development1

NRP Group Breaks Ground on 324-Unit Affordable Housing Community in San Antonio

by Taylor Williams March 13, 2023

SAN ANTONIO — The NRP Group, a Cleveland-based affordable housing developer, has broken ground on Los Arcos, a 324-unit affordable housing community that will be located within the 600-acre VIDA mixed-use development on San Antonio’s south side. Residences will be reserved for households earning between 30 and 70 percent of the area median income. Amenities will include a pool, community garden, fitness center, playgrounds, business center, children’s activity room and a clubhouse lounge. The Texas Department of Housing & Community Affairs provided $36 million in Low-Income Housing Tax Credits (LIHTC) for the financing of the project, which is scheduled for a late 2024 completion.

March 13, 2023

California Development Industrial Western

Patrinely Group Buys Industrial Development Site in Menifee, California for $61M

by Jeff Shaw March 13, 2023

MENIFEE, CALIF. — Patrinely Group has purchased Scott Road Commerce Center’s Phase II, a large-scale, fully entitled, 33.8-acre development site in Menifee, for $61 million. The site is entitled for 544,115 square feet of Class A industrial product. Phase II will feature Buildings 3, 4 and 5 at 33520, 33580 and 33540 Zeiders Road. Part of an expansive five-building development totaling 701,262 square feet, Phase II is situated just north of the Murrieta and Temecula submarkets, immediately off the Scott Road and I-215 interchange. The project is the city’s first Class A industrial development since 2018, according to the buyer. The sales team included Michael Kendall, Gian Bruno and Kenny Patricia of Colliers’ Western Region Industrial Capital Markets Group; fellow Colliers industrial experts Joey Jones and Tucker Hohenstein; and Lee & Associates’ Gordon Mize. Kendall also exclusively listed the property and represented the seller, Jupiter Holdings, in the transaction.

March 13, 2023

Lincoln-Equities-Valley-Cottage-New-York

Development Industrial New York Northeast

Lincoln Equities Breaks Ground on 220,000 SF Spec Industrial Project in Valley Cottage, New York

by Taylor Williams March 13, 2023

VALLEY COTTAGE, N.Y. — Lincoln Equities has broken ground on a 220,000-square-foot speculative industrial project in Valley Cottage, about 30 miles north of Manhattan. The warehouse and distribution center will be situated on a 23-acre site within Executive Park. Building features will include a clear height of 36 feet, 34 loading docks, two drive-in doors, 41 trailer stalls and parking for 123 cars. Completion is scheduled for the third quarter. JLL has been tapped as the leasing agent. According to the development team, the project represents the first speculative logistics facility to be built in Rockland County since 2009.

March 13, 2023

Development Florida Multifamily Southeast

Oleta Partners Breaks Ground on 30-Story Residential Tower in North Miami

by John Nelson March 10, 2023

NORTH MIAMI, FLA. — Oleta Partners, a joint venture between developers LeFrak and Turnberry, has broken ground on 2400 Laguna Circle, a 30-story residential tower in North Miami. Situated within the 184-acre master planned community SoLé Mia, the multifamily development will feature 328 rental residences ranging in size from 686 to 1,315 square feet. Arquitectonica and Stantec are the architects for the project, which marks the fourth residential development at SoLé Mia. The project is scheduled for completion in early 2025. Outdoor amenities will include a 75-foot swimming pool, yoga lawn, rooftop garden and sundeck, dog run and beach volleyball, basketball and pickleball courts. Indoor amenities will include a coffee shop, dedicated coworking spaces, a podcast recording studio, gym, golf simulator, playroom, resident lounge, dog spa and electric vehicle charging stations.

March 10, 2023

Development Industrial Texas

Creation Completes 234,478 SF Industrial Project in Haltom City, Texas

by Taylor Williams March 10, 2023

HALTOM CITY, TEXAS — Creation, a Phoenix-based investment and development firm, has completed Northmark Commerce Center, a 234,478-square-foot industrial project in the Fort Worth suburb of Haltom City. Designed by LGE Design Group, the cross-dock facility sits on 20 acres and features 32-foot clear heights and 19 trailer parking stalls. Creation developed Northmark Commerce Center in partnership with Crow Holdings Capital. Dallas-based Holt Lunsford Commercial has been tapped to lease the development. Construction began in late 2021.

