development1

Evergreen Devco Acquires Vacant Sears Building in Colorado Springs for 300-Unit Multifamily Redevelopment

by Amy Works July 9, 2021

COLORADO SPRINGS, COLO. — Evergreen Devco has purchased a former Sears store property located at Chapel Hills Mall in Colorado Springs from Northwood Investors for $5.7 million. The vacant property includes a two-story, 141,000-square-foot building, parking lots and 12.6 acres. Built in 1981, the Sears store served as the western anchor of the Chapel Hills Mall until the store closed in March 2019. Evergreen Devco plans to demolish the building and redevelop the property into Outlook Briargate, a 300-unit apartment complex. The development will offer a mix of one-, two- and three-bedroom units spread across multiple buildings. Community amenities will include a clubhouse, fitness center, outdoor pool, shade structures and barbecue areas. Construction is slated to begin in July, with the first units available for rent in 2022.

July 9, 2021

Development Georgia Office Southeast

KB Venture Partners to Redevelop Former Bailey-Johnson School in Alpharetta, Georgia

by Julia Sanders July 8, 2021

ALPHARETTA, GA. — KB Venture Partners will redevelop the former Bailey-Johnson School in Alpharetta into an adaptive reuse project comprising 156,048 square feet of creative Class A office space. The Bailey-Johnson School was built in 1950. The Bailey-Johnson School project will include the adaptive reuse of the 21,321-square-foot school building and the 19,234-square-foot gymnasium. The project marks the only adaptive reuse development in North Fulton, according to Cushman & Wakefield. The development also includes construction of a new 115,493-square-foot timber-frame building and a two-level parking structure. Property amenities will include outdoor gathering and green space, private patios for tenants, a lounge, shower/locker rooms and bike storage. Located at 154 Kimball Bridge Road, the property sits three blocks from Avalon, an 86-acre mixed-use development with anchors such as Whole Foods and Regal, as well as a 330-room hotel called The Hotel at Avalon. The Avalon has more than 20 dining options, retail and residential offerings. KB Venture Partners has hired Porter Henritze and John Zintak of Cushman & Wakefield to overseeing leasing at the project. ASD|SKY is the architect for the redevelopment.

July 8, 2021

Affordable Housing Development Multifamily Texas

Palladium USA Breaks Ground on $55M Mixed-Income Project in South Dallas

by Taylor Williams July 8, 2021

DALLAS — Locally based developer Palladium USA has broken ground on Palladium Simpson Stuart, a 270-unit mixed-income project in South Dallas that is valued at $55 million. About 90 percent (243) of the units will be reserved for households earning between 40 and 80 percent of the area median income, while the remainder will be rented at market rates. Amenities will include a resort-style pool, dog park, trails, conference room, computer lab, kids’ playroom and a fitness center. HEDK is the project architect, and BBL Construction is the general contractor. PNC Bank provided construction financing for the project, and the Texas Department of Housing and Community Affairs issued 4 percent Low-Income Housing Tax Credit equity. The first units are scheduled to be delivered in October 2022.

July 8, 2021

Development Illinois Midwest Multifamily Seniors Housing

TWG to Develop $62.4M Active Adult Community in Naperville, Illinois

by Kristin Harlow July 8, 2021

NAPERVILLE, ILL. — TWG will develop McDowell Point, a $62.4 million active adult community in the Chicago suburb of Naperville. The project is Indianapolis-based TWG’s first development in the greater Chicago area as well as its first active adult community in the state of Illinois. Located at 1420 W. Diehl Road, the property will rise five stories and span 347,000 square feet. The 174 units will range in size from one-bedrooms to three-bedrooms. Of the total units, 80 percent will be reserved for residents age 55 and older. More than 6,000 square feet of amenity space will include a courtyard, pool, yoga lawn and grilling stations. McDowell Point will be situated immediately adjacent to the nature preserve McDowell Grove. Completion is slated for June 2023.

July 8, 2021

California Development Multifamily Seniors Housing Western

Urban Catalyst Purchases Final Plot for Delmas Senior Living Center in Downtown San Jose

by Amy Works July 8, 2021

SAN JOSE, CALIF. — Urban Catalyst, a Silicon Valley-based Opportunity Zone Fund, has acquired the final parcels of property for its Delmas Senior Living project, the first seniors housing project to be built in downtown San Jose in decades. The six-story, 175,000-square-foot property will feature a mix of studios, one- and two-bedroom assisted living units, along with memory care studios. It will house 165 units, with 49 of them dedicated memory care units. Delmas, located in Downtown West, is in its final rounds of comments with the City of San Jose’s building and public works departments. Groundbreaking is scheduled for third quarter of this year. “I am excited to see Delmas Senior Living project moving forward so quickly, and I look forward to the groundbreaking for this much-needed facility in the coming months,” says Erik Hayden, founder and CEO of Urban Catalyst. “This acquisition marks a key milestone for our Fund 1 portfolio and an important step in our downtown revitalization efforts.” This acquisition represents the final parcels needed for all ground-up projects in Urban Catalyst’s Opportunity Fund I, which closed Dec. 30 with $131 million in investments. Other projects include mixed-use office, multifamily residential, hospitality and student housing. “Delmas …

