Development

Flager-Fort-Lauderdale
DevelopmentFinanceFloridaNewsSoutheast

JLL Arranges Construction Financing for Fort Lauderdale Project

by Lynn Peisner

FORT LAUDERDALE, FLA. — JLL has arranged a $28 million loan, provided by Goldman Sachs, for the development of URBANIA Flagler 1 Ave in Fort Lauderdale. The borrower and developer is Hollywood, Florida-based Continua Developments, a development company that was active in Colombia before doing business in the United States starting in 2021. JLL Capital Market’s Debt Advisory team was led by Max La Cava, Jimmy Calvo and Kenny Cutler. Continua is partnering with SP Developments, a Miami-based residential developer, on the URBANIA project. Construction started earlier this year, and …

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MacDonald-Manor-Chesapeake
Affordable HousingDevelopmentFinanceInvestment SalesNewsSoutheastVirginia

Fairstead Buys, Plans Redevelopment of Hampton Roads-Area Affordable Housing Community

by Lynn Peisner

CHESAPEAKE, VA. — Fairstead has acquired MacDonald Manor, an affordable housing property in Chesapeake, and will redevelop it using $26 million of rental assistance demonstration (RAD) Section 18 funding. RAD Section 18 is a HUD program designed to preserve and improve affordable housing. The entire acquisition and rehab cost is $55 million. Chesapeake Redevelopment and Housing Authority, Virginia Housing and Hudson Housing Capital are project partners. The redevelopment work will begin this fall and is estimated to be complete in fall 2027. Located at 1331 MacDonald Road, MacDonald Manor is …

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ALTA-EIGHTY-SEVEN-Gilbert
ArizonaDevelopmentNewsWestern

Wood Partners Opens Alta 87 in Metro Phoenix

by Lynn Peisner

GILBERT, ARIZ. — Wood Partners has opened Alta 87 in Gilbert, a southeastern suburb of Phoenix located about 23 miles from downtown. Alta 87 is a 257-unit development comprised of one-, two- and three-bedroom units. Amenities include two pickleball courts, electric vehicle charging stations, a pool and hot tub and a two-story clubhouse with a fitness center,  coworking spaces, a speakeasy and bike storage. The developer broke ground in March 2024. Atlanta-based Wood Partners completed three other Alta-branded communities in Phoenix in 2024: Alta Avondale, Alta Rise and Alta Uptown.

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Daniel-Wennogle-Womble-Bond-Dickinson
DevelopmentIndustry Voices

To Prevent Legal Disputes Down the Road, Developers Need to Avoid the ‘Johnny Cash Contract’ 

by Lynn Peisner

Multifamily housing developers and property owners invest significant time and money into site selection, entitlements and financing, but they often give construction contracts far less attention and time than they deserve. Despite the high stakes, it’s not uncommon for developers to hand over a “Frankenstein-ed” AIA contract (a legal agreement issued by the American Institute of Architects covering areas such as costs, timelines and responsibilities) that is stitched together from old deals, then ask their legal counsel for a “quick review” with minimal edits that won’t “kill the deal.” As …

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Westside-Village
DevelopmentNewsTexas

Fort Worth’s $1.7 Billion Westside Village to Include 1,785 Residential Units

by Lynn Peisner

FORT WORTH, TEXAS — FW Westside RE Investors, a partnership between The Keystone Group and Larkspur Capital, will begin construction of the first phase of a mixed-use project about two miles west of downtown Fort Worth in 2026 with completion slated for 2028. The $1.7 billion Westside Village project will be developed in phases on 37 acres at 100 University Drive in Fort Worth. Phase I will include a 308-unit multifamily community and a 100,000-square-foot office building, which will also include retail and restaurant space. HPI is leasing the office …

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Residences-at-Harper
Affordable HousingDevelopmentNew JerseyNewsNortheast

Pennrose Opens Residences at Harper in Moorestown, New Jersey

by Lynn Peisner

MOORESTOWN, N.J. — Pennrose has opened Residences at Harper, a 76-unit affordable housing property in Moorestown, 14 miles east of Philadelphia. Units are reserved for tenants earning no more than 30 and 60 percent of area median income. The four-story building includes a mix of one-, two- and three-bedroom apartments. Five units will be set aside for formerly homeless individuals and families, four units will be accessible to residents with physical disabilities, and two units will be outfitted for residents with hearing and vision impairments. Amenities include a community room, …

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Churchill-Gateway-II-Cleveland
Affordable HousingDevelopmentMidwestNewsOhio

NRP Group Breaks Ground on Second Phase of The Davis in Cleveland

by Lynn Peisner

CLEVELAND — The NRP group has begun construction of Churchill Gateway II, which is the 70-unit second phase of an affordable housing development in Cleveland’s Glenville neighborhood. The first phase, known as The Davis, opened in 2022. Churchill Gateway II will offer one-, two- and three-bedroom residences for individuals and families earning between 30 and 60 of the area median income. Together, both phases total 122 units. Completion is slated for 2026. Development and financial partners include KeyBank, the City of Cleveland and the Ohio Housing Finance Agency, with support …

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Rainbow-Village-Miami
Affordable HousingDevelopmentFloridaNewsSoutheast

ANF, HTG Top Out $185 Million Miami Affordable Housing Development  

by Lynn Peisner

MIAMI — Developer Housing Trust Group (HTG) and construction firm ANF, both locally based, have topped out the Rhapsody at Rainbow Village project in Miami’s Overtown neighborhood. The development team broke ground in June, and completion is slated for early 2027. Units will be reserved for income-qualifying residents who earn at or below 30, 50, 60, 70 and 80 percent of the area median income. Monthly rents for the one-, two- and three-bedroom apartments will range from $793 to $2,634. HTG reports Miami median rents range from $1,875 to $9,070 …

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750-Curtiss
DevelopmentIllinoisMidwestNews

Joint Venture to Break Ground in Chicago Suburb

by Lynn Peisner

DOWNERS GROVE, ILL. — Co-developers Conor Commercial Real Estate and LCI Development Partners, along with investment partner Bailard, will develop 138 units at 750 Curtiss St. in Downers Grove, 30 miles west of Chicago. The development team also includes SGW Architecture & Design and McShane Construction Co. Completion is slated for spring 2027. The six-story residence will be comprised of studios and one-, two- and three-bedroom units as well as five two-bedroom, direct-entry townhomes. Amenities will include a coffee bar, pool, firepits, a dog park, a fitness center, coworking space …

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The-Grand-on-Main
DevelopmentIndianaMidwestNews

BW Development, Skender to Break Ground on $105 Million Mixed-Use Project in Westfield, Indiana

by Lynn Peisner

WESTFIELD, IND. — BW Development will break ground later this year on The Grand on Main, a $105 million mixed-use development formerly dubbed Jersey 32. The builder is Chicago-based construction firm Skender, and the architect is Studio M Architecture and Planning. Completion is slated for 2027. The project, located in Westfield 20 miles north of Indianapolis, will include 216 multifamily units, 51,000 square feet of ground-floor retail and 15,000 square feet of office space. The plan to build a mixed-use site at the intersection of State Road 32 and Poplar …

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