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Affordable HousingDevelopmentIllinoisMidwestMultifamily

East Lake Management & Development to Build 161-Unit Workforce Housing Community in Illinois Medical District

by Kristin Harlow

CHICAGO — East Lake Management & Development is building Gateway Apartments within the Illinois Medical District (IMD) in Chicago. Set within a larger mixed-use development, Gateway Apartments will include 161 one- and two-bedroom workforce housing units. The target residents are medical personnel, students and faculty who work within the IMD. Of the units, 10 percent will be restricted under a Land Use Restrictive Agreement (LURA) to those with incomes at or below 100 percent of the area median income (AMI). The balance of the units will target workforce income levels for those at income levels between 100 and 150 percent of AMI. The project site will also feature a Hilton Hampton Inn & Suites hotel, 35,000 square feet of retail space and up to 500,000 square feet of life sciences and medical office space. Merchants Bank of Indiana provided construction financing and Freddie Mac provided permanent financing. A timeline for construction was not disclosed.

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The-Link-Frisco
DevelopmentMixed-UseTexasTop Stories

Stillwater Capital to Develop $1B Mixed-Use Project at PGA of America Campus in Metro Dallas

by Taylor Williams

FRISCO, TEXAS — Locally based developer Stillwater Capital has received zoning approval from the city council of Frisco, a northern suburb of Dallas, for the development of The Link, a 240-acre mixed-use project near PGA of America’s new 600-acre headquarters campus. The PGA of America’s role is to oversee professional golf and promote interest in the game. The Link will feature Class A office, luxury residential, destination retail, boutique hospitality and entertainment uses. The name of the development stems from the pedestrian promenade that connects the site to the PGA’s campus through an expansive network of green spaces. According to multiple news outlets, including Community Impact Newspaper and Dallas Innovates, the project has a price tag of approximately $1 billion. “This project delivers on our promise to capitalize on the momentum generated by the PGA headquarters and Omni Resort,” says Frisco Mayor Jeff Cheney. “The Link will complement the energy of PGA Frisco by providing high-quality office spaces with unobstructed views of the golf course, a curated mix of entertainment and dining options, and large park spaces that will ensure a highly livable environment.” The PGA of America originally announced its relocation to Frisco from South Florida in late 2018. …

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JW Marriott
DevelopmentFloridaHospitalitySoutheast

Moss Construction to Build Phase II of J.W. Marriott Clearwater Beach in Tampa Bay

by Julia Sanders

CLEARWATER BEACH, FLA. — Moss Construction will build the second phase of the J.W. Marriott Clearwater Beach in the Tampa Bay area. The beachfront project is expected to be completed in early 2023. Developed by Dr. Kiran Patel, the 450,000-square-foot property will include 162 hotel rooms and 36 furnished residential units. Community amenities will include an elevated 11th floor swimming pool and bar, spa, meeting rooms, ballrooms, gym and an ocean-front restaurant with private dining. The new addition will have approximately 250 feet of private beach for guests. Located at 691 S. Gulfview Blvd., the new hotel will offer views of the Gulf of Mexico and the Intercoastal from the private balconies.

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Cornerstone-Logistics-Crossing-San-Antonio
DevelopmentIndustrialTexas

Scannell Properties Breaks Ground on 423,260 SF Spec Industrial Project in San Antonio

by Taylor Williams

SAN ANTONIO — Indianapolis-based developer Scannell Properties has broken ground on Cornerstone Logistics Crossing, a 423,260-square-foot speculative industrial project located on a 28.8-acre site in northeast San Antonio. The property will consist of two buildings totaling 224,220 square feet and 199,040 square feet that will be divisible to 30,000 square feet. Building features will include 32-foot clear heights and ample trailer parking. CBRE has been tapped to lease the development, which is expected to be complete in the late third or early fourth quarter.

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Exchange-at-CityLine-Richardson
DevelopmentIndustrialTexas

TDC to Develop 300,000 SF Office Project at CityLine in Richardson, Texas

by Taylor Williams

RICHARDSON, TEXAS — Transwestern Development Co. (TDC) will build a 300,000-square-foot office building at CityLine, a mixed-use development in the northeastern Dallas suburb of Richardson. The company is developing the six-story project, which will be branded The Exchange at CityLine in partnership with BC Station Partners, with Dallas-based BOKA Powell leading the design. Completion is slated for some time in 2022.

