alexandria. Located just off Eisenhower Ave. at 150 Stovall St., the store is scheduled to open in spring 2022. The store will employ approximately 450 people, with 150 full-time positions offered. The 81,300-square-foot Wegmans will include a Market Café, a bar and coffee shop, and The Burger Bar, a casual restaurant counter that serves burgers, sandwiches and fries. The site will have two levels of parking below, residential units above and is also located close to the Eisenhower Avenue Metro Station. Wegmans entered Virginia with its Dulles location in 2004. The new Carlyle-Alexandria location will be the company’s 14th store in the Commonwealth. Wegmans also plans to build a $175 million distribution facility on 221 acres in Hanover County, Va., in order to support Wegmans’ Mid-Atlantic stores.

September 17, 2021

Development Loans Mixed-Use Texas

Knighthead Funding Provides $59.5M Construction Loan for Austin Mixed-Use Project

by Taylor Williams September 17, 2021

AUSTIN, TEXAS — Knighthead Funding has provided a $59.5 million construction loan for a mixed-use project that will be located about three miles from downtown Austin. The project will comprise 200 multifamily units, 22,318 square feet of office space and 4,884 square feet of retail space. The residential component will consist of 170 market-rate units and 30 affordable housing units. The borrower was a partnership between Austin-based Pearlstone Partners and New York City-based ATCO Properties. A tentative completion date was not released.

September 17, 2021

Development Retail Texas

Beck Group Completes Redevelopment of 133,353 SF Retail Center in Metro Dallas

by Taylor Williams September 17, 2021

ADDISON, TEXAS — General contractor The Beck Group has completed the redevelopment of Prestonwood Place, a 133,353-square-foot shopping center located in the northern Dallas suburb of Addison. Northwood Retail owns the center, which was originally built in 1980 and now houses tenants such as Catapult Health, Mendocino Farms, Biscuit Bar and La La Land Kind Café. The project involved renovation work for 40,000 square feet of façade updates and the conversion of existing retail space into 60,000 square feet of creative office space. The development also transformed a vacant manufacturing shop into a multi-tenant building. Merriman Anderson Architects served as the project architect.

September 17, 2021

Affordable Housing Development Massachusetts Multifamily Northeast Office

Leggat McCall, Granite Underway on 475,000 SF Redevelopment Project Near Boston

by Taylor Williams September 17, 2021

EAST CAMBRIDGE, MASS. — A partnership between Leggat McCall Properties and Granite Properties is underway on the redevelopment of a former courthouse building located at 40 Thorndike St. in East Cambridge. The redevelopment will add 48 affordable housing apartments, as well as office and retail space and a childcare facility. Elkus Manfredi Architects is designing the project, and John Moriarty & Associates is serving as the general contractor. JLL arranged $300 million in construction financing through Bank OZK on behalf of the partnership and has been retained to provide leasing services. JLL also secured joint venture equity for the project through CBRE Global Investors. Completion is slated for fall 2023.

September 17, 2021

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