development1

Allied Group Plans to Convert Two Retail Properties in Metro Tampa to 154-Unit Seniors Housing Community

by Alex Tostado October 26, 2020

ST. PETERSBURG, FLA. — Allied Group Holdings has completed the acquisition of two retail buildings in St. Petersburg, with plans to redevelop the properties into a seniors housing-anchored mixed-use project. The buyer acquired Maximo Mall, a 2.8-acre, 39,000-square-foot retail center, and the adjacent Maximo Plaza, a 2.5-acre, 10,600-square-foot, single-tenant retail building leased to Ace Hardware. The properties are situated in the Waterfront Skyway Marina District of St. Petersburg, three miles from downtown and one mile from the beach. Local private lender LV Lending provided $3.6 million in financing for the transactions. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending led the financing. Allied Group Holdings plans to redevelop the site into an eight-story, 154-unit assisted living facility. Construction is scheduled to begin in first-quarter 2021. Additional retail development will take place along U.S. Highway 19 at the same time. Jack Dougherty of Allied Group Holdings is also the developer of Marina Walk, a $50 million waterfront apartment complex under construction on the site of the former Flamingo Resort across the street from this new project.

October 26, 2020

Development Industrial Texas

Sunrider International to Open 71-Acre Manufacturing Plant in Midlothian, Texas

by Taylor Williams October 26, 2020

MIDLOTHIAN, TEXAS — Sunrider International, a California-based provider of food, health, beauty and household products, will open a 71-acre manufacturing and research and development facility in the southern Dallas suburb of Midlothian. Construction of the facility is underway, and the company will begin relocating employees of its California manufacturing operation to the new plant in 2021. The Dallas Morning News reports that Sunrider recently filed permits to develop a 340,000-square-foot building on the site, as well as to eventually build a facility spanning 1 million square feet or more. The newspaper also reports that the City of Midlothian and Ellis County offered Sunrider more than a 50 percent property and business tax abatement if the company ultimately expands its footprint to 600,000 square feet and hires more than 200 employees. Chicago-based merchant bank Conlon & Co. owns the site.

October 26, 2020

Development Indiana Midwest Multifamily

Flaherty & Collins Breaks Ground on $32M Whiskey River Apartments in Lawrenceburg, Indiana

by Kristin Harlow October 26, 2020

LAWRENCEBURG, IND. — Flaherty & Collins Properties has broken ground on Whiskey River, a $32 million luxury apartment development in Lawrenceburg, about 27 miles west of Cincinnati. The 150-unit project will include amenities such as a pool, lounge area, coworking lounge, fitness center, bark park and bike storage. The waterfront development will be located along the Ohio River. The name Whiskey River alludes to Lawrenceburg’s long history in whiskey production, earning it the nickname “Whiskey City, USA.” Busey Bank served as construction lender. Flaherty & Collins Construction is the general contractor and American Structurepoint is the architect and engineer. Completion is slated for summer 2022.

October 26, 2020

Development Midwest Minnesota Multifamily

Local Developers to Revitalize Historic Mansion with Apartment Project in Minneapolis

by Kristin Harlow October 26, 2020

MINNEAPOLIS — W+Noordijk, in partnership with Yellow Tree Development and Sentinel Management Co., have acquired the historic Alden Smith Mansion in Minneapolis and plan to restore and incorporate it into a larger 124-unit apartment project. The Minneapolis Community & Technical College (MCTC) had been actively pursuing restoration strategies for the mansion since 2010. The developers plan to fully revitalize the house and develop it into a social hub for residents, equipped with coworking spaces, a coffee bar, billiards room and wellness spaces. The mansion will also house three luxury apartment suites on the upper floor. Construction is scheduled to begin in November with completion slated for spring 2022. BHDM Design and Studio BV are serving as interior designers while DJR Architecture is the project architect. Yellow Tree Construction Services is the general contractor. Old National Bank arranged financing for the project. The developers purchased the house from the State of Minnesota, which had owned the property located on the MCTC campus since 1996. Horatio Alden Smith, the home’s original owner, was a partner in the Smith & Wyman Sash and Door Co. He lived in the house with his family from 1887 to 1906. His wife sold the home in …

October 26, 2020

Development Illinois Midwest Retail

Principle Construction Completes Four-Bay Truck Wash in Romeoville, Illinois

by Kristin Harlow October 26, 2020

ROMEOVILLE, ILL. — Principle Construction Corp. has completed the construction of Lola’s Truck Wash, a four-bay truck cleaning facility located at 1331 N. Independence Road in Romeoville. Principle worked to reduce the amount of fresh water required to support the 12,840-square-foot project in order to maximize environmental and economic efficiency. Principle built a series of trench drains and wastewater sediment separation tanks to facilitate water recycling needs of the truck wash. A&M Architects LLC was the project architect. Romeoville is the second heaviest-traveled truck corridor in Chicagoland, according to Principle’s COO Mark Augustyn. It is situated near I-55.

