development1

Partnership Nears Completion of 345-Unit Multifamily Project in Uptown Dallas

by Taylor Williams October 27, 2023

DALLAS — A partnership between Hines, Mitsui Fudosan American and McNair Interests is nearing completion of Maple Terrace Residences, a 345-unit multifamily project in Uptown Dallas. The 22-story building houses studio, one-, two- and three-bedroom apartments, as well as some two- and three-bedroom penthouses, that range in size from 600 to 2,900 square feet. Amenities include a pool, fitness center, golf simulator, dog park, library, creative studio, clubroom with kitchen, media lounge, coworking spaces and a rooftop terrace. Leasing will begin in January.

October 27, 2023

Habitat Receives Approval for $400M Affordable Housing Redevelopment in Buffalo

by Taylor Williams October 27, 2023

BUFFALO, N.Y. — Chicago-based multifamily developer and manager The Habitat Co. has received approval from the Buffalo Common Council for a $400 million affordable housing redevelopment project. The site at 205 Marine Drive currently houses a seven-building, 616-unit waterfront apartment complex that was originally constructed as affordable housing in 1952. The development team, which includes Duvernay + Brooks and the Buffalo Municipal Housing Authority, plans to convert the property into a 700-unit affordable housing complex. Phase I of the redevelopment includes construction of a mix of new towers on the surface parking lot adjacent to its current buildings. The initial phase will feature low-, mid- and high-rise buildings, a parking garage and commercial space. Construction is expected to begin in late 2024. With approval for planned unit development now secured, the development team is focused on getting final design approval from the city and filing financing applications with the state of New York by the end of 2023. Full completion of the redevelopment is slated for 2029. Financing for the project included Low-Income Housing Tax Credit Equity, tax credits from the New York State Brownfield program and debt from the New York State Housing Finance Agency.

October 27, 2023

Development Massachusetts Northeast Office

Chiofaro Begins $100M Transformation of International Place Office Complex in Downtown Boston

by Taylor Williams October 27, 2023

BOSTON — The Chiofaro Co., a locally based investment and development firm, has begun the $100 million transformation of International Place, a 1.8 million-square-foot office complex in downtown Boston. Built in phases between 1987 and 1992, International Place consists of a 46-story tower and a 35-story building that are connected by a public courtyard. The complex is home to more than 90 tenants. Global architecture firm Gensler is leading the design of the project, the centerpiece of which will be a 16,000-square-foot amenity center that will be known as The Aries Club. The capital improvement program also calls for the renovation of the entrance of One International Place with upgraded lighting and protective glass canopies to imbue the building with more hospitality-like curb appeal. Ownership will also modernize the retail storefronts at One International Place. At Two International Place, Chiofaro is planning a similar renovation of the entrance to elevate lighting, seating and accessibility. The lobby will also be redesigned to feature tech-enabled seating options, enhanced security measures and new art installations. Lastly, the retail space will be revamped to support an 8,000-square-foot restaurant. IP Commons, the courtyard that links the two buildings and International Place’s central gathering area, will …

October 27, 2023

Development Multifamily New Jersey Northeast

Halpern Real Estate Nears Completion of 337-Unit Apartment Community in Jersey City

by Taylor Williams October 26, 2023

JERSEY CITY, N.J. — Locally based developer Halpern Real Estate Ventures is nearing completion of a 337-unit apartment community located at 49 Fisk St. in Jersey City’s West Side neighborhood. Designed by Minno & Wasko Architects & Planners, the six-story building, which was recently branded The Birch House, houses studio, one- and two-bedroom units and roughly 50,000 square feet of indoor and outdoor amenity space. Other project partners included JRM Construction Management and The Corcoran Group, which is marketing the property for lease. Leasing will begin in January. Construction began in late 2021 and topped out this spring.

