development1

HFF Arranges Joint Venture Equity for $320M Residential Development in San Francisco

by Amy Works April 19, 2019

SAN FRANCISCO — HFF has secured joint venture equity for the development of 1629 Market Street, a fully entitled multifamily project in San Francisco. Working on behalf of the developer, Strada Investment Group, HFF arranged a joint venture equity partnership with an affiliate of Stockbridge Capital Group for the $320 million project. 1629 Market Street will feature 420 apartments, averaging 732 square feet, and nearly 9,000 square feet of retail space situated within three mid-rise buildings that will share a sub-grade parking garage. Situated on 1.7 acres at the intersection of Van Ness Avenue and Market Street in San Francisco’s Mid-Market technology hub, the project is slated for completion in mid-2021. Scott Bales, Charles Halladay, Jordan Angel, Peter Yorck, Eric Bet and Nolan Moore of HFF represented the developer in the equity placement transaction.

April 19, 2019

Development Illinois Midwest Multifamily

Contegra Constructs First Apartment Buildings at $26M Project in Shiloh, Illinois

by Kristin Harlow April 19, 2019

SHILOH, ILL. — Contegra Construction Co. has completed the first three apartment buildings at the $26 million development known as Thirteen01 at Hartman Lakes in Shiloh. To date, nearly 100 leases have been signed at the 216-unit, nine-building complex, according to developer Greenmount Retail Center LLC. Contegra has also completed the clubhouse and expects to finish the remaining apartments by this summer. Monthly rents start at $950 for one-bedroom units and $1,250 for two-bedroom units. St. Louis-based 2B Residential is leasing and managing the property.

April 19, 2019

Arizona Development Industrial Western

Jackson-Shaw, LaPour Partners Break Ground on 224,471 SF Industrial Project in Arizona

by Amy Works April 18, 2019

CHANDLER, ARIZ. — Dallas-based Jackson-Shaw and Las Vegas-based LaPour Partners have broken ground for Parc Germann, a two-building urban industrial development in Chandler. Totaling 224,471 square feet, Parc Germann will feature flexible industrial space broken down into a 92,261-square-foot Building A, located at 2215 E. Germann Road, and 132,210-square-foot Building B, located at 2225 E. Germann Road. Each building will feature modern, flexible industrial space designed to accommodate office, showroom, manufacturing, distribution, assembly and a variety of other industrial uses. The project will include front-loaded buildings featuring true dock-high space, a full concrete truck court and the ability to have outside storage. Pat Harlan and Kyle Westfall of JLL’s Phoenix office will manage the leasing assignment for the development.

April 18, 2019

Development Multifamily New York Northeast

Extell Development Tops Out 68-Story Residential Building in Brooklyn

by Taylor Williams April 17, 2019

NEW YORK CITY — Extell Development Co. has topped out Brooklyn Point, a 68-story residential tower that will be the borough’s tallest building. Designed by Kohn Pedersen Fox with interiors designed by Katherine Newman of AD100, the property will ultimately offer studio, one-, two- and three-bedroom floor plans. Amenities will include a 65-foot indoor saltwater swimming pool, 35-foot rock climbing wall and yoga studio, Pilates and cycling studios and a squash/basketball court, as well as a spa with an infrared sauna, men’s and women’s steam rooms and a hot tub. Brooklyn Point is situated within City Point, a 600,000-square-foot mixed-use development that offers retail and entertainment space. Units will begin at $850,000 with the first closings slated for early 2020.

April 17, 2019

Affordable Housing Development Michigan Midwest Multifamily

Bedrock, City of Detroit Complete Affordable Housing Project

by Kristin Harlow April 17, 2019

DETROIT — Bedrock and the city of Detroit have completed an affordable housing project reserved for residents age 55 and above and who earn 30 to 60 percent of the area median income. This equates to earning $14,910 to $29,820 for a single person. Located within Detroit’s Brush Park neighborhood and part of Bedrock’s 8.4-acre City Modern development, The Flats at 124 Alfred is the first of six apartment buildings to be completed. The 54-unit building features one-bedroom floor plans that range from 600 to 735 square feet. Amenities include a fitness center, resident lounge, outdoor terrace and underground parking. Detroit-based Hamilton Anderson Associates designed the building. In 2017, Bedrock made a commitment to the city that 20 percent of its residential portfolio would be dedicated to affordable housing units. Bedrock plans to develop or rehabilitate a total of up to 3,500 residential rental units over the next several years, with 700 of those units designated as affordable housing.