October 26, 2020

Development Multifamily New Jersey Northeast

Local Developer Opens 91-Unit Bay One Apartments in Bayonne, New Jersey

by Taylor Williams October 26, 2020

BAYONNE, N.J. — A local developer doing business as 957 Broadway, Urban Renewal LLC has opened Bay One, a 91-unit apartment complex located in the Northern New Jersey city of Bayonne. Bay One offers studio, one- and two-bedroom units and an 8,000-square-foot rooftop garden with grilling and dining areas, a fire pit lounge, fenced dog run and pet spa station. Rents start at $1,750 per month for a studio unit.

October 26, 2020

Development Multifamily Seniors Housing Washington Western

Cadence, Fluornoy Break Ground on 128-Unit Seniors Housing Community Near Seattle

by Amy Works October 26, 2020

KENT, WASH. — Cadence Living and Flournoy Development Group have broken ground on Cadence at Kent-Meridian in the Seattle suburb of Kent. The five-acre property is an infill location located adjacent to restaurants and other amenities, with views of Mount Rainier and contains a forest. The three-story building will feature 128 units for both independent and assisted living. Santé Development Group aided in the site selection process. “It is very rare to find a site that combines urban walkability with a natural preserve,” says Rob Leinbach, Cadence principal. “Combine that with the ability for an intergenerational experience with the adjacent high school and the fact that there has not been newer, state-of-the-art seniors housing construction in the Kent submarket leads us to believe we have a very special project.” A timeline for completion was not released.

October 26, 2020

Development Multifamily Seniors Housing Southeast Virginia

Joint Venture Breaks Ground on $86M Affordable Seniors Housing Community in Northern Virginia

by Alex Tostado October 23, 2020

RESTON, VA. — A joint venture between Enterprise Community Development (ECD) and Fellowship Square Foundation has broken ground on Lake Anne House, an $86 million affordable seniors housing community in Reston. The property will offer 240 units, with floor plans ranging from studio to two-bedroom layouts. The units will be available to seniors who earn at or below 60 percent of the area median income (AMI). Each resident will pay no more than 30 percent of their income toward their housing costs, including rent and a utility allowance. Communal amenities will include a fitness center, arts and crafts room, social hall, game room and an outdoor terrace. The developers expect to deliver the community in summer 2022. Financing for Lake Anne House comes from $46.5 million in tax-exempt bond financing from Virginia Housing, as well as a $700,000 loan from the Virginia Housing Trust Fund. Enterprise Housing Credit Investments (EHCI) and Capital One provided $21.5 million in Low-Income Housing Tax Credit equity, the Fairfax County Redevelopment and Housing Authority (FCRHA) provided $3 million in Blueprint Funding and EHCI affiliate Enterprise Community Loan Fund provided $7.2 million in bridge financing. Virginia Community Capital provided $1 million in predevelopment financing early in …

October 23, 2020

Development Multifamily Texas

GenCap Group Begins Leasing 350-Unit Sarah at Lake Houston Apartments in Metro Houston

by Taylor Williams October 23, 2020

HUMBLE, TEXAS — Dallas-based developer The GenCap Group has begun leasing The Sarah at Lake Houston, a 350-unit apartment community located in the northern Houston suburb of Humble. The property offers one-, two- and three-bedroom units with granite countertops, nickel hardware fixtures, stainless steel appliances and smart-entry locks. Amenities include a pool, fitness center, beer garden and a dog park, as well as private lake access. Greystar manages the property, which will officially open its doors later this month.

October 23, 2020

Development Multifamily New Jersey Northeast

BNE, Sterling Begin Leasing 110-Unit Grove at Piscataway Apartments in New Jersey

by Taylor Williams October 23, 2020

PISCATAWAY, N.J. — BNE Real Estate and Sterling Properties have begun leasing The Grove at Piscataway, a 110-unit apartment community in Northern New Jersey. The property offers one- and two-bedroom units that feature quartz countertops, tile backsplashes, custom cabinetry, stainless steel appliances and individual washers and dryers. Amenities include a fitness center, coworking lounge, children’s play area, Amazon package lockers and a dog spa, as well as an outdoor pool and grilling areas. Rents start from high $1800s, and limited-time incentives of up to two months free are currently available based on a 26-month lease.

October 23, 2020

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