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Suffolk Downs Redevelopment
DevelopmentMassachusettsMixed-UseNortheastTop Stories

HYM Investment Group to Break Ground on 161-Acre Mixed-Use Redevelopment of Suffolk Downs Racetrack in Boston

by Katie Sloan

BOSTON — HYM Investment Group has received approval from the Boston Planning and Development Agency (BPDA) for the redevelopment of Suffolk Downs, a 161-acre former thoroughbred horse track and racing facility, into a mixed-use district. Approved plans for the project include 10,000 residential units, 20 percent of which will be designated affordable housing; 40 acres of publicly accessible parks and open space; and 3 million square feet of office and retail space.  HYM purchased the property in 2017 for $155 million and the racetrack officially closed in summer 2018. Thursday’s vote of approval marks the end of a three-year community review process, during which the company held over 450 meetings with community group members, elected officials and staff, and neighbors to hear and incorporate community feedback. HYM is now cleared to begin construction on the project, which might take up to 20 years to complete and will cost $8 billion, according to reports by WBUR, Boston’s NPR news station. Designs for the project also include the construction of a major extension of the Mary Ellen Welch Greenway, a public pathway and park in East Boston connecting Piers Park, Memorial Stadium, Bremen Street Park, Wood Island Bay Marsh and Belle Isle Marsh. …

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CaliforniaDevelopmentMixed-UseTop StoriesWestern

San Diego Padres Team Up with Tishman Speyer, Ascendant Capital to Develop $1.4B Mixed-Use Project Near Stadium

by Alex Tostado

SAN DIEGO — The San Diego Padres will partner with Tishman Speyer and Ascendant Capital Partners to develop East Village Quarter, a four-block area near the team’s home stadium of Petco Park. Plans call for the area between 12th and Imperial avenues and K and 14th streets to be transformed into a mixed-use development featuring nearly 1.4 million square feet of office space, 50,000 square feet of retail space, 236,000 square feet of open space and 1,600 parking spaces. According to media reports, the development will cost $1.4 billion. The space is currently a parking lot, referred to as Tailgate Park, with 1,000 spaces. A timeline for construction was not disclosed, although the San Diego Union-Tribune reports the Padres hope to break ground in 2023. San Diego Mayor Kevin Faulconer, with the help of a committee including JLL and Civic San Diego, awarded the development team with the bid, which, according to the Union-Tribune, beat out competitor Brookfield Properties. City-owned Petco Park opened in 2004, and the Padres have a lease in place through 2042. “What the Padres have done over the years to create an atmosphere of fun, excitement and energy at Petco Park is incredible, and now, with …

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LoansMultifamilySeniors HousingTexasTop Stories

Ziegler Arranges $131.4M Bond Financing for Development of Stevenson Oaks Senior Living Community in Fort Worth

by Kristin Harlow

FORT WORTH, TEXAS — Ziegler has arranged $131.4 million in bond financing for the development of Stevenson Oaks, a planned senior living community in Fort Worth. The property will feature 172 independent living units as well as an assisted living center with 40 assisted living units and 24 memory care units. The community will be situated within Tavolo Park, a new master-planned commercial and residential project in the southwest portion of the city. The surrounding Tavolo Park development will provide two restaurants and a variety of activities for Stevenson Oaks residents. A timeline for construction was not disclosed. Methodist Retirement Communities (MRC), a nonprofit seniors housing owner based in Texas, was the borrower. MRC retained Greystone to act as development consultant for the community and to serve as operator for the first several years following completion. Eventually, MRC plans to take over operations itself. When the community begins to approach stabilized occupancy, MRC and Greystone intend to evaluate the market for a potential Phase II of construction. MRC owns seven market-rate seniors housing communities and five affordable housing properties throughout Texas for a total of 1,637 units. The company was established in 1962. Ziegler, which served as underwriter, is a …

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DevelopmentNortheastOfficePennsylvaniaTexasTop Stories

