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CivicDevelopmentIndustrialLouisianaSoutheastTop Stories

Public-Private Partnership Plans New $1.8B Terminal at Port of New Orleans

by Jeff Shaw

VIOLET, LA. — Louisiana Gov. John Bel Edwards has announced a public-private partnership between the State of Louisiana, the Port of New Orleans (Port NOLA) and two global maritime industry leaders to build a $1.8 billion container facility on the Lower Mississippi River. The new Louisiana International Terminal (LIT) will be located in Violet, a tiny municipality of fewer than 6,000 residents approximately 10 miles downriver from New Orleans proper. The new facility will be able to serve vessels of all sizes, dramatically increasing Louisiana’s import and export capacity and stimulating the creation of more than 17,000 new jobs statewide by 2050, Port NOLA estimates. New Jersey-based Ports America, one of North America’s largest marine terminal operators, and Switzerland-based Mediterranean Shipping Co., through its terminal development and investment arm Terminal Investment Limited (TiL), have committed $800 million toward the project. In addition to the partners’ investment, the construction of the terminal will be supported by a substantial commitment from Port NOLA, as well as state and federal funding sources. The joint venture will operate the terminal once construction is complete. “This public-private partnership with the Port of New Orleans, TiL and Ports America has the potential to become one of …

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Bahadir Yetki, Kontrolmatik Technologies
DevelopmentIndustrialSouth CarolinaSoutheastTop Stories

Kontrolmatik Plans $279M Lithium Ion Battery Factory in Colleton County, South Carolina

by Taylor Williams

COLLETON COUNTY, S.C. — Kontrolmatik Technologies, a construction and engineering firm based in Istanbul, has unveiled plans for a $279 million plant in coastal South Carolina’s Colleton County that will manufacture lithium ion batteries. Pomega Energy Storage Technologies, a subsidiary of Kontrolmatik, will operate the facility, which is scheduled for completion in 2024. At that time, Kontrolmatik, whose U.S. headquarters are based in Northern Virginia, expects to employ about 575 people at the facility. The exact site was not disclosed, but the southern portion of the county touches the Atlantic Ocean and offers proximity to the Port of Charleston. This aspect of the location, along with access to a qualified workforce, should help address domestic reliance on foreign supply chains for these critical devices, according to the site selection team. Keith Stauber and Meredith O’Connor of JLL led the site selection efforts for Kontrolmatik, a process that involved touring more than 200 locations. The factory will have a three-gigawatt hour capacity, meaning its annual energy consumption is enough to power about 2.3 million American homes. “South Carolina and Colleton County were aggressive in their pursuit of this exciting project and put forth compelling economic, supply chain and workforce reasons why …

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DevelopmentHospitalityMixed-UseMultifamilyRetailTexasTop Stories

Inspire Development Begins Construction of $2B Mixed-Use Pearson Ranch Property in Austin, Texas

by Jeff Shaw

AUSTIN, TEXAS — Austin-based Inspire Development has begun construction of Pearson Ranch, a $2 billion, 156-acre mixed use project located just off State Highway 45 in northwest Austin. The master plan for the project includes 48 acres of land for a corporate campus, including 2.6 million square feet of office space. Upon completion, the mixed-use property will also include approximately 200,000 square feet of retail, restaurant and community/cultural spaces; two hotels; thousands of residential units; and 30 acres of parks and green space. Phase I of Pearson Ranch will center on The Eden, an apartment community that will feature 306 one-, two- and three-bedroom units that will range in size from 672 to 1,511 square feet. Residences will be furnished with technology such as smart locks and thermostats, gas appliances, built-in kitchen islands with quartz countertops and in-unit washers and dryers. Residents will have access to amenities such as a fitness center, rooftop deck, coworking lounge, golf simulator, dog spa, community gardens, a three-acre park and a pool area with barbeque grills, day beds, cabanas and a bocce ball court. The general contractor for The Eden is NRP Group. The project’s architect is Austin-based Davies Collaborative. Vertical construction on The …

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AcquisitionsArizonaMultifamilyTop StoriesWestern

