development1

The Kor Group Acquires Land for Austin Proper Hotel and Residences

by Haisten Willis January 26, 2016

AUSTIN, TEXAS — The Kor Group has purchased land for the future home of Austin Proper Hotel and Residences. The development will be a 32-story mixed-use building containing 99 for-sale residences, 244 hotel guest rooms, four food and beverage outlets, 11,500 square feet of meeting space, a spa, fitness center and two outdoor swimming pools. Construction is scheduled to begin in spring 2016 and end in early 2018. In addition to the land acquisition, the Austin Proper Residences sales gallery, located nearby at 208 Colorado St., debuted on Jan. 21, 2016, with a grand opening celebration scheduled for Feb. 5 and 6. Will Steakley of DEN Property Group will manage sales for the Austin Proper Residences, which will begin taking contracts this month. Proper Hospitality will operate the Austin Proper Hotel as part of the Proper Hotels brand. Designer Kelly Wearstler is creating the interior design for the project, McGuire Moorman Hospitality is developing and operating the food and beverage concepts and Handel Architects is responsible for the design of the 32-story high-rise.

January 26, 2016

North Carolina Office Southeast

TIER REIT Invests $20M to Renovate Bank of America Plaza in Charlotte

by John Nelson January 26, 2016

CHARLOTTE, N.C. — TIER REIT, a Dallas-based REIT, has invested $20 million to renovate Bank of America Plaza, a 40-story, Class A office tower located at the intersection of Trade and Tryon streets in Charlotte. The 891,000-square-foot tower is 92 percent leased to tenants such as Bank of America, Alston & Bird, Shumaker Loop & Kendrick and SCOR Global Life Americas. The renovation includes expanding and renovating the main building lobby and adding close to 20,000 square feet of street-level retail space. The design team includes Charlotte-based architect Redline Design Group, project manager Tracy Haynie of Trinity Partners and general contractor Rodgers Builders. Rhea Greene of Trinity Partners handles leasing for the office tower, and Mike Lucier of CBRE handles leasing for the tower’s retail portion.

January 26, 2016

Kansas Midwest Multifamily Seniors Housing

Mainstreet, Ensign Group Open 100-Bed Skilled Nursing Facility in Kansas

by Christina Cannon January 26, 2016

OLATHE, KAN. — Mainstreet, an Indiana-based skilled nursing developer, and The Ensign Group, a California-based operator, have opened The Healthcare Resort of Olathe, a 100-bed skilled nursing facility in Olathe, a suburb of Kansas City. Construction started on The Healthcare Resort of Olathe in July 2014 and was completed in October 2015. Estimated development costs for the 68,3530-square-foot community were $16.4 million.

January 26, 2016

Multifamily New Jersey Northeast Seniors Housing

Walters Group Begins Construction on Affordable Seniors Housing Community in New Jersey

by Amy Works January 25, 2016

TOMS RIVER, N.J. — Walters Group has broken ground on Cornerstone at Toms River, a 102-unit affordable seniors community in Toms River. Situated on 11 acres, the community will consist of a three-story apartment building with one- and two-bedroom floor plans, encompassing 94 one-bedroom and eight two-bedroom units for residents age 55 or older; and a 7,000-square-foot community clubhouse with a kitchen, game room, state-of-the-art fitness area and conference room. The property is being built to LEED specifications and will be Energy Star-certified upon completion.

January 25, 2016

Burger King 5707 Blue Lagoon Drive Miami

Florida Office Southeast

Burger King Leases New Corporate Headquarters in Miami Build-to-Suit Project

by John Nelson January 25, 2016

MIAMI — Burger King will move its corporate headquarters to a new build-to-suit office project in Miami. The fast-food giant will be the sole occupant of a 150,000-square-foot, Class A office building located on a five-acre lot at 5707 Blue Lagoon Drive in Miami’s Airport West office submarket. The building will be situated within the Waterford at Blue Lagoon office park. The Hogan Group will develop the standalone office building to include panoramic views and several employee amenities. The five-story office building will also feature a parking deck for employee parking. The Tampa-based developer expects to wrap up construction by the third quarter of 2018. Patrick Duffy and Jon Bourbeau of Newmark Grubb Knight Frank represented Burger King in the build-to-suit lease deal. Duffy and Bourbeau negotiated lease terms with Stephen Smith of The Hogan Group.

January 25, 2016

Indiana Midwest Multifamily Seniors Housing

Mainstreet, Trilogy Finish Construction of $12.9M Skilled Nursing Facility in Indiana

by Christina Cannon January 25, 2016

MOORESVILLE, IND. — Mainstreet, a skilled nursing developer based in Indiana, and Trilogy Health Services, an operator based in Kentucky, have completed construction of The Springs of Mooresville, a 70-bed skilled nursing facility in Mooresville, a suburb of Indianapolis. Construction began in March 2015. The community is now open. The 48,034-square-foot building cost $12.9 million to develop.

