development1

Construction Underway on Woodmont Cove at South Amboy Apartment Property in New Jersey

by Haisten Willis April 6, 2017

SOUTH AMBOY, N.J. — Woodmont Properties has commenced construction of Woodmont Cove at South Amboy, a transit-oriented apartment community in South Amboy. Woodmont Cove is located seven blocks from the South Amboy transit train station, which provides a 30-minute ride to Newark Penn Station and a 51-minute train ride to New York City. Woodmont Cove will feature 106 townhouse-style apartments with garage parking and 20 apartment flats. Unit amenities will include quartz countertops, stainless steel appliances and second-floor balconies. Each apartment will also include a washer and dryer. Woodmont Cove is located near the Garden State Parkway, New Jersey Turnpike, Interstate 28, and state highways 35, 1 and 9. Leasing will begin this summer, with occupancy beginning in September.

April 6, 2017

Mixed-Use Texas

Stonelake Finalizes Plans for Phase III of 11.5-Acre Mixed-Use Development in Houston

by Taylor Williams April 6, 2017

HOUSTON — Stonelake Capital Partners has finalized plans for Phase III of Park Place River Oaks, an 835,000-square-foot, mixed-use development situated on 11.5 acres along Westheimer Road in the River Oaks submarket of Houston. Phase III will consist of two four-story buildings, including 105,000 square feet of retail space and 105,000 square feet of office space. Phase I of the project consisted of an eight-story, 344-unit multifamily building, which is now 90 percent leased. Phase II consisted of a 17-story, 297-unit high-rise, completion of which is slated for this 2017.

April 6, 2017

Georgia Multifamily Southeast

Alliance Residential Opens Two Apartment Communities in Atlanta

by John Nelson April 6, 2017

ATLANTA — Alliance Residential Co. has opened two Class A apartment communities in the metro Atlanta area: Broadstone Springs in Sandy Springs and Broadstone Midtown in Atlanta. Broadstone Springs is located at 6558 Roswell Road and connected to a private pathway to the Abernathy Greenway Park. The property features 222 studio, one- and two-bedroom apartments and eight townhome units. The 218-unit Broadstone Midtown is located at 811 Juniper Road and features top-floor penthouse residences, 12 walkup townhome units and one- and two-bedroom apartments ranging in size from 630 to 1,394 square feet.

April 6, 2017

Illinois Industrial Midwest

Opus Unveils Plans for 1.2 MSF Industrial Warehouse in Joliet, Illinois

by Kristin Harlow April 6, 2017

JOLIET, ILL. — The Opus Group has unveiled plans to construct a 1.2 million-square-foot industrial warehouse in Joliet within the I-80 submarket of Chicago. The 75-acre site is located near the intersection of U.S. Route 6 and Hollywood Road. Opus, which purchased the land from Ketone Partners, will develop the project in a joint venture with AEW Capital Management LP on behalf of one of its institutional separate account clients. The building will feature 36-foot clear heights, more than 200 loading docks, up to 450 trailer positions, parking for 225 cars and an ESFR sprinkler system. Construction of the speculative building will begin this spring with completion slated for summer 2018. Opus Development Co. will serve as developer, Opus Design Build will serve as design-builder and Opus AE Group will provide architectural and structural engineer services. Eric Tresslar and Steve Connolly of NAI Hiffman will market the property for lease.

April 6, 2017

Multifamily Texas

Stonelake Unveils Latest Plans for $250M Multifamily Project in West Dallas

by Taylor Williams April 5, 2017

DALLAS — Stonelake Capital Partners has released its latest plans for Trinity Green, a $250 million, 25-acre multifamily project along Singleton Avenue in west Dallas. The company has released updates on Phase III, which features a 355-unit, Class A development with a fitness center, 24-hour coffee bar, pool and outdoor grilling stations. Stonelake will break ground on Phase IV of the development, which will feature a 324-unit, Class A apartment complex, in the fall. Trinity Green will comprise 1,500 units at full build-out.

