development1

Sterling Bay, Magellan Development Group Begin Pre-Leasing 47-Story Luxury Apartment Tower in Chicago

by Kristin Harlow June 2, 2022

CHICAGO — Sterling Bay and Magellan Development Group have begun pre-leasing Millie on Michigan, a 47-story luxury apartment tower located at 300 N. Michigan Ave. in Chicago that is now complete. Residents are expected to take occupancy in July. The property features 289 apartment units, with monthly rents ranging from $2,164 to $4,848. Amenities include a fitness center, resident lounge, outdoor terrace, rooftop pool, dog lounge and bike storage. The building also features a 280-room boutique hotel and ground-floor retail space. The project marks the first residential development that Sterling Bay has completed.

June 2, 2022

Development Multifamily Texas

Lynd Group Breaks Ground on 360-Unit Potranco Commons Mixed-Income Project in San Antonio

by Taylor Williams June 2, 2022

SAN ANTONIO — Locally based developer The Lynd Group has broken ground on Potranco Commons, a 360-unit mixed-income apartment project in San Antonio’s Far West Side. Residences will be available in one-, two- and three-bedroom formats, with approximately 40 percent of the units reserved for renters earning 80 percent or less of the area median income. Amenities will include a clubhouse, pool, fitness center, outdoor grilling and dining stations, multiple open green spaces and a DJ booth. Lynd Group is partnering with Santikos Enterprises and the San Antonio Housing Authority on the project. Construction is scheduled for completion in the second quarter of 2024.

June 2, 2022

Wellness-Center-West-Falls-Falls-Church-VA

Development Healthcare Southeast Virginia

Trammell Crow, Diamond Realty Break Ground on 125,000 SF Medical Office Building in Falls Church, Virginia

by Amy Works June 1, 2022

FALLS CHURCH, VA. — Trammell Crow Co. and Diamond Realty Investments have broken ground on The Wellness Center at West Falls, a six-story medical office building in Falls Church. Slated for delivery in late 2023, the 125,000-square-foot property is part of West Falls, a 1.2 million-square-foot mixed-use property master-developed by Hoffman & Associates. The Wellness Center at West Falls is designed specifically for medical users with the ability to accommodate clinical and surgical requirements for healthcare systems, specialty practice groups and independent practitioners. The building will feature a dedicated curbside patient pick-up and drop-off at the lobby, along with a covered parking garage that is connected to the building via a pedestrian-friendly street. Tenants will also have an opportunity for signage and branding on the ground floor and top floor. The project team includes Gensler as architect, Clark Construction Group as general contractor and Cushman & Wakefield as the leasing team.

June 1, 2022

Affordable Housing Development Indiana Midwest Multifamily Seniors Housing

Evergreen Real Estate Group Breaks Ground on 120-Unit Assisted Living Community in Indiana

by Kristin Harlow June 1, 2022

VALPARAISO, IND. — Chicago-based Evergreen Real Estate Group has broken ground on Green Oaks of Valparaiso, a 120-unit assisted living community for low-income seniors in Valparaiso, a city in northwest Indiana. The $30 million, three-story project is slated for completion in April 2023. All of the units will be reserved for seniors age 62 or older with incomes at or below 60 percent of the area median income. Gardant Management Solutions will manage the community. Amenities will include a community room, media room, fitness center, salon, library, community garden and outdoor pool. The dining room will serve residents three meals per day as well as a rotating assortment of snacks. The Indiana Housing and Community Development Authority authorized 4 percent low-income housing tax credits (LIHTC) in support of the project. Additionally, the City of Valparaiso issued tax-exempt bonds, which were sold by PiperSandler and provided debt financing. PNC Bank also invested in the project, providing LIHTC equity.

June 1, 2022

Development Hospitality Oregon Western

Mahesh Enterprises Purchases Land Site in Astoria, Oregon for Hotel Development

by Amy Works June 1, 2022

ASTORIA, ORE. — Mahesh Enterprises has acquired a 1.3-acre, 57,064-square-foot land parcel located at 176 W. Marine Drive in Astoria. An undisclosed seller sold the site for $1.2 million. The buyer plans to develop a boutique hotel on the parcel, which is on the Columbia River and the Riverwalk that connects to the Port of Astoria. Charles Conrow of Portland-based Norris & Stevens represented the buyer, while Mark Carnese of Cushman & Wakefield represented the seller in the deal.

