DETROIT — Detroit Music Hall has unveiled plans for a $122 million expansion project designed by Tod Williams Billie Tsien Architects. At seven stories and 100,000 square feet, the expansion is the culmination of an extensive 2023 feasibility study. The multipurpose music center will occupy the lot adjacent to the classic 1928 Music Hall, a landmarked facility in the heart of downtown Detroit at the corner of Brush and Madison streets. The new facility will feature a state-of-the-art 24,000-square-foot concert hall, 1,800-square-foot recital hall, recording and practice studios, leasable office space for industry professionals and a public welcome center offering box office access to arts and cultural programming across the city. The project is slated to open in fall 2026. Enclosed aerial walkways will bridge the gap between the historic Music Hall and the new Music Hall Center. The 4,000-square-foot alley between the two buildings will feature outdoor seating, areas for public performances and art installations, and spaces for the community to gather. The new Music Hall Center will house a music academy for students as well as a rooftop restaurant. Funding for the project is built on a base of $80 million in tax-exempt 501(c)3 bonds, issued by the …
Property Type
CHICAGO — Waterton has acquired the Alta Grand Central apartment community in Chicago’s South Loop for an undisclosed price. Completed in 2020, the property at 221 W. Harrison St. comprises 346 units across two 14-story buildings. Waterton plans to rebrand the asset as The Grand Central. According to Waterton, the community primarily attracts workforce residents in the healthcare, public service and consulting sectors. Units come in studios, one-, two- and three-bedroom floor plans. Amenities include coworking spaces, an indoor-outdoor rooftop lounge, yoga studio, bike storage, pool, rooftop spa and electric vehicle charging stations. The seller was a joint venture between Chicago-based D2 Realty and Atlanta-based Wood Partners, according to Crain’s Chicago Business.
ST. LOUIS — Boeing has selected a joint venture between PARIC Corp. and Barton Malow to build a 1 million-square-foot expansion of its “Air Dominance” production site near the St. Louis Lambert International Airport. Construction of the various facilities is expected to employ 1,200 construction craft workers over the course of the program. Pre-construction planning efforts are underway, with initial construction estimated to begin in the first quarter of 2024. The project team also includes Arch Key/Sachs, icon Mechanical, Murphy Mechanical, PayneCrest Electric and Shannon & Wilson. Industrial Project Innovation is the owner’s representative, and Jacobs will provide engineering services.
SHOREVIEW AND MINNETONKA, MINN. — Alerus Financial, a diversified financial services company, has signed two office leases totaling nearly 53,000 square feet in metro Twin Cities. The company is relocating its Shoreview and Minnetonka offices. The new Shoreview office will be located at The Lex at 4100 Lexington Ave., while the new Minnetonka office will be located at Crescent Ridge II at 10900 Wayzata Blvd. Both offices will enable Alerus to install exterior top-of-building signage. Eddie Rymer and Alex Ach of JLL represented the tenant in both leases. Eagle Ridge Partners is the landlord for the Shoreview property, while Piedmont Office Realty Trust is the owner of the Minnetonka building. JLL project and development services teams are assisting both build-outs.
INDIANAPOLIS — The Life Properties, the property management and construction management affiliate of Olive Tree Holdings, is underway on a $4 million capital improvement program at The Life at Belhaven Place in Indianapolis. The project is 71 percent complete, with completion slated for the second quarter of 2025. The 248-unit multifamily community is receiving select interior renovations to all units and upgrades to the office clubhouse. Exterior improvements include new paint and repairs to the roof, property signage, pool, parking lot, sidewalk, playground and dog park. There is also a new security camera system and landscaping improvements. Sustainable updates include low-flow plumbing retrofits and repairs to the LED lighting. Built in 2006, The Life at Belhaven Place features a mix of one-, two-, three- and four-bedroom units.
PHILADELPHIA — JLL has arranged a $33.5 million loan for the refinancing of a portfolio of 10 industrial properties totaling 443,488 square feet in the Philadelphia metro area. The portfolio was fully leased at the time of sale to a mix of local and national tenants, including Boeing and Fiserv. Building features include clear heights ranging from 16 to 22 feet and a total of 82 dock-high doors, 15 drive-in doors and 768 parking spaces. Michael Klein, Steven Klein, Ryan Ade and Ryan Carroll of JLL arranged the five-year, fixed-rate loan through Securian Financial on behalf of the borrower, Wharton Industrial.
CHATHAM, N.J. — New Jersey-based developer BNE Real Estate Group is nearing completion of The Ivy, a 245-unit multifamily project in the Northern New Jersey community of Chatham. Designed by Minno & Wasko Architects & Planners, the six-story building will house one- and two-bedroom units that will be furnished with stainless steel appliances, quartz countertops and tile backsplashes. The property will also feature 34,000 square feet of indoor and outdoor amenity space. Specifically, the amenity package will include a pool, an outdoor movie lawn and dining areas, fitness center, resident lounge, bar, game room, sport simulator lounges, children’s play area, pet spa and a media screening room. Leasing will begin later this fall.
SANTA FE, N.M. — Community Preservation Partners (CPP) has entered the Santa Fe market with the acquisition and planned renovation of two multifamily communities — Sangre De Cristo Apartments and Santa Fe Apartments. Once renovated, the two communities will be restricted to households earning 60 percent or less of the area median gross income and will continue to benefit from project-based rental assistance. Located at 255 Camino Alire, Santa Fe Apartments features 64 units and was built in 1968. Sangre De Cristo Apartments, located at 1801 Espinacitas St., offers 164 units. Both communities offer one-, two- and three-bedroom layouts, with Sangre De Cristo also offering four-bedroom units. Renovation costs are estimated at $96,700 per unit. CPP’s total investment for both properties is approximately $93.7 million, which includes the combined purchase price of $41.8 million. CPP expects to complete renovations by December 2024. Project partners include the New Mexico Mortgage Finance Authority, US Bank and KeyBank.
SCOTTSDALE, ARIZ. — Colliers has brokered the sale of 3 Palms Hotel, located at 7707 E. McDowell Road in Scottsdale. California-based investors — Peter Sun of Five Star Inn One LLC and Lily Hsue of Five Star Inn Two LLC — acquired the asset from Roger Abbott of La Jolla, Calif., for $23 million. Originally constructed in 1980 and remodeled in 2006 and 2007, 3 Palms Hotel features 130 guest rooms with full-length mirrors, complimentary newspapers, high-speed Wi-Fi and deluxe spas. Situated on 3.4 acres, the hotel offers an outdoor pool and spa, a rooftop sundeck, fitness center and concierge. James Meng of Colliers handled the negotiations and transaction.
Fairfield Sells 141-Unit The Perch PDX Apartments in North Portland to Green Leaf Capital Partners
by Amy Works
PORTLAND, ORE. — Fairfield has completed the disposition of The Perch PDX, an apartment community in the Overlook neighborhood of Portland. Green Leaf Capital Partners acquired the asset for an undisclosed price. Built in 2020, The Perch PDX features 141 studio, one- and two-bedroom units, averaging 648 square feet. Apartments offer stainless steel appliances, modern cabinetry, quartz countertops, vinyl plank flooring and full-size washers and dryers. Community amenities include seventh- and third-floor terraces, a game room, fitness center, co-working spaces, secured access garage parking and a dog washing station. The Perch PDX is located at 5325 N. Interstate Ave. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets’ investment sales and advisory team represented the seller and procured the buyer in the transaction.