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DevelopmentLoansMixed-UseMultifamilyNew YorkNortheastRetailTop Stories

JDS Receives $664.1M Construction Loan to Build Brooklyn’s Tallest Building

by John Nelson

NEW YORK CITY — A pair of real estate lenders provided a $664.1 million construction loan that will allow JDS Development Group to build the tallest building in Brooklyn. Situated at 9 DeKalb Ave. in the borough’s downtown district, the tower will rise 1,066 feet and will include 425 rental apartments, 150 for-sale condominiums and 120,000 square feet of retail space. JDS and development partner The Chetrit Group expect to deliver the 73-story residential tower in 2022. About 30 percent of the rental units at 9 DeKalb will be capped below market rates. The lenders include New York-based Silverstein Capital Partners and Montreal-based Otera Capital Inc., a subsidiary of Caisse de dépôt et placement du Québec (CDPQ), one of Canada’s leading institutional fund managers. Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Diaz, Mark Fisherand, Matthew Collins and Sean Bastian of JLL arranged the financing, details of which were not disclosed. SHoP architects is designing the residential tower’s façade to be clad in bronze and glass. New York-based JDS and Chetrit Group originally acquired the 9 DeKalb site in 2016 for $90 million, including air rights for the future development. On the site is a 70,000-square-foot, five-story property that once housed …

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DevelopmentFloridaMixed-UseSoutheast

Coral Rock, Arena Capital Break Ground on Nine-Acre Mixed-Use Project in South Florida

by John Nelson

HIALEAH, FLA. — Coral Rock Development Group and Arena Capital Holdings have broken ground on Pura Vida Hialeah, a nine-acre mixed-use project in the Miami suburb of Hialeah. The Miami-based co-developers plan to deliver the project in 2020. Situated at the corner of West 16th Avenue and West 29th Street, Pura Vida will comprise three eight-story residential towers and three outparcel retailers spanning roughly 40,000 square feet. The outparcel retailers will include a Wawa gas station and convenience store, a two-story YouFit Health Club and a Taco Bell restaurant. Residences at Pura Vida Hialeah will feature studio, one-, two- and three-bedroom apartments ranging from 538 square feet to 1,099 square feet. Amenities will include a resort-style pool, gym, barbecue area, dog park, and 24-hour security staff. The residential towers will also feature approximately 11,000 square feet of retail space, including a Dollar Tree store.

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DevelopmentIllinoisMidwestMultifamilySeniors Housing

CA Ventures Completes Development of 123,482 SF Senior Living Community Near Chicago

by Kristin Harlow

BOLINGBROOK, ILL. — CA Senior Living LLC, the senior housing investment and development division of Chicago-based CA Ventures, has completed the development of Atria at River Trail, a 128-unit seniors housing community in the Chicago suburb of Bolingbrook. The Chicago office of Harley Ellis Devereaux designed the property. Located on 5.8 acres, the two-story community offers 86 assisted living units and 42 memory care units in a 123,482-square-foot building. Louisville, Ky.-based Atria Senior Living will operate the community. Atria operates approximately 200 communities across the United States and Canada.

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ArizonaDevelopmentIndustrialWestern

Graycor Starts Construction of 135,745 SF Industrial Building at Gilbert Spectrum in Arizona

by Amy Works

GILBERT, ARIZ. — Graycor Construction Co., on behalf of SunCap Property Group, has started construction of a flex industrial building at the Gilbert Spectrum industrial project in Gilbert. The building is the is the first development in the southern portion of the 63-acre project, which is situated at the southwest corner of Elliot and McQueen roads. Known as Building One, the 135,745-square-foot facility will feature 32-foot clear heights, 40 dock-high and four grade-level loading doors, and ESFR sprinklers. Completion is slated for late July. SDHQ Off Road, an off-road vehicle supplier, will occupy 28,000 square feet in the building, with the additional space being developed on a speculative basis and divisible down to 15,000 square feet. Gilbert Spectrum is already home to a 58,289-square-foot, built-to-suit “Satellite Engineering Building” for Northrop Grumman Innovation Systems (formerly Orbital/ATK). Built by Graycor in 2017, the one-story, Class A office building mixes open collaborative areas and task-specific work zones. Building One is one of five new buildings — totaling more than 435,000 square feet — that SunCorp will develop at Gilbert Spectrum as the market demands. At build-out, Gilbert Spectrum will include more than 800,000 square feet in eight to 10 buildings that range in …

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DevelopmentIllinoisMidwestRetail

Englewood Construction to Build Two Chicago-Area Projects

by Kristin Harlow

CHICAGO — Englewood Construction has been named general contractor for two Chicago-area projects. The first is the conversion of a former meatpacking building in Chicago’s Fulton Market neighborhood for commercial use. Construction on the 19,000-square-foot, four-story building will begin this summer. Entrepreneur Aiman Humadieh is the developer.  The second project is the construction of a new 6,000-square-foot retail building on the border of Chicago’s Uptown and Buena Park neighborhoods. The project, which is part of the development plans for the neighboring Eight Eleven Uptown residential tower, is a joint venture between Harlem Irving Co. and JDL Development. OKW Architects Inc. is the architect. Completion is slated for late this summer.

