development1

RealtyLink to Deliver $80M Retail Development in Fayetteville, N.C.

by John Nelson June 7, 2017

FAYETTEVILLE, N.C. — RealtyLink LLC plans to deliver the $80 million Freedom Town Center located at Skibo and Cliffdale roads in Fayetteville. The 50-acre, 385,000-square-foot retail project will house tenants such as Field & Stream, HomeGoods, Hobby Lobby, Dick’s Sporting Goods, Petco, Sprouts Farmers Market, Burke’s Outlet, DSW, buybuy Baby and World Market. Greenville, S.C.-based RealtyLink expects to start opening stores in the fall with full completion set for 2018. First Tennessee Bank arranged construction financing for Freedom Town Center, which broke ground in August 2016. Austin Wilson of RealtyLink is the leasing agent for the project.

June 7, 2017

Illinois Midwest Office

CA Ventures to Redevelop State Street Office Buildings in Chicago

by Kristin Harlow June 7, 2017

CHICAGO — CA Ventures has agreed to buy two State Street office buildings in Chicago and redevelop the properties into apartment units as part of a $141 million residential and retail project. Located at 202 and 220 S. State St. and currently owned by the federal government, the vacant buildings were made available through a request for proposals process. The plan calls for the 22-story Consumers Building, designed by Jenny, Mundie & Jensen and completed in 1913, to be rehabilitated as 270 micro-apartments. The 16-story Century Building, designed by Holabird & Roche and completed in 1915, would be rehabilitated and expanded as 159 studio and one-bedroom apartments. The current building at 212 S. State St. would be demolished, and a 15-story structure built in its place. CA Ventures’ proposal to acquire the buildings for $10.4 million involves a simultaneous, three-way transaction involving the General Services Administration (GSA) and the City of Chicago. The offer price and sale terms, expected to be finalized this summer, require review and approval by the GSA and Chicago City Council.

June 7, 2017

Hospitality Midwest Minnesota

Midas Hospitality Breaks Ground on Dual-Branded Hotel Development in Brooklyn Park, Minnesota

by Kristin Harlow June 7, 2017

BROOKLYN PARK, MINN. — Midas Hospitality has broken ground on two Hilton hotels in Brooklyn Park, about 12 miles north of Minneapolis. The $28 million development is slated to open in summer 2018. A 100-room Hampton Inn will be located at 9470 W. Broadway Ave. The 63,301-square-foot hotel will feature an indoor pool, meeting room and fitness center. A 107-room Home2 Suites will be located at 9490 W. Broadway Ave. The 57,977-square-foot hotel will feature a fitness center, indoor pool and laundry facilities. Midas Hospitality will develop and manage the hotels, while sister company MC Hotel Construction will serve as general contractor. Gray Design Group is providing architectural services. CFSB is financing the construction of Hampton Inn, while Flagship Bank is financing Home2 Suites.

June 7, 2017

Multifamily Northeast Pennsylvania Seniors Housing

Woda Group to Develop 45-Unit Seniors Housing Property in Erie, Pennsylvania

by Amy Works June 7, 2017

ERIE, PA. — The Woda Group Inc. is developing Willow Commons, a $9.5 million seniors housing property located at 2064 Willow St. in Erie. A combination of new construction and the adaptive reuse of The Wesleyville Public School, Willow Commons will feature 29 one-bedroom and 16 two-bedroom affordable apartments for seniors age 62 or older, with income levels below 60 percent of area median income. Slated for completion this fall, the property will feature a community room with kitchen, common laundry, a library/craft room, an exercise room, an outdoor space with a community garden and seating area.

June 7, 2017

California Hospitality

Waldorf Astoria Beverly Hills Opens in LA

by Nellie Day June 6, 2017

LOS ANGELES — Waldorf Astoria Hotels & Resorts has opened the Waldorf Astoria Beverly Hills. The hotel is situated at the intersection of Wilshire and Santa Monica boulevards. The 12-story hotel is the Waldorf Astoria Hotels & Resorts’ first new build on the West Coast and second California property. Owned by Alagem Capital Group and clients of Guggenheim Partners, Waldorf Astoria Beverly Hills features 119 rooms and 51 suites. Architects Gensler and PYR designed the hotel, which features a rooftop gathering area with VIP cabanas, a lounge area with panoramic views and a swimming pool. The hotel also features 6,300 square feet of meeting spaces, including two ballrooms, as well as a private Rolls Royce shuttle service within two miles of the hotel, world-class dining, the only La Prairie Spa in Los Angeles and the Tracey Cunningham Salon.

