development1

1784 Capital Holdings Breaks Ground on Gold Dust Self Storage in Scottsdale, Arizona

by Amy Works January 11, 2019

SCOTTSDALE, ARIZ. — Scottsdale-based 1784 Capital Holdings has broken ground on its Gold Dust Self Storage, located at 7245 E. Gold Dust Ave. in Scottsdale. Situated on a 2.1-acre former Macaroni Grill site, the facility will feature two above-ground floors and one below-ground floor totaling 117,567 gross square feet and 82,505 square feet of net rentable space. The high-end self-storage property will feature climate-controlled loading areas, hotel-style lobbies, conference rooms and play areas. The self-storage facility is slated to open at the end of 2019. TLW Construction is serving as general contractor for the project.

January 11, 2019

Development Florida Hospitality Southeast

IMG Academy, Woodbine Complete Boutique Hotel in Central Florida

by John Nelson January 11, 2019

BRADENTON, FLA. — IMG Academy and Woodbine have completed construction on The Legacy Hotel at IMG Academy in Bradenton. The 150-room hotel is situated just outside of the academy’s 600-acre campus. Amenities include a three-meal restaurant, lounge and bar in the lobby and a massage and fitness facility. The design team included general contractor Tandem Construction, Dallas-based architect 5G Studio, Salt Lake City-based interior designer Edge ID and landscape architect SWA. IMG Academy hosts clients and guests from around the world for boarding school, youth and adult camps, college and professional athlete training, team training and events.

January 11, 2019

Leasing Activity Midwest Missouri Restaurant Retail

Food Hall Under Development in St. Louis Is 50 Percent Preleased

by Kristin Harlow January 11, 2019

ST. LOUIS — Lawrence Group, the developer for City Foundry STL, has unveiled that the 30,000-square-foot food hall at the mixed-use project is now 50 percent preleased. The lineup of food vendors is exclusive to the development and St. Louis. Tenants include CropCircle, serving country fair-type foods; Good Day, offering crepes and breakfast sandwiches; Hello Poke, serving fresh poke and seafood; Lost & Found, a burger and pizza joint; Juice Box Central, a drink station with juices and smoothies; Mokyu Mokyu, selling ice cream with a Japanese and Korean flair; Press Waffle Co.; serving made-to-order waffles; Sumax, known for its Middle Eastern hummus and wraps; and UKraft; offering breakfast bowls, sandwiches, and soups. City Foundry STL is the adaptive reuse of the former 10-acre Century Electric Foundry complex in St. Louis’ Midtown neighborhood. The $210 million first phase will include 122,000 square feet of restaurant and entertainment space, 105,000 square feet of shops and 107,000 square feet of office space. Additional tenants will be announced this spring. Phase I is slated to begin opening in mid-2019.

January 11, 2019

Loans Massachusetts Multifamily Northeast

MassHousing Provides $2.1M Construction Loan for Workforce Housing Community in Boston

by David Cohen January 10, 2019

BOSTON — MassHousing has provided $2.1 million in affordable housing financing from the agency’s Workforce Housing Initiative to support the development of 233 Hancock, a five-story, 36-unit workforce housing community being developed by Arx Urban in Dorchester. The financing will help transform two former automobile repair shops into 36 units of new mixed-income homes, including 21 units of workforce housing. Of the 36 new apartments, 10 will be affordable for working households earning up to 80 percent of the Area Median Income (AMI), and 11 apartments will be affordable for working households earning up to 100 percent of AMI. The remaining 15 units will be rented at market rates. The AMI for Boston is $107,800 for a family of four. Additional financing for the project is being provided by the Property and Casualty Initiative, which is providing $9.4 million in construction and permanent financing. Other sources include $3.2 million of private equity and $500,000 in Community Preservation funding from the City of Boston. Haycon is serving as general contractor on the project. The architect is RODE Architects Inc.

January 10, 2019

Development Hospitality Midwest Ohio

26-Room River Bend Hotel to Open in Ashtabula, Ohio

by Kristin Harlow January 10, 2019

ASHTABULA, OHIO — The Ashtabula City Council has approved a 10-year, 75 percent tax abatement for the development of the city’s first hotel in almost 99 years. The 25,000-square-foot, 26-room River Bend Hotel will be located on a vacant strip of land at the corner of West 6th Street and Goodwill Drive. Erie Bank is providing a $3.1 million loan. The $5 million project will be further financed by public funds from the city and county as well as through funds from the Ashtabula County 503 Corp., whose mission is to promote job creation and economic development in the county. Ashtabula is known for its wineries, lake recreation and covered bridges. The property will include a first-floor wine bar, 500-square-foot conference room, fitness center and lobby with fireplace. Former resident Todd Canter proposed the hotel. Canter formerly served as Asia Pacific CEO for LaSalle Investment Management Securities. Local businesses such as Laurello Vineyards, Delta Railroad, Iten Industries and JCI Contractors are teaming with Canter on the hotel development. Architectural design firm Stephen Berry has been selected for the project. A third-party hotel management firm, yet to be selected, will manage the property. A timeline for completion was not disclosed.

