development1

Lancaster Pollard Provides $36M HUD Financing for 145-Unit Seniors Housing Development Near Los Angeles

by Amy Works December 17, 2018

FOUNTAIN VALLEY, CALIF. — Lancaster Pollard has provided $36 million in fixed-rate, HUD-insured financing for the construction of Park View Estates. The 145-unit seniors housing community will be located in Fountain Valley, approximately 35 miles southeast of Los Angeles. Welbrook Senior Living and Sunshine Retirement Living are developing the property, which is adjacent to Fountain Valley Regional Hospital. Once completed, the community will offer 106 assisted living units and 39 memory care units. The project is scheduled for completion in 2020. Jason Dopoulos led the transaction for Lancaster Pollard.

December 17, 2018

Development Michigan Midwest Mixed-Use

Bedrock Breaks Ground on 1.4 MSF Mixed-Use Project in Detroit

by Kristin Harlow December 14, 2018

DETROIT — Bedrock has broken ground on the 1.4 million-square-foot Monroe Blocks project on two city blocks at the corner of Monroe Street and Campus Martius in downtown Detroit. Slated for completion in 2022, the development is one of four transformational projects underway as part of a $2.1 billion investment in Detroit that Bedrock first announced in 2017. In total, Monroe Blocks will include 847,000 square feet of office space, 482 residential units and 117,000 square feet of retail space. Block A will include a 35-story office tower and Block B will be largely residential. A stretch of Farmer Street will be converted to pedestrian-only space and connect the two blocks. Bedrock worked with Danish architecture firm Schmidt Hammer Lassen to design the project alongside Detroit-based firm Neumann/Smith Architecture. Turner Construction Co. is the general contractor. The two blocks along Monroe Street that make up the development were known historically as Detroit’s first theater district. The site was razed in 1990 with the exception of the National Theatre, which has sat vacant. Bedrock plans to retain the façade of the National Theatre and incorporate it into a terracotta archway within the development. The other three projects within Bedrock’s $2.1 billion …

December 14, 2018

Development Illinois Midwest Office

GlenStar to Complete $20M Renovation of Office Property in Chicago

by Kristin Harlow December 14, 2018

CHICAGO — GlenStar Properties LLC and its joint venture Angelo Gordon & Co. LP have unveiled plans to complete a $20 million renovation of President’s Plaza in Chicago’s O’Hare submarket. The two-building, 830,479-square-foot office property is located at 8600 and 8700 W. Bryn Mawr Ave. Plans call for a lobby refresh at both buildings, new tenant lounge with a coffee café, renovation of the fitness center, renovation of the deli, new technology for the conference center, new lobby stairwell, new passenger elevator interiors and corridor renovations. Completion is slated for the second quarter of 2019. Major tenants at the property include True Value, American Imaging Management and Lafarge North America. Occupancy stands at 94.4 percent.

December 14, 2018

Development Midwest Minnesota Multifamily

Opus Breaks Ground on 218-Unit Apartment Building in Minneapolis

by Kristin Harlow December 13, 2018

MINNEAPOLIS — The Opus Group has broken ground on a six-story, 218-unit apartment building in the North Loop neighborhood of Minneapolis. Located at the intersection of West River Parkway and Plymouth Avenue, the development will include a mix of studios, alcoves, one- and two-bedroom units and penthouses. Completion is slated for summer 2020. This project is the third in the North Loop for Opus.

December 13, 2018

Affordable Housing Development Loans Massachusetts Multifamily Northeast

Pennrose Breaks Ground on $23M Affordable Housing Community on Cape Cod

by David Cohen December 12, 2018

EASTHAM, MASS. — Penrose has broken ground on Village at Nauset Green in Eastham. The $23 million project will consist of 65 affordable and workforce housing units spread across more than 11 acres. The property will accommodate individuals and families with a range of incomes, including 11 units serving households earning up to 30 percent of the area median income (AMI) and 39 units serving households earning up to 60 percent of AMI. The remaining units will be Workforce units for families set at rents equal to 90 percent of AMI. Pennrose Management Co. will provide on-site management and maintenance, as well as supportive services geared toward both senior and family populations. Amenities include a community room, community garden and a pocket park at the front of the site to be used by all residents of Eastham and users of the nearby Cape Cod Rail Trail. Funding for the project included $10 million over 10 years in federal low-income housing tax credits and $4.375 million in state tax credits over five years from the Commonwealth of Massachusetts Department of Housing and Community Development. A $10.2 million construction loan was provided by Bank of America and a $4.4 million permanent first mortgage …

