SUNRISE, FLA. — Bansi Properties has plans to develop a new 140,000-square-foot, four-story office building in Sunrise. The facility is slated for completion by 2023. Located on 22 acres within Sawgrass International Corporate Park, the new office building is part of Bansi’s newly established office campus that currently includes two office facilities available for lease, including 1500 Concord Terrace, a 180,000-square-foot property that Bansi recently acquired. Designed by architectural firm FSMY, the building will feature ample natural light, large floor plates and Energy Star- and LEED-certified materials and designs. The building will be located right off the Sawgrass Expressway, as well as near Sawgrass Mills Mall. Jay Adams of Newmark is managing leasing on behalf of Bansi.
PLANO, TEXAS — A joint venture between High Street Residential and Principal Real Estate Investors has broken ground on Legacy Square, a 363-unit multifamily project in Plano. Units will be available in one-, two- and three-bedroom floor plans with private garages and patios/balconies available in select residences. Amenities will include a pool, courtyard with lounge seating, fitness center, clubroom, business center with conference facilities and four acres of open space. GFF Architects is designing the project, and Andres Construction is the general contractor. The first units are expected to be available for occupancy in late 2022, with full completion slated for June 2023.
AUSTIN, TEXAS — Houston-based Allied Orion Group will develop a 350-unit apartment community within Whisper Valley, a 2,067-acre master-planned community on the east side of Austin by master developer Taurus Investment Holdings. Designed by The Sage Group, Evergreen at Whisper Valley will feature one-, two- and three-bedroom units. Amenities will include a pool with cabanas, fitness center, clubhouse with a game room and catering kitchen, grilling areas with gazebos, a dog park with an agility course, business center and a beer garden. Construction is scheduled to begin in the first quarter of 2023, with the first units being delivered in the second quarter of 2024.
SEATTLE — Lowe has topped out the second of two nine-story towers totaling 550 apartments at Mason and Main, a multifamily development within Yesler Terrace in Seattle. The first 335-unit tower topped out in June 2021 and is slated for completion in mid-2022, while the second 215-unit tower is scheduled for completion in the last quarter of 2022. Mason and Main’s 550 apartments range from studio to two-bedroom floor plans, with 26.5 percent designated as affordable housing. Residences will feature modern fixtures and finishes and some units will offer private patios and balconies. Both buildings will offer a variety of communal spaces and amenities, including rooftop decks and lounges, green roof areas, courtyards with barbecues and seating, a community vegetable garden, sky lounges for community events, a media center, gaming room and theater, workshop/hobby room and resident lounge. Additionally, the development will feature a fitness room, dog walk, dog grooming spaces, co-working spaces, 6,800 square feet of ground-floor retail space and 315 parking stalls. Mason and Main is located at 209 12th Ave. S and 1020 S. Main St. Ankrom Moisan Architects designed the property and Compass is serving as general contractor.
HUNTLEY, ILL. — Venture One Real Estate has acquired 264 acres in Huntley, a far northwest suburb of Chicago. The developer is building two industrial facilities totaling 1.8 million square feet. Phase I is a 629,186-square-foot building for an unnamed user at 11500 Freeman Road. The project will feature 132 loading docks and parking for 1,046 cars and 720 trailers. Completion is slated for the second quarter of 2022. Phase II is a nearly 1.2 million-square-foot facility for an undisclosed user at 11400 Venture Court. The building will feature 156 truck doors and parking for 643 cars and 358 trailers. It is scheduled for completion in the third quarter of 2022. Brian Kling of Colliers represented Venture One. Ryan Cos. will serve as general contractor.
