development1

MJR Development Plans Renovation of 200,000 SF Office Building in Tacoma, Washington

by Amy Works December 14, 2022

TACOMA, WASH. — Kirkland-based MJR Development has released plans to renovate the office building at 1145 Broadway in downtown Tacoma. Renamed as Tacoma Centre, the 15-story, 200,000-square-foot office building will include a café, bar, lounge areas, conference rooms and a fitness center with locker rooms. With the renovations, the tower will offer office space optimized for a culture of work/life balance and creative collaboration. Once complete, Tacoma Centre will offer a high-end lounge to accommodate casual team meetings, happy hours and corporate events and soirees. The remodeling will focus on common areas, and the building will remain open to tenants during construction. Interior designs will use natural materials, tall windows and expansive views. The renovation is slated for completion in summer 2023. MJR acquired the property, previously known as Tacoma Financial Center, in January 2022. Will Frame, Drew Frame and Ben Norbe of Kidder Mathews represented MJR in the sale and are now managing the leasing.

December 14, 2022

Development Michigan Midwest Multifamily

Magnus Capital Partners to Break Ground on $51.5M Workforce Housing Development in Grand Rapids

by Jeff Shaw December 13, 2022

GRAND RAPIDS, MICH. — Magnus Capital Partners, a Grand Rapids-based asset management and real estate investment firm, is set to break ground Dec. 19 on HōM Flats at Maynard, a new $51.5 million multifamily housing development located in Grand Rapids. Situated on 12.8 acres off Lake Michigan Drive NW, HōM Flats at Maynard will comprise seven buildings and 240 one-, two- and three-bedrooms apartments. Amenities at the community will include fitness and yoga centers, play spaces for children, indoor and outdoor dog parks, a pet spa, a café, rooftop lounge, indoor bike storage, a game room and green spaces. Once constructed, HōM Flats at Maynard will join Magnus Capital Partners’ current portfolio of HōM Flats at 28 West in Wyoming, Michigan and HōM Flats at Felch Street in Holland, Michigan. Both properties were completed in 2021. Hooker DeYoung will serve as the architect and Rhode Construction will serve as general contractor for the project. Magnus Capital and its equity partner, Stratford, received project approval from the Michigan State Housing Development Authority in late November. The project will be financed through the federal Low-Income Housing Tax Credit program, making the apartments affordable based on tenant income. The developer is targeting tenants …

December 13, 2022

Development Industrial Southeast Tennessee

Stonemont Financial to Develop 1.4 MSF Industrial Park in Murfreesboro, Tennessee

by John Nelson December 13, 2022

MURFREESBORO, TENN. — Stonemont Financial Group, a private real estate investment firm, plans to develop Stonemont Commerce Park 840, a two-building, 157-acre industrial park in Murfreesboro. The developer plans to break ground in the first quarter of 2023 and wrap up construction in late first-quarter 2024. The industrial park will sit on Sulphur Springs Road with direct access to I-840 and proximity to I-24 and Nashville International Airport. The development will include a 1.2 million-square-foot facility with 40-foot clear heights, 280 auto parking stalls and 276 trailer stalls. It will also house a 273,000-square-foot facility to accommodate smaller tenants, with 36-foot clear heights, 200 auto parking stalls and 76 trailer stalls. The design-build team includes general contractor Frampton Construction, brokerage firm Lee & Associates and civil engineer Site Engineering Consultants Inc.

December 13, 2022

California Development Loans Multifamily Western

Gantry Secures $14.3M Construction Loan for Office-to-Multifamily Conversion in Monterey, California

by Amy Works December 13, 2022

MONTEREY, CALIF. — Gantry has secured $14.3 million of construction financing for the adaptive reuse of an office property into workforce multifamily housing. The borrower is an undisclosed local developer. Located at 2300 Garden Road, the property will feature 64 one- and two-bedroom market-rate apartments on a 7.23-acre site. Robert Slatt, Jeff Wilcox and Andrew Ferguson arranged the financing for the borrower. Gantry’s secured the three-year construction loan through one of its correspondent life company lenders.

