Development

Arbor-South-Ann-Arbor
Affordable HousingDevelopmentMichiganMidwestNews

Michigan Approves $651M Ann Arbor Mixed-Income Project

by Lynn Peisner

ANN ARBOR, MICH. — Oxford Cos. and Crawford Hoying have received final state approval for Arbor South, a mixed-use redevelopment project covering approximately 20 acres on the south side of Ann Arbor. The project cost is estimated at $651 million. Arbor South, a brownfield development, is expected to include 1,069 residential units and encompass more than 2.2 million square feet. Plans call for predominantly rental apartments as well as a small for-sale component. Detailed city plans include 30 condominium units and 209 permanently affordable apartments to be developed in partnership …

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Stephen-Lohr
Architecture & DesignDevelopmentIndustry Voices

Research Uncovers a few Surprises about Today’s Renter

by Lynn Peisner

By Stephen Lohr Developers and property managers are navigating a multifamily landscape that looks much different than it did a decade ago. Affordability challenges are redefining priorities and hybrid work styles are reshaping lifestyles. To meet the needs of residents, developers and owners must understand this transforming market and the renter priorities that drive it. The Residency Reshaped report is a joint effort by Dallas-based architecture firm Corgan and Hugo, the name given to the firm’s multifamily residential practice. The report provides a data-driven framework to help stakeholders better understand …

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Caroline-Pompano-Beach jpg
DevelopmentFloridaLeasing & MarketingNewsSoutheast

Morgan, Carlyle Complete Caroline in Pompano Beach, Florida

by Lynn Peisner

POMPANO BEACH, FLA. — Morgan and Carlyle have opened Caroline Pompano Beach, a 352-unit community at 1200 NE 23rd St. within Pompano Citi Centre, an open-air lifestyle retail center in Pompano Beach. The project was a redevelopment of a former Macy’s department store. Caroline Pompano Beach includes eight four-story residential buildings housing studios, one-, two- and three-bedroom units. Amenities feature a coworking lounge with private offices, a conference room and work pods; a coffee bar; a clubhouse with catering kitchen, billiards table and television lounge; and a fitness center; resort-style …

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Wellstead-at-Kinderton-Bermuda-Run
Build-to-RentDevelopmentNewsNorth CarolinaSoutheast

Canvas Residential, Kelley Properties to Develop Build-to-Rent Community Near Winston-Salem, North Carolina

by Lynn Peisner

BERMUDA RUN, N.C. — Canvas Residential Partners and Kelley Properties have broken ground on Wellstead at Kinderton Farms, a 141-home build-to-rent community in Bermuda Run approximately 15 miles southwest of Winston-Salem. The community will feature a mix of rental townhomes and detached single-family homes. Townhomes will range from 1,200 to 1,700 square feet, from two to four bedrooms. Some townhomes will include a private backyard. Single-family homes will range from 1,900 to 2,100 square feet with four bedrooms and two-car garages. First units are slated for completion in spring 2028.

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The-Summit-Avon
Affordable HousingColoradoDevelopmentNewsWestern

Grand Peak Breaks Ground on Mixed-Income Community in Avon, Colorado

by Lynn Peisner

AVON, COLO. — Denver-based developer Grand Peak, in partnership with Silverton Holdings, a Braselton, Georgia-based developer specializing in hospitality projects, has broken ground on The Summit, a 164-unit community in Avon, approximately 106 miles west of Denver and about 10 miles west of Vail, Colorado. Civitas Capital Group provided an undisclosed sum of construction financing for the project, which will include 16 workforce housing units reserved for tenants earning no more than 100 percent of area median income. Amenities will include a fitness center, game room, dedicated ski and gear …

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Greenline-Monona
DevelopmentMidwestNewsWisconsin

Galway Cos. Starts Construction of The Greenline in Wisconsin

by Lynn Peisner

MONONA, WIS. — Galway Cos. has broken ground on The Greenline, a 357-unit community with 16,000 square feet of ground-floor retail space in the Madison, Wisconsin, suburb of Monona. The Greenline is part of a broader redevelopment effort along Monona’s Broadway corridor that is being led by locally based Galway Cos. in partnership with the City of Monona and the Monona Community Development Authority. The corridor is a two-mile stretch along the southern border of the city where officials are hoping to develop future transit-oriented projects. The developer also will …

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1000-W-Jackson-Chicago
Affordable HousingDevelopmentFinanceIllinoisMidwestNews

Affinius Originates $130.4M Construction Loan for Aldi-Anchored Chicago Project

by Lynn Peisner

CHICAGO — Affinius Capital has originated a $130.4 million construction loan to finance 1000 W. Jackson, a 25-story development in Chicago’s West Loop submarket. The developer is a joint venture between Chicago-based Mavrek Development and Toronto-based Fengate Asset Management, a North American alternative investment manager. John Parrett of CBRE arranged the financing. The project will include 21,500 square feet of retail pre-leased to Aldi and 380 apartments, including 76 units set aside as affordable. Rent restrictions were not disclosed. Floor plans range from studios to three-bedroom units complemented by amenities …

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Lookout-Pointe-Selma
DevelopmentNewsTexas

Inland, Cambridge Near Completion of Metro San Antonio Project

by Lynn Peisner

SELMA, TEXAS — A joint venture comprised of affiliates of Inland Real Estate Group of Cos. and Cambridge Development Group is nearing completion of Lookout Pointe, a 281-unit development in the northeast San Antonio suburb of Selma. The first residences are slated for completion in October. The community is comprised of studios, one- and two-bedroom units complemented by a clubhouse, fitness center, business center, resort-style pool, dog park and a rooftop patio with a gas grill and outdoor entertainment areas.

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500-North-Michigan-Chicago
DevelopmentIllinoisMidwestNews

Commonwealth Development Partners Obtains Financing, Breaks Ground on Chicago Office-to-Residential Conversion

by Lynn Peisner

CHICAGO — Commonwealth Development Partners has broken ground on the $162 million redevelopment of 500 North Michigan Ave. in Chicago. JLL arranged a $71.5 million construction loan through Santander Bank and $41.8 million in equity from Washington Capital Management. The project will convert a 25-story office tower, built in 1968, to a 320-unit luxury apartment community in Chicago’s Magnificent Mile district. Twenty percent of units will be designated affordable, rent restricted to 40 to 80 percent of area median income. Connecticut-based Commonwealth Development and partner Triangle Capital Group acquired the …

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Nick-OBrien-NRPNick-OBrien-NRP
Affordable HousingCompany NewsDevelopmentPeople News

The NRP Group Hires Nicholas O’Brien to Expand Affordable Housing Development in New York

by Lynn Peisner

NEW YORK CITY — The NRP Group has appointed Nicholas O’Brien as vice president of affordable housing development and finance in New York. O’Brien will help expand The NRP Group’s affordable housing pipeline across New York State outside the five boroughs, including Long Island, Westchester County, the Hudson Valley and Upstate New York. He will report to Jonathan Gertman, senior vice president of development, who oversees market-rate and affordable development efforts in New York. In his new role, O’Brien will identify and evaluate new affordable housing development opportunities, support transaction …

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