development1

EB5 Capital Provides $40.5M in Equity for Columbia Place Project in D.C.

by John Nelson May 2, 2016

WASHINGTON, D.C. — EB5 Capital has provided $40.5 million in preferred equity financing for Columbia Place, a $230 million dual-branded Marriott hotel project in Washington, D.C. Quadrangle Development Corp. and Capstone Development are co-developing Columbia Place, which comprises a 357-room Courtyard and a 147-room Residence Inn within one building. Brian Ostar of EB5 Capital led the fundraising campaign, and Patrick Rainey of EB5 Capital structured the investment platform. EB5 Capital raised the funds from 81 foreign investors through the EB-5 Immigrant Investor Program. Under the U.S. Citizenship and Immigration Services (USCIS) program, the EB-5 program allows a foreign national interested in obtaining permanent U.S. residency to do so by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. The qualifying investment for a project like Columbia Place is $500,000.

May 2, 2016

Industrial Texas

ML Realty Partners Breaks Ground on Phase II of Park West Crossing in Coppell

by Haisten Willis May 2, 2016

COPPELL, TEXAS — ML Realty Partners LLC has begun construction on Phase II of Park West Crossing, which includes four industrial buildings totaling 304,943 square feet. Located in Coppell just north of DFW International Airport, the 74-acre master-planned business park is bordered by Freeport Parkway to the west, Southwestern Boulevard to the north and South Belt Line Road to the east. Upon completion, ML Realty Partners will have developed eight buildings at Park West Crossing totaling 612,443 square feet. The rear-load buildings should be available for occupancy during the fourth quarter and will range in size from 61,389 square feet to 91,968 square feet.

May 2, 2016

Kansas Midwest Multifamily Seniors Housing

Presbyterian Manors of Mid-America Completes $35M Seniors Housing Expansion in Wichita

by Christina Cannon April 29, 2016

WICHITA, KAN. — Presbyterian Manors of Mid-America, a nonprofit operator of 18 communities in Missouri and Kansas, has completed a $35 million expansion at Wichita Presbyterian Manor, a continuing care retirement community in Wichita. The expansion consisted of two phases, both of which started in 2014. In the first phase, the owner added 24 memory care suites, 30 skilled nursing suites and 20 private “post-acute to home” rehabilitation rooms, as well as a new kitchen, bistro, library, beauty salon and barbershop. The second phase of development added The Westerly Residences, which included 90 independent living apartments and an array of new amenities.

April 29, 2016

Midwest Minnesota

Kraus-Anderson Construction Breaks Ground on $22M Special Education School Near St. Paul

by Christina Cannon April 29, 2016

LAKE ELMO, MINN. — Kraus-Anderson Construction Co. has broken ground on a $22 million special education school for the Northeast Metro Intermediate School District 916 in Lake Elmo, 15 miles east of St. Paul. The school is for students in grades K-8. Construction on the 76,000-square-foot Pankalo Education Center, located at 8568 Eagle Point Blvd., is expected to be complete by August 2017. The school will provide programs for students with autism spectrum disorders, developmental cognitive disabilities, emotional/behavioral disorders and other health disabilities. The project is part of the district’s strategic facilities plan, which includes construction of a consolidated K-8 facility in the northwest part of the district, construction of a consolidated K-8 facility in the southeast part of the district (Pankalo) and replacement of the existing Capitol View Center, built in 1958.

April 29, 2016

California Industrial Western

Panattoni Development Begins Construction of Gateway80 Business Park in Fairfield

by Nellie Day April 29, 2016

FARFIELD, CALIF. — Panattoni Development Co. has started construction of Gateway80 Business Park, a 1 million-square-foot spec industrial park in Fairfield. The project is situated between San Francisco and Sacramento, 12 miles from the Napa Valley wine region. The 52.4-acre site is just off Interstate 80. It will consist of two 430,500-square-foot buildings and a 178,000-square-foot building, all designed and built to LEED standards. The developers expect the project will be complete and available for tenancy by the end of the year. JLL’s Matt Bracco, Glen Dowling and Chris Neeb will handle the leasing.

