Development

CenterCal Properties Selects General Contractor for Phase II of Mountain View Village Project in Utah

by Amy Works December 16, 2020

RIVERTON, UTAH — Developer CenterCal Properties has selected Okland Construction to build the second phase of Mountain View Village Phase II, an 85-acre lifestyle development in Riverton. The second phase will include five pocket parks with unique amenities; show fountains; a covered market hall-style pavilion with a collection of eateries and common indoor and outdoor seating; a 14-screen Cinemark movie theater complex; and retail, restaurant and commercial spaces. The first phase includes a Harmons Grocery Store and Fuel Shop and more than 35 retailers, businesses and dining options. Okland Construction will begin work immediately on the second phase. Upon built-out, Mountain View Village will be a community gathering place, commercial hub and residential community.

December 16, 2020

Development Illinois Midwest Office

Weiss Properties Unveils Redevelopment Plans for Former CF Industries Headquarters in Suburban Chicago

by Kristin Harlow December 16, 2020

LONG GROVE, ILL. — Weiss Properties has unveiled plans for a multi-million-dollar redevelopment of the former headquarters for CF Industries in Long Grove, a northern suburb of Chicago. Located at 1 Salem Lake Drive, the property has recently been renamed The Reserve at Salem Lake. Weiss acquired the 37-acre campus earlier this year. It includes a two-story, 150,000-square-foot building as well as a three-level, 185-car parking garage and an additional parking area with 235 spaces. Weiss has begun gutting the vast majority of the interior space of the property, which has been vacant for more than 10 years. Upon completion of the redevelopment, first-floor tenants will have dedicated outdoor spaces and second-floor tenants will have wrap-around balconies. Amenities will include a fitness center, auditorium, meeting spaces, indoor and outdoor gathering areas, food service and walking trails. Rawly Lantz, Justin Harris and David Conroy of Cawley Chicago are marketing the property for lease. A timeline for completion was not disclosed. The seller of the campus was a Texas-based homebuilder that acquired the site in 2011 with plans for residential development that never came to fruition. CF Industries, a manufacturer and distributor of agricultural fertilizers, developed the campus in phases in 1975 …

December 16, 2020

Development Midwest Multifamily Wisconsin

Mayer Road Ventures Begins Development of 85-Unit Luxury Apartment Complex in Hudson, Wisconsin

by Kristin Harlow December 16, 2020

HUDSON, WIS. — Mayer Road Ventures LLC has begun development of The Massey, an 85-unit luxury apartment complex in Hudson near the Twin Cities. The $15 million project is slated to open in fall 2021. Amenities will include a coffee and wine bar, dog park, communal workspace and fitness center. The project’s name comes from Louis Massey, the founder of Hudson. The Massey will be the first luxury apartment property in Hudson, according to the developer.

December 16, 2020

Development Mixed-Use Texas

Accesso to Expand 129-Acre Office Campus in Austin’s Parmer District with New Uses

by Taylor Williams December 16, 2020

AUSTIN, TEXAS — Accesso, a full-service investment manager, owner and operator, will expand a 129-acre site in Austin’s Parmer District that houses a 911,574-square-foot office complex with a variety of new uses. Plans for the expansion currently call for the development of 1,800 multifamily units, a 340-room hotel, 80,000 square feet of retail space and an additional 800,000 square feet of office space. The campus is located at 7700 Parmer Lane, adjacent to Apple’s future $1 billion campus, and currently houses a range of technology uses. Amenities include a 540-seat food hall, an onsite daycare and preschool, fitness center, running trails and outdoor volleyball and basketball courts. Accesso has received zoning approval for the project. Marc Bellet, Accesso’s national director of development, says the firm hopes to begin planning portions of the office, retail and multifamily components in the next 12 months and to begin preleasing office space in the first quarter of 2021. AQUILA Commercial is leasing the office portion of the project.

December 16, 2020

Development Multifamily Northeast Pennsylvania Seniors Housing

Partnership to Build 96 Affordable Seniors Housing Units Near Philadelphia

by Taylor Williams December 16, 2020

RIDLEY TOWNSHIP, PA. — A partnership between Pennrose, the Delaware County Housing Authority, the County of Delaware and the Pennsylvania Housing Finance Agency has closed on financing for the final phase of the Kinder Park redevelopment in Ridley Township. The project will add 96 units of affordable seniors housing to the Kinder Park site, located near Philadelphia International Airport. The site already features 160 existing affordable apartments for seniors and individuals with disabilities, 154 townhomes, a community building and several parks. This phase is slated for completion in spring 2022.

