development1

Palladium Underway on 240-Unit Mixed-Income Residential Project in Fort Worth

by Taylor Williams March 9, 2023

FORT WORTH, TEXAS — Locally based developer Palladium USA is underway on construction of Palladium Oak Grove, a 240-unit mixed-income residential project in Fort Worth. Residences will come in one, two- and three-bedroom formats, and amenities will include a pool, fitness center, conference center, dog park, computer lounge, kid’s playroom and a resident clubroom. Cross Architects is designing the project, and Treymore Construction is the general contractor. The Texas Department of Housing & Community Affairs issued $25.6 million in tax-exempt bonds that were purchased by Cedar Rapids Bank & Trust to fund the project. PNC Bank also provided over $23 million in equity. Palladium Oak Grove’s first units are expected to be complete in May 2024.

March 9, 2023

Development Multifamily New York Northeast

United Group of Cos. to Develop 222-Unit Multifamily Project Near Albany, New York

by Taylor Williams March 8, 2023

GUILDERLAND, N.Y. — United Group of Cos. will develop The Apex at Crossgates, a 222-unit multifamily project located northwest of Albany in Guilderland. The community will feature one-, two- and three-bedroom apartments, as well as townhouse-style residences. Units will be furnished with stainless steel appliances, quartz countertops, designer fixtures, walk-in closets and private patios/balconies. Amenities will include a fitness center with a yoga studio, game room with pool card tables, dog park, outdoor kitchens and multi-sport courts. Trinity Building + Construction Management Corp. is the general contractor for the project. M&T Bank provided financing for construction, which is expected to last about 24 months.

March 8, 2023

Development Florida Multifamily Southeast

Lynd Begins Construction on 401-Unit Luxury Apartment Community in Royal Palm, Florida

by John Nelson March 8, 2023

ROYAL PALM, FLA. — Lynd Development, a subsidiary of San Antonio-based Lynd Group, has broken ground on The Villas at Tuttle Royale, a 401-unit luxury apartment development in Royal Palm. Situated on the west side of South Florida’s Palm Beach County, the property will feature 26 three-story, garden-style buildings and 55 townhomes. Lynd and partner Tuttle Land Investments recently secured a $126 million construction loan from S3 Capital and a $21 million preferred equity investment from New York-based Declaration Partners to fund the project. Kevin O’Grady of Miami-based Concord Summit Capital arranged the debt, and B.J. Litwin of GLJ Real Estate LLC sourced the preferred equity. Villas at Tuttle Royale will comprise one-, two- and three-bedroom units averaging 1,119 square feet and three- and four-bedroom townhomes ranging in size from 1,685 to 2,035 square feet. Rents are expected to start at over $2,000 for a one-bedroom apartment. Amenities will include a resort-style pool with cabanas, fitness facility, dog park, lakeside putting and chipping greens, indoor and outdoor summer kitchens, fire pits, soccer fields, a jogging and bike trail and hot/cold plunge pools. Lynd expects first units to deliver in third-quarter 2024. West Palm Beach-based Verdex Construction is the general contractor …

March 8, 2023

Affordable Housing California Development Multifamily Western

Meta Housing, The People Concern Complete 82-Unit LAMP Lodge Affordable Apartments in Los Angeles

by Amy Works March 8, 2023

LOS ANGELES — Meta Housing Corp., in partnership with The People Concern, has opened LAMP Lodge, an affordable housing community in downtown Los Angeles’ Skid Row neighborhood. Located at 656-660 Stanford Ave., the 82-unit property will provide affordable and accessible housing to individuals and families who have faced the challenge of homelessness. Meta Housing assembled the capital and managed ground-up construction of the property. The project included the demolition of an existing 50-unit building and the development of the LAMP Lodge, which features a central courtyard, community room, garden boxes, modern security system, laundry facilities and accessible units and features. The People Concern will provide ongoing supportive services to tenants at the property. The redevelopment team included Los Angeles County’s Housing Authority, Department of Mental Health and Department of Health Services; the California Department of Housing and Community Development; and the City of Los Angeles’ Housing Department and Housing Authority. Funding was provided by Federal Home Loan Bank of San Francisco, J.P. Morgan Chase Bank, Boston Financial Investment Management and the California Tax Credit Allocation Committee. KFA Architecture served as architect for the project.

March 8, 2023

Development Industrial Texas

Stream Realty Partners Completes 156,483 SF Spec Industrial Project in Houston

by Taylor Williams March 7, 2023

HOUSTON — Stream Realty Partners has completed Raceway Northwest Distribution Center, a 156,483-square-foot speculative industrial project in northwest Houston. The front-load building features 36-foot clear heights, 35 dock-high doors, 109 car parking spaces and 22 trailer parking stalls. In addition, Raceway Northwest Distribution Center offers office space, fully fenced truck courts and quick access to the Sam Houston Tollway and U.S. Highway 290. Stream is also the project’s leasing agent.

