Development

J. Small, Lyda Hill to Undertake 23-Acre Office Redevelopment Project in Dallas Design District

by Taylor Williams July 13, 2020

DALLAS — A partnership between locally based J. Small Investments and Lyda Hill Philanthropies will redevelop Pegasus Park, a 23-acre office campus in the Dallas Design District. The property, which currently houses 750,000 square feet of office space, was originally developed in 1970 for jewelry retailer Zale Corp. and has been vacant for the past decade. The development team will reposition the existing buildings to feature modern office space, as well life sciences and retail and restaurant space. The first phase of development is expected to be complete in early 2021. Five tenants — Commit Partnership, The Dallas Foundation, The Draper Richards Kaplan Foundation, United to Learn and Uplift Education — have committed to office space at Pegasus Place.

July 13, 2020

Development Michigan Midwest Mixed-Use

Demolition of Palace of Auburn Hills, Former Home of Detroit Pistons, Paves Way for New Mixed-Use Development

by Kristin Harlow July 13, 2020

AUBURN HILLS, MICH. — The final phase of demolition for The Palace of Auburn Hills, the former home of the Detroit Pistons basketball team, took place over the weekend. The more than 20,000-seat venue first opened in 1988. The Pistons played at the arena from 1988 until 2017. The team won all three of its titles at the arena, including NBA championships in 1989, 1990 and 2004. The Pistons now play in downtown Detroit at Little Caesars Arena. Schostak Brothers & Co., a development company based in Livonia, Mich., purchased part of The Palace in a joint venture, according to local media reports. Plans call for a mixed-use development on the site. Watch the demolition video here.

July 13, 2020

California Development Hospitality Western

R.D. Olson Construction Completes AC Hotel by Marriott in Beverly Hills

by Amy Works July 13, 2020

BEVERLY HILLS, CALIF. — R.D. Olson Construction has completed AC Hotel by Marriott in Beverly Hills, an 11-story, European-inspired luxury hotel. The two-phase project included the adaptive reuse of a 1950s office building into a 97,000-square-foot hotel featuring 176 rooms, rooftop lounge, fitness center, meeting spaces, administrative space and community areas. The hotel features one- and two-bedroom double, king and queen guest rooms with wide-screen televisions, large windows with city views, adjustable reading lamps and USB charging ports. Hotel amenities include the AC Lounge, a rooftop deck with hydrotherapy spa, bar and lounge. Additionally, the hotel provides guests with access to ACE, a robot butler that can deliver market items and room essentials to their door. AXIS/GFA served as architecture and design firm for the project.

July 13, 2020

Development Florida Multifamily Southeast

Watermark Residential Begins Construction of 312-Unit Multifamily Community in Panama City Beach

by Alex Tostado July 13, 2020

PANAMA CITY BEACH, FLA. — Watermark Residential has begun construction on Watermark at Urban Blu, a 312-unit multifamily community in Panama City Beach. The property will offer one-, two- and three-bedroom floor plans averaging 958 square feet. Each unit will feature bar-kitchens with granite countertops and stainless steel appliances, as well as walk-in closets and full-size washers and dryers. Communal amenities will include a clubhouse, 24-hour fitness center, pool, cabana, dog park and a pet spa. The property spans 17 acres at 8551 Panama City Beach Parkway. Thompson Thrift Construction is the general contractor and Merchants Bank of Indiana provided construction financing to Watermark Residential. The developer expects to deliver the Watermark at Urban Blu in April 2022.

July 13, 2020

Development Multifamily South Carolina Southeast

Arnold Cos. Breaks Ground on Apartment Complex in Downtown Columbia

by Alex Tostado July 13, 2020

COLUMBIA, S.C. — Arnold Cos. has broken ground on The Palms on Lady, an 83-unit apartment complex in downtown Columbia. The property will offer studio, one- and two-bedroom floor plans ranging in size from 466 to 1,172 square feet. The asset will be situated at the intersection of Lady and Assembly streets. Unit interiors will feature quartz countertops, energy-efficient appliances and 10-foot ceilings for residents on the top floor. Communal amenities will include a fitness center, Luxer One package services, pool, business center and a residents’ lounge. MB Kahn is the general contractor, and Cline Design Associates is the architect. The developer expects to deliver the community in early 2022.

