Sade Real Estate is planning $11 milion in upgrades on its recently purchased apartment tower between River Oaks and Greenway Plaza. While the price of the 40-story building was not disclosed, the company inked a $128.5 million loan from Hudson Bay Capital to acquire the property. The work will be done at what is now dubbed The Arno, at 2929 Weslayan St.
The makeover of the 168-unit venture will include updates to the dining and fitness facilities on the eighth floor, as well as improving the building’s roof. The development has one, two and three-bedroom apartment layouts and penthouses, with rent beginning at $2,250.
The Houston office of architecture and engineering firm Pvedi has been tapped to design the renovations.
Northcrest Developments is taking a 43-acre employment block at Toronto’s YZD to market as the 370-acre redevelopment of the former Downsview Airport lands shifts from years of planning into construction. PSP Investments acquired the site from Bombardier for $825M in 2018 and created Northcrest to oversee its redevelopment. The former airfield is planned as a...
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JLL arranged $113 million in construction financing and joint venture equity for 500 North Michigan Ave. on behalf of Commonwealth Development Partners. The project is currently underway and will involve a 25-story office-to-residential conversion delivering 320 luxury apartments in Chicago’s Magnificent Mile district. The adaptive reuse project will feature 253,024 square feet of space comprising...
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Garden Communities plans to develop a 504-unit apartment community near Desert Ridge Marketplace in north Phoenix. The Phoenix Business Journal reports the Wilf family, owner of the Minnesota Vikings football team, owns the property. The property is adjacent to Vestar Development Co.’s 1.2 million-square-foot Desert Ridge Marketplace and JW Marriott Phoenix Desert Ridge Resort and...
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