development1

Avison Young Arranges $27.7M Construction Loan for Summertown Apartments Near Boise

by Amy Works January 23, 2020

MERIDIAN, IDAHO — Avison Young has secured a $27.7 million loan to finance the construction of Summertown Apartments in Meridian, a suburb 12 miles west of Boise. The borrower is a joint venture between Phoenix Commercial Construction and 111 Capital. Jay Maddox and Peter Sherman of Avison Young Capital Markets Group arranged the loan, which a Los Angeles-based private lender provided. Located adjacent to the 58-acre Settler’s Park, Summertown will offer 190 units in a mix of two-story rowhouses and three-story garden-style apartments with gated front garden areas and enclosed garages. Situated on 5.8 acres, the property will feature resort-like amenities. Construction is slated to begin first-quarter 2020, with the first units delivered during summer 2020.

January 23, 2020

Development Mixed-Use North Carolina Southeast Top Stories

Joint Venture to Develop $95M Mixed-Use Tower in Charlotte

by Alex Tostado January 23, 2020

CHARLOTTE, N.C. — A joint venture between Armada Hoffler Properties Inc. (NYSE: AHH), David Furman of Centro City Works and Charles Campbell of Flagship Healthcare Properties has unveiled plans for Ten Tryon, a 215,000-square-foot mixed-use development in Charlotte. The building will feature a Publix grocery store as well as a Fortune 100 office tenant. The developers expect the project will cost $95 million. The 15-story building, which is being designed to LEED standards, will feature 175,000 square feet of office space, a 340-space parking garage and a 9,000-square-foot indoor/outdoor rooftop restaurant. The project will be situated between 9th and 10th streets on North Tryon Street as part of the larger North Tryon Vision Plan that is geared toward developing and sustaining growth in the neighborhood. Armada Hoffler Construction Co., a wholly owned subsidiary of Armada Hoffler Properties, will serve as the general contractor for the project. The company anticipates breaking ground during the second quarter of 2020 with expected completion in summer 2022. The site is two blocks from the Ninth Street light rail station, providing tenants with multiple transportation options, and offers easy access to Interstate 277 for commuters. “Ten Tryon has everything we look for in a new ground-up development …

January 23, 2020

Arizona Development Mixed-Use Office Restaurant Retail Western

Palmer Development Breaks Ground on 250,000 SF Office, Retail Project in Scottsdale

by Amy Works January 22, 2020

SCOTTSDALE, ARIZ. — Scottsdale-based Palmer Development Group has broken ground on The Edge, a mixed-use project located at the northeast corner of 90th Street and Loop 101 in Scottsdale. The 15-arce development will include a four-story, 212,000-square-foot Class A office building, plus 22,000 square feet of retail in-line shop space and two pad locations. Designed by Butler Design Group, the office portion is slated for completion in March 2021, while initial occupancy of the retail space is planned for December 2020. Currently signed retail tenants include Black Rock Coffee, Café Rio and Beauty Bar. John Bonnell, Brett Abramson, Chris Latvaaho and Chris Beall of JLL Phoenix are handling leasing for the office component, while Brent Mallonee and Shane Carter of Cushman & Wakefield are handling leasing for the retail portion of the project.

January 22, 2020

Arkansas Development Multifamily Southeast Student Housing

Aptitude Breaks Ground on 647-Bed Student Housing Community Near University of Arkansas

by Alex Tostado January 22, 2020

FAYETTEVILLE, ARK. — Aptitude Development has begun construction on The Marshall Arkansas, a 647-bed student housing community located near the University of Arkansas in Fayetteville. Aptitude expects to deliver the property in August 2021. The community will offer shared amenities including a 14,000-square-foot clubhouse, fitness facilities, resident lounges, a rooftop deck, swimming pool and an open-air social space. The property will also feature Aptitude’s branded study lounge dubbed “The Thought Center,” which features group breakout rooms with smart televisions and white boards alongside private study corrals.

January 22, 2020

Development Georgia Retail Southeast

Elevator City Partners Unveils Plans for $400M West End Mall Redevelopment in Atlanta

by Alex Tostado January 21, 2020

ATLANTA — Elevator City Partners (ECP) has unveiled plans for its $400 million West End Mall redevelopment project in Atlanta’s historic West End neighborhood. The announcement follows months of public and private strategic meetings with community leaders and stakeholders, including nearby historic black colleges Spelman, Morehouse, Clark Atlanta University and Morehouse School of Medicine. The redevelopment of West End Mall will feature retail, restaurants, offices and housing delivered in two phases. The City of Atlanta provided a $2 million predevelopment loan to locally based-ECP to secure the site, perform due diligence work, begin preliminary designs with architectural firm Gensler and conduct feasibility studies with Alexander Babbage and Noell Consulting Group. The loan comes with affordable housing reserves for any future housing on the site. ECP seeks to raise $400 million from multiple types of public and private investors that could be interested in the project’s opportunity zone offerings. ECP says the project has attracted the interest of large banks, family offices and foundations and that one family office has brought a national hotel developer to the project. Atlanta BeltLine originator Ryan Gravel and venture capitalist Donray Von co-founded ECP. The firm will launch a $15 million fund to support minority-owned …

January 21, 2020

Acquisitions Multifamily Texas

Embrey Partners Buys Land in Fort Worth for 293-Unit Apartment Project

by Taylor Williams January 21, 2020

FORT WORTH, TEXAS — San Antonio-based developer Embrey Partners has purchased land in Fort Worth for a 293-unit apartment project. The community will be located southwest of downtown near The Shops at Clearfork and will feature one-, two- and three-bedroom units. Amenities will include a pool, fitness center, a dog park and bike storage space. The groundbreaking is scheduled for the end of January, and the first units are expected to be available for occupancy in summer 2021.