December 13, 2022

Core5-Logistics-Center-at-Interstate-10-Schertz

Development Industrial Texas

Core5, MBK Industrial Break Ground on 1.8 MSF Spec Project in Schertz, Texas

by Taylor Williams December 12, 2022

SCHERTZ, TEXAS — A joint venture between Atlanta-based Core5 Industrial Partners and California-based MBK Industrial Properties has broken ground on a 1.8 million-square-foot speculative project in Schertz, a northeastern suburb of San Antonio. The site is located along the I-10 corridor. Phase I of the project will deliver two buildings totaling roughly 1 million square feet, and Phase II will comprise two buildings spanning roughly 788,000 square feet. Building features will include 40-foot clear heights, 185-foot truck court depths and ample car and trailer parking. Partners, the firm formerly known as NAI Partners, has been tapped as the leasing agent. Completion of Phase I is slated for November 2023.

December 12, 2022

1690-Revere-Beach-Parkway-Everett-Massachusetts

Development Massachusetts Multifamily Northeast

Greystar Breaks Ground on 325-Unit Multifamily Project in Everett, Massachusetts

by Taylor Williams December 12, 2022

EVERETT, MASS. — South Carolina-based developer Greystar has broken ground on a 325-unit multifamily project in the northeastern Boston suburb of Everett. The site at 1690 Revere Beach Parkway previously housed a Stop N Shop grocery store. The project, which represents Phase I of a larger, 741-unit development, will ultimately house 875 parking spaces, 9,500 square feet of retail space and 22,800 square feet of indoor and outdoor amenities. CUBE3 Architects designed the project. Phase I is slated for an early 2025 completion.

December 12, 2022

Tower-at-Avenue-North-Wilmington-Delaware

Delaware Development Northeast Office

Delle Donne & Associates Breaks Ground on 150,000 SF Office Building in Wilmington, Delaware

by Taylor Williams December 9, 2022

WILMINGTON, DEL. — Delle Donne & Associates has broken ground on Tower at Avenue North, a 150,000-square-foot office building that will be located within the 79-acre Avenue North mixed-use development in Wilmington. A third of the space at the 12-story building will be dedicated to retail and restaurant usage. Office users will also have access to outdoor amenity spaces and electric vehicle charging stations. Construction is slated for a March 2024 completion. JLL will handle leasing of the building.

December 9, 2022

Development Illinois Midwest Mixed-Use

Unibail-Rodamco-Westfield Underway on Redevelopment of Westfield Old Orchard Mall in Skokie, Illinois

by Kristin Harlow December 8, 2022

SKOKIE, ILL. — Unibail-Rodamco-Westfield is underway on the redevelopment of the Westfield Old Orchard shopping mall in Skokie. Plans call for retail, apartments, restaurants, gourmet markets, health and wellness amenities and entertainment space. The project will also include a park and event space designed as the center’s focal point and social gathering space. The multi-phase project began earlier this fall with the modernization of the existing shopping center, starting with enhancements to the common areas as well as the opening of new restaurants, health and wellness components and retailers such as Bloomies and Louis Vuitton as well as the return of Barnes & Noble. Redevelopment will continue in 2023 with the former Lord & Taylor space, which will be completely reimagined. Development of the new residences, eateries, wellness facilities and outdoor amenities is expected to begin in 2024 and open in phases starting in 2026. Westfield Old Orchard originally opened in 1956.

December 8, 2022

Arizona Build-to-Rent Development Loans Western

JLL Arranges $30M Construction Loan for Villas Litchfield Park Build-to-Rent Community in Phoenix

by Amy Works December 8, 2022

PHOENIX — JLL Capital Markets has arranged a $30 million construction loan for Villas Litchfield Park, a build-to-rent community in Phoenix. The borrower is a joint venture between Blue Vista Capital Management and Family Development. Upon completion, Villas Litchfield Park will feature 153 one- and two-bedroom, freestanding, single-story units for residences. All units will offer simulated wood flooring, quartz countertops, stainless steel appliances, in-unit washers/dryers and private backyards. Community amenities will include a resort-style pool, fitness center, open turf spaces, outdoor lounge areas and grill area. Brian Walsh, Brad Miner and Dave Hunter of JLL Capital Markets secured the 3.5-year loan through Old National Bank for the borrower.

December 8, 2022

Development Illinois Midwest Multifamily

McShane to Build 32-Unit Supportive Living Community for Adults with Autism in Grafton, Wisconsin

by Kristin Harlow December 7, 2022

GRAFTON, WIS. — McShane is building Woodside Prairie, a 32-unit supportive living community for adults with autism in Grafton, about 20 miles north of Milwaukee. Impact Seven is the developer. The project incorporates four supportive living buildings as well as two townhomes. Additionally, a 3,700-square-foot activity building will contain a community kitchen, craft space, computer center and fitness area. Completion is scheduled for October 2023. New Horizon Ventures is the architect.

December 7, 2022

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