development2

HTG, Housing for Homeless Begin Construction of $30M Affordable Housing Community on Florida’s Space Coast

by John Nelson January 5, 2023

COCOA, FLA. — Housing Trust Group (HTG) and local nonprofit Housing for Homeless Inc. have broken ground on Orchid Lake, a $30 million affordable housing community in Cocoa, a city on Florida’s Space Coast. Situated in Brevard County on the Atlantic Ocean side of the state, Orchid Lake will feature 90 units reserved for income-qualifying residents who earn at or below 22, 33 and 60 percent of the area median income (AMI), with rents ranging from $228 to $1,107 per month. The floor plan mix includes one-, two- and three-bedroom units ranging in size from 802 to 1,137 square feet. The property is scheduled to deliver in early 2024. Amenities will include a clubhouse and fitness center, community splash pad and playground, outdoor barbecue area and a media room for residents. Housing for Homeless will also offer services to residents including adult literacy training, an employment assistance program and a financial management program. Funding sources for Orchid Lake include $15.7 million in 9 percent Low Income Housing Tax Credit equity syndicated through Raymond James Bank, as well as a $9 million loan through the State Apartment Incentive Loan program (SAIL). Other capital sources include loans from Raymond James Bank, Florida …

January 5, 2023

Development Multifamily New York Northeast

Reports: Brookfield, Park Tower Group Open 745-Unit Eagle + West Apartments in Brooklyn

by Taylor Williams January 4, 2023

NEW YORK CITY — Multiple local news outlets including Curbed New York City and New York Yimby have reported that a partnership between Brookfield Properties and Park Tower Group has opened Eagle + West, a 745-unit apartment community in Brooklyn. The latter publication notes that Eagle + West, which was designed by international architecture firm OMA, is located within the Greenpoint Landing development and comprises two towers that rise between 30 and 40 stories. According to the property website, Eagle + West features studio, one-, two- and three-bedroom units and amenities such as indoor and outdoor pools, a fitness center with yoga and spin studios, terrace with grilling stations, a game room, coworking lounge, catering kitchen and a children’s play area. Rents start at approximately $3,500 per month for a studio apartment.

January 4, 2023

Acquisitions California Development Industrial Western

Seefried Properties, USAA Buy 19 Acres for Logistics Center Development in Tracy, California

by Amy Works January 4, 2023

TRACY, CALIF. — Seefried Partners and USAA Real Estate have acquired a 19-acre site at the northwest corner of Grant Line Road and Chrisman Road for the development of a distribution warehouse. Construction for the speculative, 335,157-square-foot building is slated to begin in fourth-quarter 2023. The building will feature ample auto and trailer parking, 36-foot clear heights, ESFR sprinklers, and LED warehouse and site lighting that meets the needs of modern industrial users. Mike Goldstein and John Steinbuch of Colliers represented the development partners in the land transaction and will handle leasing efforts for the project. HPA Architecture is serving as project architect and Kier & Wright is the civil engineer.

January 4, 2023

Development Georgia Leasing Activity Mixed-Use Office Southeast

MARTA Signs 130,000 SF Office Lease at Uptown Atlanta’s East Tower

by John Nelson January 4, 2023

ATLANTA — The Metropolitan Atlanta Rapid Transit Authority (MARTA) has signed a 130,000-square-foot office lease at Uptown Atlanta, a 47-acre mixed-use development in Atlanta’s Lindbergh neighborhood. Rubenstein Partners is redeveloping Uptown Atlanta, which is anchored by the Lindbergh Center MARTA Station and home to MARTA’s headquarters. MARTA is moving its Capital Programs, Expansion and Innovation (CPEI) Group to the project’s East Tower. About 540 MARTA employees are relocating to occupy four floors at Uptown Atlanta from 2400 Piedmont Road. Uptown Atlanta features 100,000 square feet of street-level retail space, greenspace and art, as well as 1 million square feet of Class A office space. Rubenstein recently completed the reimagination of the 35,000-square-foot office atrium to include modern amenities and collaborative spaces. Skillshot Media, an esports provider, recently relocated its headquarters to the project and regularly activates the high-tech atrium with global esports events. Rubenstein plans to complete the redevelopment this fall.

January 4, 2023

Development Multifamily Texas

Realty Capital Breaks Ground on 200-Unit Multifamily Project in Flower Mound, Texas

by Taylor Williams January 3, 2023

FLOWER MOUND, TEXAS — Locally based developer Realty Capital has broken ground on a 200-unit multifamily project in Flower Mound, located in the northern-central part of the metroplex. The 16-story building at 3111 Sunset Blvd. will be situated within a larger 40-acre development. Units will come in one-, two- and three-bedroom floor plans, as well as townhomes, and will feature an average size of 1,485 square feet. The amenity package will comprise a pool with a deck and full-service bar, 24-hour attended lobby with concierge services, a private dining room and a billiards room. Barings provided construction financing for the project, which includes 6,000 square feet of retail space and is slated for a 2025 completion.

