Thursday, July 10, 2025
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DevelopmentFloridaMultifamilySoutheast

Alliance Residential Acquires 12 Acres in Tampa for Waterfront Multifamily Development

by John Nelson

TAMPA, FLA. — Alliance Residential Co. has acquired a 12-acre property located at 5105 W. Tyson Ave. in Tampa for $15. 8 million. Mark Eilers and Ed Miller of Colliers brokered the sale on behalf of the undisclosed seller. The Arizona-based developer plans to use the site for the development of Broadstone Westshore, a 325-unit luxury apartment community. To be developed in partnership with Santander Bank, Broadstone Westshore will comprise apartments ranging in size from 593 to 1,520 square feet, as well as a clubhouse, pool, fitness center, dog park and wash station, podcast studio, business center and media lounge. Construction is scheduled to begin within the next few weeks, with the first units expected to be ready in April 2024.

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DevelopmentIndustrialSouth CarolinaSoutheast

Treeline to Build 300,000 SF Industrial Park in Gaffney, South Carolina

by John Nelson

GAFFNEY, S.C. — New York-based Treeline has acquired a 36-acre site in Gaffney, a city in South Carolina roughly equidistant between Greenville, S.C., and Charlotte. Treeline was self-represented in the transaction, in which they acquired the property from Hart Consumer Products Inc. The land will be used for the development of a 300,000-square-foot, $30 million industrial facility dubbed Victory Crossing. The project will mark Treeline’s third industrial facility in the Southeast. Choate Construction Co. will serve as general contractor for the development, with Warren Snowdon of Foundry Commercial acting as the exclusive leasing agent for the property, which will house manufacturing and warehouse/distribution tenants.

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DevelopmentFloridaIndustrialSoutheast

Merritt Properties Buys Land in Jacksonville for 158,400 SF Industrial Development

by John Nelson

JACKSONVILLE, FLA. — Merritt Properties has acquired 16 acres off of First Coast Expressway in Jacksonville for the development of a business park comprising 158,400 square feet. The development will feature four single-story, flex/light industrial buildings ranging from 21,600 to 57,600 square feet. Construction is slated to begin before the end of this year, with the first phase including three buildings along Armstrong Lane.

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DevelopmentIndustrialTexas

Proterra Properties Begins Work on 114,400 SF Industrial Flex Facility Near DFW Airport

by Taylor Williams

GRAND PRAIRIE, TEXAS — Locally based developer Proterra Properties has begun construction of Carrier/360 Distribution Center, a 114,400-square-foot industrial flex facility that will be located near Dallas-Fort Worth International Airport in Grand Prairie. The rear-load facility will feature 32-foot clear heights, 120-foot truck court depths, 32 dock-high doors, two drive-in ramps and a high office finish. Completion is slated for July 2023. Proterra Properties will also handle leasing of the property.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Alliance Residential Opens 335-Unit Broadstone Oak City Apartments in Raleigh

by John Nelson

RALEIGH, N.C. — Alliance Residential Co. has opened Broadstone Oak City, a 335-unit apartment community located at 2911 Mid-Century Drive in Raleigh’s East Midtown district. Located near Capital Boulevard and I-440, the site formerly housed a Holiday Inn hotel that opened in the 1970s and was converted in 2005. Broadstone Oak City features studio, one-, two- and three-bedroom apartments ranging in size from 640 to 1,356 square feet. Amenities include a podcast studio, cold brew on tap, private workspaces, pet park, outdoor grills, resort-style saltwater pool with in-pool loungers, indoor fitness center, outdoor fitness space featuring Beaverfit equipment, 445 parking spaces and four electric vehicle charging stations. The design-build team includes LS3P, Cline Design Associates and McAdams. Rental rates range from $1,439 for a studio to $2,240 for a three-bedroom apartment, according to the property website.

