development1

A&C Properties Completes Phase I of Porteos Mixed-Use Project in Denver

by Nellie Day December 18, 2015

DENVER — A&C Properties has completed the first phase of Porteos, a 1,287-acre mixed-use project in Denver. The project is being built adjacent to Denver International Airport. Phase I ushered in the opening of the new Jackson Gap Street, which provides immediate access to the airport and throughway for residents of Aurora and Adams County. A&C Properties invested $13 million to complete Jackson Gap Street and its related infrastructure. Forum Real Estate Group also recently completed ParkDIA, a 7,500-space parking complex in the area that provides valet services, self-covered and uncovered parking, and a shuttle. Porteos is the only entitled, zoned and shovel-ready, non-residential site within a four-mile radius of the airport. JLL is leading the marketing efforts to investors, developers, and occupiers of industrial, aviation, hospitality and commercial space.

December 18, 2015

California Retail Western

HFF Arranges More Than $50M in Financing for Retail Development

by Nellie Day December 18, 2015

PLEASANTON, CALIF. — HFF has arranged equity and debt capital in excess of $50 million for Pacific Pearl Shopping Center, a shopping center under development in Pleasanton. HFF worked on behalf of the developer, BHV Centerstreet Properties, to arrange a joint venture equity partnership with a fund advised by UBS Asset Management. Additionally, the firm secured a construction loan for the partnership through Wells Fargo Bank. Situated at the intersection of Stonebrige Drive and El Charro Road, Marina Food, an Asian foods supermarket, will anchor the 112,000-square-foot retail center. The development will feature an international food court and dim/sum banquet restaurant, as well as a mix of traditional and Asian-oriented tenants. Bruce Ganong, Nicholas Bicardo, Brandon Roth and Danny Reddin of HFF secured the financing for the developer.

December 18, 2015

Mixed-Use Multifamily New Jersey Northeast Restaurant Retail

First Phase of Journal Squared Tops Out in Jersey City

by Amy Works December 18, 2015

JERSEY CITY, N.J. — Construction for the first phase of Journal Squared in Jersey City has topped out at 563 feet. The 53-story building, which will feature 538 residential units, is part of the three-tower, mixed-use project that is revitalizing Jersey City’s historic Journal Square neighborhood. Scheduled for completion in late 2016, the first phase will feature a mix of studio, one-, two- and three-bedroom rental unit and more than 10,000 square feet of amenities, including a fitness center, golf simulator, children’s playroom, outdoor pool and entertaining space on the 53rd floor. Situated adjacent to the Journal Square PATH station, the three-phase project will also include a 60-story tower and a 70-story building. Upon completion, the project will bring 1,838 rental residences, 36,000 square feet of retail and restaurant space, and a pedestrian-friendly public plaza to the neighborhood. Designed by HWKN and Handel Architects, the project is being developed by KRE Group and National Real Estate Advisors.

December 18, 2015

Mixed-Use Multifamily Northeast Office Retail

NYCEDC, Bedford Courts LLC Unveil Plans for 500,000 SF Mixed-Use Development

by Amy Works December 17, 2015

NEW YORK CITY — New York City Economic Development Corp. (NYCEDC) and Bedford Courts LLC, a joint venture between BFC Partners and Slate Property Group, have unveiled plans for a 500,000-square-foot mixed-use development at the Bedford Union Armory in Brooklyn’s Crown Heights neighborhood. The development will bring hundreds of units of housing, a multi-sport recreational facility, community event space, office space and commercial space to Brooklyn. Planned in close coordination with community and local elected officials, the Bedford Union Armory project will activate the vacant building, which was built in 1903. Bedford Courts will develop the property on a long-term ground lease from the city into a 300-unit residential building and a commercial building with recreational, community and office space. Outfitted by Carmelo Anthony and The Carmelo Anthony Foundation, the recreational facility will feature basketball courts, a swimming pool and an indoor turf field. CAMBA, a Brooklyn-based non-profit organization, will operate and provide associated programming for the recreational facility and community event space.

December 17, 2015

Hawaii Multifamily Seniors Housing Western

New 17-Story Seniors Housing Community in Honolulu Nears Completion

by Nellie Day December 17, 2015

HONOLULU — Kalākaua Gardens, an independent living, assisted living, skilled nursing and memory care community in Hawaii’s capital, is slated to open its doors in early 2016. Although the operator, Avalon Health Care Group, doesn’t specifically identify the property as a continuing care retirement community, it notes that Kalākaua Gardens will be the only community on the island offering all levels of care on one site. The luxury community will comprise 17 stories in Honolulu’s vibrant Ala Moana commercial district.

