Development

Joint Venture to Develop 220-Unit Grand Living Seniors Housing Community in Austin

by Taylor Williams May 11, 2021

AUSTIN, TEXAS — A joint venture between Minneapolis-based Ryan Cos., Grand Living and Castletop Capital will develop Grand Living at The Grove, a 260,000-square-foot seniors housing community in the Oakmont Heights neighborhood of Austin. The community will feature 186 independent and assisted living units, as well as a 34-unit memory care wing. Ryan Cos. is the co-developer and design-build firm; Castletop Capital is the master plan developer, and Grand Living will operate the community upon completion. Construction is set to begin next summer. The project will be the fourth Grand Living community in Texas.

May 11, 2021

Development Florida Loans Multifamily Southeast

Berkadia Arranges $50.3M Construction Financing for Belmont Tampa Apartments Near Tampa

by Julia Sanders May 11, 2021

BELMONT, FLA. — Berkadia has arranged $50.3 million in debt and equity financing for the construction of Belmont Tampa Apartments, a planned 300-unit, garden-style community to be built in Belmont, a master-planned development located south of Tampa. Scott Wadler of Berkadia’s Miami office and Wyatt Krapf of the firm’s Tampa office structured the financing on behalf of the sponsor, a joint venture between New York City-based Cross Lake Partners and Jacksonville-based GreenPointe Holdings. Synovus Bank provided a $33.1 million senior loan, and Federal Capital Partners provided $17.2 million in preferred equity. Located at 14323 S US Highway 301, Belmont Tampa Apartments will consist of 12 three-story residential buildings on 15.5 acres, along with one central leasing building and clubhouse. The community will offer one-, two- and three-bedroom floor plans averaging 1,107 square feet. Community amenities will include a resort-style pool, dog park and 24-hour gym, as well as trails and active open spaces. It will also be located close to a new Publix grocery store and Belmont Elementary School. The apartment community is expected to deliver in the spring of 2023.

May 11, 2021

Acquisitions Development Multifamily North Carolina Restaurant Retail Southeast

Capstone Brokers $5.6M Sale of Multifamily Development Site in Leland, North Carolina

by Julia Sanders May 11, 2021

LELAND, N.C. — Capstone Land Sales has brokered the $5.8 million sale of a 22.5-acre multifamily development site in Leland. The buyer, Atlanta-based Hathaway Development, will break ground later this year at the site for Exchange at Westgate, a 312-unit luxury apartment community. Caleb Troop and Eric Liebich of Capstone Land Sales led the transaction. Exchange at Westgate will be part of the greater 550-acre Westgate community, which includes retail and dining, apartment communities, single-family homes and the 146-acre Westgate Nature Park.

May 11, 2021

Development Mixed-Use New Jersey Northeast

Mack-Cali Unveils Latest Phase of Redevelopment of 4.3 MSF Harborside Campus in Jersey City

by Taylor Williams May 11, 2021

JERSEY CITY, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has unveiled the latest phase of the redevelopment of Harborside, a 4.3 million-square-foot mixed-use campus in Jersey City. The redevelopment of the 422,590-square-foot Harborside 1, which is one of five office buildings on the campus, is complete and includes a new façade and lobby, as well as infrastructure upgrades. The building also features a private terrace on the fourth floor with views of the Hudson River and Manhattan skyline. As part of this phase, Mack-Cali also introduced new art installations and public spaces and announced summer programming, including the opening of Smorgasburg, an open-air food market. Harborside also features 71,000 square feet of retail and restaurant space, fitness and wellness programming, a 351-room Hyatt Regency hotel, a food hall and a daycare center. In addition, the site can support approximately 3.5 million square feet of new commercial and residential development.

May 11, 2021

Development Kansas Midwest Office

Torch.AI to Expand Operations in Metro Kansas City, Create Nearly 500 Jobs

by Kristin Harlow May 11, 2021

LEAWOOD, KAN. — Torch.AI, a global artificial intelligence firm, has unveiled plans to expand its operations in Leawood and create nearly 500 full-time jobs over five years as part of a $27 million tax incentive package awarded by the Kansas Department of Commerce. The firm plans to hire more than 100 new professionals this year alone. Torch.AI is also making a significant capital investment in collaborative workspaces for its employees. The announcement comes on the heels of Torch.AI’s $30 million raise in Series A funding to accelerate its overall growth strategy. WestCap Group, a San Francisco-based investment firm, led the funding.

