Midwest

Arrowhead

KANSAS CITY, MO. — The NFL’s Kansas City Chiefs have announced plans for an $800 million renovation of the team’s Arrowhead Stadium.  Developed in 1972, the stadium most recently underwent large-scale renovations in 2010. Plans for the new renovation were created in collaboration with a team of experts from Populous, a locally based sports design and architecture firm.  The Kansas City Chiefs plan to pay $300 million of the $800 million total price tag, with the remainder coming from Jackson County taxpayers funded through the extension of a 3/8th-cent sales tax, according to reports by The Kansas City Star. County voters will go to the polls April 2 during a special election to decide the issue.  Plans for the project include the addition of a new turf-covered “activation zone” with tailgate areas and covered entertainment space at the current site of Kauffman Stadium, home to the MLB’s Kansas City Royals. The baseball team also recently announced plans to develop a new stadium in downtown Kansas City. The stadium’s upper concourse will receive a new connection bridge and canopy, providing weather protection for fans and additional space for food and beverage offerings. New VIP entry points and sideline clubs under the …

FacebookTwitterLinkedinEmail

By Kellen Cushing, Carmody MacDonald PC Commercial and residential construction projects are inherently complex undertakings involving numerous parties working under tight deadlines and limited budgets. Change is inevitable and unpredictable in these projects, most often due to changes in project scope, incomplete or incorrect design, and unforeseen physical conditions.   When something doesn’t go according to plan, it can impact the other parties’ abilities to perform their jobs in a timely manner and lead to litigation. Claims and litigation can be costly, time consuming and stressful for all parties, and may damage the relationship and reputation of the parties involved. Proper contractual planning among project owners and contractors can reduce the likelihood of litigation. Making preliminary management plans and incorporating them into the project’s contracts provides effective ways to address changes that can occur during a project and keep things moving forward. While preparation cannot always prevent roadblocks in construction projects, preemptive planning can make for much smoother sailing, even in the face of unpredictable circumstances.     The best ways to avoid or minimize costly and time-consuming lawsuits include the following: Know your contract. Create a clear and comprehensive contract that defines the scope, schedule, budget, quality and responsibilities of …

FacebookTwitterLinkedinEmail
Katie Balderrama Walker & Dunlop LIHTC quote

It’s a tough time for much of multifamily development, but the Low-Income Housing Tax Credit (LIHTC) program offers incentives that make much-needed affordable housing comparatively easier to achieve under the current economic conditions. Building is expensive and financing is tight in the current multifamily market. However, as it has for the last 30 years, the LIHTC program provides solutions that increase the ease of creating and sustaining affordable housing, even when the overall multifamily market faces challenges. The program not only promotes the construction and acquisition of housing but also enforces conditions that help maintain the stability and preservation of affordable properties. The program is also needed to address the demand for affordable housing. The National Low Income Housing Coalition estimates that extremely low-income households represent 25 percent of the nation’s 44.1 million renters and reports a shortage of 7.3 million affordable and available rental homes. Historical Financial Resilience “The LIHTC asset class is resilient, if not countercyclical, under challenging economic times,” says Katie Balderrama, executive vice president of affordable equity at Walker & Dunlop. The firm typically sees a foreclosure rate of under 1 percent on properties supported by LIHTC. “Overall, our affordable housing assets tend to perform fairly …

FacebookTwitterLinkedinEmail

OLATHE, KAN. — Hunt Midwest and Principal Senior Living have completed 21 new memory care residences at Benton House of Olathe in Kansas. The expansion project more than doubles the number of memory care apartments available in the community’s Beacon Neighborhood, an exclusive neighborhood within the Benton House community dedicated to seniors experiencing memory loss. The first residents are scheduled to move in to the new apartments in March. Benton House of Olathe now offers 76 total residences, including 35 memory care apartments and 41 studio and one-bedroom assisted living suites. The property features a variety of indoor and outdoor amenity spaces around three landscaped courtyards. The project team included Lamas Architects, Schlagel and Associates and Meyer Brothers Building Co. Hunt Midwest and Principal currently own and operate a portfolio of six assisted living and memory care communities in metro Kansas City.

