development1

EDENS, Crescent Break Ground on Retail, Residential Development in Atlanta’s Upper Westside

by John Nelson November 15, 2018

ATLANTA — EDENS and Crescent Communities have broken ground on Phase II of Moores Mill, a mixed-use development in Atlanta’s Upper Westside neighborhood. Charlotte-based Crescent Communities, a multifamily developer, will build 345 units across three buildings over five acres called NOVEL Upper Westside. The complex will total 300,000 square feet and offer one- , two- and three-bedroom options. Amenities are set to include a fitness center, pool, courtyard, refined rooftop lounge and a dog park. EDENS, a national retail real estate owner, will develop 15,000 square feet of retail. The Columbia, S.C.-based developer built the 45,000-square-foot Publix in Phase I of Moores Mill and has invested in green space renovation at nearby Sara Gonzalez Park. Completion of Phase II is expected in 2020.

November 15, 2018

Development Florida Multifamily Southeast Student Housing

Bainbridge, Diamond Realty to Develop 492-Bed Student Housing Community Near University of Florida

by John Nelson November 15, 2018

GAINESVILLE, FLA. — The Bainbridge Cos. has acquired an 11-acre site in Gainesville located near the University of Florida for the development of a 492-bed student housing community. The property — to be named Campus Circle Gainesville — will be developed in a joint venture with Diamond Realty Investments Inc. The four-story, garden-style community will offer shared amenities including an outdoor lounge and study area; resort-style courtyards; swimming pool with private cabanas; 24-hour fitness center with a cardio theater and yoga studio; clubhouse featuring lounge space and a game room; 24-hour private study space with group study areas and a large conference room; and dog-walking trails. The property is set to open prior to the 2020-2021 academic year.

November 15, 2018

Loans Massachusetts Multifamily Northeast

Fantini & Gorga Arranges $27M Construction Loan for Multifamily Community in Cambridge

by David Cohen November 15, 2018

CAMBRIDGE, MASS. — Fantini & Gorga has arranged a $27 million construction loan for Park 77 Apartments, a 93-unit multifamily community in the Alewife neighborhood of Cambridge. Terms of the financing were not disclosed. Located at 77 New St., the property is walking distance from the Metro Boston Transit Authority’s Alewife Station. Derek Coulombe, Tim O’Donnell and Despina Hixon of Fantini & Gorga arranged the financing for the undisclosed borrower through a large regional lender.

November 15, 2018

Development Hospitality Texas

Tutor Perini Awarded 1,000-Room Hotel, Casino Project in Durant, Okla.

by Taylor Williams November 15, 2018

DURANT, OKLAHOMA — Tutor Perini Corp. (NYSE: TPC) has been awarded the design/build contract for the Choctaw Casino & Resort Expansion project, which will deliver a 1,000-room hotel and resort complex in Durant, a city near the Texas border. Upon completion, the property will feature an expanded casino, multiple onsite restaurants, movie theaters and new retail space. JCJ Architecture and Friedmutter Group are the design partners. Design work is expected to begin in the fourth quarter of 2018 with substantial completion anticipated in the spring of 2021.

November 15, 2018

Loans Multifamily New Jersey Northeast

MRC Provides $67.5M Acquisition Loan for Multifamily Project in New Jersey

by David Cohen November 14, 2018

HARRISON, N.J. — Madison Realty Capital has provided $67.5 million in acquisition and construction financing for a 205-unit multifamily development project and an adjacent development site in Harrison. The loan allows the borrower, a partnership between Accordia Realty Ventures and Eastone Equities, to acquire both sites and finish construction of the 205-unit first phase of the project, which is currently topped off and approximately 60 percent complete. The development site has been approved for 435 multifamily units. Located at 700 Frank E. Rodgers Blvd., the first phase of the project is slated for completion in Spring 2019. The development team on the project includes Hollister as general contractor, NK Architects as design architect, Studio 1200 as interior designer, and The Marketing Directors as leasing and marketing agent.

November 14, 2018

Civic Development Iowa Midwest

Stahl to Construct $20M Elementary School in Ankeny, Iowa

by Kristin Harlow November 14, 2018

ANKENY, IOWA — Stahl has been awarded the construction management contract for a new 101,403-square-foot elementary school in Ankeny. Construction of the $20 million project is expected to begin in March 2019. The new school will serve 750 students in grades K-5. FRK Architects + Engineers is the project partner. Completion is slated for June 2020. Funding for the school came from an $18 million bond referendum approved by the community in February 2018.