January 21, 2020

Birtcher-Airport-Facility-San-Bernardino-CA

California Development Industrial Western

Birtcher Development Buys 20-Acre Site for Airport Distribution Center in San Bernardino

by Amy Works January 21, 2020

SAN BERNARDINO, CALIF. — Newport Beach, Calif.-based Birtcher Development has acquired a 20-acre land parcel fully entitled for the development of a speculative regional fulfillment and distribution center. The seller, 6th Street LLC, sold the site for $17.6 million. Birtcher plans to break ground on the project this spring with completion slated for fourth-quarter 2021. Designed by Irvine, Calif.-based HPA Architecture, the 406,710-square-foot facility will feature an eight-inch slab and 40-foot clear heights, resulting in 16 to 20 percent more pallet positions than a typical 36-foot warehouse. Additionally, the building will include 65 dock-high doors, 167 designated trailer stalls in a secured concrete truck yard, 259 auto parking spaces and two grade-level loading doors. Power for the site includes 4,000 AMP service (2,000 AMPs installed), 2.5 percent parabolic skylights and 100,000 kW/h/year of solar power that will be ready for tenant use. Located within the Inland Empire, the parcel is located on Sixth Street between Lankershim and Sterling avenues, three blocks from the San Bernardino International Airport and accessible to interstates 10 and 215. Additionally, the property is two blocks form a planned $200 million air cargo logistics center that will house up to 16 aircraft and generate nearly 4,000 …

January 21, 2020

Development Florida Mixed-Use Southeast

Partnership Breaks Ground on 55-Acre Mixed-Use Development in Naples, Florida

by Alex Tostado January 20, 2020

NAPLES, FLA. — Barron Collier Co. and Metro Commercial Development Group have broken ground on Founders Square, a 55-acre mixed-use development in Naples. The Pointe, a collection of restaurants and other service and retail tenants, will anchor the project. At full buildout, the project will include The Haldeman, a 400-unit multifamily complex; a 35,000-square-foot medical office building adjacent to The Pointe; and a 110,000-square-foot self-storage facility. Atlanta-based Davis Group will develop the self-storage facility, which will stand three stories high. Founders Square is located at the corner of Immokalee Road and Collier Boulevard, 15 miles northeast of downtown Naples. Developers expect the property to be delivered in summer 2021.

January 20, 2020

Arizona Development Mixed-Use Office Restaurant Retail Western

Nationwide Realty Investors Announces Next Phase of Rivulon Mixed-Use Project in Arizona

by Amy Works January 20, 2020

GILBERT, ARIZ. — Nationwide Realty Investors received approval from the Town of Gilbert for the next phase of development at Rivulon, a master-planned mixed-use project located at the corner of Gilbert Road and Arizona Loop 202 in Gilbert. The phase will include two four-story, 160,000-square-foot office buildings with an adjacent parking structure. Situated in the center of the development, the buildings will feature a glass façade adorned with natural limestone pillars. Additionally, the new phase will feature a one-acre lake feature, walking paths and outdoor seating. The parking structures will be adjacent to the lake and feature more than 850 parking spaces. Construction is slated to begin mid-2020 with completion by the end of 2021. The 250-acre Rivulon development is currently home to Deloitte, Isagenix International’s world headquarters, Morgan Stanley, Amerifirst Financial and Merrill Lynch. Retailers at the development include LA Fitness, Wildflower Bread, Sauce Pizza & Wine, Jersey Mike’s Subs, Yogi’s Grill Teriyaki & Roll and Grabbagreen.

January 20, 2020

Development Illinois Midwest Office

Moceri + Roszak Completes Development of 20-Story Office Building in Chicago

by Kristin Harlow January 20, 2020

CHICAGO — Moceri + Roszak has completed the development of a 20-story, loft-style office building in Chicago’s Loop. Firmspace, an Austin-based shared office provider, has leased the top three floors of the 210,000-square-foot property. Known as 145 South Wells, the building includes a 12,000-square-foot amenity center with conference rooms, a fitness center, golf simulator, martini and espresso bar and outdoor space. The project also features a 24-stall executive parking garage and 3,840 square feet of ground-floor retail space. Mason Taylor and Chris Cassata of JLL are handling leasing at the property. Corey Siegrist of JLL represented Firmspace in its lease. The tenant plans to take occupancy in mid-October. Thomas Roszak Architecture is the project architect. Bentall Kennedy provided project financing.

January 20, 2020

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