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Signorelli Co. Announces Phase I of 4,700-Acre Master-Planned Development Near Houston

by Katie Sloan September 22, 2023

ROSENBERG, TEXAS — The Signorelli Co. has announced plans for Phase I of Austin Point, a 4,700-acre master-planned community located roughly 30 miles southwest of Houston in Rosenberg. Upon completion, the development will feature 14,000 homes and 15 million square feet of multifamily, office, medical, retail and hospitality space. The project will also include the extension of Fort Bend Parkway and Grand Parkway at the development site for more convenient access to downtown Houston. Phase I of Austin Point is set to break ground in 2024 and will include the construction of 400 homes. These residences will be built on smaller lots in an alley-loaded format, in sizes ranging from 1,300 to 4,500 square feet. The project team for Phase I includes Ashton Woods, Beazer Homes, Drees Homes, Castlerock, David Weekley Homes, Newmark Homes, Perry Homes, William David Homes and Westin Homes. Sales of homes in Phase I are expected to begin in spring 2025. Plans for Austin Point also include a community event space dubbed The 1824 — a nod to the year that the original landowner received the title to the development site. The space will include a café and wine bar with an open front porch, outdoor …

September 22, 2023

Development Florida Mixed-Use Multifamily Retail Southeast Top Stories

Gateway Jax Acquires 22 Acres in Downtown Jacksonville for $2 Billion Mixed-Use Project

by Jeff Shaw September 21, 2023

JACKSONVILLE, FLA. — Gateway Jax has acquired 22 acres within Jacksonville’s downtown area to develop a $2 billion mixed-use project aimed at revitalizing the city’s urban core. The first phase of the project is called the Pearl Street District. Plans for Pearl Street District include three buildings in the North Core area of Jacksonville’s downtown, which will offer more than 1,000 multifamily units and 120,000 square feet of grocery-anchored retail space. The cost of Phase I is expected to be approximately $500 million. The Jacksonville Downtown Development Review Board has approved the conceptual plan for Pearl Street District, and Gateway Jax plans to break ground midway through 2024. The developer expects that construction on the full project will continue over the next decade. At full build-out, the project will span 20 city blocks and offer public spaces, courtyards and sidewalk cafes, according to the developer. In addition to multifamily and retail space, Gateway Jax plans to include office, hotel and green corridors complementing the city’s 30-mile Emerald Trail in future phases of the project’s development. “We plan to create thriving, walkable neighborhoods that create a sense of place, attracting residents and workers who’ll be able to find everything they need …

September 21, 2023

Development Florida Mixed-Use Southeast Top Stories

Tampa Bay Rays to Build $1.3B Ballpark, Surrounding Mixed-Use Development in St. Petersburg, Florida

by Kristin Harlow September 20, 2023

ST. PETERSBURG, FLA. — The Tampa Bay Rays, a Major League Baseball team, have reached an agreement with the City of St. Petersburg and Pinellas County to move forward with a new ballpark and surrounding development. The Hines Historic Gas Plant Partnership will lead the project on the 86-acre site where the team’s current stadium sits. The project will include nearly 8 million square feet of mixed-use space along with the new ballpark to ensure the team stays in St. Petersburg for years to come. The team has played at Tropicana Field since 1998. The project is slated to invest more than $6.5 billion in St. Petersburg over 20 years and be the largest mixed-use development in Tampa Bay history, according to a news release from the team. The agreed-upon plan includes the key aspects of the original proposal submitted by the Hines Historic Gas Plant Partnership in response to St. Petersburg Mayor Ken Welch’s request for proposals in 2022. The latest agreement increases the number of affordable and workforce housing units to be built by the partnership to 1,200, with at least half of that amount to be built on the historic Gas Plant District site. It also adds …