November 14, 2018

Development Florida Mixed-Use Multifamily Southeast

Strategic Property Partners Breaks Ground on First Residential Building in $3B Water Street Tampa Project

by John Nelson November 13, 2018

TAMPA, FLA. — Strategic Property Partners, LLC (SPP) has broken ground on Water Street Tampa’s first residential building, 815 Water Street, in Tampa. In addition to 420 rental residences, the dual-tower project will feature new dining, grocery and shopping options. The two towers will rise 21 and 26 stories and each tower’s roof will include an outdoor pool, fitness center, community kitchen, bar and club lounge. 815 Water Street Tampa is expected to open in late 2020. The two-tower project is part of SPP’s $3 billion mixed-use redevelopment, which will include more than 2 million square feet of office space; 1 million square feet of retail, cultural, educational and entertainment space; two new hotels totaling more than 650 rooms, including the city’s first five-star hotel; and the University of South Florida’s Morsani College of Medicine and Heart Institute. SPP is a partnership between Tampa Bay Lightning owner Jeff Vinik and Cascade Investment LLC. The design team for 815 Water Street includes New York City-based architect Kohn Pedersen Fox Associates (KPF), Toronto-based interior designer Cecconi Simone and Miami-based landscape architect Raymond Jungles Inc. This is KPF’s fifth project in Florida, but first in Tampa.

November 13, 2018

California Development Industrial Western

Panattoni Development Co., PGIM Real Estate Begin Construction of 1.2 MSF Industrial Building in Inland Empire

by Amy Works November 13, 2018

RIALTO, CALIF. — Panattoni Development Co., in partnership with PGIM Real Estate, has started construction of Building 1. The 1.2 million-square-foot industrial building is located within the Rialto Fulfillment Center at 3520 S. Cactus Ave. in Rialto. Situated on 122 acres, Rialto Fulfillment Center is a planned two-building, 2.25 million-square-foot fulfillment and distribution center. Building 1 will be a freestanding cross-docked facility with internal truck drive around capacity. The facility will feature 40-foot minimum warehouse clearance height, an ESFR sprinkler system, eight-foot minimum flat Ductilcrete warehouse slab, 56-foot by 60-foot typical bay spacing with 70-foot speed bays, and 4,000 amp building service with base infrastructure for 12,000 amps. Additionally, the building will feature 196 dock-high doors, four grade-level loading doors, two fully secured truck courts, 544 off-dock trailer stalls and 685 auto parking stalls. Completion of Building 1 is slated for fourth-quarter 2019. Peter McWilliams, Mike McCrary and Ruben Goodsell of JLL are handling the leasing efforts for the Rialto Fulfillment Center.

November 13, 2018

Development Georgia Hospitality Southeast

Songy Highroads, Hyatt Hotels Underway on 175-Room Hotel in Downtown Atlanta

by Amy Works November 12, 2018

ATLANTA — Atlanta-based Songy Highroads LLC, in partnership with Hyatt Hotels Corp., is developing Hyatt Place Centennial Park, located at 300 Luckie St. in downtown Atlanta. Construction has reached the fifth floor of the 11-story hotel, which is slated to open in August 2019. Situated one block north of Centennial Olympic Park and adjacent to the Georgia Aquarium, the hotel will feature 175 guestrooms, a pool, fitness center, on-site food service, parking deck, 2,100 square feet of meeting space and retail space fronting Luckie and Marietta streets. Reeves Young is serving as general contractor, and Wakefield Beasley is providing architectural services for the project.

November 12, 2018

Development Loans Multifamily Nevada Western

CapitalSouth Provides $41.1M Construction Loan for Multifamily Property in Las Vegas

by Amy Works November 12, 2018

LAS VEGAS — CapitalSouth, a division of Pacific Western Bank, has provided a $41.1 million construction loan for the development of Tuscan Highlands, a multifamily property located in Las Vegas’ Southern Highlands submarket. The property will be situated on 15.2 acres at the southwest corner of St. Rose Parkway and Interstate 15. The 26-building community will feature 304 market-rate apartments units in a mix of one- and two-bedroom studio flats, medium flats, large flats, carriages, lofts and townhomes. Residents of Tuscan Highlands will have access to an exclusive two-story resort hall and restaurant, which will hold up to 150 people. The resort hall and restaurant will feature a private events room, booths, lounge seating, high and low tables, salon, poker room, banquet room, dry cleaning, office space and a full bar. Jonathan Lee of George Smith Partners arranged the financing for the borrower, Watt Cos. and Schulman Properties.

November 12, 2018

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