December 16, 2020

Affordable Housing Development District of Columbia Multifamily Southeast Top Stories

Toll Brothers, GSLM Receive $160M in Construction Financing for Multifamily Redevelopment Project in Washington, D.C.

by Kristin Harlow December 16, 2020

WASHINGTON, D.C. — Toll Brothers Apartment Living and GSLM Capital Partners, a venture between L+M Development Partners and Goldman Sachs Urban Investment Group, have received $160 million in construction financing for Phase I of a new multifamily project in the NoMa neighborhood of Washington, D.C. The project will redevelop Sursum Corda Cooperative, a low-income housing complex built in 1968. Sursum’s tenant association sold the site in 2018. As part of the agreement, current residents of Sursum will have the right to rent up to 127 units included in the new complex. Phase I of the project will include 561 units, approximately 20 percent of which will be designated as affordable. It will also feature one acre of public open space and nearly 50,000 square feet of amenities. Citi Community Capital provided the $160 million, funded with $23 million of tax-exempt notes issued through the Washington, D.C. Housing Finance Agency and a $137 million taxable construction loan. In addition, Citi arranged a $160 million forward commitment for permanent financing from Freddie Mac in its role as an Optigo lender. Goldman Sachs, in addition to its land loan financing and equity participation, will purchase approximately $15.7 million of low-income housing tax credits. …

December 16, 2020

Development Office Southeast Tennessee

Endeavor, Granite Properties Open 20-Story Office Building in Nashville’s Gulch District

by Alex Tostado December 15, 2020

NASHVILLE, TENN. — Austin-based Endeavor Real Estate Group and Dallas-based Granite Properties have finished construction on 1222 Demonbreun at Gulch Union, a 20-story, 330,000-square-foot office building in Nashville’s Gulch district. The property also features 6,000 square feet of ground-level retail space. The building is now open to tenants. Amenities include a fitness center, training room, sky lounge, catering kitchen and a parking garage. Cushman & Wakefield is handling leasing at the site, which has announced tenants including Revance Therapeutics Inc., RSM Accounting, staffing agency Insight Global, tax and advisory firm Dixon Hughes Goodman and Cahaba Wealth Advisors. Dallas-based HKS Inc. designed the building to meet LEED Silver certification. The building also includes the use of MERV 13 air filters and distribution system, which helps eliminate airborne viruses and toxins.

December 15, 2020

Development Florida Mixed-Use Southeast

Balfour Beatty Completes Construction on $298M River Landing Project in Miami

by Alex Tostado December 15, 2020

MIAMI — Balfour Beatty has completed construction on River Landing Shops and Residences, a 2.5 million-square-foot mixed-use development along the Miami River. The Atlanta-based general contractor completed the project on behalf of real estate investment trust H&R REIT and South Florida developer Urban-X Group. Matthews Southwest provided owner representative services. River Landing Shops and Residences spans 8.1 acres of riverfront land. The development features a seven-story, 488,000-square-foot retail and commercial space housing national retailers and shops; 142,000 square feet of Class A office space; and two multifamily residential towers above a 12-story, 2,344-space parking garage. River Landing also provides boater access along the Miami River, a waterfront linear park and a 25,500-square-foot restaurant row that will accommodate up to seven fine dining to fast casual restaurants. The design team includes architects BC Architects, McNamara Salvia Structural Engineers and Steven Feller MEPFP engineers. At its peak, the job employed more than 750 Balfour Beatty workers. River Landing Shops and Residences began opening its retailers to the public in early September. The tenant roster includes national retailers T.J. Maxx, Chase Bank, AT&T, Ross Dress for Less, Burlington, Hobby Lobby, Publix, Old Navy and Chick-fil-A.

December 15, 2020

Development District of Columbia Multifamily Southeast

UIP Delivers $118M Multifamily Community in D.C., Opens to Residents in January

by Alex Tostado December 15, 2020

WASHINGTON, D.C. — The UIP Cos. Inc. has delivered The Kiley, a $118 million multifamily project in Washington, D.C.’s Southwest Waterfront district. The 315-unit property will open to residents beginning in January. UIP installed a common area HVAC system with UV light scrubbers to kill viruses. The community will offer studio to three-bedroom floor plans and two-story lofts. Communal amenities will include a golf simulator, library, bar and games on the ground floor, as well as a rooftop deck and fitness center, a pool and grills. UIP acquired and broke ground on the site of The Kiley, which was an above-ground parking structure, in 2018. WDG Architecture designed the building to include arched concrete canopies as an homage to the parking deck’s original structure. The Kiley also mirrors in size Capitol Park Tower, an adjacent community that UIP bought in 2013. Capitol Park Tower was originally built in 1962 and UIP is implementing significant renovations to the property.

December 15, 2020

Development Florida Loans Multifamily Southeast

Aztec Group Arranges $60.3M Construction Loan for Apartment Project in South Florida

by Alex Tostado December 15, 2020

DANIA BEACH, FLA. — Aztec Group has arranged a $60.3 million construction loan for Oasis Pointe, a planned 301-unit apartment community in Dania Beach. Cymbal Development received the non-recourse loan from 3650 REIT. The 42-month loan features a fixed interest rate at an 80 percent loan-to-cost ratio. The waterfront community will span 2.4 acres and include structured parking, a 19-slip boat club, waterfront boardwalk, butterfly and meditation gardens and a lap pool. The community will also include COVID-19 protocols, including fresh-air intake throughout the property to sterilize and purify the air. A timeline for completion was not disclosed. Jason Shapiro, Charles Penan and Joel Zusman of Aztec arranged the loan on behalf of the Miami-based developer. Michael Fleischer and Will Pierce of 3650 REIT originated the financing.

December 15, 2020

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