development1

Developer Unveils Revised Plan for Union Station Project in Chicago

by Kristin Harlow September 13, 2018

CHICAGO — Riverside Investment & Development, with its development partner Convexity Properties, has unveiled a revised plan for the Union Station redevelopment project in Chicago. The biggest change is the elimination of a 404-unit apartment structure that the developers had initially proposed to place atop the historic Union Station building, according to local media reports. Instead, Riverside plans to develop a one-story addition with hotel rooms. The other change is a 1.5-acre plaza and park along Jackson Boulevard and Clinton Street at the base of a proposed 50-story office tower. BMO Harris Bank is in talks to anchor the office property, according to local media sources. The new proposal will still have to clear many hurdles, including approval from city officials. In June, the developer faced criticism for its initial proposal largely because of the glass apartment building. Last year, Amtrak, which owns the station, selected the development team for the $1 billion project. The train station originally opened in 1925. Today, it handles about 140,000 passengers on an average weekday.

September 13, 2018

Development Midwest Missouri Multifamily

City Club Apartments Breaks Ground on New Property in Kansas City

by Kristin Harlow September 13, 2018

KANSAS CITY, MO. — City Club Apartments (CCA) has broken ground on a project in Kansas City’s Crossroads district, which is located directly south of the downtown loop and known for its art galleries, shops and restaurants. Located at the corner of Main and 20th streets, the seven-story apartment property will include 283 units with 50 different floor plans. Among the amenities will be a rooftop pool, outdoor theater, fitness center, zen garden, bark park and nearly 300 underground parking spaces. CCA has lease commitments with a local restaurant and wine bar, a specialty market and other local retailers. Those tenants will be announced at a later date. The hotel-style lobby will include a lounge, business center and concierge service. Residents are expected to begin moving into the property in the fall of 2019.

September 13, 2018

Collin-College-Technical-Campus-Allen-Texas

Civic Development Texas

McCarthy Breaks Ground on 360,000 SF Tech Campus for Collin College in Metro Dallas

by Taylor Williams September 13, 2018

ALLEN, TEXAS — McCarthy Building Cos. Inc. has broken ground on Collin College Technical Campus, a 360,000-square-foot development in Allen, a northeastern suburb of Dallas. The project will deliver a 177,646-square-foot building for trade studies that includes lab space, auto shops and carpentry shops, as well as a 151,000-square-foot academic building with classrooms, administrative offices and common spaces. Additional features will include a 23,700-square-foot conference building, a 42,000-square-foot classroom to be shared with the Allen Independent School District and a 600-space underground parking garage. Completion is slated for summer 2020. The campus is expected to eventually serve more than 4,000 students.

September 13, 2018

Arizona Development Hospitality Loans Western

HALL Structured Finance Secures $53M Construction Loan for Hotel Expansion in Scottsdale, Arizona

by Amy Works September 13, 2018

SCOTTSDALE, ARIZ. — Dallas-based HALL Structured Finance has closed a $53 million construction loan to finance the expansion, redevelopment, flagging and rebranding of CopperWynd Resort, located at 13225 N. Eagle Ridge Drive in Scottsdale. The existing 32-room property will be converted into the 177-room Marriott Autograph Scottsdale Resort. Bill Hinz is redeveloping the property, which is slated to open by fourth-quarter 2019. Located in the McDowell Mountains, the existing property features a full-service spa and 26,500 square feet of lobby and common areas, including a fitness center, two pools, a pool café, tennis facilities and Flourish Restaurant. As part of the renovation, the existing 32 rooms will be refreshed and 145 rooms and 12,000 square feet of meeting space will be added to the resort. Malcolm Davies of George Smith Partners sourced the financing for the project.

September 13, 2018

Loans Multifamily New York Northeast

Bellwether Structures $11.7M Construction Loan for Mixed-Income Apartments in the Bronx

by David Cohen September 12, 2018

NEW YORK CITY — Bellwether Enterprise Real Estate Capital has arranged an $11.7 million construction loan for Bronxview at Serviam. The building will include 114 units with a mix of one-, two- and three-bedroom units. Equity for the approximately $61.3 million project was provided through the purchase of 9 percent low-income housing tax credits awarded by the New York City Department of Housing Preservation and Development (HPD). The property will feature 12 units for residents earning up to 30 percent of the area median income (AMI), 12 units at 50 percent AMI, 33 units at 60 percent AMI, 34 units at 80 percent the AMI and 22 units at 90 percent AMI. Jim Gillespie of Bellwether arranged the Freddie Mac loan for the Fordham Bedford Housing Corp. The financing features a 36-month forward period followed by a 30-year permanent mortgage and a fixed rate locked at the time of the construction loan closing.

