development1

Cadence Living Plans $46M Seniors Housing Community in Chandler, Arizona

by Amy Works June 11, 2019

CHANDLER, ARIZ. — Cadence Living has acquired 7.7 acres in Chandler, approximately 20 miles southeast of Phoenix, with plans to build a seniors housing community on the site. Named Cadence at Ocotillo, the community will offer 191 units of independent living, assisted living and memory care. Development costs for the 206,283-square-foot building are estimated at $46 million. Construction of Cadence at Ocotillo is slated to begin in the fall of this year. Partners on this project include Chandler-based Whitneybell Perry as the architect and locally based Drive Development Partners as construction manager. The company partnered with Global Senior Housing on the land acquisition. This will be Scottsdale-based Cadence’s fourth community in Arizona: Inspira Arrowhead in Glendale celebrated its grand opening on March 28, 2019. Inspira Arrowhead is in partnership with locally owned The PB Bell Companies and MT Builders. Acoya Mesa, opening in Summer 2019, is located adjacent to Granite Reef Park in Mesa and will feature 170 independent living, assisted living and memory care units. Acoya Scottsdale at Troon, which features views of Pinnacle Peak, is located in north Scottsdale. Cadence broke ground on the community in November 2018 and plans to open 135 luxury independent and assisted living …

June 11, 2019

California Development Multifamily Western

Realm Group Acquires High-Rise Multifamily Development Site in Downtown Los Angeles

by Amy Works June 10, 2019

LOS ANGELES — Realm Group, a joint venture between Newport Beach, Calif.-based Realm Real Estate and Irvine, Calif.-based The Bascom Group, has purchased a 1.5-acre site, located at 675 S. Bixel St. in downtown Los Angeles. Realm Group entitled the site for the development of a 36-story, 422-unit mixed-use high-rise multifamily building. The concrete, steel and glass tower will have a loft-style design and feature a rooftop sky lounge providing views of the city’s skyline. A 40,000-square-foot amenity deck on the fifth floor will feature a pool terrace and dog park. Construction is slated to commence in 2020. Charles Halladay, Jamie Kline, Nicholas Lench and Samuel Godfrey of HFF facilitated the land financing. Starwood Property Trust provided the debt financing for the land purchased.

June 10, 2019

Development Multifamily New York Northeast

Ares, Douglaston to Develop 931-Unit Residential Tower at Manhattan’s Hudson Yards

by Taylor Williams June 10, 2019

NEW YORK CITY — A joint venture between Ares Corp. and Douglaston Development will develop 601 West 29th Street, a 931-unit residential tower that will be located at the intersection of Manhattan’s Hudson Yards and West Chelsea neighborhoods. The property, which will span a full city block and rise 58 stories, will comprise 697 market-rate units and 234 affordable units, as well as 186 parking spaces and 15,000 square feet of ground-floor retail space. Amenities will include a pool, fitness center, outdoor terraces, resident lounges and pet care services. A syndicate of banks led by HSBC and including Bank of China and Raymond James Bank provided construction financing. Greystone arranged the debt. Demolition work on the site is underway and completion is slated for late 2022.

June 10, 2019

California Development Multifamily Western

Pathfinder Partners Completes 41-Unit Creekside Apartments in Metro San Diego

by Amy Works June 7, 2019

VISTA, CALIF. — Pathfinder Partners, in partnership with Silvergate Development, has completed the construction of Creekside Apartments, a multifamily community located at 215 Vista Village Drive in Vista. Situated on 1.5 acres, the property features 41 units in a mix of studio, one- and two-bedroom layouts ranging from 480 square feet to 1,135 square feet. All units include washers/dryers, wood-style plank flooring, quartz countertops, floor-to-ceiling windows and energy-efficient stainless steel appliances. Community amenities include a high-end clubhouse and lounge, as well as an outdoor area with barbecues, fire pit and complimentary Wi-Fi. San Diego-based Sunrise Management is overseeing all marketing/branding, leasing and day-to-day operations at the property.