June 6, 2017

Arizona Multifamily Seniors Housing Western

Medical Development Partners Breaks Ground on $10M Memory Care Community in Chandler

by Nellie Day June 6, 2017

CHANDLER, ARIZ. — Medical Development Partners has broken ground on Parkland Memory Care, a 56-unit memory care community in Chandler. The $10 million, 36,400-square-foot project will be located on a 4.5-acre plot. Live Oak Bank, Aileron Capital Management and Mercantile Capital Corp. provided financing. JF Construction Co, which is building the project, estimates a spring 2018 completion date. Upon completion, Seasons Management Group, based out of Oregon, will operate the community. Lenity Architecture designed the property, with landscape architecture provided by Ryan & Associates.

June 6, 2017

Restaurant Retail Southeast Virginia

Cordish, City of Norfolk Open Waterside District in Downtown Norfolk

by John Nelson June 6, 2017

NORFOLK, VA. — The Cordish Cos. and the City of Norfolk have opened Waterside District, a $40 million overhaul and rebranding of the former Waterside Festival Marketplace. The restaurant-heavy development is situated along the Elizabeth River waterfront in downtown Norfolk. Waterside District is anchored by The Market, a 30,000-square-foot food hall designed by Jeffrey Beers International that features local and regional concepts such as Starr Hill, Rappahannock Oyster Co. and Cogan’s Pizza. The Market will also feature a stage for live events. Other tenants at Waterside District include Guy Fieri’s Smokehouse, Blue Moon TapHouse, PBR Norfolk, The Fudgery, Chipotle and Stripers Seafood, as well as Harbor Club, an 8,000-square-foot mixed-use space overlooking the river for dining, cocktails and private events. Waterside District has created roughly 1,000 jobs for the local economy. Cordish signed a 50-year lease with the City of Norfolk for $1 per year featuring two 15-year extension options, according to The Virginian-Pilot. The newspaper also reports that Cordish will manage and operate Waterside District as per the lease agreement.

June 6, 2017

Indiana Industrial Midwest

GLC to Develop 100,000 SF Industrial Building in Noblesville, Indiana

by Kristin Harlow June 6, 2017

NOBLESVILLE, IND. — Great Lakes Capital (GLC) is developing Indiana Technical Center, a 100,000-square-foot industrial building in Noblesville, about 25 miles north of Indianapolis. The build-to-suit facility will be leased to BorgWarner, a manufacturer of technology solutions for combustion, hybrid and electronic vehicles. The facility will help BorgWarner consolidate its two existing locations in Anderson and Pendleton. Construction will begin this month with completion slated for April 2018. The Hagerman Group will serve as general contractor, while MSKTD & Associates Inc. will serve as architect and engineer.

June 6, 2017

Retail Texas

SDI Begins Redevelopment of 39,000 SF Retail Center in Metro Houston

by Taylor Williams June 6, 2017

BELLAIRE, TEXAS — SDI Realty Advisors has begun redeveloping Bellaire Town Center, a one-story, 39,000-square-foot retail center in the Houston metro of Bellaire. The project will deliver three buildings and increase the size of the center to 72,000 square feet. Phase I of construction is scheduled for a January 2018 completion and Phase II is scheduled for a fall 2018 completion.

June 6, 2017

California Multifamily Western

Greystar to Build Mixed-Use Development in LA with $100M in Construction Financing

by Nellie Day June 5, 2017

LOS ANGELES — Greystar has received $100 million in financing for the development of Arts District AMP Lofts, a mixed-use residential and retail property located Los Angeles’ Arts District. HFF placed the 48-month construction loan with CIT’s Real Estate Finance business. The 320-unit property will offer amenities including 20,000 square feet of retail space; a community garden and park; dog run; outdoor creative workspace; clubhouse with bar and indoor/outdoor lounge space; fitness center; and outdoor pool. The development is scheduled for completion in 2019.

June 5, 2017

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