Development

Berkadia Secures $11M Fannie Mae Financing for Intrada Westside Affordable Housing Project in Atlanta

by Julia Sanders April 12, 2021

ATLANTA — Berkadia has secured $11 million in financing for the development of Intrada Westside, a 143-unit affordable housing property in Atlanta. Carolyn Whatley, Lloyd Griffin and Frank Brown of Berkadia secured financing on behalf of the developer, Missouri-based Vecino Group. The $11 million forward commitment for permanent financing through Fannie Mae’s MTEB Program features a 15-year term with a 35-year amortization schedule. The property is planned to be constructed over a period of 18 months. Located in Grove Park, the Intrada Westside site offers access to Donald Lee Hollowell Parkway Northwest, which connects the primary area to downtown Atlanta. Amenities will include a leasing center that includes spaces for a fitness and business center, as well as a central laundry room, elevators, a playground, picnic and outdoor seating areas. The development also has 9,000 square feet of retail space. Intrada Westside’s site is in a Qualified Census Tract, Opportunity Zone and the Hollowell Tax Allocation District. The affordable restrictions will accommodate families who earn 50, 60 and 80 percent of area median income (AMI) and 25 units will receive project-based rent subsidy designated for homeless youth between the ages of 18 and 24. Vecino Group helped bring together the …

April 12, 2021

Development Florida Healthcare Southeast

Partnership to Develop 87-Acre Healthcare Campus in Panama City Beach, Florida

by Julia Sanders April 12, 2021

PANAMA CITY BEACH, FLA. — The St. Joe Co., Tallahassee Memorial HealthCare Inc. (TMH) and Florida State University College of Medicine have partnered to develop a healthcare campus in Panama City Beach. The campus’ planned location is on an 87-acre parcel near the intersection of State Highway 79 and Phillip Griffitts Sr. Parkway. The property is planned to be close to the Latitude Margaritaville Watersound community, a 55-and-older community that is planned for 3,500 homes. Future development plans of the healthcare campus include the construction of an emergency center and 100-bed inpatient facility offering services such as gastroenterology, urology, gynecology, cardiology and general surgery, among others. The parties intend to create a local fiduciary governance structure for the planned campus. TMH currently serves 17 counties in Florida and Georgia. This would be its first facility in Bay County. The parties intend to break ground on the project as early as 2022.

April 12, 2021

Affordable Housing Development Multifamily Texas

Housing Trust Group to Develop $22M Mixed-Income Community in Fort Worth

by Taylor Williams April 12, 2021

FORT WORTH, TEXAS — Florida-based Housing Trust Group (HTG) will develop Park Tower, a 90-unit mixed-income community in Fort Worth that is valued at $22 million. HTG is developing the property in partnership with the Texas Department of Housing & Community Affairs. The property’s 78 income-restricted units will be reserved for households earning less than 30, 50, and 60 percent of the area median income (AMI), while the other 12 units will be rented at market rental rates. Residences will features one-, two- and three-bedroom floor plans and will be furnished with quartz countertops, wood-style flooring and washer and dryer connections. Communal amenities will include a clubhouse/community room, business center/computer lab, fitness center, a courtyard and onsite laundry facilities. The design team includes San Antonio-based Overland Partners Architecture and Urban Design. Construction is scheduled to begin in February 2022 and to be complete by late 2023. Monthly rents at Park Tower will range from $400 to $2,000.

April 12, 2021

Development Illinois Industrial Midwest

Opus Completes Headquarters Building for WEN Power Tools in West Dundee, Illinois

by Kristin Harlow April 12, 2021

WEST DUNDEE, ILL. — The Opus Group has completed the headquarters for WEN Power Tools in West Dundee, a far northwest Chicago suburb. The 180,623-square-foot build-to-suit features 4,000 square feet of office space, a 1,900-square-foot showroom, 21 dock doors, two drive-in doors and a clear height of 32 feet. Additionally, there is a 2,000-square-foot office buildout on the north side of the building that WEN will lease out on a short-term basis. WEN consolidated its three local facilities and workforce to streamline warehouse and distribution operations at the new headquarters. Opus provided development services and also served as design-builder, interior designer, architect and structural engineer. This is the eighth project that Opus has completed in Oakview Corporate Park.

April 12, 2021

Development Mixed-Use Southeast West Virginia

Heidenberg, JV Partner to Add Mix of Uses to Potomac Marketplace in Ranson, West Virginia Following Zoning Change

by Julia Sanders April 12, 2021

RANSON, W.VA. — A joint venture between Heidenberg Properties Group and Strategic Real Estate Partners has announced plans to add a mix of uses to Potomac Marketplace in Ranson. In March of this year, the City of Ranson’s Planning Commission approved the rezoning of Potomac Marketplace to allow for the creation of a mixed-use and walkable neighborhood. Potomac Marketplace is located within an opportunity zone and can support up to 50,000 square feet of future development, including complimentary uses such as multifamily, office, medical and/or hospitality. The rezoning allows for higher density development at the site that would accommodate new apartments and offices, according to Heidenberg Properties Group. The shopping center opened in 2006 and is prominently located along Route 9. Current tenants include Marshalls, The Home Depot, Kohl’s, regional grocer Weis Markets, Petco and a variety of fast-casual restaurants such as Panera Bread, Glory Days Grill and Dunkin’.

