Monday, July 7, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Top Stories

Central-Park-Post-Oak
DevelopmentMixed-UseOfficeRestaurantRetailTexasTop Stories

Midway Plans 17-Acre Central Park Post Oak Mixed-Use Redevelopment Project in Uptown Houston

by Abby Cox

HOUSTON — Houston-based Midway, in collaboration with 3Edgewood and Parkway, has unveiled plans for Central Park Post Oak, a mixed-use redevelopment project located in Houston’s Uptown District. Formerly Post Oak Central, the co-developers will revitalize the 17-acre campus to include additional retail, new restaurants and green space. Midway and Parkway formed a joint venture to acquire the campus in October 2023 before recently buying out their investment partners. Developed by Gerald D. Hines Interests in the 1970s, the campus currently contains three office buildings totaling 1.2 million square feet and 90,000 square feet of retail space. Redevelopment of the property will comprise more than 150,000 square feet of mixed-use retail and restaurant space, including 60,000 square feet of new construction. Two additional buildings will be developed along Post Oak Boulevard with a “prominent jewel box restaurant” planned at the corner of Ambassador Way. To create a more walkable district, the City of Houston recently completed a $192 million renovation of Post Oak Boulevard that featured widened sidewalks and streets, new lighting and nearly 1,000 oak trees. Midway also plans to reposition several of the site’s heritage live oak trees to create a more pedestrian-friendly environment. “We are reimagining Central Park …

Continue Reading
FacebookTwitterLinkedinEmail
Amazon-Data-Center_N.C
Data CentersDevelopmentIndustrialNorth CarolinaSoutheastTop Stories

Amazon to Develop $10B Data Center Campus in North Carolina

by Hayden Spiess

RICHMOND COUNTY, N.C. — Amazon (NASDAQ: AMZN) has announced plans to develop a new, $10 billion cloud computing and artificial intelligence (AI) innovation campus in Richmond County, roughly 80 miles east of Charlotte.  According to the Seattle-based company, this marks one of the largest capital investment announcements in the history of the state.  Upon completion, the campus will house data centers with computer servers, data storage drives, networking equipment and other technology infrastructure used for cloud computing capabilities and generative AI.  The project will be situated at one of the Economic Development Partnership of North Carolina’s Selectsite Readiness Program sites, which are designed to accommodate industries like AI and advanced manufacturing. Specific details about the site and construction timelines were not released. Amazon reports that the investment will create at least 500 new jobs, adding to the more than 192,000 tech professionals already in the state, as well as thousands of jobs in the Amazon Web Services (AWS) data center supply chain.  “Amazon’s $10 billion investment in North Carolina underscores our commitment to driving innovation and advancing the future of cloud computing and AI technologies,” says David Zapolsky, chief global affairs and legal officer with Amazon. “This investment will position North Carolina …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentMultifamilyNew YorkNortheastTop Stories

Charney, Tavros to Build 1,000-Unit Apartment Tower in Brooklyn

by Kristin Harlow

NEW YORK CITY — Charney Cos. and Tavros have unveiled plans to build 175 Third Street, a 1 million-square-foot apartment tower in Brooklyn’s Gowanus area. The 27-story building will feature more than 1,000 units, approximately 250 of which will be designated as affordable housing. The development cost, including the land purchase, is estimated at roughly $1 billion, according to the New York Post. The project marks the fifth building on four different sites in the new Gowanus Wharf development by Charney and Tavros. Catalyzed by the major Gowanus rezoning in 2021, the new development will feature a public park along the Gowanus Canal. According to a release, the project will contribute to the rehabilitation of the canal while supporting the continued evolution of the industrial Brooklyn neighborhood. Bjarke Ingels Group (BIG) designed the new tower along with dencityworks | architecture. BIG previously completed a design for the same site in 2023 for a different owner. Charney and Tavros purchased the site in May for $160 million. “Our design for 175 Third Street in Gowanus is conceived as a three-dimensional neighborhood of building blocks stacked to frame a central park cascading down toward the canal waterfront,” says Bjarke Ingels, founder and …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIllinoisMidwestMixed-UseRetailTop Stories

