development1

KRE Group, NREA Open 68-Story Journal Squared 2 Multifamily Tower in Jersey City

by Taylor Williams June 7, 2021

JERSEY CITY, N.J. — A partnership between KRE Group and National Real Estate Advisors LLC has opened Journal Squared 2, a 68-story multifamily tower in Jersey City. Designed by HWKN and Handel Architects, the property features 704 units that are now more than 50 percent leased. Floor plans include micro studio, studio, one-, two- and three-bedroom options. The project represents the second phase of a larger development that began with the delivery of a 53-story, 538-unit apartment tower. Residents have access to nearly 100,000 square feet of indoor and outdoor amenities between the two buildings. Rents start at $1,960 per month.

June 7, 2021

Affordable Housing Development Michigan Midwest Multifamily

Woda Cooper Opens $14M Mixed-Income Housing Project in Michigan’s Upper Peninsula

by Kristin Harlow June 7, 2021

SAULT STE. MARIE, MICH. — Woda Cooper Cos. Inc. has opened Osborn Commons, a $14 million mixed-income housing project located at 215 Governor Osborn Blvd. in downtown Sault Ste. Marie, a city in Michigan’s Upper Peninsula. Of the project’s 65 units, 63 are available for residents who earn 30 to 80 percent of the area median income. Two units are available at market rate and seven units are designated for those with disabilities. Amenities include a fitness center, management office and two community rooms. The development also includes a 2,000-square-foot retail store known as The Market on Osborn. Local entrepreneurs Steve and Kathy Twardy operate the store, which sells beverages, snacks, dairy products, fresh produce, packaged dry goods and a variety of breakfast and lunch options. The Michigan State Housing Development Authority provided affordable housing tax credits for the project. Affordable housing investor CREA LLC provided equity financing; lender Cedar Rapids Bank & Trust provided the first mortgage; and Merchants Capital provided a construction loan. The City of Sault Ste. Marie provided a Payment in Lieu of Taxes (PILOT). Hooker DeJong Inc. was the project architect and Sol Consulting + Design provided sustainability consulting. The U.S. Green Building Council certified …

June 7, 2021

Data Centers Development Industrial Texas

Switch Inc. Buys Land in Metro Austin from Dell for Development of 1.5 MSF Data Center Campus

by Taylor Williams June 4, 2021

ROUND ROCK, TEXAS — Switch Inc. (NYSE: SWCH), a Las Vegas-based data center developer and operator, has purchased land in the northern Austin suburb of Round Rock from Dell Technologies for the development of a 1.5 million-square-foot campus. The site is adjacent to Dell’s global headquarters campus. The property will be Switch Inc.’s fifth data center campus in Texas and will be known as The Rock. Switch Inc., which recently acquired Data Foundry, a provider of colocation services in Texas, expects to begin site preparation and permitting for the project this summer. The company also intends to power its new facility with 100 percent renewable energy.

June 4, 2021

Development Hospitality Massachusetts Northeast

Carpenter & Co. Completes 61-Story Hotel, Residential Tower in Boston

by Taylor Williams June 4, 2021

BOSTON — Locally based developer Carpenter & Co. has completed the Four Seasons Hotel & Private Residences One Dalton Street, a 61-story tower located in Boston’s Back Bay neighborhood. Designed by Pei Cobb Freed and Cambridge Seven Associates, the building consists of 160 for-sale private residences that are situated atop 215 hotel rooms. Residential units include one-bedroom homes and duplex penthouses. Residents and guests have access to shared amenities such as a lounge, an indoor pool, fitness center, spa, yoga and Pilates studios, golf simulator room with a wet bar, theater and performance room, meeting facilities and a pet washing station. The building also houses three food and beverage concepts, including contemporary Japanese restaurant Zuma, craft cocktail bar Trifecta and One + One, a concept managed by Four Seasons.

June 4, 2021

Development Industrial Northeast Pennsylvania

Court Street, Walton Capital to Develop 381,200 SF Distribution Center in Philadelphia

by Taylor Williams June 4, 2021

PHILADELPHIA — A partnership between developer Court Street Ventures and Chicago-based private equity firm Walton Street Capital will develop Crown 95 Logistics Center, a 381,200-square-foot distribution center that will be located in northeast Philadelphia. Crown 95 Logistics Center will feature a clear height of 36 feet and 3.5 acres of secured off-street parking for trailers, vans and cars. Construction is expected to begin before the end of the year and to be complete in the third quarter of 2022. Colliers International has been tapped to lease the Class A development.

