development1

Keystone Group, Indy Eleven to Break Ground on $1B Mixed-Use Project in Downtown Indianapolis

by John Nelson February 20, 2023

INDIANAPOLIS — Locally based developer Keystone Group and the Indy Eleven professional soccer club have announced plans to break ground this May on Eleven Park, a mixed-use development in Indianapolis. Anchored by a 20,000-seat multipurpose stadium that will host Indy Eleven’s home games, the project will transform the southwest quadrant of downtown Indianapolis. The Indianapolis Star reports the project has a price tag of $1 billion. In addition to the stadium, Eleven Park will feature 600 apartment units; 205,000 square feet of office space; nearly 200,000 square feet of shops and restaurants; a hotel; public plazas with green space housing a dog park, water features and kid’s play areas; and public parking garages. The co-developers also plan for the project to have an indoor, 4,000-seat music and entertainment venue, rooftop bars, walkways along the White River and direct access to The Cultural Trail, an urban trail spanning eight miles. “Eleven Park will not only change the skyline of Indianapolis, but will add over 1,000 jobs, have a huge economic impact, create quality-of-life benefits and attract talent and opportunities to our city and state,” says Ersal Ozdemir, chairman and founder of Keystone Group. Ozdemir also owns the Indy Eleven franchise. “Our …

February 20, 2023

Development Industrial Midwest Wisconsin

Crow Holdings Proposes 288,000 SF Industrial Redevelopment Project at Milwaukee Airport

by Kristin Harlow February 17, 2023

MILWAUKEE — Crow Holdings has unveiled plans for the South Cargo Logistics Hub at Milwaukee Mitchell International Airport. The proposed, on-tarmac air cargo facility will total 288,000 square feet and feature 74 docks and 99 trailer stalls. Crow will develop the facility on behalf of the airport. David Prell and Scott Furmanski of CBRE will market the project for lease. The project, which is undergoing the approval process, is slated for completion in the second half of 2024. According to a news release, the proposed project would serve as an option for cargo tenants looking to avoid the much higher congestion and costs associated with centering operations out of the Chicago O’Hare International Airport. The project site was home to the 440th Air Reserve Base from the 1950s until July 2010 when it was formally deeded back to the county upon the closure of the base by the Department of Defense. The site has remained physically unchanged since then. The airport has been marketing the site to real estate developers for several years. Crow has led and financed all efforts to date and will continue to do so after the project progresses through permits and any potential remediation.

February 17, 2023

Development Office Southeast Tennessee

Convexity Properties Breaks Ground on 15-Story Office Tower in Nashville

by John Nelson February 16, 2023

NASHVILLE, TENN. — Convexity Properties has broken ground on 5 City Blvd, a 15-story office tower within the ONEC1TY master-planned development in Nashville. The 300,000-square-foot building will be situated at the intersection of City and Charlotte avenues, roughly two miles outside of Nashville’s Central Business District and near I-40 and I-440. In addition to upscale offices, 5 City Blvd will feature 17,000 square feet of ground-level retail space, 900 parking spaces, electric vehicle charging stations and fiber optic connectivity. The design-build team includes architect Goettsch Partners and general contractor JE Dunn. Goldman Sachs provided an undisclosed amount of construction for the project. Convexity has tapped Frank Thomasson and Byran Fort of CBRE to lease 5 City Blvd, which is set for a fourth-quarter 2024 delivery.

February 16, 2023

Development Industrial Texas

Stream Realty Partners Underway on 413,388 SF Industrial Project in Southeast Austin

by Taylor Williams February 16, 2023

AUSTIN, TEXAS — Stream Realty Partners is underway on construction of Eastside Commerce Center, a 413,388-square-foot industrial project in southeast Austin. The 60.2-acre site is located across State Highway 71 from Austin-Bergstrom International Airport. The development will consist of seven buildings ranging in size from 26,440 to 109,572 square feet that will feature 28- to 32-foot clear heights and a total of 630 car parking spaces. Completion is slated for the first quarter of next year.

February 16, 2023

Development Leasing Activity Michigan Midwest Mixed-Use

Dancing Pine Korean Steakhouse Joins Tenant Lineup at Sakura Novi Mixed-Use Project in Michigan

by Kristin Harlow February 16, 2023

NOVI, MICH. — The Dancing Pine Korean Steakhouse has signed a lease to join the tenant lineup at Sakura Novi, an Asian-themed mixed-use development in Novi. Sakura Novi will feature a collection of Asian-themed restaurants, high-end retail shops, 117 townhome apartments as well as a Japanese-themed garden path, pond and public plaza. The Dancing Pine is a steakhouse brought to market by Seven York Inc., the owner behind many restaurants across metro Detroit such as Kimchi Box, Dae Jang Keum, Tomo Sushi, The Seoul, Blue Fish Asian Cuisine and Mama Satto. Cindy Ciura of CC Consulting assisted in bringing The Dancing Pine to the development. Sakura Novi LLC, an affiliate of Robert B. Aikens & Associates LLC, specializes in culturally themed real estate development, the creation of restaurant collections and mixed-use real estate development. Sakura Novi LLC has executed a joint venture agreement with Robertson Brothers Homes to construct the project’s rental townhome community. The units will feature private entrances, one- and two-car attached garages, first-floor offices and two- or three-bedroom layouts. The demolition of the buildings on the project site took place last fall. Prior to then, the project had been caught up in the pre-development process for multiple …

