GULFPORT, MISS. — Gulf Coast Housing Partnership (GCHP) and South Mississippi Housing & Development Corp. (SMHD) have broken ground on the redevelopment of North Park Estates in Gulfport. Phase I of the redevelopment will include demolishing 92 units, 31 of which are uninhabitable, according to the developers. SMHD and GCHP expect to deliver Phase I in summer 2021. The units will be reserved for residents earning at or below 60 percent of the area median income (AMI). North Park Estates was originally built in 1959 as the former L.C. Jones public housing complex for the Mississippi Regional Housing Authority No. VIII (MRHA VIII). SMHD acquired the asset in 2008 and rebranded the 160-unit community as North Park Estates. The project was funded, in part, via a $500,000 Affordable Housing Program (AHP) grant from The Peoples Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas).
LAWRENCEBURG, IND. — Flaherty & Collins Properties has broken ground on Whiskey River, a $32 million luxury apartment development in Lawrenceburg, about 27 miles west of Cincinnati. The 150-unit project will include amenities such as a pool, lounge area, coworking lounge, fitness center, bark park and bike storage. The waterfront development will be located along the Ohio River. The name Whiskey River alludes to Lawrenceburg’s long history in whiskey production, earning it the nickname “Whiskey City, USA.” Busey Bank served as construction lender. Flaherty & Collins Construction is the general contractor and American Structurepoint is the architect and engineer. Completion is slated for summer 2022.
MINNEAPOLIS — W+Noordijk, in partnership with Yellow Tree Development and Sentinel Management Co., have acquired the historic Alden Smith Mansion in Minneapolis and plan to restore and incorporate it into a larger 124-unit apartment project. The Minneapolis Community & Technical College (MCTC) had been actively pursuing restoration strategies for the mansion since 2010. The developers plan to fully revitalize the house and develop it into a social hub for residents, equipped with coworking spaces, a coffee bar, billiards room and wellness spaces. The mansion will also house three luxury apartment suites on the upper floor. Construction is scheduled to begin in November with completion slated for spring 2022. BHDM Design and Studio BV are serving as interior designers while DJR Architecture is the project architect. Yellow Tree Construction Services is the general contractor. Old National Bank arranged financing for the project. The developers purchased the house from the State of Minnesota, which had owned the property located on the MCTC campus since 1996. Horatio Alden Smith, the home’s original owner, was a partner in the Smith & Wyman Sash and Door Co. He lived in the house with his family from 1887 to 1906. His wife sold the home in …
BAYONNE, N.J. — A local developer doing business as 957 Broadway, Urban Renewal LLC has opened Bay One, a 91-unit apartment complex located in the Northern New Jersey city of Bayonne. Bay One offers studio, one- and two-bedroom units and an 8,000-square-foot rooftop garden with grilling and dining areas, a fire pit lounge, fenced dog run and pet spa station. Rents start at $1,750 per month for a studio unit.
PHILADELPHIA — Bellwether Enterprise Real Estate Capital has acquired Philadelphia-based Maher Commercial Mortgage LLC, effectively expanding its presence in the Southern Pennsylvania and New Jersey region. The acquisition will add more than $900 million in annual loan volume and $3 billion in servicing to Bellwether Enterprise’s existing portfolios. Firm leader Thompson Maher will join Bellwether Enterprise as an executive vice president, and his six support staff and five loan producers will also join the acquiring entity.
LAKEWOOD, COLO. — NorthMarq has arranged the sale of Alta Green Mountain, a recently completed apartment community located in Lakewood, a suburb of Denver. Boston-based TA Realty acquired the property for an undisclosed sum. Located at 13055 W. Mississippi Court, Alta Green Mountain features 260 apartments, a fitness center, private garages and an indoor/outdoor clubhouse with business center and outdoor lounge area. Completed in 2020, the property totals 250,640 square feet of rentable area. Dave Martin and Brian Mooney of NorthMarq’s Denver Investment Sales represented the undisclosed seller in the deal.
KENT, WASH. — Cadence Living and Flournoy Development Group have broken ground on Cadence at Kent-Meridian in the Seattle suburb of Kent. The five-acre property is an infill location located adjacent to restaurants and other amenities, with views of Mount Rainier and contains a forest. The three-story building will feature 128 units for both independent and assisted living. Santé Development Group aided in the site selection process. “It is very rare to find a site that combines urban walkability with a natural preserve,” says Rob Leinbach, Cadence principal. “Combine that with the ability for an intergenerational experience with the adjacent high school and the fact that there has not been newer, state-of-the-art seniors housing construction in the Kent submarket leads us to believe we have a very special project.” A timeline for completion was not released.
NEW YORK CITY — The Howard Hughes Corp. (NYSE: HHC) has unveiled plans for a $1.4 billion multifamily project in Manhattan’s Seaport District. The proposal calls for the transformation of a full-block surface parking lot along the boundary of the South Street Seaport Historic District into a mixed-income development that would include some of the area’s first new affordable housing in decades. The development would ultimately feature 360 apartments, about 25 percent of which would be affordable, as well as 260 condominium units. In terms of the multifamily component, the centerpiece is 250 Water Street, where Dallas-based HHC plans to develop at least 100 affordable apartments that would be reserved for households earning 40 percent or less of the area median income. Only 2.5 percent of all housing in the Seaport District qualifies as affordable, and the median household income is more than $150,000. The project would also rehabilitate the historic South Street Seaport Museum, which has faced numerous obstacles over the past two decades, including a two-year closure following 9/11, flooding from Hurricane Sandy in 2012 and an existential threat to attendance from COVID-19. In addition, HHC would develop a new museum building on an adjacent vacant lot. The …
RESTON, VA. — A joint venture between Enterprise Community Development (ECD) and Fellowship Square Foundation has broken ground on Lake Anne House, an $86 million affordable seniors housing community in Reston. The property will offer 240 units, with floor plans ranging from studio to two-bedroom layouts. The units will be available to seniors who earn at or below 60 percent of the area median income (AMI). Each resident will pay no more than 30 percent of their income toward their housing costs, including rent and a utility allowance. Communal amenities will include a fitness center, arts and crafts room, social hall, game room and an outdoor terrace. The developers expect to deliver the community in summer 2022. Financing for Lake Anne House comes from $46.5 million in tax-exempt bond financing from Virginia Housing, as well as a $700,000 loan from the Virginia Housing Trust Fund. Enterprise Housing Credit Investments (EHCI) and Capital One provided $21.5 million in Low-Income Housing Tax Credit equity, the Fairfax County Redevelopment and Housing Authority (FCRHA) provided $3 million in Blueprint Funding and EHCI affiliate Enterprise Community Loan Fund provided $7.2 million in bridge financing. Virginia Community Capital provided $1 million in predevelopment financing early in …
HUMBLE, TEXAS — Dallas-based developer The GenCap Group has begun leasing The Sarah at Lake Houston, a 350-unit apartment community located in the northern Houston suburb of Humble. The property offers one-, two- and three-bedroom units with granite countertops, nickel hardware fixtures, stainless steel appliances and smart-entry locks. Amenities include a pool, fitness center, beer garden and a dog park, as well as private lake access. Greystar manages the property, which will officially open its doors later this month.