ADDISON, TEXAS — AMLI Residential will develop AMLI Tree House, a 449-unit apartment community that will be located in the northern Dallas metro of Addison. The development will consist of 370 market-rate apartments within the main building, 35 senior living units, 14 rental townhouses, 30 for-sale townhouses, unique live/work residences and 7,000 square feet of retail space. Construction is scheduled to begin in the first quarter of 2024, with preleasing set to launch in the second quarter of 2025. In conjunction with the branding of the property, the development team will remove and transplant four live oak trees from the property and plant over 350 new trees.
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PHILADELPHIA — Colliers has arranged a $27.1 million construction loan for a 124-unit multifamily project that will be located at 933 Canal St. in Philadelphia’s Northern Liberties neighborhood. The project carries a total price tag of $34 million and will include two commercial spaces. Bob Beckman of Colliers arranged the loan through Boston-based UC Funds on behalf of the borrower, locally based development and investment firm GY Properties.
AUSTIN, TEXAS — Dallas-based StreetLights Residential has completed The Asher, a 377-unit multifamily community in the Lakeline neighborhood of northwest Austin. The project represents the third phase of a larger development known as Presidio. Units come in one-, two- and three-bedroom formats and range in size from 676 to 1,763 square feet. Residences are furnished with custom cabinetry, granite countertops and tile backsplashes. Amenities include a pool, yoga lawn, coworking spaces, coffee bar, fitness center, pet wash and spa and lounge with space for personal projects or art classes. The first two phases of the Presidio development, The Elizabeth and The Michael, opened in 2019 and 2016, respectively. StreetLights Creative Studio served as the architect of record for the project and handled all interior design work in-house. SLR Construction LLC acted as the general contractor. Information on starting rents was not disclosed.
BURLESON, TEXAS — Locally based developer Realty Capital Residential has begun leasing Depot on Main, a 275-unit multifamily project in Burleson, located south of Fort Worth. The five-story building is situated adjacent to the Old Town district. Depot on Main offers one- and two-bedroom units ranging in size from 590 to 1,229 square feet. Amenities include a pool with a tanning deck, coworking lounge, coffee bar, rooftop deck and entertainment terrace, dog park, fitness center and outdoor grilling and dining areas. Rents start at $1,365 per month for a one-bedroom apartment.
NEW YORK CITY — RXR has inked a 700,000-square-foot office lease extension and expansion with global law firm Davis Polk & Wardwell LLP at 450 Lexington Avenue in Midtown Manhattan. The tenant has re-committed to the 40-story building, which was originally constructed in 1991, for the next 25 years and is taking an additional 30,000 square feet of space. The firm’s footprint now spans 23 floors. In conjunction with the deal, the locally based landlord also announced a $300 million renovation. Designed by Gensler, the project will include the full modernization of lobbies and the addition of numerous amenities. Renovations will also upgrade other common areas and the anchor tenant spaces. Lewis Miller, Andrew Sussman and Munish Viralam of CBRE represented Davis Polk & Wardwell in the lease negotiations. William Elder and Andrew Ackerman represented RXR on an internal basis.
FORT WORTH, TEXAS — Hillwood is underway on construction of two speculative industrial buildings totaling 449,232 square feet at AllianceTexas in North Fort Worth. Alliance Center East 2 and 3 will both span 224,616 square feet. Designed by RGA Architects, each building will feature 32-foot clear heights, 60-foot loading bays and 185-foot truck court depths with additional land for expanded car/trailer parking. Inwood Bank provided construction financing for the project. Delivery is slated for the first quarter of 2024.
MORRIS TOWNSHIP, N.J. — A partnership between two New Jersey-based developers, Accurate and DeVimy Equities, has completed Morris Marketplace, a retail redevelopment project in Northern New Jersey. The project brings 140,000 square feet of shopping, dining and entertainment space to the former corporate campus of Palmolive-Colgate in Morris Township. Morris Marketplace also features pocket parks, splash pads, public seating areas and al fresco dining spaces. Approximately 30 tenants have committed to the project, with more than half now open and operating.
CARTERET, N.J. — Crow Holdings has completed Crow Holdings at Carteret, a 1.2 million-square-foot speculative industrial facility that is situated on a 126-acre site in Northern New Jersey. The development consists of three buildings ranging in size from 335,000 to 480,000 square feet that feature 40-foot clear heights, as well as a total of 174 dock doors, 140 trailer parking spaces and six drive-in ramps. Construction was completed in about 18 months. Cushman & Wakefield is the leasing agent.
FORT WORTH, TEXAS — Locally based general contractor KWA Construction has topped out The Settler Apartments, a 362-unit multifamily project in Fort Worth. Designed by Hensley Lamkin Rachel and developed by Toll Brothers, Settler Apartments will be a four-story structure that will wrap around a five-story precast parking garage. Units will come in one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, outdoor grilling and dining stations, clubroom, dog run and a conference center. Full completion is slated for this fall.
SOMERSET, N.J. — San Francisco-based Prologis will develop a 436,900-square-foot industrial project in the Northern New Jersey community of Somerset. The site at 187 Davidson Ave. spans 47 acres. Building features will include a clear height of 40 feet, 190-foot truck court depths and ample car and trailer parking spaces. Delivery is slated for the second half of 2024. Noah Balanoff, Mark Hay and Jacquelyn Severino of Colliers represented Prologis in its acquisition of the land from an undisclosed seller. Colliers has also been retained as the project’s leasing agent.