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Development

3-Times-Square
DevelopmentNew YorkNortheastOffice

Rudin Family Launches Renovation at 3 Times Square Office Building in Manhattan

by Taylor Williams

NEW YORK CITY — The Rudin Family, a locally based owner-operator, has launched a multimillion-dollar capital improvement program at 3 Times Square, a 30-story office tower in Midtown Manhattan. The program will include the creation of a new three-story lobby, touchless entry mechanisms, upgraded elevator systems and dedicated amenity space on the 16th floor. The new amenity deck will feature a coffee bar, fitness center with locker rooms, outdoor dining spaces and a conference and event center that can hold up to 220 people. The 885,000-square-foot building was originally completed in 2001 as the North American headquarters of Reuters Group PLC. Rudin has tapped FXCollaborative, which originally designed the building, as the project architect. Cushman & Wakefield will handle leasing of the redeveloped building. An expected completion date was not released.

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CaliforniaCivicDevelopmentLife SciencesOfficeTop StoriesWestern

BioMed Realty Wins Municipal Approval for 910,000 SF Expansion of Life Sciences Campus in Bay Area

by John Nelson

EMERYVILLE, CALIF. — The City of Emeryville in Northern California’s Bay Area has approved BioMed Realty’s proposal to expand its Emeryville Center of Innovation life sciences campus. The 12-acre property is located about four miles north of Oakland and 10 miles east of San Francisco. The expansion will add 910,000 square feet of Class A laboratory and office space to the development. Phase I of the expansion, which BioMed Realty expects to begin in 2022, will span 265,000 square feet. “We are grateful for our partnership with the City of Emeryville to develop purpose-built lab research facilities that support the growth of the industry and help our business partners attract and retain talent,” says Salil Payappilly, vice president of BioMed Realty. BioMed Realty is currently modernizing an existing 303,000-square-foot building at Emeryville Center of Innovation. The building, which is not part of the newly announced expansion, will be fully occupied by Zymergen Inc., a biomanufacturing company and Emeryville’s largest employer. Zymergen signed a lease in 2019 for its new corporate headquarters and to accommodate the expansion of its operations. BioMed Realty expects to complete Zymergen’s building in early 2023. Emeryville Mayor Dianne Martinez says that the origin of the life …

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DevelopmentMarylandMixed-UseMultifamilyRetailSoutheast

Brandywine Realty Trust, Terrapin Development to Build $300M Mixed-Use Neighborhood on UM Campus in College Park

by Julia Sanders

COLLEGE PARK, MD. — Terrapin Development Co. (TDC), in partnership with the University of Maryland (UM) College Park, has entered into an exclusive development agreement with Brandywine Realty Trust for an upcoming mixed-use project on the UM campus. The Philadelphia-based REIT will develop a mixed-use neighborhood spanning five acres in College Park, within UM’s Discovery District. The development project is set to cost over $300 million. The Discovery District’s development will feature 550,000 square feet of Class A workspaces encompassing research, office, collaboration and retail space, as well as 200 to 250 multifamily residential units. The property will be located close to mass transit and major roadways and will serve as a natural extension of UM’s research enterprise. The Discovery District will provide pedestrian movement along the Baltimore Avenue corridor and campus. The project is adjacent to the new Purple Line, offering connections to Metro light rail system. The development has set forth sustainability goals, including LEED classification, to responsibly develop the land. The development plan will be executed over four phases. Baltimore-based Ayers Saint Gross and Michael Vergason Landscape Architects are the development’s architects.

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Yokohama-Tire-Corp.-Wilmer
DevelopmentIndustrialTexas

Duke Realty Completes 431,630 SF Distribution Center in Metro Dallas

by Taylor Williams

WILMER, TEXAS — Indianapolis-based Duke Realty has completed a 431,630-square-foot distribution center at Intermodal III Industrial Park in Wilmer, a southern suburb of Dallas. Yokohama Tire Corp. has since signed a full-building lease at the property, which sits on 22 acres and features 281 car parking spaces, 114 trailer parking spaces and 7,000 square feet of office and showroom space. Nathan Lawrence, Kacy Jones and Krista Raymond of CBRE represented the tenant, which plans to take occupancy over the summer, in the lease negotiations. Matt Hyman represented Duke Realty on an internal basis.

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Reed-Parke-Apartments-Burleson
DevelopmentMultifamilyTexas

Sovereign Properties Breaks Ground on 217-Unit Reed Parke Apartments in Burleson, Texas

by Taylor Williams

BURLESON, TEXAS — New York City-based developer Sovereign Properties has broken ground on Reed Parke Apartments, a 217-unit multifamily community in Burleson, a southern suburb of Fort Worth. The property will feature one-, two- and three-bedroom units. Amenities will include an outdoor gaming lawn, cyber café, dog park, fitness and yoga studio, a pool and outdoor grilling areas. Womack + Hampton Architects is designing the community, and KWA Construction is serving as general contractor. Completion is slated for May 2022.

