Development

Landmark Properties Acquires Galleria Mall in Ann Arbor, Plans to Build 950-Bed Student Housing Project

by Kristin Harlow December 23, 2024

ANN ARBOR, MICH. — Landmark Properties has acquired the site of Galleria Mall in Ann Arbor with plans to build a 950-bed student housing community with its in-house construction arm, Landmark Construction. Named The Metropolitan on South U, the 241-unit development will be situated in the South University neighborhood a few blocks away from the Ross School of Business. Rising 18 stories, The Metropolitan will feature approximately 5,200 square feet of ground-floor retail space as well as community amenities, including a clubhouse, fitness center, pool and rooftop lounge. A timeline for construction was not provided. The community marks Landmark’s third ground-up residential development in Ann Arbor and seventh project in the market managed by the company.

December 23, 2024

Civic Development Midwest Missouri

ICS Construction Completes 78,000 SF Clark Family Branch Library in Suburban St. Louis

by Kristin Harlow December 23, 2024

LADUE, MO. — ICS Construction Services Ltd. has completed the Clark Family Branch Library for the St. Louis County Library (SLCL) district. Lamar Johnson Collaborative (LJC) was the project architect. Located at 1640 S. Lindbergh Blvd. in the inner-ring suburb of Ladue, the two-story building totals more than 78,000 square feet and stands as the largest branch in the SLCL system. The design emphasizes open, flexible spaces with high ceilings and natural light. The Clark Family Branch is the final branch to be designed as part of SLCL’s system-wide “Your Library Renewed” program. In addition to providing traditional reading, private study spaces and quick access to collections, the library features various meeting and event spaces, age-specific areas for creative and hands-on learning experiences and diverse community-based services. The Stephany and Richard Kniep Children’s Space features a playhouse, built-in reading nooks, a magnetic gear wall and educational touch-screen games. The Unity Foundation Teen Space provides tech-focused amenities such as the Object Computing creative lab with a 3-D printer, audio recording studio, video recording studio and video game room. The 800-seat multipurpose Post Event Space & Plaza offers multiple room configurations to support author events and programs. The Emerson History & Genealogy …

December 23, 2024

Affordable Housing Development Hospitality Loans Massachusetts Multifamily Northeast

MassHousing Provides Financing for Affordable Housing Redevelopment Project in Boston

by Taylor Williams December 23, 2024

BOSTON — MassHousing has provided an undisclosed amount of financing for an affordable housing redevelopment project in Boston. The project will convert the former Comfort Inn at 900 Morrissey Blvd. in the Dorchester area into a 99-unit apartment complex whose units will be reserved for households earning 30 percent or less of the area median income. The Community Builders is the developer of the project, which will include office and community spaces on the ground floor. Other project partners include BWA Architecture and Commodore Builders. Financing for the project stems in part from a $24 million bond issued by MassHousing that was purchased by Eastern Bank. Completion is slated for mid-summer 2025.

December 23, 2024

Development Florida Hospitality Loans Southeast

Mast Capital, Amzak Obtain $72.5M Loan for Renovation of Saddlebrook Resort in Metro Tampa

by John Nelson December 20, 2024

WESLEY CHAPEL, FLA. — A partnership between Mast Capital and Amzak Capital Management has secured a $72.5 million loan for the renovation of Saddlebrook Resort, a 480-acre hospitality property located in the Tampa suburb of Wesley Chapel. Beachpoint Capital Management provided the loan. Chris Drew, Brian Gaswirth, Jeff Bucaro, Paul Adams, Mark Deslauriers and Nicole Barba of JLL arranged the loan on behalf of the borrowers. The renovation of Saddlebrook Resort is expected to total $92 million and encompass a full-scale redesign of the guestroom suites, lobby, meeting spaces, pool and outdoor facilities, golf course and food-and-beverage destinations, as well as significant upgrades to the resort’s landscaping, sports facilities and lifestyle amenities. Mast Capital first partnered with Amzak Capital to acquire the resort in spring 2022.

