Toll Apartment Living Pursues 300-Unit Boston Project, Breaks Ground on First Atlanta Apts.3/29/2018 Toll Brothers Apartment Living continues to expand as it pursues a Boston, Mass., project, and breaks ground on a project in the metro Atlanta, Ga., market. The Atlanta project represents its first foray into this market.
In Boston, Toll is pursuing a Chapter 40B apartment development planned for 770 Broadway that will feature a mix of 300 units including studio, one-bedroom, two-bedroom and three-bedroom apartments. On March 27, representatives for the developer conducted a site visit on the 46-acre parcel where Saugus Residential LLC intends to build a four-story apartment complex called Saugus Ridge. Otto Weiss, a project manager with Toll Brothers Apartment Living, told a group of town officials and department heads who participated in the site walk that the development would take up approximately 25 acres. He noted that the land is currently under agreement for purchase. First Atlanta Project to Open Summer 2019 In Atlanta, Toll has broken ground on a new 348-unit apartment building named Oleander in Executive Park in Brookhaven, Ga.. The new residential units are slated to open next summer on Executive Park West. Emory University purchased 60 acres of Executive Park in 2016 and teamed up with the Atlanta Hawks to build a state-of-the-art Atlanta Hawks/Emory Healthcare training facility. The new Oleander apartments will be located adjacent to the facility. Across the street, Children’s Healthcare of Atlanta is undertaking an 80-acre expansion of its North Druid Hills campus including a new $1.3 billion hospital. “Oleander will be a key piece of the master plan by bringing in a luxury residential component,” said Stephen Bates, Atlanta’s Director of Acquisitions and Development, Toll Brothers Apartment Living.. Toll planned to build apartments two years ago at Pill Hill’s now stalled Peachtree Dunwood Pavilion redevelopment. Some of those apartments were going to be designed for hospital workers. Oleander will be a 5-story wood-framed building featuring 348 luxury apartment homes. There will be an on-site 551-space parking garage and the complex will include a resort style pool, a state-of-the-art fitness center, a club room with a coffee bar, a dining room and courtyards. Co-working spaces will be available. There will also be a pet spa and a dog park. Toll Targets Early 2019 Construction Start in Boston If all goes according to plan, Weiss said he would like to see construction begin on Saugus Ridge in early 2019. It typically takes between 18 months and two years of construction for a Toll Brothers project, he added. The developer wants to construct two buildings that join in a center lounge/lobby area. Weiss said that his team is looking at possibly having a pool on the property. A majority of the apartment units would face south to provide views of the Boston skyline, according to Toll Brothers. Weiss told the group the proposal calls for the development of an access road that connects the apartment buildings to Route 1 on Route 1 North. Town Meeting member Thomas Traverse asked if Toll Brothers intends to have any other access to the apartment buildings. Traverse said that residents have expressed concern over potential access to Saugus Ridge via neighborhood streets. The parcel under Saugus Residential LLC’s control extends to the border of Prankers Pond. Weiss responded that there is no access through neighborhoods planned for the development. He pointed out that a traffic study is being prepared. Weiss said that the site visit is only step one in pursuing a Chapter 40B project. The developer is in the process of trying to secure a project eligibility letter from MassHousing. In a letter sent to the town, Jessica Malcolm of MassHousing spelled out that Saugus Residential LLC is planning to apply for a comprehensive permit under Chapter 40B, a state statute that allows local zoning boards of appeals to approve affordable housing developments under flexible rules if at least 20 to 25 percent of the units have long-term affordability restrictions. The developer’s intent is to set aside 25 percent of the rental units as affordable housing and to offer the rest at market rate. Comments from the town about the Saugus Ridge proposal were originally supposed to be submitted to MassHousing by March 30. However, Malcolm said MassHousing granted an extension requested by the town, which now has until April 30 to offer comments pertaining to the Chapter 40B proposal. Toll Brothers Apartment Living has completed major urban rental projects in the New York City and Washington, D.C., markets as part of a nationwide rental community pipeline in both urban and suburban markets totaling 14,500 units either completed, in construction, under development, or in planning. Toll develops and operates for-rent apartments through joint ventures. At October 31, 2017, both wholly owned or through joint ventures, Toll controlled 43 land parcels as for-rent apartment projects containing approximately 14,450 units. These projects, which are located in the metro Boston to metro Washington, D.C. corridor; Atlanta, Georgia; Dallas, Texas; and Fremont, California are being operated, are being developed or will be developed with partners under the brand names Toll Brothers Apartment Living, Toll Brothers Campus Living and Toll Brothers Realty Trust. Reported by WickedLocal North of Boston (March 28, 2018) For complete information on Toll Brothers and Toll Brothers Apartment Living including all corporate and division offices and top personnel, refer to The National Builders Directory and Online Database.
0 Comments
The Wolff Company plans to break ground later this year on Revel AmberGlen, a new independent living apartment community in Hillsboro, Ore., on the west side of Portland.