December 17, 2015

Georgia Multifamily Seniors Housing Southeast

McShane, IBG Complete Construction on Assisted Living Community in Atlanta

by John Nelson December 17, 2015

ATLANTA — A joint venture between McShane Construction Co. and IBG Construction Services LLC has completed construction on Oasis at Scholar’s Landing, a 60-unit affordable assisted living community in Atlanta. The complex, made up of three- and four-story buildings, is located on a 2.1-acre site and totals 65,193 square feet. The joint venture built the property for the developer, Integral Group LLC. Along with 60 one-bedroom units, the complex incorporates a fitness center, hair salon, commercial kitchen and dining room, two activity rooms and a covered patio. The Georgia Department of Community Affairs’ low-income housing tax credit program and the Atlanta Housing Authority partially funded the project. Kitchen & Associates provided architectural services. McShane is a construction firm based in Rosemont, Ill. IBG is an Atlanta-based general contractor and a sister company of Integral Group, an Atlanta-based real estate developer.

December 17, 2015

Affordable Housing Florida Loans Multifamily Southeast

Housing Trust Group Secures Construction Financing for Affordable Housing Community in Central Florida

by John Nelson December 17, 2015

EUSTIS, FLA. — Housing Trust Group (HTG), a real estate developer, has closed on the construction financing for Valencia Grove in Eustis, a town in Central Florida. The $21 million, 144-unit affordable housing community will be situated on the northwest corner of Huffstetler Drive and Kurt Street and will comprise one-, two- and three-bedroom units with rents ranging from $358 to $790 per month, depending on tenants’ income levels. Community amenities will include a clubhouse, playground, volleyball court, outdoor pool, dog park and car wash. The development will also provide free community programs such as literacy training, employment assistance and family support coordination. Construction began in late November and is expected to be completed in 13 months. HTG secured financing from a 4 percent SAIL loan, an ELI GAP loan from Florida Housing Finance Corp, a grant from the city of Eustis, tax credit equity from U.S. Bank Corp and tax-exempted multifamily revenue state bonds from SunTrust.

December 17, 2015

Illinois Industrial Midwest

Ridgeline, Cabot Properties to Develop 438,150 SF Distribution Center in Crest Hill, Illinois

by Christina Cannon December 17, 2015

CREST HILL, ILL. — Ridgeline Property Group has unveiled plans to develop a 438,150-square-foot distribution center in Crest Hill, approximately 40 miles southwest of Chicago. Along with capital partner Cabot Properties Inc., Ridgeline will build the Class A facility on a 29-acre site that the two companies acquired in September. Site work will begin in January and completion is slated for August 2016. David Bercu and Jim Estus of Colliers International will market the property for lease. The cross-dock facility, located at 16824 Enterprise Blvd., will feature 32-foot clear heights, four drive-in overhead doors, 36 exterior docks, 319 car parking spaces and 163 trailer parking spaces.

December 17, 2015

Midwest Minnesota Multifamily Seniors Housing

Brookdale Completes $30M Renovation to Seniors Housing Community in Suburban Minneapolis

by Christina Cannon December 17, 2015

EDINA, MINN. — Brookdale Senior Living has completed a $30 million renovation to Brookdale Edina, formerly Edina Park Plaza. The seniors housing community is located in Edinborough Park in the Minneapolis suburb of Edina. Brookdale remodeled the independent living and assisted living apartments and added 36 memory care units. The project also adds a new main lobby, bistro, library, dining room and activity area to the community. The new and renovated units will be available for residents in January. Based in Brentwood, Tenn., Brookdale Senior Living is the largest owner and operator of seniors housing in the United States, managing more than 110,000 units, according to the American Seniors Housing Association’s ASHA 50 rankings.

December 17, 2015

Industrial Maryland Southeast

Matan Cos. Breaks Ground on 675,000 SF Industrial Park in Maryland

by John Nelson December 16, 2015

FREDERICK, MD. — Matan Cos. has begun construction on Wedgewood West Business Park, a six-building, 675,000-square-foot industrial park in Frederick. The 30-foot clear warehouse facilities are situated at the corner of New Design Road and English Muffin Way. Phase I of construction comprises Buildings B and F totaling 180,000 square feet. Matan expects to complete Phase I in the summer of 2016 and deliver the remaining four facilities beginning in early 2017. M&T Bank provided construction financing for the development, and Morgan Keller is providing general contracting services.

December 16, 2015

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