Wednesday, June 18, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Top Stories

DevelopmentHospitalityIllinoisMidwestMixed-UseTop Stories

Bally’s Wins Bid to Build $1.7B Casino in Former Tribune Printing Plant in Chicago

by Jeff Shaw

CHICAGO — Chicago Mayor Lori Lightfoot has selected Bally’s Corp. as the preferred company to redevelop a former Chicago Tribune printing plant into a gaming and entertainment destination.  The 30-acre site is located at the intersection of Chicago Avenue and Halstead Street along the Chicago River in the city’s River West neighborhood. The $1.7 billion proposal calls for the city’s first casino featuring 3,400 slots; 170 table games; 10 food and beverage venues; a 500-room hotel tower with rooftop bar; 3,000-seat, 65,000-square-foot theater; 20,000 square foot exhibition hall; outdoor music venue; and outdoor green space including an expansive public riverwalk with a water taxi stop. Mayor Lightfoot announced Thursday that Bally’s had won the project over competing bids from Hard Rock International and Rush Street Gaming. State regulators and the Chicago City Council will need to approve the plan before work can begin. The city’s evaluation report said the Bally’s proposal provides the most economic value to taxpayers, including an upfront payment of $40 million and annual payments to the city totaling $4 million. The project is expected to generate more than $800 million in gaming revenue on an annual basis, a substantial portion of which will support the city’s …

Continue Reading
FacebookTwitterLinkedinEmail
Legacy-Hills-Celina-Texas
DevelopmentMixed-UseTexasTop Stories

Centurion American Breaks Ground on 3,200-Acre Mixed-Use Development in North Texas

by Taylor Williams

CELINA, TEXAS — Centurion American Development Group has broken ground on Legacy Hills, a mixed-use, master-planned development that will span approximately 3,200 acres in the North Texas city of Celina. The site is located at the corner of Legacy Drive and Celina Parkway, about 40 miles north of downtown Dallas. Legacy Hills will feature more than 10,000 residential units, with current plans calling for about 7,000 single-family homes and 4,100 multifamily units. The commercial component will encompass 100 acres and will include retail, restaurant and entertainment space, though other uses within that portion of the project have not yet been announced. In addition, Centurion American has earmarked two 12-acre parcels as future sites of schools within the Celina Independent School District, as well as two seven-acre tracts that will house fire and police stations. A network of hiking and biking trails will link various pieces of the development, and Centurion has allocated 27 acres for the City of Celina to develop into a sports park. Lastly, a championship golf course, complete with a driving range, putting green and clubhouse, will run through the center of the site. The single-family homes will be spread across seven subdivisions, each of which will …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentFloridaIndustrialSoutheastTop Stories

Butters, BentallGreenOak Plan 2.2 MSF Gulf Landing Logistics Center in Fort Myers, Florida

by Kristin Harlow

FORT MYERS, FLA. — Butters Group and BentallGreenOak have partnered to develop Gulf Landing Logistics Center, a 2.2 million-square-foot speculative industrial park in Fort Myers. The project will be situated on 284 acres. The partnership anticipates developing the Class A property in several phases, with the first phase consisting of seven buildings totaling 740,000 square feet. Construction is scheduled to begin this fall, with completion of the first buildings slated for the third quarter of 2023. “With the tremendous growth in Southwest Florida, we recognized an opportunity to produce a first-class logistics facility with the flexibility to meet the needs of many different types of users,” says Kyle Jones, director of investments at Butters. The current plan for Gulf Landing Logistics Center includes 14 buildings of various sizes and configurations. A portion of the site plan offers flex space for light industrial and office users, while the remainder of the site is geared toward bulk distribution, e-commerce and other light industrial users. Build-to-suit opportunities are available. Florida-based Butters, a vertically integrated real estate company engaged in construction, development, leasing and property management, has developed more than 22 million square feet totaling over $2 billion. BentallGreenOak is a global real estate …

Continue Reading
FacebookTwitterLinkedinEmail
ColoradoDevelopmentLife SciencesTop StoriesWestern

