Lofts housing project finally breaks ground at Glenwood Meadows
Post Independent | John Stroud | September 26, 2017
Site and utility work has begun to make way for the first 85 housing units to be built at Glenwood Meadows since the Glenwood Green Apartments were completed four years ago.
Phase I of the larger, 185-unit Lofts at Red Mountain Apartments, as well as 5,300 square feet of street-front retail shop space, is now underway.
The project has been some five years in the planning and Glenwood Springs’ city approval process.
Recently, Chicago-based Stoneleigh Companies, in partnership with Dallas-based Realty Capital Management, formally acquired 3.85 acres on the south side of Wulfsohn Road for the project.
“The beginning of construction marks a significant milestone for all of Glenwood Springs,” Richard Myers, managing director for Realty Capital Management, said in a prepared statement. “We have been working to bring new housing to the Roaring Fork Valley for quite some time and look forward to developing Class A apartments for area residents.”
Last May, Glenwood City Council denied a request by the developers for some $1 million in impact fee waivers for the free-market apartment project.
Council members were concerned rent wouldn’t remain affordable over time without deed restrictions to maintain below-market rates for at least some of the units.
Myers and his development team said the smaller unit sizes planned for the project would keep them affordable, and that deed restrictions would have made it difficult to obtain financing.
“The city did do some reductions for us, but not what we thought was enough,” Myers told the Post Independent Tuesday. “We were also able to reduce some of the costs to make it work.”
Based on the current market, the efficiency studio units will likely start at $1,100 per month, with higher rents for the one- and two-bedroom units. The apartments are to range in size from 555 to 1,266 square feet, according to a news release announcing the groundbreaking.
“We should be ready with the first units by next fall, but hopefully sooner than that,” Myers said. Pre-leasing is expected to begin in the spring of next year, he said.
Gould Construction is currently doing the site grading and underground utility work. The builder will be RVC Construction out of Salt Lake City.
The Lofts apartments are to feature high-end finishes including quartz countertops, luxury vinyl hardwood-style floors, stainless-steel appliances, in-unit washer and dryer, and balconies. A resident “club room” will have a demonstration kitchen, tech lounge, fitness center and yoga studio, outdoor entertainment space with a grilling and dining pavilion and fire pit, bicycle storage, and private garage parking with electric car charging stations.
Stoneleigh Companies/Realty Capital Management Announce the Groundbreaking of The Lofts at Red Mountain Apartments
(September 26, 2017) –Chicago-based Stoneleigh Companies, in partnership with Dallas-based Realty Capital Management, announce the acquisition 3.85 acres of land for the construction of The Lofts at Red Mountain Apartments located in Glenwood Springs, Colorado. Phase I has broken ground and will consist of 85 apartments and 5,300 square feet of retail shop space on 2.01 acres south of Wulfsohn Road, adjacent to the Glenwood Meadows Market Street and Shopping Center.
“The beginning of construction marks a significant milestone for all of Glenwood Springs,” said Richard Myers, Managing Director for Realty Capital Management. “We have been working to bring new housing to the Roaring Fork Valley for quite some time and look forward to developing Class A apartments for area residents.”
The Lofts at Red Mountain Apartments will feature 85 Class A luxury apartments consisting of studio, one, and two-bedroom units. Residences will range from 555 to 1,266 square feet offering high end finishes including quartz countertops, luxury vinyl hardwood-style floors, stainless-steel appliances, in-unit washer and dryer, and balconies with picturesque mountain and valley views. Community amenities include a resident clubroom with demonstration kitchen, tech lounge, fitness center and yoga studio, outdoor entertainment space with a grilling and dining pavilion and fire pit, bicycle storage, and private garage parking with electric car charging stations.
The property is located just west of downtown Glenwood Springs, on Wulfsohn Road in the Glenwood Meadows retail development, the area’s largest shopping center. The Lofts will bring an urban lifestyle to the Glenwood Springs community and will offer units and amenities above and beyond what is currently available in the area. In addition to its proximity to the Glenwood Meadows, the project has an on-site RFTA bus stop, is located next to the state-of-the-art Glenwood Springs Community and Recreation Center, and is adjacent to the Glenwood Springs trail system.
The project has been designed by Keith Bennett, founder of KCB Architecture in Salt Lake City, UT. Local contractor Gould Construction will be performing the underground and utility work with RVC Construction out of Salt Lake City, UT working as the general contractor. Equity financing has been provided by Orlando-based SunGate Capital Funding 7, LLC, Stoneleigh Companies, LLC and Dallas-based Realty Capital Partners. The Lofts at Red Mountain is anticipated to open in early 2019.
About Stoneleigh Companies, LLC
Based in Chicago, Stoneleigh Companies is a private real estate investment company focused on acquisition and development of multifamily properties, with a track record of over 40,000 multi-family units in 35 cities and 18 states over the last 35 years. The principals and officers of Stoneleigh are experienced in all aspects of commercial real estate development, investment, finance, and operations. For more information, visit www.waterfordresidential.com.
About Realty Capital Management, LLC
Realty Capital was founded in 1987 and over the past 30 years has developed over 3,500 residential units and more than one million square feet of commercial buildings. In 2011, Realty Capital became an employee-owned firm with Richard Myers, Jimmy Archie and Tim Coltart serving as Managing Directors. Realty Capital is currently partnered with industry leaders including Hillwood Communities, Stratford Land, Granite Land and Avanti Properties in development of mixed-use projects across the Southwest. For more information, visit www.realtycapital.com or contact Richard Myers at 817-313-5000.