WAUWATOSA, WIS. — Irgens has received approval from the Milwaukee Regional Innovation Center Inc. for its redevelopment of the former United Healthcare office building located at 10701 Research Drive in Wauwatosa near Milwaukee. Irgens will transform the nearly 14-acre site into a mixed-use development fronting Mayfair Road at the entrance to the Milwaukee County Research Park. In addition to significant renovations to the current office building on the site, the revitalization will include new retail, medical office and residential components. The United Healthcare office building was the inaugural project at the Milwaukee County Research Park in 1995, according to Irgens. Construction inside the five-story, 130,000-square-foot building is scheduled to commence in January. Interior improvements will include a new lobby, renovated restrooms, new building amenities and updated finishes. Exterior improvements will start in late spring and will include new and reconfigured parking areas as well as extensive landscape upgrades. Irgens plans to subdivide the remaining land. The retail component will consist of an 8,000-square-foot, single-story building. A planned medical office building will rise two stories and span 43,000 square feet. Lastly, the multifamily component will include 185 apartment units. Municipal approval is still required and a timeframe for that is yet …
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2021 Multifamily Housing Market Outlook Shaped by Growth Trends, Housing Prices
COVID Disrupts Markets Again The country began breathing a sigh of relief in the second quarter of 2021 as U.S. GDP returned to pre-pandemic levels. With a substantial part of the U.S. population vaccinated, the unemployment rate plummeted, schools began preparing for in-person instruction and restaurants were back in business, again surpassing grocery sales in volume. But just as things seemed to be returning to “normal,” the delta variant of COVID began to spread. New COVID cases turned into rising COVID deaths by August,[1] disrupting supply and demand chains. Consumer confidence, which had been rising since hitting a low in April 2020, dipped to a new low point in August; consumer spending stalled[2], and fewer people traveled by plane[3] or returned to the office[4] that month. While economic growth remains positive, the delta variant, now accounting for almost all new COVID cases[5], again introduced market uncertainty, resulting in a 4 percent drop in stock market pricing in September. However, as COVID cases began declining in mid-September, stock prices began to rise, erasing the September drop in October, and resulting in a 22.6 percent gain for the year. Overall, economists maintain strong economic growth expectations of 6.1 percent GDP growth for …
PERRIS, CALIF. — Duke Realty has leased its new 1.2 million-square-foot speculative distribution property in Perris. Lecangs, whose parent company is Loctek Ergonomic Technology Corp., signed a lease to occupy the entire facility, which situated on 55 acres at 728 W. Rider St. Slated for completion by year’s end, the facility will feature 40-foot clear heights, 241 dock doors, 344 trailer parking spaces and 442 auto spaces. Additionally, the property is being constructed to LEED certification standards — meeting requirements for environmentally sustainable construction and site development, water savings, energy efficiency and construction waste management. Chuck Belden, Phil Lombardo, Kyle Kehner, Tim Pimentel and Brice Larson of Cushman & Wakefield worked with Collin Phillips of Duke Realty in the transaction. Ian Devries and Chris Devries of Colliers, along with Jennifer Whelan of AZ Realty & Investment Corp. represented the tenant in the deal.
STONE MOUNTAIN, GA. — Domain Capital Advisors, a subsidiary of Atlanta-based Domain Capital Group LLC, and Atlanta-based Capstone South Properties recently acquired a 17-acre site in Stone Mountain, about 14 miles from downtown Atlanta, for a new film and TV studio campus dubbed Electric Owl Studios. Construction on the project broke ground in November and is slated for completion by January 2023. The price for the land and the seller were not disclosed. Phase I of the Electric Owl Studios will include a 300,000-square-foot film studio with six stages. The project will be designed to meet LEED certification. Located at 3963 Redan Road, the property is situated about a half-mile from the Indian Creek Transit MARTA Station and 18.1 miles from Hartsfield-Jackson Atlanta International Airport. Chuck Taylor and Alex Lacher of Domain Capital Advisors will lead operations and development along with Michael Hahn and Dan Rosenfelt of Capstone.
ATLANTA — Atlanta-based Songy Highroads (SHR) has opened the Hyatt Centric Hotel in the Buckhead neighborhood of Atlanta. Construction on the 15-story hotel started in early 2020 and finished this month. SHR developed the hotel in a joint venture with Chicago-based Hyatt Hotels Corp. Designed by New York-based Sawyer & Co., the Hyatt Centric Buckhead Atlanta hotel features 218 guestrooms (including seven suites), two dining concepts and more than 3,700 square feet of meeting and event spaces. The guestrooms average 400 square feet in size, while the suites exceed 850 square feet. Each guestroom offers a variety of amenities including a 65-inch flat-screen TV, bathrobe, bath amenities and a salon-quality hair dryer. Other hotel amenities include a fitness center and an outdoor heated plunge pool with pool sundeck located on the second floor. The two dining concepts include Mount Royal, a Montreal-style steakhouse located on the ground floor, and Spaceman, an indoor-outdoor lounge with cocktails and shareable dishes located on the 15th floor rooftop. The hotel is located next to Bloomingdale’s at Lenox Square, Simon’s enclosed shopping mall fronting Lenox and Peachtree roads. The property is also close to PATH400, a multi-use trail for bicyclists and pedestrians, Shops Around Lenox …