EAST LANSING, MICH. — EdR will build an off-campus student housing development in East Lansing under a joint-venture agreement with RISE: A Real Estate Company (formerly Ambling University Development Group). EdR will develop, construct and manage a mixed-use student community located within walking distance of the Michigan State University campus. EdR will own 90 percent of the $90 million development, serve as managing partner, and be responsible for leasing and management of the community. Construction began recently on the unnamed wrap-style project of 824 beds in a mix of one-, two- and four-bedroom apartments. The development will also feature more than 4,000 square feet of retail space. Apartments will include private bedrooms and baths, washers and dryers, furnishings and granite countertops. Community amenities will include a covered parking garage, computer center, study room, fitness center, and two courtyards with grilling stations, televisions and volleyball courts. The property is scheduled to open in the summer of 2017.
CHICAGO— Gilbane Development Co. has begun construction on 30 East, a new apartment community in Chicago’s South Loop. The site is located one block west of Grant Park and is near seven colleges and universities comprising more than 26,000 students. The 16-story, 150,000-square-foot building, designed by Chicago-based architect Solomon Cordwell Buenz, will feature 255 beds within 134 apartment units. It will be completed for occupancy by August 2017. Residents will have access to building amenities including a club room, café, tech hub, fitness center, lounge areas, gaming areas, study rooms and indoor bicycle storage. Outdoor terraces will feature gas grills, a fire pit, large screen outdoor TV, indoor/outdoor fireplace and several seating areas for social interaction. High-speed Internet and Wi-Fi will be available throughout the building. Additionally, 8,000 square feet of retail space will be located on the ground floor. Apartments will be fully furnished with private bedrooms and bathrooms, floor-to-ceiling windows, in-unit washers and dryers, walk-in closets, fully equipped kitchen and a flat-screen TV. Floor plans include studio, convertible, two-, three-, and four-bedroom units. 30 East will be professionally managed and feature individual leases by the bed.
COLUMBIA, MO. — American Campus Communities (ACC) will develop a 718-bed student housing community adjacent to the University of Missouri campus in Columbia. U Centre on Turner will consist of 182 units located at the intersection of 5th Street and Turner Avenue. The development, expected to come on line in the fall of 2017, will include 177 four-bedroom, four-bathroom units and five two-bedroom, two-bathroom units in two buildings, surrounding a controlled-access parking garage. U Centre on Turner will include a 12,000-square-foot community center with a fitness center, game room, offices and academic success center. The project will also include a courtyard with a pool, spa and outdoor cooking stations. The site is a 3.8-acre assemblage that was purchased last year. Kurt Hollenberg of United Country-Commercial represented the seller, Ginger C LLC. Thomas Horvath of CR Commercial Realty represented American Campus Communities in the transaction.
LEWISVILLE, TEXAS — Bright Realty has held a topping out ceremony for its upcoming multifamily project known as Discovery at The Realm. The first of Discovery at The Realm’s 423 apartment units are on track to deliver in April. The topping out party celebrated the completion of the three apartment buildings’ major structural and environmental construction, which includes a lake with promenade pedestrian access. Members of Bright Realty development, leasing and marketing teams, general contractor Andres Construction, project architects from Charlotte, N.C.’s LandDesign, local officials and Bright Realty’s business partners attended the celebration. Bright Realty begins pre-leasing activities for Discovery at The Realm later this month as interior finish work begins. Located south of Windhaven Parkway at Castle Hills Drive in Lewisville, Discovery at The Realm’s first phase features three podium-style buildings on 20.4 acres. All Phase I units should be delivered by October. Total project costs are $75 million. Discovery at The Realm is the first project in The Realm at Castle Hills, a mixed-use project to be built along State Highway 121 frontage. At completion, Discovery at The Realm will include more than 4,000 apartment units, with another 800 units planned within other parts of The Realm at …
MONTCLAIR, N.J. — PMZ Realty Capital has arranged a $26.5 million construction loan for The MC Hotel, an Autograph by Marriott property, in Montclair. Situated within the CentroVerde development, the 150-room hotel will feature 7,500 square feet of office space, a farm-to-table restaurant, rooftop bar, lobby and outdoor plaza. The hotel is slated to open in third quarter 2017.
BOLINGBROOK, ILL. — Conor Commercial Real Estate, a member of The McShane Cos., has broken ground on a 70-acre industrial business park in Bolingbrook, approximately 30 miles southwest of Chicago. The Fountain Square Commerce Center will consist of four speculative buildings that range from 109,088 square feet to 320,532 square feet and a 12-acre build-to-suit site. The speculative buildings are divisible by 30,000 square feet and will feature ample car and truck parking, substantial dock door positions, 32-foot clear heights, ESFR sprinkler systems and office space. The Class A industrial business park, slated for completion this summer, will be situated along the I-55 corridor. Brian Carroll and Jim Cummings of Newmark Grubb Knight Frank (NGKF) have been assigned to lease up the property.
KENOSHA, WIS. — Continental Properties has purchased land for the future development of an apartment project in Kenosha, approximately 40 miles south of Milwaukee. North Shore Bank sold a 48.5-acre land parcel to Continental Properties for $2.6 million. Continental Properties plans to develop 280 units in Phase I and an additional 200 units in Phase II. Phase I is scheduled to start this spring. Upon completion, the project can be accessed from 125th Avenue or 71st Street. Andrew Stefanich of CBRE was the sole broker for the land parcel transaction.
ROWLETT, TEXAS — Armstrong Development Properties, in partnership with Briarwood Capital Corp., has completed construction of a 28,000-square-foot Sprouts Farmers Market with 7,500 square feet of adjacent restaurant and retail space in Rowlett. Construction commenced January 2015 and was completed in November. The grand opening date for the New Sprouts Farmers Market was Dec. 30. Phase II of the project consists of 10 acres, including five pad sites and up to 50,000 square feet of additional anchor or junior anchor space.
BEAUMONT, TEXAS — NAI Wheeler has changed its name to Wheeler Commercial. This change represents a DBA (Doing Business As) change only. KenWheel Inc. remains unchanged. The president of the company, Lee Wheeler, has been serving southeast Texas for more than 16 years and has been in the commercial real estate business for more than 18 years. The structure and personnel of the company has not changed. Wheeler Commercial specializes in commercial real estate and brokerage services including sales, leasing, consulting and property management.
DALLAS — Steve Jarvie has joined E Smith Realty Partners as president. Jarvie will lead the growth initiative for Dallas tenant representation services and will serve on the company’s executive committee, assisting with strategic direction for the company. Prior to joining E Smith Realty, Jarvie served as executive vice president at Jones Lang LaSalle (JLL) and The Staubach Co., focusing on the development of new business and management of client transactions. Jarvie has accounted for more than 10 million square feet of leases during his career. Jarvie earned his Bachelor of Arts degree from Baylor University in Waco.