Midwest

BELLEVILLE, ILL. — Southwestern Illinois Development Authority (SWIDA) and Bywater Development Group have completed the $14.2 million transformation of a 90-year-old building in Belleville into an affordable active adult community named Lofts on the Square. The building originally opened in 1931 as the Hotel Belleville. It was renovated in the early 1960s and converted into a residential community for seniors known as the Meredith Home. The building sat vacant for 10 years before SWIDA and Bywater acquired it from the city for $600,000. In 2018, the property earned a place on the National Register of Historic Places, making it eligible for federal and state historic tax credits. Holland Construction Services served as general contractor for the renovation project. Units are designated for residents age 55 and older who earn at or below 60 percent of the area median income. The six-story building is comprised of 47 units and more than 3,000 square feet of street-level commercial space. Amenities include a common room, library, computer lab, exercise room and storage facilities. Joining Holland on the construction team were Blank, Wesselink, Cook & Associates and Kaskaskia Engineering Group LLC, which handled the engineering; Louer Facility Planning Inc. for interior design; and WJW …

FacebookTwitterLinkedinEmail

Developers have seen permitting and entitlement timelines lengthen exponentially over the past few years. What is causing increased timelines and how do developers overcome challenges and avoid unnecessary delays? If expanded timelines are inevitable in some cases, how can developers ensure that slowdowns do not spread to other aspects of development? Many municipalities have been overwhelmed by an explosion in projects and applications in the development queue, and the issues are compounded by employee turnover within these organizations. Municipal slowdowns in upgrading utility capacities have further stalled the process of development. Additionally, the process for obtaining permits and entitlements has grown increasingly complex in certain regions, regardless of property type. REBusiness Online spoke with experts at Bohler, a land development design and consulting firm, to learn the best practices for keeping delays and budgets under control in the face of growing timeline uncertainties. To avoid problems before they begin, these experts recommend early due diligence and local expertise, as well as an approach that incorporates the community, local agencies and the authority having jurisdiction at crucial points. Bohler’s team also emphasizes the importance of working through waiting periods and working on different elements of a project concurrently, so that if …

FacebookTwitterLinkedinEmail

DAYTON, MINN. — CRG has begun development of The Cubes at French Lake, a 1 million-square-foot speculative warehouse in the Minneapolis suburb of Dayton. Located at 11500 Lawndale Lane near the intersection of County Road 81 and Dayton Parkway, the project will be the largest speculative industrial development in Minnesota, according to CRG. Completion is slated for 2023. The facility will feature a clear height of 40 feet, 652 parking spaces, a 185-foot truck court, 231 trailer parking spaces, 169 dock doors, four drive-in doors and 60-foot speed bays. CRG affiliate Lamar Johnson Collaborative designed the project, while CRG’s parent company Clayco will serve as general contractor. Chris Garcia and Grace McGuire of Lee & Associates are marketing the project for lease.

FacebookTwitterLinkedinEmail

ALTOONA, IOWA — New England Development has secured nine new retail tenants at the Outlets of Des Moines, which is located in Altoona. Now open are J. Crew Factory Outlet and Bizzy’s Boutique, a local retailer specializing in women’s, children’s and baby apparel. Opening this summer are Puma, Nautica, Aeropostale, Windsor, Forever 21 and rue21. Victoria’s Secret is scheduled to open this fall. New England Development completed Outlets of Des Moines in fall 2017.

FacebookTwitterLinkedinEmail

WATERLOO, IOWA — Physician Real Estate Capital Advisors (PRECAP) has brokered the sale of a two-property healthcare portfolio in Waterloo for $16.4 million. The buildings total 30,235 square feet and are located at 2413 W. Ridgeway Ave. and 419 Donald St. Allen Memorial Hospital, a subsidiary of UnityPoint Health, occupies both properties. Scott Niedergang of PRECAP, along with JDS Real Estate Services Inc., represented the seller, a physician partnership. The all-cash buyer was a net lease fund structured as a Delaware Statutory Trust.

FacebookTwitterLinkedinEmail

CHESTERTON, IND. — Marcus & Millichap has arranged the $4.3 million sale of a 12,400-square-foot retail property in Chesterton, a city in Northwest Indiana. The newly constructed asset is located at 600 Gateway Blvd. and is leased to several local restaurants. Mitchell Kiven of Marcus & Millichap marketed the property for sale on behalf of the seller, a developer. Damien Yoder and Madison Harman of Marcus & Millichap represented the buyer, a Georgia-based limited liability company. The sales price was above the asking price.

FacebookTwitterLinkedinEmail

KANSAS CITY, MO. — Made in KC, a local retailer offering gifts and apparel, has signed a lease to open its 11th brick-and-mortar location at Red Bridge Shopping Center in Kansas City. The roughly 1,000-square-foot space is situated next to China Dragon and Cookies and Creamery. Made in KC expects to open by September. No two Made in KC locations are alike. The Red Bridge location will feature the work of more than 200 local artists. The shopping center owner, LANE4 Property Group, redeveloped the asset in 2016.

FacebookTwitterLinkedinEmail

KIRKWOOD, MO. — High Street Residential, a subsidiary of Trammell Crow Co., has unveiled plans to build its first multifamily project in the greater St. Louis area. Located at 416 N. Kirkwood Road in Kirkwood, The James will rise five stories with 152 apartment units and more than 7,000 square feet of ground-floor retail space. Completion is slated for early 2024. Amenities will include a clubroom, fitness center, work-from-home center, pet wash and an amenity terrace with a pool and grill stations. The development will offer 285 parking spaces. ESG Architecture & Design is the architect and Brinkmann Constructors is the general contractor.

FacebookTwitterLinkedinEmail

BUFFALO, MINN. — Contegrity Group has completed construction of the Wright County Government Center in Buffalo, about 42 miles northwest of Minneapolis. BKV Group designed the four-story, 222,538-square-foot building, which is located on the same campus as the county’s law enforcement and justice centers. Parking has been reconfigured to be closer to each building and expanded from 275 to 1,600 total spaces. BKV Group provided planning and pre-development services and led all architecture, structural, mechanical and electrical engineering, interior design and landscape architecture.

FacebookTwitterLinkedinEmail

CINCINNATI — Northmarq has arranged a $3.2 million loan for the refinancing of Kemper Commerce Park in Cincinnati. The 145,485-square-foot industrial property consists of two buildings. Christina Grimme of Northmarq arranged the 10-year, fixed-rate loan, which features a 20-year amortization schedule. A life insurance company provided the loan for the undisclosed borrower.

FacebookTwitterLinkedinEmail