Illinois-based 25N Is Latest Player on DFW’s Coworking Scene
D Magazine | Kevin Cushingberry | September 22, 2017
There’s another new player in the North Dallas coworking market. Illinois-based 25N Coworking has decided on Frisco as its first expansion outside the Chicago area.
Founder and CEO Mara Hauser says 25N tapped Frisco as the home for its third location after auditioning dozens of cities around the country. “To be able to have a workspace close to [residents] was something I was very excited about bringing to the community,” she says.
According to Hauser, 25N hopes to draw membership primarily from Frisco residents when it opens next April. “We’re not a very large corporation,” Hauser says. “We’re personal. We’re there to build a network of support.”
25N differentiates itself by locating in suburban markets (its first two locations are outside Chicago) where coworking demand has been largely untapped. Work spaces are well suited for suburban residents who may otherwise work from a home office, according to 25N.
Adding to its community focus, 25N will open 12,500 square feet on the ground floor of Waterford Market apartments, developed by Stoneleigh Cos. Waterford Market is located near Frisco and Main streets in Frisco’s $5 Billion Mile.
25N’s new space will offer fully-furnished private offices, team suites, dedicated desks, shared flex space, meeting rooms, event space, and virtual office packages. Select residential amenities and additional spaces will be accessible to members through an add-on Premier Membership option. Memberships start at $25 per month, day passes start at $35, and dedicated desks start at $365 per month.
“Frisco’s rapid development has resulted in an infrastructure that doesn’t necessarily provide the consistent technological amenities that its workforce requires,” Hauser says. “So we intend to resolve the unmet needs of Frisco’s independent worker population.”
25N will join LaunchPad City and Yeager Office Suites in Frisco and WeWork (which just announced its Fort Worth expansion) and Common Desk in nearby Plano. Hauser sees potential for 25N to expand elsewhere in Texas, specifically in North Texas.
Combination of Multifamily, Office Space is Hot Concept in Texas, Say InterFace Panelists
REBusinessOnline | Taylor Williams | September 15, 2017
DALLAS — Say the words “mixed-use” in commercial real estate circles today and generally the first thought that comes to mind is a property featuring a combination of multifamily and retail space.
But there’s no written rule that says what property classes can or can’t be included in mixed-use. As such, a number of multifamily developers in Texas are redefining the term’s scope and application by bringing together apartment living and an office component in newer projects.
As part of the InterFace Multifamily Texas conference, a panel of real estate experts convened Sept. 13 at the Westin Galleria in Dallas to address this topic and other emerging trends in the apartment sector, most of which center on ways of improving amenity packages for tenants. Approximately 200 real estate professionals attended the event.
The move toward developing apartment communities with office space — not business centers — stems from landlords’ need to differentiate their amenity packages from the competition. These new office elements within multifamily properties are taking a variety of forms in their infancy, ranging from large co-working spaces and conference rooms to individualized desks and cubicles.
“Having amenities like a knockout pool and an awesome fitness center doesn’t really set you apart anymore,” said panelist Greg Coutant, director of development at StreetLights Residential. We’re working to provide what we call ‘makers’ spaces,’ which are open spaces with desks where tenants can work. We’ve found that if you provide a cool working atmosphere with connectivity, people will work there.”
Coutant noted that residents are drawn to the live/work/play environment that these office spaces provide, all under the same roof. His firm, which undertakes projects in metros with thriving office sectors, including Dallas and Austin, is even considering putting bars in some of these spaces to further heighten their appeal.
Panelist Rick Cavenaugh, president of Illinois-based multifamily developer Stoneleigh Cos. said that his firm has also seen tremendous success from the inclusion of office components at its properties, specifically co-working areas that allow employees from different companies to occupy the same workspace and develop synergies with one another.
“Integrating co-working facilities into the living environment and making it part of the offering to tenants is different from what we’ve seen with the likes of WeWork,” said Cavenaugh. “We did this with a property in Chicago and it was a total hit. We have since leased 140 workspaces in five months, and it’s brought a ton of vibrancy, traffic and new tenancy to the building.”
Cavenaugh stated that his firm sees the trend as particularly appealing to consumers in submarkets with steep office rents, such as Frisco and Plano.
“In those submarkets, there’s just not that option for people to have an office for a few hours a day, three days a week, and then to be able to walk down the hall to their apartment,” he said. “It’s a different working environment, but one that definitely promotes flexibility. We’ve seen that Millennials like that flexibility.”
Panel moderator Drew Kile, director of Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap, noted that the trend also seems to have legs in Austin, where office rents have been rising for the past five-plus years.
“There’s a growing percentage of people in urban Austin who work from home,” said Kile. “The more workspaces you put into a building, the more they get used. Not so much a business center, but a place where they can bring their own laptops and have their own meetings.”
Tom Lamberth, regional partner of Dallas-based CF Real Estate Services and another conference panelist, sees as much monetary potential in these features as the other panelists see in their ability to generate positive word-of-mouth for the property.
“We’re working on making the office component more than just an amenity, but something you can monetize,” said Lamberth. “We have a property in Atlanta where inside the amenities center we built about 12 office cubicles that people can rent for a few hundred dollars a month. And we’ve had demand for these spaces from people who don’t even live in the building.”
While StreetLights, Stoneleigh and CF Real Estate have yet to iron out all the kinks of developing and leasing these office spaces in their multifamily projects, they have little doubt as to their ability to heighten the appeal of the property and cater to the preferences of tenants.