Lincoln Property, FCP Plan 450,000 SF Colorado Research Exchange Life Sciences Campus in Broomfield

by Jeff Shaw

BROOMFIELD, COLO. — Lincoln Property Co. (LPC) and FCP, both privately held real estate investment companies, have unveiled plans for the Colorado Research Exchange (CoRE), a 450,000-square-foot life sciences campus in Broomfield. Construction is scheduled to begin this fall for completion in early 2024. Located approximately midway between Denver and Boulder, CoRE will comprise four buildings, three of which will be four- to five-story tenant buildings ranging from approximately 110,000 to nearly 200,000 square feet. The fourth property, a shared amenity center for all tenants, will total 15,960 square feet and feature a fitness center, locker rooms, bike storage, tenant lounge with fireplace, outdoor terrace, conference/training facility and a food market. Each tenant building boasts views of the Front Range section of the Rocky Mountains, while green space connects each of the properties. Development cost estimates were not disclosed. The developers selected Broomfield due to its highly educated workforce and close proximity to two major metro areas. Current demand for life sciences space in this area has reached over 1.4 million square feet and continues to grow as companies focus on the market for its access to talent, capital and business-friendly environment, according to the developers. The partnership expects CoRE …

Continue Reading
FacebookTwitterLinkedinEmail
Bainbridge-Industrial
DevelopmentIndustrialMarylandSoutheastTop Stories

MRP Industrial, Hillwood Development Plan 3.7 MSF Bainbridge Logistics Center in Port Deposit, Maryland

by Katie Sloan

PORT DEPOSIT, MD. — A joint venture between MRP Industrial and Hillwood Development Co. has announced plans for Bainbridge Logistics Center, a 3.7 million-square-foot industrial development in the town of Port Deposit, located in Maryland’s Eastern Shore region.  Bainbridge Naval Training Center formerly occupied the 440-acre site, which is located three miles from Interstate 95, approximately 42 miles from Baltimore and 40 miles from Wilmington, Delaware. The project’s first phase of development will include two single-story, speculative, Class A warehouse and logistics buildings totaling 1 million square feet and 605,280 square feet, respectively.  The developers are seeking LEED certification for both buildings, which will include LED lighting and white reflective roofs, among other energy-saving design features. Both assets will offer deep truck courts to support the movement of large tractor trailers; parking fields for both employees and visitors; and large floor plates to accommodate a range of uses, including light manufacturing, warehouse, logistics and last-mile operations.  The development will also feature $30 million worth of infrastructure improvements, including expansion of both water and sanitary services to support the logistics center and the surrounding community; the construction of three miles of public roads to connect the park to three highways; and …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsDevelopmentOfficeTop StoriesWashingtonWestern

Hudson Pacific Buys Development Site in Seattle for 546,000 SF Office Project

by John Nelson

SEATTLE — Hudson Pacific Properties Inc. (NYSE: HPP) has completed its purchase of Washington 1000, a fully entitled office development site in Seattle, for $85.6 million. The Los Angeles-based REIT will break ground immediately on a 546,000-square-foot office tower at the site. The total project costs, including the purchase price of the land, is anticipated to range from $340 million to $360 million. Washington 1000 is located at 1000 Olive Way within Seattle’s Amazon-anchored Denny Triangle submarket. The project will sit directly adjacent to the $1.9 billion Washington State Convention Center Addition project, which is adding numerous retail amenities and streetscape improvements to the neighborhood. Project architects LMN and Callison RKTL are designing Washington 1000 to achieve LEED Gold and Fitwel certifications. The design will appeal to post-pandemic office needs with enhanced HVAC filtration units and antimicrobial finishes at key touchpoints. The design will also allow for flexibility with 36,500-square-foot, column-free floorplates, as well as maximum natural light with high ceilings and floor-to-ceiling windows. The project will feature more than 22,000 square feet of amenity-rich outdoor space, including an indoor-outdoor rooftop lounge and two 5,000-square-foot terraces off the second-floor main lobby. The property will also have an end-of-trip facility that …

Continue Reading
FacebookTwitterLinkedinEmail
Neiman-Marcus-Chicago-Flagship
AcquisitionsIllinoisMidwestRetailTop Stories

Silvestri Investments Acquires Flagship Neiman Marcus Building on Chicago’s Magnificent Mile

by Katie Sloan

CHICAGO — Silvestri Investments Inc. has acquired the flagship Neiman Marcus building located at 737 N. Michigan Ave. within Chicago’s Magnificent Mile, a 13-block shopping district that attracts more than 30 million visitors annually. The transaction is one of only eight trades on Michigan Avenue over the past decade, according to JLL, which brokered the sale. The luxury department store chain has operated its 195,500-square-foot location since the four-story building was constructed in 1983. The 1.2-acre Neiman Marcus boasts the largest continuous frontage on Michigan Avenue at 200 feet. Amy Sands, Clinton Mitchell, Alex Sharrin and Michael Nieder of JLL’s Retail Capital Markets team represented the undisclosed seller and procured the buyer in the 1031 exchange transaction. Christopher Knight, also of JLL, secured a seven-year acquisition loan on behalf of the buyer. Chicago’s Magnificent Mile was hit particularly hard by the COVID-19 pandemic as tourism decreased and the city’s crime increased. Today, nearly a quarter of all Magnificent Mile retail space is vacant — more than double its vacancy four years ago, according to Crain’s Chicago Business.  Earlier this month, Brookfield Properties announced that it was turning over Water Tower Place shopping mall to its lender, indicating that the property …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentMultifamilyRetailSoutheastTop StoriesVirginia

