Development

Mia Rose Holdings Unveils Plans for Multi-Building Multifamily Project in Dardenne Prairie, Missouri

by Kristin Harlow March 2, 2021

DARDENNE PRAIRIE, MO. — Mia Rose Holdings has unveiled plans for the development of Old Town Square, a multi-building apartment project in Dardenne Prairie, a western suburb of St. Louis. Mia Rose is developing the project in partnership with Benton Homebuilders and Jim Cook, Imo’s Pizza franchisee and co-owner of Sugarfire Smokehouse. The joint venture team, known as Bryan 364 Junction LLC, plans to break ground on the project in June. Completion is slated for December 2022. The development recently received zoning approval from the city. Plans call for the construction of five apartment buildings consisting of 120 one-bedroom units and 60 two-bedroom units. Additionally, Benton Homebuilders will construct nine buildings with 60 villas, each with three bedrooms, a basement and a two-car garage. The villas will be available for lease. One of the apartment buildings will feature 12,000 square feet of ground-floor retail space. An additional 4,500-square-foot retail space will be home to a new Imo’s Pizza. Amenities will include a pool, outdoor lounge, business room, coffee bar, fitness center and dog park. The project architects are Rosemann & Associates and DL Design. Premier Design Group is serving as civil engineer. The property manager will be 2B Residential.

March 2, 2021

Development Office Texas

Hicks Ventures, Taconic Capital Complete Renovation of 341,947 SF Houston Office Building

by Taylor Williams March 2, 2021

HOUSTON — A partnership between locally based investment firm Hicks Ventures and New York City-based Taconic Capital has completed the $6 million renovation of 1177 West Loop South, a 341,947-square-foot office building in Houston. The program upgraded the 18-story building’s lobby, conference facilities, common areas, café, fitness center and outdoor patios. Transwestern provides leasing services for the property. Hicks Ventures purchased the building in the spring of 2019 and started the renovation in early 2020.

March 2, 2021

Development Multifamily Oklahoma Seniors Housing Texas

Sparrow Partners Underway on 268-Unit Active Adult Community in Norman, Oklahoma

by Taylor Williams March 2, 2021

NORMAN, OKLA. — Austin-based Sparrow Partners is underway on construction of Sage Cobblestone, a 168-unit active adult community in Norman. The property will be located adjacent to the Cobblestone Creek Golf Course and 2.5 miles from the University of Oklahoma. The first residents are scheduled to move in to the six-acre property in the spring 2022. Sparrow Partners will build and own Sage Cobblestone, while its subsidiary Sparrow Living will manage the property. The project team includes architect Fugleberg Koch, landscape designer Norris Design and engineering firms Kimley-Horn, Integrity Structural and Joseph Lawrence & Co. Rents will start at approximately $1,400 and $2,055 a month for one- and two-bedroom units, respectively.

March 2, 2021

Development Florida Retail Southeast

JLL Secures Construction Financing for Publix-Anchored Center Near Fort Myers, Florida

by Julia Sanders March 2, 2021

BABCOCK RANCH, FLA. — JLL Capital Markets has secured construction financing for the development of Crescent B Commons, an 82,640-square-foot, Publix-anchored neighborhood shopping center in Babcock Ranch, a new town situated northeast of Fort Myers. Tarik Bateh and Jennifer Swanson of JLL arranged the loan through Ameris Bank on behalf of the developer, Kitson & Partners. Construction on Crescent B Commons began in August 2020 and is slated to be completed in summer 2021. The Publix is set to open shortly after. Crescent B Commons will be located in the front of Babcock Ranch, a Kitson & Partners’ planned community that is self-described as the United States’ first solar-powered town.

March 2, 2021

California Development Loans Mixed-Use Multifamily Retail Top Stories Western

Signature Development Receives $130M in Construction Financing for Mixed-Use Project in Oakland’s Brooklyn Basin

by Amy Works March 2, 2021

OAKLAND, CALIF. — Signature Development Group has received $130 million in construction financing for the development of Brooklyn Basin – Parcel G, an unnamed apartment and retail property located on 2.7 acres within the master-planned Brooklyn Basin community in Oakland. The project is entitled for 371 apartments and 31,000 square feet of retail space. Designed by California-based TCA Architects, the residential property will offer a fitness center, clubhouse, outdoor courtyard and roof deck with views of San Francisco Bay. Ramsey Daya and Chris Moritz of Newmark’s Debt & Structured Finance arranged the financing behalf of Signature Development. Bank OZK provided the construction loan. “Even with the pandemic-driven challenges posed to the multifamily market, Parcel G’s exceptional location and unique offering for tenants presented a compelling opportunity for lenders,” says Moritz. “This, combined with the strength and experience of the sponsor, resulted in significant interest from the debt markets.” Brooklyn Basin is a 63-acre master-planned development located along Oakland’s waterfront. The project will include market-rate housing, affordable housing and townhome residences, including Parcel G. Orion Apartments is currently leasing units, while MidPen Housing’s Paseo Estero and Vista Estero affordable housing communities are set to open this spring. Last November, Township Commons …

