development1

Trammell Crow, Partner to Deliver 16-Story Office Tower in Atlanta’s Central Perimeter District

by Camren Skelton January 9, 2018

ATLANTA — Trammell Crow Co. (TCC) and a joint venture partner advised by CBRE Global Investors have unveiled plans for Twelve24, a 16-story, transit-oriented office tower in Atlanta’s Central Perimeter submarket. The building will be directly connected to the Dunwoody MARTA station, and will include 334,000 square feet of office space and 11,000 square feet of ground-floor retail and restaurant space. Insight Global, an Atlanta-based national staffing services firm, has preleased 175,000 square feet at the building, which is expected to break ground in the summer and open in early 2020. Jodi Selvey and Emily Richardson of Colliers International arranged the lease transaction on behalf of Insight Global, and Eric Ross of CBRE represented the joint venture. Twelve24 will feature large, open floor plates with floor-to-ceiling glass, outdoor terraces, a lounge, conference center, fitness center and on-site restaurants. The development team, which includes design architect Duda Paine Architects and architect of record Wakefield Beasley & Associates, is seeking LEED Gold-certification. In addition, TCC is working with Concord Hospitality Enterprises to develop a 10-story, 180-room hotel directly connected to the new office tower.

January 9, 2018

Alabama Mixed-Use Retail Southeast

Topgolf Opens at $350M Mixed-Use Redevelopment in Huntsville

by Camren Skelton January 9, 2018

HUNTSVILLE, ALA. — Topgolf has opened at MidCity, a $350 million mixed-use redevelopment under construction at the intersection of University Drive and Research Park Boulevard in Huntsville. The global sports entertainment company is the first tenant to open at the 140-acre project — a redevelopment of the former Madison Square Mall. Alabama-based RCP Cos. is developing the project. The 53,000-square-foot, three-level Topgolf facility features 72 climate-controlled hitting bays that can host up to six players at a time, in addition to private event space. The project is also home to The Camp at MidCity, an outdoor entertainment venue that debuted its annual, three-day music festival in summer 2017. In addition, plans for MidCity include 345,000 square feet of ground-floor retail space and restaurants, 200,000 square feet of technical and creative office space, 500 hotel rooms and 900 multifamily units.

January 9, 2018

Georgia Multifamily Southeast Student Housing

Peak Campus, Blue Vista to Deliver 525-Bed Student Housing Asset Near Georgia Tech in Atlanta

by Camren Skelton January 8, 2018

ATLANTA — Peak Campus and investment partner Blue Vista Capital Management LLC have broken ground on Theory West Midtown, a 525-bed student housing community located near the Georgia Institute of Technology in Midtown Atlanta. The project will feature studio, one-, two-, three-, four- and five-bedroom, fully furnished units. Shared amenities will include a resort-style pool, rooftop amenity deck, fitness center, business center, study/conference areas, a package locker system and parking and bike storage. Theory West Midtown will also feature 10,500 square feet of ground level retail space along Marietta Street. The development is scheduled to open in fall 2019.

January 8, 2018

Industrial Texas

McCarthy to Build Hangar Facility for Southwest Airlines at Houston’s Hobby Airport

by John Nelson January 8, 2018

HOUSTON — McCarthy Building Cos. Inc. has been awarded the contract to build the Southwest Airlines Tech Ops MX Hangar project at William P. Hobby Airport in Houston. The two-bay hangar maintenance facility will be able to house up to six 737 aircraft and will include paved aircraft parking areas, aircraft wash facilities, taxiway connections, parking and loading docks. The construction includes demolition of existing facilities and utility relocation. Totaling 240,000 square feet, the hangar will also feature offices, parts storage and other support areas. McCarthy Building’s previous projects for Southwest Airlines include its new office building and Leadership Education and Aircrew Development center in Dallas. The contractor’s other aviation work includes projects at Hartsfield-Jackson Atlanta International Airport, Dallas/Fort Worth International Airport and Phoenix Sky Harbor International Airport.

January 8, 2018

Loans Multifamily Texas

HFF Arranges Capitalization of 39-Story High-Rise Tower in Houston

by John Nelson January 8, 2018

HOUSTON — HFF has arranged the capitalization of Hanover River Oaks, a 39-story luxury high-rise apartment tower under construction in Houston’s River Oaks neighborhood. Cortney Cole, Scott Galloway and Dustin Selzer of HFF represented Hanover Co. and institutional investors advised by J.P. Morgan Asset Management to capitalize the project’s equity and construction financing. Located at 2930 Kirby Drive in Houston’s Upper Kirby District, the property will feature 370 residential units and nearly 10,000 square feet of ground-level retail space. Units will average 1,172 square feet and feature stainless steel appliances, stone countertops, kitchen islands and pantries, garden tubs, walk-in closets, computer niches and/or dry bars, floor-to-ceiling windows and faux wood and tile flooring throughout. Community amenities will include a rooftop pool with sunbeds and poolside cabanas, outdoor grilling and dining stations, 24-hour fitness club, clubhouse with lounge seating, catering kitchen with private dining room, theater, landscaped garden courtyard, water wall garden, pet washing station, 24-hour concierge, controlled-access parking garage and panoramic city views. The project broke ground in December, with the first units expected to open in the first quarter of 2020.

