The pipeline for new multifamily development continues to flow as illustrated by several recent land acquisitions and city approvals by large developers. AMLI Residential has purchased 2.7 acres of land on South Broadway in Denver for a new 300-unit apartment community. Bristol Development Group expects to start construction in June on a 262-unit upscale apartment building in Henrico County, Va. San Francisco took a step closer to approving the 1,100-unit Balboa Reservoir being planned by Avalon Bay and its four partners. And Los Angeles-based developer Gemini Rosemont Commercial Real Estate, recently paid $18.2 million for a Brooklyn, N.Y., development site where it plans to develop a multifamily property.
AMLI's Denver purchase is situated within Broadway Park, a mixed-use, infill redevelopment totaling 75 acres and entitled for up to 10 million square feet of development. Denver-based D4 Urban is the master developer of Broadway Park and sold the land to AMLI. Chris Cowan and Mackenzie Walker of Newmark Knight Frank (NKF) Multifamily represented D4 Urban in the land sale. The sales price was not disclosed. Community amenities at the project, named AMLI Broadway Park, will include a rooftop deck; two-story fitness and clubhouse area; pool; barbecue and lounge area; dog run; and several courtyards. The property is designed to achieve LEED Gold certification, which is a hallmark of AMLI communities nationwide. The new community is the second vertical development within the Northwest District at Broadway Park. The site is adjacent to Price Development Group’s 345-unit multifamily property currently under construction, as well as a public plaza developed by D4 Urban on behalf of the Broadway Park North Metropolitan District, according to Dan Cohen, development partner at D4 Urban. AMLI Residential currently owns and manages more than 21,000 apartment homes in 16 cities, including 13 properties in Denver totaling more than 4,000 units once AMLI Broadway Park and AMLI RiNO come on line. Reported by REBusiness Online (April 7, 2020) Bristol Development Plans Groundbreaking on New Virginia Project Construction should start in June on a 262-unit upscale apartment building in Henrico County, Va. Bristol Development Group purchased the property located along Maywill Street near Thalbro Street, next to where construction is now underway on a five-story corporate headquarters building for specialty insurer Kinsale Capital Group Inc. Bristol, through its Bristol Maywill Partners LLC entity, purchased the 2.1 acres for $2 million last month, according to commercial real estate brokerage Cushman & Wakefield | Thalhimer, which represented the developer in the sale. The five-story Tapestry West development should be completed in about 18 months - around the end of 2021, said David Hanchrow, the chief investment officer for the Nashville, Tenn.-based Bristol Development. The apartments, Hanchrow said, will have high-end interior finishes similar to Bristol Development's other area projects including Canopy at Ginter Park apartment complex in North Richmond and the 373-unit 2000 West Creek complex in Goochland County, which it sold last year. Katerra is the general contractor on the Tapestry West project and Poole & Poole Architecture handled the design. The Tapestry West development is the latest of a list of projects in which Thalhimer’s David M. Smith has collaborated with Hanchrow and Bristol Development. Projects have included The Carriage Homes at Wyndham, The Madison at Spring Oak, Bristol Village at Charter Colony, 2000 West Creek, Canopy at Ginter Park and Artistry at Winterfield. Reported by Richmond Times-Dispatch (April 7, 2020) Large San Francisco Project Moving Closer to Approval After weeks of suspended hearings due to COVID-19, the San Francisco Planning Commission in early April approved the initiation of a General Plan Amendment, setting the stage for the proposed 1,100-unit Balboa Reservoir project to move forward. A development agreement for the $600 million project, planned on a 17.6-acre site owned by the Public Utilities Commission and located immediately west of the City College of San Francisco Ocean campus, was submitted to the planning department on March 11. The agreement outlines a number of community benefits, including $1.7 million generated annually for the city's general fund, as well as $1 million in other revenue and up to $26 million in one-time fees and benefit payments. On Thursday, the project’s development team — comprising Bridge Housing, AvalonBay Communities, Mission Housing, Pacific Union Development Co. and Habitat for Humanity of Greater San Francisco — is asking the commission to initiate a series of General Plan Amendments associated with the project. That technical step would clear a path for the project to seek further approvals from the commission, and eventually from the Board of Supervisors. The project was initially scheduled to break ground in 2022. The entire Balboa Reservoir spans 28 acres, with 10.4 acres known as the East Basin owned by City College. The 17.6-acre portion where the development is planned currently serves as a surface parking lot for the college’s faculty. Half of the proposed 1,100 residential units will be dedicated to moderate- and low-income households, per planning documents, and some will be set aside for students and teachers at the college. Initial plans called for the development team to subsidize the costs of 66% of the project’s proposed 550 affordable units through the market-rate rents, while the city would identify gap funding for the remaining 33%. Reported by San Francisco Business Times (April 6, 2020) Brooklyn Warehouse Site To Be Developed into Apartments Los Angeles-based developer Gemini Rosemont Commercial Real Estate, paid $18.2 million for a Brooklyn, N.Y., development site where it plans to develop a multifamily property. JLL Brokers brokered the sale of the property located at 167 N. 1st St. in the Williamsburg neighborhood. The lot currently houses a 13,867-square-foot warehouse with 17-foot ceilings that was constructed in 1920. Gemini plans to demolish the warehouse before beginning ground-up construction. No further details of the development plan were disclosed. Brendan Maddigan and Stephen Palmese led a JLL team that represented the seller, Stanislaw Rys/Kevsta Inc. Reported by REBusiness Online (April 9, 2020)
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