Civic

Progress Capital Places $54.5M Construction Loan for Newark Educational Project

by Taylor Williams July 1, 2022

NEWARK, N.J. — Locally based mortgage banking and advisory firm Progress Capital has placed a $54.5 million construction loan for an educational project in Newark. The borrower, an entity doing business as 155 Jefferson LLC, plans to redevelop the site of the former St. James Hospital, which has been vacant for 15 years, into a 179,100-square-foot specialized higher learning center. Specifically, the new facility will support students studying architecture, computer-aided design and construction technology, as well as students who have opted for traditional trade programs. Completion is slated for July 2023. David May and Evan Boles of Progress Capital arranged the financing. The direct lender was not disclosed.

July 1, 2022

Civic Development Texas

Adolfson & Peterson Breaks Ground on 60,000 SF Early Education Center at Midland College

by Taylor Williams June 29, 2022

MIDLAND, TEXAS — General contractor Adolfson & Peterson has broken ground on a 60,000-square-foot early education center at Midland College in West Texas. The two-story building will be an expansion of the existing pre-K campus, allowing for an enrollment increase of more than 200 students. Parkhill is designing the project, which is expected to be complete in time for the fall 2023 semester.

June 29, 2022

Civic Development North Carolina Retail Southeast

Charlotte City Council OKs $275M Financing for Spectrum Center Renovations, New Practice Facility for Hornets

by John Nelson June 14, 2022

CHARLOTTE, N.C. — The Charlotte City Council has approved the proposed $275 million financing package for renovations to Spectrum Center, the home arena for the NBA franchise Charlotte Hornets. The city council voted 10-1 to approve the plan, which includes a $60 million budget to build a new basketball practice training facility that will be funded via new revenue generated from sponsorships and naming right agreements. Financing for the city’s role in the $215 million in renovations to Spectrum Center (approximately $173 million) will be sourced from rental car and hotel taxes. The plan also extends the team’s lease through 2045, an additional 15 years from its lease expiration in 2030. Located at 333 E. Trade St. in Uptown Charlotte, Spectrum Center opened in October 2005 and has a seating capacity exceeding 20,000. In addition to Hornets home games, the arena hosts concerts, collegiate sporting competitions, comedy shows and other events. The City of Charlotte owns the arena and Hornets Sports & Entertainment operates it. Details about specific renovations or a construction timeline have not been made public.

June 14, 2022

Civic Development Massachusetts Northeast

Shawmut Breaks Ground on 70,000 SF Academic Building in Worcester, Massachusetts

by Taylor Williams June 7, 2022

WORCESTER, MASS. — Shawmut Design & Construction has broken ground on a 70,000-square-foot academic building at Clark University in the central Massachusetts city of Worcester. The two-wing building will serve as the new center for the media arts, computing and design programs. Design features will include a multimedia gallery, virtual reality lab, video game library for researching interactive media, a makerspace, incubator space, robotics lab, data science lab, a tiered classroom and faculty offices. Completion is slated for next fall.

June 7, 2022

Civic Development Texas

Avenue Opens 30,500 SF Community Resource Center in Houston

by Taylor Williams June 3, 2022

HOUSTON — Avenue, a locally based affordable housing owner-operator, has opened a 30,500-square-foot community resource center in Houston’s Near Northside neighborhood. Global architecture firm Page designed the three-story facility, which houses a community health clinic that provides an array of general and specialty services, as well as a YMCA Children’s Academy. The facility opened in phases beginning last year and now has all services fully operational.

June 3, 2022

Acquisitions Civic New York Northeast

Syndicated Equities Acquires 110-Space Parking Garage in Manhattan’s Midtown East Area

by Taylor Williams June 2, 2022

NEW YORK CITY — Chicago-based investment firm Syndicated Equities has acquired a 110-space parking garage located at 58 W. 58th St. in Manhattan’s Midtown East neighborhood. The structure house both ground-level and underground parking space. Syndicated Equities acquired the property, which is leased to Icon Garages, in partnership with Centerpark Realty, a locally based investment firm that specializes in the product type. The seller and sales price were not disclosed.