April 12, 2021

Development Multifamily Northeast Pennsylvania

Post Brothers Underway on 1,144-Unit Multifamily Project in Philadelphia

by Taylor Williams April 12, 2021

PHILADELPHIA — Locally based multifamily developer Post Brothers is underway on construction of Piazza Terminal, a three-building, 1,144-unit multifamily project in the Northern Liberties neighborhood of Philadelphia. The transit-oriented development, which is slated for completion in December 2022, will also include retail and open green space. Piazza Terminal will offer amenities such as a fitness center and a dog park. BKV Group is the project architect, and Bohler is the civil engineer.

April 12, 2021

Development Retail Southeast Virginia

Federal Realty to Redevelop 144,000 SF Shopping Center in Falls Church, Virginia

by Julia Sanders April 9, 2021

FALLS CHURCH, VA. — Federal Realty Investment Trust will soon break ground on the redevelopment of Falls Plaza, a 144,000-square-foot, grocery-anchored shopping center located at 1200 W Broad St. in Falls Church. The project will include façade renovation, new signage, landscaping, decorative lighting and multiple outdoor amenity areas. Federal Realty projects a completion date later this year, just ahead of the holiday shopping season. In addition to the renovation, the Fall Plaza shopping center will be renamed and rebranded to Birch & Broad. The new name and branding will represent the intersection of Birch and Broad streets located between the eastern and western portions of the shopping center. Along with the renovation, longtime anchor Giant Food will also undergo an interior remodel. In addition to Giant, Birch & Broad features a mix of retail, dining and services including Conte’s Bike Shop, CVS/pharmacy, Plaka Grill, Starbucks, Jersey Mike’s and Road Runner Sports.

April 9, 2021

Acquisitions Development Multifamily Seniors Housing Southeast Tennessee

Bridgewood Acquires Land in Nashville, Plans to Develop Luxury Seniors Housing Community

by Julia Sanders April 9, 2021

NASHVILLE, TENN. — Bridgewood Property Co., a Houston-based developer of senior living properties, has acquired land at 3808 Cleghorn Ave. in Nashville for the development of a mid-rise, luxury retirement community. With guidance and input from zoning counsel; Tune, Entrekin & White PC; the Metropolitan Planning Department; and local neighborhood groups, the property received zoning approval in February 2021 to build 205 senior living units within a 12-story facility. The new Bridgewood community in the city’s Green Hills neighborhood will offer independent living, assisted living and memory care residences and will be located close to the neighborhoods of Belle Meade, Forest Hills and Hillwood. The purchase price of the land was not disclosed. ESa is the project architect of the unnamed community, and Catalyst Design Group will provide civil engineer services. The project’s construction timeline was not disclosed.

April 9, 2021

California Development Multifamily Top Stories

NorthMarq Arranges $166M in Capital for The Launch Apartment Development in Alameda, California

by Julia Sanders April 9, 2021

ALAMEDA, CALIF. — NorthMarq has arranged $166 million in joint venture equity and construction financing for The Launch, a 368-unit waterfront apartment community in Alameda. The Launch will be located at 1777 Clement Ave. at the northern edge of Alameda Island along the Oakland Estuary. The property is located 16 miles from San Francisco and 39 miles from San Jose. The project will feature a mix of market-rate, below-market-rate and work-live units along with an onsite leasing office. Amenities will include four interior courtyards with a pool, spa, dog runs, barbecue area, fire pits, lounge seating, rooftop decks, a fitness room and a club room. The Launch will have 416 off-street parking spots provided for residents, along with bike parking. The building offers a street-level connection from Clement to the Bay Trail and other marina amenities through a double-height, 20-foot-wide pedestrian corridor. John Kerslake, Briana Harney and Griff Whitlock of NorthMarq secured the debt and joint venture equity for the development of The Launch. The financing package totaled $166 million, of which $62 million is joint venture equity and $104 million is construction financing. Bay West Group/Pacific Development and the investor, an institutional real estate manager, formed a joint venture …

April 9, 2021

Development Healthcare Texas

Signorelli Reveals Updated Site Plans for 200-Acre Medical District in Metro Houston

by Taylor Williams April 9, 2021

NEW CANEY, TEXAS — Locally based developer Signorelli Co. has revealed updated site plans for the Valley Ranch Medical District, a 200-acre campus within the firm’s Valley Ranch master-planned community located northeast of Houston in New Caney. Valley Ranch Medical District will consist of a 25-acre regional hospital with over 250 beds, a 13.7-acre medical school campus and a 21-acre medical research facility. A day surgery, pediatric clinic and approximately 28 acres devoted to medical offices will be included as well. The development will also include retail, restaurants and academic buildings. The detention and drainage for the entire development is scheduled to be complete in the next 120 days with site work for streets and utilities to follow immediately.

April 9, 2021

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