development2

Cabretta Capital Provides $28M in Equity for Affordable Housing Project Underway in Atlanta

by Alex Tostado July 22, 2020

ATLANTA — Cabretta Capital has teamed with Wendover Housing Partners to develop Hartland Station, a 131-unit affordable housing community in Atlanta’s Sylvan Hills neighborhood, four miles south of downtown Atlanta. Savannah, Ga.-based Cabretta Capital provided the developer with $28 million to develop the property. Forty units will be reserved for those earning 50 percent of the area median income (AMI) or below, and 70 units will be for those making 60 percent of the AMI or below. Communal amenities at the garden-style community will include a business center, picnic area, fitness center and a playground. A timeline for construction was not disclosed.

July 22, 2020

Development Florida Leasing Activity Office Retail Southeast

Parkway, KKR Complete $10M Renovation of Brickell Miami Office Tower, Sign Three Retail Tenants

by Alex Tostado July 22, 2020

MIAMI — Parkway Real Estate Services LLC and joint venture partner KKR have completed their $10 million renovation of Sabadell Financial Center, a 30-story, 524,000-square-foot office tower in Miami’s Brickell district. The waterfront property overlooks Biscayne Bay. Parkway Real Estate and KKR acquired the property for $250 million in 2018 and immediately commenced renovation plans. Upgrades included redesigning the entrance and renovating the lobby, as well as adding enhanced cellphone signal technology, meeting and entertainment spaces and a rooftop deck with space for fitness classes. The landlords also signed three retail tenants — Vice City Bean, Carrot Express and Fitbox Method — to occupy space on the ground level. This marks the third location for the locally owned Vice City Bean coffeehouse; the eighth location for Carrot Express, a healthy, fast-casual restaurant; and the second location for Fitbox Method, a fitness studio offering a mix of cardio and boxing training. Jonathan Carter and Jenny Gefen of Colliers International represented the landlords in all three retail transactions. Sabadell Financial Center was built in 2000 and is located at 1111 Brickell Ave., one mile south of downtown Miami. The asset features 8,000 square feet of ground-level retail space, a 26,000-square-foot amenity deck …

July 22, 2020

Development Northeast Pennsylvania

Hershey to Open 1 MSF Warehouse, Packaging Center in South Annville, Pennsylvania

by Taylor Williams July 22, 2020

SOUTH ANNVILLE, PA. — Hershey Co. will open a 1 million-square-foot warehouse and packaging center in South Annville, a suburb of Harrisburg that is located near the candy manufacturer’s headquarters. According to lebtown.com, which covers Lebanon County, Pa., construction is slated to begin this month, and the project is expected to create as many as 500 new jobs.

July 22, 2020

Development Multifamily North Carolina Southeast

Alliance Residential Delivers 260-Unit Apartment Complex in Charlotte’s South End

by Alex Tostado July 22, 2020

CHARLOTTE, N.C. — Alliance Residential has delivered Broadstone Queen City, a 260-unit apartment complex in Charlotte’s South End neighborhood. The property offers studio, one- and two-bedroom floor plans. Units include electronic locks, wood plank-style flooring, quartz countertops, GE appliances and floor-to-ceiling windows. Communal amenities include a saltwater pool, rooftop bar and lounge, courtyard, fitness center, dog park, office suites and ground-level retail space that will soon welcome Queen City Grounds coffee. Broadstone Queen City is situated at 101 W. Morehead St., less than one mile from downtown Charlotte and half a mile from the LYNX Blue Line light rail station.

July 22, 2020

Development Georgia Multifamily Single-Family Rental Southeast

American Homes 4 Rent Opens 127-Home Rental Community in Loganville, Georgia

by Alex Tostado July 21, 2020

LOGANVILLE, GA. — American Homes 4 Rent has opened Stone Creek Community, a 127-home rental community in Loganville. The community comprises single-family homes that feature fenced-in backyards and three-to five-bedroom floor plans ranging from 2,000 to 3,000 square feet. Rents will start in the $1,600s. Each home offers granite countertops, stainless steel appliances, vinyl plank flooring, central heating and air conditioning and two-car garages. The community will also feature a clubhouse, pool, fitness center and a playground. Additionally, routine front and backyard maintenance is included. Stone Creek Community is situated at 5031 U.S. Highway 81, 38 miles east of downtown Atlanta.

