Top Stories

Gencom, GD Holdings Acquire 192-Room St. Regis Chicago Luxury Hotel

by Kristin Harlow May 17, 2023

CHICAGO — A joint venture between Gencom and GD Holdings has acquired the 192-room St. Regis Chicago. The luxury hotel, which opened this week, is centrally located in the city’s Lakeshore East Loop community where the Chicago River meets Lake Michigan. While the sales price was undisclosed, JLL arranged $76 million in acquisition financing on behalf of the buyers through Värde Partners. The five-star hotel occupies the first 11 floors within a property that also houses 393 condominium units. Studio Gang Architects designed the 101-story tower, which is the third tallest in the city. Room rates start at $711 per night at the hotel, which is the first new luxury hotel to open in Chicago since 2013. Chicago-based Magellan Development Group oversaw development of the hotel, which is also part of Magellan’s 28-acre Lakeshore East master development. Magellan is retaining a partial ownership interest in the hotel. Located at 401 E. Wacker Drive, the St. Regis Chicago features nearly 12,000 square feet of meeting space, including the 5,000-square-foot Astor Ballroom. There are also 7,000 square feet of executive function rooms with views of landmarks such as the Magnificent Mile, Navy Pier, and Grant and Millennium parks. More than 21,000 square …

May 17, 2023

Development Nevada Retail Top Stories Western

Oakland A’s Reach Agreement for $1.5B Ballpark Development Site on Las Vegas Strip

by John Nelson May 16, 2023

LAS VEGAS — The Oakland Athletics have reached an agreement with global casino entertainment company Bally’s Corp. (NYSE: BALY) and Gaming & Leisure Properties Inc. (GLPI) for a nine-acre development site on the 35-acre Tropicana Las Vegas campus. The A’s hope to develop a 30,000-seat ballpark at the site, which is situated along the Las Vegas Strip on Las Vegas Boulevard and Tropicana Avenue. “We are excited about the potential to bring Major League Baseball to this iconic location,” says Dave Kaval, president of the Oakland A’s. “We are thrilled to work alongside Bally’s and GLPI and look forward to finalizing plans to bring the Athletics to Southern Nevada.” Yahoo! Sports is reporting that the baseball club is requesting $395 million in public funds to go toward the estimated $1.5 billion project. The deal is subject to approval by the Nevada Legislature, which could meet to approve funds as early as this week. The project is also dependent on Major League Baseball’s approval of the team’s relocation from Oakland, Calif. Bally’s acquired the building and operations of the Tropicana Las Vegas from GLPI in September 2022 as part of a $148 million transaction. As part of the deal structure, Bally’s entered …

May 16, 2023

Development Loans Massachusetts Multifamily Northeast Seniors Housing Top Stories

MassDevelopment Provides $129M in Bond Financing for Opus Newton Seniors Housing Project Near Boston

by Taylor Williams May 15, 2023

NEWTON, MASS. — MassDevelopment has provided $129 million in tax-exempt bond financing for the construction of Opus Newton, a 174-unit seniors housing project that will be located on the western outskirts of Boston. The borrower and developer is locally based nonprofit organization 2Life Communities. Construction began in March and is scheduled for completion in mid-2025. Opus Newton, an age-restricted complex with units reserved for renters age 62 and above, is being constructed on four acres at 777 Winchester St. The property will house 62 two-bedroom units and 112 one-bedroom apartments. Amenities will include a library, café, business center, game room, volunteer hub, convenience store, art room, fitness studio and classrooms. In addition, onsite staff will be available to coordinate home and health services based on resident needs. According to the development team, Opus Newton will meet the needs of seniors who earn too much to qualify for affordable housing units but cannot comfortably afford other high-end housing options in the area. Of the property’s 174 units, nine will be reserved for households earning 80 percent or less of the area median income. The market-rate units will partially maintain low rents by using volunteers from the community in place of some …

