CHICAGO — Clune Construction has completed Sterling Bay’s new headquarters in Chicago’s Fulton Market. IA Interior Architects designed the 28,000-square-foot space, which pays tribute to Chicago and its architectural history. Sterling Bay owns the property, which is located at 333 N. Green St. Construction began in February 2020 and the project was severely impacted by COVID-19 a month later. Sterling Bay is a Chicago-based real estate investment and development company.
PHILADELPHIA — GoldOller Real Estate Investments, a locally based multifamily owner-operator, will develop a $20 million, 157,000-square-foot self-storage facility in Philadelphia. The site of the new five-story, climate-controlled facility is located at 3145 Greys Ferry Road, adjacent to the Schuylkill Expressway in the University City area. The facility will be GoldOller’s second following the development of an 80,000-square-foot property in Philadelphia’s Fishtown neighborhood. CubeSmart operates that facility. GoldOller plans to break ground on the project in the coming weeks. A tentative completion date was not disclosed.
RALEIGH, N.C. — Avison Young has secured a $40 million senior loan to fund the pre-development activities and horizontal infrastructure construction for Midtown Exchange, a $1 billion mixed-use development underway in Raleigh. The developer of Midtown Exchange, Dewitt Carolinas, received the funding for the 353,000-square-foot office tower. Wes Boatwright, Mike Yavinsky and Jon Goldstein of Avison Young led the financing transaction through an undisclosed lender. At full buildout, Midtown Exchange will include 790,000 square feet of Class A office space, 1,275 residential units, 300 seniors housing units, 300 hotel rooms, 125,000 square feet of retail and dining space, a convention center and more than seven acres of green space and park amenities. Raleigh-based Dewitt Carolinas is active in development, ownership, management and acquisition of real estate throughout the Carolinas. The firm has completed more than 600 developments and over $2 billion of construction.
OCONOMOWOC, WIS. — Developer Mandel Group has selected McShane Construction Co. to build Hackney House Apartments at Pabst Farms in Oconomowoc, about 35 miles west of Milwaukee. The apartment community will include 302 units across 20 garden-style and townhome buildings. Amenities will include a 4,000-square-foot clubhouse, fitness center, outdoor pool, grill area, dog wash and bike storage. HUD 221(d)(4) financing will be used to finance the project. Completion is slated for April 2023. BSB Design is the architect.
STUDIO CITY, CALIF. — Midwood Investment & Development will open The Shops at Sportsmen’s Lodge, a 95,000-square-foot retail center in Studio City, this summer. The rolling opening will begin on June 10 with the debut of anchor tenant Erewhon, the Los Angeles-based market and café. The location will be Erewhon’s seventh store and its first in the San Fernando Valley. Other tenants slated to open this summer include Civil Coffee, Free People Movement, Madison Reed, Myodetox, Roberta’s Pizza, SALT Optics, Tocaya, Tuesday’s Sweet Shoppe, Ushi Ushi, Van Leeuwen and Vuori. More than a dozen additional tenants will be announced at a later date. Gensler and OLIN provided design and architectural services for the redevelopment the property, which replaces the former meeting and convention space. The development team worked closely with the city’s Cultural Heritage Commission to maintain the rustic spirit of the Lodge, the existing natural foliage and tree canopy.
ORLANDO, FLA. — Centennial Bank has provided a $68 million loan to Unicorp National Developments Inc. for the construction of The Bentley, a 396-unit apartment tower in Orlando. The high-rise is part of Unicorp’s $1 billion mixed-use development O-Town West. Robby Barrows of Centennial Bank led the loan transaction for developer Unicorp. O-Town West will be a multi-phase, live-work epicenter delivering single-family homes, apartments, a Publix-anchored retail package and office space. Confirmed tenants for The Town Center at O-Town West include Publix, AT&T, Heartland Dental, McDonalds and Planet Smoothie. The Bentley is one of the first phases of the development, in addition to Town Center, both of which are slated to break ground soon. The Bentley is slated for completion at the end of next year. The Bentley’s amenities will include a resort-style swimming pool with a Jacuzzi, resident lounge with a coffee bar, social area featuring billiards and arcade games, theater room, entertainment lanai with a TV, Zen garden with hanging moon chairs and water features, outdoor walking trail, a firepit, 24-hour fitness center with TRX and yoga studio, conference room, bike rentals, outdoor gaming areas and electric car charging stations. Centennial Bank has financed more than $149 million …
AUSTIN, TEXAS — Minneapolis-based Ryan Cos. will develop a 350-unit apartment community within the Mueller District, the 700-acre site of a former airport in Austin. The project will include 2,500 square feet of retail space, and 15 percent of the units will be reserved for renters earning 60 percent or less of the area median income. Details about the development’s floor plans and amenities were not released. Construction is expected to begin in the fourth quarter.
MOUNT PROSPECT, ILL. — Wingspan Development Group has begun pre-leasing for Maple Street Lofts, a 192-unit luxury apartment community in Mount Prospect, a northwest suburb of Chicago. Located at 207 S. Maple St., the six-story property includes an Angelo Caputo’s Fresh Market grocery store on the ground floor. The transit-oriented development is situated across the street from the Mount Prospect Metra station. First move-ins are slated to begin this summer. Designed by Chicago-based Studio 222 Architects, Maple Street Lofts offers studio, one- and two-bedroom floor plans ranging from 591 to 1,180 square feet. Monthly rents range from $1,550 to $2,885. Amenities include a business center with four private offices for working from home, a fitness center, yoga studio, resident lounge, pool, gaming area, sun deck, bark park and package room. The 16,000-square-foot grocery store is slated to open this fall. Wingspan’s sister company, Nicholas & Associates, is the general contractor. Lincoln Property Co. will oversee leasing and property management.
WIND GAP, PA. — A partnership between locally based developer J.G. Petrucci Co. Inc. and Boston-based Cabot Properties will develop a 318,440-square-foot speculative industrial project in the Lehigh Valley city of Wind Gap. The property will feature a clear height of 36 feet, 39 dock-high loading positions, two drive-in doors, 54 trailer positions and ESFR fire protection. Jon Mikula and John Plower of JLL arranged the partnership between the two firms. A construction timeline was not disclosed.
KISSIMMEE, FLA. — JLL Capital Markets has secured $59 million in bridge financing for the development of Dolce Living Royal Palm, a 326-unit multifamily property located in Kissimmee. Gregory Nalbandian and Jesse Wright of JLL led the team representing the borrower, Sovereign Properties, to secure a three-year, non-recourse bridge loan through Värde Partners. The property is set to open in May. The lease-up bridge financing will retire the existing constriction loan and preferred equity, lower the sponsor’s cost of capital as it begins to lease-up the property, fund remaining construction costs to complete the project and return a portion of the sponsor’s invested equity. Dolce Living Royal Palm apartments will include one-, two- and three-bedroom units averaging 956 square feet. Community amenities will include a swimming pool, media center, movie theater, billiards and game room and golf simulator. Located at 3250 Orleans Ave., the property is situated 5.3 miles from Walt Disney World Resort, 26 miles from Orlando International Airport and 31 miles from downtown Orlando.
