development1

Stonelake Capital Breaks Ground on 210,000 SF Office Building in Houston

by Taylor Williams February 14, 2019

HOUSTON — Stonelake Capital Partners, a private equity firm with offices in Dallas, Houston and Austin, has broken ground on Park Place Tower, a 210,000-square-foot office building located at 4200 Westheimer Road in Houston. The 15-story property, which will include ground-floor retail space, represents the third phase of the Park Place | River Oaks development. The building is expected to be available for occupancy in spring 2020. Beck Architecture handled design for the project and Harvey Builders served as general contractor. Texas Capital Bank provided construction financing, and Colvill Office Properties is handling leasing of the office space.

February 14, 2019

Development Midwest Multifamily Ohio Seniors Housing

110-Unit Seniors Housing Property Opens in Suburban Dayton, Ohio

by Kristin Harlow February 14, 2019

BEAVERCREEK, OHIO — Project partners Confluent Senior Living and Harbor Retirement Associates (HRA) have opened HarborChase of Beavercreek, a 110-unit seniors housing property in Beavercreek, a suburb of Dayton. Located at 4175 Indian Ripple Road, the property includes 64 assisted living units and 46 memory care apartments. Community amenities include a bar and lounge, beauty salon, library, fitness center, game room, putting green and concierge services. The project team included Eppstein Uhen Architects and The Douglas Company as general contractor.

February 14, 2019

Development Hospitality Washington Western

The Hotel Group Opens 142-Room Sound Hotel Seattle Belltown

by Amy Works February 14, 2019

SEATTLE — The Hotel Group has opened The Sound Hotel Seattle Belltown, A Tapestry Collection by Hilton. Situated at 2120 Fourth Ave. in Seattle’s Belltown neighborhood, the hotel features 142 guest rooms; views of the downtown Seattle skyline and Puget Sound; ground-level restaurant Currant Bistro with adjacent grab-and-go coffee bar; and meetings and special event space. Tapestry Collection by Hilton offers a boutique-style hotel with the backing of Hilton’s size and brand. This is the first Tapestry Collection by Hilton in the state of Washington.

February 14, 2019

Loans Multifamily New York Northeast

Lightstone Secures $187M Refinancing for 428-Unit ARC Multifamily Property in Long Island City

by David Cohen February 13, 2019

NEW YORK CITY — Real estate developer Lightstone has secured a $187 million loan to refinance ARC, a 428-unit luxury rental property in the Dutch Kills section of Long Island City. Located at 30-02 39th Ave., the building offers more than 50,000 square feet of indoor and outdoor amenities and completed its initial leasing in August 2018. Amenities at the property include a fitness club, yoga studio, outdoor exercise space, basketball court and golf simulator as well as a half-acre private courtyard park, resident lounge, library, club room, game room and gourmet catering kitchen. Citibank provided the financing to Lightstone. Terms of the financing were undisclosed.

February 13, 2019

Development Illinois Midwest Retail

Graycor Construction Completes Retail Portion of Mellody Farm in Vernon Hills, Illinois

by Kristin Harlow February 13, 2019

VERNON HILLS, ILL. — Graycor Construction Co. has completed the retail portion of Mellody Farm, a mixed-use development located in Vernon Hills, about 36 miles north of Chicago. Regency Centers is the owner and developer. The retail portion consists of 12 individual buildings. Each of the shops within the center has a different finish, from precast concrete and steel to masonry. Whole Foods, REI, Nordstrom Rack and HomeGoods anchor the 270,000-square-foot retail space. The first tenants began occupying the space in fall 2018. The developer expects the center to be more than 95 percent leased by this fall.

