Development

Oakmont Opens 87-Unit Assisted Living Community in Torrance, California

by Amy Works October 5, 2020

TORRANCE, CALIF. — Oakmont Senior Living has opened Oakmont of Torrance, an assisted living and memory care community in the South Bay region of Los Angeles County. Oakmont of Torrance is the first of several Oakmont communities to open during the 2020 pandemic. Guests at the grand opening event were required to RSVP, wear masks, social distance and follow safety precautions. The 106,613-square-foot community sits on nearly two acres and features 55 assisted living units and 32 memory care units.

October 5, 2020

Development New York Northeast Office Retail

Reading International Unveils Tammany Hall Redevelopment in Manhattan

by Taylor Williams October 5, 2020

NEW YORK CITY — Reading International (NASDAQ: RDI), an international cinema and real estate firm, has unveiled the redevelopment of the historic Tammany Hall Building at 44 Union Square in Manhattan. The former 19th-century political hub is now a Class A building with 73,095 square feet of space that can be utilized for either office or retail usage. BKSK Architects designed the project, which included a restoration of the façade and the addition of a three-story glass and steel dome with 19-foot ceilings and views overlooking Union Square.

October 5, 2020

Development Industrial New Hampshire Northeast

Monahan Cos. to Develop 116,288 SF Warehouse in Exeter, New Hampshire

by Taylor Williams October 5, 2020

EXETER, N.H. — New Hampshire-based Monahan Cos. will develop a 116,288-square-foot warehouse within Garrison Glen Corporate Park in Exeter, located east of Manchester. The property will feature 40-foot clear heights and proximity to Interstate 95 and State Route 101. Approvals are in place, and construction is expected to last about nine months. Monahan also recently completed a 110,000-square-foot build-to-suit project for Gourmet Gift Baskets on an adjacent lot. Cushman & Wakefield is marketing the development.

October 5, 2020

Development Florida Loans Multifamily Southeast

Principal Real Estate Investors Provides $53.5M Construction Loan for Apartment Complex in Metro Miami

by Alex Tostado October 5, 2020

HIALEAH, FLA. — Principal Real Estate Investors has provided a $53.5 million construction loan for the residential portion of Pura Vida Hialeah. The borrower, Coral Rock Development Group, is developing the property, which also features 40,000 square feet of adjacent retail space. The apartment community, dubbed The Residences at Pura Vida, will feature 260 units spanning three eight-story buildings. One of the buildings will offer 11,000 square feet of ground-floor retail. The property will offer studio through three-bedroom floor plans, ranging from 538 to 1,099 square feet. Communal amenities will include a pool, gym, barbecue area, dog park, a biking center and 24-hour security staff. The developer expects to break ground in November and deliver the asset in early 2022. KAST Construction is the general contractor. The asset will be situated at 3051 W. 16th Ave., 13 miles northwest of downtown Miami. Pura Vida Hialeah began opening earlier this summer when Dollar Tree opened. InnovaCare Health will soon open in a 20,000-square-foot space. Construction of the retail portion began in April 2019.

October 5, 2020

Development Illinois Industrial Midwest

Principle Construction Completes 102,140 SF Spec Warehouse in Batavia, Illinois

by Kristin Harlow October 5, 2020

BATAVIA, ILL. — Principle Construction Corp. has completed a new 102,140-square-foot warehouse on behalf of developer Midwest Industrial Funds at 1100 N. Raddant Road in Batavia. The project includes 97,040 square feet of warehouse space and 5,100 square feet of office space. The building features 10 dock positions, two drive-in doors, 125 car parking spaces, LED lighting and a clear height of 30 feet. Harris Architects provided design services.

October 5, 2020

Development Indiana Midwest Retail

Woodmont Begins Development of 10,759 SF Kiddie Academy in Westfield, Indiana

by Kristin Harlow October 5, 2020

WESTFIELD, IND. — The Woodmont Co., a national developer specializing in retail, has begun development of a new 10,759-square-foot Kiddie Academy in Westfield near Carmel. Located at 1367 Waterleaf Drive, the school will offer full-time care as well as after-school programs and summer camps for children between six weeks and 12 years old. Three Colors Flag LLC will own and operate the property, which is slated for completion in spring 2021.

