development1

Latigo Group to Develop $82M Multifamily Project in Metro Orlando

by Julia Sanders June 10, 2021

KISSIMMEE, FLA. — Los Angeles-based The Latigo Group plans to develop Infield Apartments, a 384-unit multifamily community in Kissimmee. The $82 million property will feature 192 one-bedroom, 168 two-bedroom and 24 three-bedroom units. Community amenities will include a two-story clubhouse, fitness center with a dry sauna, golf simulator and a resort-style pool. The property will be built on the site of a former county softball field at 1900 Ball Park Road. Construction will begin in July and initial occupancy is expected for late summer 2022. Greystar, a multifamily development and management firm based in Charleston, will manage the property. Principal Life Insurance Co. provided $45 million in construction debt for the project. Additionally, there was $22.6 million in investor equity, with $10 million coming from 207 individual CrowdStreet investors. There was also $15.7 million in preferred equity provided. The Latigo Group is a privately owned residential and mixed-use development and investment company. Latigo acquired the 25-acre site for Infield Apartments with an option to develop a second phase of apartments. The firm has two other ground-up projects under development in Central Florida, and currently owns an apartment property in Orlando.

June 10, 2021

Acquisitions Development Industrial Mixed-Use Nevada Office Restaurant Retail Western

Foothill Partners, Belay Investment Buy 209,000 SF Redevelopment Project in Sparks, Nevada

by Amy Works June 10, 2021

SPARKS, NEV. — A joint venture between Foothill Partners and Belay Investment Group has purchased a vacant, 209,000-square-foot former Lowe’s Home Improvement Warehouse property in Sparks for an undisclosed price. The partnership plans to redevelop the site into an environmental, social and corporate governance, arts-based technology, flex and research and development campus named The Oddie District. Located at 2450 Oddie Blvd., the vacant property will be repurposed into creative office, flex-tech R&D, lab and maker spaces, as well as food and beverage tenant space and work-live studios for artists and entrepreneurs. Construction is slated to start later this year, with a planned opening date of the project’s first phase in August 2022. The partnership has already signed two tenants: The Generator and The Innovation Collective. The Generator, a nonprofit maker space that serves as a creative resource for Northern Nevada community members, will occupy 35,000 square feet of the project. The Innovative Collection, a Coeur d’Alene, Idaho-based business accelerator and collaborative co-working space for technology companies, will occupy 12,500 square feet at The Oddie District. Another 100,000 square feet of flex-tech space will be available to technology, research, engineering, software and design companies complemented by 16,000 square feet of restaurant …

June 10, 2021

Development Midwest Mixed-Use Ohio

Trinitas Receives Approval for $500M Mixed-Use Project Near University of Cincinnati

by Kristin Harlow June 10, 2021

CINCINNATI — Trinitas Ventures and its partner Crawford Hoying have received approval from the Cincinnati City Council for the development of The District at Clifton Heights, a $500 million mixed-use project near the University of Cincinnati campus. The development will be completed in two phases. Phase I of the project will include The Deacon, an existing 1,029-bed student housing community; The Hub at Cincinnati, a 1,112-bed student housing development featuring 2,300 square feet of commercial space; a 175-room hotel with 22,000 square feet of retail space; a new Delta Delta Delta sorority house; and a 169-space public parking garage. The first phase of the project is scheduled for completion in October 2024 and is estimated at $315 million in development costs. Phase II, set to total $185 million in development costs, will consist of 45,000 square feet of commercial space; 170 seniors housing units with a private parking garage; 350 multifamily units; and a public parking garage. The second phase of development is scheduled for completion by the end of 2025. The project will also include the addition of public infrastructure, utility improvements and streetscape enhancements funded through $80 million of tax-increment financing. In total, the development will house over …

June 10, 2021

Development Florida Loans Multifamily Southeast

Aztec Group Arranges $45M Refinancing Loan for Tamarac Village Apartments in South Florida

by Julia Sanders June 9, 2021

TAMARAC, FLA. — Sean Harrington and Joel Zusman of Aztec Group have arranged a $45 million, non-recourse loan for the refinancing of Tamarac Village, a 211-unit luxury rental apartment community in the Broward County city of Tamarac. JKM Developers is the developer on the project. The City of Tamarac owns the land. Boca Raton-based Lotis is the parent company of JKM, and Blue Bell, Pa.-based Capital Solutions Inc. invested an undisclosed amount for the project. New York City-based Limekiln Real Estate provided full term interest only financing. Tamarac Village Phase I, a Lotis Community, was completed in 2020 and is currently 99 percent occupied. Tamarac Village Phase I is located at 9141 W Commercial Blvd. on a 6.9-acre parcel that is ground-leased from the City of Tamarac. Phase I includes a two-story fitness facility, 8,885-square-foot clubhouse featuring a game and media room, resort-style pool and private garage spaces. Phase II of Tamarac Village is under construction and scheduled for completion in 2022, which will bring the overall community to 401 units.

June 9, 2021

Cigars-International-Bethlehem-Pennsylvania

Development Industrial Northeast Pennsylvania

J.G. Petrucci Begins 100,000 SF Industrial Expansion Project in Lehigh Valley

by Taylor Williams June 9, 2021

BETHLEHEM, PA. — Locally based developer J.G. Petrucci Co. Inc. has begun construction on a 100,000-square-foot industrial expansion project at the headquarters of Cigars International in the Lehigh Valley city of Bethlehem. The project will increase the total size of the building to 213,500 square feet and will include an interior build-out for advanced material handling equipment. The project is slated for completion by the end of the year.

