SALEM TOWNSHIP, PA. — The Salem Township Board of Supervisors has approved a 4,466-acre data center overlay district in northeastern Pennsylvania. The vote represents another cleared hurdle to bringing an energy and digital infrastructure campus with a total power capacity of 4 gigawatts to Luzerne County. The approval follows the Salem Township Planning Commission’s unanimous recommendation that 194 local families continue to pursue a potential $1.4 billion land sale involving nearly 4,500 acres of working and retired farms, family homesteads and other properties. That acreage would become the future home of the data center campus known as Salem 3. Under the currently proposed terms, the campus would also feature other uses, including a $12 million micro hospital and a community park, in addition to other natural green spaces that would be preserved. Construction could support as many as 2,000 new jobs. According to 4-3 Glennbrook Group, a landowner advocacy group that is representing the 194 families, the plan for Salem 3 builds on the township’s longstanding role as an energy-producing community, pairing existing energy infrastructure with a new generation of data center and digital infrastructure investment. The 4-3 Glennbrook Group team also handled the land assemblage for the existing Salem …
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COLORADO SPRINGS, COLO. — University of Colorado Health (UCHealth) has broken ground on a $463 million expansion project at its Colorado Springs campus. The project will increase the size of the UCHealth Memorial Hospital North campus by more than 300,000 square feet, inclusive of a six-story inpatient tower, eight new operating rooms and an expanded emergency department. Approximately 45 percent of the new space will be built out for immediate use, while the remaining space will be shelled to accommodate future growth. In addition, the expansion will increase the hospital’s capacity from 140 beds to 190, initially adding 34 medical-surgical beds and 14 intensive care unit (ICU) beds. Lastly, the project includes the construction of a new parking garage with roughly 875 spaces for patients, visitors and staff, as well as renovations to the lobby, pharmacy, laboratory, kitchen and cafeteria of the main hospital building. Perkins & Will is the project architect, and JE Dunn is serving as the general contractor. Milwaukee-based investment and development firm Hammes is serving as UCHealth’s owner representative and project manager. A groundbreaking ceremony took place earlier in the month, and completion is slated for summer 2029. “Expanding an active hospital requires a careful balance …
MIAMI — Adler Real Estate Partners has received a $212.8 million loan for the refinancing of an eight-property industrial portfolio spanning several states in the Southeast and Texas. Together, the properties total 43 buildings and roughly 1.6 million square feet in Alabama, Florida, Maryland, North Carolina and Texas, located in markets including Austin, Dallas-Fort Worth, South Florida, Charlotte, Birmingham and the Baltimore-Washington corridor. The collection includes multi-tenant business parks and light industrial assets. At the time of financing, the properties were leased to more than 115 tenants within 22 industries, including the medical and pharmaceutical, building services, manufacturing, technology, professional services, healthcare and logistics industries. The average tenant tenure across the portfolio is 10.5 years. Melissa Rose, Michael DiCosimo, Jack Britton, Kate Rathman, Nicole Diaz and Magnus Kron of JLL Capital Markets secured the financing on behalf of the borrower. An undisclosed life insurance company provided the loan. Based in Miami, Adler Real Estate Partners specializes in acquiring and operating multi-tenant light industrial properties throughout the United States. This transaction marks the second major recapitalization for the company this year. In July, Adler secured a $343 million refinancing for a portfolio of light industrial assets, including $140 million in equity and …
PARAMUS, N.J. — PCCP has provided a $163.9 million senior loan to a joint venture between Russo Development and Kushner Real Estate Group for the construction of The Paramus Chapter, a 426-unit multifamily project in suburban New York City. The joint venture acquired the land in May 2025. Construction began in July 2026, and completion is slated for the fourth quarter of 2028. The Paramus Chapter will consist of two four-story buildings over concrete podiums with 810 parking spaces and approximately 5,300 square feet of ground-floor retail space. Both buildings will have separate entrances, parking and amenities. Building A will include 166 units, comprising 138 market-rate apartments and 18 affordable units. Amenities will include an outdoor pool, 2,200-square-foot gym, game room, theater, karaoke lounge, sports simulator, rentable party room, dog run and 3,400 square feet of coworking space. Building B will feature 260 units, comprising 222 market-rate residences and 38 affordable units. Amenities will include a full-time concierge, leasing center, 2,800-square-foot gym, chef’s kitchen, gardening room and two outdoor courtyards. The project site is directly adjacent to Bergen Town Center, which features more than 1 million square feet of retail space anchored by Whole Foods Market and Target. PCCP, a …
PEACH COUNTY, GA. — Audi AG has selected the Middle Georgia Megasite near Macon for a $4 billion advanced manufacturing facility, which will be the German automotive giant’s first plant in Georgia. The company’s new factory in Peach County will bring approximately 4,500 new jobs to central Georgia and create an expected annual capacity of 200,000 vehicles, with a focus on Audi’s luxury SUVs. Audi expects to begin grading the site in 2027 and break ground on the new plant in 2028. The factory is expected to begin operating at full capacity in 2031. The size of the new factory was not disclosed, but Audi says it will be “among the brand’s largest production footprints globally.” “The United States is one of the world’s most important premium markets, and we have not yet realized our full potential,” says Gernot Döllner, chairman of the board of management at Audi AG. “We are determined to change that — with premium products, a stronger brand and a competitive local production base. This is about building a stronger Audi business in America — not simply about building a factory.” “We are proud to welcome one of the world’s most iconic automotive brands to Georgia,” …
Mitsubishi Power to Invest $490M for Manufacturing Expansion Project Near Savannah, Create 220 Jobs
by Abby Cox