June 7, 2019

Development Industrial Texas

City of Mesquite Approves Zoning for $71M Industrial Park

by Taylor Williams June 7, 2019

MESQUITE, TEXAS — The City of Mesquite, located east of Dallas, has approved a change in zoning for the development of Urban District 30, an 80-acre industrial park that will be located near Interstate 30 and Republic Parkway. The project, which will be built on spec by Urban Logistics Realty, will ultimately encompass more than 979,000 square feet of industrial space across five buildings. The developer also expects that the project, which carries a $71 million price tag, will generate more than 500 new jobs in Mesquite. Discussions for economic incentives between the developer and the city’s economic development department are still ongoing, but both sides hope to be able to break ground before the end of the year.

June 7, 2019

Development Illinois Midwest Multifamily

Opus Completes 164-Unit Apartment Project in Suburban Chicago

by Kristin Harlow June 7, 2019

ELMHURST, ILL. — The Opus Group has completed construction of The Marke of Elmhurst, a 164-unit luxury apartment project in suburban Chicago. The six-story development includes one-, two- and three-bedroom units as well as 7,600 square feet of retail space. Previously an underutilized commercial site, the property is now home to amenities such as a fitness center, yoga room, pet spa and outdoor amenity deck. Hartshorne Plunkard Architecture and ESG Architects worked with Opus. The project was a joint venture with Principal Real Estate Investors. Greystar Property Management will manage the property.

June 7, 2019

Development Indiana Midwest Office

Browning Breaks Ground on New Headquarters for First Internet Bank in Fishers, Indiana

by Kristin Harlow June 6, 2019

FISHERS, IND. — Browning has broken ground on a new corporate headquarters for First Internet Bank in downtown Fishers. The bank’s existing office is located about two miles east of the new site. Plans call for a six-story, 168,000-square-foot building with ground-floor retail space. It is the first building to be constructed within a mixed-use development along 116th Street in the Nickel Plate District. Completion is slated for fall 2021. Envoy Cos. is serving as the owner’s representative.

June 6, 2019

Development Midwest Minnesota Multifamily

Ackerberg Begins Development of 54-Unit Micro Apartment Community in Minneapolis

by Kristin Harlow June 6, 2019

MINNEAPOLIS — Ackerberg has begun development of MN46, a 54-unit micro apartment community in Minneapolis. The project is a joint venture with Left Lane Corp., Hayes Harlow, Twin Cities Home Rental and Trew Capital. Units will range from 390 to 410 square feet for studios, 420 to 650 square feet for one-bedroom units and 760 to 905 square feet for two-bedroom units. The property will also feature 1,835 square feet of first-floor retail space. Amenities will include a fifth-floor community room, patio, bike lobby, package room and covered parking. Completion is slated for May 2020. Collage Architects and Yellow Tree Construction Services make up the project team. Monthly rents will start in the low $1,000s. “We continue to remain very bullish on micro units as a niche,” says Sean Sweeney, founder of Hayes Harlow. “The lack of new apartment product in the area was also a big factor in our decision to develop this site.” The name of the property stems from its location at the intersection of Minnehaha Avenue and 46th Street.

June 6, 2019

Development Idaho Multifamily Seniors Housing Washington Western

Wolff Opens New Revel Seniors Housing Communities in Washington, Idaho

by Amy Works June 6, 2019

SPOKANE VALLEY, WASH., AND EAGLE, IDAHO — The Wolff Company, an Arizona-based private equity firm and multifamily developer, has completed construction or Revel Spokane in Spokane Valley and Revel Eagle in Eagle. Both communities offer independent living apartments and are part of Wolff’s $300 million to $400 million annual seniors housing development plans. Located alongside the Spokane River, Revel Spokane features 132 units in one- and two-bedroom layouts. The community welcomed its first residents in March 2019. Located alongside the Boise River, Revel Eagle features 146 units in studio, one- and two-bedroom layouts. The community welcomed its first residents in April 2019.

June 6, 2019

Development Hospitality Kansas Midwest

Brinkmann Constructors Breaks Ground on 100-Room, Dual-Branded Hotel in North Kansas City

by Kristin Harlow June 5, 2019

KANSAS CITY, KAN. — Brinkmann Constructors has broken ground on a new dual-branded hotel in north Kansas City. The hotel will feature the brands Aloft and Element, both of which are owned by Starwood. KMG Hotels is developing the 135,000-square-foot project, which will consist of approximately 100 rooms connected to a 15,000-square-foot convention center. The project is within the One North development. Completion is slated for September 2020. US Bank is providing financing. Hoefer Wysocki is the project architect.

June 5, 2019

Newer Posts

Older Posts