FRISCO, TEXAS — Newland Communities has unveiled plans for Phase II of The Grove Frisco, a 735-acre mixed-use project located on the northern outskirts of Dallas. Phase II will include a 424-unit apartment community developed by JPI as well as 129 townhomes and an unspecified amount of retail and dining space. The groundbreaking is scheduled for the second quarter. Phase I of the project featured single-family homes and 25 acres of communal outdoor space that includes a fishing pond, city park and 4.5 miles of walking trails.
WINCHESTER, CALIF. — Parkview Financial has provided a $19.8 million loan to Temecula, Calif.-based W Development Partners for construction of the first phase of French Valley Commons, a 14.1-acre mixed-use project in Winchester. The initial phase will include a nine-building development situated at the northwest corner of Leon and Benton roads in Winchester’s French Valley area. Totaling 87,231 square feet, the first phase will feature 36,524 square feet of retail space spanning six buildings and 50,532 square feet of flex/light industrial space spread across three buildings. Three of the planned retail buildings are pre-leased to O’Reilly Auto Parts, Dollar Tree and Jiffy Lube. With the closing of this loan, construction has commenced on the three pre-leased retail parcels and the largest light industrial building, which will total 22,925 square feet. Completion of the four buildings is slated for early to mid-2021. The construction timeline for the remaining five buildings has not been released. The second phase of French Valley Commons is entitled for 52,000 square feet of retail and industrial space, with construction timing based on interest and lease-up from the first phase.
THOMASVILLE, GA. — Walmart has opened a 201,000-square-foot meat processing facility at 121 Roseway Drive in Thomasville, 15 miles north of the Georgia-Florida border. The Thomasville Times-Enterprise reported the facility cost $90 million to develop. The plant will house more than 200 employees who will distribute a selection of Angus beef cuts, such as steaks and roasts, from the new supply chain to 500 Walmart stores in the Southeast. Construction of the property began in August 2018. In conjunction with the opening of the facility, Bentonville, Ark.-based Walmart has awarded a $7,500 grant to Georgia Wildlife Federation, a $2,500 grant to the Thomasville Police Force and a $2,500 in grant to Second Harvest of South Georgia. Walmart employs more than 62,000 associates across Georgia’s 211 retail units and seven distribution centers.
SEATTLE — Peak Campus Development and investment partner Blue Vista Capital Management have acquired a development site located near the University of Washington in Seattle, with plans to construct a student housing community. The new project — titled Theory U District — is set to offer 500 beds in studio, one-, two-, three-, four- and five-bedroom, fully furnished units. Shared amenities will include a rooftop deck, multiple study rooms, a landscaped courtyard for outdoor activities, a fitness room, package lockers and parking. University Christian Church (UCC), which previously owned the property, moved out last summer. According to a press release issued by UCC last year, proceeds from the sale will go into a foundation established by remaining UCC members. UCC already demolished the existing buildings, and vertical construction for Theory U District will commence later this year with a projected opening in fall 2022.
HARTFORD, CONN. — KeyBank Community Development Lending and Investment has provided a $14 million construction loan for the Phase II redevelopment of Westbrook Village, an affordable housing community in Hartford, Connecticut. Additionally, Key Community Development Corp. has provided $12.7 million in low-income housing tax credit equity for the project. The borrowers, Pennrose and The Cloud Co., are leading a five-phase redevelopment project of Westbrook Village, a 40-acre plot near the University of Hartford. The plot currently contains mostly vacant apartment and commercial buildings which were completed in the early 1950s. Those buildings are being leveled and replaced by new multifamily and retail constructions. Phase I of the project, which includes 75 housing units, is slated for completion this summer. Phase II of the construction will comprise six buildings with individual units leased at varying rates based on area median income (AMI). Of the 60 units, 45 will be affordable and 15 will be market rate. Of the 45 affordable units, 12 will be for supportive housing designated for individuals and families with incomes at or below 25 percent of AMI; 24 will be designated for individuals and families with incomes between 25 percent and 50 percent of AMI; and nine …
SAN ANTONIO — Atlantic | Pacific Communities (A|P Communities) has completed The Bristol, a new 96-unit multifamily community located at 7810 Old Tezel Road in San Antonio. The property features a mix of affordable and market-rate units with rents ranging from $316 to $996 per month, depending on unit type and income qualifications. Community amenities include a clubhouse, playground and a swimming pool. The Bristol is the fourth A|P Communities property in the metro San Antonio area, and the company is planning to break ground on a fifth project early this year. The company’s operating division, Atlantic | Pacific Management, will manage The Bristol.
ATLANTA — A joint venture between Swedish developer Skanska AB and Atlanta-based H. J. Russell & Co. plans to develop the Center for Advanced Surgical Services (CASS) for Grady Memorial Hospital in Atlanta. Situated adjacent to Grady’s main campus, the new freestanding, 10-story facility will cost $151 million to build. The 576,960-square-foot property will include 264,000 square feet housing several outpatient clinics. Skanska and H. J. Russell expect to deliver CASS in early 2022. The new facility will be the site of all of Grady’s outpatient surgeries and will increase Grady’s operating room capacity by 25 percent and clinical capacity by 45 percent. According to the developers, Grady Memorial Hospital is the fifth busiest public hospital in the country with a Level 1 trauma center designation.
KAILUA-KONA, HAWAII — Pearlmark has closed on a $16.2 million mezzanine investment for the development of Niumalu Marketplace, a retail property in Kailua-Kona. Situated on 20 acres of fee-simple land, Niumalu Marketplace will feature 204,275 square feet of retail and commercial space, as well as 711 parking spaces. A 63,000-square-foot Safeway grocery store with a 27,000-square-foot gas pad will anchor the property. The sponsors, CREDE and two institutional equity capital partners, started construction on the site in October 2018 and are expected to complete the project in October. Pearlmark originated the investment on behalf of Pearlmark Mezzanine Realty Partners IV. Centennial Bank provided a senior construction loan. George Smith Partners represented the borrower in securing the financing, while Bill Swackhamer arranged in the transaction in-house for Pearlmark.
HOUSTON — Medistar Corp. plans to develop Medical Behavioral Hospital of Clear Lake, a 92-bed hospital in Houston’s Bay Area submarket. NeuroPsychiatric Hospitals (NPH) will operate the facility with up to 200 employees and 18 providers of psychiatry, internal medicine and neurology. Houston-based Medistar expects to deliver the hospital this summer. Located at 16850 Buccaneer Lane, the property will be NPH’s sixth hospital.
LOS ANGELES — Unibail-Rodamco-Westfield plans to redevelop the long-vacated former Sears department store in the Canoga Park neighborhood of Los Angeles into a new dining and entertainment district. The empty store is located in the Westfield Topanga & The Village shopping center. Slated to open in late 2021, the new district will feature a chef-driven food hall, sit-down restaurants, lounges, cocktail bars, interior and exterior boutiques, and entertainment and recreational activities, as well as landscaped indoor and outdoor public spaces and plazas. The renovation will also create a grand entrance for Westfield Topanga and improved connectivity with The Village. Neiman Marcus, Nordstrom, Macy’s, Target, Tesla, Apple, Microsoft, Anthropologie, Tiffany & Co., Gucci, Salvatore Ferragamo, Louis Vuitton, Cartier, Montblanc, Rolex and Saint Laurent are current tenants at Westfield Topanga & The Village, which is located at 6600 Topanga Canyon Blvd.