April 17, 2019

Development Illinois Industrial Midwest

Meridian Breaks Ground on 673,920 SF Speculative Industrial Building Near St. Louis

by Kristin Harlow April 17, 2019

EDWARDSVILLE, ILL. — Meridian Design Build has broken ground on a 673,920-square-foot speculative industrial building on behalf of developer Exeter Property Group in Edwardsville near St. Louis. The new facility is located on a 135-acre parcel within Gateway Commerce Center. The property will feature a clear height of 36 feet, 132 loading docks, four drive-in doors, 398 car parking stalls and 171 exterior trailer stalls. JRA Architecture and Stock & Associates Consulting Engineers make up the project team. A timeline for completion was not disclosed.

April 17, 2019

Development Multifamily Texas

Wood Partners Begins Construction on 288-Unit Apartment Community in Plano

by Taylor Williams April 17, 2019

PLANO, TEXAS — Wood Partners, a multifamily investment and development firm with offices around the country, has begun construction on Alta 289, an apartment community in Plano that will offer 288 units in one-, two- and three-bedroom formats. In addition, units will average 913 square feet and feature stainless steel appliances, modern backsplashes, cabinetry and countertops, as well as washers and dryers. Amenities will include a pool, a dog park and outdoor courtyards. Preleasing will begin in August and completion is slated for spring 2020.

April 17, 2019

Development Hospitality Loans New York Northeast

Acres Capital Provides $37M Bridge Loan for Hilton-Branded Resort in Upstate New York

by David Cohen April 16, 2019

CANANDAIGUA, N.Y. — Acres Capital Corp. has provided a $37 million bridge loan to complete the construction and stabilization of the Canandaigua Finger Lakes Resort, a Hilton-branded resort in Canandaigua. Located at 205 Lakeshore Drive, the property will include 109 guest rooms, 44 residential condominium units, a restaurant and a 13,000-square-foot conference space. Mark Fogel of Acres provided the financing to developers Robert Murphy and David Genecco. Hospitality management firm Hay Creek Hotels and Restaurants will handle the design, development and operations of the resort.

April 16, 2019

Development Industrial Nevada Western

Panattoni Development Completes Centennial Commerce Center in North Las Vegas

by Amy Works April 16, 2019

LAS VEGAS — Panattoni Development Co. has completed the construction of Centennial Commerce Center, a speculative industrial facility in North Las Vegas. Located at 6405 E. Centennial Parkway on 10.4 acres, the cross-docked 213,000-square-foot facility features 32-foot clear heights, ESFR sprinklers, LED warehouse lighting and flexible office build-outs. Valued at $16 million, the project will designed with flexibility to accommodate up to four 51,000-square-foot tenants. Speedway10 Industrial, a joint venture between LaSalle Investment Management and Panattoni Development, owns the industrial asset. Alston Construction served as general contractor, and Greg Tassi and Donna Alderson of CBRE are handling the leasing of the property.

April 16, 2019

Acquisitions California Development Office Top Stories Western

Marquee Move: Warner Bros. to Purchase Portion of Burbank Studios, Anchor Office Campus in $1B Deal

by John Nelson April 16, 2019

BURBANK, CALIF. — Entertainment and media giant Warner Bros. has inked a deal to purchase a portion of The Burbank Studios, a new 35-acre film, TV, broadcast media and new media campus in Burbank formerly known as NBC Studios. The purchase includes office space, eight soundstages, a mill building and a commissary. The seller is Worthe Rea Estate Group, a Los Angeles-based office developer. Additionally, Warner Bros. inked a lease to be the sole and long-term tenant of a planned two-building office campus adjacent to The Burbank Studios. The Los Angeles Times is reporting the combined value of the studio acquisition and new office space exceeds $1 billion. The co-developers of the office campus are Worthe and San Francisco-based Stockbridge Real Estate, which plan to break ground on the project this fall. The office development will be known as the Second Century Project, named in honor of Warner Bros.’ 100th anniversary in 2023, which is the expected completion date of the design and construction phases. Second Century will include a seven-story building spanning 355,000 square feet and a nine-story building spanning 445,000 square feet. “This is an opportunity to reimagine not only our workspace but our future,” says Kim Williams, …

April 16, 2019

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