April 5, 2017

Healthcare Texas

Mycon Completes Construction of $3.5M Medical Clinic in Grand Prairie

by Taylor Williams April 5, 2017

GRAND PRAIRIE, TEXAS — Mycon General Contractors has completed construction of a new, 6,997-square-foot First Choice Emergency Room in the Dallas-Fort Worth metro of Grand Prairie. Situated on 0.9 acres at 901 W. Jefferson St., the $3.5 million, freestanding medical clinic features on-site labs and digital imaging suites. A service station and convenience store previously occupied the site, construction on which began in August 2016.

April 5, 2017

Mixed-Use North Carolina Southeast

Vertical Construction Begins at Rea Farms Mixed-Use Development in South Charlotte

by John Nelson April 5, 2017

CHARLOTTE, N.C. — Vertical construction is underway at Rea Farms, a mixed-use development located in south Charlotte. Lincoln Harris, Greg Currie and the Rea family are the master developers of the development, which is situated at the intersection of Providence and Ardrey Kell roads south of Interstate 485. Life Time Fitness is developing the 200,000-square-foot Life Time Athletic Charlotte at the development, and Woodfield Investments is developing the 455-unit Links at Rea Farms. The fitness and aquatics facility is set to open in the fourth quarter of this year, and the Class A apartment community is set to open in early 2018. Construction on the Harris Teeter-anchored retail village and Greystar’s senior housing facility known as Overture Providence at Rea Farms will begin this summer. CalAtlantic Homes will also build 249 single-family homes and townhomes at Rea Farms.

April 5, 2017

Georgia Industrial Southeast

CRG to Develop 1.7 MSF Spec Distribution Center Near Port of Savannah

by John Nelson April 5, 2017

SAVANNAH, GA. — CRG, the real estate development arm of Clayco, plans to develop Northport Commerce Center, a two-building, 1.7 million-square-foot speculative distribution center near the Port of Savannah. The development will be situated on a 133-acre site at 590 and 455 Northport Parkway in Savannah. CRG expects to deliver the first building, a 832,000-square-foot facility with 220 trailer spaces and 173 dock high doors, this June. The second building will span 866,100 square feet and include 185 trailer spaces and 148 dock high doors. Both properties will feature 36-foot clear heights, ESFR sprinkler systems and LED lighting. Clayco is the design-build contractor and the company’s architecture subsidiary, Forum Studio, served as the design team for the development. CRG has selected Steve Grable and Chris Tomasulo of JLL to market and lease Northport Commerce Center. Grable and Tomasulo represented CRG in the purchase of the site from Dallas-based Stratford Land. The acquisition price was not released.

April 5, 2017

Mixed-Use Southeast Tennessee

GBT Realty Reveals New Tenants at Mixed-Use Project Underway in Nashville

by John Nelson April 5, 2017

NASHVILLE, TENN. — GBT Realty Corp. has announced the tenant lineup at Village 21 at Regions Park, a $45 million mixed-use development under construction near Vanderbilt University in Nashville. Situated at the intersection of 21st Avenue South and Wedgewood Avenue, the property will include 101 apartment residences, community amenities, 250 surface and below-grade parking spaces and 22,000 square feet of retail space that is 95 percent pre-leased. Committed retail tenants that are set to open this summer include Regions Bank, Mountain High Outfitters, The Urban Juicer, South Boutique and Taco Mama. By May, GBT Realty expects to announce a celebrity-backed restaurant concept to fill the property’s two-story restaurant and rooftop bar overlooking the intersection of 21st and Wedgewood avenues.

April 5, 2017

Midwest Minnesota Multifamily

134-Unit Apartment Community Opens in St. Paul, Minnesota

by Kristin Harlow April 5, 2017

ST. PAUL, MINN. — A new 134-unit apartment community, 333 on the Park, has opened in St. Paul. The eight-story building is located at 333 Sibley St. in the Lowertown neighborhood. Formerly known as the Gordon & Ferguson building, the building was constructed in 1913. Several players from the St. Paul Saints baseball team will live in the apartments. The team, part of the North Division of the American Association of Independent Professional Baseball, plays at nearby CHS Field. The building consists of studio, one-, two- and three-bedroom apartment homes, as well as 10 two-story penthouse homes. Two thousand square feet of commercial space located on the first floor is currently available for lease. Timberland Partners developed the apartment property, and will continue to own and manage the building. Kaas Wilson Architects designed the apartments, while Frana Cos. provided construction services for the renovation.

April 5, 2017

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