Coworking Grows in 2017
Huffington Post | Amanda Schneider | July 24, 2017
2017 saw continued growth of the flexible office industry and a broader range of offerings. While “Serviced Offices” have been around for decades (30+ years), the term “coworking” has been the media standard term for the last 10 years, and is likely here to stay according to the Global Workspace Association (GWA), a platform helping shared space operators, corporate real estate professionals, real estate investors, and service providers stay connected, current, and competitive.
The GWA is releasing results from their 2017 Industry Financial Survey, which is sent to hundreds of shared workspace operators, including association members and non-members. The survey gives us unique insight in that it covers specific P&L data from operators, with the goal to create industry benchmark data. But it goes beyond there. We can learn a lot about the future of workspace by studying spaces where people pay for workplace. Here are a few of the key takeaways:
1. Private Businesses and Landlords are getting into the flexible workspace game.
This year we’re seeing flexible options from landlords and private businesses grow faster than anyone expected. According to a recent Liquidspace report, 36% of the transactions on their platform are through private businesses or landlords offering extra space directly to consumers. Jamie Russo, Executive Director of the GWA, says, “The Commercial Real Estate industry may not have historically described itself as ‘nimble and innovative,’ but that may just be the behavior that we’re starting to see. This growth in transactions from landlords suggests demand for coworking, particularly from corporations, is growing. Landlords are increasingly seeking creative relationships with shared workspace operators in order to effectively activate their flexible offerings.”
The predominant approach is still the operator leasing the space, with 72% of respondents following that model. 19% of the respondents own their space, 3% reported a joint venture between the operator and the landlord, and 1% reported a management contract between the operator and the building owner. GWA research anticipates seeing less leasing and more operator/owner relationships in the next five years. As rent rates increase, the typical model is facing new challenges to remain profitable. Russo continues, “Growth of flexible office space offered by landlords will be an interesting evolution to watch over the next few years. I predict we will see an increased focus on the level of hospitality and community activation across flexible offerings, particularly in the context of a landlord offering a diverse portfolio of spaces. As corporations look to increase employee productivity with tools like flexibility, reduced commutes and compelling work environments, landlords will look to market their buildings by meeting that criteria and offering a variety of amenities, workspace configurations and managed communities to keep users engaged. Landlords may choose to partner with experienced coworking operators to deliver on hospitality and community activation.
2. There is an increasing focus on the user experience.
Two of the hottest buzzwords in the workspace industry right now are “consumerization” and “user-centered.” Everyone from landlords to corporate real estate departments to temperature control start-ups are focused on serving the “HDTV” consumer that expects a high level of design and hospitality at the corporate office, what we in the industry call their “third space.” Russo says, “What we are seeing is real estate evolving to be thought of not just as ‘buildings’ but as organic ecosystems that flex as their users’ needs change. As corporations start to look at off-campus options for employees, we see landlords pulling out all stops to attract users and taking really innovative approaches to amenities, workspace options and services.”
Highlights from the first half of 2017 that illustrate the user-focused industry trends:
· Convene raises $68M to fund expansion.
· Tishman and Speyer launches “Zo,” a high-amenity concept that aims to make its portfolio highly desirable and competitive.
· Banks—some of the most conservative, slow-moving, security-fearing companies—are using flexible office options as they grow teams in ancillary markets.
· Investments continue to flow into the coworking sector, indicating a bullish outlook for the continued growth of the consumerization of workspace: The Wing raises $8M, The Yard raises $15M in debt financing, WeWork added $300M to its balance sheet from Softbank, Industrious raised another $25M, and Asian companies added a long list of funded shared workspaces.
· Asset owners like Granite Properties and Stoneleigh Companies start installing coworking brands into their buildings (Common Desk and 25N Coworking respectively).
3. Open plan ≠ Coworking. Users are looking for productivity, not just a place to network.
Today 80% of coworking spaces offer private offices. While private spaces for individuals or teams make startup-costs higher for the operator, the demand seems to be growing for them.
Russo explains, “There is a big myth that coworking means open workspace. When the industry started to emerge in 2006, layouts were primarily open space and the hosts were focused around the simple idea of bringing people together to work. That approach worked for a period of time, but today the makeup of users and their space requirements is evolving.”
No longer are programmers and freelance designers the core membership. The GWA data shows that makeup of audiences today is 20% freelancers, 47% small business, and 12% mobile corporate users.
Steve King, partner at Emergent Research – a consulting firm focused on the small business sector of the US and global economy – shares some additional insight in the coworking audience evolution, “When coworking started, it was a movement predominantly around freelancers. Then around 2009 startups found coworking because they realized that signing a long-term lease didn’t make sense, and coworking fit right in. (Particularly in tech towns such as San Francisco, Boston, New York, and Austin.) What the GWA survey is showing is how the definition of flexible workspace is evolving. Much of the recent growth has been in corporate mobile users, and five years from now, I’d be surprised if they didn’t make up 35% of the coworking population. Small businesses (non-tech) are starting to move that way, but at a much slower pace.”
Freelancers are the individuals that are mostly doing computer work, so when coworking started it was focused there and open plan made sense. However, the demand for flexible office space is increasing through the sharing economy and is creating a shift in demand as corporate and small businesses users are on the rise. As the makeup of users shifts, the needs for layout in coworking spaces shifts, too. GWA data shows us the importance of variety in spaces in order to create the environment that makes coworking communities thrive. In fact, today’s data tells us that conference rooms and private offices are the most frequently offered spaces across all flexible workplace types. The supply side is reacting to that demand and creating more private spaces.
