Development

LOCAL Ventures Receives Development Financing for Apartment Project in Downtown Boise

by Amy Works January 21, 2021

BOISE, IDAHO — LOCAL Ventures has received joint venture equity and construction financing for the development of LOCAL Boise, a residential property located at 250 E. Myrtle St. in downtown Boise. Appian Capital and Argos Capital Partners provided the equity, while Old National Bank provided the loan for construction financing. Steve Kohn, Chris Moyer, Zachary Kraft and Matt Naumann of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower. Slated for completion in November 2022, LOCAL Boise will comprise a six- and seven-story mid-rise building offering 252 apartments, approximately 11,200 square feet of amenity space, 7,100 square feet of retail space and 356 parking spaces. Located across from the 90-acre Julia Davis Park, LOCAL Boise is immediately adjacent to two upscale supermarkets and a half mile from the core of Boise’s business district. LOCAL Ventures and Appian Capital purchased the development site from WinCo Foods in November 2020, and construction of LOCAL Boise started in January 2021.

January 21, 2021

Affordable Housing Development Multifamily New Jersey Northeast

Walters Nears Completion of 68-Unit Affordable Housing Project in Marlton, New Jersey

by Taylor Williams January 21, 2021

MARLTON, N.J. — Walters, a New Jersey-based developer of affordable housing, is nearing completion of Cornerstone at Greentree, a 68-unit income-restricted community for residents age 55 and above in the Southern New Jersey city of Marlton. Units feature full-size washers and dryers, fully equipped kitchens, secure keyless entry and energy-efficient appliances. Communal amenities include a fitness center, Wi-Fi in common areas and onsite management and maintenance. A staffed social services coordinator will also be available upon request. Full completion is expected to occur in the first quarter.

January 21, 2021

Acquisitions Arizona Development Multifamily Top Stories Western

Zom Living to Invest More than $500M to Develop Five Multifamily Communities in Phoenix, Scottsdale

by Alex Tostado January 21, 2021

PHOENIX AND SCOTTSDALE, ARIZ. — Zom Living has released plans to develop five multifamily communities in Phoenix and Scottsdale. The Orlando, Florida-based company expects to invest more than $500 million in the properties. Zom Living has acquired four parcels totaling 32.7 acres through an auction in the U.S. Bankruptcy Court. The developer expects to break ground on all five communities — which are yet to be named — in the fourth quarter of this year. Zom Living acquired two parcels totaling 26 acres in the Desert Ridge/North Phoenix submarket of Phoenix. The two communities Zom plans to build will feature a combined 600 units along the Loop 101 Highway on 56th Street. The assets will be situated within walking distance of Desert Ridge Marketplace. In downtown Scottsdale, the developer plans to build 749 units across two communities. The assets will span 3.8 acres at the intersection of Scottsdale and Camelback roads. The property is located adjacent to the Scottsdale Fashion Square and the Scottsdale Entertainment District. In Phoenix’s Biltmore District, Zom Living plans to develop 300 units on 2.9 acres. The property is located at the intersection of Highland Avenue and 24th Street, two blocks from the Biltmore Fashion Park …

January 21, 2021

Development Florida Industrial Southeast

Sansone Group, Argos Capital Partners to Develop 245,000 SF Distribution Center in Port St. Lucie, Florida

by Alex Tostado January 20, 2021

PORT ST. LUCIE, FLA. — Sansone Group and Argos Capital Partners will develop Legacy Park at Tradition in Port St. Lucie. The distribution park will comprise 375 acres that will house eight industrial buildings and span 3.2 million square feet upon full buildout, which is slated for 2023. In December, the developers acquired the first piece of land for the project. The first building in the park will be a 245,000-square-foot, build-to-suit distribution center for an undisclosed tenant. St. Louis-based Sansone Group expects to deliver the asset by the end of the year. Arco/Murray is the general contractor and architect for the park. Culpepper & Terpening Inc. is the civil engineer.

January 20, 2021

Development Hospitality Multifamily Texas

Caydon Launches Phase II of 2.5 MSF Mixed-Use Laneways Project in Houston

by Taylor Williams January 20, 2021

HOUSTON — Australian development firm Caydon has launched Fitzroy Residences, a 32-story residential tower that represents Phase II of the company’s 2.5 million-square-foot Laneways mixed-use development in Houston. The building will house 191 condos ranging in size from 567 square feet for a studio unit to 2,243 square feet for a three-bedroom penthouse, as well as 190 hotel rooms that will be operated under the Kimpton Hotels & Restaurants brand. Residential amenities will include coworking spaces, a meditation room, yoga and fitness deck, two outdoor pools, fitness center and concierge services. Sales are underway, and construction is scheduled to begin over the summer and to be complete by the end of 2023. The entire Laneways project will ultimately span three city blocks and will also include retail and restaurant uses, as well as outdoor spaces.