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Northeast Heights
DevelopmentDistrict of ColumbiaOfficeRetailSoutheastTop Stories

Joint Venture Breaks Ground on $600M Northeast Heights Redevelopment in Washington, D.C.

by Julia Sanders

WASHINGTON, D.C. — A joint venture between Cedar Realty Trust (NYSE: CDR), Asland Capital Partners and the Goldman Sachs Urban Investment Group has broken ground on the first phase of Northeast Heights. The $600 million mixed-use office and retail development is located in the Minnesota and Benning submarket of Washington, D.C.’s Ward 7 neighborhood. The property is located at 3924 Minnesota Ave. Construction has a completion date of late 2022 or early 2023. The first phase of Northeast Heights includes the construction of a 258,500-square-foot office building, as well as 18,000 square feet of street-level retail space. The office space is 100 percent leased to the Washington, D.C., Department of General Services (DGS) for its headquarters. Northeast Heights is a multi-phase, mixed-use redevelopment of two existing retail shopping centers at the intersection of Minnesota Avenue and Benning Road. Cedar Realty Trust will lead future phases of the development, which will include the development of multifamily residential with designated affordable apartments, additional office space, community gathering areas and retail space including a new grocery store. The retail for the DGS building will be made up primarily of full-service and/or fast-casual restaurants, as well as service establishments for the 400 to 500 …

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Ledges-Columbia-Palisades-Camas-WA
DevelopmentLoansMultifamilyWashingtonWestern

Parkview Financing Provides $42M Construction Loan for Waterfront Residential Project in Washington

by Amy Works

CAMAS, WASH. — Parkview Financial has provided a $42 million construction loan to Kirkland Development for the construction of The Ledges at Columbia Palisades, a multifamily community located at 19801 E. Ascension Loop in Camas. Slated for completion in 2022, the project is entitled for 90 apartments and 51 condominiums. Situated on 1.3 acres, the 192,701-square-foot, two-building development will consist of five stories and two partially subterranean parking levels with 231 parking spaces. The apartment component will offer 18 studio, 51 one-bedroom and 21 two-bedroom units with an average size of 715 square feet. The condominium portion will consist of 42 two-bedroom units averaging 1,226 square feet and nine three-bedroom units averaging 2,102 square feet. Community amenities will include a lobby, lounge, mail room, bike room, fitness center, two pools, a roof deck, dog washing station and car washing station.

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CaliforniaDevelopmentLife SciencesOfficeWestern

DHC, RMR Group Complete 186,000 SF Life Sciences Campus in San Diego’s Torrey Pines

by Amy Works

SAN DIEGO — Diversified Healthcare Trust (NASDAQ: DHC) and The RMR Group (NASDAQ: RMR) have completed Muse at Torrey Pines, a life sciences property located at 3030, 3040 and 3050 Science Park Road in the Torrey Pines submarket of San Diego. Totaling 186,000 square feet, the three-building campus was 85 percent pre-leased at completion. Surgalign Spine Technologies will occupy the 94,500-square-foot building at 3030 Science Park; Organogenesis signed a 23,000-square-foot lease at 3040 Science Park; and Aegis Life inked a lease for 9,600 square feet at 3040 Science Park. A local farm-fresh eatery concept inspired by Urban Kitchen Group will occupy the property’s restaurant space and offer seasonal food pairings for tenants and the general public. The Muse also features exterior gathering areas, outdoor games, electric vehicle charging stations and four art installation with sculptures and murals by three California artists. DHC owns the property, which RMR manages. Grant Schoneman and Chad Urie of JLL are handling leasing efforts for the property. Surgaline Spine Technologies was represented by Michael Labelle and Bridget Garwitz of Savills. Glenn Friedrich of Cresa represented Organogenesis and Shane Poppen of Hughes Marino represented Aegis Life in the respective leases.

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Quinlan-Self-Storage-Fair-Lawn-New-Jersey
DevelopmentIndustrialNew JerseyNortheastSelf-Storage

Quinlan Breaks Ground on 1,084-Unit Self-Storage Facility in Fair Lawn, New Jersey

by Taylor Williams

FAIR LAWN, N.J. — Quinlan Development Group LLC has broken ground on a 1,084-unit self-storage facility in Fair Lawn, located across the Hudson River from The Bronx. Upon completion, which is slated for summer 2022, the $17 million facility will have a gross square footage of approximately 123,000 square feet. Bank OZK provided construction financing for the project, which is the fourth self-storage facility that Quinlan has developed from the ground up since 2018.

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Affordable HousingDevelopmentIndianaMidwestMultifamily

Greystone Spearheads $45.6M Redevelopment of 336 Affordable Housing Units in Indiana

by Kristin Harlow

INDIANA — Greystone Affordable Development is spearheading the $45.6 million redevelopment of 336 affordable housing units in Indiana as part of the state’s Moving Forward Rural Development program. Partnering with property owner and operator Justus Property Management Inc., Greystone is guiding a recapitalization and renovation process that will bring energy efficiencies and renewed housing for residents of 14 properties in 10 counties. The combination of funding sources includes $14.7 million in loans from Greystone; $12.4 million in capital contributions stemming from the purchase and syndication of both 4 percent and 9 percent housing credits by Boston Financial Investment Management; $10.6 million in multifamily private activity tax-exempt bonds from the Indiana Housing and Community Development Authority (IHCDA); $6.6 million of assumed and subordinated USDA Section 515 long-term debt; $1 million in funding from IHCDA via the Rural Revolving Loan Fund; and other miscellaneous sources totaling $236,000. Greystone anticipates a 19-month construction period for the portfolio. Renovation costs will average more than $44,000 per unit. Greystone Affordable Development is an affiliate of commercial real estate finance firm Greystone.

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