DECATUR, GA. — Decatur-based Tapestry Development Group and Atlanta-based Columbia Residential have opened Stride Senior Residences, a $19 million mixed-income seniors housing community in Decatur. The property offers income-restricted and market-rate units, with 80 percent of the residences affordable to seniors at 60 percent of area median income. Currently, 88 of the 90 units are leased, including all the affordable units. The property is located at 651 Decatur Village Drive, about 2.2 miles north of downtown Decatur. The community is also close to stores, restaurants, professional services options, DeKalb Medical Center, MARTA bus lines and the MARTA Decatur station. Amenities include a shared community park, fenced community garden, movie theater room, fitness center, computer center, community room with a kitchen and free Wi-Fi in common areas. The new community is situated at Scott Boulevard and North Decatur Road within Decatur Crossing, a 26-acre mixed-use development by Atlanta-based Fuqua Development. Decatur Crossing’s three phases contain approximately 94,000 square feet of commercial space, including three grocery stores, 14,000 square feet of office space and over 950 apartments. Tapestry Development Group and Columbia Residential assembled the land in December 2017 and broke ground in May 2019. The developers had the Stride project certified …
ISELIN, N.J. — New York City-based SJP Properties has completed the redevelopment of a 270,000-square-foot office building located at 200 Wood Ave. S. in the Northern New Jersey community of Iselin. The project upgraded the lobby, fitness center and common areas and also enhanced the outdoor spaces to allow for additional amenities. In addition, global shipping firm DSV recently signed a 97,000-square-foot lease for its new U.S. headquarters at the building. SJP Properties acquired the transit-oriented asset in 2020.
MILWAUKEE — Hunt Capital Partners has arranged $13.1 million in Low-Income Housing Tax Credit (LIHTC) equity for the rehabilitation and adaptive reuse of an old school in Milwaukee dating back to 1902. Developer Royal Capital Group plans to create 82 multifamily units known as the Phillis Wheatley Apartments. Of the units, 67 will be set aside for households earning up to 60 percent of the area median income. Amenities will include a business center, community room, fitness center, theater room and onsite management. Supportive service providers will include the Milwaukee County Veterans’ Services Office and Lutheran Social Services. Chase Bank is the primary lender on the project, providing a $15.4 million construction loan and a $3.6 million permanent loan. Chase is also extending a tax-increment financing loan for $1 million. Other financing mechanisms include HOME funds and the Federal Home Loan Bank’s Affordable Housing Program. Hunt Capital Partners syndicated the tax credits through its proprietary fund, Hunt Capital Fund Tax Credit Fund 26. The former Phillis Wheatley Elementary School, located in the Lindley Heights neighborhood of Central Milwaukee, has sat vacant since 2005.
LAWRENCEVILLE, GA. — Atlanta-based Parkland Residential has broken ground on Sweetwater Springs, the company’s first build-for-rent (BFR) community. The property is located at 1510 Duluth Highway in Lawrenceville, about 28 miles northeast of downtown Atlanta. The development will be completed by December 2021. Managed by Lincoln Property Group, Sweetwater Springs will be one of the first BFR communities in Gwinnett County and the first stacked townhome property within the county. Parkland Residential has begun leasing the townhomes at rents ranging from $1,950 to $2,300 per month. The three-bedroom units total 1,950 square feet and offer two-and-a-half baths plus a loft. Two-bedroom units offer 1,630 square feet of total living space. The rear-entry stacked townhomes in Sweetwater Springs will offer one-car garages and two- or three-bedroom units, including private owner’s suites with walk-in closets and baths featuring dual vanities. The open floor plans will feature kitchens that open into family rooms with covered outdoor living spaces. NorthMarq arranged $12 million of construction financing through Trez Capital on behalf of Parkland Residential. The developer says it plans to build several more BFR communities over the next several years as it provides an attractive housing alternative for the middle class.
