BEDINGTON, W.VA. — Penzance plans to develop a $4 billion data center campus in Bedington, a city in Berkeley County on the east side of West Virginia. The 600-megawatt (MW) hyperscale campus will be situated on 548 acres and will span 1.9 million square feet at full build-out, with the ability to scale further to meet future demand. Penzance made the announcement last week in the West Virginia State Capitol with Gov. Patrick Morrisey and other state and local government staffers. The Berkeley County site marks the first high-impact data center project approved under West Virginia’s House Bill 2014. Penzance plans to begin construction before the end of the year, with delivery of the first megawatts of capacity targeted for the end of 2028. In addition to the Bedington project, Penzance recently broke ground on a 45 MW, 240,000-square-foot data center in Chantilly, Va.
Public-Private Partnership Breaks Ground on 157-Unit Workforce Housing Project on Hilton Head Island
HILTON HEAD ISLAND, S.C. — A public-private partnership between the Town of Hilton Head Island, OneStreet Residential and RBC Community Investments has broken ground on Northpoint on Jarvis Creek, a 157-unit workforce housing development. CF Evans Construction is the general contractor for the development, which is recognized as Hilton Head Island’s first dedicated workforce housing project. As part of the public-private partnership, the Town of Hilton Head Island is providing a 65-year ground lease, $1 million to support eligible site work with contributions secured from the American Rescue Plan Fund, affordability covenants to maintain a workforce neighborhood in perpetuity, zoning entitlements and long-term programming support. OneStreet’s role involves design, permitting, financing, project management, construction, lease-up, long-term programming and property management. Situated on 11 acres, Northpoint on Jarvis Creek will offer one-, two- and three-bedroom apartments with rental rates attainable for households with incomes ranging from 60 to 150 percent of the area median income (AMI). At least 50 percent of the units will cater to households earning between 60 and 80 percent of the AMI. (Based on Beaufort County’s 2025 AMI, a family of three could earn between $59,520 and $148,800 to qualify to live at the community.) The development …
DORAL, FLA. — ANF has topped out Sevilla, a seven-story midrise apartment project underway within the $1 billion Downtown Doral development. The developer, locally based Codina Partners, plans to fully deliver the 405-unit community by year-end 2027. Situated on 4.2 acres at the corner of NW 53rd Street and NW 52nd Terrace, Sevilla will offer one-, two- and three-bedroom residences ranging in size from 720 to 1,708 square feet. The property will also include 15,800 square feet of indoor and outdoor amenity space, including a resort-style pool deck with beach entry, private cabanas, grilling stations and a Zen courtyard with a large dog park. The rooftop deck will also offer pickleball courts, a yoga yard, walking paths and lounge areas. Indoor amenities will include a two-story fitness center, resident lounge and a ride-sharing lobby.
OXFORD, MISS. — Landmark Properties has acquired a 27-acre development site on Oxford Way near the University of Mississippi campus in Oxford. The property will be home to The Station at Oxford, an 817-bed, cottage-style community developed in partnership with Liberty Mutual Investments. The development will offer 269 fully furnished units in a mix of two- and four-bedroom configurations with bed-to-bath parity. Shared amenities are set to include a clubhouse, resort-style pool with cabanas and hammocks, fitness center, sports simulator, Jumbotron, cornhole boards, fire pits and a pickleball court. The Station at Oxford will also offer parking for up to 904 vehicles. The development team for the project, which is scheduled for completion ahead of Ole Miss’ 2027-2028 academic year, includes Landmark Construction, Niles Bolton Associates and JM Engineering.
