NEW YORK CITY — Boston-based developer The Davis Cos. has broken ground on a 97-unit multifamily project at 1975 Madison Ave. in Harlem. Designed by DXA Studio and built by Broadway Construction Group, the eight-story building will house one- and two-bedroom units, with 30 percent of the residences earmarked as affordable housing. Amenities will include a fitness center, resident lounge, coworking space, pet spa and a rooftop terrace. Completion is slated for late 2025.
DENVER — John Propp Commercial Group has arranged the sale of an office building located at 15 E. Iowa Ave. in Denver. South Gate Masonic Building Association acquired the asset from 25W BKM LLC for $2.3 million. The two-story, 21,258-square-foot building features ground-floor retail space, second-story office space and a single apartment. The buyer plans to renovate and reposition the property both for its own business occupy and to retain existing retail tenants. Joshua Cohen of John Propp Commercial Group represented the seller in the deal.
SOUTH WINDSOR, CONN. — Whole Foods Market will open a 43,406-square-foot store at The Shops at Evergreen Walk in South Windsor, a suburb of Hartford, on Jan. 17. The store, which will be the Austin-based grocer’s fifth in the Hartford area, will offer more than 1,000 locally sourced items and will feature full-service meat and seafood counters, a bakery, prepared foods section and a wellness and beauty section.
PHILADELPHIA — Zahav Biosciences, a developer of cancer treatments and therapies, has signed an 8,200-square-foot lease for its new headquarters at Race Street Labs, a 180,000-square-foot life sciences facility in Philadelphia. Patrick Kelley of Avison Young represented Zahav Biosciences in the lease negotiations. Brian Young and Paul Garvey of Cushman & Wakefield represented the landlord, Iron Stone Real Estate Partners.
CHICAGO — Habitat and P3 Markets have topped off construction of the second apartment building at 43 Green, a $100 million mixed-income development in Chicago’s Bronzeville neighborhood. The transit-oriented development is centered around the 43rd Street Green Line L station. The new building rises 10 stories with 80 units, 44 of which will be designated as affordable. Completion is slated for late summer 2024. The developers have fully leased the first apartment building, which also rises 10 stories. The 99-unit property consists of 50 affordable units for households earning up to 60 percent of the area median income. Located on a long-vacant, city-owned lot on the northeast corner of East 43rd Street and Calumet Avenue, the first building is the largest of three planned buildings at 43 Green. Amenities include a fitness center, business center, picnic area, community room with kitchen, two rooftop terraces, laundry facilities and bicycle storage. The second building will have similar amenities.
CRYSTAL AND NORTH SAINT PAUL, MINN. — StorageMart has acquired two self-storage facilities in Crystal and North Saint Paul for an undisclosed price. Both properties will undergo comprehensive updates to align with StorageMart’s standards. Together, the facilities offer 1,564 units and 159,282 square feet of rentable climate-controlled space. Unit sizes range from five-by-five units to 15-by-40 units.
CHICAGO — Quantum Real Estate Advisors Inc. has brokered the sale of a 38-unit multifamily property in Chicago for $2.7 million. The courtyard building is located at 4126 W. 24th Place in Little Village. Clay Maxfield of Quantum represented the seller, which had owned the asset for 25 years. The property sold to a local owner with multiple assets in Chicago and the surrounding suburbs.
NEW HAVEN, IND. — Red Bull has signed a seven-year, 33,909-square-foot industrial lease at 10821 Rose Ave. in New Haven, just east of Fort Wayne. The building is part of the larger Cedar Oak industrial development. Chad Voglewede and Bill Drinkall of Bradley Co. represented the landlord, Cedar Oak Venture.
CHICAGO — A. Lange & Söhne, a German luxury watch manufacturer, has signed a lease for 1,409 square feet of retail space at The Shops at Tribune Tower in Chicago. The retailer’s location will be positioned on Michigan Avenue on the corner overlooking Pioneer Court, which was redeveloped by CIM Group and Golub & Co. The area between Tribune Tower and the neighboring Apple store features space for locals and visitors to gather and shop. The A. Lange & Söhne boutique is slated to open in 2024 and will join the Musuem of Ice Cream, Foxtrot Market, Blue Bottle Coffee, Rowan and Krewe. The Shops at Tribune Tower consists of 50,000 square feet of retail space that anchors the ground floor of the 36-story, 740,000-square-foot Tribune Tower. CIM Group and Golub & Co. transformed the property into 162 luxury condos.
NEW YORK CITY — Queens Development Group, a joint venture between Related Cos. and Sterling Equities, has broken ground on the first phase of a 2,500-unit affordable housing project in the New York City borough of Queens. The project, named Willets Point, will be the city’s largest affordable housing development in 40 years, according to the joint venture. Wells Fargo has arranged a total of $360 million in financing for Phase I of the development, with a $236.5 million construction loan and $123.5 million Low-Income Housing Tax Credit investment. Phase I of the development will feature two mid-rise buildings offering a combined 880 units of affordable housing. Forty percent of units will be reserved for residents earning at or below 60 percent of the area median income, and 15 percent of units will be set aside for tenants that formerly experienced homelessness. Amenities will include a landscaped inner courtyard, laundry facilities, lounge space with access to outdoor terraces, bicycle storage and ground-floor retail space. The development will also include infrastructure investments like new streets, signage, sidewalks, trees, lights, drainage, stormwater management, water hydrants, sewers and utilities. Future components of the development will include a 650-seat standalone public school, New York …