development1

Related Midwest Begins Development of One Bennett Park in Chicago

by Kristin Harlow December 5, 2016

CHICAGO — Related Midwest has closed a $240 million construction loan and completed the tower crane installation at One Bennett Park, a 70-story luxury residential tower in Chicago’s Streeterville neighborhood. Wells Fargo provided the loan. Located at 451 E. Grand Ave., the building will offer 69 condominiums and 279 apartments. Condominiums will range in size from 1,737 square feet to 7,500 square feet and range in price from $1.85 million to $15 million. The 279 luxury apartments will include a mix of one- to four-bedroom floor plans. When complete in 2019, the building will be the tallest all-residential tower in Chicago at 836 feet, according to Related Midwest. Robert A.M. Stern Architects is the architect. Michael Van Valkenburgh Associates designed a 1.7-acre park adjacent to the project. Named after Chicago’s Edward H. Bennett, the project reflects the late architect’s vision of weaving green spaces into the urban fabric and balancing built environment with natural landscape.

December 5, 2016

Hawaii Multifamily Student Housing Western

EdR, Laconia Development Begin Construction of $110M Student Housing Community Near the University of Hawaii

by Nellie Day December 2, 2016

HONOLULU — A joint venture between EdR and Laconia Development has begun construction of a $110 million student housing development located adjacent to the University of Hawaii in Honolulu. The community will offer 599-beds in a mix of one-, two-, three- and four-bedroom units with ground-floor retail and structured parking. Rooftop amenities will include a fitness center, outdoor terrace lounge, community kitchen, study lounges and gaming areas — all with views of Waikiki, Diamond Head and Manoa Valley. EdR will be the 90 percent owner in the community, and will manage the property upon completion. The project is scheduled for delivery in summer 2018 or 2019.

December 2, 2016

New Jersey Northeast Retail

Regency Centers Corp. to Develop 218,000 SF Retail Center in Bridgewater, New Jersey

by Amy Works December 2, 2016

BRIDGEWATER, N.J. — Regency Centers Corp. will develop Chimney Rock, a ground-up retail property in Bridgewater. The $70 million development will feature 218,000 square feet of retail space, anchored by Somerset County’s first Whole Foods Market. Additional retailers will include Nordstrom Rack, Saks Off 5th, Ulta and The Container Store. Construction is underway, with completion slated for summer 2018.

December 2, 2016

Mixed-Use North Carolina Southeast

East West Partners to Develop Mixed-Use Crabtree Terrace Project in Raleigh

by John Nelson December 2, 2016

RALEIGH, N.C. — East West Partners plans to develop Crabtree Terrace, a proposed mixed-use development located at 4509 Creedmoor Road in Raleigh. The developer has tapped CBRE | Raleigh to lease both the office and retail components of the project. Situated adjacent to Crabtree Valley Mall and a future hotel and conference center, Crabtree Terrace will be a six-story building with 38,000 square feet of ground-floor retail space, 140,000 square feet of Class A office space, a six-story parking deck and surface parking. Charlie Coyne and Reagan Crabtree of CBRE | Raleigh’s retail services group will be handling the retail leasing efforts for the project, and Brian Carr and John Brewer of CBRE | Raleigh’s investor leasing group will be handling the office leasing efforts. East West plans to deliver Crabtree Terrace in the fourth quarter of 2018.

December 2, 2016

California Retail Western

Lincoln Property, Long Wharf to Build Village 605 Shopping Center in Los Alamitos

by Nellie Day December 1, 2016

LOS ALAMITOS, CALIF. — A joint venture between Lincoln Property Co. and Long Wharf Real Estate Partners LLC is set to begin construction of Village 605, a 113,880-square-foot shopping center located roughly 23 miles outside Los Angeles in Los Alamitos. The open-air center will consist of seven one-story buildings. 365 by Whole Foods Market will anchor the property. The development will also feature a large community gathering area, outdoor seating and landscaped walkways. Construction is expected to begin in early 2017 with an anticipated opening set for early 2018. The project architect is KTGY Group Inc., and Strategic Retail Advisors is handling leasing.