Bonaventure Breaks Ground on 271-Unit Apartment Complex as Part of Mall Revitalization in Fredericksburg, Virginia

by Kristin Harlow

FREDERICKSBURG, VA. — Bonaventure, in partnership with Cafaro Properties, has broken ground on Attain at Spotsylvania Towne Centre in Fredericksburg, located approximately 55 miles southwest of Washington, D.C. and 50 miles north of Richmond. The 271-unit, Class A apartment development will replace a former Sears anchor store that closed in early 2020, furthering the revitalization of the Spotsylvania Towne Centre mall. The apartment project will include amenities such as a resort-style pool, artificial turf recreation area, outdoor kitchen, clubhouse, business center and fitness center. According to Bonaventure, the development of Attain is projected to create 388 new construction-related jobs and generate more than $1.1 million in real estate and other tax revenues annually. A timeline for completion and construction costs were not provided. “As an experienced local developer that owns its assets for the long term, we are committed to delivering a rental housing experience that combines best-in-class architecture, amenities and service,” says Dwight Dunton, founder and CEO of Bonaventure. “We look forward to contributing both to Fredericksburg’s housing supply and the renaissance of this well-located property.” Owned by Cafaro Co., Spotsylvania Towne Centre is home to numerous retailers and restaurants. Early last year, the Spotsylvania Board of Supervisors approved …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentHospitalityMixed-UseMultifamilyOfficeRestaurantRetailTexasTop Stories

Developers to Build $2B Fields West Mixed-Use Project Near Dallas, Including Ritz-Carlton Hotel

by John Nelson

FRISCO, TEXAS — A development partnership has unveiled plans for Fields West, a $2 billion mixed-use project in Frisco, a northern suburb of Dallas. The 180-acre project will be situated along the Dallas North Tollway within Fields, a 2,500-acre master-planned development that houses PGA of America’s new headquarters. The development partnership for Fields West comprises Hunt Realty Investments, Karahan Cos., Chief Partners LP, CrossTie Capital Ltd. and the heirs of Bert Fields Jr., the original landowner and namesake of the development. Dallas-based Hunt Realty purchased the site, then known as Headquarters Ranch, from the Fields estate back in 2015. While individual components for Fields West weren’t disclosed, the developers did sign an agreement with Marriott International to bring a new Ritz-Carlton hotel to anchor the development. The size and room count for the new hotel were not announced. The Dallas Morning News reports that Fields West will ultimately feature three hotels and offices totaling a combined 4 million square feet. The outlet also reported the property will feature shopping, dining and entertainment uses, as well as 2,800 apartments. Project architect Gensler announced that Fields West will be “three times” the size of Legacy West Urban Village, a retail project within …

Continue Reading
FacebookTwitterLinkedinEmail
Parkway-Commerce-Center-Hayward-California
AcquisitionsCaliforniaIndustrialNew YorkNortheastTop StoriesWestern

Blackstone Agrees to Acquire Industrial Owner-Operator PS Business Parks for $7.6B

by Taylor Williams

NEW YORK CITY — Affiliates of private equity giant Blackstone (NYSE: BX) have agreed to acquire PS Business Parks (NYSE: PSB), a Glendale, Calif.-based commercial owner-operator primarily focused on industrial assets, for $7.6 billion. The deal is scheduled to close in the third quarter. Under the terms of the agreement, New York City-based Blackstone will purchase all outstanding shares of PSB’s common stock for $187.50 per share, which represents a premium of approximately 15 percent over the weighted average share price over the last 60 days. Blackstone plans to take the company private as part of the acquisition. Public Storage (NYSE: PSA), which is also based in Glendale, currently owns about 26 percent of PSB’s common stock, and the self-storage REIT’s executives and shareholders have voted in favor of the sale to Blackstone. The transaction will also include the acquisition of Public Storage’s limited partner equity interests in PSB’s operating partnership at the same per-share price of $187.50. As of March 30, 2022, PSB owned and operated 96 commercial properties across the country, primarily in California, South Florida, Texas and Northern Virginia. Those assets span approximately 27 million square feet and are occupied by nearly 5,000 tenants. Though mainly comprised …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts