FORT WORTH, TEXAS — A partnership between Keystone Group and Larkspur Capital is planning a mixed-use redevelopment project in Fort Worth. The 35-acre site is an assemblage of parcels that includes the former home of the Fort Worth Independent School District. Preliminary plans call for multifamily, hospitality, office, retail, restaurant and entertainment uses, as well as public green space. The partnership has begun demolition of vacant structures and will submit plans to the city’s Planning & Zoning Commission Board later this year, at which time additional project details will be announced.
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EL PASO, TEXAS — A partnership between two California-based firms, PCCP LLC and Panattoni Development, along with Hunt Cos., is underway on construction of a 939,612-square-foot speculative industrial project in El Paso. Project Grande, which represents the first phase of a larger, 1.8 million-square-foot development, will consist of two buildings on a 45-acre site at the southeast corner of Pellicano Drive and Aircoupe Way on the city’s east side. Features of the rear-load and cross-dock buildings will include 36- to 40-foot clear heights, ESFR sprinkler systems and ample trailer parking. Completion of Phase I, which is 50 percent preleased, is slated for the second half of the year.
NEW YORK CITY — A partnership between locally based developer Slate Property Group and RiseBoro Community Partnership has purchased the 350-room JFK Hilton Hotel in Queens with plans to convert the property into a 318-unit affordable housing complex. The partnership purchased the hotel, which was originally built in 1987 and is located about half a mile from JFK International Airport, for $64 million. The new complex will be known as Baisley Pond Park Residences and will house studio, one- and two-bedroom units and amenities such as a fitness center, computer lounge and multiple common rooms. Monthly rents will range from $784 for a studio to $1,493 for a two-bedroom apartment. As part of the conversion, the development team will replace all major building and mechanical systems, including new all-electric heating and cooling systems to reduce emissions. Aufgang Architects is designing the project, which has a total price tag of about $167 million and is expected to take about 21 months to complete.
PHILADELPHIA — Houston-based developer Lovett Industrial has purchased a 109,000-square-foot manufacturing facility in Philadelphia with plans to redevelop the property as a 176,000-square-foot warehouse and distribution center. The 14.5-acre site is located at the southeast corner of U.S. Highway 1 and Red Lion Road in northeast Philadelphia. The new facility will have a rear-load configuration, clear height of 36 feet, 185-foot truck court depths and ample trailer parking space. Cushman & Wakefield represented the undisclosed seller in the land deal. Lovett Industrial plans to begin demolitions next fall following the current manufacturing tenant’s vacating of the premises in the first quarter of next year.
AUSTIN, TEXAS — The Richmond Group, a multifamily owner-operator based in Connecticut, has begun leasing The Prescott, a 340-unit apartment community in Austin’s South Congress neighborhood. The Prescott features 16 different floor plans, including studio, one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies/patios. Amenities include a pool, business center, fitness center, pet park, clubroom, package locker system and outdoor grilling and dining stations. South Florida-based V Starr handled the interior design of the project. Rents start at roughly $1,300 per month for a studio apartment.
BOSTON — California-based owner-operator Kisco Senior Living will develop The Newbury at Brookline, a 159-unit complex that will be located on the west side of Boston. The site is located on the historic former Newbury College campus. The facility will ultimately comprise 81 independent living units, 38 assisted living residences and 40 memory care units via 190,000 square feet of new construction and 20,000 square feet of restoration to the historic Mitton House. The complex is scheduled to open next fall.
NEW YORK CITY — Dallas-based JSC Realty & Investment Services has purchased a multifamily development site in Brooklyn’s Boerum Hill neighborhood with plans to construct a 154-unit project. The 113,000-square-foot site at 540 Atlantic Ave. currently houses a five-story office building that was originally constructed in 1924 and will be demolished. Stephen Palmese, Brendan Maddigan, Michael Mazzara, Ethan Stanton and Winfield Clifford of JLL represented the seller, locally based firm DMA Associates, in the land sale. A construction timeline for the project was not disclosed.
CYPRESS, TEXAS — Atlanta-based multifamily developer Wood Partners has opened Alta Cypress Springs, a 330-unit project located on the northwestern outskirts of Houston. Alta Cypress Springs features one-, two- and three-bedroom apartments that are furnished with stainless steel appliances, granite countertops, tile backsplashes and full-size washers and dryers. Amenities include a pool, fitness center, dog park, business center, clubroom and an outdoor kitchen. Texas-based Design Balance served as the project architect. Rents start at roughly $1,300 per month for a one-bedroom apartment, according to the property website.
AUSTIN, TEXAS — A partnership between Atlanta-based developer NitNeil Partners and locally based investment firm Seamless Capital will develop a 923-unit self-storage facility in East Austin. The existing structure on the 1.5-acre site at 853 Airport Blvd. will be redeveloped into a facility that spans 112,000 gross square feet and 83,000 net rentable square feet of climate-controlled space. LifeStorage will operate the property. Completion is slated for late 2024.
ANNA, TEXAS — Locally based developer JPI, in partnership with the City of Anna, has begun leasing Parmore Anna Senior Living, a luxury independent living community located approximately 50 miles north of Dallas. The property will be the first of its kind in Anna and JPI’s second installment in its new line of senior housing developments. The Anna Housing Finance Corp. is also a partner on the project. The 150,000-square-foot community will span over nine acres and include 185 apartments. Rents start at $1,100 per month for a one-bedroom unit.