June 1, 2022

California Development Industrial Life Sciences Western

Presidio Bay Ventures Breaks Ground on 147,000 SF Life Sciences Project in San Carlos, California

by Amy Works May 31, 2022

SAN CARLOS, CALIF. — Presidio Bay Ventures has broken ground on a Class A life sciences and R&D development located at 777 Industrial Road in San Carlos. The existing 45,000-square-foot dealership building will be fully redeveloped into a four-story, 147,000-square-foot, state-of-the-art facility. Stanton Architecture and DES Architects & Engineers designed the building, which will be tailored toward research and development users with a heavy lab component. Potential tenants include companies working in life sciences, biotech, food tech, agricultural tech, auto tech, drone tech, robotics, and other users requiring mission-critical infrastructure. Building amenities will include e-bikes, outdoor workspaces equipped with Wi-Fi and an onsite fitness center. Approved in June 2021, the project is slated for completion in fourth-quarter 2023. Marc Pope and Ben Paul of Cushman & Wakefield are handling leasing for the building.

May 31, 2022

Development Loans Maryland Mixed-Use Multifamily Retail Southeast

UIP Plans $112M Canvas Mixed-Use Project in Hyattsville, Maryland

by John Nelson May 31, 2022

HYATTSVILLE, MD. — Urban Investment Partners Inc. (UIP) has secured debt and equity financing for Canvas, a $112 million mixed-use development in downtown Hyattsville. The six-story project will be located at 5300 Baltimore Ave. and feature 285 one- and two-bedroom apartments, 31,660 square feet of ground-floor retail space and 681 parking spaces. Washington, D.C.-based UIP is financing the project using $27.1 million in equity, including $19.1 million from crowd-sourced capital raised on CrowdStreet from 422 individual investors. Other financing sources included a $42.3 million loan from Parkview Financial and $42.8 million in proceeds from a land sale-leaseback agreement with Safehold. Torti Gallas + Partners designed Canvas, which is expected to begin initial occupancy in the fourth quarter of 2023.

May 31, 2022

Affordable Housing Development District of Columbia Multifamily Southeast

Ares Management, MRP Realty to Develop 1,200-Unit Mixed-Income Neighborhood in D.C.

by John Nelson May 27, 2022

WASHINGTON, D.C. — Ares Management Corp. and MRP Realty have finalized the land purchase and Phase I construction financing for a mixed-income residential development on the site of the current home of the District of Columbia Housing Authority (DCHA) in Washington, D.C. Arkansas-based Bank OZK provided acquisition and construction financing. Construction is slated to begin immediately, with Phase I delivery anticipated in 2024. The project is a joint venture between Ares Management Real Estate funds, MRP Realty, CSG Urban Partners and Taylor Adams Associates. Located at 1133 N. Capitol Street NE in the city’s NoMa neighborhood, Phase I will comprise 430 multifamily units, including 86 affordable units. The multi-phased development will comprise an estimated 1,200 apartments, including a minimum of 244 affordable housing units, at least half of which will be reserved for residents earning 30 percent or less of the area median income. Located two blocks west of the NoMa Metro station, the 0.8-acre plot will give DCHA funding to address its portfolio-wide capital needs and fund a much-needed new headquarters building that will serve DCHA staff and residents. DCHA’s headquarters will now move into the new WMATA headquarters building at 300 Seventh St. SW, where it will occupy …

May 27, 2022

Affordable Housing Development Georgia Multifamily Southeast

Wendover Housing Opens 131-Unit Hartland Station Affordable Housing Community in Atlanta

by John Nelson May 27, 2022

ATLANTA — Wendover Housing Partners has opened Hartland Station, a new affordable housing community in Atlanta. The 131-unit property is located at 2040 Fleet St., south of downtown Atlanta in the city’s Sylvan Hills neighborhood. The community aims to address the ongoing issue of available affordable housing in Atlanta, where there are approximately only 27 available affordable homes per 100 low-income renters, according to Wendover Housing. Hartland Station consists of one-, two- and three-bedroom units and features amenities such as a business center, fitness center, activity room with kitchen, splash pad and a playground. Rents start at $861 per month. The $28 million community was made possible with help from partners including the Georgia Department of Community Affairs with nearly $1 million in Low Income Housing Tax Credit (LIHTC) equity, $1.5 million in bonds from Invest Atlanta (the city’s economic development authority) and $1.3 million in grant funding from the Metropolitan Parkway tax allocation district. Financing also included $18.8 million in tax-exempt bonds.

May 27, 2022

Development Industrial Texas

Jackson-Shaw to Develop 424,404 SF Industrial Project in Northeast Houston

by Taylor Williams May 27, 2022

HOUSTON — North Texas-based Jackson-Shaw will develop Northeast Crossing, a 424,404-square-foot industrial project in Houston. The cross-dock building will be situated on 27.4 acres and will feature truck court depths of 130 to 185 feet and ample trailer parking. Diamond Realty Investments Inc. is Jackson-Shaw’s equity partner on the project. Rosenberger Construction is serving as the general contractor, with Powers Brown as the architect. Kimley-Horn is the civil engineering firm, and CBRE is the leasing agent. Comerica Bank provided construction financing. Completion is slated for the second quarter of 2023.

May 27, 2022

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