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"Adaptive Reuse"

TWG to Convert Former Hotel into $35M Affordable Housing Property in Durango, Colorado

by Amy Works November 2, 2023

DURANGO, COLO. — TWG has started the development of Residences at Durango, a $35 million affordable multifamily community at 21382 US 160 W. in Durango, a small city in southwestern Colorado. Partners on the project include the Colorado Housing and Finance Authority, R4 Capital, Colorado Division of Housing, the City of Durango, Project Moxie and RCH Jones. Residences at Durango is an adaptive reuse of a former hotel, which will be converted into 72 studio, one- and two-bedroom units. The new construction will add two three-story buildings, with two- and three-bedroom options, adding an additional 48 apartments. Each unit is restricted to families with incomes ranging from 30 to 60 percent of the area median income or less. Community amenities will include a business center, exercise facility, central laundry facility, playground, picnic area and common area Wi-Fi. Construction is slated for completion by early 2025.

November 2, 2023

Development Mixed-Use North Carolina Office Restaurant Retail Southeast

Third & Urban Delivers 80,000 SF Pass 41 Mixed-Use Project in Charlotte

by John Nelson October 26, 2023

CHARLOTTE, N.C. — Third & Urban has delivered Pass 41, a mixed-use development in Charlotte that comprises 80,000 square feet of walkable retail, entertainment and office space, as well as local art murals and outdoor gathering spaces. Pass 41 is the first phase of The Pass, a 12-acre mixed-use campus located at 530 E. Sugar Creek Road and 4100 and 4212 Raleigh St. in the city’s NoDa district. Odell is the project architect for The Pass, Urban Design Partners is the civil engineer and Gay Construction is the general contractor. Foundry Commercial is handling office leasing, and Thrift Commercial Real Estate oversees retail leasing. In addition to Pass 41’s completion, Third & Urban also announced it has executed leases with PINE, a new venue space from 828 events, and Borderline Bar & Billiards. The developer is focused on tenant build-outs and the construction of the multifamily building at The Pass. First retail tenants, including Soul Gastrolounge, are expected to open in spring 2024 and first residents are expected to move in during summer 2025. The adaptive reuse project is bracketed by the Cross Charlotte Trail, the light rail at Sugar Creek Station and a pocket park underneath an overpass that will …

October 26, 2023

Loans Multifamily Northeast Rhode Island

MMCC Arranges $9.1M Loan for Refinancing of Two Multifamily Assets in Cranston, Rhode Island

by Taylor Williams October 24, 2023

CRANSTON, R.I. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.1 million loan for the refinancing of two adjacent multifamily assets in Cranston. Built in 2016, the property at 125 Midway Road totals 29 units in one-, two- and three-bedroom floor plans. The other building at 45 Poplar Drive is an adaptive reuse of a former Catholic school and features 20 one- and two-bedroom units. Robert Damigella of MMCC arranged the debt, which was structured with a 6.35 percent interest rate, 65 percent loan-to-value ratio and a 30-year amortization schedule. The borrower and direct lender were not disclosed.

October 24, 2023

Development Indiana Midwest Mixed-Use

Pure Development, Third Street Ventures Break Ground on Next Phase of North Mass District in Indianapolis

by Kristin Harlow October 20, 2023

INDIANAPOLIS — Pure Development and Third Street Ventures have broken ground on the next phase of North Mass District in Indianapolis. Stenz Construction Corp. is the general contractor. On the heels of its Box Factory project, the development team is moving forward with two new projects: The Penn Electric Switch and The Ingram Apartments. The Penn Electric Switch is an adaptive reuse project that will be home to creative office spaces and Shindig, the latest restaurant concept from Indianapolis-based Cunningham Restaurant Group. The $12 million project is being supported by up to $3 million in developer-backed tax-increment finance bonds issued by the City of Indianapolis after the project received unanimous approval from the Indianapolis City-County Council and Metropolitan Development Commission (MDC) in September. Construction is slated to begin in spring 2024. The Ingram is a $47 million apartment project that will feature more than 180 units. Plans call for onsite parking, bike storage and a host of other amenities for residents. The development received unanimous public financing from the City-County Council and the MDC to issue $6 million in developer-backed tax-increment finance bonds. Construction is expected to begin in summer 2024.

October 20, 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

Loans Midwest Multifamily Ohio

Colliers Mortgage Provides $10.8M Acquisition Loan for Apartment Complex in Columbus, Ohio

by Kristin Harlow September 15, 2023

COLUMBUS, OHIO — Colliers Mortgage has provided a $10.8 million Fannie Mae loan for the acquisition of The View on Grant, an 86-unit apartment complex in Columbus. The property, situated in the Discovery District, is an adaptive reuse of a former five-story steel pressing factory. The community features a public café and a 43-space, automatic stacked parking garage. Zach Shope of Colliers originated the 10-year loan on behalf of the borrower, VOG Owner LLC.