September 20, 2023

Development Massachusetts Mixed-Use Northeast Top Stories

Reports: Boston Planning & Development Agency Approves Master Plan for $5B Dorchester Bay City Mixed-Use Project

by Taylor Williams September 19, 2023

BOSTON — The Boston Planning & Development Agency has approved the master plan of Dorchester Bay City, a mixed-use project on the city’s south side, according to a host of local media sources. The Boston Globe reports that the waterfront project, which is a redevelopment of the former site of the Bayside Expo Center, carries a price tag of roughly $5 billion. Accordia Partners, which is a partnership between Boston developers Kirk Sykes and Dick Galvin, and New York-based Ares Capital Corp. lead the development team. According to The Dorchester Reporter, the latest plans for the development call for 21 buildings totaling roughly 6.1 million square feet across a total acreage of 36.2 acres. The buildings will house office, life sciences, residential, retail, restaurant and office uses, and most will include underground parking, per the media outlet. According to the project webpage, Dorchester Bay City will feature a 2.7-acre park at the water’s edge; a 6,300-square-foot pavilion with various amenities; and an 8,000-square-foot learning and innovation center. Approximately 20 percent of the residential inventory to be designated as affordable housing, specifically for households earning 70 percent or less of the area median income. The development team plans to make $36.8 …

September 19, 2023

California Development Mixed-Use Multifamily Office Restaurant Retail Top Stories Western

Presidio Bay Ventures Opens 6.4-Acre Springline Mixed-Use Development in Menlo Park, California

by John Nelson September 18, 2023

MENLO PARK, CALIF. — Presidio Bay Ventures, a San Francisco-based developer and investment firm, has officially opened Springline, a 6.4-acre mixed-use development near downtown Menlo Park in Silicon Valley. Situated adjacent to the Cal Train Station, the development features 200,000 square feet of office space, The Residences at Springline apartment community, a central plaza, two underground parking garages and 29,000 square feet of retail space. “We have delivered a magnetic destination in the heart of Silicon Valley that attracts the Bay area’s best to live, work and play,” says K. Cyrus Sanandaji, managing principal of Presidio Bay. “Over the past three years, we have created a destination with thoughtfully designed spaces that allow for tenants, residents and the local community to interact.” The Offices at Springline spans two buildings and features coworking space in the south building, as well as a golf simulator, entertainment lounge, fitness center, locker rooms, showers, outdoor fitness spaces, bicycle parking, electric vehicle charging stations and The Glade, an onsite dog park. Office tenants also have access to the Springline App that allows remote entry, direct access to property management, amenities, bookings and other services. The Offices are fully leased to global and regional tenants, including STG, Menlo Ventures, …

September 18, 2023

Development Industrial Kansas Midwest Top Stories

Contegra Starts Construction of 1 MSF Inland Port 9 Distribution Center in Edgerton, Kansas

by Jeff Shaw September 15, 2023

EDGERTON, KAN. — Contegra Construction Co. has started construction of Inland Port 9, a 1 million-square-foot distribution center located in the Kansas City suburb of Edgerton. NorthPoint Development is leading the the project, which is situated within Logistics Park Kansas City (LPKC), a 3,000-acre, master-planned development that was launched 10 years ago. Inland Port 9 will feature a clear height of 40 feet, 100 dock doors and four drive-through doors. The building will also include flexible space for a single tenant or multiple tenants with options for office space. The facility includes eight make-up air units and exhaust fans, as well as 14 high-volume, low-speed fans for continuous air circulation. Parking will be available for 479 cars and 352 trailers. The project is scheduled for completion in February 2024. LPKC is a rail-served facility approximately 25 miles southwest of downtown Kansas City. The park currently hosts more than 14.4 million square feet of industrial space and has the capacity for a total of 30 million square feet. BNSF Railway’s intermodal facility anchors the property. Inland Port 9 will be the second distribution center that Contegra has built at LPKC. The company previously constructed an 850,000-square-foot project for Northpoint Development at the …

September 15, 2023

Development Massachusetts Northeast Office Top Stories

Joint Venture Completes 1 MSF Office Project in Downtown Boston

by Katie Sloan September 14, 2023

BOSTON — A joint venture between Carr Properties, The HYM Investment Group and National Real Estate Advisors has completed One Congress, a 43-story, 1 million-square-foot office project in downtown Boston. One Congress opens fully preleased. Anchor tenants include financial services firm State Street Corp. (510,000 square feet) and data management services provider InterSystems Corp. (420,000 square feet) — two of the largest office leases signed in Boston within the past 20 years, according to the developers. Among the additional tenants are law firm K&L Gates, Trillium Asset Management and Husch Blackwell. Amenities include a 30,000-square-foot outdoor garden on the 11th floor; 7,000-square-foot fitness center; coffee bar; collaborative workspace and lounges; a marketplace with food offerings and a cocktail bar curated by restaurateur Stephen Starr; and 4,700 square feet of meeting and conference space. Pelli Clarke Pelli and CBT Architects handled design of the building. Gachot Studio served as the interior design firm and John Moriarty & Associates was the construction manager. Construction began in June 2019, and the topping off occurred in summer 2021. The development is LEED Platinum certified and located in proximity to the Rose Kennedy Greenway and several MBTA stations. Washington, D.C.-based Carr Properties is a privately …