February 13, 2019

Development Midwest Minnesota Multifamily

McGough Breaks Ground on 402-Unit Multifamily Development in Bloomington, Minnesota

by Kristin Harlow February 13, 2019

BLOOMINGTON, MINN. — McGough has broken ground on The Fenley, a 402-unit apartment project at Bloomington Central Station in Minnesota. The project is the third multifamily development on the company’s 50-acre master-planned site. The Fenley is one of the first ground-up development projects to be built in Minnesota under the new Opportunity Zone tax program. Northwestern Mutual Life Co. provided debt financing. The property will have 10 percent of its units reserved for those who make 80 percent of the area median income. The project, designed by ESG Architecture and Design, will include amenities such as a pool patio, bocce court, sky lounge, fitness room, community room and courtyard with ground-floor retail space. Upon the project’s completion, McGough will have spearheaded development of 1,060 housing units on the site, which is also home to corporate offices for HealthPartners and Ceridian. The Fenley is expected to open in June 2020.

February 13, 2019

Development Illinois Industrial Midwest

Conor Commercial Begins Development of 349,080 SF Industrial Project in Elgin, Illinois

by Kristin Harlow February 13, 2019

ELGIN, ILL. — Conor Commercial Real Estate and Globe Corp. have begun development of Northwest Pointe III, a two-building industrial project in Elgin. The development will span 349,080 square feet and will be located within the Northwest Corporate Park. The project will feature a clear height of 32 feet, 20 dock doors and two drive-in doors per building. This is the third development by Conor within the park. Ken Franzese and John Cassidy of Lee & Associates will market the property for lease. McShane Construction Co. and Ware Malcomb are providing construction services.

February 13, 2019

California Development Multifamily Seniors Housing Western

Belmont Village Opens 149-Unit Seniors Housing Community in Orange County, California

by Amy Works February 13, 2019

ALISO VIEJO, CALIF. — Belmont Village Senior Living has opened Belmont Village Aliso Viejo, a 149-unit assisted living and memory care community in the Orange County city of Aliso Viejo. A grand opening celebration was held Feb. 9 for the community, which is Belmont’s 29th overall and 13th in California. Van Tilburg, Banvard & Soderbergh Architects designed the project, which W.E. O’Neil constructed. The three-story, Mediterranean-style building offers views of Saddleback Valley and is near Aliso Viejo Town Center and other neighborhood amenities.

February 13, 2019

California Development Mixed-Use Top Stories Western

Related Cos., CORE USA Break Ground on $1B Mixed-Use Project in Los Angeles

by David Cohen February 13, 2019

LOS ANGELES — Related Cos. and partner CORE USA have broken ground on The Grand, a $1 billion mixed-use development in downtown Los Angeles. Located across the street from the Walt Disney Concert Hall on Grand Avenue, world-renowned architect Frank Gehry designed the project. Upon completion, the property will include more than 176,000 square feet of retail space, an Equinox Hotel and more than 400 residences. The retail portion will include chef-driven restaurants and a collection of shops, as well as a movie theater complex. Approximately 20 percent of the residences will be affordable-rate units. The Grand and the Grand Avenue Redevelopment are the result of a collaborative public-private partnership, guided by the Los Angeles Grand Avenue Authority, a joint organization of the County of Los Angeles, the City of Los Angeles, and the former Community Redevelopment Agency of the City of Los Angeles. It is estimated that The Grand will generate 10,000 new jobs and $397 million in revenues to the City of Los Angeles and $68 million in revenues to the County of Los Angeles over the next 25 years, according to the developers. The development will connect multiple areas of downtown and is organized around several key urban …

February 13, 2019

Development Industrial Texas

Hillwood to Develop Three New Spec Buildings Totaling 1.5 MSF at AllianceTexas

by Taylor Williams February 12, 2019

FORT WORTH, TEXAS — Hillwood will develop three buildings totaling approximately 1.5 million square feet on its AllianceTexas campus in Fort Worth. Two buildings (Buildings 4 and 5) will be developed on the Alliance Northport campus and one will be developed on the Alliance Westport campus. Hillwood expects to break ground on the new buildings, which are being developed on a speculative basis, in March and to complete them during the fourth quarter. RGA Architects designed the Northport buildings and GDA Architects designed the Westport building. Inwood Bank and Simmons Bank provided construction financing for Buildings 4 and 5, respectively, at Northport, while Bank of America originated construction financing for the Westport property.

February 12, 2019

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