AUSTIN, TEXAS — A partnership between BLG Capital Advisors, Magellan Development Group, Geolo Capital and Wanxiang America Real Estate Group is nearing completion of Thompson Austin, a 212-room luxury hotel that will be located in the downtown area. The property is expected to open over the summer and will house several food and beverage concepts and amenities such as a pool, fitness center, game room and indoor and outdoor meeting spaces. Thompson, which is part of the Hyatt family of brands, also recently opened flagship hotels in Dallas and in San Antonio.
ELK GROVE VILLAGE, ILL. — Skybox Datacenters is underway on the development of Skybox Chicago I, a 189,000-square-foot data center in the suburban Chicago community of Elk Grove Village. The project is the first facility being developed as part of a new partnership between Skybox and Prologis Inc. The partnership will focus on data center markets across Chicagoland. Completion of the first facility is slated for November.
IRVING, TEXAS — State Bank of Texas, a Dallas-based commercial lender with $1 billion in assets under management, will open a 48,000-square-foot office headquarters in Irving’s Las Colinas district. Dallas-based Malone Maxwell Dennehy Architects is designing the four-story, Class A project, with State Bank of Texas set to occupy the top two floors. Construction should commence by the end of the year and is expected to be completed mid-2023.
ST. PETERS, MO. — Ryan Cos. US Inc. has broken ground on a 46,000-square-foot medical office building in St. Peters, about 30 miles northwest of St. Louis. The project is fully pre-leased to St. Peters Ambulatory Surgery Center, Advanced Bone & Joint, St. Luke’s Hospital Center for Diagnostic Imaging and Axes Physical Therapy. The development is situated at 5200 Executive Centre Parkway, about a half-mile from Barnes-Jewish St. Peters Hospital. Ryan Architecture + Engineering designed the building, and Ryan Cos. is serving as developer and builder. This is Ryan’s second project in St. Peters and sixth project in partnership with Surgery Partners. Completion is slated for March 2022.
BRANDON, FLA. — Summit Contracting Group, a multifamily general contractor, has broken ground on Landon Preserve, an affordable housing community located on Pauls Drive in Brandon, a Tampa suburb east of Interstate 75. Landon Preserve will be a pet-friendly community featuring one-, two- and three-bedroom apartment homes. The construction will include 230 units in seven three-story buildings, and a total square footage of 255,960. Community amenities will include a clubhouse with fitness center, swimming pool, mail kiosk, maintenance building and a dog park. Construction is planned to be complete in summer 2022. The developer is Vestcor and the architect is Group 4 Design Inc.
AMARILLO, TEXAS — Amazon (NASDAQ: AMZ) has announced plans to open a 1 million-square-foot fulfillment center in Amarillo, its first in the northwest Texas city, in a move that is expected to create about 500 new full-time jobs. Citing an announcement from the Amarillo Economic Development Corp., local news outlet KFDA reports that the facility will be located at the corner of Northeast 24th Avenue and Loop 335 and will generate approximately $35 million in economic impact. The opening is slated for early 2022. The developer was not disclosed.
SALEM, ORE. — Live Oak Bank has provided a $28.5 million loan for the construction of a 142-unit independent living expansion in Salem, approximately 45 miles south of Portland. The borrower is Mosaic Management. The project will be Phase II of a larger campus, which already includes a 138-unit assisted living and memory care building that was completed in May 2019. The expansion will total 147,000 square feet on an 8.9-acre plot.
DENVER — Ryan Cos. US Inc. and Cadence Living have unveiled plans for Acoya Cherry Creek, a seniors housing community in the Cherry Creek neighborhood of Denver. Totaling 156,622 square feet and 137 units, the project will be the first Acoya-branded community in the Denver market and the third in Colorado. The types of care were not disclosed. According to Moore Diversified Services, the senior population in the Denver area is expected to increase by more than 26 percent over the next five years. “Not only is there a need for this type of housing near Cherry Creek, but there is also high demand for age-in-place living where a resident can remain within their home and receive services over time as needs change,” says Daniel Raimer, director of real estate development for Ryan Cos. Cadence, Harrison Street and Ryan will co-own the community, and have closed on financing for the development. Bank of the West acted as lender, administrative agent and lead arranger alongside Stifel Bank as lender and syndication agent. MOA Architecture designed the community’s exterior while StudioSIX5 handled the interiors. Groundbreaking is scheduled for February 2021, with pre-leasing beginning in spring 2022 for completion in fall 2022.
PALM COAST, FLA. — Housing Trust Group (HTG) has developed The Palms at Town Center, an 88-unit affordable housing community located at 470 Bulldog Drive in Palm Coast. The property is 100 percent occupied. The development opened in February 2021 and cost $17.8 million to build. The Palms at Town Center features three three-story buildings and a clubhouse. The new community offers a mix of units including 30 one-bedroom, 50 two-bedroom and eight three-bedroom units. Units feature open floor plans, full-sized Energy Star appliances, ceiling fans and washers and dryers. Community amenities include a swimming pool, dog park, playground, walking trails, clubhouse, media center, car canopies and grilling stations. The affordable apartment complex is a mixed-income community, consisting of 32 units for families at or below 30 percent of the area median income (AMI), eight units for those at or below 60 percent of AMI and 48 units for those at or below 80 percent of AMI. Rents will range from $273 for a one-bedroom and up to $1,242 for a three-bedroom apartment. The reduced rents were made possible through the use of the federal Low Income Housing Tax Credit program and Florida Housing SAIL program. The Florida-based construction and …
BOSTON — Locally based design firm Finegold Alexander Architects has unveiled the new design and renovation of the Eliot Innovation School in Boston. The school is part of a three-building campus in the city’s North End neighborhood and will serve students in grades 5-8. The building formerly served as an FDA testing facility and an office property before its latest conversion to a school. Construction of the $15 million project was completed in September 2019, but the coronavirus outbreak delayed the school’s opening.