development1

Morgan Opens Pearl at The Mix Apartment Community in Midtown Houston

by Haisten Willis August 30, 2016

HOUSTON — Morgan, a company specializing in multifamily development, construction and property management, has opened Pearl at the Mix in Houston’s Midtown district. Located at 2910 Milam St., the new apartment community sits on the city block bound by Louisiana, Tuam, Milam and Anita streets. Pearl at the Mix, the second Midtown property Morgan has opened in the past two years, is one block away from Pearl Midtown. Pearl at the Mix consists of five residential levels above a two-level parking garage. The property’s 196 units are a mix of studios, one- and two-bedroom units. Unit interiors feature stainless steel appliances, quartz countertops, under-mount sinks, under-cabinet lighting, walk-in closets with wood shelving, full-size washers and dryers, USB charging ports and floor-to-ceiling windows. Community amenities include a WiFi-enabled club lounge furnished with a pool table, two classic arcade machines, TVs, a patio facing downtown, swimming pool, outdoor kitchen, fitness center and grilling stations. Cadence Bank provided construction financing for Pearl at the Mix.

August 30, 2016

McKibbon Hospitality, Coro Realty to Build Hampton Inn & Suites by Hilton in Buckhead

by John Nelson August 30, 2016

ATLANTA — McKibbon Hospitality has teamed up with Coro Realty Advisors to develop a new 186-room Hampton Inn & Suites by Hilton in Atlanta’s Buckhead district. The 108,659-square-foot hotel will be situated on Piedmont Road within Buckhead Place, Coro Realty’s mixed-use center that features an LA Fitness, Marshall’s, Pier One, Hyatt Place and the 05 Buckhead apartment tower. McKibbon Hospitality has selected Sarasota, Fla.-based Kellogg & Kimsey as the general contractor. The development team expects to break ground on the hotel in September.

August 30, 2016

Industrial Kentucky Southeast

Terressentia Corp. Opens O.Z. Tyler Distillery in Kentucky

by John Nelson August 30, 2016

OWENSBORO, KY. — Charleston, S.C.-based Terressentia Corp. has opened the O.Z. Tyler Distillery, the company’s bourbon distillery situated on 26 acres in Owensboro. The historic property dates back to the late 1800s and is now open following two years of renovations. The property is named after O.Z. Tyler, the co-inventor of Terressentia’s patented TerrePURE distilling process. The company plans to employ 75 staffers when fully operational. The distillery will produce more than 30,000 barrels of bourbon annually. Future plans for the property include increasing production to 75,000 barrels annually, building a visitor’s center and museum and becoming a stop on the Kentucky Bourbon Trail.

August 30, 2016

Hospitality Loans Southeast Virginia

SunTrust Provides $25.8M Construction Loan for Marriott Autograph Hotel in Downtown Charlottesville

by John Nelson August 30, 2016

CHARLOTTESVILLE, VA. — SunTrust Bank has provided a $25.8 million construction loan to Carr City Centers for the development of a new hotel located at 1106 W. Main St. in downtown Charlottesville. The new 150-room, boutique hotel is set to be part of the Marriott Autograph Collection. The property will be located next to the University of Virginia’s main campus and adjacent to the University Medical Center. The hotel will feature an upscale restaurant, fitness center, business center and 3,000 square feet of meeting space. The general contractor, Donohoe Construction Co., plans to break ground in the third quarter with a scheduled opening in the fourth quarter of 2017. Donohoe Hospitality Services will manage the hotel’s day-to-day operations on behalf of the ownership, a joint venture between Carr City Centers and Donohoe.

August 30, 2016

Industrial Nevada Western

Dermody Properties Starts Construction of LogistiCenter at Las Vegas Boulevard

by Nellie Day August 30, 2016

LAS VEGAS — Dermody Properties has started construction of LogistiCenter at Las Vegas Boulevard, a 550,000-square-foot industrial facility in Las Vegas. The facility will be situated near North Walnut Road in the Interstate 15 corridor. LogistiCenter at Las Vegas Boulevard will be equipped to handle distribution, e-commerce, manufacturing and warehouse operations. The space will be able to accommodate up to four tenants. Darmody expects to complete the project by the second quarter of 2017. United Construction Co. is designing and building the property. The site offers an additional eight to nine acres of excess land for retail or office development.

August 30, 2016

California Restaurant Retail Western

Texas de Brazil Opens First California Location

by Nellie Day August 30, 2016

IRVINE, CALIF. — Texas de Brazil Churrascaria, a Brazilian steakhouse chain, has opened a location in Irvine. Located in The Market Place, the new location is the company’s 49th restaurant and first in the State of California. The 7,600-square-foot restaurant accommodates 220 guests and features an open-view grill in the dining area, a wine wall, patio and a lounge area.

August 30, 2016

New Mexico Retail Western

DSW to Open 21 New Stores this Fall

by Nellie Day August 29, 2016

ALBUQUERQUE, N.M. — DSW Inc., a leading branded footwear and accessories retailer, plans to open 21 new stores nationwide this fall, including four out West. The Western-based stores will be situated in Albuquerque, N.M.; Silverdale, Wash.; and Salinas and Chino, Calif. The 21 new stores will open in August through October.

August 29, 2016

Hospitality Midwest Minnesota

Embassy Suites by Hilton Opens 290-Room Hotel in Downtown Minneapolis

by Christina Cannon August 29, 2016

MINNEAPOLIS — Embassy Suites by Hilton has opened a 290-room hotel in downtown Minneapolis. The hotel is located in the historic Plymouth Building, which has access to the Minneapolis Skyway System. HRI Properties LLC owns and redeveloped the former office building. Amenities at the hotel include free made-to-order breakfast, a two-hour complimentary evening reception, free Wi-Fi, 10 separate meeting rooms totaling over 12,600 square feet, a 24-hour business center, a restaurant and bar, convenience store, indoor heated pool, fitness center and heated parking. HRI Lodging LLC will operate the hotel.

August 29, 2016

Hospitality Massachusetts Northeast

Tocci Building Cos. Completes 130-Key Homewood Suites by Hilton Hotel in Boston Suburb

by Amy Works August 29, 2016

BROOKLINE, MASS. — Tocci Building Cos., on behalf of owner Claremont Cos., has completed the construction of Homewood Suites by Hilton in Brookline. Located at 111 Boylston St., the 101,996-square-foot all-suite hotel features 130 guest rooms, a swimming pool and close proximity to the MBTA Green line. The project team included Group One Partners as architects and R.W. Sullivan Engineering as mechanical and electrical engineers.

August 29, 2016

Loans Louisiana Multifamily Southeast

Bellwether Enterprise Arranges $31.6M HUD Loan for Workforce Housing Construction in New Orleans

by John Nelson August 29, 2016

NEW ORLEANS — Bellwether Enterprise Real Estate Capital LLC has arranged a $31.6 million HUD 221(d)(4) loan for the construction of Village of Versailles, a 50-building, 400-unit affordable and workforce housing community in New Orleans. Prior to Hurricane Katrina in 2005, the site of the Village of Versailles housed two 200-unit, HUD-insured apartment developments. Set to open in late 2017, Village of Versailles will feature two community buildings and a leasing office. Jon Killough of Bellwether Enterprise’s Alabama office arranged the 40-year loan with 22 months of interest-only payments through HUD on behalf of the borrower, Mirus New Orleans LLC. The financing of the project also includes the issuance of short-term tax-exempt bonds, 4 percent Low Income Housing Tax Credits purchased by City Real Estate Advisors and HOME Funds provided by the Louisiana Housing Corp.

August 29, 2016

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