Development

Williams_Ranch_Vista
DevelopmentNewsTexas

Vista Residential Breaks Ground on First Project in Texas

by Lynn Peisner

RICHMOND, TEXAS — Vista Residential Partners has broken ground on Williams Ranch Vista, a 375-unit project adjacent to Williams Ranch, which is the site of several residential developments in Richmond. The 18.2-acre parcel is located along the I-69 corridor in Fort Bend County and is approximately 21 miles from downtown Houston. A construction timeline was not disclosed. Williams Ranch Vista will offer a mix of one- and two-bedroom units. Interior finishes will include granite countertops in the kitchen and bath areas, stainless steel appliances, subway-tile backsplashes, wood-like flooring, tiled showers …

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Pfizer conversion rendering
Affordable HousingDevelopmentNew YorkNewsNortheast

IPA Arranges $720 Million Loan to Convert Manhattan Pfizer HQ to Apartments

by Lynn Peisner

NEW YORK CITY — IPA Capital Markets has closed a $720 million construction loan for a joint venture between Metro Loft Developers and David Werner Real Estate Investments for the development and conversion of the former Pfizer headquarters consisting of two adjacent and connected office buildings. According to media outlets, Metro Loft and David Werner also secured a $135 million acquisition loan earlier this year. The buildings are located at 219 and 235 East 42nd St. in the Midtown East neighborhood of Manhattan. Upon completion, the property will include 1,602 …

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Camino at BuHi
DevelopmentGeorgiaNewsSoutheast

RangeWater Opens Buford Highway Project

by Lynn Peisner

DORAVILLE, GA. — RangeWater Real Estate has opened Camino at BuHi in Doraville, a suburb of Atlanta. The property was developed in partnership with North America Sekisui House, a subsidiary of Sekusi House, one of Japan’s largest homebuilders. Camino at BuHi offers 303 apartment units and townhomes. It is RangeWater’s 26th development in the Atlanta area and the fourth project for its recently launched in-house construction company. Floor plans at Camino at BuHi are offered as studios as well as one-, two- or three-bedroom units. Amenities include a dog park …

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Bergen-Town-Center-Land
DevelopmentInvestment SalesNew JerseyNewsNortheast

Russo, KRE Buy Multifamily Land Site Near Bergen Town Center in New Jersey

by Lynn Peisner

PARAMUS, N.J. — Urban Edge Properties, a publicly traded REIT, has sold a land site to Russo Development and KRE Group for $25 million. JLL Capital Markets arranged the transaction. The parcel is adjacent to Bergen Town Center in Paramus. The new community will be developed in two phases. The first phase includes 166 units. The second will include 260 units. In each phase, developers will deliver four floors of residential space over two or three levels of parking. The development will also include an amenity package and two retail suites …

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Midway-Village
Affordable HousingCaliforniaDevelopmentNewsWestern

Mid-Pen Opens First Phase of Midway Village in San Mateo County

by Lynn Peisner

DALY CITY, CALIF. — MidPen Housing and partners have completed the construction of Midway Village I, which includes 147 affordable-housing units in Daly City.  MidPen also broke ground on Midway Village II, which will include 113 affordable units and a childcare facility. Midway Village I is reserved for renters earning between 30 and 80 percent of area median income (AMI). The developer has earmarked 12 of the apartments for young adults aging out of foster care. Local teachers/members of the area’s education workforce will have first dibs on 27 of …

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Society-Brooklyn
Affordable HousingDevelopmentNew YorkNewsNortheast

PMG Opens Mixed-Income High-Rise in Brooklyn

by Lynn Peisner

BROOKLYN, N.Y — Property Markets Group (PMG) opened Society Brooklyn in the Gowanus neighborhood on May 15. The two-tower, 21-story, mixed-use, mixed-income property spans 594,000 square feet and features 517 residential units, 25 percent of which are allocated as affordable housing. Society Brooklyn at Degraw’s affordable units are reserved for tenants earning between 40 and 100 percent of area median income (AMI). Units in the second tower, called Society Brooklyn at Sackett, are for tenants earning between 40 and 130 percent of AMI. MNS Real Estate is handling leasing. The exact …

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Bayfront
Affordable HousingDevelopmentNew JerseyNewsNortheast

Pennrose and Partners Break Ground on 100-Acre Mixed-Income Project

by Lynn Peisner

JERSEY CITY, NJ — Bayfront Development Partners, a joint venture between Pennrose and Paths Development, has broken ground on Bayfront Promenade, the first building in the mixed-use, mixed-income Bayfront redevelopment project in Jersey City. The six-story Bayfront Promenade will feature 210 units, 167 of which are set aside for low- and moderate-income households. These include 74 units designated for families earning up to 60 percent of area median income (AMI) and 93 units for families earning up to 120 percent of AMI. A construction timeline for Promenade was not released, …

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The-Union
DevelopmentIndianaMidwest

Thompson Thrift Starts Final Construction Project at Indianapolis Mixed-Use Site

by Lynn Peisner

INDIANAPOLIS — Thompson Thrift has broken ground on The Union at Fishers District, the final phase of the developer’s master-planned development in the Indianapolis suburb of Fishers. This phase will include luxury multifamily as well as 57,000 square feet of retail, restaurant and entertainment space; 70,000 square feet of Class A office space; and a 135-room AC Hotel by Marriott. The multifamily component is called Union Flats. It is a 251-unit community with ground-floor retail space that is slated for completion by late 2026, which is approximately when the rest …

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Affordable HousingDevelopmentFloridaNewsSoutheast

Dominium Acquires Land to Develop Orlando-Area LIHTC Property

by Lynn Peisner

APOPKA, FLA. — Affordable housing developer Dominium has acquired land in Apopka for the development of The Mira. The community will provide 300 rent-restricted homes for families in the Orlando metropolitan area. Apopka is about 20 miles northwest of downtown Orlando. Units are reserved for tenants earning between 50 and 80 percent of area median income. A construction timeline was not disclosed. Upon completion, The Mira will offer 96 one-bedroom, 132 two-bedroom and 72 four-bedroom apartment homes. The community will also feature a range of amenities, including a clubhouse, fitness …

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Columbus-Renaissance-Housing
Affordable HousingDevelopmentMidwestOhio

Woda Cooper Cos. Opens Affordable Housing in Columbus, Ohio

by Lynn Peisner

COLUMBUS, OHIO — Woda Cooper Cos. and co-developer Community Development for All People have opened Columbus Renaissance Housing, a 46-unit affordable housing property in Columbus. Units are reserved for tenants earning up to 60 percent of area median income, which amounts to an annual salary of $61,980 for a family of four. The development of Columbus Renaissance Housing was funded by a combination of public and private investment from entities including the City of Columbus, Franklin County, the Ohio Housing Finance Agency, the Affordable Housing Trust for Columbus & Franklin …

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