Development

Hunt Southwest Breaks Ground on 250,000 SF Phase I of Spec Industrial Project in Denton

by Taylor Williams March 22, 2021

DENTON, TEXAS — Dallas-based developer Hunt Southwest has broken ground on Phase I of I-35 Convergence, a speculative industrial project in the North Texas city of Denton that could ultimately feature as much as 500,000 square feet of Class A space. The site is located within Westpark Industrial Park, just northwest of the Interstate 35 East/West split. Building I will span 250,000 square feet and will include 32-foot clear heights and an ESFR sprinkler system. Building II will be a build-to-suit for a user with a 100,000- to 250,000-square-foot requirement. Completion of Building I is slated for December. Colliers International is leasing the project.

March 22, 2021

Development Hospitality Midwest Missouri

Midas Construction Breaks Ground on $47M Residence Inn Hotel in Suburban St. Louis

by Kristin Harlow March 22, 2021

CLAYTON, MO. — Midas Construction has broken ground on a $47 million Residence Inn by Marriott hotel in Clayton, a suburb of St. Louis. The extended-stay hotel will rise 12 stories with 170 rooms. Completion is slated for 2022. A street-level bar will include indoor and outdoor seating. There will also be 3,300 square feet of meeting space with an outdoor terrace and bar. Guests will enjoy complimentary breakfast and access to a 1,500-square-foot fitness center. Joining Midas on the project team are CECO Concrete Construction Inc., SSC Engineering and Castle Contracting LLC.

March 22, 2021

Development Life Sciences New York Northeast Top Stories

JLL Arranges $393M in Construction Financing for Life Sciences Redevelopment Project in Manhattan

by Julia Sanders March 19, 2021

NEW YORK — JLL Capital Markets has arranged $393 million in construction financing for a project that will convert a 399,029-square-foot office building at ABC/Disney’s former headquarters building in Manhattan into a life sciences facility with purpose-built research and lab space. The borrower, a partnership controlled by New York City-based developer Taconic Partners and investment firm Nuveen Real Estate, purchased the building at 125 West End Ave. in 2019 for $230 million. With the vacating of the property by its primary tenant, which operated out of the building from 1985 until its lease expired in January of this year, the partnership is set to begin construction. The senior lender on the four-year, floating-rate financing package was a fund backed by Apollo Global Management, while Oaktree Capital Finance also provided mezzanine debt for the project. Evan Pariser and Geoff Goldstein of JLL placed the financing. The 125 West End Ave. building is located less than a quarter-mile from Lincoln Square and is close to the 1, 2 and 3 subway lines as well as West Side Highway. Additionally, the project is situated just 18 miles from the John F. Kennedy International Airport in New York City. The existing building’s specs allow …

March 19, 2021

Arizona Development Multifamily Western

Milhaus Enters Arizona Market with $177M Multifamily Development in Tempe

by Amy Works March 19, 2021

TEMPE, ARIZ. — Milhaus is developing Milhaus North Tempe, a $177 million, two-phase multifamily community at 1245 E. Curry Road in Tempe. The $91 million first phase is slated to break ground this month. The project is Milhaus’ entry into the Arizona market. The community will feature 310 studio, one-, two-, three- and four-bedroom units in the first phase and a total of 621 units at full buildout. Onsite amenities will include a pool deck, grill stations, outdoor spa, commercial grade fitness center, clubhouse with work and entertainment areas, library and a dog park. Los Angeles-based Banyan Residential is a co-developer on the project. The project team also includes Todd & Associates, McShane Construction, design-art llc and Rick Engineering.

March 19, 2021

California Development Multifamily Seniors Housing Western

Partnership Breaks Ground on 132-Unit Seniors Housing Project in Mission Viejo, California

by Amy Works March 19, 2021

MISSION VIEJO, CALIF. — Denver-based Confluent Senior Living, Scottsdale, Ariz.-based Concord Development Partners and Denver-based MorningStar Senior Living have broken ground on MorningStar of Mission Viejo, a 132-unit seniors housing community. The property will be situated at the former Avery Plaza business center at the intersection of Marguerite and Avery parkways in Mission Viejo. Slated to open in early 2023, the community will feature independent living, assisted living and memory care units. The property will offer studio, one- and two-bedroom suites, as well as 126 below-grade parking spaces. Community amenities will feature 13,809 square feet of outdoor space, including a pool, dog park, community garden and outdoor dining area; a spa and wellness center; and 24-hour staffing including full-time licensed nurses. The project team includes KTGY Architecture + Planning, Snyder Langston as general contractor and David Evans & Associates as civil engineer.