In many markets, the demand is higher for offices and team spaces, making them easier to fill. While some coworking purists idealize the open-plan for its community-building simplicity, this often comes without practical consideration for the type of work that gets done in shared workspaces. Russo says, “We see people saying they want a professional experience and a variety of usable spaces. The data suggest the market is starting to supply that in increasingly creative ways. People are expecting well-designed spaces that are also professional, and they are willing to pay for an experience that they can’t get from a home office or even a corporate campus. This is the consumerization of the work place.”
Data from members of shared workspaces indicates that the number two reason that people use shared workspaces is productivity. Some may lump networking under the productivity umbrellas (i.e. productively chasing new business under one roof), but it more likely means getting work done. For many, getting focused work done is simply easier to do in an area with four walls where you can control the stimuli (chatter, people walking by, Skype calls, etc.) Still, productivity looks different for different audiences, and that is changing the face of these spaces.
Russo closes with this thought: “The future is about flexibility, and a lot of corporations are still trying to figure out what that looks like for them and how to logistically manage it. The trend is moving toward choice, but the biggest shifts will come from gathering data that helps us measure and improve future offerings. What we have discovered with coworking is that professionals need other brains. You simply can’t do great knowledge work alone.”
25N Coworking features culture of collaboration, diversity
Daily Herald | June 8, 2017
25N Coworking offers flexible shared workspace, private offices and meeting rooms to corporate teams, small businesses and independent professionals — all within a next-generation co-working environment.
25N’s coworking model is based on deliberate community & economic development via professional workspace design, premium technology, curated programming & events, communication platforms, business development resources, and value-added partnerships.ost of the evening looking at a plate with nothing but alternating hunks of seared flesh on it.
The result: a culture of collaboration, diversity and growth within a single, shared workplace.
Beyond igniting daily collaborative exchanges, 25N also prides itself on maintaining an impressive level of productivity among its members, and this is accomplished mostly through detailed workspace design and applied technologies.
To maintain that healthy level of productivity, 25N designs spaces that balance shared space to interact with private space to focus. At 25N Arlington Heights, an open flex space with traditional office furniture is balanced by seating areas that include sofas and/or nontraditional surfaces and lighting — a perfect mix for diverse work preferences.
“We created a variety of work zones,” explains Mara Hauser, founder and CEO. “Depending on the project or task at hand, one can be in the mix of the buzz or tucked away for heads-down work.”
Additionally, the office furniture itself supports a maximized work day. Desks and workstations from DeskMakers and Teknion provide integrated power stations at every seat for effortless laptop/phone charging, and A.V. systems from EOC Audio transform every meeting room and shared space into an instant venue for presentations. Additional amenities include comfortable ergonomic seating, spontaneous write-on idea walls, and custom, reclaimed conference tables and benches from J. Hoffman Lumber Co.
25N’s dedication to collaboration and productivity has caught the attention of many local professionals seeking not only a comfortable work environment but the opportunity to connect to and network with the local economy.
For example, the Arlington Heights Chamber of Commerce immediately recognized 25N Coworking as a small business “hub” and is now headquartered there in a combination of private office and dedicated flexible workspace. In addition to its proximity to the existing local business scene and entrepreneurial newcomers, 25N also made sense because of its communication and marketing channels for promoting the Chamber’s brand and cross-promoting Chamber events & resources.
Although there is a sharp focus on amenities and community at 25N Coworking, their measure of success lies within each individual member, and it hinges on a few simple questions that serve as a key motivator and mission:
• Did you interact with someone that you’d like to continue a conversation with?
• Were you comfortable and productive?
• Did you leave more motivated than when you arrived?
Curious about 25N and coworking? Schedule a tour by emailing firstname.lastname@example.org.
Metro Can’t Build Multifamily Fast Enough
GlobeSt.com | Lisa Brown | April 17, 2017
CARROLLTON, TX—With the constant roar of commercial projects and subsequent job creation, the metro can’t seem to build enough multifamily units to meet demand. A prime example is the 234-unit Switchyard Apartments which are underway at the northeast corner of IH 35 and Belt Line Road, located at 1199 North Broadway St., adjacent to a DART rail station.
Chicago-based Stoneleigh Companies LLC, in partnership with Realty Capital Management, teamed up to celebrate the groundbreaking of the luxury apartments earlier this month. Switchyard Apartments will feature luxury apartments consisting of studio, one- and two-bedroom units.
Residences will range from 525 to 1,262 square feet offering granite countertops, hardwood floors and stainless steel appliances. The four-story building will include a courtyard with swimming pool and outdoor entertainment space, fourth floor terrace deck and resident lounges, juice/java bar, fitness center and a tech lounge.
Josh Matthews, regional asset manager of Waterford Residential; Ryan Swingruber, development manager of Stoneleigh Companies LLC; Richard Myers, managing partner of Realty Capital Management and Doug Hrbacek, mayor pro tem of Carrollton, were on hand to commemorate the festivities. The project is already creating buzz among the single crowd, couples and empty nesters.
“The one-bedroom units are attracting singles aged 24 to 35 who work in a variety of industries such as medical, retail, business, etc.,” Matthews tells GlobeSt.com. “The two-bedroom units are being targeted by roommates and singles also aged 24 to 35 in the same industries. The two-bedroom units are also getting noticed by young couples and some empty nesters.”
