Make sure you take the time to read up on the latest developments here. There was a joyous groundbreaking ceremony today for the first phase of The Aura at Innovation Square, a mixed market-rate apartment complex for the local community and workers. The Amaya at Suffolk Downs is a 475-unit, 415,000-square-foot apartment complex that was created with the help of a $150 million construction financing provided by National Real Estate Advisors, Cathexis, and The HYM Investment Group. Gilbane, on the other hand, has over a hundred ACE Mentors spread throughout more than thirty locations in the United States, all working to improve the lives of young people via one-on-one guidance. The ACE Mentor Program is a long-standing initiative supported by Gilbane that works to pique the interest of high school students in the design, engineering, and construction industries and encourage them to seek jobs in these fields. In addition, the Fort Monroe Authority granted long-term leases for two of the empty buildings, initiating the transformation of two of the structures into residences and one of the structures into a firing range.
Fairfax’s $26.9M Innovation Square apartments break ground
Original Source: Groundbreaking Kicks Off Construction of $26.9 Million Innovation Square Apartments in the Fairfax Neighborhood
The Aura at Innovation Square, a mixed market-rate apartment building, broke ground today.
The Aura will include 82 one- and two-bedroom apartments when it opens in 2023. PNC, Cleveland Clinic, the city, the Cleveland Foundation, the George Gund Foundation, the Port Authority of Cleveland, and Urban Strategies, Inc. provide funding.
The Aura at Innovation Square is part of FRDC’s community rehabilitation endeavor in Fairfax, home to the Cleveland Clinic and Karamu House Theatre.
FRDC has spent years acquiring unused land for Innovation Square. Innovation Square contains mixed-use buildings featuring office and commercial space, for-rent and for-sale apartments, and green spaces.
“Quality, affordable housing for all area employees has been a crucial component of our redevelopment plan from the beginning,” said FRDC Executive Director Denise VanLeer. “Demand for market-rate and affordable housing is high in Fairfax and nearby areas, and we must maintain employees’ ability to live close to work and provide housing options for existing residents.”
The Cleveland Clinic and FRDC have supported various community development programs to promote Fairfax’s health. During the COVID-19 epidemic, the Cleveland Clinic funded the new mixed-income residential project’s design. The Cleveland Clinic has also invested $10 million to support the project.
Cleveland Clinic is committed to enhancing its neighborhood and fostering a healthier community, stated CEO Tom Mihaljevic, M.D. This project shows how a coalition of community-minded organizations can improve a neighborhood. Together, we can make a difference by identifying and addressing community issues.
Vince Bennett, CEO of McCormack Baron Salazar, said, “It takes complex, meticulous work to integrate corporate, charitable, and government financing sources to satisfy local workforce needs.”
Suffolk Downs Redevelopment Gets $150 Million Loan
Original Source: $150 Million Construction Loan Secured for Suffolk Downs Redevelopment
National Real Estate Advisors, Cathexis, and The HYM Investment Group received a $150 million construction credit for Amaya, a 475-unit, 415,000-square-foot multifamily building at Suffolk Downs.
JLL and Ullico, a labor-owned insurance firm, provided the financing for the project.
Amaya was created by ICON Architecture and will contain everything from microstudios to two-bedroom apartments.
34,000 square feet of amenity space and 24,000 square feet of retail space will be included. Two manicured courtyards will have a pool, fire pits, and an outdoor kitchen with grilling stations.
A fitness facility, a yoga room, a game room, and an arcade will be indoor amenities. Amaya is due in Q2 2024.
The groundbreaking event initiated the redevelopment of the 161-acre underutilized site into a dynamic new urban district for East Boston, Revere, and beyond.
The Suffolk Downs redevelopment will offer about 10 million square feet of housing (around 10,000 units), the most in Greater Boston’s history. Apartments, condos, senior housing, and inexpensive housing will be included.
National is thrilled to work with HYM Investment Group and Cathexis on Amaya to enhance its residential portfolio in Greater Boston. Ullico’s financial commitment to Amaya is a vital milestone for this transformative redevelopment project,” said National Real Estate Advisors President and CEO Jeff Kanne on behalf of its clients.
Access to high-quality, transit-oriented housing is vital for Greater Boston residents, said Thomas N. O’Brien, Managing Partner and CEO of The HYM Investment Group. “We’re grateful to Ullico and JLL for helping us meet a vital need for housing infrastructure with Amaya, and we look forward to presenting innovative residential options at Suffolk Downs to benefit Revere and East Boston.”
“We’re proud to have arranged funding for Amaya, the first Suffolk Downs development.” Ullico acknowledged the design, quality, and sponsorship potential of this planned development. JLL has been involved in the renovation of Suffolk Downs from the outset. We value our lengthy connections with National, HYM, and Cathexis and look forward to seeing this great project come to conclusion.
“This project is a win for a beautiful Boston neighborhood, for the creation of family-sustaining, career-building union construction jobs, and for investors,” said Edward M. Smith, President and CEO of Ullico Inc.