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DevelopmentIndustrialNevadaWestern

Harsch Investment Properties Completes 724,608 SF Industrial Project in North Las Vegas

by Amy Works

NORTH LAS VEGAS, NEV. — Harsch Investment Properties has completed the development of two industrial buildings at Speedway Commerce Center III, located at 6255-6335 N. Hollywood Blvd. in North Las Vegas. Building A features 390,904 square feet and is currently 92 percent leased to several tenants, including Matheson Trucking, Progressive Alloy, Everypet and Artesian Spa. The property has one remaining unit that can accommodate a 30,000-square-foot tenant. Building B features 333,704 square feet and is currently 34 percent leased to several tenants, including Valuepart, 2020 Exhibits and Scholastic Books. The property can accommodate a variety of tenant requirements ranging from 25,000 square feet to 85,000 square feet. Jason Simon, Rob Lujan and Xavier Wasiak of JLL are overseeing the leasing at the property.

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DevelopmentIndustrialNorth CarolinaSoutheast

Foundry Commercial Breaks Ground on 565,000 SF Spec Industrial Facility in Charlotte

by John Nelson

CHARLOTTE, N.C. — Foundry Commercial has begun construction of Phase II at WestPark 85, a speculative industrial facility in Charlotte spanning 565,000 square feet. The project will feature 36-foot clear heights, cross-dock configuration, more than 560 auto parking spaces, more than 200 trailer parking positions and LED lighting. Foundry serves as the developer/owner, leasing agent, project manager and property manager for the entire 1.1 million-square foot WestPark 85 project in partnership with Principal Real Estate Investors. The second phase is expandable up to 100,000 square feet and is currently the largest speculative industrial facility underway in the Carolinas, according to Foundry, which expects to deliver the facility later this year.

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DevelopmentGeorgiaIndustrialSoutheast

Plastic Express Plans $172M Industrial Expansion Near Port of Savannah

by John Nelson

POOLER, GA. — Plastic Express has announced plans to expand its operations at the Port Logistics Center near the Port of Savannah with two new manufacturing facilities. The $172 million investment is expected to create 166 new jobs. Located in Pooler, the 172-acre Port Logistics Center is owned and developed by Capital Development Partners Inc. Plastic Express is based in California and operates trucking terminals, warehouses, docks and packaging plants across the country. Griff Lynch, executive director of the Georgia Ports Authority, said in a statement that the project will help establish the Port of Savannah as a leader in the exportation of plastic resins to the oil and gas industry. Genesee & Wyoming will provide rail service for the facility via its Georgia Central Railway. Plastic Express expects to occupy its new facilities in October.

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GeorgiaHospitalityMixed-UseRetailSoutheast

Tri-Land Breaks Ground on Redevelopment of 253,000 SF Shopping Center in Metro Atlanta

by John Nelson

CONYERS, GA. — Tri-Land Properties Inc. has begun construction on the overhaul of Salem Gate Market, a 253,000-square-foot grocery-anchored shopping center in Conyers, about 25 miles southeast of Atlanta. The multimillion-dollar redevelopment will include a 55,000-square-foot Hobby Lobby, 20,000-square-foot Northern Tool + Supply, a 103-room hotel and an Allure Nail & Spa. Tri-Land is rebuilding Salem Gate in a public-private partnership with the City of Conyers. Salem Gate is the first project underway as part of the Conyers Gateway Village District, the product of a new zoning ordinance adopted by the City of Conyers in 2016. In February, the city approved a new Tax Allocation District designation allocating future tax revenues to repay Tri-Land for its infrastructure improvement costs. The metro Chicago-based developer plans to announce additional tenants in the family fashion, sporting goods and value retail segments in the near future. Tri-Land expects to deliver Salem Gate in early summer 2020.

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DevelopmentFloridaMixed-UseMultifamilySoutheast

Developer Begins Construction on Retail Project, Parking Garage at $4B Miami Worldcenter

by John Nelson

MIAMI — Miami Worldcenter Associates has broken ground on a 50,000-square-foot retail project and a 922-space parking garage within its namesake development, the $4 billion Miami Worldcenter underway in the city’s downtown area. The street-level retail space and new parking structure will front NE 7th Street and will ultimately be part of Miami Worldcenter’s 300,000 square feet of retail, restaurant and entertainment space. A portion of the parking garage’s rooftop will feature a rooftop amenity deck that will serve the residents of Luma, a planned 43-story multifamily tower next door. The 27-acre development, which will span 10 city blocks at full buildout, will also feature residential, office and hospitality uses.

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