development1

Archstone Builders Underway on Renovation of Historic McGraw-Hill Building in Manhattan

by Taylor Williams October 28, 2021

NEW YORK CITY — Locally based general contractor Archstone Builders is underway on renovations of the McGraw-Hill Building, a historic property at 330 W. 42nd St. in Manhattan. Since its original construction in 1931, the 35-story, 700,000-square-foot building has served as the headquarters of both the namesake publishing giant and Marvel Comics. Capital improvements include a restoration of the original design of the façade, a window replacement program and an upgrade of the entryways and storefront. MdeAs is the project architect, and New York-based Resolution Real Estate Partners owns the building.

October 28, 2021

Development Industrial Midwest Office Ohio

Sherwin-Williams Breaks Ground on 600,000 SF Global R&D Center Near Cleveland

by Kristin Harlow October 27, 2021

BRECKSVILLE, OHIO — The Sherwin-Williams Co. (NYSE: SHW) has broken ground on its new global research and development (R&D) center in Brecksville, a southern suburb of Cleveland. The 600,000-square-foot facility will support product development, coatings research, color technology and process engineering. Cleveland-based Sherwin-Williams is also building a new global headquarters in downtown Cleveland that will span approximately 1 million square feet. The company plans to invest a minimum of $600 million to build both the headquarters and the R&D facility. Together, the two facilities will house more than 3,500 employees. Sherwin-Williams estimates it will add a minimum of 400 jobs at these properties over time, an increase of 11 percent to the company’s current local workforce. The R&D center is expected to open by the end of 2024.

October 27, 2021

Development Industrial Texas

EastGroup Properties Breaks Ground on 120,600 SF Industrial Project in Metro Houston

by Taylor Williams October 27, 2021

KATY, TEXAS — EastGroup Properties, a Mississippi-based REIT, has broken ground on Grand West Crossing 1, a 120,600-square-foot industrial project in the western Houston suburb of Katy. The building, which will be situated within a larger Grand West Crossing master-planned development, will feature 28-foot clear heights and proximity to Interstate 10 and State Highway 290. JLL is marketing the building for lease. Construction is scheduled for a second-quarter 2022 completion. The master plan for Grand West Crossing includes five additional buildings or build-to-suit opportunities.

October 27, 2021

Development Multifamily Texas

Cadence McShane Completes 242-Unit Broadway Chapter Multifamily Project in Fort Worth

by Taylor Williams October 27, 2021

FORT WORTH, TEXAS — General contractor Cadence McShane has completed construction of Broadway Chapter, a 242-unit multifamily project in Fort Worth’s Near Southside District. Developed by CRG Real Estate Solutions and designed by Lamar Johnson Collaborative, the property spans two acres and 320,000 square feet. Units come in studio, one- and two-bedroom formats and include private balconies. The amenity package consists of a pool, dog run, outdoor grilling areas, a fitness center, coffee bar, library, lounge and Zoom rooms. The development team also delivered a 98,000-square-foot parking garage as part of the project.

October 27, 2021

Development Florida Healthcare Southeast

BayCare Health Breaks Ground on $326M Hospital Project in Plant City, Florida

by Julia Sanders October 26, 2021

PLANT CITY, FLA. — BayCare Health System has broken ground on South Florida Baptist Replacement Hospital, a $326 million expansion project of South Florida Baptist Hospital in Plant City. Built in 1953, the hospital has undergone 12 major expansions and renovations since opening, including the expansion of the Heart and Vascular Center in 2017. The new project includes 150 private patient rooms with the capacity to expand by an additional 30 rooms, two inpatient bed towers, an 85,000-square-foot medical office building, central energy plant and 1,073 parking spaces. There will be no disruptions with the patients, doctors or staff at the current hospital, according to BayCare Health. Barton Malow is the general contractor for the project and is anticipating a construction timeline of 26 months.

October 26, 2021

Colorado Development Loans Multifamily Seniors Housing Western

Edison Equity Receives $23M Construction Loan for 55 Resort Apartments in Greeley, Colorado

by Amy Works October 26, 2021

GREELEY, COLO. — Dallas-based Edison Equity Management has received $23 million in construction financing for the development of 55 Resort Apartments, an age-restricted multifamily property located in Greeley. Located on the former site of the Garnsey & Wheeler Ford dealership, 55 Resort Apartments will feature 84 apartments for adults aged 55 or older. Each unit will feature stainless steel appliances, quartz countertops, hardwood flooring and tiled bathrooms. The four-story complex will include a business center, meeting room, fitness center, clubhouse, bike room, movie theater room, swimming pool, service coordination, a dog park, outdoor kitchen and grills, and covered and surface parking. Additionally, 55 Resort Apartments will offer exercise classes, service coordination and social activities, as well as 5,000 square feet of retail space leased to Austin’s American Grill restaurant. The development is slated to open in summer 2022. Dallas-based Hall Structured Finance closed the first lien construction loan for the borrower. Amir Giryes of Pando Cos. sourced the financing for the project.