DETROIT — The U.S. Department of Housing & Urban Development (HUD) has selected Detroit as a winner of its Choice Neighborhoods grant program, which will enable the city to bring more than 500 new units of affordable housing to the Corktown area. Detroit, which was one of five cities selected nationally, will receive a $30 million HUD grant, the largest amount offered under the Choice program. The grant is supported by $1 billion in leverage commitments from grant partners, including Ford’s new $740 million mobility campus and other economic development initiatives in Corktown. The Corktown neighborhood, which is experiencing escalating rents as a result of new development, is now on track to receive $200 million invested in 840 units over the next six years. At least 60 percent, or 504 units, will be set aside as “deeply affordable housing,” according to the city. Of the units, 40 percent will serve households earning between 30 and 80 percent of area median income (AMI); 20 percent will serve households making up to 30 percent of AMI; and 20 percent will serve households earning 80 to 120 percent of AMI. The remaining 20 percent of the units will be rented at market rate.
FORT WORTH, TEXAS — Locally based general contractor KWA Construction has completed Phase II of Columbia Renaissance Square, a project that added 120 units of affordable seniors housing to the local supply. Developed by Columbia Residential and designed by JHP Architecture, the property features one- and two-bedroom floor plans with full-sized kitchens, espresso cabinetry and vinyl plank flooring. Amenities include a clubhouse with a catering kitchen, business center, fitness center, wellness room, theater room and a landscaped gazebo and courtyard. Phase I of the project consisted of 140 units, 85 percent of which were affordable.
INDIANAPOLIS — Real estate owner and developer SomeraRoad has opened an office in Indianapolis. The company maintains headquarters in Nashville and New York City, with satellite offices in Cleveland and Pittsburgh. SomeraRoad first entered the Indianapolis market with the purchase of an industrial property in 2017. SomeraRoad acquired several former Marsh supermarket properties in 2019, and in January of this year it became majority owner of the historic Stutz factory, which was originally built in 1912 for Stutz Motor Car Co. In addition to opening the new office, SomeraRoad also added Imran Harris to its staff. Based in Indianapolis, Harris will focus on the redevelopment of the Stutz building as well as other projects in the region. Harris previously worked for Indianapolis-based Keystone Group.
SCOTTSDALE, ARIZ. — Banyan Residential has received a $101.5 million construction loan for the residential phase of Scottsdale Entrada, a mixed-use development located at 64th Street and McDowell Road in Scottsdale. Wells Fargo Bank provided the loan. Designed by Todd & Associates, the 515-unit residential component will offer resort-style pools, a fitness center, mobile workspace areas, a game room and deck spaces with views of the Papago Buttes and McDowell Mountains. Situated on 33 acres, Scottsdale Entrada will feature more than 250,000 square feet of office space, 7,500 square feet of retail space and 735 apartments, as well as public gathering spaces, jogging trails, a dog park and direct access to the Arizona Cross Cut Canal. Banyan acquired the development site in December 2019 and broke ground on the project in March 2020. The office component and first phase of the residential units are slated for completion in fourth-quarter 2021.
CHESTERFIELD, VA. — Digital Fortress, a multi-tenant and wholesale data center provider, has opened a 250,000-square-foot data center campus in Chesterfield, about 16 miles south of Richmond. The facility, known as Digital Fortress Richmond, features a raised floor design for its data center space that has 4.1 megawatts of IT load, as well as an additional 200,000 square feet of shell core expansion space supporting up to 25 megawatts of power. The property also features office space that can house up to 120 employees and N+1 redundancy, which offers a fully distributed, uninterrupted power supply for users. The facility is LEED Gold-certified, meaning it takes steps to be environmentally conscious. Located in Meadowville Technology Park, Digital Fortress Richmond provides connectivity with a newly constructed fiber system that links to major connectivity hubs in the market. Digital Fortress operates 10 data center and colocation facilities in Chicago, Denver, Lynwood, Calif., Piscataway, N.J., Portland, Richmond and Seattle.
BEMIDJI, MINN. — Kraus-Anderson has completed construction of Conifer Villas, a $7 million affordable housing project in central Minnesota’s Bemidji. The townhome community features 32 units for residents who have been homeless or need special support. The four-building project includes a community meeting space. Headwaters Housing Development Corp. was the developer and Lucachick Architecture was the architect.