development1

Harvey Builders Completes 860,000 SF Office Building in Houston

by Taylor Williams March 8, 2018

HOUSTON — Houston-based general contractor Harvey Builders has completed Amegy Bank Tower, an 860,000-square-foot office building located within the Post Oak office development in Houston. Hines developed the 23-story, Class A building, which consists of 15 floors of office space situated atop an eight-story parking garage. Pickard Chilton and Kendall/Heaton Associates both provided architectural services for the project. The building will serve as the new headquarters of Houston-based Amegy Bank.

March 8, 2018

Oden Hughes Breaks Ground on 300-Unit Apartment Community in South Austin

by Taylor Williams March 8, 2018

AUSTIN, TEXAS — Oden Hughes LLC has broken ground on a 300-unit apartment community on 14.6 acres at 135 Foremost Drive in south Austin. The community, which is scheduled to open in 2019, will offer one-, two- and three-bedroom units as well as two-bedroom townhomes. Rents are expected to range from roughly $1,127 per month to just under $2,000 per month. Amenities will include a resort-style pool with two cold spas and cabanas, a 24-hour fitness center, a sky lounge and a dog park. The project marks the sixth community that Oden Hughes has built in south Austin in as many years. This community has yet to be branded.

March 8, 2018

Illinois Midwest Multifamily

ZOM Living to Develop 357-Unit Apartment Property in Chicago’s West Loop

by Kristin Harlow March 8, 2018

CHICAGO — ZOM Living is developing Union West, a 357-unit apartment property at the corner of West Washington Boulevard and North Sangamon Street in Chicago’s West Loop. The property will consist of two residential towers atop a three-story podium, which will house 12,636 square feet of ground-floor retail space and 255 car parking spaces. Floor plans will include studio, convertible, penthouse, one-, two- and three-bedroom units ranging from 501 square feet to 1,377 square feet. Completion is slated for the fourth quarter of 2019. The project team includes general contractor Power Construction, architect BKL Architecture LLC and interior design firm R.D. Jones. ZRS Management LLC will provide leasing and property management services, and Union Labor Life provided construction financing.

March 8, 2018

Industrial New York Northeast

Triangle Equities Acquires Site for Industrial, Air Cargo Facility Near New York’s JFK Airport

by David Cohen March 7, 2018

NEW YORK CITY — Triangle Equities has acquired a development site, located at 130-120 S. Conduit Ave. in South Ozone Park near John F. Kennedy International Airport in Queens, for $25.4 million. The developer plans to construct a multi-level, multi-tenant air cargo and distribution facility at the site. The 300,000-square-foot building will feature first- and second-floor loading docks and clear heights ranging from 23 feet to 26 feet. The project team includes March Associates, Craft Architects and GF55 Partners. Construction is slated to break ground in winter 2019 with tenant occupancy expected in summer 2020. Additionally, HFF has secured $32.1 million in land acquisition and pre-development financing for the project. Andrew Scandalios, Rob Hinckley, Rob Rizzi and Tyler Peck of HFF arranged an initial $10.1 million in the form of joint venture capital with L&B Realty Advisors for the borrower, Triangle Equities. Additionally, L&B has committed to the vertical capitalization of the project. Geoff Goldstein, also of HFF, placed a $19 million floating-rate loan with Citizens Bank for the development. Loan proceeds will be used for land acquisition and pre-development costs. The remainder of the capitalization came from Triangle Equities.

March 7, 2018

Hospitality Loans South Carolina Southeast

PMZ Realty Capital Arranges $19.5M Construction Loan for New Hotel Near Charleston

by Camren Skelton March 7, 2018

MOUNT PLEASANT, S.C. — PMZ Realty Capital LLC has arranged a $19.5 million construction loan for the Hotel Indigo – Charleston, a 158-room hotel under construction in Mount Pleasant, roughly 10 miles northeast of Charleston. The name of the borrower was not disclosed. The hotel is located next to the Arthur Ravenel Jr. Bridge and four miles from historic Charleston sites including The Market and The Battery. The hotel is scheduled to open later this year and will feature an onsite restaurant and bar, a resort-style pool and meeting and event spaces. The new hotel will be the first Hotel Indigo in the Charleston area.

