development1

KDC Tops Out Headquarters for Sammons Financial Group in West Des Moines

by Kristin Harlow January 20, 2020

WEST DES MOINES, IOWA — Developer KDC has topped out the new corporate headquarters for Sammons Financial Group in West Des Moines. The six-story, 217,000-square-foot Class A office building will house 600 employees. Completion of the property is slated for this fall. The building will include a two-story amenity area. Sammons is a privately held company that provides life insurance, annuity and retirement planning products. The Weitz Co. is the general contractor. SVPA and HKS are project architects.

January 20, 2020

California Development Mixed-Use Office Restaurant Retail Western

Stockdale Capital Partners to Proceed with Horton Plaza Mall Redevelopment in San Diego

by Amy Works January 17, 2020

SAN DIEGO — Stockdale Capital Partners and Macy’s have reached an agreement for the redevelopment of the existing Horton Plaza Mall in downtown San Diego. The project was put on hold due to a disagreement between the two companies. Macy’s has now agreed to close its store at the property, paving the way for the redevelopment to continue. The terms of the agreement were not disclosed. Stockdale Capital will now continue with its redevelopment plans to transform the nearly vacant mall into The Campus at Horton, a creative office, entertainment and retail center. The redevelopment will include 700,000 square feet of sustainably-driven creative office space that will be home to 3,000 to 4,000 new high-quality jobs. Slated for completion in 2021, the property will also include creating 300,000 square feet of curated retail space and an activated and reimagined Horton Plaza Park. In May 2019, the San Diego City Council unanimously approved reducing the previous retail deed restriction on the property and Stockdale Capital Partners’ redevelopment vision. The Macy’s store will reportedly close in March, and redevelopment of the site is scheduled to begin in 2021, according to The Times of San Diego.

January 17, 2020

Acquisitions California Development Multifamily Student Housing Western

HighBridge Properties Sells 706-Bed Lincoln40 Development Near the University of California, Davis

by Amy Works January 16, 2020

DAVIS, CALIF. — HighBridge Properties has sold Lincoln40, a 706-bed student housing community currently under development near the University of California, Davis. Grand Peaks Properties acquired the project for an undisclosed price. HighBridge began construction on the community last fall, and will continue to co-develop the property alongside the new ownership. Upon completion, the community will offer two-, three-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Shared amenities will include private study areas, a fitness facility, game room and lounge, as well as an outdoor swimming pool with cabanas and outdoor lounges featuring barbecue stations and gas fire pits. The development team also plans to contribute $1 million to the City of Davis for the construction of a pedestrian/bicycle bridge over the railroad tracks just north of the property, connecting to the city’s downtown business district. The project is scheduled for completion in fall 2021. The name is a reference to the project’s proximity to Route 40, also known as Lincoln Highway, according to the Davis Enterprise.

January 16, 2020

Development Florida Loans Multifamily Southeast

3650 REIT Provides $50M Construction Loan for Multifamily Community in Miami Gardens

by Alex Tostado January 15, 2020

MIAMI GARDENS, FLA. — 3650 REIT has provided a $50 million construction loan for the development of the Center at Miami Gardens, a 259-unit multifamily property to be located at 19279 NW 27th Ave. in Miami Gardens. Located 18 miles northwest of Miami and less than three miles from Interstate 95, the Center at Miami Gardens will feature three residential buildings and a clubhouse. Los Angeles-based multifamily developer The Latigo Group LLC broke ground in October 2019 and plans to deliver the first apartments in late 2020, with completion scheduled for spring of 2021. The complex will be situated on approximately 10 acres of land along with parks and ponds.

January 15, 2020

Development Industrial Kentucky Southeast

Hunt Midwest to Develop 322,000 SF Spec Industrial Facility in Louisville

by Alex Tostado January 15, 2020

LOUISVILLE, KY. — Kansas City, Mo.-based Hunt Midwest will develop Blankenbaker Logistics Center, a speculative industrial building located 13 miles southeast of downtown Louisville within Blankenbaker Station business park. Blankenbaker Logistics Center will occupy a 20-acre site at 13007 Rehl Road and include more than 322,000 square feet of leasable space, 187 surface parking stalls, 44 tractor trailer parking stalls and a 140-foot truck court. Building features will include 32 dock positions in a cross-dock configuration with 36-foot clear heights, four drive-in doors and mechanical dock equipment. Completion of the Blankenbaker Logistics Center is scheduled for December of this year. Located south of Interstate 64 and west of Interstate 265, Blankenbaker Logistics Center will be adjacent to the local FedEx Ground terminal, with access to UPS Worldport and Ford’s Kentucky Truck and Louisville Assembly Plants. The design team includes civil engineer Mindel Scott, architect H2B Architects and general contractor Summit Construction. Kevin Grove of CBRE will represent Hunt Midwest in the lease-up of the facility.