September 14, 2023

Acquisitions Industrial New York Northeast Top Stories

CBRE Arranges $146M Sale of Light Industrial Portfolio Adjacent to JFK International Airport

by Kristin Harlow September 13, 2023

INWOOD, N.Y. — CBRE has arranged the sale of a portfolio of light industrial properties situated adjacent to JFK International Airport in the Long Island borough of Inwood for $146 million. A partnership between Onyx Acquisition IV LLC and Starwood purchased the portfolio from limited liability companies controlled by the Elias family. Situated on 18 acres, the portfolio comprises 10 buildings totaling 500,708 square feet. The properties include: 95 Inip Drive, 90 Inip Drive, 71 Inip Drive, 55 Inip Drive, 41 Inip Drive, 100 Inip Drive, 40 Inip Drive, 475 Doughty Blvd. and 447-453 Doughty Blvd. Brian Fiumara and Martin Lomazow led the CBRE team that brokered the transaction. Allan Elias is the executive who represented the family interests. The transaction marks the first time in 50 years that the portfolio was marketed for sale, according to Lomazow. Ben Elias Industries Corp., a discount clothing distributor that occupied much of the portfolio, ceased operations last year. Fiumara says the portfolio offers a value-add opportunity as well as unrivaled accessibility to consumers, infrastructure and labor. — Kristin Harlow

September 13, 2023

Development Industrial Texas Top Stories

Trina Solar to Open $200M Manufacturing Facility in Wilmer, Texas

by John Nelson September 12, 2023

WILMER, TEXAS — Trina Solar, a solar products manufacturer and solutions provider based in China, has announced plans to open a $200 million manufacturing facility in Wilmer, about 16 miles south of Dallas. Slated for completion in 2024, the plant will be located within Tradepoint 45 West, a 1.3 million-square-foot speculative development, and will be used for the production of photovoltaic (PV) Vertex modules as well as the sourcing of polysilicon, a key raw material in the production of solar PV products. The Wilmer plant will be Trina Solar’s first module factory in the Western hemisphere. “We have long had a vision to manufacture solar products in the United States, and we are proud of the jobs we are creating and the investment we are making in the Wilmer community,” says Steven Zhu, president of Trina Solar US. “Trina’s goal in building this facility is to begin to create an ecosystem of American manufacturing that can serve the burgeoning U.S. solar market.” “Trina will announce additional investments in American communities soon,” continues Zhu. “We are grateful to the State of Texas, Dallas County and the City of Wilmer for working with us on this exciting project.” At full capacity, the facility …

September 12, 2023

Company News Idaho Midwest Ohio Retail Top Stories Western

Kroger, Albertsons Agree to Sell 413 Stores in Connection with $24.6B Merger

by Taylor Williams September 11, 2023

CINCINNATI AND BOISE, IDAHO — Kroger Co. (NYSE: KR) and Albertsons Cos. Inc. (NYSE: ACI) have agreed to sell 413 stores across 17 states and Washington, D.C., as part of the $24.6 billion merger between the two grocery giants. The buyer is C&S Wholesale Grocers, a New Hampshire-based grocery supply company overseeing brands including Piggly Wiggly and Grand Union. According to multiple news outlets including USA Today and Crain’s, the sales price is roughly $1.9 billion. In addition to the 400-plus grocery stores, C&S will also acquire eight distribution centers and two office properties that Kroger or Albertsons operate, as well as five private label brands. No store closures are expected to occur as a result of this selloff. The brands that will change ownership include Quality Food Centers (QFC), a regional operator in the Pacific Northwest; Mariano’s, which operates 44 stores in Illinois; and Alaska-based Carrs. Kroger owns QFC and Mariano’s, while Albertsons owns Carrs after acquiring the brand from Safeway and changing the name to Carrs-Safeway. Lastly, under the terms of the agreement, C&S will receive exclusive licensing rights to the Albertsons brand name in four states: Arizona, California, Colorado and Wyoming. In addition, Kroger will divest the …

September 11, 2023

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