July 13, 2020

Development Hospitality South Carolina Southeast

Frampton Construction Completes 126-Room Cambria Hotel in Greenville

by Alex Tostado July 13, 2020

GREENVILLE, S.C. — Frampton Construction has completed a 126-room, Cambria-branded hotel in Greenville. The four-story property is located at 135 Carolina Point Parkway, seven miles east of downtown Greenville. Amenities include an outdoor pool with sundeck, Tesla electric vehicle charging stations, a cobblestone porte-cochère entrance, spa-style bathrooms with Bluetooth mirrors, a restaurant/bar, and 1,486 square feet of meeting space. ODA Architecture was the hotel’s designer, and Choice Hotels will operate the hotel.

July 13, 2020

California Development Office Western

4S Bay Partners Buys Redevelopment Site in Los Angeles for $35M

by Amy Works July 13, 2020

LOS ANGELES — Chicago-based 4S Bay Partners has acquired a 3.3-acre redevelopment site, located at 3731-3761 E. Stocker St. in Los Angeles, for $35 million. The sellers are David Shophet of Sharp Capital and David Shaaya of One Cole Group. The site contains four two-story office structures, totaling 80,000 square feet, built in 1952. At the time of sale, the buildings were more than 90 percent occupied by a variety of Los Angeles County and City community services-oriented tenants. The site is located in an opportunity zone with a transit-oriented development tier III designation. 4S Bay plans to occupy a portion of the property. The company focuses on humanitarian causes, including educational opportunities, economic improvement, human rights, wellness and environmental sustainability. Laurie Lustig-Bower and Kamran Paydar of CBRE represented the seller, while James Daughrity of Daughrity Real Estate represented the buyer in the deal.

July 13, 2020

Development Industrial Midwest Minnesota Self-Storage

Metro Storage to Develop 908-Unit Self-Storage Facility in Coon Rapids, Minnesota

by Kristin Harlow July 13, 2020

COON RAPIDS, MINN. — Metro Storage LLC has purchased a parcel of land at 3021 124th Ave. in Coon Rapids and has started construction on a 908-unit self-storage facility at the site. The climate-controlled facility will span 95,000 rentable square feet. Heated and drive-thru storage options will be available. An office space will showcase security features and provide a selection of moving boxes, packing supplies and locks. Completion is slated for spring 2021. Located along the Mississippi River, Coon Rapids is a northern suburb of Minneapolis. This is the eighth location for Metro Storage in the Minneapolis market.

July 13, 2020

Development Illinois Midwest Office

J.C. Anderson Completes 23,000 SF Office Buildout for OppLoans in Chicago

by Kristin Harlow July 13, 2020

CHICAGO — J.C. Anderson has completed a 23,000-square-foot office buildout for OppLoans at 130 E. Randolph St. in Chicago. OppLoans is a financial technology platform that serves middle-income, credit-challenged consumers. Previously, the company occupied space on the 33rd floor but has now expanded to occupy additional space on the 26th floor as well. J.C. Anderson completed additional meeting rooms, workstations, huddle rooms, support spaces and a pantry. Eastlake Studio provided architectural services and Cushman & Wakefield provided project management services.

July 13, 2020

Development Healthcare Midwest Wisconsin

Kraus-Anderson Expands Emergency Center at Wisconsin’s Hudson Hospital & Clinic by 7,522 SF

by Kristin Harlow July 13, 2020

HUDSON, WIS. — Kraus-Anderson Construction Co. has completed a 7,522-square-foot expansion of the emergency center at Hudson Hospital & Clinic in Hudson, which is located in western Wisconsin near the Minnesota border. The expansion nearly doubled the square footage of the center and increased its number of patient care rooms to 12. About $1 million of the $5 million project costs came from community donations or grants. Hudson Hospital was built in 2003.

July 13, 2020

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