January 15, 2020

Development Georgia Retail Southeast

Allied Esports, Simon Announce 13,000 SF Esports Venue Coming to Mall of Georgia

by Alex Tostado January 15, 2020

BUFORD, GA. — Allied Esports, a global esports entertainment company, and Simon Property Group Inc., a REIT and shopping mall operator, have announced that Mall of Georgia in Buford will be the location for the companies’ first dedicated esports venue. The two-level, 13,000-square-foot facility will be a gaming and esports destination. The venue will feature regular amateur and professional esports tournaments and events spanning a variety of games and genres. The location, which will have full broadcast and streaming production capabilities, will also offer PCs and consoles for daily use, full food and beverage options and experiential retail. The redevelopment of the current retail space is expected to begin in the second quarter of 2020, with an opening of the venue anticipated in the second half of the year. Mall of Georgia, the largest shopping destination in the Southeast, features more than 200 shops, a dining pavilion and movie theater. Allied Esports and Simon announced a strategic alliance in June 2019. The two companies plan to open dedicated esports venues at Simon centers around the country and create a co-produced national amateur esports tournament — the Simon Cup — featuring online competition and in-person events at Simon locations.

January 15, 2020

Development Loans Mixed-Use Multifamily Washington Western

MRC Provides $27M in Financing for Two Multifamily Developments in Metro Seattle

by Amy Works January 15, 2020

SEATTLE and TACOMA, WASH. — Madison Realty Corp. has originated a $27 million first mortgage loan. The financing will allow the undisclosed borrower to complete construction of an eight-story, 158,952-square-foot mixed-use rental building with 144 apartments and 5,917 square feet of ground-floor retail space in Tacoma. The property is already 65 percent complete and will be a key component of The Tacoma Town Center, a multi-purpose, mixed-use, urban development that will include multifamily, retail and office space. Located in Tacoma’s Hilltop neighborhood, the mixed-use property will feature apartments on floors three through eight in a unit mix of 36 studios, 83 one-bedrooms and 25 two-bedrooms. A partially subterranean, 116-space parking garage will cover the three bottom floors with an entrance/exit along 23rd Street. A 1,000-square-foot amenity room will be located on the third floor. Additionally, the borrower used the funding to refinance an existing land loan on a 9,878-square-foot development site in the Denny Triangle/Belltown neighborhood of downtown Seattle. The site currently houses a vacant restaurant property and is entitled for a future condominium tower.

January 15, 2020

Development Midwest Missouri Retail

McCarthy Completes Construction of Two-Story St. Louis Aquarium at Union Station

by Kristin Harlow January 15, 2020

ST. LOUIS — McCarthy Building Cos. has completed construction of the St. Louis Aquarium at Union Station. The 120,000-square-foot, two-story attraction is situated inside a nearly 500,000-square-foot, 19th-century train shed designated as a national landmark. Featuring 1.3 million gallons of water and thousands of aquatic animals, the aquarium is the centerpiece of a $160 million family entertainment complex developed for Union Station by Lodging Hospitality Management. PGAV Destinations designed the project. ZoOceanarium Group will operate and manage the aquarium.

January 15, 2020

Acquisitions Development North Carolina Office Southeast

Beacon Partners Purchases 7.6 Acres in Charlotte for LoSo Station Office Building

by Alex Tostado January 14, 2020

CHARLOTTE, N.C. — Beacon Partners has purchased two parcels totaling over 7.6 acres in Charlotte from Raleigh-based Cherokee Fund that will house a five-story, office building. The project will be part of LoSo Station, a mixed-use development in Charlotte’s Lower South End (LoSo) neighborhood. Beacon’s office development will encompass 80,000 square feet of office and retail space, with an expected move-in date of 2021. The design team for the office building includes RBA Architects and landscape architect LandDesign. Beacon’s Kristy Venning is overseeing leasing. The 15-acre LoSo Station is master-planned to include over 1 million square feet of office and retail space, a hotel and 350 multifamily units to be developed by Crescent Communities. LoSo Station is located directly across from the Scaleybark Lynx Station and is situated on the Charlotte Rail Trail, a 3.5-mile public path. The master plan for LoSo Station incorporates rooftop entertainment, meeting space, outdoor retail plazas and athletic fields.

January 14, 2020

Development Multifamily Southeast Virginia

Gables Residential Opens Transit-Oriented Apartment Community in Arlington, Virginia

by Alex Tostado January 14, 2020

ARLINGTON, VA. — Gables Residential has opened Gables Pointe 14, a 370-unit apartment community in the Fort Myer Heights neighborhood of Arlington. KTGY Architecture + Planning designed the LEED Silver-certified complex, which features Art Deco elements. Located at 1351 N. Rolfe St. near Route 50, the development comprises a six-story mid-rise building and a 12-story high-rise building. The urban-infill development is located on a 2.2-acre, triangular-shaped site that is within walking distance to the Court House and Rosslyn Metro stations. The complex offers studios, one-, two and three-bedroom apartment homes, as well as townhomes. Amenities include a 24-hour work center with a business bar and conference rooms, subterranean parking, fitness center featuring on-demand classes, bike storage and repair station, a resident lounge with free Wi-Fi, theater room, dog wash station and concierge services. Gables Pointe 14 also has a private outdoor courtyard and a rooftop pool and lounge.

January 14, 2020

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