AUSTIN, TEXAS — Tennessee-based developer MAA has completed Phase II construction of Post South Lamar, a multifamily community located at 1500 S. Lamar Blvd. in Austin. The property features a mix of studio, one-bedroom and two-bedroom units. Phase II delivered 344 units, restaurant and retail space and amenities such as two pools, an outdoor dining area, fitness center and rooftop terrace.
LANSING, MICH. — The City of Lansing has selected CBRE|Martin to procure a developer for the redevelopment of city hall located at 124 W. Michigan Ave. The 30,274-square-foot property is located directly across the street from the State Capitol Building. The redevelopment could include retail, office, entertainment, hospitality or residential concepts. The City of Lansing plans to relocate city hall, prior to the redevelopment of the current site. Although potential locations have been identified, no decision has been finalized. Therefore, the City of Lansing is willing to entertain proposals that include solutions for the construction of the new city hall. CBRE|Martin will be marketing the opportunity through a Request for Qualifications and Proposals (RFQP) process to developers throughout the country. Qualified candidates will ultimately be chosen by the city.
CHICAGO — Reed Construction has been selected to complete a 32,000-square-foot interior renovation of six new tenant suites at 123 North Wacker in Chicago. Built in 1986, 123 North Wacker is a 30-story Class A office tower located in the West Loop. LaSalle Investment Management’s Income and Growth Fund VII acquired the building for $147 million last year, according to Crain’s Chicago. JLL selected Reed Construction to complete the project, which will include the construction of six new suites. Interiors will include open offices, exposed ceilings, polished concrete and conference rooms. The project is slated for completion next month. Erik Gunderson of Reed Construction is leading the project team, along with Paul Jennrich and Mike Detlefsen. Earles Architect Associates is providing architectural services.
IRVINE, CALIF. — The design-build team of Hensel Phelps and Mithun is set to break ground on a $98 million redevelopment project at the University of California – Irvine. The 215,000-square-foot development — titled the UCI Middle Earth Expansion — will be completed in two phases. The first phase will include the demolition of Brandywine Commons and Brandywine Student Center to be replaced by a new student housing building. The second phase of development will include the renovation of Pippin Commons. The new project, in total, will house roughly 494 students in two five-story residential towers and include a new dining facility, classrooms and amenity space. The new student housing is set to open for occupancy in August 2019.
FRANKLIN, TENN. — Crescent Communities has unveiled plans for Bigby, a mixed-use development in Nashville’s Cool Springs submarket. Situated at the intersection of East McEwen Drive and Carothers Parkway in Franklin, Bigby will comprise 30,000 square feet of retail space, a 280,000-square-foot office tower, 40,000 square feet of loft office space, 330 apartments, 15 townhomes, a 200-room hotel, a 12-acre park, public plazas and roughly 2,015 parking spaces. Bigby will connect to existing properties developed over the past couple decades by Crescent Communities, including the One and Two Greenway office buildings and apartment communities the Venue Cool Springs and Cadence Cool Springs. The project team includes architect ESa, landscape architect Hodgson Douglas and Foundry Commercial. Crescent Communities will develop Bigby’s retail, multifamily and office components.
HUNTERSVILLE, N.C. — MPV Properties and Bowman Development Group have partnered to develop Vermillion Village, a 30-acre mixed-use development in downtown Huntersville, roughly 15 miles north of Charlotte. Situated off Interstate 77 at North Church Street and Huntersville-Concord Road, the project will feature a 78,000-square-foot supermarket, 18,000 square feet of additional retail shops and 400 residential units. MPV will handle the development of Vermillion Village’s commercial portion, and Bowman will handle the residential component. The developers have committed to provide at least $250,000 for road improvements surrounding the project. The Huntersville Town Board approved plans for Vermillion Village earlier this month, and the land sale is expected to close in July. The estimated timeline for the project is three to five years, and the developers plan to build the retail portion first.
NEW YORK CITY — The U.S. Department of Housing and Urban Development (HUD), New York State Homes and Community Renewal (HCR), MDG Design + Construction, Citi Community Capital, Raymond Jones, Smith & Henzy, BSR Management and Cary Fields have secured nearly $160 million in financing for the restoration of Michelangelo Apartments, a 494-unit affordable housing community located in the Melrose section of the Bronx. The 43-year-old development will be renovated and preserved as affordable housing for an additional 40 years through HUD’s Rental Assistance Demonstration Program. Built in 1974 using a HUD Section 236 loan guarantee, Michelangelo Apartment comprises four towers offering a total of 80 studios, 126 one-bedroom, 191 two-bedroom, 77 three-bedroom and 20 four-bedroom apartments, as well as 50,000 square feet of retail space and underground parking. The renovations and improvements, which will happen with tenants in place, will include full kitchen and bathroom renovations, conversions to an energy-efficient hydronic boiler system from electric heaters, elevator modernization, façade repairs, lobby modernization, public hall beautification, conversion to energy-efficient LED lighting throughout the buildings and landscaping improvements.
DETROIT — The City of Detroit has unveiled plans for a $32 million, 84-unit apartment property in Midtown’s Sugar Hill Historic District. The plans call for 25 percent of the units to be designated as affordable housing for those making between 50 and 80 percent of the area median income. The project will also include 7,000 square feet of commercial space and a 300-space parking garage. Sonya Mays of Develop Detroit and Rodger Brown of Preservation of Affordable Housing Inc. will lead the development team. Phil Freelon, the architect behind the design of the National Museum of African American History and Culture in Washington, D.C., will lead the design team along with Michael Poris of McIntosh Poris Associates. The developer will purchase the vacant land — which spans slightly more than three-quarters of an acre — from the city for $400,000, pending council approval later this year. The development team is expected to break ground on the project in September 2018.
KATY, TEXAS — Rockspring Capital, a Houston-based investment firm, has sold a 1,619-acre tract in Katy located off U.S. Highway 290 and Katy Hockley Road to Johnson Development Corp., a Houston-based developer of master-planned communities. The sales price was not disclosed. Chris Hutcheson, Matthew Herring and James Kadlick of McAlister Real Estate represented Rockspring Capital in the transaction. Dave Ramsey of NewQuest Properties represented Johnson Development.
FORT WORTH, TEXAS — Home2 Suites by Hilton has opened a new, 93-suite hotel located at 5401 SW Loop 820 near the Interstate 20 exchange in Fort Worth. Branded Home2 Suites by Hilton Fort Worth Southwest Cityview, the property offers a heated saline pool, a combined fitness and laundry area and an outdoor patio with a grill area. Lotus Lodging Fort Worth LLC will manage the hotel.
