Levine Properties, Northwood Ravin and Horizon Development Properties are working together on a $500 million redevelopment of the former Providence Square shopping center (photo). The total site encompasses 113 acres at the intersections of Old Providence and Providence roads and Sardis Lane. Plans for the project call for a combined 2,200 apartments and townhomes, 180,000 square feet of retail and 45,000 square feet of office space.

The Charlotte Business Journal reports all three developers own separate parcels and each will be approved together. The City of Charlotte and Mecklenberg County have offered up tax incentives.

Horizon will redevelop Gladedale Homes with up to 350 multifamily units and up to 50 single-family homes, with no more than 380 total units. The residences will be a mix of affordable, workforce and market-rate housing.

Plans for Northwood Ravin’s 20 acres include 650 multifamily units, 80 single-family attached townhomes and 15 single-family lots.

Levine will redevelop 85 acres with a mix of single-family and multifamily residences, up to 1,112 units. The developer will also build a grocer store.

San Clemente-based CareTrust REIT, Inc. and a joint venture partner have entered into a binding agreement to acquire a portfolio of skilled nursing facilities for approximately $500 million. The portfolio consists of 31 skilled nursing facilities totaling 3,290 licensed beds, with 30 facilities located in Tennessee and one in Alabama.

PACS Group has agreed to operate 12 facilities, while affiliates of The Ensign Group will operate nine and Links Healthcare Group will operate seven. Three facilities will be master-leased to a regional operator, a new tenant relationship for CareTrust.

CareTrust president and CEO Dave Sedgwick said, “The successful closing of this transaction in the fourth quarter will, not including other opportunities we continue to pursue, bring our annual investment total to approximately $1.4 billion. Combining the full-year impact of this year’s investments with a reloading pipeline, the table is set for 2025 to be another tremendous year for CareTrust and the many operators we support.”

Pictured: A PACS Group facility.

NOVEMBER 6, 2024: Next Wednesday, the most active retail investors, owners, developers, forecasters, managers, brokers, lenders, and others will be at the Luxe Sunset Blvd Hotel for this year’s Connect Retail West conference. Don’t miss the leading retail CRE event happening next week on Wednesday, Nov 6 – Be sure to register in advance, registration pricing increases on event day. 

Dartmouth College has launched a $500-million program to invest in new and renewed undergraduate housing, representing the Ivy League school’s largest campus housing investment in a generation. College president Sian Leah Beilock has pledged to add a combined 1,000 beds for students, faculty and staff over the next 10 years. 

The Hanover, NH college has received the largest gift for undergraduate housing in its history, $30 million from alumni Thomas A. Russo ’77 and Gina T. Russo ’77. The apartment-style residence hall for juniors and seniors being built at 25 W. Wheelock St. will be named Russo Hall in their honor. 

Russo Hall is the first of several planned apartment-style residence halls on West Wheelock Street, near the central campus and the West End campus district. The Russo’ contribution launches a $165-million fundraising campaign to help fund the construction of Dartmouth’s first new undergraduate residences in more than 20 years.

EnerSys selected Greenville, SC to develop a lithium-ion cell gigafactory to advance battery production in the United States. EnerSys has applied for a comprehensive incentive package through South Carolina and Greenville County valued at approximately $200 million, including short-term and long-term incentives. The Company intends to use a portion of these proceeds, along with the Inflation Reduction Act (IRA) tax benefits and potential additional federal funding, to make a $500 million investment with the potential to create 500 high-quality new jobs.

EnerSys is evaluating the development of a 500,000-square-foot manufacturing facility on approximately 140 acres in the Augusta Grove business park in Greenville. The operation would manufacture various form factors of lithium-ion cells for commercial, industrial and defense applications, with a production capacity of four-gigawatt hours (GWh) per year. It would be the company’s second factory in the area.

The company is targeting construction to begin in early 2025 and operations to be online in late 2027.

There’s still time to register for the Connect Industrial Midwest 2024 event on March 5 at Joe’s Live in Rosemont, Illinois. Click here for more information and to sign up.

Kairoi Residential is expecting to invest $500 million on projects in Charlotte. So far, the company has a handful of properties in various stages of planning.

Its first, which is under construction now, is 5Line, a community in the lower South End that will have 434 apartment units and 82 townhomes. Kairoi acquired the property in November 2020 for $12.6 million. The Charlotte Business Journal reports the company’s second project is a five-story, 450-unit apartment community at 650 State St.

Additionally, Kairoi is in the planning phases for projects in Matthews and University City, as well as one along Clanton Road. The developer bought 505 and 515 Clanton, a Super 8 Motel and the McLeod Addictive Disease Center, respectively, for $15 million in June 2022.

On its website, Kairoi touts that since 2003, the partnership has transacted $9.7 billion across 65,000 multifamily units in many cities and states around the country.

Register today for Connect Phoenix Multifamily & Single-Family Build-to-Rent, scheduled for April 18 at the Westin Kierland Resort & Spa, Scottsdale, AZ.

University Health has started work on University Health Palo Alto Hospital, a $470 million project that will anchor a $500 million medical campus.

The San Antonio Business Journal reports the hospital, which will house 166 beds will be built on a 68-acre site adjacent to Texas A&M University-San Antonio. In 2021, University Health spent $10.4 million to purchase the site.

Last month, University Health broke ground on Vida, a three-story, multispecialty center that will be connected to the new hospital and house its Institute for Public Health. The $30 million center, expected to open in 2026, will provide a home for primary care services, and wellness and preventive health education programs.  The new hospital, set to open in 2027, will have a 24/7 emergency department and a labor and delivery unit.