POOLER, GA. — Mitsubishi Power Americas has announced it will invest $490 million to expand the company’s existing operations at its Savannah Machinery Works facility at 1000 Pine Meadow Drive in Pooler, a western Savannah suburb that sits close to both the Port of Savannah’s Garden City Terminal and Savannah/Hilton Head International Airport. The expansion will add 450,000 square feet of manufacturing space, doubling the company’s current footprint. The project is expected to create 220 new jobs in Chatham County. Savannah Machinery Works — Mitsubishi Power Americas’ premier heavy-industrial manufacturing plant and service center — opened in 2010 as the company’s first complete gas turbine production facility building outside of Japan. The new facility is scheduled to begin operating in early 2029, according to multiple media sources. Additional details of a construction timeline were not released. Civic support for Mitsubishi’s investment includes the Georgia Department of Economic Development (GDEcD), the Savannah Economic Development Authority, Georgia Power and Georgia Quick Start. “Mitsubishi Power Americas’ products are critical to America’s energy infrastructure, and the company is continuing to invest in Georgia because of the connectivity that our ports, rail, highways and airports provide,” says GDEcD Commissioner Pat Wilson. Mitsubishi Power stated that the …
MONTREAL AND NEW YORK CITY — The Public Sector Pension Investment Board (PSP Investments), a pension fund investor based in Montreal, and Nuveen Real Estate, one of the largest investment managers in the world, have launched a joint venture with an initial investment of $790 million to acquire open-air shopping centers across the United States. To date, PSP and Nuveen have closed on 3 million square feet across 19 assets in Arizona, California, Colorado, Florida, Minnesota, Texas, Virginia and Washington. The investment strategy is demographically driven, focusing on open-air shopping centers anchored by market or category dominant grocers, necessity-based retailers and essential services that demonstrate “durable performance and resilient foot traffic,” according to the press release. In particular, the joint venture targets U.S. metro areas with strong population growth, rising household incomes and high barriers to entry, where well-capitalized retailers are actively seeking to expand. “Necessity-based retail has demonstrated remarkable resilience through various cycles, underpinned by consistent consumer demand for essential goods and services,” says Brian Wallick, portfolio manager of U.S. cities retail strategy at Nuveen Real Estate. “We’re confident this combination of scale, relationships and local execution positions us strongly in one of the most stable and defensive segments …
DENVER AND NEW YORK CITY — Global asset manager Apollo (NYSE: APO) and UDR Inc. (NYSE: UDR), a multifamily REIT based in Denver, are forming a new long-term joint venture involving an apartment portfolio valued at approximately $2 billion. The joint venture will own a portfolio of 19 communities totaling 7,059 apartments. The names and addresses of the properties were not released. Under terms of the agreement, Apollo’s affiliates and funds managed by Apollo will invest $1.34 billion of equity capital into the newly established joint venture, representing an approximate two-thirds interest. UDR will retain a one-third interest and consolidate the joint venture, as well as operate and manage the portfolio, for which it will earn an asset management fee. UDR plans to utilize the proceeds from the new equity capital infusion for investment in “higher-growth assets,” general corporate purposes and debt reduction. Tom Toomey, chairman, president and CEO of UDR, says that accessing low-cost, permanent equity capital has been a “strategic priority” for the company. “With this transaction, we believe we will be positioned to take advantage of compelling opportunities in the marketplace while improving the quality of our wholly owned portfolio and strengthening our balance sheet,” says Toomey. “This …
DETROIT — Dan Gilbert, founder and chairman of mortgage giant Rocket Cos. and real estate company Bedrock, has pledged to commit roughly $1 billion in capital for the redevelopment of Renaissance Center, a landmarked mixed-use property in Detroit. The overall redevelopment cost is currently projected to be $2.2 billion. As part of the pledge, a new nonprofit organization will be formed to own, redevelop and operate the development and the surrounding Riverfront District. Bedrock will provide project management services on behalf of the nonprofit at no cost. According to the Detroit Historical Society, construction on Renaissance Center originally began in 1973. The first tower opened in 1976. General Motors purchased the development in 1996 for $73 million to serve as its global headquarters. In 2004, General Motors completed a $500 million renovation of the property. In January, the company completed its move to a new headquarters at Hudson’s Detroit. In 2024, Bedrock and General Motors established a partnership to explore redevelopment opportunities at Renaissance Center, announcing a conceptual plan for the redevelopment in November of that year. According to Crain’s Detroit Business, Renaissance Center is currently still owned by General Motors, and Dave Massaron — the company’s vice president of infrastructure and corporate citizenship — says …
UPPER MERION, PA. — Global pharmaceutical company GSK plc (NYSE: GSK) will invest $800 million in its life sciences and manufacturing facilities in metro Philadelphia, an initiative that is expected to create about 300 new jobs within the local economy. The announcement is a follow-up to the company’s pledge in late September to invest $30 billion in research-and-development (R&D) and manufacturing initiatives over the next five years, with $1.2 billion earmarked for expanding its existing technologies and advanced manufacturing sites, including its metro Philadelphia facilities. The existing facilities are located in Upper Merion Township, about 20 miles northwest of Philadelphia. The expansion will involve some demolition of existing facilities to establish a biopharmaceutical innovation and manufacturing hub, integrating commercial production, R&D and advanced digital capabilities in a single site. Construction is scheduled to begin next year. The new jobs are expected to be created over a five-year period, bringing GSK’s total employment in the region to about 4,500 positions. GSK announced a similar $800 million investment in its pharmaceutical and biotechnology facilities in Lancaster, about 70 miles west of Philadelphia, about two years ago. The company will be eligible for tax benefits through Pennsylvania’s Qualified Manufacturing Innovation and Reinvestment Deduction …
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