June 9, 2021

Arizona Development Loans Mixed-Use Office Restaurant Retail Western

Parkview Provides $28M Construction Loan for Verde at Cooley Lifestyle Center in Gilbert, Arizona

by Amy Works June 9, 2021

GILBERT, ARIZ. — Parkview Financial has provided a $28 million construction loan to Scottsdale-based Verde Gilbert LLC for the development of Verde at Cooley Station, a lifestyle center located at 17201-17361 E. Williams Field Road in Gilbert. Verde Gilbert LLC is a joint venture between three development companies led by SB2 Communities. Upon completion, the 10-building, 96,000-square-foot property will offer 44,000 square feet of retail space, 13,000 square feet of office space, 31,000 square feet of restaurant space and 8,000 square feet of fitness space. Designed to be a restaurant-centric, mixed-used project, Verde at Cooley Station will offer 25 spaces for lease and The Green, a large open outdoor lawn area with a gazebo for musical events, fitness classes, movies in the park and other activities. Loan proceeds enabled the commencement of the first phase, which includes retail and a dozen dining concepts surrounded by The Green. Some of the stores are slated to open for business in late 2021, with a planned grand opening in first-quarter 2022. The second phase will include 24,000 square feet of retail space, 12,000 square feet of office space, 3,000 square feet of restaurant space and 8,000 square feet of fitness space. The second …

June 9, 2021

Development Florida Industrial Southeast

Foundry Commercial, Stockbridge Break Ground on Phase II of 1,000-Acre Industrial Park in Plant City, Florida

by Julia Sanders June 8, 2021

PLANT CITY, FLA. — Foundry Commercial and Stockbridge have broken ground on the second speculative development at Lakeside Logistics, a 1,000-acre industrial park located in Plant City. The park is situated about 1.5 miles south of Interstate 4, 22 miles east of Tampa and 56 miles southwest of Orlando. The first phase of Lakeside Logistics was recently delivered, featuring a 505,160-square-foot, cross-dock warehouse distribution facility with 36-foot clear heights. The second phase of Lakeside Logistics will include two buildings totaling 414,000 square feet. Foundry Commercial plans to develop additional phases at Lakeside Logistics, which when finished will total over 1 million square feet. Lakeside Logistics marks the 10th project developed by Foundry Commercial.

June 8, 2021

Development Multifamily New Jersey Northeast

Prism Capital Breaks Ground on 252-Unit Mixed-Income Community in Dunellen, New Jersey

by Taylor Williams June 8, 2021

DUNELLEN, N.J. — New Jersey-based Prism Capital Partners has broken ground on a 252-unit, mixed-income community at the site of the former Art Color industrial facility in Dunellen, about 40 miles southwest of New York City. The property will consist of 194 one- and two-bedroom units that will be rented at market rates, as well as 58 units with various income restrictions and 10,000 square feet of retail space. The development will also include 130 for-sale townhomes to be constructed by a national homebuilder. Amenities will include a pool, fitness center, clubhouse and meeting rooms. Construction is slated for completion in spring 2022.

June 8, 2021

California Development Industrial Western

Shopoff, Artemis Real Estate Start Construction of 1.8 MSF Logistics Center in Inland Empire

by Amy Works June 8, 2021

IRVINE, CALIF. — Irvine-based Shopoff Realty Investments, in a partnership with Artemis Real Estate Partners, has broken ground for its Interstate-10 Logistics Center project, which is located near the I-10 and Cherry Valley Boulevard interchange in the Inland Empire East. Upon completion, the project will feature more than 1.8 million square feet of industrial space, which is being designed to obtain LEED Silver certification. The development will feature two industrial high-cube warehouses, one offering 811,000 square feet and the second offering 1 million square feet. The project will feature 40-foot clear heights, 300 dock-high roll-up doors and 519 trailer parking spots. The project site totals 240 acres, with approximately 155 acres included within the developed portion of the project, and the remaining 85 acres of land will be donated to the Rivers and Lands Conservancy as permanently conserved open space.

June 8, 2021

Development Georgia Mixed-Use Southeast

RocaPoint Breaks Ground on Phase II of $370M Halcyon Mixed-Use Project in Alpharetta, Georgia

by Julia Sanders June 7, 2021

ALPHARETTA, GA. — RocaPoint Partners has broken ground on the next wave of ground-up development at the $370 million, 135-acre mixed-use Halcyon community in Alpharetta that first opened to the public in the fall of 2019. The second phase includes a four-story brick and steel building that will feature 60,000 square feet of creative office space and The Forum Athletic Club, a new two-story fitness center totaling 23,000 square feet with an adjacent outdoor fitness field. Set to open in early 2022, this will be the third location of The Forum Athletic Club. Phase II will also include a 5,000-square-foot Dogtopia dog boarding and grooming studio. AKA Studio designed the interior of Building 1100 to feature open, accessible stairwells with natural light, HVAC systems with UV filtration and hands-free access throughout the building. The development is also located right off of Ga. Highway 400. RocaPoint made a deal with publicly traded pharmaceutical company Alimera Sciences to occupy a full floor totaling 14,900 square feet of Building 1100, which is set to deliver by the fourth quarter of 2021. Newmark is in charge of office leasing for the development. In addition to Alimera Sciences, Halcyon’s roster of office tenants includes JLL, …

June 7, 2021

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