development1

Suffolk Construction Tops Off City Center at Pembroke Pines

by John Nelson June 23, 2015

PEMBROKE PINES, FLA. — Suffolk Construction has completed vertical construction on City Center at Pembroke Pines, a 768,042-square-foot luxury apartment community in Pembroke Pines. Situated on a 12-acre lot comprising six residential buildings and two parking garages, the complex will feature a club room with a movie theater and conference spaces, pool deck with cabanas and pavilions, dog park, children’s play area and a fitness center with tennis courts, bocce ball courts and volleyball courts. The project’s design team includes Related Group-Miami, MSA Architects and Vstarr Interiors. This project is the first development within Pembroke Pines’ City Center community.

June 23, 2015

121 Rhett Street Condominiums Greenville

Multifamily South Carolina Southeast

Yeargin Potter Smith to Build Condos in Downtown Greenville

by John Nelson June 23, 2015

GREENVILLE, S.C. — Yeargin Potter Smith (YPS) has been selected by developer Croft Co. to construct the 121 Rhett Street Condominium development in downtown Greenville. The property marks the third multifamily residential project for YPS in Greenville; the other two are Stone + Main and LINK Apartments. Construction is underway on the seven-story, 35-unit project, which is located on the corner of Rhett Street and Falls Park Drive. The units will feature 10- to 12-foot ceilings, large windows, balconies and landscaped common areas, and will range in size from 1,300 square feet to more than 3,000 square feet. Atlanta-based Summerour Architects designed the condo project.

June 23, 2015

Indiana Midwest Multifamily Seniors Housing

Senior Living Facility, Symphony of Crown Point, Opens in Indiana

by Katie Sloan June 22, 2015

CROWN POINT, IND. — Symphony of Crown Point, a 66,598-square-foot, 100-bed senior living facility providing post-acute, short-stay rehabilitation care has opened in Crown Point, located about six miles south of Merrillville. Mainstreet and Symphony Post Acute Network developed the facility. Construction on the project began in May 2014. The complex offers a therapy gym, outdoor rehabilitation courtyard, spa, movie theater and an on-site chef. The project, which had a total investment of $16 million, has created 360 construction jobs and 100 permanent jobs at the property.

June 22, 2015

Tarpon Harbour Marathon Index Living Florida Keys

Florida Multifamily Southeast

Index Living Breaks Ground on $30M Multifamily Community in Florida Keys

by John Nelson June 22, 2015

MARATHON, FLA. — Index Living, a brand of Index Investment Group, has begun construction on Tarpon Harbour, a 104-unit, $30 million rental apartment community in Marathon, part of the Florida Keys. The Class A multifamily property is situated on an 8.9-acre lot off US Highway 1. Tarpon Harbour will feature 52 townhouse duplex buildings with two- and three-bedroom options ranging from 1,080 square feet to 1,560 square feet. According to Index Living, all units will have a large porch with panoramic water views and boat slips will be available to community residents. The development will also include a clubhouse and two swimming pools. Index Living has developed four luxury rental communities throughout the state of Florida and has four additional communities on the horizon.

June 22, 2015

Florida Multifamily Seniors Housing Southeast

Roger B. Kennedy Inc. Breaks Ground on $8.7M Independent Living Community in Tampa

by John Nelson June 19, 2015

TAMPA, FLA. — Roger B. Kennedy Inc. has begun construction on Haley Park Apartments, an $8.7 million seniors independent living community in Tampa. The 80-unit project will be located at 13045 N. 15th St. and will feature a swimming pool, outdoor gathering areas with benches, gazebo and a dog park. Roger B. Kennedy plans to wrap up construction in May 2016. The design team includes architect BDG Architects and developer NVC Haley Park Ltd.

June 19, 2015

BCDA-Aerial-Image-credit-Dattner-Architects-Bernheimer-Architecture

Multifamily New York Northeast

Jonathan Rose Cos. to Develop BCD:A, a $51M Mixed-Use Project in Brooklyn

by Jaime Lackey June 18, 2015

NEW YORK CITY — Jonathan Rose Cos. has begun construction of BCD:A (Brooklyn Cultural District Apartments), a 121,551-square-foot mixed-use, mixed-income property located at the corner of Lafayette Avenue and Ashland Place in the Downtown Brooklyn Cultural District. The $51.1 million, 11-story development includes 123 apartments of which 40 percent will be affordable to families earning between 80 percent and 130 percent of Area Median Income; 2,800 square feet of retail space for a flagship ’wichcraft restaurant; and 21,400 square feet for cultural use. The Center for Fiction will occupy 17,696 square feet and the Mark Morris Dance Group will occupy 3,757 square feet. Construction financing for the project has been provided by a $28 million construction loan from Citizens Bank. The development team for the project includes Dattner Architects, Bernheimer Architecture, and SCAPE Landscape Architects. The project is expected to meet or exceed LEED Silver standards. Residential building amenities include a resident lounge, a fitness center and a double-height conservatory. The property will also include a “Product Lending Library” (or “virtual closet”) that will include a collection of items that residents may need once in a while, but not every day. Examples of such items include a video projector, large …