Stoneleigh, Realty Capital Break Ground on 234-Unit Apartment Complex in Carrollton
REBusinessOnline | Taylor Williams | April 12, 2017
CARROLLTON, TEXAS — Chicago-based developer Stoneleigh Cos. and partner Realty Capital Management have broken ground on Switchyard Apartments, a 234-unit apartment complex located at 1199 N. Broadway St. in Carrollton. The four-story building, which will be located next to a Dallas Area Rapid Transit (DART) station, will feature a resort-style pool, fitness center and a juice bar. Units will range from 525 square feet to 1,262 square feet.
New $85 Million Luxury Tower is a Skyline Changer: Plush Living Reaches New Heights in Dallas
PaperCity | Josie Washburn | March 9, 2017
Dallas’ skyline just gained a glitzy addition with the unveiling of a brand new upscale apartment building. Luxury high-rise residential tower One Uptown officially opened its doors recently, bringing a new sky-high living option to the city.
The 20-story, $85-million tower, appropriately dubbed “a walker’s paradise,” aims to offer a first-class living experience on McKinney Avenue in the heart of Uptown. It’s also within walking distance of some of Dallas’ best outdoor fixtures including Klyde Warren Park and the Katy Trail, a Whole Foods, and other hot restaurant and nightlife spots.
One Uptown makes its mark with amenities like a rooftop pool, and a massive sky deck and lounge with impressive views of Dallas. If the sky-high looks weren’t enticing enough, the building also houses Southern Brazilian steakhouse Fogo de Chao, and will soon welcome five star European restaurant Circo.
The curved-glass apartment tower, designed by architect Phil Shepard, boasts 196 tower residences and penthouse suites that range from a 571-square-foot studio apartment to a 1,993-square-foot penthouse. Rents range from $1,650 a month for the studio to nearly $10,000 a month for the largest penthouse.
On Thursday, April 20, two installations by Dallas-based artists will be revealed at One Uptown. The first is Brad Oldham‘s “Sunlight Prism,” a 17-foot-tall piece accompanied by a digital video loop, set to be located in the lobby.
Shane Pennington designed the second, “Uptown Moment,” a mirror-finish sculpture standing at 16 feet tall. The stainless steel monument will be on view outside, on the corner of McKinney and Routh Street.
Robust market pushes housing projects ahead
Post Independent | John Stroud | March 1, 2017
A hot housing market has developers of at least one already-approved apartment project in Glenwood Springs looking to more than double the number of units, and they might not even need a new fee waiver adopted by the city to do it.
The Lofts at Red Mountain, which is part of the larger Glenwood Meadows development, is one of several projects approved or on the table in Glenwood that could take advantage of a new incentive program to waive certain impact fees in trade for some apartments being offered under a 30-year deed restriction to keep rents affordable to middle-income earners.
“We have discussed it, and we are reviewing that,” said Dylan Leonoudakis, vice president of development for Realty Capital Management, developers of the planned Lofts project. “We are happy that the city is looking to encourage development of this type of housing.”
But a proposal coming before the city to expand from two buildings and 88 apartments, as approved by the city in July 2015, to five buildings and up to 185 units, is being driven by the current housing market, he said. The proposal would serve to build out that portion of the residentially zoned sections of the Meadows.
“We’re pretty excited about the market and are looking forward to starting construction in late spring,” Leonoudakis said. “There is strong housing demand in Glenwood Springs, as we have known for some time, and we look forward to bringing a quality product that people will enjoy.”
The Lofts, followed shortly by the 116-unit Oasis Creek Apartments on U.S. 6 that also won approval from the city in early 2016, served to spark conversation among city officials about how to provide incentives for developers of smaller residential units, especially rentals.
When the Lofts project won the city’s approval, Leonoudakis and his business partner, Richard Myers, were quite vocal about the city’s impact fees for such things as water and sewer utilities, parkland dedication, emergency services and schools, being cost prohibitive.
“We are not looking to avoid our fair share of impact fees, but without some relief from the current fee structure there is no way for us to help address the need for quality affordable housing in Glenwood Springs,” Leonoudakis wrote in a letter to City Council at the time.
The concerns prompted the city to begin looking at ways to reduce some fees and to provide waivers for any developers who would agree to place deed restrictions on any rental units they proposed to build.
Since then, the city did adjust its water and wastewater system impact fees to encourage construction of smaller units. More recently, City Council also approved a means for developers to qualify for fees to be waived altogether on units that carry a voluntary, 30-year deed restriction holding rents to a level that’s attainable for households earning below 120 percent of the Garfield County area median income.
Tenants of those units must also be employed by a business with a physical address within Glenwood’s 81601 ZIP code, or have a home business that conforms with city guidelines.
Tyler Richardson of Richmark Companies, developers of the Oasis Creek project, said his group is still working the numbers to see if it makes sense to proceed given current market demand. However, Richardson said the project is not likely to take advantage of the new fee-waiver incentives.
“This is a market-rate project and was always intended to be that,” he said.
Another developer who was floating preliminary plans for an apartment project on Midland Avenue, which was ultimately shot down by City Council, had an interesting take when asked if he would make use of the fee waiver incentives. Craig Helm said that, even though rental units in his project might fit the price points for deed restrictions, management of deed-restricted units is a concern.
“It does create a lot of extra work to deal with the administration of that,” Helm said, adding that turnover of the units based on the tenant restrictions favoring local workers could be onerous. “Just when you get a good tenant in, they might have to move just because they get a new job outside of Glenwood Springs.”
