development1

Partnership Breaks Ground on 270,000 SF Life Sciences Building in Houston

by Taylor Williams October 8, 2021

HOUSTON — A partnership between Chicago-based investment firm Harrison Street, 2ML Real Estate Interests and local developer Hines has broken ground on a 270,000-square-foot life sciences building in Houston. The building, which represents the first phase of the Levit Green mixed-use development, is located on a 53-acre site adjacent to Texas Medical Center. Additional uses at Levit Green will include retail, residential and office space. DE Harvey Builders is the general contractor for the project, which is slated for a fourth-quarter 2022 delivery. JLL is marketing the space for lease.

October 8, 2021

Development Industrial Midwest Missouri

Opus Breaks Ground on 847,475 SF Industrial Build-to-Suit for Hallmark in Liberty, Missouri

by Kristin Harlow October 8, 2021

LIBERTY, MO. — The Opus Group has broken ground on Liberty Heartland Logistics Center in Liberty, a suburb just northwest of Kansas City. The first building is an 847,475-square-foot build-to-suit for Hallmark Cards Inc. The project will feature a clear height of 40 feet, 48 dock doors, two drive-in doors, 150 trailer parking spots and 450 vehicle parking spots. This will be Hallmark’s second distribution center in Liberty and will be situated less than one mile from its current facility. Completion is slated for February 2023, at which time Hallmark anticipates more than 1,200 full-time employees working between its two centers. Opus also plans to build two additional speculative buildings at Liberty Heartland Logistics Center that will span 572,000 and 239,000 square feet. Opus is the developer, design-builder, interior designer, architect and engineer. Mark Long, John Hassler and Scott Bluhm of Newmark Zimmer are marketing Buildings B and C for sale or lease. The Missouri Department of Economic Development collaborated with project partners.

October 8, 2021

Development Multifamily Northeast Pennsylvania

GMH Communities Begins Leasing 225-Unit Apartment Community in Malvern, Pennsylvania

by Taylor Williams October 8, 2021

MALVERN, PA. — Metro Philadelphia-based developer GMH Communities has begun leasing The Yards at Malvern, a 225-unit apartment community located on the western outskirts of Philadelphia. The property features studio, one- and two-bedroom units that are furnished with stainless steel appliances, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, conference room, courtyard, golf simulator, bocce ball court and a package locker system. GMH Communities developed The Yards at Malvern in a joint venture with AEW Capital Management LP. Rents start at approximately $1,500 per month for a studio unit.

October 8, 2021

Development Office Texas

Ryan Cos. to Develop 400,000 SF Office Building at Legacy West in Plano

by Taylor Williams October 7, 2021

PLANO, TEXAS — Minneapolis-based developer Ryan Cos. will build a 400,000-square-foot office building at Legacy West, a mixed-use development located on the northern outskirts of Dallas in Plano. The 24-story building will offer amenities such as a fitness center, tenant lounge, café, multiple conference rooms and open green space. Gensler is designing the project, construction of which is scheduled to begin in the first quarter of next year and to wrap up by the first quarter of 2024. The building is already 50 percent preleased to global tax services and software provider Ryan LLC, and JLL is marketing the remaining space for lease.

October 7, 2021

Development Illinois Midwest Retail

Museum of Ice Cream to Open at The Shops at Tribune Tower in Chicago

by Kristin Harlow October 7, 2021

CHICAGO — The Museum of Ice Cream (MOIC) has signed a long-term lease to open a 13,544-square-foot location at The Shops at Tribune Tower in downtown Chicago. MOIC represents the first retail tenant at the newly redeveloped Tribune Tower. The retail portion spans 50,000 square feet and anchors the ground floor of the 36-story, 740,000-square-foot tower, which is located at 435 N. Michigan Ave. Owners CIM Group and Golub & Co. have transformed the property into 162 luxury condominiums and are now welcoming their first residents. The building originally opened in 1925. Plans for the Chicago MOIC include a Chicago Transit Authority-inspired L car named the Sprink-L; a giant dessert-themed putt putt course with a Chicago dog ice cream treat; and a café with outdoor seating. The opening is scheduled for spring 2022. Chicago joins New York City and Austin as the only U.S. cities with a permanent location for MOIC.