March 2, 2021

Development Florida Loans Multifamily Retail Southeast

Trez Capital Provides $70M Construction Loan for Block 40 Multifamily Project in South Florida

by Julia Sanders March 1, 2021

HOLLYWOOD, FLA. — Trez Capital has provided a $70 million construction loan for Block 40, a high-rise multifamily project located at 1818 Hollywood Blvd. in downtown Hollywood. The community will be situated along the city’s famous Young Circle. The borrower, an entity doing business as Block 40 LLC, has begun construction. Block 40 is a 19-story project with 273 apartment units and 20,779 square feet of ground-floor retail space. The apartments will have Class A finishes, including stainless appliances, stone counters, designer cabinets, modern plumbing and light fixtures, breakfast bars, washer and dryers and patios. Community amenities will include a rooftop pool and deck, fitness center, clubroom with kitchen, concierge, valet parking, Wifi in common areas and 24 hour security. The tenants in the retail space are undecided at this time. Trez Capital provides short-term debt and equity financing usually between six months and 36 months in term, ranging from $5 million to more than $100 million in loan value. The firm has offices in Vancouver, Toronto, Montreal, Dallas, New York and Palm Beach, Fla.

March 1, 2021

Development Retail Texas

Gulf Coast Commercial Unveils Plans for 38,000 SF Retail Redevelopment Project in Houston

by Taylor Williams March 1, 2021

HOUSTON — Locally based developer Gulf Coast Commercial Group has unveiled plans for The Common, a project that will redevelop a retail strip center in one of Houston’s Opportunity Zones into a 38,000-square-foot lifestyle hub. Houston-based Schooley Design is the architect of the project, which will feature multiple retail and restaurant concepts, as well as a central common area for events. Construction is scheduled to begin in March and to be complete in the fall.

March 1, 2021

Development Healthcare Midwest Minnesota

Davis to Develop 40,000 SF Medical Office Building in Suburban Minneapolis

by Kristin Harlow March 1, 2021

BROOKLYN PARK, MINN. — Minneapolis-based Davis has been selected by Allina Health and Surgical Care Affiliates to develop and own the venture’s first ambulatory surgery center in Brooklyn Park, a northwest suburb of the Twin Cities. Davis expects to break ground in late April or early May on the two-story, 40,000-square-foot project. Allina and Surgical Care Affiliates will lease 18,000 square feet on the second floor. The project team includes Plymouth, Minn.-based Timco Construction Inc. and Minneapolis-based Synergy Architecture Studio. Completion is slated for the end of first-quarter 2022.

March 1, 2021

Development Industrial Nevada Western

Panattoni Development Breaks Ground on 138,240 SF Building to Complete North Valleys Commerce Center in Reno

by Amy Works March 1, 2021

RENO, NEV. — Panattoni Development has commenced construction of Building J, the 10th and the final building of the North Valleys Commerce Center in Reno. Located at 9575 N. Virginia Road, Building J will add 138,240 square feet of space to the park, which totals nearly 3 million square feet. Current tenants at North Valleys Commerce Center include S&S Activewear, Mary’s Gone Crackers, Mary Kay Corp. and Compass Health. The buildings at the park feature 36-foot clear heights, ESFR sprinkler systems, LED lighting, ample power, standard column spacing, divisibility, quick access to US 395 via the Steade Boulevard and Lemmon Drive interchanges and freeway visibility. CP Logistics NVCC IV LLC owns the center, which Panattoni is developing. Tectonics served as architect and Alston Construction is the builder for the project. Mike Nevis and Shawn Jaenson of Kidder Mathews are handling leasing for the project.

March 1, 2021

Development Massachusetts Multifamily Northeast

Procopio Cos. Completes 30-Unit Multifamily Building in Beverly, Massachusetts

by Taylor Williams March 1, 2021

BEVERLY, MASS. — Locally based developer The Procopio Cos. has completed the 30-unit Building B at Sedna, a 3.5-acre waterfront multifamily development in Beverly, located northeast of Boston. The 32-unit Building A opened to residents in October. Units feature one- and two-bedroom floor plans, and amenities include two rooftop terraces, a fitness center, clubroom and wine bar, pet wash station and onsite parking for residents. Rents start at $2,450 per month for a one-bedroom unit, according to Apartments.com.

March 1, 2021

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