Deals Day: Dallas investors make big trades
Dallas Business Journal | Candace Carlisle | February 24, 2017
With a hot Dallas-Fort Worth real estate market under its belt, Stoneleigh Cos. LLC — the development firm behind the newly completed One Uptown in Dallas— has sold two of its apartment communities in Keller.
The two communities, Dominion Town Center and Lakes of Stone Glen, were acquired four years ago in February 2013, with the principals of Stoneleigh Cos. being the original developers of the apartment communities.
Both communities sold on Feb. 17. The 276-unit Dominion Town Center was sold with 96 percent occupancy rate, while the Lakes of Stone Glen, a 216-unit community, sold at a 99 percent occupancy rate.
CBRE represented Stoneleigh in the deal.
With all-time high occupancy rates and rental rates in North Texas, Stoneleigh, in partnership with Realty Capital Management, closed on a 4-acre tract at the northeast corner of Interstate 35 and Belt Line Road in Carrollton for a new apartment development.
The 234-unit apartment project, known as Switchyard Apartments, will feature luxury studio, one- and two-bedroom apartment homes ranging from 525 square feet to 1,262 square feet with granite countertops, hardwood floors and stainless steel appliances.
“Switchyard will be our latest new construction project in the Dallas area and will take advantage of the ongoing growth of the Carrollton market,” said Rick Cavenaugh, president of Stoneleigh Cos., last month.
“Our enthusiasm for the project is buoyed with the excellent location and the current health of this Dallas submarket,” he added.
Construction is slated to get underway by the end of this month. Upon completion of the Switchyard in 2018, Waterford Residential is expected to manage the property.
Stoneleigh Opens High-Rise Apartment Tower in Dallas
REBusinessOnline | Taylor Williams | February 24, 2017
Stoneleigh Cos. has opened One Uptown, a 20-story, 196-unit high-rise apartment building on McKinney Avenue in Uptown Dallas. With more than 18,835 square feet of retail space, the complex currently houses Brazilian steakhouse Fogo de Chao and will lease space to Circo, a five-star European restaurant, this summer. OneUptown’s amenities include a rooftop pool, private fitness studio, entertainment room, lounge, and a demonstration kitchen. Move-ins began on February 18.
One Uptown Opens its Doors on McKinney Avenue
D Magazine | Lily Corral | February 23, 2017
The doors have opened at Uptown’s newest high-rise apartment building, One Uptown, located on McKinney Avenue. The 20-story building features 196 residences ranging from studio apartments to penthouses and includes 18,835 square feet of retail and restaurant space.
“We are delighted with how successful leasing of One Uptown has been so far,” said Rick Cavanaugh, CEO of Stoneleigh Cos., One Uptown’s developer. “More than 20 percent of residents will move in this March, and we are thrilled to offer them a lavish living experience in the community of Uptown Dallas.”
Fogo de Chão opened at One Uptown on February 13. A second restaurant offering, Circo, will join the building this summer as the restaurant’s first U.S. location.
One Uptown’s walkability score stands out as the city’s highest, coming in at a 96, with Klyde Warren Park and Katy Trail available nearby. The apartment complex will also feature Uptown’s only rooftop pool, with a 9,000-square-foot sky deck and lounge.
Want to Win a Grammy One Day? These Apartments Come with Music Studios
Mansion Global | Beckie Strum | February 12, 2017
It took Grammy-nominated band The Chainsmokers 30 minutes in a recording session to come up with the beat to double-platinum hit “Closer.”
An expert jury will decide just how brilliant the electronic-dance music duo’s quick work is on Sunday night at the 59th Annual Grammy Awards, where The Chainsmokers are up for their first Grammy, for best new artist. Another upstart vying for the new artist title, Kanye-christened Chance the Rapper, completed most of his 14-track release “Coloring Book” in two months.
If these guys can strike pop-music gold in less time than it takes most people to do their taxes, then imagine the benefit, if you’re so inclined, of having a recording studio at your disposal 24 hours a day.
Luxury building developers, in the race to stand out from competitors, are hoping to capture a musical market by providing in-house music rooms and recording studios to accommodate artists hit by a spontaneous muse.
In honor of the Grammy Awards, being held at the Staples Center in Los Angeles, here are a handful of residential developments equipped with musical amenities just one elevator trip away, and accessible day and night.
One Arlington, Chicago
Number of units: 214 upscale rentals
Developer: Stoneleigh Companies
Building Type: Rentals
Completion Date: 2015
As a rental development in Chicago’s northwest, these units are probably the most affordable on this list, running $4,000 per month for a two bedroom. The 13-story development is part of a larger Arlington Downs Development, slated to finish this year, which will include restaurants, retail and co-working spaces. The former Sheraton and Hilton hotels site still hosts five-star services, including a modest in-house recording studio. The music room is part of what developer Rick Cavanaugh referred to as the basement “man cave,” which also includes a poker table, billiards, a shuffleboard and golf simulator.
Uptown’s newest high-rise is almost ready for first residents
Dallas News | Steve Brown | January 8, 2017
A curvaceous new Uptown apartment high-rise is almost ready for its first tenants.
The 20-story One Uptown tower has been under construction on McKinney Avenue for more than two years.
The $85 million project includes 198 luxury rental units and 18,000 square feet of restaurant and retail.
“Our first residents move in on the 18th,” said Rick Cavenaugh, CEO of developer Stoneleigh Cos. “We’ve leased five more units this week.”
More than 20 percent of the high-rise is already rented.
Stoneleigh Cos. and USA Infrastructure Investments are the developers. The tower designed by Dallas architect Phil Shepard.
