development2

Bertch Capital Secures Tenant for 116,572 SF Industrial Asset Under Construction in Washington

by Amy Works March 20, 2020

SUMNER, WASH. — Bertch Capital Partners has signed CTE Warehousing to occupy Sumner Ridge’s Building A, located at 3400 W. Valley Highway East in Sumner, in a long-term lease agreement. Building A is the second facility at Sumner Ridge, which is home to a 112,100-square-foot industrial property occupied by Automatic Products. The freight management partner will occupy the entire 116,572-square-foot warehouse facility, which is slated for completion at the end of the second quarter. The company plans to relocate from at least one of its existing buildings in the area. Bill Condon and Matt McGregor of Colliers International represented the developer, while Jeff Forsberg of NAI Puget Sound Properties represented CTE Warehousing in the deal.

March 20, 2020

Arizona Development Office Restaurant Retail Western

Diversified Partners Breaks Ground on En Fuego Retail, Office Development in Arizona

by Amy Works March 18, 2020

GLENDALE, ARIZ. — Scottsdale, Ariz.-based Diversified Partners has broken ground for En Fuego, a retail, office and flex development located at 91st and Glendale avenues in Glendale. The first phase of En Fuego will include retail pads ranging in size from 3,000 square feet to 15,600 square feet. Starbucks Coffee, Raising Cane’s Chicken Fingers, Barro’s Pizza, Biscuits Café and Jack in the Box have pre-leased space at the property. The second phase of development will include 8.32 acres of office, flex or entertainment space.

March 18, 2020

Colorado Development Multifamily Western

Opus Group Acquires Land Parcel for 277-Unit Multifamily Development in Denver

by Amy Works March 17, 2020

DENVER — The Opus Group has purchased a 1.65-acre land parcel at 19th and Clay streets in Denver for the development of an apartment property. The Nichols Partnership sold the property for an undisclosed price. The vacant lot and parking garage are located adjacent to the Broncos stadium redevelopment in the city’s Jefferson Park neighborhood. The current plans for the multifamily property include a 12-story building offering 277 apartments in a mix of studio, one- and two-bedroom units, averaging 763 square feet, and three levels of structured parking with 288 parking spaces. Planned amenities include premium finishes and unobstructed mountain and city views. Newmark Knight Frank (NKF) Multifamily arranged the sale, construction financing and joint venture equity for the project’s development. Chris Cowan, Bryon Stevenson and Mackenzie Walker of NKF Multifamily handled the transaction.

March 17, 2020

Development Illinois Midwest Mixed-Use

Sheba Medical Center to Anchor Health, Wellness Innovation Hub at Former Michael Reese Hospital Site in Chicago

by Kristin Harlow March 16, 2020

CHICAGO — Sheba Medical Center will anchor a global health and wellness innovation hub in Phase I of a 100-acre mixed-use project to be developed on the former Michael Reese Hospital site in Chicago’s Bronzeville neighborhood. GRIT, a joint venture comprised of Farpoint Development, Bronzeville Community Development Partnership, Chicago Neighborhood Initiatives, Draper and Kramer, Loop Capital and McLaurin Development, is developing the project in partnership with Kaleidoscope Health Ventures. Known as the ARC Innovation Center, the building will include wet labs, incubators and other life sciences offices and commercial facilities. The entire project will include multifamily, affordable housing, retail, senior living, community space and a proposed new Metra station. Construction on Phase I is expected to begin in 2021.

March 16, 2020

Affordable Housing Development Michigan Midwest Multifamily

City of Detroit Creates New Partnership to Preserve Affordable Housing Units

by Kristin Harlow March 10, 2020

DETROIT — Detroit Mayor Mike Duggan and his Housing & Revitalization Department (HRD) have created a new partnership to preserve affordable housing in the city while also improving its quality and preventing displacement. The partnership comprises the city’s housing department along with a number of housing experts, including Enterprise Community Partners, United Community Housing Coalition, a partnership between Cinnaire and CHN Housing Partners, Data Driven Detroit, Elevate Energy and Community Investment Corp. Enterprise Community Partners will lead the team and create action plans for preserving units. A primary goal of the new partnership is to identify apartment buildings that have low rents — not because they are required to, but because of their condition — and help redevelop those buildings in a way that preserves their affordability. HRD has established a goal of preserving 10,000 existing regulated affordable housing units in the city by 2023. This is in addition to the creation of new affordable housing in any new development that receives city funding or discounted land.

