development2

Watermark Residential Plans 360-Unit Multifamily Community in Colorado Springs

by Amy Works October 14, 2020

COLORADO SPRINGS, COLO. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has acquired nearly 21 acres of land in Colorado Springs for the development of Ascent by Watermark. The three-story, resort-style multifamily community will feature 360 apartments in a mix of one-, two- and three-bedroom layouts, averaging just under 1,000 square feet. Each apartment will include gourmet bar-kitchens with quartz countertops, stainless steel appliances, walk-in closets, garden tubs, full-size washers/dryers and designer light fixtures. Ascent by Watermark will offer a variety of amenities, including a clubhouse with televisions; conference rooms; technology centers; a 24-hour fitness center with Fitness On Demand and spinning rooms; swimming pool with cabanas and entertainment areas; and pet-friendly bark parks and doggie spas. Construction is slated to begin later this month, with completion scheduled for fall 2022.

October 14, 2020

Development Maryland Multifamily Seniors Housing Southeast

Brightview Opens 96-Unit Seniors Housing Community in Bethesda, Maryland

by Alex Tostado October 13, 2020

BETHESDA, MD. — Brightview Senior Living, an owner and operator of senior living communities, has opened Brightview Grosvenor, an assisted living and memory care community in Bethesda, approximately 10 miles north of downtown Washington, D.C. The community is situated on shares the land of Wild Acres, the former home of National Geographic president, editor and photojournalist Gilbert Grosvenor. Brightview Grosvenor features 58 assisted living, 26 memory care and 12 “enhanced care” apartments on three acres. Enhanced care apartments are designed for residents with conditions that require special attention, such as Parkinson’s disease or ALS.

October 13, 2020

Development Georgia Retail Southeast

Retail Planning Corp. Opens Publix-Anchored Shopping Center Near Atlanta

by Alex Tostado October 12, 2020

CUMMING, GA. — Retail Planning Corp. has opened a Publix grocery store within Matt Town Center in Cumming on Friday, Oct. 9. The 48,387-square-foot store is located at the intersection of Matt Highway and Bannister Road, 48 miles north of downtown Atlanta. Other tenants at the center include Reveille Café, Laredo’s Cantina & Taqueria, Peaches & Pine, Great Clips, Alpha Nail Salon and The UPS Store. Hill Foley Rossi & Associates LLC was the architect, and RW Smith Co. was the general contractor.

October 12, 2020

Loans Mixed-Use Multifamily Oregon Seniors Housing Western

Pacific Western Bank Provides $60M Construction Financing for Student Housing Development Near University of Oregon

by Amy Works October 9, 2020

EUGENE, ORE. — Pacific Western Bank has provided $60 million in construction financing for Union on Broadway, a mixed-use student housing development located at 476 E. Broadway St. near the University of Oregon in Eugene. Charles Halladay, Jordan Angel, Chris Ross, Teddy Leatherman, Stewart Hayes and Taylor Gimian of JLL worked on behalf of the borrowers, Greystar and Star America, to secure the loan. The 338,130-square-foot community will offer 608 beds in fully furnished units with bed-to-bath parity. Shared amenities will include ground floor retail space, a fitness center, study lounges on every floor, courtyards, conference rooms, activity and game rooms and an outdoor rooftop with a pool, fire pits and grills. A timeline for the development was not announced.

October 9, 2020

California Development Loans Office Western

JLL Secures $48.7M in Construction Financing for Creative Office Project in Los Angeles

by Amy Works October 9, 2020

LOS ANGELES — JLL Capital Markets has arranged $48.7 million in construction financing for Exposition 3, a creative office property located in Los Angeles’ West Adams submarket. Paul Brindley, Jeff Sause and Spencer Richley of JLL secured the three-year, floating-rate loan through HIG Realty Partners on behalf of the borrower, The Luzzatto Co. Slated for delivery in 2022, Exposition 3 is fully preleased on a long-term basis to an undisclosed company for use as its new headquarters. The property previously served as an industrial property, and Luzzatto is renovating the asset into a two-building, 94,082-square-foot creative office space.