June 4, 2021

Colorado Development Multifamily Western

Southern Land Co. Breaks Ground on 385-Unit Multifamily Component of Karl’s Farm Development in Northglenn, Colorado

by Amy Works June 4, 2021

NORTHGLENN, COLO. — Southern Land Co. has broken ground on a residential portion at the Karl’s Farm development in Northglenn. Located at 1801 E. 120th Ave., the $90 million project will feature a mix of townhome, studio, one-, two- and three-bedroom apartments. Situated on 13.8 acres, the 385 residences will be split between three-story townhomes and four-story, elevator-served apartment buildings. The units will feature a boutique, modern industrial style. Community amenities will include a pool, private outdoor spaces, dog spa, bike shop and shared workspaces. The 66-acre Karl’s Farm development will include apartments, single-family homes, commercial space, parks, open spaces and trails. The project team for the residential portion includes Denver-based KTGY Group, Southern Land Co.’s in-house construction division, Denver-based Kimley-Horn and Houston-based Integrity Structural Group.

June 4, 2021

Development Indiana Midwest Multifamily

Birge & Held Opens Five-Story Apartment Community in Indianapolis

by Kristin Harlow June 4, 2021

INDIANAPOLIS — Birge & Held has opened The E’Laan Apartments, a five-story apartment community located at 515 E. Market St. in downtown Indianapolis. The 71-unit property features studio, one- and two-bedroom floor plans. Amenities include a rooftop pool, lounge area, dog park and parking garage. Residents can now receive two months of free rent if they sign a 13-month lease prior to June 30. Monthly rents start at $1,276. Indianapolis-based Birge & Held, which served as the developer and contractor, has more than $1.6 billion in projects under management and has acquired over 14,000 units throughout the central United States.

June 4, 2021

Development Midwest Missouri Multifamily

Sky Real Estate, Sunflower Development Complete $36M Multifamily Adaptive Reuse Project in St. Joseph, Missouri

by Kristin Harlow June 2, 2021

ST. JOSEPH, MO. — Sky Real Estate LLC and Sunflower Development Group LLC have completed a $36 million adaptive multifamily reuse project in downtown St. Joseph, about 55 miles north of Kansas City. The project involved the conversion of the former Richardson Dry Goods Co. headquarters into a 140-unit, loft-style apartment complex named American Electric Lofts. Amenities include a game room, fitness room, pet park and smart home technology throughout the property. Hazel’s Coffee recently opened on the building’s first floor. SWD Architects, Lankford Fendler + Associates and Rau Construction made up the project team. The developers utilized federal and state historic tax credits.

June 2, 2021

Development North Carolina Office Southeast

USAA to Open 90,000 SF Office in Charlotte’s South End

by Julia Sanders June 2, 2021

CHARLOTTE, N.C. — USAA will open a new 90,000-square-foot office in Charlotte later this year. The San Antonio- based financial services company entered into a lease agreement with the undisclosed landlord to occupy space within The Square at South End, a 10-story office building located at 200 W. Boulevard. The new location was selected because of the area’s highly skilled individuals in the financial services sector. USAA already has a number of employees living in the Charlotte area. The new office location will eventually host approximately 750 employees who will work either onsite or in a hybrid model. USAA will lease six floors of the 153,000-square-foot building. Employees are expected to begin moving into the building by the end of 2021.

June 2, 2021

California Development Loans Office Western

Mesa West Capital Funds $178M Loan for Acquisition, Conversion of San Mateo Bay Center Office Campus in California

by Amy Works June 2, 2021

SAN MATEO, CALIF. — Mesa West Capital has provided Longfellow Real Estate Partners with a $178 million first mortgage loan to recapitalize costs associated with its recent acquisition and fund the planned repositioning of the San Mateo Bay Center office campus in San Mateo. A portion of the proceeds from the five-year, floating-rate loan will be used to convert the 235,911-square-foot conventional office property into a life sciences and laboratory facility. Developed in 1984, San Mateo Bay Center features two seven-story office towers located at 901 and 951 Mariner’s Island Blvd. Campus amenities include showers, a fitness center, café and outdoor patio space. The campus is located in the mid-peninsula Foster City/San Mateo life sciences market with an inventory of nearly 2 million square feet of life sciences space, anchored by the 1.4 million-square-foot world headquarters campus for Gilead Sciences. Ramsey Daya of Newmark Knight Frank arranged the financing. Mark Osher of Gibson, Dunn and Crutcher LLP represented Mesa West Capital in the deal.

June 2, 2021

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