March 10, 2020

California Development Loans Mixed-Use Office Restaurant Retail Western

Stockdale Capital Partners Secures $330M Construction Loan for The Campus at Horton in San Diego

by Amy Works March 10, 2020

SAN DIEGO — Stockdale Capital Partners has closed on a $330 million loan with a group of funds managed by Alliance Bernstein to continue the redevelopment efforts at Horton Plaza in San Diego. Exterior construction is scheduled to begin soon with 600 to 800 construction workers expected on-site to build the mixed-use creative office and retail redevelopment. Stockdale Capital originally announced its redevelopment plans for Horton Plaza Mall in January. The Campus at Horton will include 700,000 square feet of creative office space and 300,000 square feet of retail space. The development is targeting LEED Platinum, WELL Platinum and WiredSource certifications, with sustainability efforts at the forefront of design and construction. Completion is slated for the end of 2021. Developers estimate the project will bring 3,000 to 4,000 jobs to the community.

March 10, 2020

Development Multifamily Texas

Presidium Breaks Ground on 370-Unit Multifamily Project in Northwest San Antonio

by Taylor Williams March 10, 2020

SAN ANTONIO — Multifamily developer Presidium has broken ground on Presidium at Chase Hill, a 370-unit apartment project in San Antonio. The community, which will be Presidium’s first in the Alamo City, will be situated on 17 acres on the city’s northwest side. Units will feature nine-foot ceilings, stainless steel appliances, granite countertops and walk-in closets. Amenities will include multiple pools, outdoor grilling areas, a two-story fitness center, multiple Wi-Fi lounges and a rooftop terrace. REES Associates Inc. designed the community. Pape-Dawson is the project engineer, and Hitchcock Design Group is the landscape architect. Completion is slated for early- to mid-2022.

March 10, 2020

Development Massachusetts Multifamily Northeast

Broadway Capital to Undertake 33-Unit Apartment Conversion Project in Chelsea, Massachusetts

by Alex Patton March 10, 2020

CHELSEA, MASS. — Local developer Broadway Capital Inc. will convert a recently closed nursing home into a 33-unit apartment building in Chelsea, a northern suburb of Boston. Located at 932 Broadway, the property was previously called Chelsea Skilled Nursing & Rehabilitation and offered 82 beds and skilled nursing services. Six of the units in the new apartment building will be reserved for renters earning 80 percent or less of the area median income. Broadway is investing $5 million in the repositioning and will also utilize a portion of the building for its new headquarters. Construction is slated for completion in November.

March 10, 2020

Delaware Development Multifamily Northeast

Capano Residential Opens 264-Unit Multifamily Property in Middletown, Delaware

by Alex Patton March 9, 2020

MIDDLETOWN, DEL. — Capano Residential, is a subsidiary of Capano Management, has opened The Reserve at Westown, a 264-unit luxury apartment community in Middletown, located approximately 30 miles northwest of Dover. The community offers farmhouse-inspired residential units in one-, two- and three-bedroom floor plans and amenities including a fitness facility, library and pool.

March 9, 2020

Development Florida Office Southeast

Summit Consulting to Develop 135,000 SF Headquarters in Lakeland, Florida

by Alex Tostado March 6, 2020

LAKELAND, FLA. — Summit Consulting LLC will develop its planned 135,000-square-foot office headquarters in downtown Lakeland. The company closed on the land sale at 117 Massachusetts Ave. on Tuesday, March 3 and plans to begin construction later this month. Summit expects to deliver the new building in fall 2021. The property backs up to the shore of Lake Mirror. Summit, which was founded in Lakeland in the late 1970s, has approximately 750 employees, nearly 500 of whom will be located in the new facility. The company specializes in providing workers’ compensation insurance coverage in the Southeast.

March 6, 2020

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