April 29, 2016

Mixed-Use Southeast Tennessee

Buckingham Cos. Tops Out 600,000 SF Aertson Midtown in Nashville

by John Nelson April 29, 2016

NASHVILLE, TENN. — Indianapolis-based Buckingham Cos. has topped out Aertson Midtown, a 17-story, 600,000-square-foot mixed-use development in Nashville. Upon opening in early 2017, Aertson Midtown will feature 35,000 square feet of ground-level retail, 350 upscale apartments, a 180-room Kimpton hotel with 6,500 square feet of meeting space and 630 parking spaces. Caviar & Bananas, a Charleston-based gourmet market and café, will occupy 6,600 square feet of retail space with a planned spring 2017 opening. Aertson Midtown’s amenities for residents and guests will include a 17th-floor roof terrace, eighth-floor pool deck and cabanas, bike garage, pet park and a fitness center.

April 29, 2016

Florida Multifamily Seniors Housing Southeast

Allegro Senior Living Breaks Ground on $45M Luxury Seniors Community in Central Florida

by John Nelson April 29, 2016

CASSELBERRY, FLA. — Allegro Senior Living has broken ground on an unnamed luxury seniors housing community in the northern Orlando suburb of Casselberry. Development costs are estimated at $45 million. Located on a 17.3-acre site, the new community will include 158 units of independent living, assisted living and memory care in 175,000 square feet of space. Allegro expects the first residents to move in sometime in summer 2017. Besselo Design Group provided architectural design services, and Welbro Building Corp. will provide construction services. Allegro is a developer and operator based in St. Louis with 10 communities in Florida and Kentucky.

April 29, 2016

Georgia Retail Southeast

Cabela’s to Open New 70,000 SF Store in Metro Atlanta

by John Nelson April 29, 2016

MCDONOUGH, GA. — Cabela’s Inc. plans to open a new 70,000-square-foot store off I-75 in the south Atlanta suburb of McDonough. The new store will anchor Jodeco | Atlanta South, a $300 million mixed-use development that RCP Cos. is developing in Henry County. Cabela’s is the first confirmed tenant in the project. The outdoor retailer plans to open the new location in the fall of 2017. The McDonough location will be Cabela’s fourth Georgia store, joining existing stores located in Augusta, Acworth and Fort Oglethorpe. Cabela’s expects to employ approximately 130 full-time, part-time and seasonal employees at the store. The McDonough Cabela’s will include an archery and firearm tech room, indoor archery range and a “Bargain Cave,” along with thousands of outdoor products displayed using a new floor plan that emphasizes hunting, fishing, camping and recreational shooting.

April 29, 2016

California Retail Western

Aldi to Open 25 Stores in California

by Nellie Day April 28, 2016

PALM DESERT, CALIF. — ALDI, a discount supermarket chain that had no locations in California at the start of the year, will have 25 locations in the state as of May 19, when seven locations will have their grand openings. The company plans to operate approximately 45 California stores by the end of 2016, and more than 2,000 stores nationwide by the end of 2018. Currently, the grocer operates more than 1,500 stores in 33 states. ALDI stores opening on May 19 include: • 2120 Panama Lane, Bakersfield, Calif. • 2450 Rockwood Ave., Calexico, Calif. • 2050 Imperial Ave., El Centro, Calif. • 1545 N. Hacienda Ave., La Puente, Calif. • 72543 Highway 111, Palm Desert, Calif. • 5830 Firestone Blvd., South Gate, Calif. • 1750 University Ave., Vista, Calif.

April 28, 2016

Hospitality Texas

The Westin at The Woodlands Hotel Opens in Metro Houston

by Haisten Willis April 28, 2016

THE WOODLANDS, TEXAS — The Westin at The Woodlands hotel is now open. Developed, managed and owned by The Howard Hughes Corp., the Waterway Square district anchor is the first Westin in The Woodlands master planned community and the 50th Starwood hotel in Texas. The hotel features 302 guestrooms, with interiors designed by Dallas-based waldrop+nichols studio. Boston-based Elkus Manfredi Architects and the Houston office of Gensler designed the 13-story hotel’s exterior.

April 28, 2016

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