development1

TWG to Develop $41M Apartment Community in Westfield, Indiana

by Kristin Harlow July 16, 2021

WESTFIELD, IND. — TWG has unveiled plans to develop a $41 million apartment community within the Chatham Hills master development in Westfield, about 25 miles north of Indianapolis. The project will consist of 250 total units spread across two buildings. Units will vary in size from 750 to 1,400 square feet, and monthly rents will range from $1,100 to $1,750. Amenities will include a pool, grilling area, dog park, lounge area, yoga studio, business center and fitness center. First Financial Bank is providing project financing. Construction is expected to begin this month, and the first units are scheduled to open in summer 2023.

July 16, 2021

Arizona Development Multifamily Western

High Street Residential Breaks Ground on 310-Unit Smith & Rio Multifamily Community in Tempe

by Amy Works July 16, 2021

TEMPE, ARIZ. — High Street Residential has broken ground on Smith & Rio, an apartment property located at 1979 E. Rio Salado Parkway in Tempe. Situated on 3.4 acres, the five-story development will feature 310 apartments in a mix of studio, one- and two-bedroom floor plans, including a selection of one-bedroom options with additional den/home office space. Residents will have access to amenities including a fifth-floor sky lounge; two outdoor courtyards; a dog park and pet lounge; a large work-from-home area with individual workspaces; pool; spa; fitness center; and water features throughout the outdoor spaces. Construction is slated for completion in 2023.

July 16, 2021

Development Multifamily South Carolina Southeast Student Housing

CRG, Landmark Break Ground on 678-Bed Student Housing Tower Near USC in Columbia

by Julia Sanders July 15, 2021

COLUMBIA, S.C. — CRG and Landmark Properties have broken ground on The Standard at Columbia, a 17-story student housing tower in Columbia. The property will be located on the corner of Washington and Assembly streets close to the University of South Carolina (USC). Construction is slated to be complete in fall 2023. The Standard will include 247 fully furnished units totaling 678 beds. The student housing development will offer a mix of studio, one-, two-, three-, four- and five-bedroom apartments across nearly 443,000 square feet. Community amenities will include a rooftop pool, hot tub, grilling stations, jumbotron TV, fitness and wellness center, golf simulator, game-day lounge and group and private study lounge space. Preleasing will start in the fall of 2022. Citizens Bank provided construction financing for the project. Lamar Johnson Collaborative designed the project, while CRG’s parent company, Clayco, will serve as the general contractor. CRG is a privately held real estate development firm based in St. Louis.

July 15, 2021

Polaris-Wadsworth-Station-Apts-Broomfield-CO

Colorado Development Loans Multifamily Western

JLL Arranges $50M in Construction Financing for Polaris Wadsworth Station Apartments Near Denver

by Amy Works July 15, 2021

BROOMFIELD, COLO. — JLL Capital Markets has arranged a $50 million construction loan for the development of Polaris Wadsworth Station Apartments, a multifamily property in Broomfield. The borrower and developer is Mountain View Capital. Kristian Lichtenfels of JLL Capital Markets secured the five-year, floating-rate loan with a national bank. Slated for completion in January 2023, Polaris Wadsworth Station will feature 276 one-, two- and three-bedroom units averaging 869 square feet. Apartments will feature in-unit washers/dryers, walk-in closets, smart unit packages and balconies/patios. Community amenities will include courtyards, a fitness facility and property-wide Wi-Fi.

July 15, 2021

Development Industrial Midwest Ohio

Pizzuti Breaks Ground on Nearly 1.1 MSF Spec Warehouse in Central Ohio

by Kristin Harlow July 15, 2021

WEST JEFFERSON, OHIO — The Pizzuti Cos. and development partner West Jeff Partners LLC have broken ground on a nearly 1.1 million-square-foot speculative warehouse in West Jefferson, a city in central Ohio about 20 miles west of downtown Columbus. The facility will be situated within the larger West Jefferson Logistics Center, which is located off I-70. The project will include dedicated public roadways and utility extensions. The building will feature a clear height of 40 feet, up to 211 dock doors and up to 320 trailer parking spaces. Construction is slated for completion in the second quarter of 2022. Jeff Lyons and Alex Vulic of CBRE will market the project for lease.

July 15, 2021

Affordable Housing Development Multifamily Texas

NRP Group to Develop Two Affordable Housing Properties Totaling 666 Units in San Antonio

by Taylor Williams July 14, 2021

SAN ANTONIO — The NRP Group, a Cleveland-based developer, will build two affordable housing properties totaling 666 units in San Antonio. Seven07 Lofts will feature 318 units in one-, two-, three- and four-bedroom floor plans that will be restricted to renters earning between 40 and 70 percent of the area median income (AMI). Amenities at Seven07 Lofts will include a fitness center and a pool. Frontera Crossing will total 348 residences with the same unit configurations and rental restrictions. NRP Group is co-developing the properties with the San Antonio Housing Facility Corp. Kyle Kolesar of KeyBank Community Development Lending and Investment (CDLI) secured $46.6 million in financing for Seven07 Lofts and $60.6 million in financing for Frontera Crossing on behalf of NRP Group.