January 8, 2018

Retail Texas

Capital Retail Properties Breaks Ground on Strip Retail Center Near Houston

by John Nelson January 8, 2018

LA MARQUE, TEXAS — Houston-based Capital Retail Properties has broken ground on La Marque Crossing, a 15,000-square-foot retail strip center located at the intersection of Interstate 45 and FM 1764 in La Marque, roughly 38 miles southeast of Houston. The property will be situated on 1.4 acres in front of a Sam’s Club and Walmart Supercenter. Leslie’s Pool Supplies has preleased 3,300 square feet, and GNC has committed to 1,440 square feet. The architect of record is Identity Architects, and Axiom Construction is the project’s general contractor. The development is expected to open in March.

January 8, 2018

Georgia Office Southeast Top Stories

NCR, Cousins Open $450M Global Office Campus in Midtown Atlanta

by John Nelson January 8, 2018

ATLANTA — NCR Corp. (NYSE: NCR), an ATM maker and financial tech firm, and Cousins Properties have opened NCR’s two-tower global office campus in Midtown Atlanta. Development costs comprising both private and public investment are estimated at $450 million. The 750,000-square-foot development is situated at the corner of 8th and Spring streets and is expected to house roughly 5,000 employees, who will begin moving into the first tower today, with the second tower opening later this year. “This campus symbolizes the power of reinvention, says Bill Nuti, chairman and CEO of NCR, which moved its headquarters from nearby Duluth in Gwinnett County. “Our move to Midtown is part of our vision for transforming Atlanta into the Silicon Valley of the East.” NCR and Cousins Properties (NYSE: CUZ) entered a long-term, build-to-suit lease for the campus, which will be owned by Cousins. Construction of the first 20-story tower began in November 2015, and in September 2016 NCR announced it would expand the campus and build a second 14-story tower. “We are proud to have helped NCR achieve its vision for a new cutting-edge corporate headquarters in Midtown,” says Larry Gellerstedt, chairman of the board and CEO of Atlanta-based Cousins Properties. “This …

January 8, 2018

California Multifamily Student Housing Western

Chapman University To Build 402-Bed Student Housing Development in Orange, California

by Nellie Day January 5, 2018

ORANGE, CALIF. — Chapman University has received approval for the adaptive reuse of a historic packing house. The university will develop a 402-bed student housing community adjacent to its campus in Orange. The historic Villa Park Orchards Association Packing House will be converted into a museum, student services center and classrooms or offices for the university. The new student housing development will target upperclassmen, and is being designed to reflect the character of the packing house and the surrounding community. The project’s designers are Togawa Smith Martin Inc. and AC Martin. KTGY Architecture + Planning is the university’s design advisor and project representative, and has helped to ensure project consistency, coordinate with various design firms, provide design recommendations and shepherd the project through the approval process. Additional details and a planned completion date have yet to be announced.

January 5, 2018

Midwest Minnesota Seniors Housing

Opus Begins Construction of 147-Unit Senior Living Facility in Minnetonka, Minnesota

by Kristin Harlow January 5, 2018

MINNETONKA, MINN. — The Opus Group has begun construction on a 147-unit senior living facility in Minnetonka. The project will encompass independent living, assisted living and memory care apartments. Ebenezer Management Services will operate and manage the four-story property upon completion, which is slated for spring 2019. Amenities will include a salon, chapel, club room, dining room and walking paths. Opus Development Co. is the developer and Opus Design Build is the design contractor. Opus AE Group is the architect and engineer of record, while Sperides Reiners Architects is the design architect. Consilium Associates is the project’s interior designer.

January 5, 2018

Loans Multifamily New York Northeast

HFF Secures $91.6M Capitalization of Multifamily Property in Fleetwood, New York

by Amy Works January 4, 2018

FLEETWOOD, N.Y. — HFF has secured $91.6 million in joint venture equity and first mortgage financing for the development of 42 Broad Street West, a multifamily property located in Fleetwood. The developer is a partnership between Alexander Development Group and The Bluestone Organization. HFF arranged $32.6 million in joint venture equity from institutional investors advised by J.P. Morgan Asset Management. Additionally, the HFF team, including David Giancola and Geoff Goldstein, placed a $59 million construction loan with Santander Bank and People’s United Bank. Once completed, the 16-story, 354,000-square-foot building will feature 249 apartment units, more than 16,000 square feet of amenity space, 12,000 square feet of ground-floor retail space and a connected four-story, 580-space parking garage. Residential units will include a variety of studio, one-, two- and three-bedroom floor plans, and amenities will include an outdoor swimming pool and patio area, a fitness center, a game room/viewing room, a library, a business center and a landscaped rooftop garden with outdoor kitchens and fireplace, as well as a concierge service. The property is slated for completion in 2019.

January 4, 2018

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