IPA Brokers $116M Sale of Liv Crossroads Apartment Community in Gilbert, Arizona

by Jeff Shaw

GILBERT, ARIZ. — Marcus & Millichap’s Institutional Property Advisors (IPA) has arranged the sale of Liv Crossroads, a multifamily property located in Gilbert, approximately 20 miles southeast of Phoenix. The 356-unit property sold for $116 million, which equates to $325,843 per unit. Completed earlier this year, the property comprises 19 residential buildings, as well as a clubhouse, heated pool and fitness center. Other amenities at the community include a car care center, electric car charging stations, bicycle repair station and community garden. Averaging 876 square feet, the apartments feature walk-in closets, vinyl plank flooring, stainless steel appliances and granite countertops in the kitchens. According to the community’s website, studio rents start at $1,330 per month and one-bedroom units start at $1,603 per month. Located within Gilbert’s central business district, Liv Crossroads is approximately two miles from the 250-acre mixed-use Rivulon development, where office tenants include Morgan Stanley, Deloitte, Merill Lynch, Amerifirst Financial and the headquarters of Isagenix International. The property is also adjacent to the Chandler Airpark area. Gilbert and Chandler are together home to companies including Honeywell, Intel, PayPal, Amazon, Wells Fargo, Dignity Health and Northrop Grumman. Steve Gebing and Cliff David of IPA represented the seller, Liv Communities. …

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ArizonaDevelopmentIndustrialTop StoriesWestern

Taiwanese Semiconductor Manufacturer Announces $28B Expansion at North Phoenix Plant

by John Nelson

PHOENIX — Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) has announced plans to build a second plant in North Phoenix. The move will increase the company’s investment at the Arizona manufacturing site from $12 billion to $40 billion and create 4,500 permanent jobs, in addition to 10,000 construction jobs. The expansion represents the largest foreign direct investment in Arizona history and one of the largest foreign direct investments in the history of the United States, according to TSMC. Semiconductors, or computer chips, are an essential element of most all electronic and computing devices, including electric vehicles, phones, tablets, TVs, home appliances, solar panels and gaming consoles. The company is also in the planning stages for an onsite water reclamation plant that, when finished, will allow the TSMC Arizona site to achieve near-zero liquid discharge. The announcement was made yesterday at the opening of TSMC’s first semiconductor factory. President Joe Biden, Arizona Gov. Doug Ducey, U.S. Commerce Secretary Gina Raimondo, Governor-elect Katie Hobbs, Phoenix Mayor Kate Gallego, members of Arizona’s congressional delegation, TSMC chairman Dr. Mark Liu and TSMC founder Dr. Morris Chang attended the ceremony. Also attending and speaking at the event was Tim Cook, CEO of Apple. Cook said the …

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AcquisitionsMixed-UseNew YorkNortheastTop Stories

JLL Brokers $825M Sale of Upper East Side Mixed-Use Portfolio in New York City

by Jeff Shaw

NEW YORK CITY — JLL has arranged the $825 million sale of three Upper East Side multifamily properties totaling 858 units. The properties include 29,275 square feet of commercial space and are part of a larger, five-property portfolio. Solow Building Co. sold the assets to GO Partners, a partnership between Black Spruce Management and Orbach Affordable Housing. Local developer RXR, along with Macquarie Capital Principal Finance and the Qatar Investment Authority, contributed a $261 million preferred equity investment to the deal. Sheldon H. Solow, a New York City real estate developer and investor, originally developed the portfolio. The properties included in the sale are the 234-unit One Sutton Place, located at 420 E. 61st St.; the 209-unit Two Sutton Place, located at 1113 York Ave., which includes 2,000 square feet of commercial space; and One East River Place, located at 525 E. 72nd St. and includes 27,275 square feet of commercial space. The average unit size at the properties is 989 square feet. Additionally, the portfolio offers some of the few black glass facade residential buildings within Manhattan. The 408-unit property 685 1st Ave. was the first asset to close within the larger portfolio, with JLL representing the seller. An …

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Cuyahoga-Riverfront-Cleveland
DevelopmentMidwestMixed-UseOhioTop Stories

Bedrock, City of Cleveland Unveil Plans for $3.5B Cuyahoga Riverfront Project

by Taylor Williams

CLEVELAND — A partnership between Detroit-based developer Bedrock and the City of Cleveland has unveiled plans for the Cuyahoga Riverfront, an initiative that will feature 3.5 million square feet of new development and adaptive reuse projects across 35 acres of publicly and privately owned waterfront land. According to multiple news outlets including The Plain Dealer and Spectrum News, the project is valued at $3.5 billion. Preliminary plans for the site call for the addition of approximately 2,000 residential units, 850,000 square feet of office space and 12 acres of open public space, as well as hospitality, retail and restaurant uses. The development team is targeting a 15- to 20-year timeline for full buildout and transformation of the site. In addition, Bedrock partnered with Sherwin-Williams Co. to acquire Landmark Office Towers and the Breen Technology Center. Specific plans regarding the future use of these buildings were not immediately disclosed. The development team — which includes master architect David Adjaye, local firm Osborn Engineering and urban planning firm MKSK — views the site as a natural connective bridge between the Cuyahoga River and downtown Cleveland. Adjaye spent the last several months in Cleveland cultivating a plan to make that vision a reality. …

