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DevelopmentFeaturesOperations

Owner-Controlled Insurance Programs Can be Cost Effective, But Only if Negotiated Smartly

by Lynn Peisner

By Max Stein and Robert Alfert For any construction project, insurance coverage is a critical factor in managing risk. In recent years, owner-controlled insurance programs (OCIPs) for large-scale commercial and residential construction projects have grown in popularity. OCIPs are mainly known for being “wrap-up policies,” which means the owner/developer pays the premium, and the policy provides coverage for all contractors and subcontractors working on the project, with the exception of some higher-risk trades, such as hazardous-materials handling or demolition. While OCIP costs can vary widely depending on project scale and …

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Soleste-on-the-Trail
DevelopmentFinanceFloridaNewsSoutheast

Estate Cos. Secures $60 Million Loan to Build Soleste Property in Palm Beach County

by Lynn Peisner

RIVIERA BEACH, FLA. — The Estate Cos., a Miami-based developer known for its Soleste brand of communities, has secured a $60 million construction loan to build Soleste on the Trail in Riviera Beach. Located approximately five miles north of West Palm Beach and situated aside a lake, the community will be comprised of 255 one- and two-bedroom units. A completion date was not disclosed. Amenities will include a clubhouse, a resort-style pool with cabanas, outdoor barbecue areas, a fitness center with on-demand classes and a yoga studio, a full-service spa, …

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The-Mitchell
DevelopmentGeorgiaNewsSoutheast

CIM Group Opens Centennial Yards High-Rise in Atlanta

by Lynn Peisner

ATLANTA — CIM Group and Centennial Yards Co. have opened The Mitchell, a 19-story luxury high-rise, which is also the first ground-up building completed within the $5 billion Centennial Yards mixed-use development in Atlanta. An earlier project, The Lofts at Centennial Yards South, was built above an existing brewery. The Mitchell, located at 250 Martin Luther King Jr. Drive SW, offers studios and one-, two- and three-bedroom floor plans. Some units feature floor-to-ceiling windows with views of the city. Amenities include a pool, a fitness center, coworking spaces, outdoor gathering …

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Brook-Farm
DevelopmentFloridaNewsSoutheast

Brook Farm Group Breaks Ground in Bradenton-Sarasota MSA

by Lynn Peisner

ELLENTON, FLA. — Brook Farm Group (BFG) has broken ground on The Sinclair at Ellenton, located about 20 miles north of Sarasota, Florida. Completion is slated for early 2027. First Horizon Bank is the construction debt provider, and Fundrise is a preferred equity partner. Brook Farm Group is providing the remaining equity to complete the financing. BFG worked with Patterson Real Estate Advisory Group to arrange the capital for the project. Fortune Johnson is the general contractor. The Sinclair at Ellenton will be comprised of two three-story buildings and three …

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North-and-Valley
Affordable HousingDevelopmentNevadaNewsWestern

The NRP Group Developing Affordable Community in North Las Vegas

by Lynn Peisner

NORTH LAS VEGAS, NEV. — The NRP Group has broken ground on North & Valley, an affordable housing development in North Las Vegas. Completion is slated for April 2027. The community will offer 105 units reserved for tenants earning between 50 and 60 percent of the area median income. According to the City of North Las Vegas, residents’ average yearly income is $75,459. The development site spans five acres and will comprise two four-story buildings with a mix of one-, two- and three-bedroom residences. Amenities will include a resort-style pool, …

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The-Chester
CaliforniaDevelopmentNewsWestern

Kimko, Bozzuto to Add Residential to Historic Bay Area Shopping Center

by Lynn Peisner

DALY CITY, CALIF. — Kimco Realty (NYSE: KIM) and Bozzuto have broken ground on The Chester at Westlake, a 214-unit community located in the Westlake Shopping Center in Daly City, about 10 miles south of San Francisco. The project is part of Kimko’s strategy to incorporate residential into its retail developments. Westlake, a 40-acre, open-air center, opened in 1951 and was acquired by Kimko in 2002. Westlake Shopping Center is described as one of the earliest planned shopping centers in the United States, and neighborhoods were built around the center, …

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2400-E-Atlantic-Blvd
DevelopmentFloridaNewsSoutheast

Portman Approved for Pompano Beach Project

by Lynn Peisner

POMPANO BEACH, FLA. — The City of Pompano Beach has approved Portman’s plans for a mixed-use development at 2400 E. Atlantic Blvd. The Atlanta-based developer will break ground on the eight-story, 397-unit project in fall 2026, with completion slated for late 2028. The community will include a variety of floor plans, some of which will be offered as townhomes with direct street access. Amenities will include a rooftop pool, interior courtyard, a fitness center and a six-story parking garage. At the street level, there will be 10,591 square feet of …

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Alloy-Block
Affordable HousingDevelopmentNew YorkNewsNortheast

Developers Secure $535 Million to Finance Second Phase of Brooklyn Project

by Lynn Peisner

NEW YORK CITY — Alloy Development and The Vistria Group have closed on $535 million in construction financing for the development of One Third Avenue, a 583-unit mixed-income high-rise that comprises Phase II of the Alloy Block development in Brooklyn. The 62-story community will join buildings developed in the first phase of the project — 505 State Street, a mixed-use community, and 489 State Street, a public elementary school. Once complete, the Alloy Block will be home to a total of 1,000 residences, including approximately 200 affordable housing units. Vistria …

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Brentwood-Commons
Affordable HousingDevelopmentGeorgiaNewsSoutheast

Wendover Housing Partners Opens Atlanta Affordable Housing Community

by Lynn Peisner

ATLANTA — Wendover Housing Partners has opened Brentwood Commons, a 113-unit affordable housing community in Atlanta. The property offers one-, two- and three-bedroom apartments with monthly asking rents for one-bedrooms starting at $1,192 and three-bedroom rates set at approximately $1,632. Amenities include a clubhouse with a fireplace-anchored gathering area, a computer center for work and study, a splash pad and playground for children and a fitness center. Each unit is equipped with Energy Star-certified appliances, walk-in closets and a full-size washer and dryer. Designed by Slocum Platts Architects and built …

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2811-Maple
DevelopmentLeasing & MarketingNewsTexas

Crescent Opens Dallas Boutique High-Rise

by Lynn Peisner

DALLAS — Crescent Real Estate has opened 2811 Maple, a 31-story, 177-unit high-rise in Dallas’ Uptown neighborhood. Each floor has no more than seven units, and 60 percent are corner units. Residences range from 950 to 1,900 square feet with 12 penthouses ranging from 2,100 to 2,500 square feet. Asking rents range from $4,000 to $19,500. Amenities include coworking spaces, a fitness center, a resort-style pool with private cabanas, a fire pit, a garden, a pet spa, a coffee bar, controlled-access parking and electric vehicle charging stations. Valet and concierge …

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