March 7, 2018

Office Texas

Hines Completes 48-Story Office Tower in Houston’s CBD

by Taylor Williams March 7, 2018

HOUSTON — Hines has completed 609 Main at Texas, a 48-story office tower in Houston’s CBD. The Class A property totals 1.85 million square feet and features 28,000-square-foot flexible floor plates, under-floor HVAC systems and floor-to-ceiling glass. In addition, the podium of the building allows for concealed parking for 1,500 vehicles. Amenities include a café, fine dining restaurant, a shared conference facility and a fitness center. Pickard Chilton and Kendall/Heaton Associates both provided architectural services for the project and Harvey Builders served as general contractor. The property will serve as the regional headquarters for United Airlines, which will bring approximately 1,400 employees from other offices into the building.

March 7, 2018

Mixed-Use Texas

Manhattan Breaks Ground on $105M Mixed-Use Project in Metro Dallas

by Taylor Williams March 7, 2018

GRAPEVINE, TEXAS — Manhattan Construction has broken ground on a $105 million mixed-use project in Grapevine, just north of Dallas-Fort Worth (DFW) International Airport. The transit-oriented development will connect Grapevine to both DFW International Airport and downtown Fort Worth. Project elements will include a 38,000-square-foot outdoor plaza, a 42,000-square-foot rail station, a 121-room Hotel Vin and a 552-space parking garage. Construction is expected to be complete by late 2019.

March 7, 2018

Illinois Industrial Midwest

CT Begins Development of $125M Logistics Park in Suburban Chicago

by Kristin Harlow March 7, 2018

ROMEOVILLE, ILL. — CT has begun development of Interchange 55 Logistics Park in the Chicago suburb of Romeoville. The $125 million, 1.3 million-square-foot logistics park is slated for completion by the end of this year. The project will consist of two distribution facilities, each with clear heights of 32 feet, 560-foot building depths and 185-foot truck courts. Building A will feature 657,000 square feet with 60 dock doors, 157 trailer parking spaces and 241 car parking spaces. Building B will feature 684,000 square feet with 68 dock doors, 175 trailer parking spaces and 465 car parking spaces. The design will allow for future expansion of parking and dock doors. Adam Roth, Dan Leahy and Packy Doyle of NAI Hiffman represented CT in the acquisition of the 112-acre land site.

March 7, 2018

Midwest Minnesota Multifamily

Alatus to Develop $125M Apartment Property in Rochester, Minnesota

by Kristin Harlow March 6, 2018

ROCHESTER, MINN. — Alatus LLC is developing a 350-unit apartment property in Rochester. The $125 million development will be situated at 217 14th Ave. S.W., adjacent to the Mayo Clinic Saint Mary’s hospital in southern Minnesota. The project will include 24,100 square feet of commercial and office space, as well as 543 climate-controlled parking stalls. In addition to apartment units, the 14-story property will also feature walk-up townhomes. Amenities will include an entertainment suite, outdoor amenity terrace and group fitness rooms. Leasing is slated to begin in summer 2019. Additional project partners include the City of Rochester, the Destination Medical Center Economic Development Authority, Wells Fargo, Kayne Anderson Real Estate, Weis Builders and ESG Architects.

March 6, 2018

Multifamily New York Northeast Seniors Housing

Hines, Welltower Break Ground for 151-Unit Seniors Housing Tower in Manhattan

by Amy Works March 6, 2018

NEW YORK CITY — Hines and Welltower Inc. have broken ground for the construction of Sunrise at East 56th, a seniors housing property located at 139 E. 56th St. in Midtown Manhattan. As known as The Welltower, the 16-story tower will be the neighborhood’s first purpose-built assisted living and memory care community. Designed by SLCE, the property will feature complementary retail at the base and 151 assisted living and memory care units. Community amenities will include dining rooms, a salon, exercise facilities, medical examination rooms, an art studio and a theater. Slated for completion in early 2020, the development will be managed by Sunrise Senior Living. Champalimaud is serving as interior designer for the property.

March 6, 2018

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