SHEPHERDSVILLE, KY. — Clermont Distillery Inc. will open a new bourbon distillery in Shepherdsville. The property will span 55 acres on both sides of Interstate 65, though the distillery will only occupy about 15 acres. The developers, cousins Lee Wilburn and William “Bill” LaRue Weller, are exploring joint venture opportunities to develop hotels and other attractions on the remaining 40 acres. The developers expect to break ground in spring 2021. Kentucky Business Investment (KBI) and Kentucky Enterprise Initiative Act (KEIA) approved tax incentives for the project, which is expected to house 22 full-time employees earning an average wage of $56 per hour. The site is situated near the Clermont/Bardstown exit off I-65, 25 miles south of downtown Louisville. The project will also feature a gift shop and tasting room.
KNIGHTDALE, N.C. — CBRE|Raleigh has arranged a 103,920-square-foot industrial lease for Highland Cabinetry Inc. within Eastgate 540 industrial park in Knightdale. The cabinet supplier will occupy space within Building 2, situated at 365 Spectrum Drive, nine miles east of downtown Raleigh. Other tenants at the 968,000-square-foot park include All American Relocation, CHEP USA, Eby-Brown, Francini Inc. and Trade Venture Stones. Austin Nagy of CBRE|Raleigh represented the tenant in the transaction. Foundry Commercial represented the landlord, Trinity Capital Advisors.
ATLANTA — John Calvin “Jack” Portman III, chairman and CEO of Atlanta-based Portman Architects, has died at age 71 due to natural causes. Portman is the son of famous Atlanta architect John Calvin Portman Jr. Portman III started at then-John Portman & Associates in 1973. Portman III took over leadership of Portman Architects following the death of his father in 2017. Portman III earned a Bachelor of Architecture from Georgia Tech and a Master of Architecture from Harvard University’s Graduate School of Design. He is survived by his five children; his mother, Jan Portman; four siblings; and five grandchildren. Currently, Portman Architects has six ongoing projects in Midtown Atlanta, Near Hartsfield-Jackson Atlanta International Airport and in Salt Lake City.
MIAMI BEACH, FLA. — The Historic Preservation Board (HPB) of the City of Miami Beach has approved the three-acre master plan for the redevelopment of the historic Raleigh, South Seas and Richmond hotels. Real estate owner and developer Michael Shvo plans to fully restore the three properties and unify them as one site to be operated as a luxury hotel and condominium building. Project costs are estimated at $750 million. The approved plan also includes construction of a new 175-foot oceanfront residential tower behind the Richmond and South Seas. The developer agreed to trim the height from 200 feet, according to the Miami Herald. No further approvals are needed and construction is expected to begin within the year. Shvo will restore the Raleigh Hotel and its iconic pool as well as the historic frontage of the Richmond and South Seas to their original 1941 grandeur. Legendary architect L. Murray Dixon was the original designer. The pool was used in several movies, including The Birdcage, Bad Boys and Up Close and Personal. Shvo and his team worked with HPB and Miami Beach stakeholders to ensure that the proposed plans would maintain the buildings’ original facades. This includes the removal of the penthouse floor that …
DANIA BEACH, FLA. — The Estate Cos. and Merrimac Ventures will develop Soleste Cityline, a planned 340-unit apartment complex that will also feature 12,800 square feet of retail space in Dania Beach. The Broward County asset will be situated at 4 N. Federal Highway, 26 miles north of downtown Miami. The property will offer studio to three-bedroom units ranging from 600 to 1,200 square feet. Communal amenities will include a pool, pool deck, fitness center, grilling area, clubroom and private event spaces. The eight-story building will also feature 545 parking spaces. Merrimac will retain the retail space while Estate Cos. will manage the multifamily portion of the property. Merrimac sold the 2.5-acre plot to 4 North Federal Holdings LLC, an affiliate of Estate Cos. and Merrimac, for $8 million. Synovus Financial Corp. provided the partners with $4.7 million in acquisition financing. The developers expect to break ground in the fourth quarter of this year. The design team and timeline for completion were not disclosed.
SAVANNAH, GA. — CenterPoint Properties plans to develop a 650,000-square-foot industrial facility near the Port of Savannah. The Oak Brook, Ill.-based company recently acquired 73 acres on the 2100-2200 block of Ga. Highway 307, which is three miles from the port and five miles from Savannah/Hilton Head International Airport. A timeline for construction was not disclosed.
MARTINSBURG, W.VA. — Marcus & Millichap has arranged the $10 million sale of Elmtree Townhouse Apartments, a 97-unit multifamily community in Martinsburg. The property, which is two stories tall and was built in 2006, offers two- and three-bedroom floor plans. The asset is situated at 125 Winslow Drive, four miles north of downtown Martinsburg and five miles from the West Virginia-Maryland border. Marcus & Millichap’s Dana Newton and Mike Maxwell, along with the firm’s broker of record Francis McGuire, represented both the buyer and seller, undisclosed private investors, in the transaction.
OLNEY, MD. — Cadence Living and Flournoy Development Group have broken ground on Cadence Olney, a 107-unit seniors housing community in Olney. The community is situated on 37 acres that includes 31 acres of forest preserve that will serve as a natural amenity for residents. The property will include a three-story building housing independent living and assisted living units and a two-story building for memory care residences. The property is situated 19 miles north of downtown Washington, D.C.
COLUMBUS AND MACON, GA. — Trillium Capital Resources has provided three loans totaling $10.5 million for two multifamily properties and a self-storage facility in Georgia. In Macon, Trillium provided a $1.6 million refinancing loan to a Valdosta, Ga.-based developer for an undisclosed 50-unit multifamily property. In Columbus, the locally based lender provided a $3.65 million refinancing loan for an undisclosed 80-unit community to a Phenix City, Ala.-based investor. The 10-year term loans featured fixed interest rates ranging from 3.14 percent to 3.57 percent. Also in Columbus, an undisclosed developer is building a 100,000-square-foot self-storage facility that is expected to deliver in summer 2021. Trillium provided the developer, which will own and manage the property upon completion, with a $5.26 million construction loan, featuring a fixed 3.77 percent interest rate.
WEST PALM BEACH, FLA. — A partnership between Pembroke Student Housing and Palm Beach Atlantic University has completed Watson Hall, a 163,000-square-foot residence hall on the university’s campus in West Palm Beach. The eight-story development offers 510 beds in one- and two-bedroom units with full kitchens. Communal amenities include a large conference space and community and private study spaces on each floor. Provident Resources Group owns the building. The project’s development team included architectural firm Stantec, general contractor Hedrick Brothers Construction, landscape architect Urban Kilday Design Studios and civil engineer Reikenis & Associates. Palm Beach Atlantic began fall semester in-person Monday, Aug. 17.