September 12, 2018

Development Office Oregon Western

Joint Venture Completes $190M Cancer Research Building in Portland

by Amy Works September 12, 2018

PORTLAND, ORE. — The construction joint venture team of McCarthy Building Cos. and Andersen Construction, along with SRG Partnership and Oregon Health & Science University (OHSU), has completed the Knight Cancer Research Building on OHSU’s campus. The $190 million research and development conference center facility features 320,000 square feet of space, with science and data analysis offerings on each floor to maximize interaction and the potential of deeper innovation and idea sharing. The facility also features open-air balconies, communicating stairs, a rooftop terrace and a central collaboration kitchen.

September 12, 2018

Acquisitions Development Multifamily New York Northeast Top Stories

Alchemy Properties Acquires Former School on Upper West Side for $158M, Plans to Develop Condos

by David Cohen September 12, 2018

NEW YORK CITY — Alchemy Properties has acquired the former Collegiate School on the Upper West Side of Manhattan for $158 million. The property, which is located at 378 West End Ave. and 260-262 West 78th St., will be redeveloped into two ground-up residential condominium buildings rising 19 and 12 stories, respectively. When completed, the project will bring anywhere from 58 to 62 condominium units to the Upper West Side as well as 20,000 square feet of amenities, including an outdoor pool, squash court and fitness center. Alchemy has partnered with South Korean investment bank Daishin Securities to develop the project. Architectural firm COOKFOX Architects has been commissioned to design both the exterior and interior of 378 West End Ave. Bank OZK provided pre-construction and construction financing for the project. Construction on 378 West End Ave. is scheduled to start in the third quarter of 2018. Alchemy Properties recently completed Two Fifty West 81st St., a 31-unit condominium project on the Upper West Side. The project is currently 85 percent sold, according to Alchemy. — David Cohen

September 12, 2018

Acquisitions Arizona Development Hospitality Mixed-Use Office Retail Western

VanTrust Real Estate Acquires 20-Acre Land Parcel for Mixed-Use Development in Chandler, Arizona

by Amy Works September 11, 2018

CHANDLER, ARIZ. — VanTrust Real Estate has purchased 20 acres of land, located at Chandler Boulevard and the Loop 101 in Chandler. The Rockefeller Group, New York City, sold the land parcel for $12.2 million. VanTrust plans to build a mixed-use development with office, hotel and retail space on the site. This transaction continues the company’s development pipeline in the Arizona market, which consists of projects for industrial, multifamily and office space. The company recently completed Chandler Corporate Center, a 117,000-square-foot office asset located at 350. N. McClintock Drive in Chandler, and it plans to break ground on the second phase of the development soon.

September 11, 2018

Development Multifamily North Carolina Southeast

Marsh Properties Breaks Ground on 263-Unit Apartment Community in Charlotte

by Camren Skelton September 11, 2018

CHARLOTTE, N.C. — Marsh Properties has broken ground on The Edge@Sedgefield, a 263-unit apartment community located within the Sedgefield mixed-use redevelopment in Charlotte. The community will include a mix of studio to two-bedroom apartment units ranging in size from 600 to 1,450 square feet. Community amenities will include five private courtyards, bike storage, a dog wash station, dog park, fitness center with yoga studio, pool, clubroom and a rooftop terrace with views of South End and Uptown Charlotte. The development team for The Edge@Sedgefield includes BB+M Architecture, Samet Corp. and LandDesign. BB&T is providing construction financing for the project. The first units at the community are expected to deliver in the spring of 2020. At full build-out, Sedgefield will include approximately 700 residential units, the redevelopment of 30,000 square feet of retail and the potential for 100,000 square feet of office space. Sedgefield Shopping Center, a 68,000-square-foot shopping center developed by Marsh in partnership with Aston Properties, opened at the development last year. The center is home to Harris Teeter, Nexter Juice Bar, Holler & Dash and The Waterman. The Edge@Sedgefield will be located adjacent to the retail center.

September 11, 2018

Development Industrial Self-Storage Texas

Jenkins to Develop 816-Unit Self-Storage Facility in North Austin

by Taylor Williams September 11, 2018

AUSTIN, TEXAS — The Jenkins Organization (TJO) has acquired land in north Austin for the development of Northgate Storage, an 816-unit self-storage facility. The property will span 127,000 gross square feet and will offer climate- and non-climate-controlled units, as well as gated entry and electronic security monitoring. The opening is currently slated for May 2019.

September 11, 2018

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