May 15, 2023

Development Industrial Texas Top Stories

Scarborough Lane, Partners Real Estate Unveil Plans for 2,000-Acre AXIS Logistics Park in San Marcos, Texas

by Jeff Shaw May 12, 2023

SAN MARCOS, TEXAS — Texas-based Scarborough Lane Development and Partners Real Estate have announced plans for AXIS Logistics Park, a 2,000-acre industrial park in San Marcos. Formerly known as SMART Terminal, the property site is within the Texas Triangle, an urban region consisting of the Dallas-Fort Worth, Houston, San Antonio and Austin metropolitan areas. A development timeline for the park was not disclosed. However, approximately 735 acres of the park are currently zoned for industrial use. The property will include water and wastewater infrastructure, as well as a high-voltage (600 megawatt) electric system with a 356 kilovolt transmission line. The site’s location is near Loop 110, I-35, I-10 and SH-130. Union Pacific Railway, The BNSF Railway and the San Marcos Regional Airport are also adjacent to the property and may provide rail and shipping components to the park. “In addition to being in a strategically ideal location to serve the Texas Triangle, AXIS Logistics Park is the obvious choice for logistics and shipping by national and international manufacturers,” says John Colglazier, a partner at Partners Real Estate. “Mexico is actively working to bring manufacturing back in their country, and they will fully utilize I-35 as their main corridor through Texas …

May 12, 2023

Development Industrial New York Northeast Top Stories

Coca-Cola Announces Plans for $650M Fairlife Dairy Production Facility in Central New York

by Katie Sloan May 11, 2023

WEBSTER, N.Y. — The Coca-Cola Co. has announced plans to develop a $650 million production facility for its dairy brand Fairlife in the Central New York community of Webster, just west of Rochester. The 745,000-square-foot facility will source from local milk co-operatives to produce its line of dairy-based beverages before distributing them to retailers across the Northeast U.S. The company expects to break ground on the project this fall, subject to final approvals and due diligence, with the facility slated for operation by the fourth quarter of 2025. The development is expected to create up to 250 new jobs upon completion. “This decision by Fairlife to expand their operations in Monroe County marks the next chapter in New York’s agricultural success story,” says New York Governor, Kathy Hochul. “New York’s dairy industry serves as a crucial economic engine for our state, and this $650 million investment from Fairlife will create jobs and drive economic impact, particularly in the Finger Lakes.” Empire State Development will provide up to $21 million in assistance for the project through the performance-based Excelsior Jobs Tax Credit Program in exchange for job creation commitments. Monroe County is also expected to apply for a $20 million Capital Grant …

May 11, 2023

Development Mixed-Use Texas Top Stories

Ashlar Development Breaks Ground on $800M Whitecap NPI Master-Planned Community in Corpus Christi

by Kristin Harlow May 10, 2023

CORPUS CHRISTI, TEXAS — Developer Ashlar Development LLC and owner Diamond Beach Holdings LLC have broken ground on Whitecap NPI, an $800 million master-planned community on North Padre Island in Corpus Christi. The 240-acre development will serve as the first and only coastal luxury residential and resort destination on the island, according to the development team. Upon full build-out, Whitecap NPI will feature over 600 residential options, including single-family homes, villas, condos and cross-generational housing. The homes, many with canal access for boating and water sports, will be situated in island enclaves. Bridges, boardwalks and walking paths will connect the homes to the rest of the community. A public town center and mixed-use area will provide a variety of dining, entertainment and retail options. Plans also call for a resort-style hotel, dry stack marina, yacht club, cafés, shops, galleries, markets and the Whitecap Nature Preserve. “Whitecap sets a new standard for coastal living,” says Steve Yetts, president of Ashlar Development. “The focus is on building up, not out, and enhancing the feel of community through both canal- and street-level experiences.” The project team includes PLACE Designers Inc. as residential architect, Turner Ramirez Architects for amenity and commercial architecture, Cadence as …

May 10, 2023

Company News Development Georgia Industrial Nebraska New York Retail South Carolina Southeast Tennessee Texas Top Stories

Dollar General Grows Supply Chain Network by 3.2 MSF With Five Distribution Facilities

by John Nelson May 9, 2023

GOODLETTSVILLE, TENN. — Dollar General Corp. (NYSE: DG) has announced recent expansions in its supply chain network that will grow the discount retailer’s distribution footprint by more than 3.2 million square feet. The Goodlettsville, Tenn.-based company has recently opened three new facilities and announced expansions of two existing campuses that will support Dollar General’s traditional goods, as well as its DG Fresh line of groceries. “The recent additions to our supply chain network aim to provide greater efficiencies, create additional jobs and drive positive economic impact,” says Tony Zuazo, executive vice president of Dollar General’s global supply chain. “We’re excited to continue growing our distribution center network to further support store growth and to better serve our customers and local communities.” Dollar General recently opened an 800,000-square-foot distribution center in Blair, Neb., that is expected to create approximately 400 new jobs at full capacity. The $140 million development is the company’s first ground-up dual facility, meaning it features both traditional distribution space and cold storage. Dollar General plans to host a formal opening ceremony for the facility this summer. The company recently increased distribution center storage capacity by more than 2 million square feet by opening two new permanent regional facilities …

May 9, 2023

Development Loans Multifamily New York Northeast Top Stories

Affinius Capital Provides $110M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams May 8, 2023

NEW YORK CITY — Affinius Capital, which is a partnership between USAA Real Estate and Square Mile Capital Management, has provided a $110 million construction loan for a 193-unit multifamily project in Brooklyn. The transit-served site spans a full city block along Fourth Avenue between Union and Sackett streets where the borough’s Park Slope and Gowanus neighborhoods converge. The borrower and developer, a partnership between New York City-based firms Gindi Capital and Avery Hall Investments, acquired the site in 2019. The building will rise 13 stories and house 14,000 square feet of retail and restaurant space. An undisclosed number of units will be reserved as affordable housing. Information on floor plans was also not disclosed. Amenities will include a rooftop lounge and pool, coworking space, children’s playroom, fitness center, pet washing station, tenant storage and a bike room. Christopher Peck and Peter Rotchford of JLL arranged the financing. Specific loan terms were not disclosed. Sitework on the project began in 2022, and full completion is scheduled for some time in 2024. “By creating high-quality housing at a range of income levels with a full suite of amenities in one of the most exciting parts of Brooklyn, our project will transform …

May 8, 2023

Development Florida Hospitality Mixed-Use Office Restaurant Retail Southeast Top Stories

Cordish, Caesars Reveal Plans for 223-Acre Mixed-Use Project in Pompano Beach, Florida

by John Nelson May 5, 2023

POMPANO BEACH, FLA. — The Cordish Cos. and Caesars Entertainment Inc. (NASDAQ: CZR) are co-developing The Pomp, a 223-acre mixed-use development in Pompano Beach. The property’s name pays homage to the former Pompano Park racetrack on the project site, which is located 35 miles north of Miami and 10 miles north of Fort Lauderdale. Upon completion, The Pomp will feature 1.3 million square feet of retail and entertainment space, as well as 4,000 residential units, two hotels and approximately 1.4 million square feet of office space. The project will include the existing Harrah’s Pompano Beach casino, which is owned by Caesars. Cordish’s Live! brand will anchor the development’s entertainment and dining component. Called Live! at The Pomp, the brand will offer more than 25,000 square feet of food-and-beverage venues, including a Sports & Social and PBR Cowboy Bar. Sports & Social will occupy a 18,000-square-foot space with features such as an LED media wall, emcees and DJs, live fan-cams, competitions and games. The 7,000-square-foot PBR Cowboy Bar will offer music, bars and a mechanical bull. The venues will open into a central plaza that will host live music, family-friendly events, cultural celebrations, festivals, social activities and experiences and additional dining options. “It’s …

May 5, 2023

Arizona Data Centers Development Industrial Top Stories Western

Prime Reveals Plans for $2B Data Center Campus in Metro Phoenix

by Katie Sloan May 4, 2023

AVONDALE, ARIZ. — Prime, a global developer and operator of data centers, has announced plans for a $2 billion data center campus in Avondale, roughly 20 miles outside Phoenix. The development will include five data center buildings spanning 1.3 million square feet, generating a total of 210 megawatts of critical power upon completion. The speculative project will target occupancy by hyperscale service providers, large internet brands and global technology companies. The data centers will span 260,400 square feet across three stories, and have access to a wholesale dark fiber connectivity network. Each building will include 12 data halls and 120,000 square feet of white space — which is the space where IT equipment is placed within a data center — alongside separate infrastructure galleries. The campus will offer access to 100 percent renewable energy and a closed-loop cooling system, which is expected to save millions of gallons of water across the facilities. The first data center building is expected for completion in the third quarter of 2025. “Phoenix presents an incredible growth opportunity for Prime as a top-five, North American data center market with increasing demand from cloud and enterprise data center buyers,” says Chris Sumter, executive vice president of …

May 4, 2023

Newer Posts

Older Posts