Development

Crescent Communities Plans $181M Apartment Project in Denver’s RiNo Art District

by Kristin Harlow March 10, 2021

DENVER — Crescent Communities has started development of NOVEL RiNo, a $181 million apartment project in Denver’s River North (RiNo) Art District and Cole neighborhood. Located at 1300 40th St., the community will feature 483 multifamily units, 15,800 square feet of retail space with a 2,702-square-foot rooftop cocktail lounge. The property will feature a mix of studio, one- and two-bedroom floor plans, with a portion of the units designated as affordable housing. Community amenities will include a sixth-floor pool deck, three outdoor courtyards, a covered outdoor pavilion and a food truck reserved for resident use. The project will embrace the artistic and industrial history of the neighborhood through art installations by local artists and industrial-inspired architecture, according to the developer. Crescent and its equity partner, Dart Interests, acquired the development site in February from EXDO Development. Sumitomo Mitsui Banking Corp. is providing project financing. “Denver is a place we identified years ago for its long-term potential, and we are excited to find an opportunity that matches our investment criteria,” says Jonathan Winson, senior vice president of investments for Dart. The first residences are slated to open in spring 2023. JLL is managing the retail leasing, additional details of which will …

March 10, 2021

Arizona Development Loans Multifamily Single-Family Rental Western

ACRES Originates $62M Construction Loan for Bungalows on Cotton Lane Multifamily Property in Glendale, Arizona

by Amy Works March 9, 2021

GLENDALE, ARIZ. — ACRES Capital Corp. has originated a $62 million loan to fund the construction and stabilization of Bungalows on Cotton Lane, an apartment community located at North Cotton Lane and West Orangewood Avenue in Glendale. The borrower is Cavan Communities, which will develop the single-family rental community. Bungalows on Cotton Lane will offer 336 for-rent single-family homes; a swimming pool and heated spa; farmhouse-style clubhouse with a full kitchen; fitness center; car charging stations; gated entry; and 859 parking spaces. The homes will be a mix of 66 one-bedroom, one-bath units; 152 two-bedroom, two-bath units; and 118 three-bedroom, two-bath units, with an overall average unit size of 1,066 square feet. Unit amenities will include smart-home technology, premium finishes, stainless steel appliances and private patios and backyards. Jeremy Korer of Cushman & Wakefield arranged the financing.

March 9, 2021

Pomona-College-Athletic-Recreation-Center-Claremont-CA

California Civic Development Western

C.W. Driver Breaks Ground on $43M Pomona College Athletic Center Expansion in Claremont, California

by Amy Works March 9, 2021

CLAREMONT, CALIF. — C.W. Driver Cos. has broken ground on a $43 million expansion of Pomona College’s Athletic and Recreation Center in Claremont. Located at 220 E. Sixth St., the 95,000-square-foot facility will provide additional space for the Pomona-Pitzer athletics program through a mix of renovations and new construction. Slated for completion by fall 2022, the facility will include 15,000 square feet of additional training and weight rooms, dedicated areas for cardio exercise, athletic department offices and expanded locker rooms. Enhancements to the center will include expanded variety and faculty locker rooms; a strength and conditioning center; additional training and conditioning space; an all-new, two-court practice and recreational gymnasium above the fitness area; three new team meeting rooms; individual offices for coaches and administrative staff; and equipment storage space. The center will be designed to achieve LEED Gold certification, with daylight shading devices to mitigate solar heat gain, HVAC systems that prioritize natural ventilation, rooftop photovoltaics and solar hot water. C.W. Driver Cos. is partnering with SCB Architects on the project.

March 9, 2021

California Development Industrial Office Western

Murphy Development Starts Construction of Two Spec Industrial Buildings in San Diego’s Otay Mesa

by Amy Works March 9, 2021

SAN DIEGO — San Diego-based Murphy Development Co. has commenced construction of two speculative industrial assets – Buildings A and C – at Brown Field Technology Park, a 52-acre corporate industrial and office park in San Diego’s Otay Mesa area. Completion of the two buildings is slated for the third quarter of this year. The 105,150-square-foot Building A and the 123,913-square-foot Building C will both feature 32-foot clear heights, 4,000 amps of 277/480 power, manufacturing sewer and water capacity, ESFR sprinklers, concrete truck courts, wide column spacing and high dock door ratios designed for distribution users. The buildings can accommodate a variety of user requirements ranging from 50,000 square feet to 229,063 square feet. Andy Irwin, Ryan Spradling and Greg Lewis of JLL are overseeing leasing of the two buildings.

