DALLAS — Larkspur Capital Partners has broken ground on The Block on Bennett, a townhouse community in the Knox-Henderson area of Dallas. The project is scheduled for completion in early 2017 and will consist of 22 units.
GREENVILLE, S.C. — A development partnership between Atlanta-based TPA Group, Greenville-based Appian Investments and Boston-based Long Wharf Real Estate Partners plans to build a new 331,850-square-foot spec industrial facility in Greenville. The property will be situated within the 1,100-acre Augusta Grove business park on a 46.1-acre site at the intersection of Matrix Parkway and Old Grove Road. Known as Augusta Grove #17, the Class A, rear-load project will feature 32-foot clear heights, LED lighting and an ESFR sprinkler system. The development team plans to break ground on the property by the end of the year and wrap up construction by late summer 2017. NAI Earle Furman is marketing the property for lease or sale. The project team includes Greenville-based general contractor Harper Corp., architect Wakefield Beasley & Associates and civil engineer blueWATER Civil Design.
ST. PETERS, MO. — GBT Realty Corp. has acquired a 28-acre piece of land to develop The Shoppes at Mid Rivers in St. Peters, a suburb of St. Louis. National tenants such as Academy Sports + Outdoors, Marshalls, Homegoods and more will occupy the 270,000-square-foot center located north of Interstate 70. An additional 30,000 square feet and four outparcels remain available. The City of St. Peters was heavily involved with the project and approved an incentive package worth up to $10 million, as well as the rezoning of the property. The existing John Deere dealership on the site will move to 3575 Veterans Memorial Parkway in St. Charles, Mo.
BLOOMFIELD HILLS, MICH. — Hilton and Kingsley Hospitality LLC have unveiled plans for a $10 million renovation of the Kingsley Inn in Bloomfield Hills. The historic hotel will reopen as a DoubleTree by Hilton in the fall of 2017. The updated hotel will feature a full-service restaurant, indoor pool and 11,396 square feet of meeting space. Neumann/Smith Architecture is designing the hotel’s exterior renovation. Hotel Investment Services Inc. will operate the hotel, which is expected to open in fall 2017. The hotel will remain open during the renovation.
MINNEAPOLIS — CBRE, on behalf of Franklin Street Properties, has unveiled plans to renovate and reposition 801 Marquette Avenue in the heart of downtown Minneapolis. The four-story, 130,000-square-foot building — a former TCF bank that is currently vacant — is located on the corner of Marquette Avenue and 8th Street and dates back to the 1920s. The renovation is currently underway and will enhance the building’s brick exterior while opening the interiors to create tenant spaces with high concrete ceilings and floors. The 801 Marquette building will be available for occupancy in April 2017. At the heart of the renovation is the five-story Atrium, which will become a multipurpose hub for the two-building project. 801 Marquette and the Atrium are also part of a larger project including the adjacent 121 South 8th Street office tower. FSP is the owner of the two office buildings, parking ramp and shared Atrium. Mark McCary and Larissa Champeau of CBRE’s Minneapolis office are exclusively marketing the property for lease.
NEW YORK CITY — Working with Enterprise Community Partners Inc. and LiveOn NY, Hellenic American Neighborhood Action Committee (HANAC) has broken ground for HANAC’s Corona Senior Residence, an affordable seniors housing building located at 54-17 101st St in the Corona section of Queens. Designed by think! Architecture and Design, the 68-unit property will feature 21 units reserved for vulnerable seniors and all units, except for the superintendent’s unit, will be income-restricted. Bruno Frustaci Contracting Inc. is constructing the building, which is slated for completion in spring 2018. The building will meet New York State Energy Research & Development Authority Multifamily Performance Standards for Energy Star certification and Enterprise Green Communities Criteria. Additionally, the property will be the first seniors housing development in the country to meet the Passive House Institute design standards.
EL PASO, TEXAS — Alden Capital Partners, in partnership with the Housing Authority of the City of El Paso (HACEP), has closed on $6 million in low-income housing tax credit equity financing for the rehabilitation of George W. Baines and Charles R. Morehead Apartments. The financing will be used to renovate 58 units at Baines and 62 units at Morehead for families and seniors. Baines and Morehead were built in 1982 and 1984. Rehabilitation for the properties is underway and is scheduled for completion by August 2017. Upgrades will include Energy Star appliances, central heating and air conditioning and outdoor picnic areas. Community amenities will include central laundry facilities, on-site management and a clubhouse. Units at both locations will be restricted to households at or below 60 percent of the area median income. Alden Capital Partners facilitated the investment of federal tax credit equity through its multi-investor fund, Alden Capital Partners Tax Credit Fund 20. Alden Capital Partners also provided equity bridge financing via the purchase of unsecured, tax-exempt Series B bonds. This allowed the transaction to take advantage of a Freddie Mac tax-exempt loan bond structure, which lowered the long-term financing costs.
CHARLOTTE, N.C. — Stiles plans to develop a new Class A, 64,000-square-foot office building located at 300 W. Summit Ave. in Charlotte’s historic South End neighborhood. The three-story project will feature underground parking and a rooftop terrace. The asset will be situated within walking distance of the Bland Rail Station, less than one mile from the Dowd YMCA and three miles from I-85. Stiles’ Charlotte office has begun site work and will begin vertical construction in March 2017, with an expected delivery in first-quarter 2018. Charley Leavitt and Stephen Woodard of JLL are handling the office building’s leasing responsibilities.
GRAND PRAIRIE, TEXAS — IKEA has officially broken ground on its second Dallas-area store, slated to open fall 2017 in Grand Prairie. The new location will be IKEA’s fourth in the state of Texas, complementing locations in Houston and Round Rock. The 290,000-square-foot IKEA Grand Prairie will include 1,100 parking spaces on 30 acres along the eastern side of State Highway 161 and Mayfield Road. An additional 15 acres next to the store could be developed for ancillary commercial or retail uses. IKEA has selected Mycon General Contractors to build the store, which will be home to 300 employees when complete.
SOUTHFIELD, MICH. — Raleigh Officentre Southfield LLC selected Friedman Integrated Real Estate Solutions to manage, lease and oversee planned improvements for Raleigh Officentre in Southfield, a suburb of Detroit. Located at 25300 and 25330 Telegraph Road, the 297,000-square-foot Raleigh Officentre consists of two connected six-story office buildings on 14.6 acres. Friedman’s construction and design team will oversee the planned improvements, including landscape enhancements and fully remodeled lobbies. Spaces available for lease range from 1,000 to 280,000 square feet.