GRAND PRAIRIE, TEXAS — Taylor Morrison Home Corp. (NYSE: TMHC) will develop Christopher Todd Communities at Dechman, a 140-unit single-family rental (SFR) community in the central metroplex city of Grand Prairie. The property will be situated on 15.9 acres and will offer one- and two-bedroom residences that will range in size from approximately 750 to 1,050 square feet. Communal amenities will include a pool, fitness center and a dog park. Christopher Todd Communities is providing design and management services for the project. Construction is set to begin in the coming weeks.
GLEN RIDGE, N.J. — JMF Properties is nearing completion of Clarus Glen Ridge, a 110-unit apartment project in the Northern New Jersey community of Glen Ridge. Units will feature one- and two-bedroom floor plans and stainless steel appliances and individual washers and dryers, while select units will offer private outdoor spaces. Amenities will include a fitness center with a personal training studio, a resident lounge with a wet bar, business center, theater room and an outdoor courtyard with seating areas and fire pits. Leasing is set to begin in July. Rental rates are still being determined.
MIAMI — A joint venture between Property Markets Group (PMG), Greybrook Realty Partners and S2 Development has launched condominium sales at the Waldorf Astoria Hotel & Residences Miami. The estimated development cost for the project is $970 million, according to Greybrook’s website. The 800,000-square-foot project is located at 300 Biscayne Blvd. in the heart of downtown Miami. Rising 100 stories, the building is expected to be the tallest residential tower south of New York City, according to the development team. The project will feature a five-star hotel operated under Hilton’s Waldorf Astoria banner and 360 condominiums with interiors by San Francisco-based design firm BAMO. Residences will offer floor-to-ceiling glass windows with views of the Atlantic Ocean. Shared amenities at the Waldorf Astoria Hotel & Residences Miami are set to include a lounge named Peacock Alley, indoor and outdoor event spaces, a signature restaurant, resort-style swimming pool with cabanas, spa and fitness center. PMG is leading sales and marketing for the residential portion of the development, with the cost for condominiums starting at $1 million, according to reports by Architect Magazine. Siger Suarez Architects designed the project in collaboration with Carlos Ott. Completion is scheduled for 2025, according to reports by …
NEW YORK CITY — BHI, the U.S. division of Israeli financial institution Bank Hapoalim, has provided a $102.7 million construction loan for the development of a multifamily project at 1165 Madison Ave. on Manhattan’s Upper East Side. Naftali Group is developing the 62,700-square-foot project, which will offer 12 for-sale condos and 3,750 square feet of retail space. Robert A.M. Stern Architects is designing the project. Completion is slated for May 2023.
ST. JOSEPH, MO. — Sky Real Estate LLC and Sunflower Development Group LLC have completed a $36 million adaptive multifamily reuse project in downtown St. Joseph, about 55 miles north of Kansas City. The project involved the conversion of the former Richardson Dry Goods Co. headquarters into a 140-unit, loft-style apartment complex named American Electric Lofts. Amenities include a game room, fitness room, pet park and smart home technology throughout the property. Hazel’s Coffee recently opened on the building’s first floor. SWD Architects, Lankford Fendler + Associates and Rau Construction made up the project team. The developers utilized federal and state historic tax credits.
CHARLOTTE, N.C. — USAA will open a new 90,000-square-foot office in Charlotte later this year. The San Antonio- based financial services company entered into a lease agreement with the undisclosed landlord to occupy space within The Square at South End, a 10-story office building located at 200 W. Boulevard. The new location was selected because of the area’s highly skilled individuals in the financial services sector. USAA already has a number of employees living in the Charlotte area. The new office location will eventually host approximately 750 employees who will work either onsite or in a hybrid model. USAA will lease six floors of the 153,000-square-foot building. Employees are expected to begin moving into the building by the end of 2021.
SAN MATEO, CALIF. — Mesa West Capital has provided Longfellow Real Estate Partners with a $178 million first mortgage loan to recapitalize costs associated with its recent acquisition and fund the planned repositioning of the San Mateo Bay Center office campus in San Mateo. A portion of the proceeds from the five-year, floating-rate loan will be used to convert the 235,911-square-foot conventional office property into a life sciences and laboratory facility. Developed in 1984, San Mateo Bay Center features two seven-story office towers located at 901 and 951 Mariner’s Island Blvd. Campus amenities include showers, a fitness center, café and outdoor patio space. The campus is located in the mid-peninsula Foster City/San Mateo life sciences market with an inventory of nearly 2 million square feet of life sciences space, anchored by the 1.4 million-square-foot world headquarters campus for Gilead Sciences. Ramsey Daya of Newmark Knight Frank arranged the financing. Mark Osher of Gibson, Dunn and Crutcher LLP represented Mesa West Capital in the deal.
PHILADELPHIA — A partnership between National Real Estate Development LLC and The KRE Group will develop 200 Spring Garden, a 355-unit multifamily project that will be located in the East Callowhill Overlay District of Philadelphia. The project represents the first phase of a larger master-planned community. Amenities will include a pool, multiple grilling stations, community gardens and a private outdoor dog run. Construction is expected to begin in the second quarter of next year and to last 24 to 28 months.
CHICAGO — The Invert Chicago LLC has unveiled plans to build Chicago’s first subsurface business complex on 140 acres on the city’s southeast side that was vacated decades ago by the steel industry. Over the course of 13 years, Invert will develop nearly 6 million net square feet of climate-controlled space 250 to 350 feet below the surface at 11118 S. Buffalo Ave. The project site currently functions as a marine, rail and truck terminal. Initial subsurface space is expected to be available for occupancy by 2024. Invert anticipates making a formal filing with the City of Chicago later this summer.
PORTLAND, ORE. — Portland-based Ethos Development has broken ground on brookLAND, a multifamily property located in the Brooklyn neighborhood of southeast Portland. The five-story, 128,000-square-foot development will feature 166 apartments and a tea shop integrated into the building’s common space. Units will be available in a variety of floor plans, including five three-bedroom units and two studios affordable to residents earning 60 percent of area median income. Additionally, the transit-oriented property will feature 28 micro studios that provide market-rate affordability due to efficient design. Community amenities will include a five-story atrium, fitness studio, sauna, building lounge, workspaces and a roof deck. The project team includes Portland-based Hacker Architects and Portland-based R&H Construction.