March 9, 2021

Development Georgia Multifamily Southeast Student Housing

Landmark, AECOM-Canyon to Develop 32-Story Student Housing Tower in Downtown Atlanta

by Julia Sanders March 9, 2021

ATLANTA — Landmark Properties and AECOM-Canyon Partners have partnered to co-develop The Metropolitan at Atlanta, a 32-story, 835-bed student housing development located a quarter-mile from Georgia State University (GSU) in downtown Atlanta. Construction at The Metropolitan will begin later this month and is scheduled for completion by August 2023. Located at Luckie Street and Ted Turner Drive, the 265-unit project will span 325,000 square feet, including approximately 5,700 square feet of retail space. The mixed-use development will be located near Five Points MARTA station, Centennial Olympic Park, Mercedes-Benz Stadium and State Farm Arena. The Metropolitan will be Landmark’s fourth development in the Atlanta area since 2018. The Metropolitan will offer one- to five-bedroom units. Community amenities will include a clubhouse, outdoor pool, concierge service, 24-hour fitness center, golf simulator and café study lounge. Units will feature granite countertops and stainless steel appliances, as well as high-speed internet and cable. AECOM-Canyon Partners, a joint venture partnership between AECOM Capital and Canyon Partners LLC, is bringing design, construction management and engineering expertise to the project. Landmark Urban Construction is the general contractor for the project, and CNNA Architects and W&A Engineering are also part of the development team. Landmark is a student …

March 9, 2021

Development Multifamily Seniors Housing Southeast Virginia

Pembroke Realty, Beth Sholom Village to Build Senior Living Community in Virginia Beach

by Julia Sanders March 9, 2021

VIRGINIA BEACH, VA. — Pembroke Realty Group and Beth Sholom Village will build a seven-story senior living community in Virginia Beach known as the Senior Living Project at Pembroke. Kahler Slater Architects designed the community with CJMW Architecture in charge of programming. The community is scheduled to open in 2023. The Senior Living Project at Pembroke will have 124 independent living residences, 20 assisted living apartments and 12 memory support units. Community amenities will include entertaining spaces, a rooftop terrace, indoor pool, fitness room and Wi-Fi throughout. The property will also feature a pet-friendly environment, beautician services, health and wellness classes, chef-prepared meals with flexible dining options and professional housekeeping services. The senior living community will be located at the corner of Jeanne Street and Constitution Drive. Beth Sholom Village first opened in 1980 and has grown from a 120-bed skilled nursing facility to a campus that includes The Terrace Assisted Living. The growth continued with various services, including rehabilitation, transportation, skilled home health and hospice care.

March 9, 2021

Development Industrial Texas

ARCO/Murray Completes 997-Unit CubeSmart Self-Storage Facility in Houston

by Taylor Williams March 9, 2021

HOUSTON — Design-build firm ARCO/Murray has completed Calhoun Avenue Storage, a 997-unit self-storage facility in Houston that will be operated by Pennsylvania-based REIT CubeSmart. Miami-based private equity firm FivePoint Capital Management developed the property, which rises four stories, spans 126,000 square feet and features a 1,000-square-foot sales office. Construction began in July 2020.

March 9, 2021

Development Healthcare Texas

Everest Rehabilitation Hospital to Open $24M Inpatient Facility in San Antonio

by Taylor Williams March 9, 2021

SAN ANTONIO — Dallas-based Everest Rehabilitation Hospital will open a $24 million inpatient facility on an 8.1-acre site on SE Military Parkway in San Antonio. The property will span 40,000 square feet and offer 36 beds designed to resemble a hotel rather than an acute care hospital. The facility will also include inpatient and outpatient therapy gyms, an outdoor mobility courtyard for therapeutic use, Hydroworx aqua therapy, several family gathering areas, a dining hall, in-house dialysis center and an in-house pharmacy. A construction timeline was not released.

March 9, 2021

Development Illinois Industrial Midwest

ML Realty Partners to Develop Two-Building Industrial Project in Suburban Chicago

by Kristin Harlow March 9, 2021

GLENDALE HEIGHTS, ILL. — ML Realty Partners will develop Army Trail Trade Center, a two-building industrial project located along Army Trail Road in Glendale Heights, a western suburb of Chicago. The developer expects to break ground this summer on the buildings, which will total 292,500 square feet. In addition to a clear height of 32 feet, the project will feature ample car parking and 72 exterior docks. Completion of the 21-acre development is slated for spring 2022.

March 9, 2021

Development New Jersey Northeast Office

Onyx Equities Begins Renovation of 300,000 SF Office Complex in Parsippany, New Jersey

by Taylor Williams March 9, 2021

PARSIPPANY, N.J. — Onyx Equities has begun the renovation of 4 and 6 Campus Drive, a two-building, 300,000-square-foot office complex located in the Northern New Jersey city of Parsippany. Onyx will upgrade the lobbies and exteriors and expand amenity spaces. Renovations will also include a new conference center and cafeteria, as well as upgraded outdoor space. Cushman & Wakefield leases the complex. Onyx Equities acquired 4 & 6 Campus Drive in 2020. The buildings are located in The Arbors @ Parsippany office park. Tenants can utilize the amenities located throughout the campus, including new fitness centers, a golf simulator, game room, conference centers, training rooms and a cafeteria.

March 9, 2021

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