January 10, 2019

Arizona Data Centers Development Industrial Western

Vantage Data Centers to Develop 50-Acre Campus in Goodyear, Arizona

by Amy Works January 9, 2019

GOODYEAR, ARIZ. — Vantage Data Centers has unveiled plans to develop a data center campus, located at the southeast corner of Van Buren Street and Bullard Avenue in Goodyear. Spanning 50 acres, the center will feature three data center buildings and office space totaling more than 1 million square feet of space. Additionally, the campus will offer a total of 160-megawatts of critical load. Design, site plan approval and permitting are underway with construction expected to begin in early 2019. The first 32-megawatt data center is anticipated to be online in early 2020.

January 9, 2019

Development Healthcare Indiana Midwest

Cornerstone Cos. Completes Construction of 30,325 SF Dermatology Center in Indianapolis

by Kristin Harlow January 9, 2019

INDIANAPOLIS — Cornerstone Cos. Inc. has completed the construction of a 30,325-square-foot dermatology center in Indianapolis. Dawes Fretzin Dermatology Group occupies the two-story building. The company has three additional locations in Indiana. The facility includes medical equipment and offices, reception areas and a dedicated children’s waiting area. The surgery treatment center offers patients Mohs Micrographic surgery, a specialized technique for the removal of skin cancer. Cornerstone served as the developer and general contractor for the yearlong construction project.

January 9, 2019

Development Florida Multifamily Southeast Student Housing Top Stories

University of Miami Unveils Plans for $260 Million On-Campus Residential Village

by David Cohen January 9, 2019

CORAL GABLES, FLA. — The University of Miami has unveiled plans for a residential village set to replace the existing Stanford and Hecht Residential colleges on the university’s campus in Coral Gables. The 522,000-square-foot development — named Centennial Village — will include 1,700 beds for first-year students in four residential colleges, indoor and outdoor spaces for academic and extracurricular activities, a learning hub, meditation room and apartments for faculty and staff. The total project cost for the multi-phase development is estimated at $260 million. “The university will be providing the next generation of [students] a unique residential experience that will enhance and contribute more to their college success,” says Patricia Whitely, vice president for student affairs at the University of Miami. “We look forward to this project, which will complement the Student Housing Village currently under construction.” The first phase of development is scheduled to open in fall 2022 and will replace Stanford Residential College. Phase II will be delivered in fall 2024, and will replace Hecht Residential College. The university also plans to renovate an existing property, Easton Residential College, and incorporate it into Centennial Village in fall 2025. Design plans for the project have been submitted to the City of Coral …

January 9, 2019

Development Loans Multifamily Oregon Western

HFF Secures $96.5M in Financing for Multifamily High-Rise in Portland

by Amy Works January 8, 2019

PORTLAND, ORE. — HFF has arranged $96.5 million in financing for the development of 100 Columbia, a high-rise multifamily community located in Portland’s central business district. Alamo Manhattan, the developer, received a four-year construction loan through PCCP for the project. Situated on a 0.9-acre site, 100 Columbia will feature 348 apartments in a mix of studio, one- and two-bedroom layouts, averaging 817 square feet. The 20-story development will include premium interior finishes and community amenities, including a 15,000-square-foot sixth-floor amenity terrace and a 20th-floor rooftop resident lounge with an observation deck with views of the downtown skyline, Mount Hood and the Willamette River. Slated for completion in 2020, the community will also feature a 16th-floor terrace and 15,000 square feet of ground-floor retail space. GBD Architects is providing architectural services for the development. Mark Erland, Matt Benson and Charlie Watson of HFF secured the financing for the borrower.

January 8, 2019

Development Multifamily Texas

Transwestern Development Sells Apartment Property in Austin to Invesco

by John Nelson January 7, 2019

AUSTIN, TEXAS — Transwestern Development Co. has sold The Arnold, a 346-unit apartment community located at 1621 E. Sixth St. in Austin. Atlanta-based Invesco Real Estate purchased the property for an undisclosed amount. Transwestern Development delivered The Arnold in July 2016. The community was 95 percent occupied at the time of sale. The Arnold features a resort-style pool; activity courtyard with bocce ball court, dining area, outdoor fireplace and grilling area; roof deck with views of downtown Austin, fire pit, outdoor seating and grilling kitchen; indoor lounge with interactive cooking kitchen, TV and business meeting areas; lounge with vintage video games, TVs, catering kitchen and keg refrigerator; fitness center with yoga studio, cardio equipment, free weights and classes by FX Fitness; bike storage; on-site Bike Share Austin bike station; and private storage units. Unit interiors include Whirlpool stainless steel appliances, quartz countertops, custom wood cabinets, kitchen island, full-sized washer and dryer connections, bike storage and private balconies.

January 7, 2019

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