The smallest studio apartment with about 540 square feet goes for around $1,650 a month.
A 1,980 square-foot penthouse will run you just under $10,000.
“A lot is going to happen in the next two or three weeks,” Cavenaugh said. “We are moving people in first on floors four to eight.”
The top floor of the tower has a swimming pool and tenants lounge with sweeping views of Uptown and the Dallas skyline.
On the second floor there’s another swimming pool with a clear glass bottom over the drive-up entry on Routh Street.
Also on the second floor there’s a fitness center, guest rooms victors and a dog park.
Six levels of underground parking serve the apartments and retail.
“Fogo De Chão Brazilian Steakhouse opens on the 13th,” Cavenaugh said. “They are in there cooking and training.”
Circo restaurant will open on the McKinney corner of the building this spring.
Stoneleigh Cos. is rushing to finish the public areas in the building.
Two large sculptures by artists Brad Oldham and Shane Pennington will be installed at the entry.
“April 20th we are doing an unveiling of the sculpture,” Cavenaugh said.
As Stoneleigh finishes up the Uptown tower, it’s moving ahead with a new apartment community near Main Street in Frisco.
And the developer is about a week away from starting a transit oriented apartment project in downtown Carrollton.
25N Coworking opens in Arlington Heights
Daily Herald | January 27, 2017
25N Coworking has completed work on an 11,000 square-foot space located on the first floor of One Arlington, 3400 W. Stonegate Blvd.
It becomes the newest amenity for the mixed-use development Arlington Downs, located at the corner of Route 53 and Euclid Avenue in Arlington Heights.
Reservations for desks and private offices are currently taken on a first-come, first-choice basis. To celebrate the opening, any member who signs up for a year of flex or dedicated space will receive an annual virtual mail package valued at $300.
25N Coworking spaces are designed to spark collaboration and productivity in a collaborative environment as an alternate to working from a standard office, the home, coffee shop, or public space. With diverse meeting and team space available for 2-200, the location is also a suitable alternative for off-site meetings for larger corporations. For community groups looking for meeting or event space, the Hub, which can accommodate up to 80 is also available to rent.
Mara Hauser, founder and CEO, calls this new location a “rock-n-roll version” of the 25N brand.
“The goals for each space are to carry our brand, but pick up the vibe of each local community,” she explained. “Our location at One Arlington rocks with concrete, steel, glass and 18-foot ceilings. We’ve planned for every amenity a worker would desire, and put them together in an exciting way.”
The space is staffed with community managers whose responsibilities include fostering an amazing community of members who serendipitously connect. They are there to greet guests, provide catering and concierge services for any member or guest needs, and they make sure the good (really good) coffee is always hot. 25N Coworking offers workspace services 24/7.
his is the second location for 25N Coworking. They started operations in 2013, with its first co-working location in West suburban Geneva, Ill. Designed to be the flagship and prototype for future locations, 25N Coworking in Geneva sold out of private office spaces within one month after opening their doors in February 2015. Only 18 months later, they relocated to accommodate continued demand.
For more information, visit the 25N Coworking website. To schedule a tour of the facility, contact Community Manager Sarah Randle or Hauser via email at email@example.com or call (847) 600-4284.
A ribbon cutting and grand opening celebration is being planned for early March.
Arlington Heights chamber celebrates success stories
Daily Herald | Christopher Placek | January 27, 2017
The Arlington Heights Chamber of Commerce on Friday celebrated successes of the business community over the past year, while chamber officials look to enhance the services they provide to their membership in 2017.
It’s the 70th anniversary of the business group, and so Friday night’s annual installation and awards celebration at Arlington International Racecourse was James Bond 007-themed, with outgoing board Chairman Colin Gilbert calling himself “Agent 070” and attendees posing for pictures with fake guns.
Gilbert officially handed the chairmanship reins to Mike Driskell, who said the chamber will continue to evolve in 2017, with the goal to get the chamber staff out of the office and into the business community more often.
One way the organization is doing that is by moving the chamber offices from 311 S. Arlington Heights Road in downtown Arlington Heights to 25N Coworking, the new 11,000-square-foot work and meeting space that formally opened this week at the One Arlington residential tower, part of the Arlington Downs development on Euclid Avenue.
“The co-working community space will be shared with other businesses and will help us to keep our finger on the pulse of the business community,” Driskell said. “The new service model will help us to remain agile and respond quickly to changes in the business climate and the needs of our members.”
Driskell, the director of administration of the Arlington Heights Memorial Library, said he also wants to explore partnership opportunities between the chamber and library.
Mayor Tom Hayes honored the chamber’s 70th anniversary by referencing an old newspaper clipping from the Arlington Heights Herald, the predecessor to the Daily Herald, that he found online.
In likely one of the chamber’s first newspaper advertisements in 1947, the ad encouraged consumers to shop in Arlington Heights on Thursdays until 9 p.m., when a number of stores were keeping their doors open late.
Gilbert gave President’s Awards to Ken Drost, his partner at the Drost, Gilbert, Andrew & Apicella law firm, and Amy Philpott, a Realtor at Picket Fence Realty. Philpott also won the award for Business Leader of the Year.
Business Volunteer of the Year was awarded to Frank Lesniak, owner of Air-Flo HVAC, for his work with the Santa Run, golf outings and other events.
Business of the Year went to AAA Travel & Insurance, which has been in Arlington Heights for 30 years and Illinois for the past 100 years.
Frontier Days, the annual summer festival that will be in its 42nd year, was named Nonprofit of the Year.
