Development

Presidium Opens 354-Unit Edison Apartments Near Downtown Austin

by Taylor Williams February 24, 2020

AUSTIN, TEXAS — Presidium, an investment and development firm with offices in Dallas and Austin, has completed Edison Apartments, a 354-unit multifamily community located in the East Riverside Corridor near downtown Austin. Units at the property feature hardwood floors, vaulted ceilings and private balconies and patios. Amenities include a pool, fitness center, resident clubhouse, rooftop lounge, outdoor grilling stations and two parking garages totaling 468 spaces. Page Southerland Page served as the project architect, and Cadence McShane was the design-build firm.

February 24, 2020

Acquisitions Development District of Columbia Multifamily Office Southeast

Joint Venture Acquires Office Building in D.C. for $34.7M, Plans to Reposition as Apartments

by Alex Tostado February 24, 2020

WASHINGTON, D.C. — A joint venture between Lincoln Property Co. and Cadillac Fairview has acquired 1313 L Street, an 84,040-square-foot office building in downtown Washington, D.C., for $34.7 million. The property is situated less than a mile from The White House. The building was formerly the headquarters of the seller, the National Association for the Education of Young Children (NAEYC). The asset was originally built in 1984 and has served at NAEYC’s headquarters since 2006. Dek Potts, Susan Carras, Walter Coker and Brian Crivella of JLL represented the seller in the transaction. West, Lane & Schlager (WLS) is advising NAEYC on its relocation to a new headquarters. The buyers plan to redevelop the building into apartments, but provided few details.

February 24, 2020

Development Florida Loans Multifamily Southeast

JLL Arranges $34M Construction Loan for Multifamily Property in Little Havana

by Alex Tostado February 24, 2020

MIAMI — JLL has arranged a $34 million construction loan for First-Little Havana, a planned 194-unit multifamily property in Miami. Premium Development Inc. is building the asset, which is situated at Seventh Avenue and SW First Street, one mile west of downtown Miami. First-Little Havana will feature 7,000 square feet of ground-floor retail, 231 garage parking spaces, a pool, fitness center, yoga studio and dog park. The developer plans to open the community in 2021. Brian Gaswirth and Michael DiCosimo of JLL arranged the financing through Man Global Private Markets.

February 24, 2020

Development Massachusetts Mixed-Use Northeast

National Development Unveils Plans for Mixed-Use Project in Boston

by Alex Patton February 24, 2020

BOSTON — Locally based firm National Development has unveiled plans for a mixed-use project at 333 Dorchester Ave. in South Boston, pending approval from the City of Boston. The project will include 256 apartment units, 47,000 square feet of office space, 14,500 square feet of retail space and public green space. The project is part of a larger Dorchester Avenue redevelopment initiative spearheaded by National Development, which includes transformation of industrial buildings including 333 Dorchester Ave. into primarily residential and commercial properties.

February 24, 2020

Civic Development Michigan Midwest

Developer Stephen Ross to Contribute $100M for Detroit Center for Innovation Project

by Kristin Harlow February 24, 2020

DETROIT — Stephen Ross, philanthropist and chairman of Related Cos., has announced a $100 million gift to advance construction of the Detroit Center for Innovation (DCI). The project, which will be located on the former Wayne County Jail site on Gratiot Avenue will also be made possible by a contribution of land from Quicken Loans founder Dan Gilbert. The first phase of construction for the 14-acre project is expected to begin in 2021. Anchoring the project will be a 190,000-square-foot research and education center to be operated by the University of Michigan. Designed by architecture firm Kohn Pedersen Fox, the center will serve up to 1,000 graduate and senior-level undergraduate students pursuing degrees in high-tech innovation fields such as mobility, artificial intelligence, data science, cybersecurity and financial technology. The initial phase of the DCI will also include incubator and start-up services for entrepreneurs, collaboration space, residential units, a hotel and conference center. Ross has previously given nearly $400 million to the university.

