KNOXVILLE, TENN. — Mallory & Evans Development and its property management company Caliber Living will open Flagship Kerns, a two-building, 310-unit co-living project in Knoxville. Leases will start at three months and prospective tenants can lease by the unit or the bedroom. Co-living properties are designed as affordable housing options for renters seeking flexible leasing arrangements and shared common areas with other residents. Flagship Kerns’ units will include granite countertops, walk-in closets, stainless steel appliances, in-unit washers and dryers, smart home units with smart locks, smart TVs and Ecobee thermostats. Communal amenities will include a pool, 24-hour fitness center, work/study pods and a conference area. Atlanta-based Mallory & Evans expects to open the community in January. Flagship Kerns will mark Phase I of three to open at the historic Kern’s Bakery. The other phases will comprise a 75,000 square-foot redevelopment of Kern’s Bakery to include a food hall, retail and office spaces, event venues and a brand-name hotel. Kern’s Bakery was originally built in 1929 and has been added to the National Register of Historic Places.
WAKE FOREST AND CHAPEL HILL, N.C. — Wegmans will open two new grocery stores in 2021 in Wake Forest and Chapel Hill. The New York-based grocer plans to add 500 full-time jobs and nearly 900 total jobs at the two stores. The store in Wake Forest will span 104,000 square feet and will house 200 full-time employees. The property, located at 11051 Ligon Mill Road, is expected to open in May. The asset in Chapel Hill is expected to open in late February and will house 300 full-time jobs. The store will span 99,000 square feet and is situated at 1810 Fordham Blvd. Also, in North Carolina, a Wegmans in Cary recently sold for $34.9 million.
KATY, TEXAS — Alliance Residential has opened Prose West Cypress, a 336-unit apartment community located in the western Houston suburb of Katy. Prose West Cypress features one- and two-bedroom units with island kitchens, wood plank-style flooring and granite countertops. Amenities include a fitness center, game room and a playground. Rents start at $1,030 per month for a one-bedroom unit with a move-in special of one month of free rent, according to Apartments.com.
HOUSTON — Midland, Texas-based developer Insignia Hospitality Group has completed the 128-room Courtyard by Marriott hotel in the Bunker Hill area of Houston. The 85,803-square-foot building rises six stories and offers a fitness center and a business center, as well as complimentary breakfast. Mayse & Associates Inc. designed the project, and Lubbock-based Greenstreet Inc. served as the general contractor.
OAK BROOK, ILL. — Hines has received construction financing from New York Life Real Estate Investors and has broken ground on One Oak Brook Commons, a 17-story apartment development in Oak Brook within suburban Chicago. The Class A project will include 250 luxury apartment units and 420 parking stalls within a private parking deck. One Oak Brook Commons is situated within the larger 16.5-acre Oak Brook Commons, a $500 million mixed-use project also being developed by Hines on the site of the former McDonald’s campus. The residences will average 1,055 square feet. Amenities will include a heated pool, fitness center, clubroom, library, dog room, package facility and bike storage. Antunovich Associates is the architect and W.E. O’Neil will serve as general contractor. Occupancy is expected to begin in early 2022. Development partners include Levy Family Partners, Duchossois Capital Management and Las Americas.
COLUMBUS, OHIO — Affordable housing developer Woda Cooper Cos., along with partners Gertrude Wood Community Foundation and LifeCare Alliance, have completed The Livingston, a 45-unit affordable and age-restricted community in the Near South area of Columbus. The three-story property is reserved for residents age 55 and older who earn up to 60 percent of the area median income. The project pays tribute to The Livingston Theater, a historic theater dating back to the 1940s. The theater’s marquee signage, terrazzo flooring and a portion of its lobby were restored and incorporated into the project. PCI Design Group served as architect. Amenities include an onsite wellness center, interior courtyard, community room, fitness center and free Wi-Fi. Nonprofit partner LifeCare Alliance will provide supportive services and health screenings. Woda Construction Inc. was the general contractor and Woda Cooper’s management division will oversee leasing and day-to-day operations. Financing for The Livingston was made possible through the allocation of low-income housing tax credits allocated by the Ohio Housing Finance Agency (OHFA). KeyBank provided a construction loan while Cedar Rapids Bank & Trust and the City of Columbus provided first and second mortgages. OHFA and Affordable Housing Trust of Columbus and Franklin County provided bridge loans.
NEW YORK CITY — SL Green Corp. (NYSE: SLG) has received a $1.2 billion construction loan for One Madison Avenue, a 1.4 million-square-foot office project that will be situated on a full city block between Park and Madison avenues and East 23rd and 24th streets. SL Green is developing the 27-story building in partnership with Houston-based Hines, and Kohn Pederson Kohn is serving as the project architect. The existing office building at One Madison Avenue will be demolished down to the ninth floor, and the development group will build 17 glass and steel, column-free floors above. Amenities will include new retail space, an 800-person event space, 15,000-square-foot artisanal food market, 9,000-square-foot club-style tenant lounge and a full-service fitness center. An estimated completion date was not disclosed.
STAMFORD, CONN. — Building and Land Technology (BLT), a Connecticut-based developer, is underway on the renovation of 1 Elmcroft, a 500,000-square-foot office building in Stamford. The project includes numerous design and engineering upgrades to promote health and wellness, including increased air ventilation and circulation and more efficient air filtration, as well as heightened sanitation features such as ultraviolet lighting and bipolar ionization. The latter features allow cleaner, safer passage through elevators and common areas, and BLT will also introduce touchless entry mechanisms and other technologies throughout the building. Users will also enjoy access to outdoor amenity spaces, including walking trails and water features, as well as a cafeteria, fitness center and collaboration areas that are separate from individual workstations.
HENDERSON, NEV. — Brass Cap Development has broken ground on Executive Airport Crossing, an industrial project located on Raiders Way and Dale Street in West Henderson. Totaling 70,000 square feet, Executive Airport Crossing will consist of two freestanding buildings that can be divisible from 14,446 square feet to 40,000 square feet. Both buildings include dock- and grade-level loading areas. Executive Airport Crossing received more than $5 million in investment funding in eight minutes on CrowdStreet, a real estate investing platform that gives investors direct access to individual commercial real estate investment opportunities. This is the first Brass Cap Development project funded through CrowdStreet. Las Vegas-based LM Construction Co. is serving as design-build general contractor for Executive Airport Crossing, which is slated for completion in June 2021. Paul Sweetland and Jerry Doty of Colliers International | Las Vegas will handle sales for the project.
SARANAC LAKE, N.Y. — TLG Investment Partners has opened Saranac Waterfront Lodge, a 93-room hotel and resort located in the Adirondack High Peaks in Upstate New York. The waterfront property houses two food and beverage concepts, a pool, lakeside fire pit, a private marina with 24 boat slips and 30,000 square feet of meeting and event space. Skyward Hospitality is managing the property.