December 20, 2024

Development Northeast Pennsylvania

Philadelphia City Council Approves Proposal for $1.3B 76ers Arena

by Taylor Williams December 20, 2024

PHILADELPHIA — The Philadelphia City Council has approved a proposal from Harris Blitzer Sports & Entertainment, which owns the NBA’s Philadelphia 76ers, to build a new arena in the downtown area. Valued at $1.3 billion and known as 76 Place, the arena will be located at the site of Fashion District Philadelphia, a shopping, dining and entertainment destination on Market Street. The proposal for a new 76ers arena was conceived several years ago but has subsequently faced opposition from a variety of community leaders and organizations, most notably those in neighboring Chinatown. According to The Philadelphia Inquirer, the team is now targeting the 2031-2032 season to commence play at the new arena.

December 20, 2024

Development Mixed-Use Texas

Aretè Collective, Wasatch Receive $106M in Bond Financing for Central Texas Master-Planned Development

by Taylor Williams December 20, 2024

SPICEWOOD, TEXAS — A partnership between two Utah-based firms, Areté Collective and Wasatch Group, has received $106 million in bond financing for Thomas Ranch, a master-planned development in the Central Texas community of Spicewood. The development team will use proceeds from the nonrecourse, tax-exempt bond to fund infrastructural work for the 2,200-acre development. Specific public improvements will include a spine road connecting different neighborhoods, a water treatment plant and a wastewater treatment plant. A portion of the proceeds will also be used to finance the first phase of residential development. At full build-out, Thomas Ranch will comprise 3,500 residential units, including a 600-unit multifamily component, 465,000 square feet of commercial space, a hotel, golf course, 40 miles of walking trails and 1,200 acres of open nature space.

December 20, 2024

Development Multifamily Texas

Resia Completes 433-Unit Multifamily Project in Denton, Texas

by Taylor Williams December 20, 2024

DENTON, TEXAS — Multifamily development and management firm Resia has completed a 433-unit project in the North Texas city of Denton. Resia Rayzor Ranch is located within a master-planned community of the same name and features one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, basketball court, business center and outdoor grilling and dining stations. A pickleball court is also in the process of being constructed. Rents start at $1,350 per month for a one-bedroom apartment.

December 20, 2024

Development Multifamily New Jersey Northeast

Partnership Completes 270-Unit Multifamily Project in Hackensack

by Taylor Williams December 20, 2024

HACKENSACK, N.J. — A partnership between two New Jersey-based developers, The Hampshire Cos. and Russo Development, as well as Riverbank Management LLC, has completed a 270-unit multifamily project in downtown Hackensack. Designed by MVMK Architecture and known as Ora, the property houses studio, one- and two-bedroom apartments and 9,000 square feet of retail space. Residences feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a rooftop clubroom with a wet bar and billiards, as well as fire pits and lounge seating. In addition, residents have access to a fitness center, coworking spaces, private conference rooms, pet spa and package lockers. Rents start in the mid-$2000s per month for a studio apartment.

December 20, 2024

Acquisitions Arizona Development Hospitality Western

Waterton Acquires 137-Key Resort in Sedona, Arizona, Plans Repositioning

by Amy Works December 20, 2024

SEDONA, ARIZ. — Chicago-based Waterton has purchased Poco Diablo Resort, a 137-key hotel located at 1752 AZ-179 in Sedona. Terms of the transaction were not released. Waterton plans to reposition and rebrand the asset as Outbound Sedona. Planned renovations include adding a heated pool and hot tub with rock formations, mini-waterfall features and zero gravity lounging options, as well as expanding the spa to include new treatment rooms. Situated on 18 acres adjacent to Oak Creek, the hotel features a lobby, onsite restaurant, 8,500 square feet of indoor/outdoor event space, a swimming pool and spa center. Outbound Sedona will be operated by Denver-based CoralTree Hospitality. The property will the fifth hotel under Waterton’s Outbound Hotels brand, a collection of lifestyle hotels in outdoor destinations.

December 20, 2024

Development Massachusetts Northeast Restaurant Retail

Bosse Opens 97,000 SF Pickleball, Entertainment Venue in Natick, Massachusetts

by Taylor Williams December 20, 2024

NATICK, MASS. — Bosse, an entertainment concept that combines pickleball with food and drinks, has opened a 97,000-square-foot venue in Natick, a western suburb of Boston. The site is adjacent to Natick Mall and formerly housed a Neiman Marcus department store. Bosse features 21 courts and a dedicated fitness and wellness space, as well as lounge areas, a sports theater, dart lounges, a cold plunge pool, retail space and golf simulators. The Bulfinch Cos. owns the property.

December 20, 2024

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