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DevelopmentHealthcareMidwestMissouri

McCarthy Tops Out Construction of 16-Story Tower at Barnes-Jewish Hospital in St. Louis

by Kristin Harlow

ST. LOUIS — McCarthy Building Cos. Inc. has topped out construction of a new 16-story patient care tower at Barnes-Jewish Hospital in St. Louis. The work is part of BJC HealthCare’s Campus Renewal Project, a long-term initiative to replace and renovate outdated patient care facilities on the Washington University Medical Campus. The new building, known as the Plaza West Tower, will open to patients in fall 2025. The 660,000-square-foot facility will include seven floors of private acute inpatient rooms for heart and vascular patients (224 beds), two floors of intensive care units (56 beds), more than two floors of modern surgical prep and recovery, more than two floors of state-of-the-art medical imaging and interventional radiology, as well as two rooftop gardens, a family lounge with business center, kitchenette, quiet rooms and laundry facility. The project will also feature a kitchen and dietary center for patient meals and a public cafeteria with outdoor dining. The project team includes architect CannonDesign, consulting engineer BR+A, structural engineer Thornton Tomasetti, civil engineer Castle Contracting and landscape designer DTLS.

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CaliforniaDevelopmentHospitalityWestern

Driftwood Capital Breaks Ground on 150-Room Element Hotel by Marriott in San Diego

by Amy Works

SAN DIEGO — Driftwood Capital, along with architect AO and general contractor R.D. Olson Construction, has broken ground on Element Hotel by Marriott in the Mission Valley submarket of San Diego. The seven-story, 150-room hotel will be located next to the existing full-service Marriott Hotel Mission Valley. The two hotels will share the pool amenity deck and restaurant space, while each maintaining its own entrance, lobby, lounge and other amenities. Slated for completion in winter 2026, the 98,000-square-foot hotel will feature a 5,300-square-foot conference and ballroom space, a fitness center, meeting rooms and a lobby/lounge, as well as shared exterior main and lounge area. Once completed, the hotel will comply with Title 24 energy and water use criteria, which is similar to LEED’s silver level. Additional project partners include Ficcadenti Waggoner and Castle as structural engineer, Kimley-Horn as civil engineer, RTM Engineering as MEP engineer and Linda Snyder Associates as interior designer.

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KentuckyLeasing ActivityRetailSoutheast

REI Co-op to Enter Kentucky Market With 31,000 SF Store in Louisville

by John Nelson

LOUISVILLE, KY. — Seattle-based specialty outdoor retailer REI Co-op will open its first store in Kentucky this fall in Louisville. The new 31,100-square-foot store will be located at Paddock Shops, a 353,665-square-foot open-air shopping center owned by CBRE Investment Management and Fairbourne Properties. Situated in the city’s northeast corridor just off I-265 and I-71, the store will offer a wide assortment of outdoor gear and apparel and feature a full-service bike shop, buy online-pickup in store (BOPIS) options and curbside pickup service. The closest REI stores are in Cincinnati (95 miles away, opened 2012); Castleton, Ind. (130 miles away, opened 2012); Beavercreek, Ohio (150 miles away, opened 2024); Brentwood, Tenn. (196 miles, opened 1999); and Knoxville, Tenn. (243 miles away, opened 2014).

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Hillside-Village
FeaturesRetail

Retail Market Conditions Favor Household Names

by Taylor Williams

By Taylor Williams Everybody loves a good underdog success story, but sometimes the Goliaths of the world just have too much going for them to get beat by the Davids.  All retail owners worth their salt recognize the unique draws that boutique, original concepts bring to their shopping centers. But landlords’ fiduciary responsibilities often dictate that they bring in heavier proportions of national credit tenants that can afford top-dollar rents — all other factors being held equal. And in a market defined by (relatively) high costs of capital, low vacancy, healthy demand for space and rising operating expenses, established brands have the edge.  “The market definitely favors national credit tenants that are well-financed and have hundreds if not thousands of locations,” says Will Majors, senior vice president in CBRE’s Austin market. “At minimum, it favors franchised locations with national corporate offices that support the franchisees.” According to data from CBRE, the direct availability rate for retail space in Dallas (not the metroplex as a whole) stood at 4.8 percent at the end of the first quarter, essentially unchanged from a year ago. In Austin, the availability rate currently clocks in at 3.4 percent, just 10 basis points higher on a …

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DevelopmentMultifamilyTexas

JPI Breaks Ground on 761-Unit Multifamily Project in Lewisville, Texas

by Taylor Williams

LEWISVILLE, TEXAS — Locally based developer JPI has broken ground on Jefferson Castle Hills, a 761-unit multifamily project that will be located within the 2,900-acre Castle Hills master-planned development in the northern Dallas suburb of Lewisville. Bright Realty owns Castle Hills. Designed by Preston Partnership, Jefferson Castle Hills will be developed in two phases and will offer one-, two- and three-bedroom units. Residences will be equipped with stainless steel appliances, walk-in closets, individual washers and dryers and private yards or balconies. Amenities will include a pool, fitness center, dog park, private courtyards and dedicated parking garages. Construction of Phase I is slated for a fourth-quarter 2025 delivery.

