development1

Mainstreet Unveils Plans to Build, Operate $21.9M Skilled Nursing Facility in Phoenix

by Nellie Day March 24, 2016

PHOENIX — Mainstreet, a skilled nursing developer based in Indiana, has revealed its plans for a skilled nursing facility in Phoenix. It was announced earlier in March that Mainstreet had bought a plot in West Phoenix’s Algodon Medical Office Park for $1.7 million. The company has now released its plan to build a $21.9 million skilled nursing facility on the land. The facility will feature 94 beds in a 67,697-square-foot building, and offer assisted living in addition to skilled nursing. When completed in early 2017, it will be the first community managed by Mainstreet Health, Mainstreet’s new operational arm. In conjunction with the plans, Mainstreet Health hired Sonja Nelson as vice president of strategy and business development for Arizona. She will be responsible for developing the provider and payer relationships for this and any future Mainstreet developments in the state. She most recently served as director of strategy and planning for Banner Health.

March 24, 2016

Nevada Retail Western

Solar Array Now Complete Atop Future IKEA Store in Las Vegas

by Nellie Day March 24, 2016

LAS VEGAS — IKEA, a home furnishings retailer, has completed the solar installation atop its Las Vegas store, which will open on May 18, 2016. The project is the largest single-use retail rooftop solar array in Nevada, according to the company. The store’s 240,504-square-foot solar array comprises a 1.14 megawatt system, built with 3,620 panels, and will produce approximately 1.8 million kilowatt hours of electricity annually for the store — the equivalent of reducing 1,207 tons of carbon dioxide, the company claims. For the development, design and installation of IKEA Las Vegas’ solar power system, IKEA selected Helix Electric, an electrical contractor specializing in design-build electrical projects in the U.S. R&O Construction is managing the site work and building of the actual store.

March 24, 2016

Office Texas

TPMC to Renovate Park Towers Office Complex in Houston

by Haisten Willis March 24, 2016

HOUSTON — TPMC Realty Corp. (TPMC) will lead a $16-plus million redevelopment of Park Towers, a set of two towers in uptown Houston located at 1233 W. Loop S. The renovation will include elevator bank corridors, restrooms, the lobby, fitness facilities and a conference center. Highlights include: Restrooms equipped with luxury hospitality-like finishes and automatic flushing, soap, water and hand towel dispensers; lobbies with welcoming concierge layout and four televisions, with updated security badge technology and Wi-Fi; conference center made of two interconnected rooms with Wi-Fi presentation technology connected to TVs in each room; New elevator cabs with Thyssen Krupp destination-based dispatch technology, touch screen kiosks and streaming TV monitors, and; lighting upgrades throughout tenant and common areas to incorporate LED bulbs. Bob Parsley of Principal of Colliers International is handling the leasing for Park Towers. The two towers combine for more than 300,000 square feet of Class A office space, with two blocks of 111,250 square feet spanning five floors and multiple options for exclusive tenant signage capabilities. The redevelopment should be finished by the end of the year. Ziegler Cooper Architects is the architect, and O’Donnell Snider Construction is the general contractor.

March 24, 2016

Hospitality Midwest Missouri

Cullinan Properties to Build Drury Inn and Suites at Streets of St. Charles

by Christina Cannon March 24, 2016

ST. CHARLES, MO. — Cullinan Properties will construct a 180-room Drury Inn and Suites hotel, which will be part of the Streets of St. Charles, a 27-acre mixed-use community. In addition to the seven-story hotel, a second parking deck will be added to the development providing over 300 additional spaces. Construction of the parking deck is already underway, and work on the hotel is expected to start in April. Both projects are slated for completion by the summer of 2017. The Drury Inn and Suites at Streets of St. Charles will feature king and queen suites and deluxe two-room suites. The hotel will offer meeting space, an indoor/outdoor pool, Wi-Fi and hot breakfast. Drury Inn and Suites is the latest of several new tenants to be announced at Streets of St. Charles including Orangetheory Fitness, PF Changs, Firebirds Wood Fired Grill and Noodles & Co. which are all currently under construction and scheduled to open this summer.

March 24, 2016

Hospitality Midwest Wisconsin

Home2 Suites by Hilton Opens New 110-Room Hotel in Milwaukee

by Christina Cannon March 24, 2016

MILWAUKEE — Home2 Suites by Hilton has opened a new 110-room hotel in Milwaukee. Raymond Management Co. will own and manage the Home2 Suites by Hilton Milwaukee Airport. The pet-friendly hotel will feature fully equipped kitchens, modular furniture, Internet access, a combined laundry and fitness area, complimentary breakfast, indoor pool and outdoor grill area. The hotel also provides a 24-hour shuttle to and from the General Mitchell International Airport, which is one mile away. The hotel is located at 5880 S. Howell Ave.

