development2

J.C. Anderson Completes 32,576 SF Spec Office Buildout in Chicago

by Kristin Harlow September 3, 2021

CHICAGO — J.C. Anderson has completed construction of a 32,576-square-foot spec office suite buildout for owner GlenStar at the Chicago Board of Trade Building. Located in Chicago’s Loop at 141 W. Jackson Blvd., the property was originally built in 1930. The scope of the project included building out spec suites on the 13th floor that range in size from 2,300 to 7,500 square feet. The spaces feature conference rooms, private offices, huddle rooms, break rooms and open office areas. MRSA Architects & Planners served as architect. This is the third spec suite project that J.C. Anderson has completed for GlenStar at the building.

September 3, 2021

Development Industrial New York Northeast

Viridi Parente to Expand to 190,000 SF at Former General Motors Plant in Buffalo

by Taylor Williams September 3, 2021

BUFFALO, N.Y. — Battery manufacturer Viridi Parente will increase its footprint at the former General Motors plant in Buffalo to 190,000 square feet. The company is working with St. Louis-based Alberici Construction to build 70,000 square feet of additional lab, assembly, office and production space at the 850,000-square-foot facility, which was originally built in 1923. Viridi Parente’s current 120,000-square-foot space comprises 60,000 square feet of battery assembly and manufacturing space, 20,000 square feet of office and lab space and a 40,000-square-foot shipping and receiving warehouse. American Axle & Manufacturing previously occupied the facility before vacating it in 2007.

September 3, 2021

Development Florida Multifamily Southeast

ZOM Living Breaks Ground on 289-Unit Apartment Project in Tampa

by Julia Sanders September 2, 2021

TAMPA, FLA. — ZOM Living has broken ground on Azalea, a 289-unit apartment community located on a 13-acre site in Tampa. Renasant Bank provided a $36.3 million loan to ZOM and investment partner JPMorgan Chase provided an additional undisclosed amount of funding for the project’s construction. Azalea will include three- and four-story buildings in a seven-building community. The development will offer one-, two- and three-bedroom units ranging from 700 square feet to 1,400 square feet in size. Unit features include energy efficient and stainless steel appliances, quartz countertops and kitchen islands in select units. Located at 8240 Causeway Blvd., the property is about 7.6 miles from downtown Tampa and about 17.1 miles from East Tampa Beach. Community amenities will include a pool, pool deck and pavilion, cabanas, gaming area with a pool table and corn hole, dog park, pet salon, fitness center, work-from-home lounge with personal work stations and meeting rooms and a relaxation area with hammocks and fire pit. Verdex Construction is the project’s general contractor, and LRK is the architect. ZOM Living is a multifamily developer based in Orlando. Construction on the project is expected to be complete in the third quarter of 2023.

September 2, 2021

Development Industrial Texas

Proterra Properties Completes Lease-Up of 178,000 SF Flex Building in Metro Dallas

by Taylor Williams September 1, 2021

CARROLLTON, TEXAS — Proterra Properties has completed the lease-up of Point 35/190, a 178,000-square-foot office and warehouse building located in the northern Dallas suburb of Carrollton, with the execution of two leases of undisclosed sizes. The tenants are SOPREMA USA, a manufacturer and engineering firm that supports the construction industry, and Compass Group USA, a Charlotte-based foodservices provider. Boston-based Longpoint Realty Partners developed the project, with Proterra Partners serving as the leasing agent. Jerry Reis and Harrison Shipp of Property Advisers Realty represented SOPREMA USA, and David Eseke and Adam Curran of Cushman & Wakefield represented Compass Group USA.

September 1, 2021

Development Multifamily Student Housing Texas

Parallel to Develop 802-Bed Student Housing Community in College Station

by Taylor Williams August 31, 2021

COLLEGE STATION, TEXAS — Austin-based developer Parallel will build an 802-bed student housing community within the Northgate Campus area near Texas A&M University in College Station. Parallel has entered into a ground lease with the University Lutheran Church of College Station to develop the 18-story community. The property’s 298 units will be furnished with quartz countertops, stainless steel appliances, tile backsplashes and smart technology features. Amenities will include a rooftop pool and hot tubs, an outdoor theater, fitness center, sand volleyball court, outdoor kitchen areas, fire pits and other outdoor formal and informal gathering areas. Completion is slated for summer 2023.