December 12, 2018

Development Indiana Midwest Multifamily

JVM Completes Renovations at Apartment Community in Indianapolis

by Kristin Harlow December 12, 2018

INDIANAPOLIS — JVM Realty Corp. (JVM) has completed the renovation of the common areas at Circa Apartments, a 265-unit luxury apartment community that it owns in downtown Indianapolis. The new features at Circa include an expanded pet park, a new pet washing station, automated package room, upgraded fitness center and co-working lounge. The renovation also included a redesigned clubhouse and new furniture for the pool and resident lounge. Holt Construction was the contractor for the project and Laura Braucher of Studio 5 Interiors Inc. was the designer.

December 12, 2018

Development Industrial Texas

Majestic Realty Begins Work on 535,113 SF Industrial Project in Kyle, Texas

by Taylor Williams December 12, 2018

KYLE, TEXAS — Majestic Realty Co. has begun work on Kyle Crossing Business Park, a two-building, 535,113-square-foot industrial project in Kyle, a city located off Interstate 35 in between Austin and San Antonio. The first building will total 307,840 square feet and feature 36-foot clear heights, 89 dock-high doors, 383 auto parking spaces and 136 trailer parking spaces. The second building will span 227,273 square feet and feature 32-foot clear heights, 56 dock-high doors, 269 auto parking spaces and 85 trailer parking spaces. Both buildings are expected to be complete by the third quarter of 2019. JLL is serving as the exclusive leasing partner on this project, with senior vice presidents Ace Schlameus and Zane Cole leading the effort.

December 12, 2018

California Development Retail Western

Armstrong Development to Build 240,000 SF Shopping Center in Roseville, California

by Amy Works December 12, 2018

ROSEVILLE, CALIF. — Armstrong Development has announced plans for Campus Oaks Town Center, a shopping center located at the corner of Blue Oaks Boulevard and Roseville Parkway in Roseville. The Roseville City Council recently unanimously approved the project. Construction for the 240,000-square-foot property is slated to begin in spring 2019, with delivery scheduled for summer 2020. Nugget Markets and 24 Hour Fitness will anchor the property, which is approximately 66 percent leased to date and expected to be 85 percent leased by the start of construction. Additional tenants will include The Learning Experience, MOD Pizza, Posh Nail Salon, Fresh Cleaners, Jasmine Mongolian BBQ, Supercuts and Ben’s Barketplace.

December 12, 2018

Development North Carolina Office Southeast

Duke Energy to Build 39-Story Office Building in Uptown Charlotte

by Alex Tostado December 11, 2018

CHARLOTTE, N.C. — Duke Energy plans to consolidate its office space in Uptown Charlotte and build a 39-story office building located on the 500 block of South Tryon Street, across from Duke Energy Center. Duke Energy will sell two properties (526 Church St. and 401 S. College St.) and exit its lease at 400 S. Tryon St. The Charlotte-based company will reduce its Charlotte office space from 2 million square feet to 1.5 million square feet. The building, developed by Childress Klein, is expected to take three years to build. Duke Energy provides electricity to 7.6 million retail customers in six states and has $138 billion in assets as of year-end 2017. The company currently employs 29,060 people.

December 11, 2018

Development Georgia Hospitality Southeast

Hilton Opens 42-Story Waldorf Astoria Atlanta Buckhead

by Alex Tostado December 11, 2018

ATLANTA — Hilton Worldwide has opened the Waldorf Astoria Atlanta Buckhead in Atlanta’s Buckhead district. The 42-story hotel is the first for the Waldorf Astoria brand in Atlanta and is situated at the former site of Mandarin Oriental Atlanta. The property features 127 rooms, 10 suites, 47 private residences, a 15,000-square-foot spa and meeting and event space. Designed by Robert A.M. Stern, the Atlanta location joins 30 other Waldorf Astoria hotels worldwide.

December 11, 2018

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