PITTSBURGH — Pittsburgh International Airport has unveiled designs for the next phase of its $1.4 billion redevelopment. The latest stage of the project will center around a passenger tunnel/bridge that connects the existing hub of the airport with the new terminal that is under construction. The development team broke ground on the new, 700,000-square-foot terminal in October 2021 and expects to complete the project in 2025. The new terminal will consolidate ticketing, security checkpoints and baggage claim operations and offer a multi-modal complex with a 3,300-space parking garage, rental car facilities, parking lots and roadways.
KINGWOOD, TEXAS — Excel Commercial Real Estate has opened Laurel Springs RV Resort, a 226-site development in Kingwood, about 30 miles north of Houston. The property offers both long-term and overnight accommodations. Indoor amenities include a fitness center, arcade, business center, lounge, hospitality kitchen and onsite laundry facilities. The outdoor amenity package comprises a pool, outdoor patio and grilling areas, playground, dog park, putting green and walking trails. Jetstream Communities, an affiliate of CityStreet Residential Partners, will manage the property.
LOS ANGELES — GPI Cos. has received $84 million in financing for construction of Overland and Ayres, a 201-unit apartment community in West Los Angeles. Located 2455 Overland Ave., Overland and Ayres will be fully integrated with the newly constructed West End creative campus. It will feature 100 percent market-rate units, with amenities like a podium pool deck and outdoor fitness lawn. The community will also include about 6,200 square feet of commercial space. JLL secured the floating-rate construction loan through Citizens.
NASHVILLE, TENN. — Placemakr, a tech-centric hospitality and multifamily operator, has opened its third Nashville location. The 89-unit property is located at 321 Hart St. in the city’s Wedgewood-Houston neighborhood. Placemakr Wedgewood-Houston, formerly a Bento Living building, features apartment-style units for nightly hotel, short-term rental and long-term furnished housing stays. Units range from micro studios to two-bedroom apartments. According to the property website, a one-night stay this weekend ranges from $169 to $379. Guests have access to an outdoor rooftop terrace with views of downtown Nashville, a fitness center, meeting spaces, onsite bodega, coffee bar and an onsite Pacific-Rim-inspired restaurant. Placemakr’s other Nashville locations are in SoBro and Music Row.
ROGERS, ARK. — Atlanta-based SJC Ventures has signed casual American restaurant chain Firebirds Wood Fired Grill to join the tenant roster at Pinnacle Springs, a mixed-use development underway in Rogers. The 80,498-square-foot development will be anchored by Whole Foods Market. Construction at the site, located at the corner of West Seneca Road and South Promenade Boulevard, will begin this spring. Firebirds Wood Fired Grill is tentatively planned to open in the fourth quarter of 2024. Tina Howard of SJC Ventures is leading the leasing assignment for Pinnacle Springs. The developer plans to announce more tenants in the near future. North Carolina-based Firebirds Wood Fired Grill has more than 60 locations across the country, and the Pinnacle Springs location will be its first in Arkansas.
CHICAGO — Sterling Bay has topped out construction of 360 North Green, a 24-story office building in Chicago’s Fulton Market district. Boston Consulting Group will serve as the anchor tenant upon completion and has leased roughly 250,000 square feet. The firm plans to relocate nearly 1,000 employees from Chicago’s Loop. Totaling nearly 500,000 square feet, the development will include amenities such as private outdoor terraces. The project will also feature more than 5,000 square feet of ground-floor retail space. Gensler is the architect and Power Construction is the general contractor. Completion is slated for February 2024.
AVONDALE, ARIZ. — Trilogy Investment Co. and Pinnacle Partners have announced a new $250 million national joint venture. The new JV’s first initiative is to bring more than 105 build-to-rent homes to a Qualified Opportunity Zone in the Phoenix suburb of Avondale. The new development will be situated on a 15-acre site. The propject represents the first combined effort between Trilogy and Pinnacle. Development costs are estimated at $45 million. Construction is scheduled to begin in late third-quarter 2023. Trilogy and Pinnacle have also secured at least six additional development projects and acquisitions, each located in growing and attractive established Qualified Opportunity Zones. A few of the sites will be in metro Denver and Colorado Springs.
LOS ANGELES — AHF has purchased the historic Insurance Exchange Building in downtown Los Angeles through its Healthy Housing Foundation banner for $21.2 million. The global AIDS organization plans to renovate and convert the 12-story property into housing for the homeless and extremely low-income individuals. The building will be rebranded as Angel Tower. Once renovation is complete, AHF’s total number of affordable rental housing units across Greater Los Angeles will reach 1,666.
PHILADELPHIA — A partnership between two developers, Maryland-based Bozzuto and New York-based Kimco Realty, will soon begin construction on Coulter Place, a 131-unit multifamily project in Philadelphia’s Main Line district. The 1.7-acre site is an assemblage of six existing office buildings and their adjoining surface parking lots. Coulter Place will feature onsite parking, 20,000 square feet of ground-floor retail space and 7,000 square feet of indoor amenity space, as well as a pool and two elevated courtyards. Units will come in one- and two-bedroom formats. The development team has secured all necessary approvals and has construction financing in place. A tentative completion date was not released.
ST. LOUIS — The St. Louis Housing Authority has selected Preservation of Affordable Housing Inc. (POAH) to lead the redevelopment of the Clinton-Peabody Apartments in St. Louis. Built in 1942, the property includes 358 units across 31 buildings. POAH says that an initial development phase could start by late 2024, but ultimately the site’s full redevelopment will occur in multiple phases over the next several years with at least $100 million in new investment projected. Resident and community engagement work is underway. The goal is to reposition Clinton-Peabody as a mixed-income community that is better connected to surrounding neighborhoods. POAH Communities LLC, POAH’s affiliated property management firm, will manage the new phases. POAH will also implement its Community Impact platform, which provides resident services focused on housing, education, employment, financial stability and health. The project team includes Roanoke Construction and the design team of Trivers and Lamar Johnson Collaborative. Additional members include landscape architect Arbolope Studio, civil engineer David Mason & Associates and MEP engineer Custom Engineering Inc. Support also comes from the Heartland Black Chamber of Commerce and Unicorn Group, the St. Louis Small Business Empowerment Center, Prosperity Connection and Key Strategic Group.