January 25, 2016

California Retail Western

EMMES Realty Services to Open Crunch Fitness Downtown in San Diego

by Nellie Day January 22, 2016

SAN DIEGO — EMMES Realty Services has signed a lease with CFG Downtown LLC to open Crunch Fitness Downtown, a four-level fitness center at 701 B St. in downtown San Diego. Slated to open in the later this year, the 30,000-square-foot fitness center will feature a glass-enclosed cardio deck overlooking the renovated lobby; tiered memberships, including preferred pricing for all EMMES tenants; locker rooms; towel service; an advanced spin studio with state-of-the-art equipment; hydrotherapy and tanning; personal training; group training, including high intensity interval training; and turf and open areas for plyometric training and functional/athletic-based training. The new fitness center represents an approximately $3.5 million investment in the 24-story, Class A office building.

January 22, 2016

kroger-burleson-commons-cullinan-properties

Retail Texas

Kroger Marketplace Opens at Burleson Commons in Metro Dallas

by Haisten Willis January 22, 2016

BURLESON, TEXAS — Kroger Marketplace is now open in Burleson Commons, located at the intersection of Wilshire Boulevard (State Highway 174) and FM 731 in Burleson. Kroger conducted a grand opening of the 120,000-square-foot store on Jan. 8. The grocery store, which features a Kroger Fuel Center and Kroger Pharmacy, joins Premiere Cinemas as a co-anchor of the shopping center, which is owned and managed by Peoria, Ill.-based Cullinan Properties. SRS Real Estate’s Dallas/Fort Worth office represented Cullinan Properties in the transaction. The new store will feature more than 60 shopping aisles and more than 20 checkout lanes, as well as a Starbucks coffee shop. The store will employ more than 300 associates. Daily hours of operation are from 6 a.m. to 1 a.m.; pharmacy hours may vary.

January 22, 2016

Mixed-Use Southeast Virginia

Dominion Realty Partners to Develop $93M Mixed-Use Tower in Downtown Richmond

by John Nelson January 22, 2016

RICHMOND, VA. — Dominion Realty Partners LLC plans to develop a $93 million, 21-story mixed-use tower in downtown Richmond. The project, known as the 3Twenty-One Building, will feature 137,000 square feet of commercial space, 187 luxury apartments starting on the 10th floor and a 503-space parking structure. The commercial component will be known as The Locks at 3Twenty-One and the residential portion will be called The Residences at 3Twenty-One. The tower will be located at the intersection of 10th and Byrd streets along James River. SunTrust Bank has pre-leased 53,000 square feet of office space in the riverfront project. Paul Silver and Brian Berkey of Cushman & Wakefield | Thalhimer represented SunTrust in the lease deal, and Jeff Cooke of Cushman & Wakefield | Thalhimer represented Dominion. The Residences will feature a clubroom, rooftop pool and plaza. The project team includes architect JDavis Architects and general contractor Choate Construction. JDavis is aiming for the project to achieve LEED Platinum certification. Dominion will manage the mixed-use development on-site. The Raleigh-based developer has been involved in more than $250 million in development along James River in Richmond. Along with 3Twenty-One, Dominion’s other projects include Riverside on the James, The Residences at the …

January 22, 2016

gaylord-texan-resort-convention-center-grapevine-texas

Hospitality Texas

Ryman to Develop $120M Expansion of Gaylord Texan Resort

by Haisten Willis January 21, 2016

GRAPEVINE, TEXAS — Ryman Hospitality Properties will develop a $120 million expansion of Gaylord Texan Resort and Convention Center in Grapevine, a suburb of Dallas. The expansion will add 300 rooms to the resort’s 1,511-room inventory and will add 86,000 square feet of carpeted meeting space, bringing the total meeting space to 490,000 square feet. Once the expansion is complete, Gaylord Texan will become the second largest non-gaming convention center hotel in the United States, behind Gaylord Opryland Resort and Convention Center in Nashville and ahead of Gaylord National Resort and Convention Center near Washington, D.C. The meeting space addition for Gaylord Texan includes a new 30,000-square-foot ballroom, 30,000 square feet of breakout space and 26,000 square feet of carpeted pre-function space. Construction is expected to begin in the fourth quarter of this year and wrap up during the second quarter of 2018. The project also includes a $5 million expansion of the property’s pool complex, which is expected to be complete for the 2016 summer season. The city of Grapevine has agreed to rebate $1 million of the hotel’s rooms tax annually for a 10-year period upon the completion of the expansion. In 2007, the company announced plans to expand …

January 21, 2016

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