July 21, 2020

Development Maryland Retail Southeast

Sprouts Farmers Market to Open New Store in Baltimore on Wednesday

by Alex Tostado July 21, 2020

BALTIMORE — Sprouts Farmers Market will open a new store in Baltimore on Wednesday, July 22. The store, located at 3800 Boston St., will be the fifth location in Maryland for the Phoenix-based grocer. Sprouts is following CDC guidelines at the location, requiring employees to wear masks, promoting social distancing and installing plexiglass barriers at registers. The new Sprouts will be part of Collective at Canton, a 12-acre mixed-use development featuring multifamily units, an office building, hotel and retail and restaurant space. Developer 28 Walker is building the project. Ryan Wilner, Andrew Feldman and Mason Bernstein of KLNB are leading the retail leasing efforts for the development.

July 21, 2020

Development Loans Multifamily Utah Western

Trez Capital Closes $12.1M in Construction Loans for Two Multifamily Projects in Utah

by Amy Works July 21, 2020

OGDEN, UTAH — Trez Capital has closed two construction loans, totaling $12.1 million, for the development of two rental townhome communities along Canyon Road in Ogden approximately 40 miles from Salt Lake City. The two loans are part of Trez’s first financing agreement with the borrower, Lotus Co., to develop Class A affordable townhome rental properties. Construction for both properties, Foxridge and Whisperwood, began in January. Foxridge features 38,000 square feet of rentable space divided into 26 townhomes with two- and three-bedroom floor plans. Completion of Foxridge is slated for December. Totaling 57,000 rentable square feet, Whisperwood will feature 40 townhomes in a mix of two- and three-bedroom layouts. All units offer a high-end design with two-car garages and energy-efficient upgrades. Completion is scheduled for February 2021. Interiors of both properties will feature stainless steel appliance packages and custom kitchens with high-end countertops, upgraded plumbing and electrical fixtures and oversized windows. The properties will also offer residential community space, including barbecues, walking paths and gazebos.

July 21, 2020

Development Florida Retail Southeast

Pebb Enterprises to Build Publix-Anchored Shopping Center in Metro Jacksonville

by Alex Tostado July 20, 2020

ST. JOHNS, FLA. — Pebb Enterprises has unveiled its plans for a new 58,900-square-foot, Publix-anchored shopping center in St. Johns. Publix will occupy 48,400 square feet at the center, which will feature 10,500 square feet of in-line retail space. Publix Liquor Store and Lavender Spa have also signed leases at the space. Pebb Enterprises closed on the $2.8 million land sale July 10 and has begun site work. The Boca Raton, Fla.-based developer expects to deliver the property in summer 2021. The site is located at 855 County Road 210 W., across the street from Beachwalk, a 3,000-acre community that includes residences, retail, office and industrial space, as well as a planned 100-room hotel. Chris Stewart and Jenny Schuemann of Pebb Enterprises are handling leasing efforts for the Publix-anchored property.

July 20, 2020

Development Multifamily Seniors Housing Texas

Investcor Completes Renovations of Historic Fairhaven Assisted Living Facility in Denton

by Taylor Williams July 20, 2020

DENTON, TEXAS — Investcor has completed the renovation of Fairhaven Assisted Living, a historic seniors housing building in Denton. The development team for the 47-unit project included Pi Architects, Coastal Reconstruction, Allison Engineering, TDi Engineering, MEP Associates Design Groups and Architexas. The original building was designed by Texas architect O’Neil Ford, whose designs blended the surrounding environment into the building and featured the use of natural elements and materials. Fairhaven was originally developed in the 1950s, but closed in 2007 and fell into disrepair. After teaming with New Haven Assisted Living and Memory Care, Investcor launched the renovation a year ago.

July 20, 2020

Development Florida Multifamily Seniors Housing Southeast

ConcordRents Breaks Ground on $32M Affordable Seniors Housing Community on Florida’s Space Coast

by Alex Tostado July 17, 2020

VIERA, FLA. — ConcordRents has started construction of Venue at Viera Senior Living Apartments, a $32 million, 145-unit affordable seniors housing community in Viera, a master planned community located on Florida’s Space Coast near Melbourne. Units are reserved for seniors making between 40 percent and 80 percent of the area median income (AMI). Funding for Venue at Viera Senior Living comes from $16.8 million in tax-exempt bonds issued by the Brevard County Housing Finance Authority and $11 million in equity from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corp. The developer, Atlantic Housing Partners, also provided some funding sources.

July 17, 2020

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