development1

The Addison at Tampa Oaks Temple Terrace

ContraVest Breaks Ground on Luxury Apartment Community in Metro Tampa

by John Nelson April 1, 2015

TEMPLE TERRACE, FLA. — ContraVest has broken ground on The Addison at Tampa Oaks, a 262-unit luxury apartment community in Temple Terrace, roughly 10 miles northeast of Tampa. Located on the southwest corner of Fletcher Avenue and I-75, the property’s floor plans will span from studio units to three-bedroom apartments. The community’s amenities will include a clubhouse, fitness center, cyber café, yoga room and resort-style pool. ContraVest will be providing general contracting and property management services for the project. Leasing is scheduled to begin in March 2016 and move-ins will begin in May 2016.

April 1, 2015

Multifamily South Carolina Southeast

East West Partners Breaks Ground on Luxury Condo Project in Charleston MSA

by John Nelson March 30, 2015

MOUNT PLEASANT, S.C. — East West Partners has begun construction on Tides IV, a 54-unit luxury condominium community in Mount Pleasant, a suburb of Charleston. All 13 residences listed in a pre-sale in December 2014 sold for an average $930,000, the most expensive of which was a $2.2 million penthouse sale. East West Partners will release 10 more units for pre-sale in early April. Upon completion in summer 2016, the property will feature a lobby, fitness center and marsh-front swimming pool. Tides IV will be situated near Mount Pleasant Waterfront Park, Ravenel Bridge (connecting to historic downtown Charleston), Sullivan’s Island and Isle of Palms.

March 30, 2015

Hospitality Michigan Midwest Multifamily

Olympia Development to Redevelop Historic Hotel in Detroit into Apartments

by Danielle Everson March 27, 2015

DETROIT — Olympia Development of Michigan plans to renovate and restore Detroit’s historic Eddystone Hotel into affordable housing units. The Eddystone is located at 110 Sproat St. at Park Avenue. The hotel opened in 1924 and Louis Kamper designed the building. Under plans to be submitted to the City of Detroit Historic District Commission, Olympia will completely renovate the property. Approximately 20 percent of the Eddystone’s roughly 100 units would be reserved as affordable housing. The Eddystone will also feature first-floor retail space. Work on the Eddystone Hotel could begin as early as fall of 2015. The project is near the site of the new Detroit Events Center, a mixed-used development and arena for the Detroit Red Wings hockey team. The new event center is slated for completion in 2017.

March 27, 2015

Retail Southeast Tennessee

The Shopping Center Group Leases Retail Center Underway in Memphis

by John Nelson March 27, 2015

MEMPHIS, TENN. — The Shopping Center Group is the leasing agent for a new retail center under construction at 6450 Poplar Ave. in east Memphis. Crown Centre LLC, an affiliate of Fogelman Investment Co., is developing the 29,000-square-foot retail center, which is adjacent to International Paper’s world headquarters. The building shell is expected to be complete in April.

March 27, 2015

Massachusetts Multifamily Northeast

Boston Capital Invests in Affordable Multifamily Property in Boston

by Amy Works March 27, 2015

BOSTON — Boston Capital is investing in the construction of Patriot Homes, an affordable multifamily community in Boston. General partners for the 24-unit property are Braintree, Mass.-based Caritas Communities and Boston-based South Boston Neighborhood Development Corp. Located in the South Boston neighborhood, the property will feature 12 studios, two one-bedroom units and 10 two-bedroom units. Community amenities will include a community room with a kitchen and a common laundry facility room. Patriot Homes will be built with tax credit equity from the Low Income Housing Tax Credit program, offering homes to veterans, individuals and families earning 60 percent or less of the area median income.

