NEW YORK CITY — Brookfield Properties has opened Manhattan West, an eight-acre mixed-use development located on the city’s west side. Manhattan West includes retail, restaurant, residential, office and hospitality uses. The centerpiece of the open-air project, which was designed by Skidmore, Owings & Merrill, is a 2.5-acre public plaza. Retail tenants include Whole Foods Market, The NHL Store, Starbucks Coffee, Peloton Store, City National Bank and Midnight Theatre.
CHICAGO — Sterling Bay, Harrison Street and institutional investors advised by J.P. Morgan Global Alternatives have secured a $125 million construction loan for ALLY, a life sciences project in Chicago. Bank OZK provided the financing. Construction is slated to begin this month. Located at 1229 W Concord Place, ALLY will feature 280,000 square feet of Class A medical research lab and creative office space. The life sciences project will be in Lincoln Yards, a 53-acre, mixed-use development created by Sterling Bay. Lincoln Yards was formerly an industrial site that is being redeveloped into a mixed-use community with build-to-suit office developments, retail opportunities, proposed 606 bike trail extension and future residential and hospitality opportunities. When complete, Lincoln Yards will feature affordable housing, create over 23,000 permanent onsite jobs and generate $4.1 billion in economic output for the city of Chicago. ALLY at 1229 W Concord Place is located off the North Branch Chicago River and has private outdoor space on every floor. Mark Burkemper, senior managing director and head of North American transactions at Harrison Street, says the project brings many benefits. “Lincoln Yards is close to several of Chicago’s most notable medical research institutions, and we are excited to expand …
CLEARWATER BEACH, FLA. — Trez Capital has funded a $21.5 million construction loan for Azure, a 46-unit bayside condominium project in Clearwater Beach. Construction is now underway on the project, and is slated for completion by the second quarter of 2023. Located on a 1.4-acre waterfront parcel at 415 Island Way, Azure will feature residences with prices ranging from the $600,000 to $1.1 million. The four-story building is approximately 70 percent sold. The property will offer three- and four-bedroom units that range in size from 1,552 square feet to 2,608 square feet. The units will offer smart thermostats and lighting fixtures. Community amenities will include a sun deck with swimming pool and spa tub, a gym/yoga studio and a private meeting room. There is also a private marina with 15 boat slips for sale. Brett Forman and Scott Mehlman of Trez Capital arranged the loan for the borrower, Azure Development Group LP.
WOODBURY, MINN. — Ryan Cos. US Inc. has begun construction of Talamore Senior Living Woodbury, a 200-unit senior living community in Woodbury, an eastern suburb of the Twin Cities. The four-story, 245,000-square-foot property will include 90 independent living units, 70 assisted living units, 26 memory care units and 14 care suites. Along with multiple dining venues, amenities will include a library, wellness and fitness center, spa, clubroom, activity room and large gathering space. Ryan is the developer, builder and capital markets partner. Ryan Architecture + Engineering is the design architect and provided interior design, landscape architecture and civil engineering services. UrbanWorks will serve as the architect of record. Bell Bank is the lender. Upon completion, Ryan will own the property in partnership with Great Lakes Management and Artemis Real Estate Partners. Great Lakes Management will handle day-to-day operations and Ryan will provide asset management services.
IVINS CITY, UTAH — D.A. Davidson’s Special District Group has successfully priced and closed $106 million of limited tax general obligation bonds for the 278-acre Black Desert Public Infrastructure District (PID). The proceeds will fund Black Desert Resort at Entrada, a commercial and residential resort in Ivins City. Black Desert Resort at Entrada will offer 148 hotel rooms; 299 hotel condominium units; a 200-acre, 19-hole golf course; miles of nearby trails; a wellness spa; and 46,160 square feet of retail and restaurant space. The property will also feature 32 single-family estates, 783 condominium units and approximately 214,000 square feet of commercial space, with the amenities of the resort center available for full-time residents. The first phase of development is expected to create 500 new jobs and future long-term employment opportunities. Construction on the first phase commenced in 2020 and full buildout of the commercial and residential resort is slated for 2027. The development is being undertaken by Enlaw LLC, a Delaware limited liability company that is primarily owned by Reef Capital Partners.
SPRING, TEXAS — Esperanto Developments, an El Paso-based hospitality firm, will open the 103-room Hotel Indigo in Spring, a northern suburb of Houston, on Nov. 17. The four-story property includes four suites and amenities such as a pool, fitness center and a business center. In terms of food and beverage, Hotel Indigo offers a sit-down restaurant, room service, a grab-and-go bar and a poolside bar.
WOOLWICH TOWNSHIP, N.J. — Nevada-based developer Dermody Properties has broken ground on a LogistiCenter at Woolwich, an approximately 1.1 million-square-foot industrial project in Southern New Jersey’s Gloucester County. The Class A development will consist of three buildings totaling 262,200, 552,585 and 336,700 square feet. Building features will include clear heights of 36 to 40 feet, 50 to 110 dock-high doors, ESFR sprinkler systems and build-to-suit office space. CBRE is the leasing agent for the project. Construction of the first building is slated for a fall 2022 completion.
TACOMA, WASH. — Bridge Industrial has purchased a 160-acre land assemblage for the development of Bridge Point Tacoma 2MM, a 2.5 million-square-foot industrial project. Texas-based BNSF Railway Co. sold the 19 land parcels for $158 million. The site has been vacant and in disrepair for several years, and Bridge has committed to maintaining the remediations performed prior to its acquisition and any future required remediation for its proposed development. Located at 5802 S. Burlington Way, Bridge Point Tacoma 2MM will span four buildings and feature approximately 20 acres of trailer storage space. The buildings will offer 40-foot clear heights and expansive truck courts, with tenant spaces ranging from 100,000 square feet to 1.5 million square feet. Bridge plans to break ground on the campus in August 2022, with completion slated for summer 2023. Todd Clarke, Matt Murray, Matt McLennan and Ty Clarke of Kidder Mathews represented Bridge Industrial in the transaction.
WHEAT RIDGE, COLO. — SCL Health has selected NexCore to develop Clear Creek Crossing Medical Office Building on the Lutheran Medical Campus in Wheat Ridge. The five-story, 130,000-square-foot facility will be the first medical office building on the new 28-acre hospital campus, which will replace SCL Health’s existing Lutheran Medical Center 3.5 miles away. Construction began in June for the new campus, which will be part of the planned 100-acre Clear Creek Crossing mixed-use development at the southwest corner of State Highway 58 and Interstate 70. NexCore plans to break ground on the medical office building in late 2022, with completion slated for early 2024. The new facility will include SCL Health outpatient clinics and services, as well as an ambulatory surgical center.
FAIRBANKS, ALASKA — Live Oak Bank has provided a $15 million construction loan for owner-operator Frontier Partners LLC to support the development of a 68-unit assisted living community in Fairbanks. The community will consist of 50,680 square feet and will be situated on 7.8 acres. The debt was structured into two loans utilizing the SBA 504 program. The interim construction loan will be held by Live Oak Bank in the amount of $10.2 million, and the second bridge loan prior to the 504 Debenture will be in the amount of $4.8 million.