February 24, 2020

Development Nevada Office Western

LaPour, G2 Capital Partners Break Ground on 100,184 SF Office Building in Southwest Las Vegas

by Amy Works February 24, 2020

LAS VEGAS — LaPour Cos. and G2 Capital Development, both based in Las Vegas, have broken ground on Narrative, a Class A office building located in Las Vegas. Situated in the southwest portion of the valley near the 215 Beltway and South Durango, Narrative will feature 100,184 square feet of office space in a four-story building. Slated for completion in fourth-quarter 2020, the development is the first of its kind in the area since the recession, according to the developers. Upon completion, Narrative will become the headquarters of Colliers International | Las Vegas.

February 24, 2020

GenCare-Lifestyle-Point-Ruston-Tacoma-WA

Development Multifamily Seniors Housing Washington Western

PMB Completes Seniors Housing Project as Part of Mixed-Use Development in Tacoma, Washington

by Amy Works February 21, 2020

TACOMA, WASH. — PMB has opened the doors on GenCare Lifestyle at Point Ruston, a 159-unit independent living, assisted living and memory care community in Tacoma. The 144,000-square-foot, six-story senior community is located on the southern edge of Puget Sound in Point Ruston, a master-planned, mixed-use urban village. The location puts residents within walking distance of retail establishments, restaurants, a luxury hotel, residential developments, a movie theater, local and organic food, walking paths, meeting spaces and seasonal public events. The site was formerly home to a copper mill for decades and produced 25 percent of the world’s copper, along with substantial toxic waste. The Environmental Protection Agency designated it as a Superfund site and has been implementing remediation efforts for more than 30 years. PMB’s development team worked with a master developer to finish the cleanup and create a functional area. “It’s amazing that this incredible waterfront master plan used to be one of the most contaminated sites in the country,” says Jake Rohe, partner at PMB. “The site is now home to a diverse and thriving community which has a phenomenally positive impact on the community.” PMB’s development and operating partner is GenCare Lifestyle. Other partners providing health systems …

February 21, 2020

Development Massachusetts Multifamily Northeast

WSV, BedRock to Develop $73M Multifamily Building in Boston

by Alex Patton February 21, 2020

BOSTON — Washington Square Ventures and Bedrock Real Estate Partners will develop The Brookliner, a $73 million multifamily project in the Brighton neighborhood of Boston. Located at 5 Washington St., the building will comprise 108 apartments and 12,150 square feet of retail space. CVS Pharmacy will occupy 90 percent of the retail space. Amenities will include a deck, fitness center and convenient access to two MBTA Green Line Subway stops. Stantec will serve as the project architect. Simon Butler, Biria St. John and Kyle Juszczyszyn secured financing from an institutional investor. Construction is slated to begin later this year and complete in 2021.

February 21, 2020

Development Industrial Midwest Wisconsin

Zilber Property Group to Build Two Spec Industrial Buildings at Salem Business Park in Wisconsin

by Kristin Harlow February 21, 2020

SALEM LAKES, WIS. — Zilber Property Group (ZPG) is developing two new spec industrial buildings at Salem Business Park in the village of Salem Lakes in southeast Wisconsin. Stabio North America has signed a lease to occupy 110,500 square feet at one building, while Advent Tool and Manufacturing Inc. will occupy 25,000 square feet of a 50,000-square-foot building. Pending government approvals, ZPG plans to begin construction on both facilities this spring. Completion is slated for the fourth quarter. Kenosha Area Business Alliance originally developed the 65-acre industrial business park in partnership with the village in 2016.

February 21, 2020

Development Michigan Midwest Multifamily Seniors Housing

Ciena Healthcare Opens $23M Skilled Nursing Facility in Detroit

by Kristin Harlow February 21, 2020

DETROIT — Ciena Healthcare has opened Regency at Chene, a $23 million rehabilitation and skilled nursing center located at 2295 E. Vernor Highway in Detroit. The property includes 46 private suites, 55 semi-private suites and four bariatric suites. Each has a private bathroom. Amenities include three dining rooms, lounges, a café, library, beauty shop and salon. More than 200 full-time and part-time employees will work at the 93,652-square-foot facility.

February 21, 2020

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