March 19, 2021

Acquisitions Development Industrial North Carolina Southeast

Trinity Capital Advisors to Develop 274,370 SF Industrial Project in Durham

by Julia Sanders March 19, 2021

DURHAM, N.C. — Trinity Capital Advisors has acquired 20 acres at 923 Ellis Road in Durham to develop a 274,370-square-foot, Class A industrial building known as the 147 Exchange. The site is located near the Durham Freeway and Highway 147 in Raleigh-Durham’s Research Triangle Park (RTP) industrial submarket. The 147 Exchange building will feature 32-foot clear heights, 52-foot column spacing, 56 dock doors and two ground-level drive-in doors. Parking is expected to accommodate 274 cars with an additional 50 trailer parking spots. Trinity Capital has hired CBRE’s industrial team of Ann-Stewart Patterson, Bryan Everett and Austin Nagy to handle leasing of the building. Trinity Capital expects to open the property in the first quarter of 2022. DMA Architecture is in charge of architectural services, and Seamon Whiteside is the lead for civil engineering services. The industrial project is Trinity Capital’s second RTP property in the works. Development has commenced for the firm’s Alexander Commerce Park, a three-building industrial park totaling 441,000 square feet. Trinity Capital’s other projects in the Carolinas include 850,000 square feet in Charleston’s Palmetto Commerce Park and plans for 600,000 square feet in the Charlotte region at Delta Industrial Park. The firm is also currently developing the …

March 19, 2021

Alabama Development Multifamily Restaurant Retail Southeast

RCP Breaks Ground on Apartment Building in Huntsville, Alabama

by Julia Sanders March 19, 2021

HUNTSVILLE, ALA. — RCP Cos. has broken ground on Metronome at MidCity, a five-story multifamily building featuring 296 apartment homes with retail and restaurant space on the ground floor. The property is located in Huntsville’s MidCity District, a $1 billion mixed-use project underway at the intersection of University Drive and Research Park Boulevard. Metronome is situated in the heart of MidCity’s 140-acre district. The property’s open tenants include Topgolf, REI Co-op, Dave & Buster’s, High Point Climbing & Fitness, Wahlburgers, Kung Fu Tea and Kamado Ramen, as well as The Camp, an outdoor venue featuring a food truck garden, coffee shop and bar, live music stage and a weekly farmer’s market. Trader Joe’s is scheduled to open later this year. Huntsville Amphitheater, an 8,000-seat venue, is currently under construction with a planned opening of spring 2022. Metronome at MidCity will offer 12 different floor plans including studio, one-, two- and three-bedroom units. Each home will feature smart thermostats, high-speed internet, Wi-Fi, stainless steel appliances, quartz countertops and full-size, in-home laundry. Select units include high ceilings, balconies, offices/dens and kitchen islands. Community amenities will include a 24-hour fitness center, resort-style saltwater pool, outdoor kitchen, pocket parks with a fireplace/firepit, fountain feature, …

March 19, 2021

Development Midwest Mixed-Use Nebraska

Lockwood, Century Development Underway on $553M Redevelopment of Crossroads Mall in Omaha

by Kristin Harlow March 19, 2021

OMAHA, NEB. — Lockwood Development, Century Development and the City of Omaha are redeveloping Crossroads Mall in Omaha. Demolition of the mall is currently underway and is expected to be complete in May. Plans call for a mixed-use project spanning 40 acres with 350,000 square feet of retail and restaurants; 250 apartment units; up to 500,000 square feet of office space and senior living; a 150-room hotel; and 2.5 acres of public space. An existing Target store will remain in place. Project costs are estimated at $553 million. The city anticipates using $12.5 million in redevelopment bonds to pay for infrastructure costs in and around the development, which will be known as The Crossroads. In February, the Omaha City Council approved an $80 million tax-increment financing request for the project. The developers also anticipate applying for an Enhanced Employment Area occupation tax to recoup some of their project’s costs. Completion is slated for late 2024. Crossroads Mall opened in 1960 and closed in 2008.

March 19, 2021

Development Industrial Texas

Hunt Southwest to Develop 712,900 SF Spec Industrial Project in Metro Dallas

by Taylor Williams March 19, 2021

FORNEY, TEXAS — Dallas-based developer Hunt Southwest will build Gateway East Trade Center, a 712,900-square-foot speculative industrial project in Forney, an eastern suburb of Dallas. The 45-acre site is located at the intersection of Gateway Boulevard and U.S. Highway 80 within Gateway East Industrial Park, a master-planned development. Building features will include 40-foot clear heights, an ESFR sprinkler system and abundant trailer parking. Construction is scheduled to begin in April and to be complete in the first quarter of 2022. Cushman & Wakefield is leasing the project.

March 19, 2021

Development Multifamily Texas

D’Agostino Breaks Ground on 291-Unit Multifamily Project in Metro Houston

by Taylor Williams March 19, 2021

FRIENDSWOOD, TEXAS — Locally based developer D’Agostino Cos. has broken ground on The Reserve at Baybrook, a 291-unit multifamily project in Friendswood, located south of Houston. The community will feature one-, two- and three-bedroom units that average 921 square feet and are furnished with stone countertops, tile backsplashes, stainless steel appliances and individual washers and dryers. Amenities will include a pool, outdoor entertainment area, clubhouse, fitness center and a golf simulator room. Chris Bergmann Jr. of JLL represented D’Agostino Cos. in its acquisition of the land from Finwood Properties last summer. Austin-based Oden Hughes is the general contractor for the project. Completion is slated for May 2022.

March 19, 2021

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