March 27, 2015

California Hospitality Western

New Andaz Hotel Coming to Palm Springs

by Nellie Day March 27, 2015

PALM SPRINGS, CALIF. — A new 150-room Andaz hotel will soon debuted in downtown Palm Springs. The new hotel will be situated adjacent to the Uptown Design District. Hyatt Hotels Corporation has entered into a management contract with Rael Development Corporation on the new project. It will be situated within walking distance of the shops, restaurants and galleries along Palm Canyon Drive. The hotel is scheduled for completion late next year. Andaz Palm Springs will also contain 17 suites with panoramic views of the city and nearby San Jacinto Mountains. The ground level will feature 25,000 square feet of boutique retail space, as well as indoor and outdoor meeting facilities. The hotel will also offer spa services, a fitness facility, a signature restaurant and lounge and terrace bar. Two outdoor pools and garden areas will be situated on an elevated patio terrace. Andaz Palm Springs will collaborate with local artists, musicians, designers and other cultural influencers to create events and programs based on themes unique to its Palm Springs location. Andaz also operates hotels in other notable Western locations like Maui, Hawaii, and Napa, Calif.

March 27, 2015

Industrial Northeast Pennsylvania

Ridgeline Property Group to Develop 423,300 SF Susquehanna Logistics Center

by Amy Works March 26, 2015

YORK, PA. — Ridgeline Property Group has partnered with Cabot Properties to develop a 423,300-square-foot speculative industrial building in York. Situated on 51 acres on Second Amendment Drive, Susquehanna Logistics Center will offer tenants immediate access to Interstate 83. The facility will feature 32-foot clear heights, 87 dock doors, 52-foot by 54-foot column spacing, ESFR fire sprinklers and parking for 179 cars and 146 trailers. Construction is slated to begin in late March with completion scheduled for December. Patrick McBride and Gerry Blinebury of Cushman & Wakefield have been retained to market the property.

March 26, 2015

California Retail Western

Kettlebar Opens at Union Market Tustin

by Nellie Day March 26, 2015

TUSTIN, CALIF. – Kettlebar restaurant has opened at Union Market Tustin. The Southern seafood offering will be located within the 22,000-square-foot artisanal center, which contains a mix of independent gourmet food, fashion and lifestyle micro-tenants. Union Market Tustin is situated within The District at Tustin Legacy, a regional shopping center. The District was developed by Vestar/Kimco and is operated by Vestar.

March 26, 2015

Panorama Tower Miami Concrete Pour Foundation

Florida Mixed-Use Multifamily Southeast

Florida’s Largest Single Foundation Poured at Site of $800M Apartment Tower in Miami

by John Nelson March 26, 2015

MIAMI — The site of the 83-story Panorama Tower in Miami spans 14,677 cubic yards, making it Florida’s largest single foundation in history. The continuous concrete pour held last weekend comprised more than 1,200 loads spread out between 175 cement trucks pouring for a consecutive 22.5 hours. Upon completion, Florida East Coast Realty’s Panorama Tower will be the tallest residential tower on the Eastern seaboard south of New York and the tallest building (830 feet) in the state of Florida. The project includes 16 miles of auger cast piles, more than 3,500 tons of reinforcing steel, 13.5 million pounds of cement, 15.3 million pounds of sand, 25.8 million pounds of rock and 495,000 gallons of water. For the $800 million tower, Florida East Coast Realty is using a $340 million construction loan from Wells Fargo, which is the largest construction loan in South Florida. Mosche Cosicher designed the tower to feature a 2,000-car parking garage, 100,000 square feet of medical office space, a 208-room hotel, 50,000 square feet of retail and restaurant space and 64 stories of residential space totaling 821 rooms.

March 26, 2015

Retail Texas

Infrastructure Completed at Terrell Market Center in Metro Dallas

by Haisten Willis March 23, 2015

TERRELL, TEXAS — Oakridge Investments has completed infrastructure work for the Terrell Market Center development, located at the intersection of I-20 and U.S. Highway 80 in Terrell. This includes the expansion of FM 148 to four lanes and a new frontage road and off-ramp for westbound I-20. The completed infrastructure makes way for a 62,000-square-foot Buc-ee’s that will have 84 gas pumps on 19.5 acres. The store is expected to open in summer 2015. Along with Buc-ee’s, 52.5 acres are slated for future use by Baylor Scott & White, along with Starbucks, Dairy Queen and Whataburger.

March 23, 2015

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