March 7, 2023

California Development Life Sciences Loans Top Stories Western

JLL Arranges $310M Construction Loan for Avia Labs at Millbrae Station Life Sciences Campus in California

by Amy Works March 7, 2023

MILLBRAE, CALIF. — JLL Capital Markets has arranged a $310 million construction loan for the development of Avia Labs at Millbrae Station. Located in Millbrae, southwest of San Francisco International Airport, the life sciences development will total 315,000 square feet. Jordan Angel, Lillian Roos and Pat Aslanian of JLL Capital Markets’ debt advisory team secured the loan through Otera Capital for the borrower, Longfellow Real Estate Partners. Longfellow broke ground on Avia Labs on March 1. The six-story, Class A building is targeting LEED Gold and Fitwel certifications and emphasizes both energy efficiency and quality of life for tenants. Onsite amenities will include a fitness center, public café open to the community, large conference spaces, bike storage, two levels of underground parking and a large terrace with city and mountain views. According to the developer, this will be California’s first all-electric life sciences project. All-electric buildings often have reduced construction costs, are easier to maintain and offer a lower carbon footprint than developments that offer multiple energy sources, such as both electric and natural gas. The property is positioned on 2.1 acres at 210 Adrian Road in the North County submarket of the Mid-Peninsula of the San Francisco Bay Area. …

March 7, 2023

Development Multifamily Texas

Wood Partners Opens 248-Unit Apartment Community in Denton, Texas

by Taylor Williams March 6, 2023

DENTON, TEXAS — Atlanta-based multifamily developer Wood Partners has opened Alta Denton Station, a 248-unit apartment community in North Texas. Units come in one-, two- and three-bedroom formats and are furnished with stainless steel appliances, granite countertops, tile backsplashes and individual washers and dryers. Amenities include a pool, fitness center, coworking space, pet care facilities and outdoor grilling and dining areas. Rents start at $1,300 per month for a one-bedroom unit.

March 6, 2023

Connecticut Development Multifamily Northeast

Continental Properties to Undertake 172-Unit Multifamily Redevelopment in West Hartford, Connecticut

by Taylor Williams March 6, 2023

WEST HARTFORD, CONN. — New York-based investment and development firm Continental Properties will undertake a 172-unit multifamily redevelopment project in West Hartford. The site at 950 Trout Brook Drive previously housed a children’s museum and preschool. John Cafasso and Ian Hunt of Colliers represented the seller, Kingswood Oxford School, in the disposition of the land. The new apartment community will offer one-, two- and three-bedroom units and amenities such as a pool, dog park, coworking space and a rooftop lounge. Continental Properties, which purchased the site for $10.5 million, has received approvals and is underway on preliminary sitework.

March 6, 2023

Affordable Housing Development Illinois Midwest Multifamily

Habitat Co. Receives Financing for Phase II of $200M Ogden Commons Mixed-Income Development in Chicago

by Kristin Harlow March 6, 2023

CHICAGO — The Habitat Co. has received financing for Phase II of Ogden Commons, a $200 million mixed-use, mixed-income project in Chicago’s North Lawndale neighborhood. Upon completion, there will be 120,000 square feet of commercial and retail space and more than 350 mixed-income housing units known as OC Living. Construction has commenced on OC Living’s first phase, a 92-unit building. Of the total units, 90 percent will be affordable and 10 percent will be market-rate. Completion is slated for spring 2024. The four-story building is located steps away from the three-story commercial building that marked Phase I of Ogden Commons and was completed in 2021. The 30,000-square-foot property is home to Wintrust Bank, Momentum Coffee and Sinai Health System’s One Lawndale Express Care Clinic. Development partners include Sinai Health System, Alecko Capital and the City of Chicago. Ogden Commons is the city’s largest Opportunity Zone project, according to Habitat. Built over multiple phases, the entire project is slated for completion by 2026. McHugh Construction Co. and Bowa Construction are the general contractors. Bank of America is among the project’s other development partners.

March 6, 2023

California Development Multifamily Student Housing Western

Developer Plans to Convert Park Tower Office Building to Student Housing Near California State University, Long Beach

by Amy Works March 6, 2023

LONG BEACH, CALIF. — Plans have been filed with the City of Long Beach for the conversion of Park Tower, a 119,287-square-foot office building, into a student housing community serving California State University, Long Beach. Fountain Residential Partners is leading the development and plans to break ground in late 2023. The property is set to offer 539 beds in on-campus-style residential suites with large lounge areas on each floor. Shared amenities will include study and meeting rooms on the ground floor; an Amazon Hub; fitness rooms; an indoor/outdoor dining patio; outdoor fitness turf; a wading pool and lounge area; flexible lawn space for gathering; and barbecue grills with picnic tables. The development is targeting LEED Gold certification and will include the implementation of both passive and active strategies towards sustainability. Green practices for the project are set to include the leveraging of natural light and ventilation, and the maximization of solar performance. Shuttle service to campus and the retainment of an existing Metro bus shelter have also been proposed at the site. The project is scheduled for completion in fall 2025.

March 6, 2023

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