August 31, 2021

Arizona Development Multifamily Western

Nirvana at Zanjero Buys Medical Office Condo Project for Multifamily Conversion in Glendale, Arizona

by Amy Works August 31, 2021

GLENDALE, ARIZ. — Nirvana at Zanjero LLC has acquired Zanjero Falls, a three-story, grey-shell building at 7410 N. Zanjero Blvd. in Glendale, for $10 million. Situated on 7.5 acres, the 231,272-square-foot asset features three buildings with an underground parking facility, as well as healing gardens, water features and a large pond with bridge to the main entrance. The property was originally built in 2008 as medial and office condominiums. However, due to the Great Recession of 2008, the property’s interior was never built out and it sat idle for more than 10 years through a series of owners. The buyer is developing design, architectural plans and city approvals to build an approximately 300-unit multifamily property, offering one-, two- and three-bedroom units, on the site. The first phase of construction, which is to build out the existing shell building, is slated for completion in the fourth quarter of 2022, and the second phase that includes building new detached buildings is scheduled for completion by spring/summer 2022. Sharat (Shaun) Kanaka of Paradise Valley, Ariz., represented the buyer, while Tim Dulany and Alexandra Loye of Colliers in Arizona represented the seller, SZ Real Co LCC, an Arizona limited liability company headed by a …

August 31, 2021

Development Iowa Midwest Multifamily Retail

Shive-Hattery, City of Marion Plan Retail Redevelopment Project

by Kristin Harlow August 30, 2021

MARION, IOWA — Shive-Hattery is working with the City of Marion on the design of a retail strip center redevelopment across one-and-a-half acres. Cedar Falls, Iowa-based Eagle View Partners and DCI Group Inc. are the developers for the project, which will convert an aging retail center into multifamily space. The first phase of the project, Broad & Main on 7th, will include 42 apartment units atop retail and restaurant space on the ground floor. The second phase, Broad & Main on 6th, will bring an additional 42 units and parking space. A timeline for construction was not disclosed.

August 30, 2021

Development Georgia Multifamily Southeast

Flournoy Breaks Ground on 298-Unit Apartment Community Adjacent to Battery Atlanta

by Julia Sanders August 30, 2021

ATLANTA — Flournoy Development Group has broken ground on a 298-unit apartment community located along Windy Ridge Parkway in Atlanta’s Cumberland-Galleria submarket. The site is adjacent to Battery Atlanta, a mixed-use village with retail, residential, dining and entertainment options that surrounds Truist Park, home ballpark of the Atlanta Braves. The yet-to-be-named apartment community will feature studios, as well as one-, two- and three-bedroom units. Community amenities will include a rooftop club and gaming terrace, swimming pool, private structured parking, fitness center and a dog park. The four-acre land parcel will include a rooftop terrace with views overlooking Battery Atlanta, approximately 7,500 square feet of retail space and a public greenspace and plaza. Construction is underway with completion scheduled for late fall 2022. Dynamik Design, Kimley-Horn, b+c Studio, Mitsch Design and contractor Flournoy Construction Group comprise the development team.

August 30, 2021

Affordable Housing Development Multifamily Nevada Seniors Housing Western

Volunteers of America Breaks Ground on Desert Oasis Affordable Seniors Housing Expansion In Las Vegas

by Amy Works August 30, 2021

LAS VEGAS — Volunteers of America National Services (VOANS) has broken ground on Phase II of Desert Oasis, an affordable seniors housing property in Las Vegas. Phase II will add 43 new units to the existing 75 units in the Desert Oasis community. The building will include a recreational clubhouse facility with a computer room, exercise room, laundry facilities and a community garden. Desert Oasis will be built with energy-efficient systems using green building techniques and including solar panels and photovoltaics. The entire development will be Energy Star rated. Funding partners include Nevada Housing Division’s Low Income Tax Credit program, City of Las Vegas- and Clark County-provided HOME funds and United Health Care. The building is scheduled for completion in fall 2022. VOANS is the wholly controlled nonprofit subsidiary of Volunteers of America created as the sponsor and parent entity for new Volunteers of America housing development projects.

August 30, 2021

Development Indiana Midwest Multifamily

Standard Real Estate Investments Launches Business, Provides Equity for Indianapolis Multifamily Project

by Kristin Harlow August 26, 2021

INDIANAPOLIS — Standard Real Estate Investments LP, a minority-owned real estate private equity firm focused on providing joint venture equity to developers, formally launched its business on Wednesday, Aug. 25. The company closed a majority equity investment in a 244-unit multifamily project located at 75 W. 18th St. in downtown Indianapolis. Construction recently began on the development, but a timeline for completion was not disclosed. Standard, and its Indianapolis-based joint venture partner Arrow Street Development, will build Wesley Place Apartments on the two-acre site, which is located within walking distance of the Indiana University Health Methodist Hospital. Plans call for four stories of apartments above a single-level retail and parking podium. Robert Jue and Jerome Nichols, formerly with CBRE Global Investors, are leading the new company. Standard aims to have $200 million of assets under management within 12 months through investments in four development projects.

August 26, 2021

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