development1

RISE Begins Construction on 608-Bed Student Housing Project at Nova Southeastern Campus in Fort Lauderdale

by Camren Skelton September 19, 2018

FORT LAUDERDALE, FLA. — RISE: A Real Estate Co. has started construction on a 608-bed mixed-use development on the Nova Southeastern University campus in Fort Lauderdale. The 310,000-square-foot property will offer 280 units for upperclassmen at the site of the university’s former intramural soccer field. The community will include one-, two- and four-bedroom student apartments with full kitchens and in-unit washers and dryers, and each floor will include lounges and study rooms. The property will also feature an on-site innovation center, which will serve as a business incubator for students, as well as outdoor amenities including hammocks, table tennis and barbecue grills. Juneau Construction Co. is the project’s general contractor, and Niles Bolton Associates is the architect. The community is scheduled to open in summer 2019.

September 19, 2018

Loans Multifamily New Jersey Northeast

Cushman & Wakefield Arranges $52M Construction Loan for Multifamily Development in Hackensack

by David Cohen September 18, 2018

HACKENSACK, N.J. — Cushman & Wakefield has arranged $52 million in construction financing for a ground-up multifamily development in Hackensack. John Alascio and Sridhar Vankayala of Cushman & Wakefield represented the borrower, Waypoint Residential in securing financing through Citizens Bank. The four-story property will feature 235 residential units and will be located at 435 Main St. in downtown Hackensack. The project benefits from a 30-year tax abatement.

September 18, 2018

Development Multifamily Texas

SWBC Breaks Ground on 331-Unit Apartment Community in Metro Houston

by Taylor Williams September 18, 2018

KINGWOOD, TEXAS — Dallas-based multifamily developer SWBC Real Estate has broken ground on The Royalton at Kingwood, a 331-unit multifamily community in Kingwood, a master-planned community northeast of Houston. Situated on 15.9 acres, the Class A property will offer one-, two- and three-bedroom units. Amenities will include a pool, fitness center, game room with community kitchen, a resident lounge and a dog park. Jordan Foster is the general contractor, Cross Architects is the architect and Stantec is the engineer for the project. The opening is currently scheduled for October 2019.

September 18, 2018

Development Industrial Midwest Missouri

Hunt Midwest Begins Construction of 217,783 SF Industrial Building in Kansas City

by Kristin Harlow September 18, 2018

KANSAS CITY, MO. — Hunt Midwest has begun construction of the third building at Hunt Midwest Business Center in Kansas City. Slated to open in March 2019, HMBC Logistics III will span 217,783 square feet with a clear height of 32 feet. The developer has also secured the necessary permits for HMBC Logistics IV, which will span 425,000 square feet with a clear height of 36 feet. The first two buildings at the park are now fully leased to Vanguard Packaging, Great Plains Packaging, Online Labels, Wurth DMB and Voss Lighting.

September 18, 2018

Development Midwest Missouri Restaurant Retail

Knoebel Completes Construction of $2M Restaurant in St. Louis

by Kristin Harlow September 18, 2018

ST. LOUIS — Knoebel Construction has completed construction of the new $2 million HopCat restaurant and craft beer bar in St. Louis’ Delmar Loop, which is an entertainment and dining district. The 8,580-square-foot restaurant features seating for 245 guests, a draft bar and outdoor beer garden. The project consisted of renovating the existing building while preserving as much of the original structure as possible, including wood beams and exposed brick. Knoebel rebuilt the entire roof structure, upgraded all utilities and removed windows on the second floor in order to install commercial kitchen equipment. BarFly Ventures was the project developer and Cuhaci & Peterson was the architect. HopCat now has 17 locations across the country.

September 18, 2018

Acquisitions Industrial Texas

Ridgeline, Archway to Develop 685,400 SF Industrial Project in Metro Houston

by Taylor Williams September 17, 2018

HUMBLE, TEXAS — A partnership between Atlanta-based Ridgeline Property Group and Texas-based Archway Properties will develop Park Air 59, a 685,400-square-foot industrial project in Humble, a northeastern suburb of Houston. The cross-dock property will feature 40-foot clear heights, 153 dock-high doors, 180-foot truck court depths, 242 trailer parking spaces, 332 auto parking spaces and an ESFR sprinkler system. The groundbreaking of Park Air 59, which offers convenient access to Beltway 8, is scheduled for late September. Completion is slated for the second quarter of 2019.