Chicago Fire FC Unveils Plans for New $650M Riverfront Soccer Stadium, Opening Set for 2028

by John Nelson

CHICAGO — The Chicago Fire FC, a Major League Soccer (MLS) franchise, has unveiled plans for a new, privately funded soccer stadium in downtown Chicago. The Wall Street Journal reports the project would cost roughly $650 million to execute. The club and its owner and chairman, Joe Mansueto, plan to debut the new stadium in spring 2028, along with a surrounding entertainment district. “Soccer is the world’s game, and a world-class city like ours deserves a world-class club — with a world-class home to match,” says Mansueto, who purchased the club in 2018. “This new home will serve as a catalyst for job creation, economic development and vibrant community life.” The Chicago Fire did not release financial terms of the development, but Mansueto says that no public funds will be used in the development of the venue, which is designed to seat approximately 22,000 fans for matches. The stadium’s seating capacity can also be expanded for concerts or other community events, according to the project’s website, DearChicago.com. The venue will be situated along the Chicago River just south of Roosevelt Road. The stadium will serve as an anchor of The 78 as it is anticipated to be Chicago’s 78th neighborhood. The …

Continue Reading
FacebookTwitterLinkedinEmail
Downtown-Chesterfield-Missouri
DevelopmentMidwestMissouriMixed-UseTop Stories

Staenberg Group Begins Phase I of 4.5 MSF Mall Redevelopment Project Near St. Louis

by Taylor Williams

CHESTERFIELD, MO. — Locally based developer The Staenberg Group has begun Phase I of a 4.5 million-square-foot mall redevelopment project in Chesterfield, a western suburb of St. Louis. According to local news sources, including The St. Louis Business Journal, the mixed-use project is valued at roughly $2 billion. Known as Downtown Chesterfield, the project is a re-imagining of the former site of the Chesterfield Mall, demolition of which is now complete save for the department store buildings of former anchors Macy’s and Dillard’s. The first phase of new development will involve grading the site and installing infrastructure, creating a 3.3-acre central park and building utilities and streets. At full build-out, Downtown Chesterfield will feature up to 2,363 residential units, including 1,000 to be developed as part of Phase I. Residential buildings will include retail and restaurant space, and the Macy’s building will be repurposed to support retail and office uses. The Dillard’s store will be modernized and upgraded and could re-open in advance of the 2026 holiday shopping season. “This is more than just tearing down a mall — it’s laying the foundation for the future of Chesterfield,” said Michael Staenberg, president of The Staenberg Group. “You’ll drive in off Clarkson …

Continue Reading
FacebookTwitterLinkedinEmail
Marvel-City-Business-Park
AcquisitionsAlabamaIndustrialSoutheastTop Stories

Range Light Investment Acquires Mall at Westlake in Suburban Birmingham, Plans Industrial Redevelopment

by Abby Cox

BESSEMER, ALA. — Range Light Investment Partners has acquired the former Mall at Westlake, a 323,000-square-foot shopping and dining destination located southwest of Birmingham in Bessemer, Ala. The Ohio-based investment firm plans to redevelop the property into an industrial flex complex that will be known as Marvel City Business Park. The former mall, which originally opened in 1969, permanently closed 40 years later in 2009 after retail activity migrated elsewhere, according to Range Light, leaving the property available for alternative purposes. “Shopping malls built from the 1960s through the 1990s were the distribution centers of that era,” says Pat Foran, founder of Range Light Investment Partners. “All of the features that made them great malls years ago are the same features light industrial and flex tenants are looking for today.” “There are many more tenants looking for 30,000 to 50,000 square feet than 300,000 to 500,000 square feet in the Birmingham area, and there are virtually no options for them,” adds Foran. “Marvel City Business Park will cater to those smaller bay-sized tenants that don’t need 36-foot-high ceilings and want more affordable rent than what the newer big box developments demand.” Situated on a 40-acre site at the intersection of interstates …

Continue Reading
FacebookTwitterLinkedinEmail
GITC
AcquisitionsGeorgiaIndustrialMassachusettsNortheastSouth CarolinaSoutheastTop Stories

Hines Acquires Three East Coast Industrial Assets for $309M

by Hayden Spiess

HOUSTON — Hines Global Investment Trust (HGIT), a real estate investment trust (REIT) sponsored by Houston-based global asset manager Hines, has acquired three industrial assets located on the East Coast for a total $309 million.  The acquired properties include two distribution facilities situated within the Georgia International Trade Center (GITC) in the Savannah market and two warehouse/distribution facilities located in Upton Crossing, a warehouse campus in Wilmington, Mass. The Davis Cos., a real estate investment and development firm based in Boston, sold both assets, which total 2.5 million square feet. Additionally, HGIT acquired I-85 Logistics Center, an industrial property in the Greenville-Spartanburg metro in South Carolina’s Upstate region. The seller of I-85 Logistics Center was not disclosed. The properties in Savannah total 2.2 million square feet and were fully leased at the time of sale. A joint venture between Davis and Atlanta-based Stonemont Financial Group developed GITC, which comprises a total 7.7 million square feet of manufacturing and warehouse space across 10 buildings. The site is located roughly 10 miles from the Port of Savannah.  Totaling 215,000 square feet, the properties at Upton Crossing in Wilmington were 81 percent leased at the time of acquisition. Davis acquired Upton Crossing in …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentFloridaLoansMultifamilySoutheastTop Stories