March 10, 2023

Development New York Northeast Office

Partnership Nears Completion of $350M Redevelopment of Manhattan Office Building

by Taylor Williams March 10, 2023

NEW YORK CITY — A partnership between Tribeca Investment Group, Meadow Partners and PGIM Real Estate is nearing completion of the $350 million redevelopment of 295 Fifth Avenue, a 19-story office building in Midtown Manhattan. The 710,000-square-foot building was constructed in 1920 and is known as The Textile Building for its previous function as a showroom for those products. Designed by Studio MAI, the redevelopment involves a gut renovation of the lobby, the addition of two penthouse-level floors and various upgrades to common areas and mechanical systems. The partnership also recently received $150 million in financing to fund the capital improvements.

March 10, 2023

Development Midwest Minnesota Multifamily

Red Leaf Partners, Monarch Development Partners to Build 49-Unit Apartment Complex in Excelsior, Minnesota

by Kristin Harlow March 10, 2023

EXCELSIOR, MINN. — Locally based Red Leaf Partners LLC and Monarch Development Partners LLC are developing One West Drive, a 49-unit apartment building in Excelsior, a western suburb of Minneapolis. The project site is situated near Lake Minnetonka and dozens of restaurants and shops. The development will include a 322-stall parking garage, of which 78 stalls will be dedicated to One West Drive residents. Andy Finn of Northmarq arranged equity and debt financing for the project. Denver-based Brue Baukol Capital Partners is the equity partner, and MidWestOne Bank is providing a construction loan. The loan features a 65 percent leverage on a three-year term with three years of interest-only payments.

March 10, 2023

California Development Multifamily Student Housing Western

Landmark Properties Plans 435-Unit Student Housing Community in Los Angeles

by Jeff Shaw March 10, 2023

LOS ANGELES — Landmark Properties has announced plans to develop a student housing community near the University of Southern California (USC) campus in Los Angeles. Located at the corner of West 39th and South Figueroa streets, the property will offer 435 units in studio through five-bedroom configurations. The development will also include 87 affordably priced units, which will be reserved for students at the low-income level or below. Landmark is still in the planning phase for the project, which is expected to feature more than 1,500 beds. Shared amenities will include a clubhouse; rooftop resort-style swimming pool and grilling area; computer lab; fitness center; on-site parking; and 20,000 square feet of ground-floor retail. Construction is set to begin by the end of 2023, with completion scheduled for fall 2026. Landmark Urban Construction will serve as general contractor for this project. Kevin Shannon, Ken White, Greg Galusha, Bryan Norcott, Ryan Lang, Jack Brett, Chris Benton and Anthony Muhlstein of Newmark, in collaboration with Eric Bergstrom at Bergstrom Capital Advisors, brokered the acquisition of the development site from Ventus Group for an undisclosed price.

March 10, 2023

Development Industrial Nevada Self-Storage Western

DXD Capital Completes 991-Unit Self-Storage Facility in Las Vegas

by Jeff Shaw March 9, 2023

LAS VEGAS — DXD Capital has completed development of a 991-unit self-storage facility at 7435 West Sahara Ave. in Las Vegas. The company acquired the 1.7-acre parcel in January 2021. The development features two interior loading bays with room for three trucks in a fully climate-controlled building with two freight elevators, in addition to a storefront with moving supplies. Studio Level 1 designed the property, with Arco Murray as the general contractor. Public Storage is the operator.

March 9, 2023

Development Retail Texas

Merlin Entertainments to Open Peppa Pig Theme Park in North Richland Hills, Texas

by Taylor Williams March 9, 2023

NORTH RICHLAND HILLS, TEXAS — Merlin Entertainments, an operator based in the United Kingdom, will open a theme park in North Richland Hills, a suburb of Fort Worth, that will be dedicated to children’s character Peppa Pig. The size of the park, which will feature multiple rides, interactive attractions, themed playscapes and shows, was not disclosed. The location, which is next to the NRH2O Family Water Park, formerly housed Mountasia Family Fun Center. The opening is slated for 2024. Merlin Entertainments, which operates facilities for concepts including Legoland and Sea Life Aquariums, has a licensing agreement with toymaker Hasbro, which owns the intellectual property rights to Peppa Pig and associated characters.

March 9, 2023

Newer Posts

Older Posts