June 18, 2015

Multifamily New York Northeast

Forest City JV Begins Construction on 38 Sixth Avenue at Pacific Park Brooklyn

by Jaime Lackey June 18, 2015

NEW YORK CITY — Forest City Enterprises, a member of Greenland Forest City Partners (the joint venture developing the Pacific Park Brooklyn project), has closed on financing for the construction of 38 Sixth Avenue, a 303-unit, 100 percent affordable apartment building at Pacific Park Brooklyn, and work has begun on the building. For construction financing of 38 Sixth Avenue, the New York City Housing Development Corp. is providing an $83 million first mortgage loan for the building through the issuance of tax-exempt government debt obligations funded by Citi Community Capital. Greenland Forest City Partners is also receiving a $10 million subordinate loan from HDC and a $2 million subordinate loan from Citibank. Designed by SHoP Architects, 38 Sixth Avenue (formerly known as B3) is the third Pacific Park Brooklyn building on which Greenland Forest City Partners has broken ground since December 2014. The other buildings include 535 Carlton, a 100 percent affordable apartment building, and 550 Vanderbilt, a market-rate condominium building. The first building at Pacific Park, 461 Dean Street (formerly known as B2 BKLYN), broke ground at the end of 2012 and will include 50 percent market-rate apartments, 30 percent middle-income and 20 percent low-income units. 461 Dean Street …

June 18, 2015

Florida Multifamily Southeast

LeCesse Development Breaks Ground on Apartment Community in Palm Beach County

by John Nelson June 18, 2015

BOYNTON BEACH, FLA. — LeCesse Development Corp. has begun construction on 500 Ocean, a luxury multifamily community in Boynton Beach. Located in Palm Beach County, the 341-unit asset will be situated at the corner of Federal Highway and East Ocean Avenue near the Intracoastal Waterway and Atlantic Ocean. Upon completion, the property will feature 20,000 square feet of commercial space, a 664-space integrated parking garage, clubhouse, fitness center, club room, theater, bowling alley, private dining room, cyber café/game room, lounge, summer kitchen and two courtyards. The project is a joint venture between LeCesse Development, Morgan Management, Drum Hill Partners, Kaali-Nagy Residential and Atlantic American Opportunities Fund. The project team includes architect MSA Architects, general contractor LandSouth Construction, engineer IBI Group and environmental consultant RunBrook. SunTrust Bank provided construction financing on behalf of LeCesse Development. Residences will become available for lease beginning in the fall of 2016.

June 18, 2015

Healthcare Mixed-Use New York Northeast Office Retail

Simone Development to Complete $35M Redevelopment of Historic Boyce Thompson Institute in Yonkers

by Jaime Lackey June 17, 2015

YONKERS, N.Y. — Simone Development Cos. is redeveloping the former Boyce Thompson Institute property in northwest Yonkers into an 85,000-square-foot mixed-used complex. The property, which is located at the intersection of North Broadway and Executive Boulevard, will be rebranded as the Boyce Thompson Center and will include office space for business and medical use as well as retail stores, banking and two restaurants. The property — once home to a horticulture research center — was built in the 1920s, and Simone plans to restore the property to its original character. The property has remained abandoned for 40 years, with the main building and greenhouses falling into disrepair. Simone’s redevelopment plan includes construction of a new 18,000-square-foot addition that will resemble the existing 52,000-square- foot structure. A glass “greenhouse” will connect the new building with the existing building and will house an information gallery honoring the Boyce Thompson legacy. A two-level 15,000-square-foot, freestanding building will be built at the corner of Executive Boulevard and Executive Plaza; St. John’s Riverside Hospital in Yonkers has signed a lease for this space to be used for medical offices. The entire $35 million project is expected to require 20 months to complete.

June 17, 2015

Multifamily Texas

PCCP Provides $55.2M Construction Loan for Condo Tower in Houston

by Haisten Willis June 17, 2015

HOUSTON — PCCP has provided a $55.2 million senior loan to a joint venture between The Carlyle Group and Pelican Builders for the development of The Wilshire, a 17-story, 96-unit condominium project in the River Oaks submarket of Houston. Construction is underway with completion of the project anticipated for mid-2017. Adam Allen of ARA Houston arranged the financing. The Wilshire is located at 2049 Westcreek Lane and is adjacent to a 650,000-square-foot mixed-use project called The River Oaks District, which is being developed by OliverMcMillan. The Wilshire is located in the Inner Loop of Houston, adjacent to the Galleria/Uptown submarket and the River Oaks neighborhood. Houston-based Pelican will develop The Wilshire. The Carlyle Group is a global alternative asset manager with more than $193 billion of assets under management.

June 17, 2015

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