development1

ZOM to Break Ground on 203-Unit Apartment Community in Charlotte

by Camren Skelton October 9, 2017

CHARLOTTE, N.C. — ZOM Living has unveiled plans to develop Hazel SouthPark, a 203-unit multifamily community in Charlotte’s SouthPark neighborhood. The Orlando-based multifamily developer will break ground on the six-story community early next year. Located at 4401 Barclay Downs, the site includes a former 38,300-square-foot office building that will be redeveloped. ZOM recently acquired the 2.7-acre site for $13.2 million, and Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, a partnership of private investors. Amenities at Hazel SouthPark will include an attached parking garage and a rooftop pool deck. In addition, the community will feature 6,000 square feet of ground floor restaurant space, 8,000 square feet of ground floor retail and 8,400 square feet of amenity space. Hazel SouthPark is located adjacent to the SouthPark Mall and within walking distance to numerous dining, shopping and offices. ZRS Management LLC will manage the property. TD Bank and Santander Bank provided construction financing for the project. CBG Building Co. is the general contractor, and Cline Design Associates is the project’s architect. Hazel SouthPark is slated to deliver in the fourth quarter of 2019, with preleasing starting in the third quarter of 2019.

October 9, 2017

Illinois Industrial Midwest

PCCP, Tristar to Develop 593,940 SF Industrial Building Near St. Louis

by Kristin Harlow October 9, 2017

EDWARDSVILLE, ILL. — PCCP has formed a joint venture with TriStar Properties to develop a 593,940-square-foot industrial building in Edwardsville, about 25 miles northeast of St. Louis. Situated on 54 acres, the project is located within Gateway Commerce Center, which consists of 15.7 million square feet. The building will feature 36-foot clear heights and 185-foot truck courts. Construction is underway and completion is slated for February 2018. Gateway Commerce Center is 100 percent leased to tenants such as Procter & Gamble Co., Unilever, Amazon.com and Geodis, part of SNCF Logistics.

October 9, 2017

Illinois Midwest Multifamily

JDL Opens 250-Unit Luxury Apartment Tower in Chicago

by Kristin Harlow October 9, 2017

CHICAGO — JDL Development has opened SixForty North Wells, a 250-unit luxury apartment tower in Chicago’s River North neighborhood. The 23-story building is currently 41 percent leased and 37 percent occupied. Floor plans vary from studios to three-bedroom units and range in size from 500 to 1,600 square feet. Rents range from $1,850 to $5,820. Amenities include a rooftop deck, kitchen, gaming lounge, fitness center, golf simulator and grill area with fire pits. The Habitat Co. manages the property.

October 9, 2017

Retail Texas

Topgolf to Open 55,000 SF Facility in Rio Grande Valley

by Taylor Williams October 9, 2017

PHARR, TEXAS — Topgolf, a driving range-based entertainment concept, will open a 55,000-square-foot facility the corner of U.S. Highway 72 and East Frontage Road in the Rio Grande Valley metro of Pharr. Construction of the venue, which will be the Dallas-based company’s 11th overall in Texas, is slated to begin later this year. The development and operation of the property, which is scheduled to open during the winter of 2018, is expected to create as many as 350 full- and part-time jobs. The venue will also feature 1,975 square feet of private event space.

October 9, 2017

Hospitality Texas

Gatehouse Capital Opens 132-Room Hotel on Baylor University’s Dallas Medical Campus

by Taylor Williams October 9, 2017

DALLAS — Gatehouse Capital, a Dallas-based hospitality development firm, has opened Home2 Suites by Hilton Dallas Downtown at Baylor Scott & White. The 132-room hotel is located at 3301 Gaston Ave. on the campus of Baylor University Medical Center Dallas. The land is owned by Baylor Health Care System and has been leased to Gatehouse Capital. Aimbridge Hospitality manages the hotel.