October 26, 2023

Development Multifamily New Jersey Northeast

BNE Real Estate Nears Completion of 245-Unit Multifamily Project in Chatham, New Jersey

by Taylor Williams October 25, 2023

CHATHAM, N.J. — New Jersey-based developer BNE Real Estate Group is nearing completion of The Ivy, a 245-unit multifamily project in the Northern New Jersey community of Chatham. Designed by Minno & Wasko Architects & Planners, the six-story building will house one- and two-bedroom units that will be furnished with stainless steel appliances, quartz countertops and tile backsplashes. The property will also feature 34,000 square feet of indoor and outdoor amenity space. Specifically, the amenity package will include a pool, an outdoor movie lawn and dining areas, fitness center, resident lounge, bar, game room, sport simulator lounges, children’s play area, pet spa and a media screening room. Leasing will begin later this fall.

October 25, 2023

Development Multifamily Texas

AMLI Residential Completes 406-Unit Apartment Community in Austin’s Mueller District

by Taylor Williams October 24, 2023

AUSTIN, TEXAS — AMLI Residential has completed AMLI Branch Park, a 406-unit apartment community in Austin’s Mueller District. Units come in studio, one- and two-bedroom floor plans and are furnished with quartz countertops, stone backsplashes and soft-close cabinetry. Select units also offer wine refrigerators, fenced yards and built-in bookshelves and desks. Amenities include a pool, dog park, beer garden, outdoor grilling and dining stations, a fitness center, coworking spaces and 20,000 square feet of retail and restaurant space that is scheduled to come on line in spring 2024. Rents start at $1,910 per month for a studio apartment.

October 24, 2023

Development Hospitality Texas

Stratus Development Partners Opens 212-Room Hotel in Downtown Austin

by Taylor Williams October 23, 2023

AUSTIN, TEXAS — An affiliate of California-based Stratus Development Partners has opened the 212-room Cambria Hotel Austin Downtown at 68 East Ave., adjacent to the historic Rainey Street District. The 16-story, 223,975-square-foot hotel offers a pool, fitness center, 24-hour market and 8,300 square feet of meeting and event space, as well as a fifth-floor restaurant and bar and a rooftop bar and lounge. San Diego-based Azul Hospitality Group will manage the hotel.

October 23, 2023

Development Multifamily Northeast Pennsylvania

Partnership Breaks Ground on 614-Unit Multifamily Project at Philadelphia Navy Yard

by Taylor Williams October 23, 2023

PHILADELPHIA — A partnership between Ensemble Investments, Mosaic Development Partners and Korman Communities has broken ground on a 614-unit multifamily project at the Philadelphia Navy Yard. The development will have two buildings that house a mix of luxury, market-rate and affordable residences. A formal groundbreaking ceremony will be held on Tuesday, Oct. 24, and completion of the project is slated for 2025. CBRE arranged construction debt for the project, which is being financed by a $78 million loan from insurance company Ullico and a $95 million facility from M&T Bank and Israel Discount Bank of New York. In addition, New York City-based Basis Investment Group has contributed $100 million in equity to the capital stack.

October 23, 2023

Development Multifamily Texas

NRP Group, H.I.G. Break Ground on 331-Unit Diamond Flats Apartments in Metro Dallas

by Taylor Williams October 20, 2023

CARROLLTON, TEXAS — A partnership between Cleveland-based developer The NRP Group and H.I.G. Realty Partners has broken ground on Diamond Flats, a 331-unit apartment community in the northern Dallas metro of Carrollton. The site spans six acres, and the building will rise four stories. Diamond Flats will offer one-, two- and three-bedroom units with an average size of 950 square feet. Amenities will include a pool, fitness center, game room and outdoor courtyards. Santander Bank provided construction financing for the project, the first units of which are expected to be available for occupancy in 2025.

October 20, 2023

Development Multifamily Texas

Bright Realty Nears Completion of 362-Unit Tapestry at The Realm Apartments in Lewisville, Texas

by Taylor Williams October 19, 2023

LEWISVILLE, TEXAS — Bright Realty is nearing completion of Tapestry at The Realm, a 362-unit apartment community in the northern Dallas suburb of Lewisville. The property will be situated within the locally based developer’s 324-acre Realm at Castle Hills mixed-use development. Tapestry at The Realm will feature studio, one- and two-bedroom floor plans and amenities such as a fitness center, sauna, game lounge, business center and a conference room. B2 Architecture + Design designed the project, and Andres Construction is the general contractor. Preleasing is slated to begin in November. The first units are expected to be available for occupancy in December.

October 19, 2023

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