July 8, 2021

Affordable Housing Development Midwest Minnesota Multifamily

Kraus-Anderson Breaks Ground on $39.2M Affordable Housing Project in Rochester, Minnesota

by Kristin Harlow July 7, 2021

ROCHESTER, MINN. — The Rochester office of Kraus-Anderson has broken ground on Bryk on Broadway, a $39.2 million affordable housing project in Rochester’s Destination Medical Center district. Owners Dirk Erickson and John and Marcia Bouquet are developing the property located at the corner of Civic Center Drive and North Broadway. Designed by ISG, the project will feature 180 units, 7,500 square feet of commercial and retail space and 140 parking stalls. The six-story development will include a fifth-floor community room with an outdoor terrace, lounge and fitness center. Completion is slated for late 2022. Of the 180 units, 54 will be offered at 50 percent of the area median income (AMI), 18 will be offered at 60 percent AMI and 108 will be offered at 80 percent AMI. NorthMarq arranged a $31.2 million construction loan for the project through a credit union. “The name Bryk came to us as a metaphor for something strong,” says Dirk Erickson, owner and developer. “Brick buildings are meant to last and our mission is ‘building a strong community.’ We want to provide a high-quality living experience for our tenants and hope to set a new standard in affordable housing, hence building a strong foundation …

July 7, 2021

Development Office Texas

Cypress Real Estate Nears Completion of 172,000 SF Office Project in East Austin

by Taylor Williams July 7, 2021

AUSTIN, TEXAS — Developer Cypress Real Estate Advisors (CREA) has completed shell construction at Eastlake at Tillery, a two-building, 172,000-square-foot office project in East Austin. The development at the corner of East Cesar Chavez Street and Tillery streets is now ready for tenant build-outs. Delineate Studio served as the project architect, and Harvey Cleary was the general contractor. AQUILA Commercial has been tapped to lease Eastlake at Tillery. Construction of the building, which offers amenities such as a prep kitchen, fitness center with locker rooms and multiple outdoor workspaces, began in December 2019.

July 7, 2021

Development Multifamily New Mexico Western

Titan Completes 92-Unit Highlands North Multifamily Property in Albuquerque

by Amy Works July 7, 2021

ALBUQUERQUE, N.M. — Titan Development has completed the construction of Highlands North, an apartment community located at 200 Mulberry St. NE in downtown Albuquerque. Lease-up is underway at the 92-unit property, which was built in partnership with Alliance Residential. Greystar will serve as property manager for the community. Situated on 2.4 acres, the development includes a four-story building and four surrounding carriage buildings, a clubhouse, fitness center and resort-style pool. The apartment complex is the latest development in Titan’s 12-acre, mixed-use, master-planned The Highlands project. The company is working with Maestas Development Group to redevelop the five-block region in downtown Albuquerque. The project was funded by the Titan Development Real Estate Fund I, a $115 million private equity real estate fund established in 2017 to raise and invest equity in approximately $300 million of Titan Development’s investment opportunities, focused heavily on multifamily.

July 7, 2021

Development Michigan Midwest Multifamily

City Club Apartments Completes 18-Story Redevelopment Project in Detroit

by Kristin Harlow July 6, 2021

DETROIT — City Club Apartments LLC has opened City Club Apartments Lafayette Park, an 18-story redevelopment project in Detroit. Formerly named Elmwood Park Plaza, the apartment property was built in the early 1970s and included a Detroit Public Library branch. The library remains a tenant today. The original building was developed by the father and uncle of current City Club Apartments CEO Jonathan Holtzman. Located at 750 Chene St. in the newly renamed Rivertown District, the property features 202 apartment and penthouse units, 20 percent of which are designated as affordable. Amenities include a lobby lounge, club room, fitness center, outdoor terrace, heated pool, business center, sky lounge and dog park. Monthly rents start at $1,065.

July 6, 2021

Affordable Housing Development Multifamily New York Northeast

DJ Royce to Renovate 656-Unit Affordable Housing Community on Long Island

by Taylor Williams July 6, 2021

HAUPPAUGE, N.Y. — General contractor DJ Royce Construction Corp. will renovate Renaissance Hills, a 656-unit affordable housing community located in the Long Island village of Hauppauge. Hicksville, N.Y.-based Mark Design Studios designed the redevelopment, which included upgrades to unit interiors and amenity spaces. The property’s amenity package now consists of two pools, a sports court, dog park, outdoor grilling areas, a playground and a fitness and wellness center. Construction is set to begin this fall.

July 6, 2021

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