Development

Crescent Communities, McShane Plan 317-Unit NOVEL Val Vista Apartments in Gilbert, Arizona

by Amy Works January 20, 2021

GILBERT, ARIZ. — Crescent Communities has selected McShane Construction Co. to build NOVEL Val Vista, an apartment community located on 8.6 acres in Gilbert. The wood-frame development will feature 317 apartments spread across three four-story, garden-style buildings and three two-story, carriage house buildings. Each unit offers upgraded matte black plumbing fixtures and black quartz countertops. The 11,500-square-foot amenity space will include a dog park, swimming pool, cold plunge spa, outdoor kitchen with pizza oven, outdoor fireplaces and fire pits. Completion is slated for fourth-quarter 2022. Craine Architecture is the architect of record.

January 20, 2021

Development Illinois Midwest Retail

Cannabis Facility Construction Completes 3,000 SF Dispensary in Suburban Chicago

by Kristin Harlow January 20, 2021

CALUMET CITY, ILL. — Cannabis Facility Construction has completed the buildout of a recreational and medical dispensary occupied by Mission Dispensaries in Calumet City, about 23 miles south of Chicago. The 3,000-square-foot property is located at 1330 Torrence Ave. across from River Oaks Center. It includes back office space, an oversized vault and an advanced security system. 4Front Ventures Corp. was the developer.

January 20, 2021

Development Multifamily New Jersey Northeast

Sterling Properties, Wilton Near Completion of 208-Unit Multifamily Project in Northern New Jersey

by Taylor Williams January 20, 2021

EAST RUTHERFORD, N.J. — A partnership between developer Sterling Properties and New York City-based Wilton Investment Group is nearing completion of Central & Oak, a 208-unit multifamily project in the Northern New Jersey city of East Rutherford. Units at the multi-building community range in size from 724 to 1,308 square feet and feature stainless steel appliances, quartz countertops, European-style cabinetry, individual washers and dryers and private garages. Communal amenities include a clubhouse with an outdoor terrace, a conference room with private workstations, a game room, fitness center and shuttle service to a nearby public transit station. Two buildings remain under construction and are expected to be complete by April, while leasing at other buildings began last summer, with move-ins following shortly thereafter.

January 20, 2021

Development Healthcare Northeast Pennsylvania

Lehigh Valley Health Network to Open 100,000 SF Hospital in Central Pennsylvania

by Taylor Williams January 20, 2021

LEHIGHTON, PA. — Lehigh Valley Health Network (LVHN) will open a 100,000-square-foot hospital in Lehighton in central Pennsylvania. The facility will be situated on a 34.5-acre site and will feature 18 inpatient beds, a 12-bay emergency department, two operating rooms, two procedure rooms and four observation rooms with plans for future expansion. The opening is scheduled for spring 2022. Matt Macdonald of Markward Group represented LVHN and the seller in the disposition of the land.

January 20, 2021

Development Hospitality Maryland Southeast

Alfred Weissman Real Estate Completes Renovation of 298-Room DoubleTree by Hilton Hotel in Metro D.C.

by Alex Tostado January 19, 2021

GAITHERSBURG, MD. — Alfred Weissman Real Estate LLC has completed the renovation of DoubleTree by Hilton Washington, D.C. North/ Gaithersburg, a 298-room hotel in Gaithersburg. The renovations included reconfiguring the lobby, introducing farm-to-table restaurant Knife & Fork, adding a Hertz car rental office on the premises and reconfiguring parking to eliminate certain parking restrictions. The developer also upgraded the hotel’s 16,356 square feet of meeting space with new vinyl flooring, carpeting and lighting. The hotel also features a 24/7 fitness center, pool and dry-cleaning services. Marshall Hotels & Resorts manages the property.

January 19, 2021

Acquisitions Development Healthcare Massachusetts Northeast Office

BioMed Realty Acquires 162,000 SF Office Building, 7.5 Acres in Metro Boston

by Taylor Williams January 19, 2021

SOMERVILLE, MASS. — BioMed Realty, a subsidiary of Blackstone that focuses on life sciences real estate, has acquired a 162,000-square-foot office building and a 7.5-acre development tract within the Assembly Row mixed-use destination. The property is located in Somerville on the northern fringe of Boston. The site will be developed in phases and ultimately add 1.3 million square feet of life sciences space to the local supply. A construction timeline was not disclosed.