January 20, 2021

Acquisitions Arizona Development Industrial Office Western

ViaWest Group Acquires Insight Enterprises Office Portfolio in Tempe, Plans Industrial Redevelopment

by Amy Works January 20, 2021

TEMPE, ARIZ. — A joint venture partnership led by Phoenix-based ViaWest Group has purchased three real estate properties in Tempe from Insight Enterprises for $26.8 million. Phil Breidenback and Kathy Foster of Colliers International Arizona represented the seller and handled the transaction. The portfolio includes a 102,000-square-foot office building at 6280 S. Harl Ave., a 130,270-square-foot industrial/back office property at 910 W. Carver Ave. and an adjacent 56,240-square-foot office building at 8123 S. Hardy Ave. ViaWest plans to demolish the South Harl Avenue building, which will house Insight’s headquarters through December of this year. ViaWest then plans to develop two Class A industrial buildings, totaling 358,114 square feet, on the 19-acre site. The facilities will feature 32-foot clear heights and a shared truck court. Each speculative building will be available for a single tenant or space divisible to 30,000 square feet. McCall & Associates is serving as architect and Wilmeng is serving as general contractor for the buildings, which are slated for completion in mid-2022. Rob Martensen of Colliers International Arizona will serve as leasing agent for the new buildings. The West Carver Avenue building offers 100,270 square feet of industrial/back office space and a 30,000-square-foot mezzanine area. Insight currently …

January 20, 2021

Arizona Development Multifamily Western

Crescent Communities, McShane Plan 317-Unit NOVEL Val Vista Apartments in Gilbert, Arizona

by Amy Works January 20, 2021

GILBERT, ARIZ. — Crescent Communities has selected McShane Construction Co. to build NOVEL Val Vista, an apartment community located on 8.6 acres in Gilbert. The wood-frame development will feature 317 apartments spread across three four-story, garden-style buildings and three two-story, carriage house buildings. Each unit offers upgraded matte black plumbing fixtures and black quartz countertops. The 11,500-square-foot amenity space will include a dog park, swimming pool, cold plunge spa, outdoor kitchen with pizza oven, outdoor fireplaces and fire pits. Completion is slated for fourth-quarter 2022. Craine Architecture is the architect of record.

January 20, 2021

Development Illinois Midwest Retail

Cannabis Facility Construction Completes 3,000 SF Dispensary in Suburban Chicago

by Kristin Harlow January 20, 2021

CALUMET CITY, ILL. — Cannabis Facility Construction has completed the buildout of a recreational and medical dispensary occupied by Mission Dispensaries in Calumet City, about 23 miles south of Chicago. The 3,000-square-foot property is located at 1330 Torrence Ave. across from River Oaks Center. It includes back office space, an oversized vault and an advanced security system. 4Front Ventures Corp. was the developer.

January 20, 2021

Development Multifamily New Jersey Northeast

Sterling Properties, Wilton Near Completion of 208-Unit Multifamily Project in Northern New Jersey

by Taylor Williams January 20, 2021

EAST RUTHERFORD, N.J. — A partnership between developer Sterling Properties and New York City-based Wilton Investment Group is nearing completion of Central & Oak, a 208-unit multifamily project in the Northern New Jersey city of East Rutherford. Units at the multi-building community range in size from 724 to 1,308 square feet and feature stainless steel appliances, quartz countertops, European-style cabinetry, individual washers and dryers and private garages. Communal amenities include a clubhouse with an outdoor terrace, a conference room with private workstations, a game room, fitness center and shuttle service to a nearby public transit station. Two buildings remain under construction and are expected to be complete by April, while leasing at other buildings began last summer, with move-ins following shortly thereafter.

January 20, 2021

Development Healthcare Northeast Pennsylvania

Lehigh Valley Health Network to Open 100,000 SF Hospital in Central Pennsylvania

by Taylor Williams January 20, 2021

LEHIGHTON, PA. — Lehigh Valley Health Network (LVHN) will open a 100,000-square-foot hospital in Lehighton in central Pennsylvania. The facility will be situated on a 34.5-acre site and will feature 18 inpatient beds, a 12-bay emergency department, two operating rooms, two procedure rooms and four observation rooms with plans for future expansion. The opening is scheduled for spring 2022. Matt Macdonald of Markward Group represented LVHN and the seller in the disposition of the land.

January 20, 2021

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