October 9, 2017

California Industrial Western

Construction Begins on 26-Building Industrial Complex in Temecula

by Nellie Day October 9, 2017

TEMECULA, CALIF. — French Valley Airport Center LLC has started construction of the first two phases of French Valley Airport Center in Temecula. The 26-building industrial project will be situated adjacent to Temecula Valley’s French Valley Airport. The initial two construction phases are slated for completion in June 2018. The buildings will each offer between 4,336 square feet to 7,300 square feet, with the potential to combine some buildings for up to 25,400 square feet. Architects Orange designed the property.

October 9, 2017

Loans Multifamily New York Northeast

Eastern Consolidated Secures $215M Construction Loan for Condominium Development in Manhattan

by Amy Works October 6, 2017

NEW YORK CITY — Eastern Consolidated’s Capital Advisory Division has arranged a $215 million construction loan for the development of a 27-story condominium project at 537 Greenwich St. within the Special Hudson Square Zoning District in Manhattan. Adam Hakim and James Murad of Eastern Consolidated represented the borrower, Cape Advisors, and its new equity partner, Strategic Real Estate. Bank of the Ozarks provided the financing for the shovel-ready project. Designed by Loci Anima and Adamson Associates, the development will feature 170 units, 2,332 square feet of ground floor retail space and 31 on-site parking spaces. Residential units, designed by Sebastien Segers Architecture, will average approximately 1,211 square feet with prices starting at under $1.2 million and averaging $2.8 million. The development site offers a zoning floor area of 228,000 square feet, resulting from two combined lots—537 Greenwich St. and 110 Charlton St.— and air rights obtained from five adjacent and nearby properties. Strategic Real Estate will be the managing partner and lead developer for the project.

October 6, 2017

Retail Texas

Bright Realty Breaks Ground on 6,600 SF Shopping Center in Metro Fort Worth

by Taylor Williams October 6, 2017

BURLESON, TEXAS — Bright Realty has broken ground on Elk Crossing, a 6,600-square-foot shopping center that will be located at 264 John Jones Drive in the southern Fort Worth metro of Burleson. The property will be anchored by a 2,200-square-foot R Taco restaurant and shadow-anchored by an H-E-B, Target and Home Depot across the street. Approximately 4,400 square feet of space is still available for lease, including an end-cap location with a drive-thru opportunity.

October 6, 2017

Florida Hospitality Southeast

Woodbine, IMG Academy Break Ground on 150-Room Hotel South of Tampa

by Camren Skelton October 6, 2017

BRADENTON, FLA. — Woodbine Development Corp. and IMG Academy have broken ground on The Legacy Hotel at IMG Academy, a 150-room hotel located on IMG’s 500-acre campus in Bradenton. Dallas-based Woodbine is developing the five-story hotel for IMG, a multi-sport training and educational institution. The hotel will serve guests and clients of IMG, including visiting teams, coaches, student-athletes, staff and parents, as well as visitors to the surrounding community. Amenities will include an elevated lobby lounge and bar, three-meal restaurant, massage and fitness facility, 5,060 square feet of meeting space and a swimming pool. Tandem Construction is the project’s general contractor, and other members of the development team include architect 5G Studio, interior design firm Edge ID and landscape design firm SWA. Whitney Bank (d.b.a. Hancock Bank) is the lender. The Legacy Hotel is slated to open in fall 2018.

October 6, 2017

Midwest Minnesota Multifamily

Doran Completes 241-Unit Apartment Property in Hopkins, Minnesota

by Kristin Harlow October 6, 2017

HOPKINS, MINN. — Doran Cos. has completed The Moline in downtown Hopkins, a western suburb of Minneapolis. The 241-unit apartment property features more than 35,000 square feet of amenity space, including a club room, fitness center, business office, pet run, rooftop lounge and pool deck. The name pays homage to the community’s history as home of the Minneapolis-Moline Co., a large tractor and machinery producer. The first-floor lobby features an antique tractor display open to the public.

October 6, 2017

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