ASHBURN, VA. — The George Washington University (GW) has sold the Viginia Science and Technology Campus (VSTC) in Ashburn, about 30 miles northwest of Washington, D.C. Amazon Data Services, a subsidiary of Amazon Web Services, purchased the property for $427 million, according to local media reports. Amazon plans to develop the 122-acre site into a data center, according to The GW Hatchet, the university’s student newspaper. Ashburn is situated in Loudoun County, which is dubbed locally as “data center alley.” The transaction agreement ensures that the university has the option to keep programs at VSTC for up to five years. Launched in 1991, VSTC supports research in engineering, physics and chemistry and is home to both academic programs and administrative services. GW’s School of Nursing, the Earthquake Engineering and Structures Laboratory and the Avenir Foundation Conservation and Collections Resource Center are all housed on the campus. “As stewards of the university’s mission, we must continually assess how best to use our resources in service of our community and future generations of GW revolutionaries,” wrote Ellen Granberg, president of GW, in a letter regarding the sale. “This includes our real estate portfolio, a critical asset that supports our academic mission, the …
SILVER SPRING, MD. — MCB Real Estate has signed Costco Wholesale to anchor Viva White Oak, a $2.8 billion mixed-use development in Maryland’s Montgomery County. Situated a little more than 12 miles northeast of Washington, D.C., Viva White Oak will span 280 acres near the headquarters of the U.S. Food and Drug Administration (FDA) and the Adventist HealthCare White Oak Medical Center in Silver Spring. The 162,000-square-foot store will be the fourth Costco within a 10-mile radius of Viva White Oak, according to MCB. Viva White Oak is approved for more than 12 million square feet of mixed-use development, including 5,000 new residences, both for-sale and rental, as well as new shops, restaurants, a hotel and medical office space. Last week, the Montgomery County Council unanimously approved its first-ever Tax Increment Financing (TIF) district to advance Viva White Oak. MCB says it will use the TIF to unlock about $320 million for infrastructure. According to MCB, Viva White Oak is expected to generate more than 17,000 construction jobs, 9,000 permanent jobs and an estimated $62 million in annual revenue for Montgomery County. Phase I is expected to generate $1.2 billion in value and $33 million in annual revenue.
CLEMSON, S.C. — A joint venture between LV Collective and Harrison Street Asset Management is set to break ground on Rambler Clemson, a 749-bed student housing development located near the Clemson University campus in South Carolina. QuadReal provided construction financing for the project, which is scheduled for completion in 2028. Located on College Avenue, the mid-rise community will offer 227 units in studio, one-, two-, three-, four-, five- and six-bedroom configurations. The 567,000-square-foot development will also feature shared amenities including a ground floor coffee shop; coworking spaces with private study rooms; a multi-sport simulator; rooftop pool deck; clubroom and social lounge; fitness center with a yoga and flex studio and a wellness lounge with a sauna and cold plunge; and ground floor retail space. The development team for the project includes Niles Bolton, Juneau Construction Co. and Variant Collaborative.
FRANKLIN, TENN. — New York-based Clarion Partners, via the Clarion Partners Real Estate Income Fund Inc., has purchased Vitality Living Franklin, a 126-unit seniors housing facility located at 1035 Fulton Greer Lane in Franklin, about 20 miles south of Nashville. The property was built in 2014, renovated in 2023 and features independent living, assisted living and memory care residences. Locally based Vitality Living operates the community, which is situated three miles from Williamson Medical Center. Clarion Partners, a real estate affiliate of Franklin Templeton, is a relative newcomer to the senior living sector, having acquired its first seniors housing property last year in Mechanicsville, Va. Last month, the company hired two new executives from Ventas Inc., Tim Olivos and Natalie Wynn, to join Clarion’s growing healthcare platform.
BRANDON, FLA. — KeyBank Real Estate Capital has provided a $22 million Fannie Mae loan for the acquisition of The Easton, a 184-unit apartment community located at 804 Fairmaiden Lane in Brandon, about 12 miles east of Tampa. Eric Blumenthal and Cullen O’Grady of KeyBank originated the three-year loan on behalf of the borrower, a private company doing business as Easton Brandon LLC. The seller and sales price were also not disclosed. Built in 1973 and renovated in 2021, The Easton features 23 two-story residential buildings, as well as a barbecue with a picnic area, fitness center, swimming pool and tennis courts.
The commercial real estate industry has spent the past two years bracing for the next wave of loan losses as elevated interest rates collided with loan maturities. Instead of a wave of payoffs, many loans are still working through extensions and modifications while asset values are being deliberated. Lenders know how to model foreclosure risk. Bankruptcy risk? That’s where the real losses hide. A Class A asset with Class C governance is a Class C risk. Foreclosure risk can be modeled. Expected losses predicted. Timelines are known by state. Recovery assumptions can be debated. Cash flows stress tested and ultimately approved by a committee. Even when outcomes are unpleasant, they are at least visible, quantifiable and expected. Bankruptcy is different — and far more dangerous for lenders. The gap between foreclosure and bankruptcy is where some of the largest loan losses are being created, and painful lessons learned. Counterintuitively, bankruptcy risk runs higher in non-judicial states like Georgia, where 60-day foreclosures create incentive for borrowers to file. In longer-timeline states like New York, foreclosures can stretch 18 months, giving borrowers the luxury of time. Those foreclosure timelines are generally well known and accepted by both sides, which makes outcomes predictable. …