development1

CitySquare to Develop Affordable Housing Property in Dallas Using Shipping Containers

by Taylor Williams January 29, 2021

DALLAS — Nonprofit organization CitySquare Housing will develop the Lomax Container Housing Project, an endeavor that will convert old shipping containers into affordable housing for Dallas residents. Construction of the project, which will be located at the intersection of S. Malcolm X Boulevard and Louise Avenue on the city’s southeast side, is expected to begin during the first quarter. Units will average 300 square feet and will be reserved for renters earning 60 percent or less of the area median income. Dallas-based Merriman Anderson/Architects designed the project. Shipping containers make for viable living structures because they are modular and are built out offsite and delivered complete with just hook-ups necessary.

January 29, 2021

Arizona Development Industrial Office Western

Graycor Completes 120,294 SSF Gilbert Spectrum V Flex Building in Arizona for Northrop Grumman

by Amy Works January 29, 2021

GILBERT, ARIZ. — On behalf of SunCap Property Group, Graycor Construction Co. has completed Gilbert Spectrum V, a flex office and industrial building located at 1715 W. Elliott Road in Gilbert. The two-story, 120,294-square-foot building adds to the expansion of Northrop Grumman’s multi-building satellite manufacturing campus in Gilbert. The building features 15-foot floor-to-floor elevations; state-of-the-art interior common areas and workspaces; and an outdoor employee amenity area with landscaping, shade canopies and seating. Additionally, the building offers a flagstone veneer exterior accented with steel canopies and 602 covered and surface parking spaces, including four electric vehicle charging stations. Graycor is completing Northrop Grumman’s interior build-out of Building V in two phases, with final delivery scheduled during first-quarter 2021. Balmer Architectural Group is serving as the building architect and Gensler is the tenant improvement architect. Bowman Consulting Group is serving as civil engineer. Gilbert Spectrum Building V is the latest property completed by SunCap and Graycor at the 63-acre Gilbert Spectrum Business Park. Already completed buildings include Northrop Grumman’s original 58,289-square-foot office building (delivered in 2017) and a 135,745-square-foot, 32-foot clear height manufacturing building leased to off-road vehicle supplier SDHQ Off Road, Pella Windows and disinfectant wipe manufacturer GPMI. At build out, …

January 29, 2021

Development Industrial Self-Storage Texas

Public Storage Opens 1,101-Unit Self-Storage Facility in West Houston

by Taylor Williams January 28, 2021

HOUSTON — Public Storage (NYSE: PSA) has opened a 1,101-unit self-storage facility at 2055 Hayes Road in West Houston. The site previously housed a self-storage property that was demolished to make way for the new 125,000-square-foot facility. Triad Construction Inc. served as the general contractor for the three-story project, which was completed in less than 10 months.

January 28, 2021

Development Michigan Midwest

Baker College to Open $51M Campus in Metro Detroit’s Royal Oak

by Kristin Harlow January 28, 2021

ROYAL OAK, MICH. — Baker College is building a new campus in Royal Oak, a northern suburb of Detroit. The 86,000-square-foot, seven-story campus will be situated at 420 S. Lafayette Ave. Construction recently began on the $51 million project, which is slated for completion in time for the 2022 academic year. The campus will accommodate approximately 1,500 undergraduate and graduate students. It will include classrooms, laboratories, study areas, gathering spaces and onsite parking. Edge Design Associates and Colasanti Construction Services Inc. make up the project team. Students at the Royal Oak campus will have the opportunity to pursue degrees in business, information technology, nursing, education, occupational therapy, physical therapy, criminal justice, psychology or liberal arts. Baker College, a private nonprofit college, currently maintains campuses in Auburn Hills, Cadillac, Jackson, Muskegon and Owosso, as well as its Culinary Institute of Michigan locations in Port Huron and Muskegon and its Auto Diesel Institute in Owosso. Baker College’s online program offers more than 40 academic options for students globally.

January 28, 2021

Development Multifamily Texas

Oldham Goodwin Completes 170-Unit Phase II of Catalon at Lago Mar Apartments Near Houston

by Taylor Williams January 28, 2021

TEXAS CITY, TEXAS — Oldham Goodwin Group LLC, a real estate development and management firm based in Central Texas, has completed Phase II of Catalon at Lago Mar, a project that added 170 apartments to the supply of Texas City, located southeast of Houston. Units feature stainless steel appliances, granite countertops and full-size washers and dryers. Amenities include a pool, outdoor fitness area, dog wash station and auto detailing station. Construction of Phase II began in August 2019. Rents start at roughly $1,000 per month for a one-bedroom unit, according to Apartments.com.

