Development

Summit Design + Build Completes Adaptive Reuse of Former Sears Store in Chicago into Apartments

by Kristin Harlow March 8, 2021

CHICAGO — Summit Design + Build has completed the adaptive reuse of a former Sears department store in Chicago’s Ravenswood neighborhood. The Sears store opened in 1925 and permanently closed in 2016. Summit transformed the property into 59 apartment units with first-floor commercial space. DeVry University occupies 90 percent of the available commercial space. Floor plans range from one- to three-bedroom units. CA Ventures and Springbank Capital Advisors served as developers. Gillespie Design Group was the project architect.

March 8, 2021

Development Multifamily New Jersey Northeast

Heritage Capital Completes 89-Unit Multifamily Redevelopment Project in Hackensack

by Taylor Williams March 8, 2021

HACKENSACK, N.J. — Heritage Capital Management has completed 210 Main, an 89-unit multifamily project located just outside New York City in Hackensack. The 11-story former bank building, which was originally constructed in the 1910s, houses studio, one- and two-bedroom units and 5,500 square feet of ground-floor retail space. Units feature stainless steel appliances, walk-in closets, workspaces and terraces. Amenities include a media room and game lounge and onsite storage units. Rents start at approximately $1,850 per month for a studio unit.

March 8, 2021

California Development Mixed-Use Top Stories Western

Pacific Equity Properties Receives $130M Construction Financing for Mixed-use Development in Malibu, California

by Julia Sanders March 5, 2021

MALIBU, CALIF. — Pacific Equity Properties Inc. has received $130 million in construction financing for Cross Creek Ranch Malibu, a 112,000-square-foot mixed-use development in Malibu, a beach city just west of downtown Los Angeles. Cross Creek Ranch is the largest development to be approved since Malibu incorporated in 1991, according to the developer. The property will offer 70,000 square feet of retail and restaurant space, including 10,000 square feet of interior dining, and 42,000 square feet of Class A office space. More than 80 percent of Cross Creek Ranch’s 12.9-acre grounds will be dedicated to landscape architecture, water treatments and gathering places. The development will also feature subterranean and perimeter surface parking. The project is slated for completion in 2023. “As opposed to focusing exclusively on the shopping experience of the center, we have put an emphasis on the communal aspect of Cross Creek Ranch. Our aim is to create an intimate, rural village atmosphere,” says Bryan Gordon, CEO of Pacific Equity Properties. The site is located near shopping destinations such as Malibu Country Mart, Malibu Village, The Park at Cross Creek and Malibu Lumber Yard, immediately adjacent to a new expansion campus of Santa Monica College. Integrated Capital Management …

March 5, 2021

Affordable Housing Development Multifamily Southeast Virginia

Dwight Capital Provides $66.8M HUD Loan for Affordable Housing Community in Ashburn, Virginia

by Julia Sanders March 5, 2021

ASHBURN, VA. — Dwight Capital has provided a $66.8 million HUD 223(f) refinancing loan for Ashburn Meadows Apartments, a 336-unit affordable housing community located in Ashburn. Brandon Baksh of Dwight Capital originated the transaction, which is the fourth refinance that Dwight has closed for the undisclosed borrower. The loan includes a reduced Mortgage Insurance Premium (MIP) set at 25 basis points as the property is classified by HUD as “Broadly Affordable.” Built in two phases in 2000 and 2002, Ashburn Meadows includes 14 three-story apartment buildings and a one-story clubhouse situated on over 18.3 acres. Community amenities feature a fitness center, barbeque grill area, swimming pool with sundeck and walking trails.

March 5, 2021

Development Mixed-Use Restaurant Retail Southeast Tennessee

Brookfield Properties Opens Retail, Dining Portion of Fifth + Broadway in Downtown Nashville

by Julia Sanders March 5, 2021

NASHVILLE, TENN. — Brookfield Properties has opened the retail and dining component at Fifth + Broadway, a six-acre mixed-use project in downtown Nashville. Brookfield and local developer Pat Emery partnered on the development, which formerly was the location of the Nashville Convention Center. General contractor Skanska broke ground on the project in April 2017, when San Diego-based OliverMcMillan was the lead developer before its acquisition by Brookfield in February 2018. Designed by Gresham Smith and Gensler, the newly opened portion of Fifth + Broadway features 200,000 square feet of restaurants and retail space, along with parking garages that hold 2,145 cars. Retail tenants include Nash Collection, REVV, Ariat, Ray-Ban, Free People, The Dry House, Veseo Lingerie & Swimwear, Molly Green and others. Restaurant tenants include Hattie B’s Hot Chicken, Eddie V’s, Jeni’s Splendid Ice Cream and Shake Shack, among others. The retail center also includes the 56,000-square-foot National Museum of African American Music. Later this spring, Fifth + Broadway’s Assembly Food Hall will debut 15 new eateries dubbed collectively as “South Hall.” The expanded food hall will also include a rooftop concert venue and a full-service restaurant from FB Society (formerly Front Burner Society). Fifth + Broadway also includes The …