June 2, 2022

Civic Development Healthcare Maryland Southeast

University of Maryland Medical Center Breaks Ground on $219M Healthcare Tower in Baltimore

by John Nelson May 18, 2022

BALTIMORE — The University of Maryland Medical Center (UMMC) has broken ground on the Roslyn and Leonard Stoler Center for Advanced Medicine, a nine-story patient care tower located on the UMMC campus at 22 S. Greene St. in downtown Baltimore. The facility will serve as the new entrance to the UMMC and house the University of Maryland Marlene and Stewart Greenebaum Comprehensive Cancer Center (UMGCCC). The $219 million development is expected to be completed in mid-2025. The project, which will more than double the cancer center’s footprint, will feature 198,000 square feet of new space and 42,000 square feet of renovated space. UMMC is funding the tower with $100 million from the state of Maryland, along with private donations and UMMC capital funds. UMMC has raised more than $51 million from 130 donors as part of UMMC’s Building for Life Campaign to fund the project. Clark Construction will serve as general contractor for the project, which is estimated to be wrap up in 32 months.

May 18, 2022

Civic Development Florida Hospitality Southeast

Matthews Southwest Begins Final Phase of $1.3B Convention Center and Hotel Expansion Project in Fort Lauderdale

by John Nelson May 11, 2022

FORT LAUDERDALE, FLA. — Matthews Southwest has begun the final phase of the expansion and redevelopment of the Greater Fort Lauderdale/Broward County Convention Center, which includes the 29-story, 800-room Omni Fort Lauderdale hotel. The total cost of the project is about $1.3 billion and is expected to deliver in late 2025. Nunzio Marc DeSantis Architects designed the hotel, Fentress Architects designed the convention center expansion and Balfour Beatty is handling construction. The project is expected to generate 1,000 construction jobs and 1,300 permanent jobs. Matthews Southwest opened Phase I of the convention center in October 2021. The expansion project will add an additional 600,000 square feet of flexible indoor event and meeting space and an additional 200,000 square feet of outdoor programming space, to create a total of more than 1.4 million square feet of event space that includes 350,000 square feet of contiguous exhibition space. The expanded center will also feature a new 65,000-square-foot waterfront ballroom, 50 meeting rooms, new dining concepts, pre-function space and modern décor and technologies. The new Omni hotel will feature a rooftop bar, grand and junior ballrooms, meeting spaces, yoga deck and a pool deck. The project will also include an onsite water taxi …

May 11, 2022

Civic Development Massachusetts Northeast

Skanska Completes 118,000 SF Expansion of Brookline High School in Boston

by Taylor Williams April 22, 2022

BOSTON — International developer Skanska has completed a 118,000-square-foot expansion project in Boston for Brookline High School. The new building sits partially atop the MBTA’s Brookline Hills station and features lab space, classrooms for general use, dedicated event space, dining and food service areas, a library and collaboration spaces. Skanska also demolished a large portion of the existing campus to build a new, 70,000-square-foot wing with biology and chemistry labs/classrooms, collaboration and maker spaces, a culinary arts kitchen and a student restaurant/café.

April 22, 2022

Civic Leasing Activity New York Northeast

Museum of Women to Open 25,000 SF Venue at 480 Broadway in Manhattan

by Taylor Williams April 12, 2022

NEW YORK CITY — The Museum of Women will open a 25,000-square-foot venue at 480 Broadway in Manhattan’s SoHo neighborhood. The museum will offer 14 interactive exhibits, as well as a commissary and gift shop. The short-term lease agreement will expire in January 2023. Richard Skulnik, Lindsay Zegans and Ben Sabin of RIPCO Real Estate represented the landlord, KPG Funds, in the lease negotiations. Josh Berger of Norman Bobrow & Co. represented the tenant.

April 12, 2022

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