October 5, 2020

Development Georgia Mixed-Use Southeast

Third & Urban, FCP Plan 245,200 SF Mixed-Use Project in Midtown Atlanta

by Alex Tostado October 2, 2020

ATLANTA — Third & Urban and FCP have unveiled plans for Westside Paper, a 245,200-square-foot mixed-use project in Midtown Atlanta along the Atlanta BeltLine. The property spans 15 acres and sits on the former site of the Atlanta Paper Co. industrial campus. Construction is underway at the site, which will include 223,800 square feet of office space, 21,400 square feet of retail and restaurant space and 10,000 square feet of outdoor space. Gay Construction Co. is the general contractor. Aileen Almassy, Will Porter and Porter Henritze of Cushman & Wakefield will lease the office space on behalf of the owners. Initial occupancy is planned for October 2021. The developers acquired the land in late 2019 and are working with Atlanta BeltLine Inc. (ABI) to ensure a right-of-way connection to the BeltLine, a network of walking and biking trails throughout the city. Elsas May & Co. originally developed the campus in the 1950s as a packaging plant for Coca-Cola. The property is situated at 950 W. Marietta St., four miles northwest of downtown Atlanta.

October 2, 2020

Development Industrial Texas

Georgia-Pacific to Break Ground on $285M Gypsum Production Facility Near Sweetwater, Texas

by Katie Sloan October 2, 2020

SWEETWATER, TEXAS — Georgia-Pacific has announced plans to break ground on a $285 million production plant for the company’s gypsum division near Sweetwater. The new facility will be located adjacent to the company’s existing plant on Highway 1856 in Nolan County. Georgia-Pacific’s gypsum division produces a variety of products used in residential and commercial construction, including sub-floors, exterior sheathing, drywall, roofing and fire doors. The two operations combined will be capable of supplying customers and distribution partners with more than 1 billion square feet of products each year. “The demand for our diverse gypsum products continues to be strong, especially in Texas,” says Brent Paugh, president of Georgia-Pacific gypsum. “By having two production lines in Nolan County, Georgia-Pacific can strengthen its capacity to meet our growing customer needs in Texas’ residential, commercial and industrial construction.” Construction on the new facility is set to begin immediately with completion slated for late 2022. Once operational, the new plant will employ approximately 120 full-time employees. The existing Sweetwater facility employs 115 people with an annual payroll of approximately $9.9 million and is one of 12 Georgia-Pacific manufacturing facilities in Texas. Further details on the design of the new development were undisclosed. Atlanta-based Georgia-Pacific …

October 2, 2020

Development Florida Multifamily Southeast Student Housing

CTG, Florida A&M University Complete 720-Bed Student Housing Development in Tallahassee

by Alex Tostado October 2, 2020

TALLAHASSEE, FLA. — A public-private partnership between CTG Development Co. (CTG) and Florida A&M University (FAMU) has completed the development of a 720-bed residence hall on the university’s campus in Tallahassee. The new residence hall is Phase I of development on a larger project called Main Street Corridor, which will include a mixed-use building with multifamily units and retail, a new stadium and a field house upon completion. Finfrock is serving as the architect of record and the design-build contractor for the project. The university held a ribbon-cutting ceremony Wednesday, Sept. 30. FAMU is holding classes in a hybrid format for the fall 2020 semester.

October 2, 2020

Development Loans Multifamily North Carolina Seniors Housing Southeast

Ziegler Arranges $47.8M Financing for Seniors Housing Expansion in High Point, North Carolina

by Alex Tostado October 2, 2020

HIGH POINT, N.C. — Ziegler has arranged $47.8 million in bond financing for a planned expansion project at Pennybyrn at Maryfield, a continuing care retirement community (CCRC) in High Point, just southwest of Greensboro. Located on 72 acres, Pennybyrn currently offers 180 independent living units, 24 assisted living units, 24 memory care units and 125 skilled nursing beds. The planned expansion will add 42 new independent living apartments, with 74 percent of them pre-sold, as well as a 24-bed transitional rehabilitation therapy building. The project will also include improvements to the buildings and exteriors throughout the existing campus. The project team includes borrower and developer ActionPact Development LLC, architect ActionPact Design Group LLC, general contractor Thomas Construction Group LLC, construction manager NewBanks Inc. and Dixon Hughes Goodman as feasibility consultant.

October 2, 2020

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