TEMPLE, TEXAS — Rowan Green Data, a data center developer and infrastructure provider with offices in Houston and Portland, will develop a $300 million hyperscale campus in the Central Texas city of Temple. The project will span approximately 135,000 square feet and have a power capacity of about 500 megawatts. In the data center space, the amount of electricity needed to power the servers and cool the equipment is the highest variable cost; as such, the size of data center deals is frequently measured by the consumption of megawatts rather than square footage. All factors being held equal, one megawatt of energy is enough to power 500 or so homes for a full year. The facility, whose hyperscale designation indicates that it will be marketed to large tech companies with heavy cloud-based operations, will be constructed in two phases on a 32-acre site. Construction of the first phase is slated for a summer-2022 delivery, and full completion is scheduled for 2023.
DALLAS — A partnership between Dallas- and California-based Fenway Capital Advisors and New York-based Waterfall Asset Management will redevelop Campbell Centre, an 878,564-square-foot office complex in Dallas. The two-building property, which will be renamed The Gild, was originally built in the 1970s and is located in the North Central Expressway submarket. The project will add new tenant lounges, a boutique café and new coffee bars and dining areas, as well as a new conference center. In addition, the development team will update restrooms and corridors, expand tenant suites and develop a connecting park between the two buildings. Gensler is designing the project, and Stream Realty Partners is the leasing agent. Renovations are scheduled to begin immediately, and full completion of the project is slated for the first quarter of 2023.
NEW YORK CITY — The Davis Cos., a Boston-based development and investment firm, will build a 17-story self-storage facility at 155-165 W. 29th St. in Manhattan’s Chelsea District. The property will span approximately 180,000 square feet and feature more than 6,300 units of various sizes. Davis, which is developing the project in partnership with Highland Development Ventures LLC, has completed demolitions of the existing structures on the site and expects to open the facility in spring 2023. Mancini Duffy is the project architect, and Cauldwell-Wingate Construction is the general contractor. Santander Bank and United Overseas Bank provided construction financing.
PHILADELPHIA — Iovance Biotherapeutics Inc. (NASDAQ: IOVA) has opened a 136,000-square-foot life sciences facility at the Philadelphia Navy Yard, where the biomanufacturing firm will produce T cell-based immunotherapies for cancer patients. Gattuso Development Partners developed the facility, which is located within an opportunity zone, and CRB provided design and construction services.
GAINESVILLE, FLA. — Landmark Properties and W5 Group have broken ground on The Metropolitan at Gainesville, a 464-bed student housing development near the University of Florida’s (UF) main campus. Construction will start before the end of the year and is slated for completion ahead of the 2023-24 school year. Athens, Ga.-based Landmark will develop and operate the property. The W5 Group is a joint venture partner and investor in The Metropolitan at Gainesville. Served by a campus shuttle to UF, The Metropolitan will include 169 units, with each bedroom having its own private bathroom. The property’s units will also include electrical appliances, washers and dryers and vinyl flooring. Located at 2205 S. W. 13th St., community amenities will include a pool, fitness center, study lounge, jumbotron and high-speed wireless internet. There will also be 399 parking spaces and 142 scooter parking spaces available onsite. Most recently, Landmark and W5 Group completed The Retreat East, a student housing community in Orlando serving University of Central Florida students.
DAVIS, CALIF. — HighBridge Properties has opened The Ryder on Olive, a 706-bed student housing community located near the University of California, Davis. The 260,000-square-foot, LEED Gold-certified property offers a mix of two-, three-, four- and five-bedroom, fully furnished units. Shared amenities include a fitness center, yoga room, study areas, game rooms, a swimming pool, karaoke room, dog park and a 24-hour micro-market offering food and drinks. The project’s development team included partner Grand Peaks Development; general contractor Brown Construction; Humphreys & Partners Architects; and SouthPark Interiors. Asset Living manages the community.
QUEEN CREEK AND PEORIA, ARIZ. — Vestar has unveiled plans to develop three speculative retail projects, totaling 465,000 square feet in Queen Creek and Peoria. With a combined construction cost of nearly $90 million, construction is slated to begin in late 2021 through early 2022. Queen Creek Crossing in Queen Creek is a planned 31-acre property featuring 300,000 square feet of retail space. Groundbreaking is scheduled for June 2022, with opening planned in March 2023. Costco will anchor the property, located at the northwest corner of Ellsworth and Queen Creek roads. Vineyard Towne Center, also in Queen Creek, will feature 75,000 square feet of retail for the first phase of the 23-acre development. Located at the northwest corner of North Gantzel and West Combs roads. Construction is slated to begin in first-quarter 2022 with completion scheduled for year-end. The Shops at Lake Pleasant in Peoria will feature 90,000 square feet of retail space on 26 acres at the intersection of Happy Valley Road and Lake Pleasant Parkway. The development is slated to open in late 2022.
SALT LAKE CITY — The Davies Group at Los Angeles-based George Smith Partners has secured $35.2 million in construction financing for the first phase of a hotel-to-multifamily conversion project in downtown Salt Lake City’s The Granary District. The five-acre site features two landmark towers. The first phase of renovation includes the transformation of the property’s south tower into a 184-unit multifamily asset with boutique-style amenities. The planned future phase includes the adaptive reuse of the property’s north tower. The land site offers 2.7 acres of excess developable land, creating an opportunity for future mixed-use infill development. Malcolm Davies, Zack Streit, Drew Sandler, Alexander Rossinsky, Aiden Moran, Brandon Asherian and Ben Tracy of The Davies Group sourced the financing on behalf of the undisclosed sponsor.
NASHVILLE, TENN. — MRP Realty and Creek Lane Capital have broken ground on Phase I of River North, a 1.3 million-square-foot, master-planned, mixed-use project located along the Cumberland River in Nashville. The development cost for Phase I is $263 million. JLL brokered a $160 million construction loan for Phase I. Phase I will feature 817,070 square feet of development, including 651 apartment units, 78,000 square feet of office space and approximately 80,000 square feet of retail space spread across four buildings on the riverfront site. Phase I is slated for completion by 2023. River North is being developed on 13 acres of land in a designated Opportunity Zone across the river from Germantown, a historic district with restaurants, retailers and the Tennessee State Museum. The site was previously the location of a rail yard and shipping terminal, so the developers plan to incorporate restored warehouses and modern industrial finishes into the design of the project. A timeline for completion of all phases was not disclosed. “It’s a great opportunity for MRP to be underway on a project of such magnitude in one of Nashville’s most exciting submarkets,” says Bob Murphy, managing principal of MRP Realty. “We’ve also had the opportunity …
HOUSTON — A partnership between Chicago-based investment firm Harrison Street, 2ML Real Estate Interests and local developer Hines has broken ground on a 270,000-square-foot life sciences building in Houston. The building, which represents the first phase of the Levit Green mixed-use development, is located on a 53-acre site adjacent to Texas Medical Center. Additional uses at Levit Green will include retail, residential and office space. DE Harvey Builders is the general contractor for the project, which is slated for a fourth-quarter 2022 delivery. JLL is marketing the space for lease.