January 28, 2021

Development Hospitality Midwest Missouri

Midas Construction Underway on $26.4M AC Hotel in St. Louis

by Kristin Harlow January 28, 2021

ST. LOUIS — Midas Construction is building an AC Hotel in the Central West End of St. Louis. The seven-story, 192-room hotel is located at 215 York Ave. Construction costs total $26.4 million. Completion is slated for the fourth quarter of this year. Project developers include Concord Hospitality, Koplar Properties and Homebase Partners. The hotel is being built on a site formerly occupied by the KPLR television station, which was demolished in December 2019. Midas is optimizing its construction process by using building information modeling and fabricating some components offsite. The project team includes ENGWorks, HDA Architects, Alper Audi, DeLuca Plumbing, McClure Engineering, Eisen Group and DLR Group. This is the first hotel project in the Central West End in nearly 20 years, according to Midas.

January 28, 2021

Development New York Northeast Office

Tishman Speyer Tops Out 2.8 MSF Spiral Office Tower in Manhattan’s Hudson Yards District

by Taylor Williams January 28, 2021

NEW YORK CITY — Tishman Speyer has topped out The Spiral, a 2.8 million-square-foot office tower located within Manhattan’s Hudson Yards mixed-use development. The 1,031-foot, 65-story building encompasses an entire city block between West 34th to West 35th streets and from 10th Avenue to the four-acre Bella Abzug Park. The Spiral, which was designed by Bjarke Ingels Group and is expected to open in 2022, is the future site of the global headquarters of pharmaceutical giant Pfizer, which will occupy 746,000 square feet. Law firm Debevoise & Plimpton LLP is also relocating its headquarters to The Spiral with a footprint of 531,000 square feet, while asset management firm AllianceBernstein has also committed to 166,000 square feet, bringing the building’s preleased occupancy rate to 51 percent. Tenants on every floor will have access to outdoor space as part of a series of spiraling landscaped terraces and hanging gardens that wrap around the façade of the tower. The building will also house 25,000 square feet of retail space.

January 28, 2021

Affordable Housing California Development Loans Multifamily Western

Presidio Bay Ventures Receives $120M in Construction Financing for Ventana Residences Multifamily Project in San Francisco

by Amy Works January 28, 2021

SAN FRANCISCO — Presidio Bay Ventures has received on $120 million in construction financing for the development of Ventana Residences, an apartment community located at 99 Ocean Ave. in San Francisco’s Outer Mission and Excelsior District. The project is a joint venture between Presidio Bay and American Realty Advisors. TDA Investment Group (TDA) and the AFL-CIO Housing Investment Trust (AFL-CIO HIT) provided the construction financing. Ventana Residences will offer 193 family-friendly apartments, with 48 designated as below-market-rate units, in a mix of studio, one-, two- and three-bedroom floor plans. Community amenities will include a fitness center, co-working spaces, on-site childcare facilities, a two-level roof deck and a large-format, public-facing art program. Additionally, the project’s design incorporates sustainable elements including rooftop solar photovoltaic panels, all-electric appliances and individual utility submetering. Utilizing 100 percent union labor, the development of Ventana Residences will create more than 500 prevailing wage jobs and provide 25 percent on-site affordable housing, making the project the largest San Francisco community to be built under the city’s HOME-SF affordable housing development program.

January 28, 2021

Alaska Development Office Western

Perkins&Will Designs $30M Renovation of KeyBank Plaza Office Building in Downtown Anchorage

by Amy Works January 27, 2021

ANCHORAGE, ALASKA — Perkins&Will, a global architecture firm, in partnership with an Alaska-based developer, has designed the $30 million modernization and expansion of 601 W. 5th Avenue, formerly the KeyBank Plaza Building located in downtown Anchorage. Originally constructed in 1972 by Alaska Mutual Savings Bank, the nine-story property required extensive structural repairs as a result of the region’s 7.1 magnitude earthquake in November 2018. In addition to seismic reinforcements, the nine-story building will undergo an external transformation into a sleek, glacier-like office building, paying homage to Alaska’s natural wonders. The reimagined property will feature an additional 40,000-square-foot sloped façade that reconfigures the building to resemble a glacier. Floor-to-ceiling windows will replace the existing precast concrete cladding to allow for maximum natural light. The redesign also includes radiant heating, six new skylights and drought-tolerant native plants. The building will be retrofitted with significant interior improvements, including the replacement of all mechanical, electrical and plumbing systems; construction of a new stair tower; modernization of the elevators; and installation of a freight elevator.

January 27, 2021

Development Industrial Texas

M2G, Pennybacker Capital to Redevelop 250,000 SF Industrial Property in Dallas

by Taylor Williams January 27, 2021

DALLAS — A partnership between North Texas-based M2G Ventures and Austin-based Pennybacker Capital will redevelop a 250,000-square-foot industrial property in the West Brookhollow area of Dallas. The project will convert a 1960s-era brick warehouse on a nine-acre site into a modern industrial building that will feature 20- to 24-foot clear heights and will be marketed to light industrial and logistics users. The redeveloped property will be branded PROTO Park. Completion is slated for September. The partnership also recently purchased the former Tuesday Morning distribution center in Dallas with plans to redevelop it.

January 27, 2021

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