Gilbane celebrates ACE Mentor Day of Action
Original Source: Gilbane Building Company Celebrates ACE Mentor Program Day of Action
Gilbane Building Company will celebrate the 2022 ACE Day of Action with the ACE Mentor Program of America. Gilbane has long supported the ACE Mentor Program, which strives to engage, excite, and inspire high school students to pursue professions in design, engineering, and construction.
Gilbane workers mentor ACE students in 17 states and 30 locations, giving them hands-on industry exposure and promoting economic inclusion. Over 100 mentors, board members, and volunteers are involved in Gilbane’s ACE Mentor Program.
“Gilbane is a long-time supporter of the ACE Mentor Program because of its vital work to engage students in the A/E/C business and promote their progress beyond high school, stated Gilbane President & CEO Tom Laird. “We know our program graduates are capable, mature, and competent in our field.” ACE has offered industry mentoring and internships to minority college students to diversify the talent stream.
“For Gilbane, supporting ACE is a win-win: our ACE mentors enjoy giving back as role models, and the program helps cultivate the next generation of builders. “We encourage our peers and partners in the industry to support ACE,” said Laird.
The third annual ACE Day of Action asks participants to share information, register as mentors, enroll students, and donate to local affiliates. The Day of Action aims to get the design and construction industries to promote mentorship on social media.
#ACEDay2022 participants are encouraged to use ACE’s templates and materials or develop their own content.
Apartments and a fire range will replace Fort Monroe’s crumbling buildings
Original Source: Reimagining the future of Fort Monroe: Apartments, firing range to replace decaying buildings on former military post
The Fort Monroe Authority granted two long-term leases for three dormant buildings, starting the process of transforming two into residences and one into a fire range.
The former military post’s crumbling red brick buildings will be redeveloped as part of the authority’s efforts to “reimagine the future of Fort Monroe.”
Since it became a national monument in 2011, the administration has tried to lease out parts of the 561-acre property. After the army left in 2011, the property was divided among the commonwealth, the National Park Service, and others.
Over the years, a craft brewery, three restaurants, a YMCA, a daycare center, and creative office spaces have repurposed the historic structures, and the Old Point Comfort Marina will gain a hotel and a 500-seat restaurant.
Coming soon?
The Fort Monroe Authority signed a long-term ground lease with Richmond-based Echelon Resources for two Ingalls Road sites. The deteriorating structures will be turned into “upscale professional grade apartments” under a bigger development plan.
A 39,000-square-foot facility housed enlisted men. The other has 26,000 sq ft. Both have been empty for almost a decade.
Edwin Gaskin, Echelon’s owner, said the structures will become 1- and 2-bedroom flats. He claimed they’ll appeal to folks just out of school or early in their careers who are not ready to buy a home.
“We usually see tenants at a certain stage of life.” They will be with us for a few years while they save for a house or a new job. It’s “professional grade” accommodation, Gaskin added.
Echelon revives blighted buildings, Gaskin noted. The Ingalls Road buildings are historic markers; therefore, designs must follow rigorous requirements before development to preserve the old exterior.
“We re-weave the community’s tapestry to make these sites relevant to future generations,” Gaskin added.
After obtaining permits, the building should take a year. Gaskin plans to build both at once.
Hampton police and Langley-Eustis want a new range
The board also authorized leasing terms for a proposal to repurpose a disused commissary into a firing range. Hampton Police and Joint Base Langley-Eustis will use the range to replace old facilities.
A derelict building across from the Oozlefinch brewery will be destroyed to develop a “multi-purpose training facility.” It’s not historic because it was built in the 1990s.
Bruce Sturk, director of Hampton’s federal facilities support department, said the police department’s current firing range causes noise and safety problems, limits hours, and prohibits the department from achieving training standards. Langley-Eustis has been decaying since 2005, Sturk stated.
This solves two essential needs for Langley Air Force Base and the Hampton Police Department, said Sturk.
Hampton will contribute $11 million, with two-thirds coming from a federal grant.
“It will help restore lost jobs and economic activity,” said Glenn Oder, authority board executive director.
Summary of today’s construction news
In today’s construction news, several community programs that aim to enhance the health of local residents have received funding from the Cleveland Clinic as well as the Fairfax Regional Development Corporation (FRDC). During the COVID-19 pandemic, the Cleveland Clinic was kind enough to contribute financial support toward the planning of a new mixed-income housing development. The Cleveland Clinic has also made a contribution, this time in the amount of ten million dollars.
In addition, ICON Architecture was responsible for the design of Amaya, which will feature both studio apartments and apartments with two bedrooms. The event that kicked off the construction of the revitalization of the run-down 161-acre property into a thriving new urban core that will serve East Boston, Revere, and the surrounding communities was groundbreaking.
Moreover, Gilbane President and Chief Executive Officer Tom Laird lauded the ACE Mentor Program for doing an “essential job” of encouraging kids to enter the architecture, engineering, and construction sector when they graduate from high school.
On the other hand, the Fort Monroe Authority has a long-term ground lease with Echelon Resources of Richmond for two lots on Ingalls Road. This lease is for both of these lots. The run-down buildings are scheduled to be renovated into “upscale professional class apartments” as part of a bigger plan for the area’s overall development.
