development1

MOUNT PROSPECT, ILL. — Kinzie Builders has completed construction of 10 North Main in downtown Mount Prospect, a suburb of Chicago. The $20 million luxury apartment complex rises five stories with 97 units, which range in size from 564 to 1,290 square feet. Amenities include a fitness center, coffee bar, club lounge and outdoor rooftop deck. Kinzie worked alongside owner First Equity Group LLC, developer Harlem Irving Cos. and architect OKW Architects. Other project team members included ECL Engineer Consultants, Pierce Engineering, LETech Inc., V3 Cos. and Kathryn Talty Landscape Architecture.

FacebookTwitterLinkedinEmail
300-Thomas-McGovern-Drive-Jersey-City

JERSEY CITY, N.J. — Locally based developer Tulfra Real Estate has acquired land in Jersey City for the construction of a 2,422-unit self-storage project. The facility will be located at 300 Thomas McGovern Drive and will have a gross square footage of approximately 261,000 square feet, including an adjoining parking structure that will also be constructed as part of the project. Thomas Walsh of Walker & Dunlop brokered the land deal. A groundbreaking date will be announced in the coming days. According to Tulfra, there are approximately 159,000 housing units and 22,500 new apartments under development within a three-mile radius of the site.

FacebookTwitterLinkedinEmail

OAK BROOK, ILL. — Architect Antunovich Associates and developer Hines have revealed the amenity renderings for One Oak Brook Commons, a 17-story luxury apartment building in Oak Brook. Amenities will include a pool deck, fitness center, library, rooftop, social lounge and sports simulator. The 250 units will range in size from studios to three-bedroom penthouses. Pre-leasing is slated to begin later this year with first move-ins anticipated in January 2022. Monthly rents for one-bedrooms will start at $2,395. Luxury Living Chicago Realty is completing marketing and leasing for the property, which is part of the larger Oak Brook Commons, a mixed-use development with restaurants, retail, creative office space and a new park entitled The Pitch.

FacebookTwitterLinkedinEmail
Cedar-Port-Industrial-Park

BAYTOWN, TEXAS — TGS Cedar Port Partners, a division of Trans-Global Solutions Inc., has broken ground on a 1.2 million-square-foot speculative industrial project within Cedar Port Industrial Park, a 15,000-acre master-planned development located near Port Houston in Baytown. Building features will include 40-foot clear heights, oversized truck courts, an ESFR sprinkler system and more than 1,000 trailer parking stalls and 1,500 car parking spaces. In addition, the property will offer office space that can be built to suit tenants’ specific needs. Powers Brown Architecture is designing the project, and E.E. Reed Construction is serving as the general contractor. Bank of Texas provided construction financing, and NAI Partners is the leasing agent. Completion is slated for the second quarter of next year.

FacebookTwitterLinkedinEmail
Brighton-Park-Brighton-CO

BRIGHTON, COLO. — CP Capital US has partnered with Greystar to develop Brighton Park, a multifamily property located at the intersection of Longs Peak Street and North 42nd Avenue in Brighton, a northeast suburb of Denver. Situated on 13 acres, the three-story, garden-style property will feature 288 apartments with stainless steel appliances and stone-surface countertops. Community amenities will include a fitness center, resort-style swimming pool, dog park, detached garages and surface parking spots. Groundbreaking is slated for the fourth quarter of 2021, with the first units scheduled for delivery in early 2023. Total build out is scheduled for the second quarter of 2023. CP Capital, formerly known as HQ Capital Real Estate, has partnered with Greystar on four development projects, with the most recently projects being The Gabriel in North Pomona, Calif., and Monty in North Charleston, S.C.

FacebookTwitterLinkedinEmail
320 South St.