FacebookTwitterLinkedinEmail

OMAHA, NEB. — Developer Sullivan Development Co. has broken ground on Leavenworth Lofts, a 28-unit apartment building in Omaha. The project site at 3612 Leavenworth St. is within walking distance of the University of Nebraska Medical Center. Completion is slated for spring 2025. Leavenworth Lofts will feature one-bedroom units averaging 1,000 square feet. Penthouse units on the fifth floor will feature secured access and private rooftop terraces. Unique to the property is a short-term rental option for units on the lower level as well as a gallery in the lobby that will spotlight rotating exhibits by local artists. Residents will have access to concierge housekeeping services as well as a controlled-entrance garage. BVH Architecture and Ronco Construction make up the project team.

FacebookTwitterLinkedinEmail

BROOKFIELD, WIS. — NAI Greywolf has negotiated two office leases totaling 22,500 square feet at Executive Center V in Brookfield, a suburb of Milwaukee. Heuer Law Offices SC leased 3,074 square feet with a lease term of more than five years. Common Ground Inc., a healthcare insurance solution for small businesses, nonprofits, individuals and families, leased 19,675 square feet. Matt Hock of NAI Greywolf represented the undisclosed landlord. The property is located at 300 N. Executive Drive.

FacebookTwitterLinkedinEmail

BECKER, MINN. — Marcus & Millichap has arranged the $1 million sale-leaseback of a 14,380-square-foot industrial facility in Becker, about 47 miles northwest of Minneapolis. The property is located at 14105 Commerce Drive. Brandon Houghtaling and Peter Doughty of Marcus & Millichap represented the seller, a private investor. The property was offered as a sale-leaseback with an initial five-year lease term. The buyer was undisclosed.

FacebookTwitterLinkedinEmail

MILWAUKEE — Klement’s Sausage Co. has signed a 3,091-square-foot office lease at the Timbers Building within the Tannery Office Complex in Milwaukee. The property is located at 700 W. Virginia St. John Davis and Ned Purtell of Founders 3 Real Estate Services represented the owner, R2 Properties. Klement’s has been making small batch, handcrafted sausages in Milwaukee for more than 60 years.

FacebookTwitterLinkedinEmail

CHICAGO — Merchants Capital has provided more than $54 million of debt and $49 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the rehabilitation of Island Terrace, a 21-story affordable housing property in Chicago. The building is situated across from the Obama Presidential Center in the city’s Woodlawn neighborhood. Preservation of Affordable Housing Inc. (POAH), the owner and developer, was the borrower. Merchants Capital maximized equity via a structure called “twinning,” which leveraged both 4 percent and 9 percent tax credits issued by the Illinois Housing Development Authority (IHDA) and the City of Chicago. The 4 percent and 9 percent equity syndication generated $31.8 million and $17.3 million, respectively, matched by two corresponding HUD-insured permanent loans totaling more than $22 million and two equity bridge loans totaling more than $32 million. Merchants Bank provided $26.5 million for the property acquisition in 2021. Planned renovations for Island Terrace include replacement of the roof, windows, plumbing and electrical systems; a redesigned first floor with a community room and laundry facilities; and updated kitchens and bathrooms throughout the 240 units. Prior to the recapitalization, only 88 of the community’s units carried affordable restrictions. The new financing structure enabled POAH to expand …

FacebookTwitterLinkedinEmail

ST. LOUIS — McCarthy Building Cos. Inc. has completed construction of the O’Loughlin Family Champions Center at Saint Louis University in St. Louis. The $20 million, 25,000-square-foot athletic center is connected to the 10,600-seat Chaifetz Arena. The three-story project will provide support services for the university’s 400-plus Billiken student athletes with programming related to academic advising, spiritual development, sports performance, nutrition, and wellness and sports psychology. The building recently earned LEED Silver certification by the U.S. Green Building Council. The project team included Hastings+Chivetta and Perkins+Will. Construction began in May 2022. The $20 million center was privately funded with a lead gift by the O’Loughlin Family Foundation. Bob O’Loughlin is chairman and CEO of Lodging Hospitality Management.

FacebookTwitterLinkedinEmail