development1

TriBridge Residential Breaks Ground on Retail Portion of $50M Mixed-Use Development in Charlotte

by John Nelson February 9, 2017

CHARLOTTE, N.C. — TriBridge Residential has broken ground on the retail portion of One305Central, a $50 million mixed-use development located in Charlotte’s Plaza Midwood neighborhood. The Shopping Center Group will market the 10,000 square feet of retail space and 2,000 square feet of patio space for dining and entertainment tenants. The project team for the retail portion, which will be housed in a redeveloped building located at the corner of Central and Clement avenues, includes Hood Architecture and Roper Construction. In addition to the retail space, One305 Central will also feature 281 apartments, which will be complete this summer, along with resident-only parking and 65 parking spaces allocated for retail and dining customers. TriBridge Residential acquired One305Central’s five-acre site in 2014 for $7.8 million. Citizens Bank provided construction financing for the mixed-use development.

February 9, 2017

Civic New York Northeast Top Stories

Lendlease-Turner Joint Venture Awarded $1.5B Expansion of Javits Center in Manhattan

by John Nelson February 9, 2017

NEW YORK — Empire State Development Corp. has selected a design-build team led by Lendlease Construction LMB Inc. and Turner Construction to oversee the $1.5 billion expansion of the Jacob K. Javits Convention Center in New York City. The team also includes Atlanta-based architect tvsdesign, which is aiming for the center’s expansion to be certified LEED Silver. Named after a former U.S. Senator from New York, the conference center is located on 11th Avenue in Manhattan’s Westside and bills itself as the busiest convention center in the country. The venue hosted events on 337 days in 2015. The six-block convention center opened in 1986 and spans 2.1 million square feet, of which 840,000 square feet is exhibition space. According to media reports, the Lendlease-Turner team is planning on a 46-month construction schedule for the expansion. The expansion will add 90,000 square feet of permanent space to the center’s current exhibit space, which will create an approximately 500,000-square-foot exhibition hall. Additionally the project will include 45,000 square feet of meeting room space and a 55,000 square-foot ballroom, the largest of its kind in New York City. The expansion will also reroute 20,000 event-related trucks off area streets each year, which is …

February 9, 2017

Loans Maryland Multifamily Southeast

KeyBank Provides $56.1M HUD Loan for Multifamily Redevelopment Project in Baltimore

by John Nelson February 8, 2017

BALTIMORE — KeyBank Real Estate Capital has provided a $56.1 million HUD 221(d)(4) loan for the construction of Center/West, a 33-acre multifamily redevelopment project in southwest Baltimore. The 221(d)(4) product is HUD’s flagship program for financing the construction and redevelopment of market-rate and affordable housing communities. Phase I of Center/West, known as PSH 1 LLC, will be developed by La Cite Development LLC and BRP Development Corp. Situated in front of the historic Poe House, Phase I will comprise a six-story, 262-unit apartment complex with 19,000 square feet of ground-floor retail space, neighborhood services and a dog park. Roughly 20 percent of Center/West’s units will be designated for households earning at or below 50 percent of the area median income. La Cite Development worked closely with the City of Baltimore and the University of Maryland BioPark for the redevelopment project. KeyBank’s execution of the 221(d)(4) loan was the fastest firm commitment for new construction financing in the history of HUD, according to KeyBank.

February 8, 2017

Seniors Housing South Carolina Southeast

Phoenix Senior Living to Open 48-Unit Memory Care Community Near Greenville

by John Nelson February 8, 2017

SIMPSONVILLE, S.C. — Phoenix Senior Living is set to open the doors next week on The Pearl at Five Forks, a 48-unit memory care community located at 15 Five Forks Road in the Greenville suburb of Simpsonville. Phoenix, a privately held seniors housing developer based in Kennesaw, Ga., hired a team of certified dementia practitioners to deliver care at the community. The company also partnered with Memory Care Centers of America for the project.

February 8, 2017

Affordable Housing Multifamily New York Northeast

Jonathan Rose Cos., L+M Development to Construct 655-Unit Affordable Housing Project in East Harlem

by Amy Works February 8, 2017

NEW YORK CITY — New York City Department of Housing Preservation and Development and Housing Development Corp. have selected Jonathan Rose Cos. and L+M Development Partners to develop a mixed-use, sustainable community on East 111th Street in East Harlem. Slated to be constructed in three phases, the property will bring 655 affordable rental units to the area with 163 designated as permanently affordable, 20 percent for extremely low-income households, nearly 60 percent for low-income households and 79 affordable seniors housing units. The development will also include an 85,000-square-foot Harlem RBI/Dream Charter School, an 11,000-square-foot Union Settlement Community Space, a 29,000-square-foot YMCA facility, a 26,000-square-foot Mount Sinai East Harlem Community Health Center, a 7,500-square-foot Urban Market grocery store and a Two Boots Pizza location. Designed by Handel Architects, the project is utilizing a passive design that will result in 60 to 70 percent less energy usage than a standard building of its kind. Passive design uses building placement within a site to maximize environmental factors to reduce energy usage for heating and cooling.