13th Floor, Barings Receive $125M Construction Loan for Phase II of Miami Transit-Oriented Multifamily Development

by Kristin Harlow

MIAMI — South Florida-based developer 13th Floor Investments, in partnership with Barings, has received a $125 million construction loan for the second phase of Link at Douglas, a transit-oriented multifamily development in Miami. A syndicate of Santander Bank and TD Bank provided the loan. Known as Cadence, the project marks the third multifamily building at Link at Douglas, a 7-acre development located at the confluence of Miami’s Coral Gables and Coconut Grove neighborhoods. Now under construction, the 35-story tower will include 432 market-rate apartments, 12.5 percent of which will be set aside as workforce housing units. The project is adjacent to Miami-Dade County’s Douglas Road Metrorail Station. Construction is estimated to take 33 months to complete. “Securing this construction financing marks a major milestone in bringing the next phase of Link at Douglas to life,” says Daryl Shevin, CFO of 13th Floor. “It reflects strong confidence in our vision and the demand for well-located, high-quality transit-oriented housing in South Florida.” The first phase of Link at Douglas, which was completed in 2023, encompasses two fully leased multifamily towers with a total of 733 apartments. More than 30,000 square feet of retail space anchored by a Milam’s Market accompanies the 312-unit …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentFloridaMixed-UseSoutheastTop Stories

CIM Group, Partners Open $6B Miami Worldcenter Development

by John Nelson

MIAMI — Los Angeles-based investment firm CIM Group and its development partners have officially opened Miami Worldcenter, a $6 billion mixed-use development in downtown Miami. CIM Group partnered on the project with Miami Worldcenter Associates, a development entity founded by Art Falcone and Nitin Motwani. The development spans 27 acres across 10 city blocks in the city’s Park West neighborhood and has generated nearly 9,000 jobs over the course of its construction and operation. The site formerly housed blighted properties and surface parking lots. The Miami Worldcenter master plan includes approximately $100 million in completed infrastructure; 100,000 square feet of new public space; 300,000 square feet of retail, restaurant and entertainment space; and 16 high-rise towers for residential and hospitality uses, many of which are completed or underway. The development will bring approximately 11,000 residences and more than 1,000 hotel rooms to downtown Miami. “Miami Worldcenter is a game-changing development that has revitalized a dormant and distressed area of downtown Miami and repositioned it as a vital contributor to the community and the local economy,” says Shaul Kuba, co-founder and principal of CIM Group. “We joined partners Art Falcone and Nitin Motwani as the master developers in 2011 and have proudly …

Continue Reading
FacebookTwitterLinkedinEmail
ArizonaDevelopmentMixed-UseMultifamilyRestaurantRetailTop StoriesWestern

Creation, Crescent Break Ground on Heritage Park Mixed-Use Development in Downtown Gilbert, Arizona

by John Nelson

GILBERT, ARIZ. — A partnership between two developers, Creation and Crescent Communities, has broken ground on the first phase of Heritage Park, a mixed-use development that will occupy a full city block in downtown Gilbert. The project will function as the northern gateway of Heritage District, which at full build-out will revitalize 10 acres in the East Valley of the metropolitan Phoenix area. Phase I of Heritage Park will feature 47,000 square feet of shops and restaurants, the 288-unit NOVEL Heritage Park apartments, a public square with water features and more than 300 surface parking spaces. The Arizona Republic reported that the first phase represents a $200 million capital investment, with the entire mixed-use development carrying a price tag of $500 million. Future phases of Heritage Park will include a 125-room hotel, offices and additional parking. “Bringing Heritage Park from vision to reality is a collaborative effort, driven by our exceptional development and construction teams, supportive town leadership and visionary tenants,” says David Sellers, co-founder of Creation, which has offices in Phoenix and Dallas. “Together, we are committed to creating an iconic gateway into Gilbert’s Heritage District — one that enhances quality of life, celebrates local culture and offers an exceptional …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts