development1

LMC Completes Development of 212-Unit Luxury Apartment Project in Suburban Chicago

by Kristin Harlow December 8, 2021

ELMHURST, ILL. — LMC, a wholly owned subsidiary of Lennar Corp., has completed development of The Fynn in Elmhurst, a western suburb of Chicago. BKV Group designed the eight-story, 212-unit apartment development, which is located at 183 N. Addison Ave. BKV provided planning and pre-development services and led all engineering, architecture, interior design and landscape architecture. Amenities include a pool, community lounge, coworking stations, fitness center, exercise studio, dog run and sky club. Monthly rents start at $1,815. Residents can now receive up to two months of free rent.

December 8, 2021

California Development Industrial Western

CenterPoint to Develop 100,147 SF Distribution Center Near Ports of Los Angeles, Long Beach

by Amy Works December 8, 2021

SIGNAL HILL, CALIF. — CenterPoint Properties has acquired nine acres of land at 2550 Orange Ave. in Signal Hill from Signal Hill Petroleum for an undisclosed price. CenterPoint plans to develop a 100,147-square-foot distribution facility with 17 dock-high doors and 73 trailer parking stalls on the former driving range site. Tom Holland, Justin Domblaser and Alex Matar represented CenterPoint in the deal.

December 8, 2021

Civic Development Midwest Missouri

$1.5B Airport Terminal Under Construction in Kansas City to Feature Touchless Kiosks, Biometric Verification

by Kristin Harlow December 7, 2021

KANSAS CITY, MO. — Construction is underway on a new $1.5 billion terminal at Kansas City International Airport. Henderson Engineers is serving as the lead engineer and designed the technological infrastructure, which includes touchless kiosks and video walls. This infrastructure will also support a biometric verification system that will enable travelers to use their faces as boarding passes. Using three-dimensional building information modeling software, Henderson determined placement for security cameras throughout the 1 million-square-foot terminal. Siemens is assisting with innovative technology efforts. Completion of the project is slated for early 2023. The airport will transition from its current three-terminal layout to the new single terminal. Since airport operations will need to remain functional during the transition, air transport communications company SITA is designing an IT network that will prevent interruptions to security and other vital systems during the changeover. In addition to technology, Henderson’s array of building systems design services for the new terminal includes acoustics, audio-video, electrical, fire alarm, mechanical and plumbing. Skidmore Owings & Merrill is the lead architect for the project and Edgemoor Infrastructure & Real Estate is the developer.

December 7, 2021

Arizona Development Multifamily Western

StreetLights Residential Breaks Ground on The Alyssa Multifamily Community in Tempe

by Amy Works December 7, 2021

TEMPE, ARIZ. — StreetLights Residential has broken ground for The Alyssa, an apartment property located along E. Rio Salado Parkway in Tempe. The Alyssa will feature 335 apartments in a mix of studio, one-, two- and three-bedroom floor plans with an average size of 881 square feet. Community amenities will include two pools with an attached spa, an outdoor lounge, a bar with direct access to the pool, coffee lounge, maker’s lounge, mail room, app-activated parcel lockers, dry-clean lockers, pet spa, park and a fitness center. StreetLights Creative Studio will serve as the architect of record and is handling all interior design in-house. SLR Phoenix Construction is the general contractor and Norris Design is providing landscape design for the project.

December 7, 2021

Building-3-Northpark-35-Industrial-Park-Georgetown

Development Industrial Texas

Titan Development Breaks Ground on 172,428 SF Industrial Project in Georgetown, Texas

by Taylor Williams December 7, 2021

GEORGETOWN, TEXAS — Titan Development has broken ground on the 172,428-square-foot Building 3 as part of Phase II of Northpark35 Industrial Park, located in the northern Austin suburb of Georgetown. Phase I of the project centered on the development of Building 1, a 172,677-square-foot building that is now leased to Texas Speed & Performance, a supplier of automotive parts. Building 2 spans 157,300 square feet and is available for lease. Completion of Building 3 is slated for May 2022.

December 7, 2021

Colorado Development Industrial Western

Partnership Buys 37-Acre Parcel in Mead, Colorado for Five-Building Spec Industrial Development

by Amy Works December 6, 2021

MEAD, COLO. — A partnership between Denver-based Silver Point Development and an affiliate of Walker & Dunlop Investment Partners has purchased 37 acres of land for Phase I of Elevation25, a five-building, 578,240-square-foot speculative industrial warehouse development in Mead. Terms of the transaction were not released. The team plans to break ground on the first two buildings later this month, with completion slated for fall 2022. Building 1, totaling 94,076 square feet, is 40 percent pre-leased to Premier Manufacturing with 56,642 square feet of remaining available space. Building 2 will total 109,676 square feet. The developer is positioned to acquire an adjacent 36-acre land parcel within the next three years for the development of Phase 2 of Elevation25, which will include four buildings totaling 422,000 square feet. Dawn McCombs and Kevin Hann of Avison Young’s Industrial Services team in Denver represented the buyers. Clayton Pristou of Avison Young’s Denver-based Structured Finance Group arranged acquisition and construction financing with CIBC Bank USA for the ownership team.

December 6, 2021

Development Multifamily Texas

EastGroup Properties Breaks Ground on 212,200 SF Industrial Project in Metro Dallas

by Taylor Williams December 6, 2021

MCKINNEY, TEXAS — EastGroup Properties has broken ground on Phase I of McKinney 121, a 212,200-square-foot industrial project that will be located on the northern outskirts of Dallas. The site, which offers proximity to State Highway 121, can support an additional 168,800 square feet of new development. Completion of the two-building Phase I is slated for summer 2022. Lee & Associates is leasing the project.

December 6, 2021

Development Industrial Northeast Pennsylvania

Crow Holdings to Develop 652,080 SF Logistics Center Near Reading, Pennsylvania

by Taylor Williams December 6, 2021

ONTELAUNEE, PA. — Crow Holdings Industrial will develop Route 61 Logistics Center, a 652,080-square-foot industrial project in Ontelaunee, located near Reading in the southern part of the state. The property will feature a clear height of 40 feet, 484 car parking spots, 182 trailer parking stalls and 124 loading docks. Crow Holdings acquired the nearly 60-acre site from the economic development arm of the Greater Reading Chamber Alliance (GRCA), which purchased the land in 2019 and subsequently rezoned it for industrial use. Construction will begin before the end of the year. JLL is marketing the property for lease. The project is Crow Holdings’ first in the Lehigh Valley.

December 6, 2021

Affordable Housing Development Illinois Midwest Mixed-Use Multifamily

Structured Development Breaks Ground on First Two Residential Buildings at Chicago’s Shops at Big Deahl

by Kristin Harlow December 6, 2021

CHICAGO — Structured Development has broken ground on the first two residential buildings at The Shops at Big Deahl, a mixed-use development in Chicago’s Lincoln Park neighborhood. The Seng is a four-story, 34-unit affordable condo building whose income-restricted buyers will be selected by the Chicago Community Land Trust, a nonprofit corporation administered and staffed by the Chicago Department of Housing. Completion of The Seng is slated for December 2022. Common Lincoln Park is a 10-story, 400-bed co-living community that will be operated by New York-based co-living provider Common. Completion of Common Lincoln Park is slated for March 2023. Each unit will feature one to four bedrooms that will be furnished along with a communal kitchen and living area. Co-living refers to a type of communal living where residents have their own private bedrooms but share common areas with others. Both buildings will join the newly completed Movement Lincoln Park, a 40,000-square-foot climbing, yoga and fitness gym. Structured also plans to build an additional 327-unit market-rate apartment tower on the western end of the property. The groundbreaking for the 27-story project is scheduled for March 2022. The Shops at Big Deahl is named after the former Big Deahl Productions studio that …

December 6, 2021

Florida Healthcare Loans Office Southeast

Parkview Financial Provides $45M Construction Loan for Medical Office Building in Aventura, Florida

by John Nelson December 6, 2021

AVENTURA, FLA. — Los Angeles-based Parkview Financial has provided a $45 million construction loan for a speculative medical office building located in Aventura, approximately 19 miles north of Miami. The borrower was an entity of Gomez Development Group. The medical office project will have 142,000 square feet of space. Located at 21291 N.E. 28th Ave. on 1.6 acres, the property will include a seven-story building, as well as a four-level parking garage with 346 spaces. The site is adjacent to the Aventura Hospital and Medical Center. Caymares Martin Architectural & Engineering Design is the project’s architect. A general contractor has not yet been announced. The project will break ground in early 2022 with completion slated for November 2022.

December 6, 2021

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