July 14, 2021

Development Industrial Kentucky Southeast

Hunt Midwest Completes 322,831 SF Blankenbaker Logistics Center in Louisville

by Julia Sanders July 14, 2021

LOUISVILLE, KY. — Hunt Midwest has completed Blankenbaker Logistics Center, a 322,831-square-foot industrial development in northeast Louisville. The facility is located close to Interstates 64, 265 and 71 and the two Ford plants. Piston Automotive, a Redford, Mich.-based automotive supplier, signed a lease for the entire facility before buildout was complete. The cross-dock warehouse features 36-foot clear heights, 60-foot speed bays, a 140-foot-deep truck court, four drive-in doors, 44 trailer parking spots and 187 parking stalls. This facility is expandable to 88 doors as the need arises. H2B Architects designed Blankenbaker Logistics Center, and Mindel Scott, JSC Engineers and Willett Engineering were the engineers on the project. Kevin Grove of CBRE served as the leasing broker. Hunt Midwest is a Kansas City-based real estate development company with over 50 years of experience in the industrial sector and currently has more than 2.5 million square feet of buildings under development in Kansas City, Kentucky and South Carolina.

July 14, 2021

Development New York Northeast Office

RFR Completes Renovation of 477 Madison Avenue Office Building in Manhattan

by Taylor Williams July 14, 2021

NEW YORK CITY — Locally based owner and investor RFR has completed the redesign and renovation of 477 Madison Avenue, a 325,000-square-foot office building in Midtown Manhattan. The 24-story building was originally built in the mid-20th century and is currently leased to tenants primarily in the finance sector, including Kayne Anderson Capital Advisors LP, Rivkin Radler LLP, Atlas Merchant Capital and Atlantic Street Capital. As part of the redevelopment, RFR introduced a clubhouse amenity center, additional outdoor space and enlarged windows to allow more natural light. The new amenity space houses a fitness center with Peloton bikes and studio space for private training, as well as locker rooms, multiple conference rooms, a café, lounge and game area. In addition, 477 Madison Avenue features 15,000 square feet of outdoor terraces across multiple floors. New York City-based MdeAS Architects designed the project. Newmark has been tapped to lease the building.

July 14, 2021

Development Industrial Midwest Minnesota

Endeavor, PCCP to Develop Two Industrial Buildings Totaling 443,096 SF in Maple Grove, Minnesota

by Kristin Harlow July 14, 2021

MAPLE GROVE, MINN. — Endeavor Development and PCCP have formed a joint venture to develop two Class A industrial buildings in Maple Grove, a northwest suburb of the Twin Cities. Totaling 443,096 square feet, the project will serve as the second phase of Arbor Lakes Business Park. Duke Realty developed the first phase of the business park, which is now fully occupied. Both buildings will feature a clear height of 32 feet along with dock doors, drive-in doors and car parking stalls. The buildings will share a 180-foot truck court. Construction will commence at different times, with completion of the first building slated for June 2022 and completion of the second building scheduled for fall 2023. David Berglund and Colin Ryan of JLL arranged the joint venture equity partnership and also represented the partnership in the land purchase. Scott Loving of Colliers International handled the debt placement. Dan Swartz of CBRE will serve as leasing agent.

July 14, 2021

Metro-East-Valley-Commerce-Center-Mesa-AZ

Arizona Development Industrial Western

Metro Commercial, Graycor Break Ground on Five-Building Spec Industrial Project in Mesa, Arizona

by Amy Works July 14, 2021

MESA, ARIZ. — Metro Commercial Properties, with Graycor as general contractor, has broken ground on Phases III and IV of Metro East Valley Commerce Center in Mesa. The five-building, 406,575-square-foot speculative project will expand and complete Metro’s 11-building, 1.1 million-square-foot, Class A industrial park. Phases III and IV will feature up to 32-foot clear heights with dock-high and grade-level loading. The concrete-tilt buildings will range from 58,399 square feet to 112,097 square feet, with interior floorplans able to accommodate office, warehouse, manufacturing and light industrial uses. Completion is slated for late 2021. Graycor also built Phase I and II at Metro East Valley Commerce Center. Completed in 2016, Phase I totals 349,049 square feet in four buildings, while Phase II, which was completed in 2019, features 363,000 square feet spread across two buildings. All six buildings are currently fully leased. Scottsdale-based McCall & Associates is the project architect for Phases III and IV. Chris McClurg, Ken McQueen and Kurt Saulnier of Lee & Associates are the project’s leasing brokers.

July 14, 2021

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