March 5, 2021

Development Georgia Industrial Southeast

Oakmont, Pacolet Milliken Break Ground on 484,323 SF Logistics Center in Kennesaw, Georgia

by Julia Sanders March 5, 2021

KENNESAW, GA. — Oakmont Industrial Group has broken ground on a 484,323-square-foot cross-dock logistics center in Kennesaw. Oakmont is developing the facility on a speculative basis through a joint venture with Pacolet Milliken. The Conlan Co. is the project’s general contractor, and Regions Bank is providing construction financing. The project, Oakmont Cobb International, is situated on 35 acres within Cobb International Park, a business park located near Interstate 75 and U.S. Highway 41 (also known as Cobb Parkway). In addition to Oakmont Cobb International, Oakmont is also underway with a 468,000-square-foot building off Hartman Road in Atlanta’s I-20 West industrial submarket. Oakmont Cobb International will feature at least 40-foot clear heights, cross-dock loading offering 103 dock-high loading doors, an enhanced 7-inch Ductilcrete floor slab system, 70-foot loading bays and full-concrete truck courts providing for up to 147 trailer storage spaces. Additionally, the project provides a lot at the north end of the building that will provide additional function and flexibility based on the end-user’s specific needs. Oakmont Industrial Group is an industrial real estate development and management company based in Atlanta. Pacolet Milliken is a private, family-owned investment company based in Greenville, S.C.

March 5, 2021

Development Office Texas

Harwood International Begins Construction on 27-Story Office Tower in Dallas

by Taylor Williams March 5, 2021

DALLAS — Harwood International has begun construction on Harwood No. 14, a 27-story office tower in Dallas. The building will span approximately 360,000 square feet and will feature a 17,000-square-foot rooftop terrace and sky garden, as well as a fitness center with locker rooms and a multi-purpose flex space. The development team includes Manhattan Construction Co. (general contractor), Dallas-based HDF (architect of record), Dallas-based Corgan (associate architect) and Tokyo-based Kengo Kuma & Associates (design architect). Law firm Haynes & Boone LP has committed to 125,000 square feet at the building upon completion, which is scheduled for 2023.

March 5, 2021

Development Michigan Midwest Multifamily

LIFTbuild to Construct 16-Story Residential Tower in Detroit’s Greektown Neighborhood

by Kristin Harlow March 5, 2021

DETROIT — LIFTbuild will construct The Exchange, a 16-story residential tower in Detroit’s Greektown neighborhood. The project will include 153 apartment units and 12 for-sale condominiums. There will also be ground-level rental office suites and retail space totaling 166,742 square feet. Amenities will include a valet and concierge, fitness and yoga studio and an outdoor terrace. LIFTbuild expects to break ground later this year with completion slated for 2022. LIFTbuild is a subsidiary of Southfield-based general contractor Barton Malow.

March 5, 2021

Development Industrial Texas

Realty1 Partners Breaks Ground on 133,900 SF Industrial Project in Metro Houston

by Taylor Williams March 5, 2021

BROOKSHIRE, TEXAS — Locally based developer Realty1 Partners has broken ground on Point West Distribution Center, a 133,900-square-foot industrial project in the western Houston suburb of Brookshire. The property will be situated on 10.5 acres and will feature 32-foot clear heights, extra trailer parking and an ESFR sprinkler system. Tramonte Design Studio is the architect for the project, and Arch-Con Corp. is the general contractor. Boyd Commercial is the leasing agent. Completion is slated for the fourth quarter.

March 5, 2021

Development Industrial Loans New York Northeast

Innovo Property Group Receives $155M Construction Loan for Queens Industrial Project

by Taylor Williams March 5, 2021

NEW YORK CITY — New York City-based development and investment firm Innovo Property Group (IPG) has received a $155 million construction loan for a 900,000-square-foot industrial project in the Long Island City area of Queens. The site previously housed the warehouse of online grocer FreshDirect. Innovo will redevelop the property to function as a last-mile distribution facility with elevated truck courts and a vertical parking structure. An affiliate of Starwood Property Trust provided the loan. IPG acquired the asset in January 2019 with Atalaya Capital Management and Nan Fung Group for $75 million. Since then, the partnership has demolished the existing warehouse.

March 5, 2021

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