October 7, 2021

California Development Multifamily Western

Intracorp Breaks Ground on 178-Unit Multifamily Community in Irvine, California

by Amy Works October 7, 2021

IRVINE, CALIF. — Intracorp has broken ground on a 178-unit apartment property located at 2055 Main St. in the Irvine Business Complex (IBC). The project, which is Intracorp’s fourth development in the IBC, will be the company’s first for-rent multifamily development in the area. Situated on 2.2 acres, 2055 Main will feature five stories of residential living in a modern geometric design. Community amenities will include a rooftop deck with a resort-style pool and spa, entertainment pavilion, expansive LED wall, lounge areas, barbecues and a game area. Other amenities will include a fitness center, sunken amphitheater, outdoor dining areas, fire features, business center and social club. Leasing on the project is slated to begin in summer 2023.

October 7, 2021

Development Loans Multifamily Seniors Housing Washington Western

Ziegler Arranges $91.9M Bond Financing for Eliseo Seniors Housing Expansion in Tacoma, Washington

by Amy Works October 6, 2021

TACOMA, WASH. — Ziegler has arranged $91.9 million in bond financing, issued through the Washington State Housing Finance Commission, for an expansion project at Eliseo, a continuing care retirement community in Tacoma. Eliseo, formerly known as Tacoma Lutheran Retirement Community, is a nonprofit corporation established in 1975 to develop, own and operate senior living facilities. Eliseo comprises 53 independent living apartments, 88 condo-style independent living units, 41 licensed assisted living beds, 14 memory care units and 187 skilled nursing beds. The expansion project will add 91 new independent living units (consisting of 50 apartments and 41 villas) and a new dining venue, as well as renovations to multipurpose and meeting rooms, administrative offices and the entrance to the health center. In addition to funding the project, the bonds will refinance bonds from 2013 and repay a loan used for pre-development expenses.

October 6, 2021

Development Multifamily New Jersey Northeast

Woodmont Properties Opens 443-Unit Apartment Community in West Windsor, New Jersey

by Taylor Williams October 6, 2021

WEST WINDSOR, N.J. — Developer Woodmont Properties has opened Woodmont Way, a 443-unit apartment community in West Windsor, a northern suburb of Trenton. The property features one-, two- and three-bedroom units that are equipped with private balconies/patios. Residents also have access to private garages and individual storage spaces. Communal amenities include a pool, fitness center, game room, golf simulator, theater room, bark park and access to walking trails. To date, Phase I of Woodmont Way is 100 percent occupied with over 130 leases signed since the launch of leasing earlier this year.

October 6, 2021

Development Florida Mixed-Use Southeast

Klotz, KABR Plan $200M Redevelopment of Morocco Shrine Center in Jacksonville

by Julia Sanders October 6, 2021

JACKSONVILLE, FLA. — Klotz Group of Cos. and KABR Group plan to redevelop Morocco Shrine Center, a former convention center in Jacksonville. The project, which is expected to cost more than $200 million, will be named The Village at Town Center. The 100,000-square-foot main temple building will be redeveloped to include 1,025 units that will be a mix of market-rate apartments, student housing and hotel rooms. Additionally, the property will include the new development of shops, restaurants and offices totaling 115,000 square feet, as well as public green space. Located at 3800 St. Johns Bluff Road S, the property is situated adjacent to the University of North Florida and St. Johns Town Center. Klotz and KABR Group are set to close on the property in early November, with construction of Phase I slated to begin in 2022. The construction timeline is predicted to take about five to seven years for completion.

October 6, 2021

Development Illinois Midwest Retail

Summit Design + Build Completes Four-Story Gym, Retail Project Near Chicago’s Wrigley Field

by Kristin Harlow October 6, 2021

CHICAGO — Summit Design + Build has completed construction of 1111 W. Addison in Chicago’s Wrigleyville neighborhood. The four-story, 59,000-square-foot project features retail space on the ground floor and a fitness and bouldering center on the second through fourth floors. The 41,895-square-foot climbing gym is home to Movement Wrigleyville, a climbing, yoga and fitness center. Hirsch/MPG Architecture + Planning was the project architect and Clausen Management Services was the owner’s representative.

October 6, 2021

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