February 8, 2017

Mixed-Use Multifamily Retail Texas

Morgan Breaks Ground for Whole Foods-Anchored Multifamily Development in Houston

by Amy Works February 8, 2017

HOUSTON — Morgan, a multifamily development, construction and property management firm, has broken ground for the construction of its latest Pearl apartment development in Houston’s Midtown district. Located at 3120 Smith St., the project will feature a 40,000-square-foot Whole Food Market on the ground floor and 264 apartment units above. Slated to open in 2019, the new development will be located across the street from the first phase of Morgan’s Pearl Midtown, which opened in 2014. Amenities at the development will include a dog park and wash area, bike storage room, Uber waiting room, sky lounge, pool and a fitness center. Ziegler Cooper is serving as architect, while Carnegis Group is providing interior design services.

February 8, 2017

Multifamily New York Northeast

L+M Development, Nelson Management Developing Two Apartment Buildings in the Bronx

by Amy Works February 7, 2017

NEW YORK CITY — L+M Development Partners and Nelson Management Group have started construction on two affordable multifamily properties at 1520 and 1530 Story Ave. within the Lafayette Boynton apartment complex in the Soundview neighborhood of the Bronx. Combined the two 13-story buildings will feature 435 units in a mix of studio, one-, two- and three-bedroom units. On-site amenities include a fitness center and a 7,500-square-foot community facility space. Additionally, the project will include two acres of landscaped greenspace with walking paths between the properties, a children’s play area and an outdoor fitness center. Nelson Management Group is undertaking the project through its investment arm Global One Investments.

February 7, 2017

Office South Carolina Southeast

Holder Properties Breaks Ground on Office Building in North Charleston

by John Nelson February 7, 2017

NORTH CHARLESTON, S.C. — Holder Properties has begun construction on River Oaks Center, a 106,000-square-foot, Class A office building located on Leeds Avenue off I-526 in North Charleston. The four-story property is Holder’s fifth office development within Charleston’s largest office park, The Executive Park at Faber Place. The project team includes architect Warner Summers and general contractor Harper Corp. River Oaks Center will be ready for new tenants this fall.

February 7, 2017

Hospitality Midwest Missouri

Two Hotels to Open in 2018 at Hunt Midwest Commerce Center in Kansas City

by Kristin Harlow February 7, 2017

KANSAS CITY, MO. — Hunt Midwest has closed on the sale of two hotel sites within Hunt Midwest Commerce Center (HMCC). A 90-room SpringHill Suites by Marriott and a 126-room Holiday Inn Hotel & Suites will be constructed and open on the sites. Both hotels are slated to open in 2018. KMG Hotels will operate the SpringHill Suites by Marriott, which it is developing under the name of Park Hospitality LLC. Elite Hotel Group LLC will own and operate the Holiday Inn Hotel & Suites. HMCC is a 2,500-acre development home to hotels, restaurants and retail stores.

February 7, 2017

Idaho Retail Western

Albertsons Adds 174 Stores Since Safeway Merger

by Nellie Day February 6, 2017

BOISE, IDAHO — Two years after the Albertsons-Safeway merger that created the second-largest supermarket company in the U.S., Albertsons Cos. has built or acquired 174 locations. Since the merger, 23 new stores have been built and 151 stores were acquired. The Boise-based company has also upped its sustainability efforts. During the first quarter, the company committed to sourcing and selling only cage-free eggs for its store operations by 2025, based on available supply. The company recently announced a new Responsible Seafood Policy, which expanded the previous program beyond fresh and frozen seafood to include shelf-stable tuna (canned and vacuum-sealed), as well as sushi sold from its delis. The company plans that by 2022, 100 percent of the top 20 wild and farmed seafood products sold at stores will meet the Responsible Seafood Policy. Albertsons Companies operates stores, manufacturing plants and distribution centers across 35 states and the District of Columbia under 19 brands including Albertsons, Safeway, Vons, Jewel-Osco, Shaw’s, Acme, Tom Thumb, Randalls, United Supermarkets, Pavilions, Star Market, Haggen and Carrs.

February 6, 2017

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