Bottle & Bottega was named Emerging Business of the Year. Owner Chris Bonk thanked village and chamber officials for their assistance in helping him open a little more than a year ago.
“When people come to our studio to paint every night, it’s very heartwarming. People come in and they say, ‘This is such a charming downtown,'” Bonk said. “It feels nice that they think it’s a great place.”
Commercial real estate transactions
Dallas News | Steve Brown | January 24, 2017
Chicago-based Stoneleigh Cos., in partnership with Realty Capital Management, purchased 4 acres at the northeast corner of Interstate 35 and Belt Line Road in Carrollton. The property will be used for construction of the 234-unit Switchyard Apartments. Key Bank NA and SunGate Capital provided funding for the project.
Stoneleigh Companies, LLC announces plans to acquire land to build The Lofts at Red Mountain Apartments, a new urban multi-family project, with a planned start in April of 2017 in Glenwood Springs, Colorado.
(December 9, 2016) – Chicago-based Stoneleigh Companies, in partnership with Realty Capital Management, LLC, plan to build five, 4-story multi-family buildings adjacent to the Glenwood Meadows Market Street. The buildings will consist of 182 multi-family units, with garages, covered parking, a full amenity package with the latest residential designs to provide a complete rental living community for area residents. The multi-family units will range from approximately 508 square feet to 1,241 square feet and feature studio, one, two, and three bedroom units. The project will also include common area amenities and complementary commercial space on the ground level of the building fronting Market Street.
The Master Development Application for Phase 1 of The Lofts at Red Mountain gained approval last winter. Realty Capital has been working with the City of Glenwood Springs to make the project financially viable through an in-depth analysis of City infrastructure and impact fees. “We are pleased to bring such a quality development partner on board for The Lofts at Red Mountain. Stoneleigh Companies has a long track record of success across the United States and understands the demand for quality housing on the western slope.” said Richard Myers, Managing Director of Realty Capital.
The Lofts will bring an urban lifestyle to the Glenwood Springs community and will offer units and amenities that have not been available before now. The project is located in the Glenwood Meadows development, next to the Community Center, RFTA stop, and the Glenwood trail system.
The Lofts will be a Class A apartment community with high-end finishes and common amenities. Amenities will consist of a state-of-the art clubroom, fitness center with yoga/TRX studio, business center, electric car charging stations, heated outdoor pool, outdoor kitchen/bar/grill pavilion with a fire pit. Each unit will include nine foot ceilings, wood flooring in entries and great rooms, stainless steel appliances, granite countertops, espresso shaker style cabinets, designer tile backsplashes, walk-in closets, full-size washer and dryers, and balconies with picturesque mountain and valley views.
“We are very excited about the opportunity to bring Class A urban lifestyle apartments to Glenwood Springs,” commented Rick Cavenaugh, President of Stoneleigh Companies. “With high-quality finishes and outstanding amenities, The Lofts at Red Mountain will set the new standard for apartment living in the mountains. Glenwood Springs is a growing community and we want to deliver a quality development that will help sustain that growth.”
“The western slope market has been significantly underserved in new multi-family construction, and there exists a pent up demand for housing in Glenwood Springs. The Lofts will meet this demand while still remaining affordable to area residents. Stoneleigh has excelled at providing quality construction, delivering residents a very high level of service with a focus on creating living environments residents are proud to call home,” said Rick Cavenaugh.
About Stoneleigh Companies
Based in Chicago, Stoneleigh Companies is a private real estate investment company focused on acquisition and development of multifamily properties, with a track record of over 40,000 multi-family units in 35 cities and 18 states over the last 33 years. The principals and officers of Stoneleigh are experienced in all aspects of commercial real estate development, finance, and operations and have been operating on a national platform since the early 1980’s.
For more information, visit www.waterfordresidential.com.
About Realty Capital Management, LLC
Realty Capital was founded in 1987 and over the past 29 years has developed over 3,500 residential units and more than one million square feet of commercial buildings. In 2011, Realty Capital became an employee-owned firm with Richard Myers, Jimmy Archie and Tim Coltart serving as Managing Directors. Realty Capital is currently partnered with industry leaders including Hillwood Communities, Stratford Land, Granite Land and Avanti Properties in development of multi-million dollar mixed-use projects across the Southwest.
For more information, visit www.rcpinvestments.com.
Looking for a new apartment? These are the top 5 properties for 2017.
CultureMap | November 25, 2016
The only thing better than living in a swank apartment in the hottest part of Dallas is moving in right before the building becomes the new “it” locale. But how do you find that perfect urban homestead, before everyone else is clamoring to live there too?
You talk to Dallas Apartment Locators, located above Mi Cocina in the West Village, who for eight years have been helping Dallasites and Texas transplants nail down their ideal new home, often with bonuses like free rent that otherwise might have gone unclaimed. These licensed Realtors take into account your preferences for area, budget, amenities, and timeline, and can find exactly what you’re looking for — all for free.
Few know the local apartment market like they do, so Dallas Apartment Locators shared some inside info on the top five most up-and-coming communities. Take note, for you might be reading about your new home.
The newest high-rise in Uptown has everything from studios to penthouses available in its distinctive 20 stories. City views, walkability, easy access to bars and restaurants, Whole Foods just down the street — the hashtag #OneUp says it all. It’s also home to a Dallas first: a glass-bottom pool, which complements the Sky Deck on the building’s rooftop. Two hospitality suites make hosting out-of-town guests a breeze, especially with the help of the 24-hour concierge.