September 15, 2023

Market Reports Multifamily Office Texas Texas Market Reports

Office-to-Multifamily Conversions Are Reshaping Downtown Dallas

by Taylor Williams September 13, 2023

By Ryan Kimura, senior vice president of strategic partnerships, Premier The changing landscape of work and the future of the office remains in flux, leading to a reduced demand for office space in major metropolitan areas throughout the country. This shift has rendered many office buildings underutilized and obsolete, prompting developers and investors to seek alternative uses for these structures. Simultaneously, urbanization continues to grow, fueling the demand for housing and a need for innovative multifamily solutions. Office-to-multifamily conversions provide an answer to both challenges, repurposing office spaces into much-needed residential units while allowing investors to capitalize on demand. This perfect storm of reduced office demand, increased housing needs and favorable regulatory conditions has driven the popularity of office-to-multifamily conversions, positioning them as a sustainable strategy for urban development. These conversions began to surge in popular metro areas during the height of the pandemic as uncertainty surrounded the return to the workplace. Fast forward three years later and office conversions are still booming — especially in the Dallas market. The region, which has witnessed some of the largest population increase in the country over the past five years, has also had a double-digit office vacancy rate in its downtown area …

September 13, 2023

Development Multifamily New York Northeast

PAZ Management Begins Leasing 39-Unit Multifamily Project in Poughkeepsie, New York

by Taylor Williams September 1, 2023

POUGHKEEPSIE, N.Y. — Locally based developer PAZ Management has begun leasing The Flats at Raymond, a 39-unit multifamily project located north of New York City in Poughkeepsie. The property features one- and two-bedroom units ranging in size from 706 to 1,098 square feet. The Flats at Raymond is one of two complexes that comprise the first phase of a larger development known as The Arlington of Poughkeepsie. The second property, a 24-unit adaptive reuse project known as Lofts at The School, began welcoming residents earlier this year and is now 90 percent occupied. Rents at The Flats at Raymond start at $1,975 per month.

September 1, 2023

Acquisitions Development Georgia Mixed-Use Southeast

Atlanta BeltLine Inc. Completes $13.3M Land Purchase Along Southside Trail in Southwest Atlanta

by John Nelson August 21, 2023

ATLANTA — Atlanta BeltLine Inc. has purchased 13.7 acres along the BeltLine’s Southside Trail in southwest Atlanta for $13.3 million. Situated at 356 University Ave., the property is situated adjacent to the Pittsburgh Yards adaptive reuse development. This acquisition marks the continuation of the BeltLIne’s mission to procure land along the trail loop. AECF Atlanta Realty, a subsidiary of the Annie E. Casey Foundation, manages Pittsburgh Yards and was the seller. SouthState Bank provided acquisition financing for the transaction. The BeltLine will conduct a community engagement process to determine best uses for the site. After incorporating the vision of adjacent residents and local businesses into the plans, the organization will issue a Request for Proposals (RFPs) to invite developers to submit proposals to redevelop the site.

August 21, 2023

Illinois Industrial Lee & Associates Market Reports Midwest Midwest Market Reports

New Construction Deliveries Bring Chicago’s Industrial Market Down from the Clouds

by Kristin Harlow August 17, 2023

By John Cassidy and Calvin Gunn, Lee & Associates If you love a good groundbreaking photo — full of shiny shovels, hard hats and smiling development teams — you may be disappointed this year, for all the best reasons. With Chicago’s most recent wave of speculative industrial projects currently being delivered, the market now actually has space to offer industrial tenants — a refreshing change from the past few years. With construction costs and interest rates continuing to rise and credit availability shrinking, many developers with ties to Chicago are pausing new projects as exit cap rates are becoming more difficult to predict. At the same time, market fundamentals are starting to cool from the pandemic-era eruption of demand. The good news: Chicago’s industrial market may be down from the clouds, but it’s still historically quite healthy. Vacancy rate in perspective According to Lee & Associates of Illinois’ second-quarter industrial snapshot, construction deliveries caused the Chicago industrial vacancy rate to tick upward for the second consecutive quarter. However, a 3.68 percent vacant market is still considered a historically low vacancy environment. As a comparison, that vacancy rate measured about 12 percent at the end of 2009 and 6.6 percent in …

August 17, 2023

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