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DevelopmentIllinoisMidwestOfficeTop Stories

Riverside, Convexity Complete 51-Story Office Tower in Chicago

by John Nelson

CHICAGO — A duo of Chicago-based developers, Riverside Investment & Development and Convexity Properties, has completed 320 South Canal, an office tower located across the street from the Chicago Union Station in the city’s West Loop district. The 51-story tower is situated on 2.2 acres and totals more than 1.7 million gross square feet. The building is anchored by Montreal-based BMO Financial Group, which has building signage and will use 320 South Canal as its new U.S. headquarters. Other tenants include the National Futures Association and law firms Chapman & Cutler, Faegre Drinker and Skadden, Arps, Slate, Meagher & Flom. Designed by Chicago-based architecture and planning firm Goettsch Partners (GP), 320 South Canal includes a conference facility, fitness and wellness center, restaurant, a café for to-go food options, bank branch and a cocktail lounge, as well as parking for 324 vehicles and 114 bicycles. The building is connected to the Chicago Union Station through an enclosed pedway and offers access to the Metra train concourse, Amtrak train routes and the LoopLink CTA bus lines. The site also features The Green at 320, a privately owned, publicly accessible park completed earlier this year. The Green comprises 1.5 acres organized around a …

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Mix-Frisco
DevelopmentHospitalityMixed-UseMultifamilyOfficeRetailTexasTop Stories

StreetLights Residential Plans $3B The Mix Development in Frisco, Texas

by Katie Sloan

FRISCO, TEXAS — Dallas-based developer StreetLights Residential and its partners have unveiled plans for The Mix, a $3 billion mixed-use development that will be located at the intersection of Dallas Parkway and Lebanon Road in Frisco. The 112-acre project is set to include 2 million square feet of office space; 375,000 square feet of retail space, including a grocery store; a 400-key business hotel and 200-key boutique hotel; and 3 million square feet of residential development.  The development will also include a central park designed by OJB Landscape Architecture, the landscape firm behind Klyde Warren Park in Dallas. The park will include an event lawn and performance pavilion, playground, promenades and a pond for a total of 20 acres of communal green space.  The development team includes master architects Torti Gallas + Partners and CallisonRTKL, with Kimley-Horn providing planning and design engineering services. The Retail Connection will handle leasing for the retail component, and JLL has been appointed to lease the office and medical space. The groundbreaking of Phase I took place in December, and full completion of the project is slated for 2026.   The Mix joins a number of large-scale mixed-use developments underway in the Dallas/Fort Worth metroplex, …

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AcquisitionsHospitalityIllinoisMidwestTop Stories

Hyatt Agrees to Acquire Dream Hotel Group for $125M

by Kristin Harlow

CHICAGO — Chicago-based Hyatt Hotel Corp. (NYSE: H) has agreed to acquire Dream Hotel Group’s lifestyle hotel brand and management platform, including the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands. Upon closing, Hyatt will pay a base purchase price of $125 million, plus up to an additional $175 million over the next six years as new developments open. The acquisition includes a portfolio of 12 managed or franchised lifestyle hotels, with another 24 signed long-term management agreements for hotels expected to open in the future. The acquisition will add more than 1,700 rooms to Hyatt’s lifestyle portfolio and increase Hyatt’s room count in New York City by more than 30 percent. Hyatt says that Dream Hotel Group properties are known for their vibrant dining and nightlife experiences, including restaurants, entertainment venues and exclusive night clubs. The acquisition will extend Hyatt’s footprint in markets such as Nashville, Tenn.; Los Angeles; Miami; Durham, N.C.; several locations in New York City; and one in the Catskill Mountains of Upstate New York. Signed contracts include additional destinations such as Las Vegas, the island of Saint Lucia in the Caribbean and Doha, Qatar. The transaction is expected to close in the coming months, …

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