Characterized by celebrity chef-driven dining options, personalized amenities and a host of lifestyle features and amenities, Revel AmberGlen is expected to open in 2020. Revel AmberGlen will be the 12th senior living community that The Wolff Company has developed since 2016. Since the beginning of the year, the company has publicly announced five additional Revel branded communities under construction in Torrance, Calif.; Issaquah and Spokane, Wash.; Eagle, Idaho; and Las Vegas, Nev. In 2018, the company will continue to broaden its portfolio of market-leading communities with plans to invest $300-$400 million annually in the development of new independent and assisted living communities, in addition to the purchase and renovation of existing communities. The Q3 2017 CBRE Senior Housing & Care Market Insight report indicates that in the third quarter of 2017, new construction across all senior housing averaged only 5,923 units per quarter, a nearly 50% drop from the 2015 peak. In Q2 CBRE reported that by 2029 those aged 65+ will account for more than 20% of the U.S. population. Lancaster Pollard’s 2017 Senior Housing and Care Market Outlook report indicates the growth and change will be felt much more quickly as the population aged 75 and over is expected to grow more than 3.8% by 2021, while growth in the development of quality senior housing options is expected to maintain its annual growth rate of 2.8%. The Wolff Company is aiming to increase available inventory while changing the standards for what active adult housing should be. “Nationwide, and in places like Hillsboro, there is an underserved and growing market of renters aged 55+ looking for a convenient, upscale, lock-and-leave lifestyle,” said Mike Milhaupt, Vice President of Senior Housing for The Wolff Company. “Revel AmberGlen will give prospective residents a higher quality senior living option where choices have previously been limited.” Once completed, the four-story property will offer 140 studio, one-, and two-bedroom independent living residences set amongst tree-lined parks near the Willamette River. Similar to the other Revel communities, Revel AmberGlen will also feature best-in-class wellness services and sophisticated amenity spaces including a fitness and yoga studio, a full-service salon and spa, an art studio, and a heated saltwater pool. Community amenities at Revel AmberGlen are further enhanced by celebrity chef-driven dining experiences that will include multiple restaurants with innovative seasonal menus from acclaimed chef and Food Network star, Beau MacMillan. The ongoing development of new community centers, natural areas, and retail shops complements the already sought-after access to Beaverton and Downtown Portland, along with local restaurants, microbreweries, unique shops, and outdoor activities. The other Revel communities announced since the beginning of 2018 include: 1. Revel Southbay in Torrance, Calif. The four-story property will offer 185 studio, one-, and two-bedroom independent living residences. 2. Revel Issaquah will be a three-story property featuring 146 studio, one-, and two-bedroom independent living residences. 3. Revel Eagle in Idaho will be a three-story property offering 146 studio, one-, and two-bedroom independent living residences. 4. Revel Vegas will be a three-story building featuring 132 studio, one- and two-bedroom independent living residences. 5. Revel Spokane will be a four-story property offering 132 studio, one- and two-bedroom independent living residences All five are expected to open in 2018. For complete information on The Wolff Company including all corporate and division offices and top personnel, refer to The Directory of Multifamily Builders & Developers and Online Database. StreetLights Residential plans to a 373-unit apartment complex on 8.5 acres it just acquired within the Austin Presidio development in northwest Austin, Texas. StreetLights plans to spend more than $50 million on the development.
Steve Williamson with Transwestern negotiated the transaction between the Dallas-based buyer and the seller, Austin 129 LLC. Williamson said that this second apartment development will complement StreetLights’ first one, The Michael, a 415-unit property that is “now approaching full occupancy.” Austin Presidio is a 129-acre, master-planned development with luxury apartments, hotels, restaurants, corporate offices and medical facilities at the northeast corner of SH 45 and North Lake Creek Parkway. The development is fully entitled by the City of Austin for approximately eight million square feet of commercial development, and several thousand multifamily units. For complete information on StreetLights Residential including all corporate and division offices and top personnel, refer to The Directory of Multifamily Builders & Developers and Online Database. Trammell Crow Residential (TCR) plans several multifamily developments as part of large mixed-use projects in California and Texas. A joint venture led by TCR plans to develop Alameda Point, a $500 million mixed-use project located in the Bay Area city of Alameda. TCR also plans to build a 5-story apartment complex at Legacy Central, a $300 million refresh of Texas Instruments' former Plano facility.
Alameda Point Partners (AAP), which includes srmERNST Development Partners, Madison Marquette, Eden Housing and Cypress Equity Investments, officially closed on the transfer of approximately 30 acres for Site A of the mixed-use, transit-oriented waterfront development. The first phase of Site A will consist of 673 housing units, including 130 units for low- and very-low-income households and 310 units for middle-income households; eight acres of parks and open space; funding for the Seaplane Lagoon Ferry Terminal; and 93,000 square feet of retail space. Completion of the new infrastructure is expected over the next two to three years, with the first new residences scheduled to open in 2021. AAP negotiated the sale of several parcels to various builders and developers to coincide with the sale and transfer of the first 30 acres:
Upon buildout, the 68-acre, master-planned development will bring 800 residential units, including 200 affordable units; up to 600,000 square feet of commercial space; 15 acres of parks and public open space; major utility infrastructure benefiting the entire property; and new transportation services and facilities, including a new ferry terminal. In Texas, with offerings ranging from a massive food hall to Toyota’s North American headquarters, leisure and business visitors are flocking to Plano. Now, developers are hoping to keep those visitors in the city with apartments planned on a former Texas Instruments campus. The mixed-use development is located at U.S. 75 and Legacy Drive, and the rental units will be located on the 84-acre project’s south end. The first 385 apartments are being built on a former surface parking lot and are expected to deliver in late summer or early fall 2019. Los Angeles-based Regent Properties bought the 1 million-square-foot TI campus in 2016 and has since remodeled four existing buildings into office space. It has also added conference and fitness facilities, and a parking garage is under construction. Along with those projects, the city of Plano has approved zoning for roughly 700 apartments, retail space and a hotel. Reported by REBUSINESS ONLINE and The Dallas Business Journal (March 21, 2018) For complete information on Trammell Crow Residential including all corporate and division offices and top personnel, refer to The Directory of Multifamily Builders & Developers and Online Database. |
Author
Archives
January 2022
Categories |