NORTH RIVERSIDE, ILL. — The Illinois St. Andrew Society has completed construction of The Caledonian House, a 20-unit memory care building in the Chicago suburb of North Riverside. The St. Andrew Society is the nonprofit operator of The Scottish Home assisted living and skilled nursing community. The Caledonian House is located on the community’s five-acre campus and will offer the first memory care services at the community.
ODGEN, UTAH — Love Funding, a lender based in Washington, D.C., has arranged a $6.6 million bridge loan for the construction of Shadow Valley Assisted Living and Memory Care, a 62-bed community in Ogden, approximately 35 miles north of Salt Lake City. Local developer Giza Development is building the community. The financing will allow Giza to start construction more quickly than a HUD-insured loan. Giza plans to convert the financing to a permanent HUD loan after three years. James Vanar of Love Funding’s Los Angeles office arranged the loan. Midland States Bank, which is Love Funding’s parent company, will provide the capital.
ATLANTA — Newk’s Eatery, a Jackson, Miss.-based fast casual restaurant chain, has signed a new development agreement with franchisee C^2 Investment Partners LLC for six new locations in the Atlanta area. The multi-unit operator will open the new restaurants within the next four years. The agreement is part of Newk’s growth plan to double in size in the next three years. The chain currently has more than 100 units in 13 states, predominantly in the Southeast. Owned by Brent Cann and Doug Cullinan, C^2 Investment Partners has purchased an existing Newk’s Eatery at 2566 Briarcliff Road N.E. in Atlanta. C^2’s operating partner, Lynn Townsend, a longtime resident of the Atlanta area, brings more than 20 years of hospitality and restaurant experience to the investment group.
NORTHFIELD, MINN. — Valley Natural Foods has unveiled plans to open a $2 million wholesale meat processing plant in Northfield, approximately 45 miles south of Minneapolis. Valley Natural Meats Inc., situated on 16 acres, will include a 4,400-square-foot processing plant and a 4,000-square-foot holding barn. The company also has plans to add two 30-by-70 foot buildings at a later date that will be used to grow plants, herbs and flowers. The facility, located at 1595 57th St. W., will be MDA (Minnesota Department of Agriculture) and organic-certified. The building is expected to be operational by this November. Valley Natural Foods has a goal of becoming USDA certified and plans to process deer, bison, lamb and goat by 2018.
PORTLAND, ORE. — Hilton Worldwide and the Buccini/Pollin Group have announced plans to build a Canopy by Hilton hotel in Portland. The 153-room hotel will be located at 425 NW 9th Ave. in the Pearl District’s Gallery Row. Portland and Washington, D.C., are the first two U.S. cities to receive hotels under the new Canopy by Hilton brand. Both are slated for opening in 2017. Phillips Realty Capital arranged a $27.7 million construction loan, while EB5 Capital provided $15.5 million in preferred equity raised from 31 foreign investors seeking U.S. residency under the EB-5 Immigrant Investor Program.
INDIANAPOLIS — Novak Construction has completed a 153,000-square-foot Costco Wholesale in Indianapolis. The building includes a food court, meat preparation area, bakery, freezer and cooler, optical center, photo processing area, pharmacy and tire center. The project also features a fuel center. Construction was completed in 110 days. Costco Wholesale is a chain of membership warehouses with 494 locations throughout the United States and Puerto Rico.
MIAMI — Swire Properties Inc. has announced new retailers joining Brickell City Centre’s 500,000-square-foot, open-air shopping center in Miami’s Brickell district. Comprising more than 80 retailers and eateries, the retail development is set to open to the public in November. The new tenants joining the project include Victoria’s Secret, Bath & Body Works, Suit Supply, Stitched and Pinko. Swire Properties is co-developing the shopping center with Whitman Family Development and Simon Property Group. Tenants that have previously signed leases at the $1.05 billion, 4.9 million-square-foot Brickell City Centre include Saks Fifth Avenue, Cinemex, Italian Food Hall, LIVE!, lululemon athletica, Armani Collezioni, Cole Haan, Bally, Coach, Porsche Design, Luke’s Lobster, Taco Chic and AT&T. As part of the center’s design, Swire Properties has integrated the Miami Metromover with a stop that exits directly into the shopping center’s third floor. The project will also feature a two-story underground parking deck.
SEATTLE — Pet supplies retailer Petco will remodel 12 stores in the Seattle area and one in San Diego this month. The Seattle-area stores will host grand re-opening celebrations on July 29. The locations are in Seattle (Holman Road, North 205th Street, 15th Avenue and Northeast 45th Street); Federal; Kirkland; Covington; Everett; Redmond; Lynwood; Gig Harbor; and Olympia, Wash. The San Diego location will celebrate a grand re-opening on July 22. Petco operates more than 1,430 locations across the U.S., Mexico and Puerto Rico, including more than 115 Unleashed by Petco locations, a smaller format neighborhood shop.
FRISCO, TEXAS — Dallas-based NewcrestImage plans to develop a four-brand, 600-room lifestyle hotel campus at Frisco Station, a 242-acre, mixed-use development located in the northwest quadrant of the Dallas North Tollway and Warren Parkway in Frisco. Upon completion, Frisco Station will include more than 5 million square feet of office and corporate campuses and 2,400 urban living units. Frisco Station’s hotel campus will include a dual-brand AC Hotel and Residence Inn, both by Marriott, featuring about 300 rooms. The campus will also include a Canopy by Hilton and a Hyatt Place, each featuring about 150 rooms. The hotel campus will anchor The Hub at Frisco Station, which will feature about 200,000 square feet of food and beverage concepts, entertainment venues and retail space surrounded by Frisco Station’s parks and trails system. Construction on the hotels will take place in two phases, with the AC, Residence and Canopy scheduled to break ground in January 2017, with the first openings anticipated in June 2018. Construction of the Hyatt Place is expected to begin in 2017.
AUSTIN — Morgan has completed Pearl Lantana, a 444-unit luxury apartment complex in southwest Austin. The newly finished property offers one-, two- and three-bedroom options that range from 660 to 1576 square feet. Residents will have views of the Barton Creek Greenbelt and the downtown Austin skyline. Interior amenities include open floor plans, wood-style floors, quartz countertops with tile backsplash, gas appliances, full size washers and dryers, tankless hot water heaters, under-mount sinks, walk-in closets, USB outlets, and patios or balconies. Common areas are solar powered and include a resident e-lounge and cafe, athletic club, three pool areas with sundecks, an infinity-edge pool, lap pool, hammock spaces, covered kitchen, dog park and footpaths throughout the property. Morgan is a Houston-based developer and operator of Class A multifamily properties.