January 3, 2023

Alabama Development Multifamily Southeast

Gateway Ventures, McShane Deliver 343-Unit Apartment Community in Huntsville

by John Nelson December 23, 2022

HUNTSVILLE, ALA. — McShane Construction Co. has completed the construction of Laurel at Dry Creek, a 343-unit apartment community in Huntsville. The developer is Gateway Ventures Real Estate. Sitting on 20 acres, the property comprises 16 apartment and townhome buildings housing units in one-, two- and three-bedroom layouts. Designed by Dynamik Design, Laurel at Dry Creek features 7,000 square feet of amenity space, including a fitness center, pool, fire pit, pickleball courts, hammock garden, car wash, dog park and pet-grooming station. The community was 85 percent leased at the time of delivery.

December 23, 2022

Connecticut Development Multifamily Northeast Student Housing

Landmark Properties, Manulife to Develop 890-Bed Student Housing Project Near University of Connecticut

by Taylor Williams December 23, 2022

STORRS, CONN. — A joint venture between Georgia-based Landmark Properties and Manulife Investment Management will develop The Standard at Four Corners, an 890-bed student housing project that will be located near the University of Connecticut in Storrs. The project will offer studio, one-, two- and three-bedroom units and amenities such as a pool, study lounges, a fitness center, computer lab and gaming lounge. The community will also feature 14,500 square feet of ground floor retail space. Completion is slated for August 2025.

December 23, 2022

Development Florida Leasing Activity Office Southeast

Kirkland & Ellis Signs 115,000 SF Office Lease at 830 Brickell in Miami

by John Nelson December 23, 2022

MIAMI — Law firm Kirkland & Ellis has signed a lease at 830 Brickell, a 55-story office building located in downtown Miami’s Brickell district. The firm will occupy a six-floor, 115,000-square-foot space at the property, which was developed by OKO Group and Cain International. Brian Gale, Ryan Holtzman and Andrew Trench of Cushman & Wakefield represented the landlord in the lease negotiations. Neil Goldmacher, Mitchell Millowitz and Ryan Rosalsky of Newmark and Kevin Kushner of CBRE represented Kirkland & Ellis. Other tenants at the building, which is expected to be 100 percent leased at the time of opening early next year, include Citadel, CI Financial, Microsoft, Thoma Bravo, AerCap and Marsh Insurance. Amenities at the office tower will include a rooftop bar/lounge and restaurant, a health and wellness center, conferencing facilities, an outdoor terrace, cafés and street-level retail space. Adrian Smith + Gordon Gill acted as architect for the project, with interiors by Italian firm Iosa Ghini Associati.

December 23, 2022

Development Florida Multifamily Southeast

Global City, Gilu to Break Ground on $90M Multifamily Community in Fort Myers, Florida

by John Nelson December 22, 2022

FORT MYERS, FLA. — A joint venture between two Miami-based developers, Global City Development and Gilu Development, plans to develop a $90 million multifamily project in Fort Myers. The companies purchased the site, a 17- acre parcel on the corner of Crystal Drive and 6 Mile Cypress Parkway, in August. The unnamed, 255-unit gated property will comprise one-, two- and three-bedroom residences ranging in size from 786 to 1,690 square feet. Amenities will include private garages, outdoor exercise areas and a two-story clubhouse that will feature a fitness center, meditation area, children’s playroom, private Zoom studios, coworking space, event room, onsite management office, package room and a pool overlooking the community’s private lake. The development team, including general contractor ANF Group Inc., plans to break ground in January 2023 with a completion date set for second-quarter 2024.

December 22, 2022

Development Multifamily New York Northeast

NREA, Taconic Top Out 33-Story Apartment Building in Midtown Manhattan

by Taylor Williams December 22, 2022

NEW YORK CITY — A partnership between National Real Estate Advisors and Taconic Partners has topped out a 33-story apartment building in Midtown Manhattan. The building at 312 W. 43rd St. is located at the confluence of the Times Square and Hell’s Kitchen neighborhoods and will house 330 apartments and 42,000 square feet of retail space. In addition, the property will offer 28,000 square feet of indoor and outdoor amenities. Handel Architects designed the building, and Triton Construction is serving as the general contractor. Full completion is slated for fall 2024.

December 22, 2022

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