March 24, 2016

Alabama Hospitality Mixed-Use Southeast

RCP Cos. to Bring AC Hotel to CityCentre at Big Spring in Huntsville

by John Nelson March 23, 2016

HUNTSVILLE, ALA. — RCP Cos. has inked a deal with Marriott International to bring a 150-room AC Hotel to CityCentre at Big Spring, a $100 million mixed-use development in Huntsville. In partnership with Yedla Management Co., Marriott will bring the European-inspired hotel brand to only its 10th market in the U.S. Construction will begin this summer. Located on Williams Avenue, the hotel will feature a lounge area, kitchen with self-serve European fare, complimentary Wi-Fi, mobile check-in and check-out and a 24-hour fitness center. Yedla plans to bring another hotel concept yet to be named to CityCentre at Big Spring, according to RCP.

March 23, 2016

Retail Southeast Tennessee

Shopping Center Group Arranges Save-A-Lot Lease in Memphis

by John Nelson March 23, 2016

MEMPHIS, TENN. — The Shopping Center Group has arranged a lease transaction that will bring a Save-A-Lot grocery store to Binghampton Gateway, a 48,500-square-foot neighborhood center in Memphis. Shawn Massey of The Shopping Center Group and Steve Bowie of Cor Mundi Investments represented Binghampton Development Corp., a faith-based, nonprofit organization, in the lease transaction. The $6.5 million retail center will be located on a 4.5-acre site that was previously occupied by an apartment complex, which was demolished in January 2015. Binghampton Gatetway will feature the 16,300-square-foot Save-A-Lot, a 10,000-square-foot junior anchor tenant and 22,200 square feet of small shop space. Construction is expected to begin this summer with an anticipated completion date of spring 2017.

March 23, 2016

Florida Mixed-Use Multifamily Office Retail Southeast Top Stories

Magic Development Unveils Plans for $3.3B Mixed-Use Project Near Orlando

by Haisten Willis March 23, 2016

KISSIMMEE, FLA. — Magic Development LLC has revealed plans for Magic Place, an 87-acre, $3.3 billion mixed-use development near Walt Disney World Resort in the Orlando suburb of Kissimmee. Rodrigo Cunha and Luis Claudio Sinelli are co-CEOs of Magic Development LCC, which is developing several other projects in Florida. Italian designer Paolo Pininfarina designed the project. At full build-out, the project will include five towers, shops, restaurants and resort amenities. The multifamily portion will be a mix of residential, condo and fractional units as well as nightly rental hotel rooms. Construction will begin on the first phase in July, according to the Orlando Business Journal. Phase I will include a 25-story, 251-unit resort tower, 40,000 square feet of retail and a 20,000-square-foot office building on U.S. Highway 192. Plans call for the finished development to include 250,000 square feet of retail and 1,850 residential units. The residential portion has a construction value of around $1.7 billion, according to the Business Journal. James Mincy, the project’s manager, says the company plans to build one building every four or five years, making a total construction time of between 20 and 25 years. — Haisten Willis

March 23, 2016

Colorado Loans Multifamily Western

Mountain View at Palisade Park in Denver Receives $30.5M in Construction Financing

by Nellie Day March 22, 2016

DENVER — HFF has arranged $30.5 million in financing for construction of the 216-unit Mountain View at Palisade Park in the Denver submarket of Broomfield. The community will be located at the southwest corner of 169th Avenue and Huron Street. The property will contain eight residential buildings with one-, two- and three-bedroom units averaging 909 square feet once it’s completed in 2017. HFF’s Josh Simon and Kristian Lichtenfels placed the construction loan with a regional bank on behalf of MountainView Capital.

March 22, 2016

grand-parkway-marketplace-spring-texas-kimco

Retail Texas

Kimco to Break Ground on Grand Parkway Marketplace in Metro Houston

by Haisten Willis March 22, 2016

SPRING, TEXAS — Kimco Realty Corp. is set to break ground in April on Grand Parkway Marketplace, a planned 450,000-square-foot shopping center development in Spring anchored by Target. About 75 percent of the retail space is pre-leased, including eight leases with national junior anchors. The groundbreaking ceremony will take place Thursday, April 7 at 10 a.m. CDT. Grand Parkway Marketplace will be located at the corner of Kuykendahl and Spring Stuebner roads. The ceremony will be open to the public.

March 22, 2016

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