October 9, 2020

Company News Retail Southeast Tennessee

Dollar General to Launch New Retail Concept Targeting Wealthier Shoppers, Nashville to House First Stores

by Alex Tostado October 9, 2020

GOODLETTSVILLE, TENN. — Dollar General will launch popshelf, a new shopping concept that will offer seasonal and home décor, health and beauty must-haves, home cleaning supplies, party goods and entertaining needs. The Goodlettsville-based retailer says 95 percent of the items will be priced at $5 or less. Each popshelf location will average 9,000 square feet and will house up to 15 employees. The first two locations will open near Nashville this fall with the company expecting to open another 30 locations by the end of fiscal year 2021, which will be Jan. 29, 2021. According to Dollar General, initial targeted customers are primarily female and are located in diverse suburban communities with a total household annual income ranging from $50,000 to $125,000.

October 9, 2020

Civic Development Texas

Adolfson & Peterson Begins $53M Expansion Project at Metro Dallas High School

by Taylor Williams October 9, 2020

MIDLOTHIAN, TEXAS — Adolfson & Peterson Construction has begun a $53 million expansion project at Heritage High School, part of the Independent School District of Midlothian. Located about 30 miles south of Dallas, the project will add a second-level classroom wing, two gymnasiums, a fine arts complex, an expanded cafeteria and four new athletic facilities. Existing academic and athletic spaces will also be renovated. VLK Architects is handling design of the project, which is expected to be complete in summer 2022.

October 9, 2020

California Development Multifamily Seniors Housing Western

Advocacy Development Completes Entitlements for 83-Unit Assisted Living Project in San Jose

by Amy Works October 8, 2020

SAN JOSE, CALIF. — Advocacy Development Partners (ADP) has received unanimous approval from the San Jose City Council for a new assisted living and memory care project in the city. The 1.2-acre project will include 73,000 square feet of living and common areas, comprisingf 83 units and 93 beds. “This facility underscores the need for assisted living and memory care for senior residents in San Jose,” says Pam Foled, Councilmember for District 9, where the community will be located. “This project meets the market demand in a fashion that is least intrusive to the overall community by terracing the building into the single-family neighborhood of Dry Creek and creating fabulous outdoor garden spaces for the residents.” As recommended by the San Jose Planning Commission, the City Council approved the Conditional Use Permit for the project site to replace existing dilapidated retail strip buildings with a modern, three-story building. ADP is in the process of securing its project team of architects, engineers and contractors for the development, according to Paul Bunton of ADP. He says the firm also expects to have its financing and operator in place in the next couple months and anticipates breaking ground in early 2021, which would …

October 8, 2020

Development Industrial Texas

Parent Company of T.J. Maxx, Marshalls to Open $150M Distribution Center in El Paso

by Taylor Williams October 8, 2020

EL PASO, TEXAS — TJX Cos., the Massachusetts-based corporation that owns major discount retailers such as T.J. Maxx and Marshalls, will open a $150 million distribution center in El Paso, a move that will bring about 1,000 full-time jobs to the borderplex region. The facility could ultimately feature as much as 2 million square feet of industrial space. According to The El Paso Times, the proposed site for the facility is a 200-acre tract at Global Reach Drive and George Perry Boulevard in East El Paso that is owned by the El Paso International Airport. The paper also reports that Marmaxx Operating Corp., the affiliate of TJX Cos. that operates T.J. Maxx and Marshalls, received $14.3 million in tax rebates and other incentives for the project.

October 8, 2020

Development Multifamily North Carolina Office Southeast

Dominion Realty Partners Tops Out 29-Story FNB Tower in Uptown Charlotte

by Alex Tostado October 7, 2020

CHARLOTTE, N.C. — Dominion Realty Partners (DRP) has topped out FNB Tower, a 29-story mixed-use building located at 401 S. Graham St. in Uptown Charlotte. The developer expects to deliver the asset in the second quarter of 2021. The building will feature 116,915 square feet of office space as well as 196 multifamily units. Pittsburgh-based FNB Corp., the parent company of First National Bank, will occupy 40,000 square feet of the tower to serve as the company’s regional headquarters. Batson-Cook Construction is the general contractor.

October 7, 2020

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