January 19, 2021

Development Loans Multifamily New Jersey Northeast

Parkview Provides $12.5M Construction Loan for Multifamily Project in Orange, New Jersey

by Taylor Williams January 19, 2021

ORANGE, N.J. — Los Angeles-based Parkview Financial has provided a $12.5 million construction loan for The Legacy, a 51-unit apartment project in the Northern New Jersey community of Orange. The unit mix will include one- and two-bedroom residences that feature stainless steel appliances, quartz countertops and in-unit washers and dryers. Onsite amenities will include a resident lounge area, fitness center and a rooftop terrace. The borrower was an affiliate of New Jersey-based KW Contracting Construction Corp. Construction is underway, and the project is expected to be complete in summer 2022.

January 19, 2021

Affordable Housing California Development Multifamily Western

St. Anton Communities Starts Construction of 196-Unit Affordable Housing Property in Santa Clara

by Amy Works January 19, 2021

SANTA CLARA, CALIF. — St. Anton Communities is developing St. Anton Tasman, a $100 million affordable housing community in Santa Clara. Located at 2233 Calle De Mundo, the property will feature 196 affordable units, with nearly 20 percent for very low-income tenants making up to 50 percent area median income (AMI) and the remaining units for low-income tenants making up to 80 percent AMI. The community is regulated to stay as affordable housing for at least 55 years. St. Anton Tasman will offer 153 studio units and 43 one-bedroom apartments, a podium deck, clubroom, fitness center, dog run and classroom/business center. Additionally, the community will offer services including instructor-led educational, health and wellness and skill-building classes. KTGY Architecture + Planning designed the six-story residential community, which is slated to open for occupancy in mid-2022. Bank of America provided primary construction and permanent financing for the project, with The Irvine Co. providing gap funding.

January 19, 2021

Development Illinois Midwest Multifamily

Lendlease, Magellan Top Off Pair of Residential Towers Along Lake Michigan in Chicago

by Kristin Harlow January 19, 2021

CHICAGO — Lendlease and Magellan Development Group have topped off Cirrus and Cascade, a pair of residential towers along Lake Michigan in Chicago’s Lakeshore East. Cirrus is a 47-story, 350-unit condominium tower at 211 N. Harbor Drive, while Cascade is a 37-story, 503-unit apartment tower at 455 E. Waterside Drive. Together, the two luxury properties represent one of the final phases of the Lakeshore East master plan. Cascade Park, a public green space connecting the two towers to the lakefront and Chicago Riverwalk, is slated to open ahead of schedule this summer. The buildings, designed by bKL Architecture, are two of three towers planned on the site. Condo units at Cirrus are priced from mid-$400,000 to more than $4 million. Floor plans range from 650 to 3,000 square feet. There are 15 penthouse residences located on floors 42 through 47 as well as two townhome residences on the ground level. The first units are slated for completion this fall. Apartment units at Cascade will range in size from studios up to three bedrooms. Pre-leasing is scheduled to begin this spring with the first move-ins expected in the summer. Residents of both towers will have shared access to amenities housed in …

January 19, 2021

Development New York Northeast Office Top Stories

L&L Holding Nears Completion of $1B Office Tower at 425 Park Ave. in Manhattan

by Taylor Williams January 19, 2021

NEW YORK CITY — Locally based development and investment firm L&L Holding Co. is nearing completion of 425 Park Avenue, an office tower in Midtown Manhattan. Designed by British architecture firm Foster + Partners, the building rises 47 stories and 897 feet, spanning an entire city block. L&L is co-developing the property with Tokyu Land Corp. and will co-manage it with BentallGreenOak. The development is valued at $1 billion, according to the New York Post. The development team has received a temporary certificate of occupancy, and the exterior tower crane has now been dismantled and removed, signaling that the end of construction is near. The building’s glass and steel façade is now fully enclosed. The initial groundbreaking occurred in 2016, when the anchor tenant initially signed its lease, according to the Post report. That tenant is financial services firm Citadel Enterprises, which has preleased 331,800 square feet. That figure represents approximately half of the building’s total amount of leasable office space. The building also includes 9,552 square feet of retail space on the ground floor and 8,829 square feet of retail space on the mezzanine level. L&L has also begun the interior build-out of the tower’s amenity floor, which will feature …

January 19, 2021

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