Parkway Breaks Ground on $200M Office Tower in Philadelphia for Law Firm Morgan Lewis

by John Nelson

PHILADELPHIA — Parkway Corp., a family-owned real estate developer and manager based in Philadelphia, has started construction of 2222 Market in its hometown. The $200 million office tower will be situated in Philadelphia’s Center City district, and will be the first office property in the submarket not built for Comcast in 30 years. Local law firm Morgan Lewis & Bockius will be the sole occupant of the development and was a key contributor to the design of the property. The office building will span 305,000 square feet and include multiple outdoor terrace amenities, flexible workspaces, a fitness center and a conference center. Designed by Gensler, 2222 Market will also feature 10-foot ceilings throughout with floor-to-ceiling windows. Gensler is aiming to achieve both LEED-CS Gold and Fitwell certifications. The property is located at the corner of 23rd and Market streets, seven blocks from City Hall and one block from the banks of the Schuylkill River. The office building is also situated near Comcast’s new headquarters with multiple transit options available to Morgan Lewis staffers within walking distance, including SEPTA’s Suburban and 30th Street stations, as well as the 22nd Street trolley station. The Philadelphia Inquirer reported that Parkway secured $187 million …

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Caesars-Forum-Conference-Center-Las-Vegas
LoansNevadaRetailTop StoriesWestern

VICI Properties Provides $400M Mortgage Loan to Caesars Entertainment

by Taylor Williams

LAS VEGAS — VICI Properties (NYSE: VICI), a New York City-based REIT, has provided a $400 million mortgage loan to a subsidiary of Caesars Entertainment Inc. (NASDAQ: CZR) that is secured by the Caesars Forum Convention Center in Las Vegas. The deal was set in motion in June when VICI and Caesars entered into an agreement whereby VICI provided Eldorado Resorts with a $400 million loan secured by the recently opened Caesars Forum Convention Center. The loan was conditioned to completion of the $17.5 billion merger between Eldorado and Caesars, which was officially completed in July. No details on what proceeds will specifically be used for were provided, but the COVID-19 pandemic has created major disruption within the gaming and hospitality industry and forced many operators like Caesars to function at reduced capacity and profit margins. VICI Properties also agreed to purchase 23 acres of undeveloped land in Las Vegas. Best U.S. Casinos, which covers the gaming and entertainment industry, reported that VICI agreed to pay $103.5 million for that acreage, but did not disclose any specific plans for future development. The financing bears an initial interest rate of 7.7 percent, has a term of five years and is pre-payable …

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ONE at the Peninsula
DevelopmentMidwestMixed-UseOhioTop Stories

Flaherty & Collins Breaks Ground on $250M Phase I of The Peninsula Mixed-Use District in Downtown Columbus, Ohio

by Katie Sloan

COLUMBUS, OHIO — Flaherty & Collins Properties has broken ground on Phase I of The Peninsula, a $500 million mixed-use redevelopment of 27 acres of land along the Scioto River in downtown Columbus.  The $250 million first phase of development will include ONE at the Peninsula, an $85 million apartment complex featuring 12,000 square feet of ground-floor retail; an eight-story, 232,000-square-foot speculative office building; and a 132,000-square-foot, 197-key independent hotel. First National Bank of Omaha, First Merchants Bank and 50 East Capital are financing construction of the apartment property.  The community will offer shared amenities including an 11th-floor sky deck with a swimming pool; a rooftop clubroom with a community kitchen, bar and gaming space; an outdoor grilling patio; a private gated courtyard; pet spa; and a fitness center with space for yoga and virtual fitness classes. Columbus-based Daimler Group Inc. is developing the speculative office building and Rockbridge is developing the hotel project. A timeline for Phase I of the development was not announced.  The City of Columbus plans to issue $30 million in bonds to finance the construction of two parking garages totaling 1,400 spaces to serve the development. At completion, The Peninsula will feature 2 million square feet of …

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DevelopmentKansasMidwestMixed-UseTop Stories

Occidental Management Plans Mixed-Use Redevelopment of Former Sprint Headquarters Near Kansas City

by Alex Tostado

OVERLAND PARK, KAN. — Occidental Management has unveiled its plans for the former Sprint Corp. headquarters campus in Overland Park. The Wichita, Kan.-based developer acquired the 200-acre property in July 2019 from Sprint. The campus is situated at 6100 Sprint Parkway, 16 miles south of Kansas City, Kan. Occidental will keep existing buildings, which comprise 4 million square feet of office space, and add 2.7 million square feet of residential, retail, restaurant and office space throughout the site. “This first look at development plans for the expansive campus is just the beginning,” says Gary Oborny, chairman and CEO of Occidental. “Our team has spent the past year researching and brainstorming the best approach to bringing an innovative, world-class, live-work-play environment to the center of the country.” Occidental will also manage the leasing of the commercial areas. Space is available at the existing buildings and preleasing is underway for the first ground-up building, which is scheduled for completion in 2021. Occidental also plans to give the property a new name by early 2021. Sprint sold the campus to Occidental when the telecommunications company agreed to merge with T-Mobile. The $26 billion merger was completed in April. A design team and development …