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Affordable HousingDevelopmentLoansMultifamilyNortheastPennsylvaniaSeniors Housing

KeyBank Provides $23M in Financing for Affordable Seniors Housing Project Near Pittsburgh

by Taylor Williams

CANONSBURG, PA. — KeyBank’s Community Development Lending & Investment (CDLI) division has provided $23 million in financing for the construction of an affordable seniors housing project in Canonsburg, located about 20 miles south of Pittsburgh. The financing consisted of an $11 million construction loan and $12 million in low-income housing tax credit (LIHTC) equity. The Pennsylvania Housing Finance Agency also provided a $1.3 million permanent loan. The borrower is a partnership between Ohio-based developer MVAH Partners LLC and nonprofit operator Blueprints. David Lacki and Laura Janosko of KeyBank’s CDLI team structured the debt, while Ryan Olman, also with the CDLI team, structured the equity. The property will consist of 50 units, approximately 85 percent of which will be reserved for seniors earning between 20 and 60 percent of the area median income. The remaining eight units will be rented at market rates. Completion is scheduled for spring 2022.

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DevelopmentIllinoisMidwestMixed-Use

UrbanStreet Group to Develop The District at Veridian in Schaumburg, Illinois

by Kristin Harlow

SCHAUMBURG, ILL. — UrbanStreet Group has unveiled plans to develop The District at Veridian in Schaumburg, a northwest suburb of Chicago. The District is part of the larger 225-acre mixed-use campus known as Veridian. The District will comprise 30 acres with 159,000 square feet of retail space and 900 loft-style residences. Additionally, The Cordish Cos. will develop its entertainment concept known as Sports & Social. Completion of The District is slated for spring 2023. Mason Retail Group is handling retail leasing.

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Analog-Tacoma-WA
DevelopmentMultifamilyWashingtonWestern

Ethos Development Breaks Ground on 115-Unit Apartment Project in Tacoma, Washington

by Amy Works

TACOMA, WASH. — Portland, Ore.-based Ethos Development has broken ground on Analog Tacoma, a multifamily property in Tacoma. Totaling 65,000 square feet, Analog Tacoma will feature 115 apartments in an eight-story, mid-rise, podium-style building. The development team includes Works Progressive Architecture as designer and Katerra as general contractor. The development is one of the first in the city to be funded from the outset with a project-specific Opportunity Zone fund.

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Bakersfield-CA
CaliforniaDevelopmentIndustrialWestern

Amazon to Retrofit Vacant Kmart as Last-Mile Facility in Bakersfield, California

by Amy Works

BAKERSFIELD, CALIF. — The City of Bakersfield has announced that Amazon will convert a vacant big-box retail property, located at 3500-3600 Wilson Road in Bakersfield, into a last-mile facility. The new facility will create approximately 200 new permanent jobs. Formerly a Kmart, the 93,000-square-foot property will undergo a $20 million renovation. Amazon is expected to begin operations in fourth-quarter 2021. Renovations will include a new roof and parking lot, enhanced lighting, landscaping and the addition of roll-up bay doors. Amazon is growing its last-mile delivery efforts to speed up customer delivery times and provide new innovations to customers, according to Amazon.

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I-10-Logistics-Center
CaliforniaDevelopmentIndustrialLoansTop StoriesWestern

Bank OZK Provides $105M Construction Loan for Industrial Project in Southern California

by Taylor Williams

CHERRY VALLEY, CALIF. — Bank OZK has provided a $105 million construction loan for the development of I-10 Logistics Center, a 1.8 million-square-foot industrial project located near the crossing of Interstate 10 and Cherry Valley Boulevard in Southern California. The borrower is a joint venture between locally based developer Shopoff Realty Investments and Artemis Real Estate Partners, an investment management firm based in the Washington, D.C. metro area. Mark Strauss and Rob Quarton of Walker & Dunlop arranged the debt, specific terms of which were not disclosed, on behalf of the joint venture. Situated on 155 acres, I-10 Logistics Center will consist of two buildings spanning approximately 815,000 and 1 million square feet. The development will feature 40-foot clear heights, 665 car parking spaces, 585 trailer parking spaces and 296 dock-high doors. Site work is set to begin in April, and construction is scheduled for completion by summer 2022. CBRE is marketing the project for lease. “This project represents one of the few opportunities to develop much-needed logistics product in Southern California,” says William Shopoff, president and CEO of Shopoff Realty Investments. “This state-of-the-art logistics center with I-10 freeway access will be in high demand as users continue to require …

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