February 16, 2023

Development Nevada Restaurant Retail Western

EEG, Creation Plan $50M Entertainment Venue on the Las Vegas Strip

by Amy Works February 16, 2023

LAS VEGAS — Evening Entertainment Group (EEG), in partnership with Creation, has unveiled plans for Bottled Blonde. Slated to open in late 2024, the asset will be a $50 million, four-story, 25,000-square-foot, standalone entertainment venue on the Las Vegas Strip. The full-service restaurant, bar and beer garden will feature an open-air rooftop lounge and a hub for sports, entertainment and nightlife. Bottled Blonde will offer craft cocktails, frozen adult beverages, fine wines, premium beers, a mimosa tower, 128-ounce beer tower and bottle service. Additionally, Bottled Blonde Las Vegas will also feature Zuluma, an all-new concept on the third floor.

February 16, 2023

Development Industrial Texas

Stream Realty Partners Underway on 968,475 SF Industrial Project in Buda, Texas

by Taylor Williams February 15, 2023

BUDA, TEXAS — Stream Realty Partners is underway on construction of Buda Commerce Center, a 968,475-square-foot industrial project located on the southern outskirts of Austin. The development will consist of five buildings on a 70-acre site in Buda, with four structures having rear-load configurations and the fifth being a cross-dock facility. Buildings will feature 32- to 36-foot clear heights and dock-high loading doors. Construction began in the fourth quarter of 2022 and is slated for a late 2023 completion.

February 15, 2023

Development Multifamily Seniors Housing Washington Western

Merrill Gardens Opens 123-Unit Seniors Housing Community in Tacoma, Washington

by Amy Works February 15, 2023

TACOMA, WASH. — Merrill Gardens Senior Living has opened Merrill Gardens at Wright Park in the historic Stadium District in Tacoma. Merrill Gardens co-developed the property with Rush Development. The community features 115 independent living and assisted living apartments in studio, one- and two-bedroom layouts, as well as 18 memory care units. The main floor of the community features 2,600 square feet of retail space that includes an on-site urgent care clinic. Merrill Gardens will manage the senior living community and Rush will manage the retail space. The community mixes urban living and access to green space along with unobstructed views of Commencement Bay, Mt. Rainier, The Cascades and The Olympics.

February 15, 2023

Development Industrial South Carolina Southeast

Glenstar Properties to Develop 290-Acre Industrial Park in Gaffney, South Carolina

by John Nelson February 15, 2023

GAFFNEY, S.C. — Glenstar Properties plans to develop Cherokee Commerce Center 85, a 290-acre industrial park in Gaffney, which is situated between the Greenville-Spartanburg market and Charlotte. Glenstar, along with capital partner Creek Lane Capital, will break ground this spring on the first building of the park, a 550,000-square-foot speculative warehouse that will be expandable to 1.3 million square feet. The cross-dock warehouse, dubbed Building 2, is expected to come on line in spring 2024 and feature 40-foot clear heights, up to 232 dock doors, four drive-in doors and parking for 452 trailers and 540 cars. At full buildout, Cherokee Commerce Center 85 will span 3.6 million square feet across five buildings. The design-build team includes architect Ware Malcomb, general contractor The Conlan Co. and civil engineer SeamonWhiteside. Glenstar has tapped Colliers to lease the park.

February 15, 2023

Acquisitions Development Loans Multifamily Southeast Tennessee

JLL Secures $106M Sale of Abberly Riverwalk Apartments in Nashville

by John Nelson February 14, 2023

NASHVILLE, TENN. — JLL has secured the $106 million sale of Abberly Riverwalk, a 304-unit, three-story apartment community in Nashville that is nearing completion. Matthew Lawton, Brian Dawson and Nick Brown of JLL represented the buyer, HHHunt, in the transaction. Travis Anderson and Warren Johnson of JLL arranged a $62 million, floating-rate acquisition loan on behalf of the buyer. The seller was not disclosed, but Wood Partners previously announced its groundbreaking of the property under a different name, Alta Riverwalk. Set for a July completion, Abberly Riverwalk will feature studio, one- and two-bedroom offerings with an average size of 799 square feet. Community amenities will include a sundeck courtyard, outdoor firepit, coworking space, outdoor kitchen and grills, golf simulator, putting green, pet spa and a 24/7 fitness club. The community is situated off U.S. Highway 12 along the Cumberland River and features an entrance to The Greenway, a 200-mile interconnected trail throughout the metro Nashville area.

February 14, 2023

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