May 11, 2021

Development Illinois Industrial Midwest

McShane Underway on 429,524 SF Industrial Expansion for Abt Electronics in Glenview, Illinois

by Kristin Harlow May 11, 2021

GLENVIEW, ILL. — McShane Construction Co. is underway on a 429,524-square-foot addition to the existing warehouse and showroom facility for Abt Electronics in Glenview, about 15 miles northwest of Chicago. The expansion will incorporate two three-story office blocks totaling 22,230 square feet and 407,294 square feet of warehouse space. The office buildout will include trucking offices, security offices, a breakroom and open office space. The warehouse will feature a clear height of 32 feet, and 39 semi-truck docks. Completion is slated for October. Camburas & Theodore is the project architect. Abt is an electronics, appliances and home goods retailer.

May 11, 2021

Development Mixed-Use New York Northeast Office Retail Top Stories

Macy’s Proposes Overhaul of Herald Square Store in Manhattan, Including New Office Tower

by John Nelson May 11, 2021

NEW YORK CITY — Macy’s Inc. (NYSE: M) has unveiled plans to overhaul its flagship Herald Square store at the corner of 34th Street and Seventh Avenue in Midtown Manhattan. The plan would add a commercial office tower atop the store. The size and design features of the office component were not disclosed. The plan includes a private investment totaling $235 million by Macy’s that would modernize the public spaces around the flagship store, including upgraded subway access, improved transit connections and pedestrian-friendly and car-free streetscapes at Broadway Plaza and Herald Square. Macy’s would improve Herald Square Subway Station’s entrances and add publicly accessible elevators at Seventh Avenue, Broadway, 34th Street and 35th Street that are compliant with Americans with Disabilities Act (ADA). The renewal plan is expected to generate $269 million annually in new tax revenues for New York City, support 16,290 annual jobs and spark $4.29 billion in annual economic output, according to Macy’s. “Today’s announcement is a resounding vote of confidence for Manhattan and the entire state, and a strong indication that New York’s retailers and consumers will drive this economic recovery,” says Melissa O’Connor, president and CEO of the Retail Council of New York State, the …

May 11, 2021

Development Industrial Louisiana Southeast Top Stories

Amazon to Open 650,000 SF Fulfillment Center in Northwestern Louisiana, Create 1,000 Jobs

by Taylor Williams May 10, 2021

SHREVEPORT, LA. — Amazon Inc. (NASDAQ: AMZ) has planned a 650,000-square-foot fulfillment center in the northwestern Louisiana city of Shreveport. The Louisiana Economic Development (LED) organization claims the development will generate $200 million in capital investment and add more than 1,000 jobs to the local economy. The site of the multi-level building, which will feature automated inventory management and shipping technology, is located within Hunter Industrial Park, a 135-acre development situated within three miles of interstates 20,49 and 220. The property will also be LEED certified. The Shreveport Times reports that the fulfillment center will be Amazon’s first in northern Louisiana. The Seattle-based e-commerce giant announced a fulfillment center in Carencro, located outside of Lafayette in the southern part of the state, in December, and is also planning to convert the Cortana Mall in Baton Rouge into a fulfillment center, according to the local newspaper. Of the seven Amazon facilities that have been announced or are under construction in Louisiana, the Shreveport fulfillment center will be the largest. Construction is set to begin immediately with completion expected in September 2022. In addition to the 1,000 full-time jobs at the facility, development of the new fulfillment center is expected to create …

May 10, 2021

Development Illinois Industrial Midwest

Lion Electric to Invest $70M in Joliet, Build Electric Vehicle Manufacturing Facility

by Kristin Harlow May 10, 2021

JOLIET, ILL. — Lion Electric Co., a Canadian manufacturer of all-electric buses and trucks, has unveiled plans to build its first-ever U.S. manufacturing facility in Joliet. A minimum of $70 million will be invested to build a new facility dedicated to producing electric vehicles. The 900,000-square-foot project is expected to come online in the second half of 2022. Annual production capacity is estimated at 20,000 zero-emission vehicles per year, creating at least 745 jobs for Illinoisans. Lion is known for its production of electric school buses. The Illinois Department of Commerce and Economic Opportunity worked with the state’s public-private economic development partner, Intersect Illinois, to put together a site selection process that involved both virtual and in-person site visits, economic analysis and coordination with local officials and utilities. Lion has qualified for the state’s EDGE incentive program, a tool to support companies making large-scale capital investments that lead to significant job creation.

May 10, 2021

Development Mixed-Use Texas

Craig International Unveils Plans for $250M District 121 Mixed-Use Project in McKinney, Texas

by Taylor Williams May 10, 2021

MCKINNEY, TEXAS — Developer Craig International has unveiled plans for District 121, a $250 million mixed-use project that will be located on 17.5 acres next to the Craig Ranch master-planned community in McKinney. Phase I of the project consists of a 200,000-square-foot office building by Kaizen Development that is currently under construction, as well as 40,000 square feet of retail and restaurant space, an 800-space parking garage and green space known as The Commons. District 121 will eventually include 520,000 square feet of office space and a hotel. SHOP Cos. has been tapped to lease the retail and restaurant space.

May 10, 2021

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