RALEIGH, N.C. — Capital Square plans to develop a 20-story multifamily tower at 320 W. South St. in Raleigh’s Warehouse District. The 297-unit development is slated for completion by June 2024. Capital Square plans to break ground on the approximately $121 million project in April 2022. The development will offer studios, one-, two- and three-bedroom units. The apartment community will also feature 8,384 square feet of ground-floor commercial space, as well as an adjacent, standalone parking tower with 437 parking spaces. Community amenities will include a swimming pool, rooftop lounge, coworking space and a fitness center. The property is situated at the intersection of the Boylan Heights neighborhood, Dorothea Dix Park and downtown Raleigh. The apartment community will be close to the RedHat Amphitheater and Raleigh Convention Center and will be situated adjacent to U.S. Highway 70. CSRA Opportunity Zone Fund VI, Capital Square’s project-specific fund seeking to raise $48.5 million from accredited investors and a minimum investment of $100,000, will provide part of the financing for the project.

FacebookTwitterLinkedinEmail

CHICAGO — Lendlease has broken ground on The Reed, a 41-story residential tower at 234 W. Polk St. in Chicago’s Printers Row neighborhood. Designed by Perkins + Will, The Reed will feature 216 condominium units on floors 23 through 41 and 224 apartment units on floors nine through 22. Completion is slated for 2023. The project represents the second residential tower and the first for-sale offering within Lendlease’s Southbank development, which encompasses seven acres along the south branch of the Chicago River. Condos will range in size from 630 to 1,670 square feet and will be priced from the low $400,000s up to $1.4 million. Residents will have access to two amenity suites and a private garage parking. The eighth floor will feature a 12,000-square-foot outdoor deck with a pool, cabanas, grilling stations, dining areas and fire pits. Indoor amenities on this floor will include a lounge room, pool table, virtual sports simulation room, salon and massage room, screening room and fitness centers. The Southbank master plan includes Southbank Park, a two-acre green space designed by Hoerr Schaudt. Both Southbank Park and the Riverwalk, which will provide a pedestrian connection between Harrison and Polk streets upon completion of The Reed, …

FacebookTwitterLinkedinEmail
Cadence-at-Frisco-Station

FRISCO, TEXAS — Hillwood has opened The Cadence at Frisco Station, a 322-unit apartment community located within the 242-acre Frisco Station mixed-use development on the northern outskirts of Dallas. The property features studio, one- and two-bedroom floor plans, as well as townhomes. Each residence is furnished with stainless steel appliances, granite countertops and custom cabinetry. Amenities include a pool with cabanas, fitness center, pet washing facility, resident lounge with a coffee bar and coworking space with private offices and a conference room. Rents start at approximately $1,500 per month for a studio apartment.

FacebookTwitterLinkedinEmail
1205-E-Grant-Line-Rd-Tracy-CA

TRACY, CALIF. — CBRE Global Investors has purchased a 29.3-acre site located at 1205 E. Grant Line Road in Tracy for the development of a logistics center. The investment firm will partner with Trammell Crow Co. to develop the 606,343-square-foot facility. Construction is slated to begin in early 2022, with completion scheduled for first quarter 2023. The distribution facility will feature 40-foot clear heights, 185-foot truck courts, 56-foot by 60-foot column spacing, LED and sky lighting and an ESFR sprinkler system. HPA is serving as architect of record and Big-D Construction is the general contractor.

FacebookTwitterLinkedinEmail

NEW YORK CITY — Google has announced plans to acquire St. John’s Terminal, a 1.3 million-square-foot office redevelopment underway in Manhattan that will anchor the search engine giant’s Hudson Square campus. Google (NASDAQ: GOOGL) intends to purchase the development site at 550 Washington St., which the company signed a lease agreement for in 2018, for approximately $2.1 billion. The company is exercising its purchase agreement with the landlord and developer, an ownership group comprising Toronto-based Oxford Properties Group and CPP Investments, according to The Wall Street Journal. The Journal also reports the transaction is the most expensive sale of a single U.S. office building since the start of the COVID-19 pandemic, citing data from research firm Real Capital Analytics. The sale is also among the priciest for a single office property in U.S. history. Google plans to open its offices at 550 Washington by mid-2023. Although the company expects to operate the office with a flexible hybrid approach to in-office versus work-from-home concepts in the wake of the COVID-19 pandemic, Google says that “coming together in person to collaborate and build community will remain an important part of our future.” The St. John’s Terminal transaction is expected to close in …

FacebookTwitterLinkedinEmail