development1

Akridge, National Real Estate Development Break Ground on Stacks Residential Project in D.C.

by John Nelson May 24, 2022

WASHINGTON, D.C. — Akridge and National Real Estate Development have broken ground on Phase I of The Stacks, a residential development in Washington, D.C.’s Buzzard Point neighborhood. Situated along the Anacostia River in the city’s Capitol Riverfront district, The Stacks will comprise three towers featuring 1,100 apartments and 35,000 square feet of ground-floor retail space. More than 10 percent of the apartments will be income-restricted. Bank OZK provided construction financing for Phase I, which is slated to deliver in 2025. The developers tapped general contractor Clark Construction Group to build Phase I and engaged Gensler, Morris Adjmi Architects, Handel Architects, Eric Colbert & Associates, West 8, Lee & Associates, DXA, HOK and Hickok Cole for the project’s overall design. The Stacks is jointly owned by Akridge, Bridge Investment Group, Blue Coast Capital and institutional funds managed by National Real Estate Advisors, parent company of National Real Estate Development.

May 24, 2022

Development District of Columbia Leasing Activity Retail Southeast Virginia

Wegmans Opens New 81,300 SF Grocery Store in Metro D.C., Two More Planned to Open

by John Nelson May 24, 2022

WASHINGTON, D.C. — Wegmans, an upscale supermarket chain based in Rochester, N.Y., is expanding in metropolitan Washington, D.C. In early May, the grocer opened an 81,300-square-foot store at 150 Stovall St. in Alexandria, Va., a store that anchors Stonebridge’s Carlyle Crossing mixed-use development. The Alexandria store opened earlier this month and is the 14th Wegmans in Virginia and 107th nationwide. The grocer also plans to open an 85,000-square-foot store within the Halley Rise development in Reston, Va., and an 84,000-square-foot store at the $640 million City Ridge development in northwest Washington, D.C. The City Ridge store will open in July and the Reston store is set to open in early 2023. Wegmans is also opening an 84,000-square-foot store in Wilmington, Del., this fall.

May 24, 2022

Development Industrial Texas

Jackson-Shaw to Develop 536,992 SF Industrial Project in Southwest Houston

by Taylor Williams May 23, 2022

HOUSTON — North Texas-based Jackson-Shaw will develop Post Oak Logistics Park, a 536,992-square-foot industrial project that will be located in southwest Houston. Post Oak Logistics Park will comprise a 168,893-square-foot front-load building and a 368,099-square-foot cross-dock building. The typical bay is 56 feet by 50 feet, with 130- to 185-foot truck courts and ample trailer storage. An affiliate of Greystar is Jackson-Shaw’s equity partner on the project. Rosenberger Construction is the general contractor, with Powers Brown serving as the architect and WGA as the civil engineering firm. BancFirst provided construction financing. Cushman & Wakefield is the leasing agent. Completion is slated for the second quarter of 2023.

May 23, 2022

Development Florida Multifamily Southeast

Prospect, Midtown Capital Begin Construction on 252-Unit Fort Lauderdale Apartment Tower

by John Nelson May 23, 2022

FORT LAUDERDALE, FLA. — Prospect Real Estate Development Group and Midtown Capital have begun construction on a new 252-unit apartment building in Fort Lauderdale. The property, Advantis Station Flagler Village, will include a seventh-floor amenity deck with a pool and unique features such as a large mural, art columns and sections framed by synthetic wood. Advantis Station at Flagler Village is one of several ventures between Prospect and Midtown Capital. The partnership also broke ground on Advantis Lake Worth in November 2021. Advantis Station at Flagler Village is expected to be complete in fall 2024. BCC Construction is serving as general contractor on the project.

May 23, 2022

Development Georgia Mixed-Use Office Southeast

Clarion, Westbridge Break Ground on 926 Brady Adaptive Reuse Offices in Atlanta

by John Nelson May 23, 2022

ATLANTA — Clarion Partners and Westbridge have broken ground on 926 Brady, an adaptive reuse project in Atlanta’s West Midtown district. The project will repurpose a 1930s-era warehouse into 36,000 square feet of creative office space, including a second-floor addition that gives the property a rooftop terrace. Architectural firm ai3 is the design lead for 926 Brady, and Gay Construction Co. is serving as the general contractor. The Transwestern team of Zach Wooten and Stephen Clifton is managing leasing. Construction is currently underway, with an estimated delivery in the second quarter of 2023. 926 Brady sits at the corner of 10th Street and Brady Avenue within Stockyards Atlanta, an adaptive reuse of the former stockyard and meatpacking plant called Miller Union Stockyards. Westbridge redeveloped the campus in 2017 and brought in a diverse tenant base, including Red Bull, Fitzco, Mannington Commercial, Painted Duck, Baffi Atlanta and Nick’s Westside.

May 23, 2022

Development Florida Loans Mixed-Use Multifamily Retail Southeast

Aztec Group Arranges $81M Construction-to-Perm Loan for Metro Miami Mixed-Use Development

by John Nelson May 20, 2022

HIALEAH, FLA. — Aztec Group has arranged an $81 million construction-to-perm loan for the development of Residences and Shoppes of Highland, a mixed-use development underway in the Miami suburb of Hialeah. The developer/borrower is an affiliate of South Florida-based Dacar Management, a development firm led by Alberto Micha. An affiliate of New York Life Insurance Co. provided the non-recourse, fixed-rate loan, which has an initial three-year term and converts to a 27-year self-amortizing loan. Upon completion, Residences and Shoppes of Highland will feature 244 garden-style apartments in four- and five-story buildings and a shopping center spanning 190,000 square feet. The retail component will house a Publix grocery store and Publix Liquors, HomeGoods, dd’s Discounts, Burlington, Five Below, Famous Footwear and Taco Bell, among others. Sitework has already commenced on the 70-acre project, which is scheduled for completion in the third quarter of 2023.

May 20, 2022

Development Multifamily Southeast Virginia

Crescent Communities, ParkProperty Capital to Build New Multifamily Community in Richmond

by John Nelson May 20, 2022

RICHMOND, VA. — Crescent Communities and multifamily real estate investment firm ParkProperty Capital have plans to develop Novel Scott’s Addition, a new multifamily community in Richmond. The 275-unit property marks Crescent’s first investment in the Richmond area and was made possible through a partnership with Thalhimer Realty Partners. Construction is slated to begin immediately. Located at the former Wesco Distribution site at 2902 N. Arthur Ashe Blvd., Novel Scott’s Addition will sit at the northern edge of Richmond’s vibrant Scott’s Addition neighborhood. The location is also adjacent to The Diamond, home of the Double-A Richmond Flying Squirrels baseball team, and just 2.5 miles from the popular City Center neighborhood. The five-story wrap building with a seven-story corner pop-out will offer a mix of studio, one-, and two-bedroom apartments with a limited number of lofts on the top floor. First residences are scheduled for delivery in early 2024. Planned amenities include a resort-style pool with expansive pool deck, multiple dining and gathering spaces, including a fireside lounge, library, coworking rooms, dog park and spa, outdoor dining spaces, sky deck and a resident speakeasy. Partners for Novel Scott’s Addition include architecture firm KTGY, civil engineer Kimley-Horn, landscape architect LandDesign, interior designe CID …

May 20, 2022

Garden-State-Logistics-Center-Pennsville

Development Industrial New Jersey Northeast

CT Realty, PGIM to Develop 1.7 MSF Industrial Park in Pennsville, New Jersey

by Taylor Williams May 20, 2022

PENNSVILLE, N.J. — A partnership between California-based CT Realty and PGIM Real Estate will develop Garden State Logistics Park, a 1.7 million-square-foot industrial park that will be located in Pennsville, about 40 miles south of Philadelphia. Garden State Logistics Park will consist of two buildings totaling roughly 1.2 million and 500,000 square feet. The buildings will be situated on 282 acres and will feature clear heights of 40 feet. Brian Fiumara of CBRE brokered the sale of the land. CBRE has also been tapped to lease the development. Completion is slated for the third quarter of 2023.

May 20, 2022

Development Industrial Iowa Midwest

Opus Group Breaks Ground on 302,300 SF Spec Industrial Building in Council Bluffs, Iowa

by Kristin Harlow May 20, 2022

COUNCIL BLUFFS, IOWA — The Opus Group has broken ground on River Road Logistics, a 302,300-square-foot speculative industrial building in Council Bluffs. Located at the intersection of Nebraska Avenue and River Road, the development will feature 34 dock doors, two drive-in doors, 50 dedicated trailer parking stalls, 225 car parking stalls and a clear height of 32 feet. More than half of the building has been preleased. The facility is slated for completion in the first quarter of 2023, and Opus plans to build a second building at the site. Opus is the developer, design-builder, architect and structural engineer. Matt Hasenjager and Denny Sciscoe of Cushman & Wakefield/The Lund Co. are marketing the space for lease.

May 20, 2022

Development Industrial Self-Storage Texas

Bakke, Batson-Cook Underway on Two South Texas Self-Storage Facilities Totaling 1,562 Units

by Taylor Williams May 19, 2022

BROWNSVILLE AND MCALLEN, TEXAS — A partnership between San Antonio-based Bakke Development Corp. and Atlanta-based Batson-Cook Development Co. is underway on construction of two self-storage facilities totaling 1,562 units in South Texas. Both the Brownsville and McAllen facilities will comprise 781 units across approximately 87,000 net rentable square feet of climate-controlled space. Alamo Architects Inc. is the architect for both facilities, and Independent Contractors Inc. is the general contractor. Both facilities are expected to be complete by the middle of next year.

May 19, 2022

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