December 1, 2016

Mixed-Use Multifamily New York Northeast Office Retail

JV Breaks Ground for 28-Story Mixed-Use Development in New Rochelle, New York

by Amy Works December 1, 2016

NEW ROCHELLE, N.Y. — RXR Realty, Brause Realty and ABS Partners have broken ground on 587 Main Street, a mixed-use development located in downtown New Rochelle. The 28-story building will comprise 280 rental units, 28 of which will be affordable; 10,000 square feet of arts and cultural space; 17,000 square feet of commercial space; and 234 on-site parking spaces. Leasing is expected to begin in the fourth quarter of 2018.

December 1, 2016

Illinois Industrial Midwest

CyrusOne Begins Construction on Second Data Center in Chicago Suburb

by Kristin Harlow December 1, 2016

AURORA, ILL. — CyrusOne, a REIT specializing in carrier-neutral data center properties, has broken ground on a 425,000-square-foot data center at the company’s Aurora campus in suburban Chicago. Carrier-neutral data centers allow interconnection between multiple telecommunication carriers. This is the second center at the location. Construction is beginning on part of the land acquired in March 2016 as part of the sale-leaseback transaction with CME Group. The newest data center will provide CyrusOne customers involved in the global financial markets with additional space and connectivity. CyrusOne operates 35 carrier-neutral data center facilities across the United States, Europe and Asia.

December 1, 2016

Illinois Industrial Midwest

Conor Commercial Completes Development of 385,300 SF Industrial Building in Elgin, Illinois

by Kristin Harlow December 1, 2016

ELGIN, ILL. — Conor Commercial Real Estate has completed development of Northwest Pointe II, a 385,300-square-foot speculative industrial building in Elgin, about 35 miles northwest of Chicago. The company also purchased a 20.5-acre site directly adjacent to the development. Northwest Pointe II and neighboring parcel are located within Northwest Corporate Park near the intersection of Galvin and Higgins Roads. The building offers Class A industrial space with 32-foot clear heights. Northwest Pointe I, a 342,620-square-foot speculative industrial facility, was completed in 2014. Multiple design options are available for Northwest Pointe III from 120,000 to 300,000 square feet. John Cassidy and Kenneth Franzese of Lee & Associates represented both the seller and Conor Commercial in all three transactions. McShane Construction Co. and Ware Malcomb comprised the design/build team for Northwest Pointe II.

December 1, 2016

Multifamily Texas

RightQuest Breaks Ground on Phase II of Bella Vista Apartments in Brownsville, Texas

by Amy Works December 1, 2016

BROWNSVILLE, TEXAS — RightQuest LLC has broken ground on the second phase of Bella Vista Apartments, a market-rate apartment community in Brownsville. The second phase of the community includes the addition of 144 apartments, a swimming pool, laundry facility, dog park and additional amenities. The first units of the second phase will be available for occupancy in July 2017. Upon completion, the property will feature 272 apartments, include 128 units from the first phase, two swimming pools, a clubhouse and a variety of amenities. Future phases also include the development of two three-acre commercial pad sites fronting Ruben M. Torres Sr. Boulevard. RightQuest is developing the property on behalf of Brownsville-based JJR Group. The project team for the second phase includes B&A Architects, Mejia & Rose Inc., Nations Construction, SSP Design and Davidson Design Group. IBC Bank-Brownsville is providing the financing for the project. Capstone Real Estate Services is providing lease-up and property management services.

December 1, 2016

Florida Hospitality Southeast

Helm Equities to Bring 21c Museum Hotel to HELM Miami Development

by John Nelson December 1, 2016

MIAMI — New York-based developer Helm Equities plans to bring a 21c Museum Hotel to HELM Miami, a mixed-use development in Miami’s Design District. The boutique hotel will feature 135 rooms, an art museum free of charge to the public, restaurant, rooftop pool terrace, bar and lounge and meeting spaces. Deborah Berke Partners will lead the design team for the new hotel. In addition to the hotel, HELM Miami will feature a sculpture garden, green space and 325,000 square feet of retail, dining and workspace for artists, as well as on-site parking. Thomas Citron and Mitchell Friedel of NGKF will lease HELM Miami’s retail component. Paul Faver of JB Real Estate Investment Group LLC advised Helm Equities on the transaction with Louisville, Ky.-based 21c Museum Hotels.

December 1, 2016

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