September 17, 2018

Development Multifamily Texas

Leon Capital Breaks Ground on 262-Unit Apartment Community in Austin

by Taylor Williams September 14, 2018

AUSTIN, TEXAS — Dallas-based Leon Capital has broken ground on Society, a 262-unit multifamily community located at 6001 S. Congress Ave. in Austin. The property will offer creative office space with a tech lounge, fitness center, pool and outdoor TV lounge. Preleasing is expected to begin in summer 2019, and the first units are slated a fall 2019 delivery. Austin-based Rhode Partners is serving as project architect, and LG Wade Construction is the general contractor.

September 14, 2018

Development Georgia Retail Southeast

Brasfield & Gorrie Breaks Ground on $100M Expansion of Georgia Aquarium in Downtown Atlanta

by Camren Skelton September 14, 2018

ATLANTA — Brasfield & Gorrie has broken ground on a 104,100-square-foot expansion of the Georgia Aquarium in Atlanta. Dubbed Expansion 2020, the project costs will total $100 million, according to the Atlanta Business Chronicle. A 1 million-gallon “interactive and immersive” shark tank exhibit will be the focal point of the expansion. The project will also include a new entrance and exit, office spaces, retail spaces, loading dock and new ticketing services. Since the aquarium’s 2005 opening, Brasfield & Gorrie has completed multiple expansions, including the ballroom renovation, dolphin expansion, multiple marine life holding projects, sea lion exhibit and the café renovation. Birmingham, Ala.-based Brasfield & Gorrie is collaborating with Peckham, Guyton, Alberts & Viets Architects on the project, which is slated for completion in late 2020. The aquarium will remain open during construction.

September 14, 2018

Affordable Housing Development Loans Multifamily Washington Western

KeyBank Provides $30.9M in Financing to Build Two Affordable Housing Projects in Seattle

by Amy Works September 14, 2018

SEATTLE — KeyBank Community Development Lending & Investment (CDLI) has provided $30.9 million in financing to Community House Mental Health Agency for the construction of two affordable housing properties located at the corner of 23rd and Jackson streets in Seattle. KeyBank funded a $13.6 million construction loan for the development of Judkins Junction, a 74-unit multifamily property. Additional funding was provided by the City of Seattle and King County. The tax credit investor is the National Development Council. KeyBank will also provide the borrower with a $5.6 million private placement permanent loan. Additionally, KeyBank provided a $11.7 million construction loan for the development of Patricia A. Apartments. The property will offer 52 units of permanent supportive housing for individuals with mental illnesses. The City of Seattle, King County and Washington State Housing Trust Fund provided additional funding. Victoria Quinn of KeyBank’s CDLI group arranged the financing for both properties.

September 14, 2018

Development Illinois Midwest Retail

EQ Office Unveils Plans for Dining, Retail Destination at Willis Tower in Chicago

by Kristin Harlow September 14, 2018

CHICAGO — Blackstone’s Equity Office, a large U.S. owner of office space, has unveiled plans for “Catalog,” a five-story dining, retail and entertainment destination located at the base of Willis Tower in downtown Chicago. Food hall operator Urbanspace will anchor Catalog’s food and beverage offerings, occupying more than 14,000 square feet and making the company one of the largest retailers in the building. The name Catalog is a nod to the Sears Roebuck Co., which originally developed and opened Willis Tower in 1973. Architecture firm Gensler is designing the space, which is scheduled to open in mid-2020. Willis Tower is undergoing $500 million in renovations, plans for which include more than 300,000 square feet of new retail, dining and entertainment space. Pre-leased tenants include Shake Shack, Sweetgreen, Luke’s Lobster and Taylor Gourmet.

September 14, 2018

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