October 26, 2021

Development Healthcare Leasing Activity New York Northeast Office Top Stories

Extell Development to Build 30-Story Medical Office Tower in Manhattan

by John Nelson October 26, 2021

NEW YORK CITY — Extell Development Co. has unveiled plans to develop a 30-story medical office tower on Manhattan’s Upper East Side. The 400,000-square-foot, Class A property will be located at 403 E. 79th St. The site is near several of New York City’s top hospitals and medical research centers, including NewYork-Presbyterian and the main campus of Hospital for Special Surgery (HSS), an academic medical center focused on musculoskeletal health with locations throughout the tri-state area. HSS has signed a long-term lease for approximately 200,000 square feet spread across the first eight floors at the new tower. Mitti Liebersohn and Arthur Mirante of Avison Young represented HSS in the lease negotiations in collaboration with the HSS in-house team of Michael Calabrese, Stephen Bell and Stacey Malakoff. Vincent Carrega represented Extell Development. HSS will house orthopedic and rheumatology physician offices within its office space, as well as ancillary services for treatment of musculoskeletal conditions. The space will complement the expansion of HSS’ main campus, which will house the newly announced Lauder Family Spine Center that is set to open in 2024 at the HSS Kellen Tower. “We are pleased to partner with HSS, the foremost hospital for orthopedics and rheumatology, to …

October 26, 2021

Development Hospitality North Carolina Southeast

City of Charlotte, Visitors Authority Open $126.9M Charlotte Convention Center

by Julia Sanders October 25, 2021

CHARLOTTE, N.C. — The City of Charlotte and the Charlotte Regional Visitors Authority (CRVA) have opened the Charlotte Convention Center in Uptown Charlotte. The $126.9 million expansion project broke ground in December 2019 and added approximately 50,000 square feet of meeting room and pre-function space, taking the venue’s total leasable space to 600,000 square feet. The number of meeting rooms increased from 41 to 55 and now includes two 10,000-square-foot spaces. New to the convention center is an exterior over street pedestrian walkway, which connects the property to the adjacent 700-room Westin Charlotte hotel and a LYNX Blue Line light rail stop. The newly expanded convention center is the anchors of Uptown Charlotte, an urban submarket that features 200-plus restaurants and more than 6,000 hotel rooms. Atlanta-based TVS, the original designer of the Charlotte Convention Center, served as the architect for the expansion project. Holder-Edison Foard-Leeper JV was the construction manager.

October 25, 2021

Development Loans Midwest Minnesota Multifamily

JLL Arranges $85.1M in Financing for Development of Apartment Complex in Suburban Minneapolis

by Kristin Harlow October 25, 2021

EDEN PRAIRIE, MINN. — JLL Capital Markets has arranged $85.1 million in joint venture equity and construction financing for Paravel, a 246-unit apartment complex in the Minneapolis suburb of Eden Prairie. JLL secured a $59.5 million construction-to-permanent, fixed-rate loan through a life insurance company, and sourced $25.6 million in joint venture equity from a high-net-worth family office. Located at 8300 Commonwealth Drive, Paravel will be part of the Castle Ridge mixed-use development. The complex will include 358 underground parking stalls and 67 surface parking spaces. Josh Talberg, Brock Yaffe, Dan Linnell, Mox Gunderson, Pat McMullen, Adam Haydon, William Haass and Ken Dayton of JLL represented the borrower, Timberland Partners.

October 25, 2021

Development Multifamily New York Northeast

Crow Holdings, Marcus Partners Underway on 450-Unit Apartment Community in Harrison, New York

by Taylor Williams October 25, 2021

HARRISON, N.Y. — A partnership between Dallas-based Trammell Crow Residential, a subsidiary of Crow Holdings, and Boston-based Marcus Partners is underway on construction of Alexan Harrison, a 450-unit apartment community that will be located about 25 miles north of Manhattan. Alexan Harrison will offer studio, one-, two- and three-bedroom units ranging in size from 507 to 2,135 square feet. A portion of the residences, which will feature stainless steel appliances, granite countertops and individual washers and dryers, will be reserved as affordable housing. Amenities will include two pools and clubhouses, a fitness center, dog park, walking trails, a business center with private offices, wellness center and Amazon package lockers. Construction is scheduled to be complete in April 2024.

October 25, 2021

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