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Affordable HousingLoansMultifamilyNew YorkNortheast

CL Credit Provides $24M Loan for Refinancing of Affordable Housing Property in The Bronx

by Taylor Williams

NEW YORK CITY — CL Credit, a division of New York-based investment firm Castle Lanterra Properties, has provided a $24 million loan for the refinancing of an 81-unit affordable housing property located at 53 E. 177th St. in The Bronx. Completed in 2023, the property comprises three studios, 38 one-bedroom units, 30 two-bedroom apartments and one ground-floor retail space. The undisclosed borrower will use a portion of the proceeds to retire senior construction debt and fund remaining lease-up costs.

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Leasing ActivityRestaurantRetailTexas

Bright Realty Welcomes Eight New Food-and-Beverage Users to Flagship Development in Metro Dallas

by Taylor Williams

LEWISVILLE, TEXAS — Bright Realty has welcomed eight new food-and-beverage users to The Realm at Castle Hills, the locally based developer’s 324-acre mixed-use destination in the northern Dallas suburb of Lewisville. The tenants that have either recently opened or signed leases include: Marble Slab Creamery/Great American Cookies (1,600 square feet); Chinese and Indian restaurant The Monk’s (3,869 square feet); RT Bakery (1,507 square feet); Voodoo Brewing Co. (4,346 square feet); Bagel Bar (1,186 square feet); Ked’s Artisan Ice Cream & Treats (1,893 square feet); Cocinero Mexican Restaurant (3,800 square feet); and Bluebonnet Brunch House (2,479 square feet).

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AcquisitionsColoradoMultifamilyWestern

Garrett Cos. Sells Two-Property Multifamily Portfolio in Metro Denver to Harbor Group for $132.5M

by Amy Works

CASTLE ROCK AND DENVER, COLO. — The Garrett Cos. has completed the sale of a two-property multifamily portfolio, totaling 434 apartments, to affiliates of Harbor Group International for $132.5 million. The portfolio includes The Prospector Modern Apartments at 3360 Esker Circle in Castle Rock and Ladora Modern Apartments at 18590 E. 61st Ave. in Denver. Prospector features 238 one-, two- and three-bedroom floorplans averaging 1,013 square feet, and Ladora offers 196 one-, two- and three-bedroom floorplans with an average apartment size of 1,024 square feet. Both assets were built in 2023 and are approaching lease up. Community amenities at the properties include resort-style pools, fitness centers, mail and package services, and pet parks and spas. Terrance Hunt, Shane Ozment, Andy Hellman and Justin Hunt of CBRE’s multifamily investment properties team in Denver represented the seller. Shawn Rosenthal, Jason Gaccione and Jake Salkovitz of CBRE’s New York office, along with Brady O’Donnell and Jill Haug of CBRE’s Denver office, arranged acquisition financing for the buyer.

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AcquisitionsHospitalityNew YorkNortheast

Bradford Allen Acquires Two Long Island Hotels Totaling 245 Rooms

by Taylor Williams

RIVERHEAD, N.Y. — Chicago-based Bradford Allen Hospitality has acquired two hotels totaling 245 rooms in the Long Island community of Riverhead. The 131-suite Residence Inn by Marriott was built in 2017 and is located at 2012 Old Country Road, and the 114-key Hilton Garden Inn was constructed in 2008 at 2038 Old Country Road. Both hotels offer pools and fitness centers. The undisclosed seller in the off-market deals was the original developer of both hotels. Bradford Allen will retain New Castle Hotels & Resorts to manage the properties.

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Market ReportsNew YorkNortheastNortheast Market Reports

New York’s Small Business Lodging Crackdown — Another Ripple from a Big Wave

by Taylor Williams

By Pam Knudsen, senior director of tax compliance services, Avalara While the dust has scarcely settled from a landmark ruling in New York City resulting in a massive crackdown on short-term rentals (STRs), the full extent of the fallout from the decision has yet to be fully grasped by many — and perhaps even by the city itself. Under the terms of Local Law 18, a resolution that passed earlier this year, hosts and owners of short-term rentals, including Airbnb, are now subject to tighter and stricter regulations. These include limits on numbers of guests, requirements to register with the city and obligations to more closely monitor guest behavior, among other regulations. The effective ban on short-term rentals will have considerable consequences on local economies, and more than anyone, it’s small lodging businesses that stand to be impacted by the resulting wave. But to fully understand the major impact this ban has on small businesses, we must first acknowledge that STRs should rightly be considered small businesses themselves. Much like any other small business, STRs are required by most communities to be licensed, registered and compliant with tax collection and remittance. Furthermore, the hosts and managers behind STRs operate in …

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