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DevelopmentIndustrialNew JerseyNortheast

Hampshire Cos., Invesco to Develop 111,660 SF Industrial Project in North Arlington, New Jersey

by Taylor Williams

NORTH ARLINGTON, N.J. — A joint venture between locally based developer Hampshire Cos. and global investment management firm Invesco will develop a 111,660-square-foot industrial project in North Arlington, located just outside Newark. The facility will feature a clear height of 40 feet, 22 dock-high doors, five trailer parking spaces and roughly 4,500 square feet of office space. Michael Klein, John Rose, Jon Mikula and Ryan Carroll of JLL arranged construction financing through BMO Financial Group on behalf of the joint venture. A tentative completion date was not disclosed.

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CivicDevelopmentKansasMidwest

McCarthy to Build $70M Improvement Project for Kansas River Wastewater Treatment Plant in Lawrence

by Kristin Harlow

LAWRENCE, KAN. — McCarthy Building Cos. Inc. will build a $70 million improvement project for the Kansas River Wastewater Treatment Plant located at 1400 E. 8th St. in Lawrence. The project marks the city’s second-largest funded wastewater project. The improvements are required to meet the National Pollutant Discharge Elimination System regulatory permit requirements issued by the Kansas Department of Health and Environment. The plant, which receives nearly 80 percent of the city’s wastewater, originally opened in 1956 and has an average daily flow of 8 million gallons per day. Preconstruction efforts are underway, with official groundbreaking slated for May 2023. Completion is scheduled for fall 2026.

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Affordable HousingCaliforniaDevelopmentMultifamilyWestern

Forge Development, Bridge Investment Open 240-Unit Studio Apartment Complex in San Francisco

by Amy Works

SAN FRANCISCO — A partnership between Forge Development Partners and Bridge Investment Group has opened TL Residences, a studio apartment community in San Francisco’s Tenderloin neighborhood. Located at 361 Turk St. and 145 Leavenworth St., the two-building community offers 240 studio apartments, ranging from 230 square feet to 280 square feet, and more than 3,000 square feet of ground-floor retail space. Thirty-one units are available at below-market rate to renters with qualifying annual incomes of $32,000 or less, as mandated by the City of San Francisco’s Office of Housing and Inclusionary Housing Ordinance. An additional 94 units are set aside for renters with voluntarily imposed qualifying annual incomes ranging from $75,000 to $80,000. The remaining units are market rate, ranging from $2,467 to $3,791 per month. Community amenities include a rooftop lounge, community kitchen, yoga studio and pet zone. San Francisco-based Gensler is the architect of record for the project.

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AcquisitionsAffordable HousingGeorgiaMultifamilyOfficeSoutheast

Invest Atlanta Board Approves $39M Acquisition Financing for Two Peachtree Office Tower in Atlanta

by John Nelson

ATLANTA — The City of Atlanta has received approval for $39 million in acquisition financing for the purchase of Two Peachtree Street, a 41-story office building located in downtown Atlanta. The city’s economic development authority, Invest Atlanta, will purchase the building, which the city plans to convert to a mixed-income, mixed-use development. Invest Atlanta is acquiring the property on behalf of the city and plans to hold the property until a redevelopment partner is selected. Built in 1968, the building is currently owned by the State of Georgia.

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AcquisitionsDevelopmentMultifamilyNorth CarolinaSoutheast

Alchemy Properties South, New Valley Realty to Build Residential Tower in Downtown Raleigh

by John Nelson

RALEIGH, N.C. — Alchemy Properties South, in partnership with New Valley Realty, has purchased two properties located in Raleigh for a combined $16 million. The site of the properties, which include a vacant lot at 303 S. Dawson St. and an adjacent retail building at 217 W. Martin St., will be redeveloped as a luxury residential building to feature up to 40 stories and 450 rental and condominium units. Morris Adjmi Architects and JDavis Architects will design the new building. Maxim Capital Group provided financing for the transaction. No construction timeline was disclosed.

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