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DevelopmentMichiganMidwestMultifamilyTop Stories

Bedrock Transforms Former Detroit Free Press Building into $113M Apartment Project

by Kristin Harlow

DETROIT — Bedrock, the real estate arm of Quicken Loans Founder Dan Gilbert, has begun lease-up of The Press/321 in Detroit. The 105-unit apartment project is a transformation of the former Detroit Free Press building, which dates back to 1925. Project costs are $113 million. The 14-story building, designed by legendary architect Albert Kahn, originally served as the in-house production facility for Michigan’s oldest newspaper, which launched in 1831. The building spans 250,000 square feet. Located at 321 W. Lafayette Blvd., the property features floor plans ranging from studios to three-bedroom units. Monthly rents start at $995 and move-ins are scheduled to begin in mid-October. “We could not be more thrilled to welcome residents into The Press/321 property and bring life back to one of Detroit’s architectural gems, which has sat vacant since 1998,” says Jonathan Mueller, director of residential development for Bedrock. “Our priority was to uphold the aesthetic elements of the Albert Kahn building while tailoring the living experience for our future residents.” The rooftop pool on the seventh floor, designed in conjunction with Myrtha Pools, will be completed later this year and ready for the spring 2021 season. Once complete, it will be the second outdoor pool …

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AcquisitionsMassachusettsMultifamilyNortheastORIXSeniors HousingTop Stories

Orix to Grow LIHTC Platform to $15B with Acquisition of Boston Capital’s Portfolio

by John Nelson

BOSTON — Boston Financial Investment Management, a subsidiary of Orix Corp. USA, has agreed to acquire Boston Capital’s low-income housing tax credit (LIHTC) fund portfolio. The purchase of Boston Capital’s portfolio will nearly double Orix’s LIHTC platform to $15 billion in funds under management. (Boston Financial and Boston Capital are not affiliated.) Boston Financial is one of the leading syndicators in the LIHTC industry. The firm currently manages a $7.7 billion portfolio comprising more than 1,125 properties and 98,110 units. Boston Financial will service Boston Capital’s assets under management. According to a release from Orix, the firm views the LIHTC business as one that shows projected growth, even during the economic uncertainty of the COVID-19 pandemic. Because rent for LIHTC properties is often below comparable non-tax-credit properties and the government supports many LIHTC residents in the form of rental assistance, Boston Financial has seen occupancy rates remain stable during the pandemic. The closing of the transaction is subject to customary closing conditions and approvals. The acquisition price was not disclosed. Established by Congress in 1986, LIHTC is a tax incentive program designed to promote the supply of affordable rental housing for low-income households. LIHTC syndicators such as Boston Financial and …

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One-Vanderbilt-Manhattan
DevelopmentNew YorkNortheastOfficeTop Stories

SL Green Opens $3.3B One Vanderbilt Office Tower in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG), a locally based developer and Manhattan’s largest office owner, has opened One Vanderbilt. The $3.3 billion office tower is located across the street from Grand Central Station in Midtown Manhattan. Designed by Kohn Pederson Fox Associates, One Vanderbilt spans 1.7 million square feet. Rising 77 stories and 1,401 feet, it is the tallest commercial building in the Midtown area. CBRE is the leasing agent for One Vanderbilt. SL Green developed the building in partnership with Houston-based Hines and the National Pension Service of Korea, according to the New York Post. The local media outlet also reports that One Vanderbilt is currently 67 percent leased to companies such as TD Securities, Carlyle Group and KPS Capital Partners. SL Green will occupy 70,000 square feet at the building for its new headquarters. Move-ins are scheduled to begin before the end of the year. Asking rents range from $125 to $300 per square foot. SL Green began assembling various tracts on the block between 42nd and 43rd streets and Madison and Vanderbilt avenues for the project more than 20 years ago, the Post reports. As part of the project, SL Green also made …

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