Arctaris Impact Investors, LLC and Housing Diversity Corporation (HDC) announced the opening of Liv DTLA, an eight-story, 227-unit affordable housing development designed to address Los Angeles’ severe housing shortage. The project was co-sponsored and developed by HDC, while Arctaris Impact provided critical project funding. 

The privately funded, all-studio housing project, located in an Opportunity Zone at 1411 S. Flower St., is positioned near the Los Angeles Convention Center and Pico Metro Station on the A and E Lines. Through a five-year master lease with the Los Angeles Homeless Services Authority, the building will provide permanent supportive housing with wraparound services by The People Concern. Reportedly it is the county’s largest master-leased housing development.

“The innovative master lease structure with LA County allows developers to house low-income families without relying on federal subsidies, while also completing the project more efficiently than other affordable housing options,” said Nihar Sait, managing director and head of real estate at Arctaris.

March 20, 2025: Register to attend the 9^th annual Connect Orange County coming up on Thursday, March 20^th, and join the region’s most active investors, owners, developers, dealmakers, managers, brokers, lenders, and more at the Hyatt Regency Irvine. Learn more, get involved, and register at: www.ConnectOC2025.com  

Provident Data Centers and American Real Estate Partners’ PowerHouse Data Centers have formed a joint venture to build a data center campus near Dallas slated to be one of the largest such complexes in the United States.

Provident and AREP’s PowerHouse Data Centers plan to build the hyperscale-focused campus on 768 acres between Dallas and Fort Worth in Grand Prairie, Texas. The multi-phase project will initially leverage about 500 megawatts of committed power, with the potential to scale up to 1.8 gigawatts at full build-out, according to Provident.

Construction on the site — which sits north of Route 67 and close to Google’s data center complex in neighboring Midlothian, Texas — is set to begin in the second quarter of 2025, with power delivery secured for May 2026. While neither party in the joint venture shared their total investment in the project, Provident touted at least $5B in direct construction impact over the course of the multi-year build-out. 

The nearly 2 gigawatts of capacity planned for Grand Prairie would place the campus among the largest in both the booming DFW data center market and nationally, even as the data center sector is increasingly dominated by massive projects serving tech giants like Amazon, Microsoft, Google and Meta.  

“We were motivated to form this partnership due to Provident’s extensive experience in large-scale infrastructure and deep Texas roots, combined with PowerHouse’s focus on hyperscale solutions,” Provident Principal Strategist Jack Backes said in an email to Bisnow. “This created a partnership uniquely positioned to deliver a facility that meets the growing needs of global hyperscalers with speed, scalability, and efficiency.”

The JV between Provident and PowerHouse brings together two firms pursuing aggressive growth in the hyperscale data center market.  

Dallas-based Provident’s data center footprint entails 50 buildings in six states, totaling 3.8 gigawatts of power. The firm’s portfolio is centered in Texas, with data centers in operation or being developed in seven cities across the state, according to the company’s website. 

Development plans include a seven-building data center campus in Burns Harbor, Indiana, which Provident first proposed in August. But Backes tells Bisnow its latest Texas project previews an upcoming push to expand its presence in the market, targeting the world’s largest tech firms.  

“This project is also part of Provident’s broader vision for hyperscale growth,” Backes said. “Provident is preparing to leverage its 30 years of experience to deliver future developments independently through vertical construction in the data center space.”

PowerHouse’s hyperscale expansion is already well underway. The Virginia-based company says it has 87 buildings and 25.5M SF in planning underway or completed, representing over 5.9 gigawatts of power across 6 U.S. markets. 

As with the planned campus in Grand Prairie, PowerHouse’s swollen development pipeline is being executed largely through joint ventures. 

The largest of these JVs, announced in August, is a partnership with fellow data center firm Chirisa and asset manager Blue Owl to build a series of data centers anchored by AI cloud provider CoreWeave that could ultimately deploy more than $5B. The JV’s initial buildout is slated for a campus near Richmond, Virginia, that could ultimately exceed a gigawatt of capacity, with further development expected in New Jersey, Pennsylvania, Texas, Kentucky and Nevada. 

Less than a month later, PowerHouse unveiled a separate JV with investment management firm Town Lane. The partnership acquired a 122-acre site in Charlotte, North Carolina, where it plans to offer 300 megawatts of capacity across five buildings by 2027. 

An earlier development joint venture between AREP and investment firm Harrison Street formed in late 2021 has also fueled much of PowerHouse’s growth trajectory. This year, the two firms broke ground on both the first phase of an 800-megawatt campus in Spotsylvania County, Virginia, and a 65-megawatt project in Reno, Nevada. The partners sold one of their co-developed data centers in Northern Virginia to CyrusOne last month.

The JV with Harrison Street has helped PowerHouse push into the DFW market, launching a 200-megawatt project on 50 acres in Irving, TX last spring.  

Amid a nationwide data center development boom, the DFW metroplex has remained one of the industry’s strongest growth markets. The region trails only Northern Virginia in leased critical IT Power with 776 megawatts, according to 451 Research. At the end of the second quarter of last year, JLL reported that Dallas ranked fourth in capacity planned or under construction with a pipeline exceeding 3000 megawatts. 

The data center industry’s growth across Texas has sparked growing concerns about the impact of gigawatt-scale campuses on the stability of the ERCOT power grid and power prices for consumers, with some politicians suggesting pumping the breaks on future development. But Provident’s Backes insists that the company’s project with PowerHouse in Grand Prairie is paired with energy infrastructure investments that, along with collaboration with utilities, will ensure these concerns don’t come to fruition.

“Our development is designed to enhance grid stability rather than strain it,” Backes said. “Provident has spent the past two years working closely with ERCOT and Oncor ensuring that the project not only avoids price increases for consumers but also strengthens grid resilience and reliability.”

RIPCO Real Estate closed the sale of 88-56 162nd St. for $18.8 million, marking the largest new construction multifamily building sale in the Special Downtown Jamaica District since its 2007 neighborhood-wide rezoning. Measuring 49,264 square feet, the seven-story building features 51 residences and a fully leased ground-floor community facility space.

RIPCO represented seller Jian Chen of 89th Ave Project LLC. The listing team included Stephen R. Preuss Sr., vice chairman of investment sales, and Kevin Schmitz, VP of investment sales, from RIPCO’s Queens office. The buyers, Steven Kordvani and Jonathan Loloi of Parkview Properties, assumed the seller’s fixed-rate mortgage, originated in 2021.

“Since its neighborhood-wide rezoning in 2007, Jamaica has become a destination for new development, with over 5,000 units delivered to the market,” said Schmitz. “The sale of 88-56 162nd St. for $18.8 million not only represents the largest new construction multifamily transaction in the district since that transformative change but also serves as a testament to how the area has continually evolved into one of the most important and popular economic and residential centers in Queens.”

The pickleball craze shows no sign of slowing, and when you add golf simulators to the mix, you’re on top of the latest experiential development trends. The owners of Pin Point say their new project will be the largest indoor pickleball and golf facility in the country.

Located in warehouse space at 2201 S. Wilmington St., Pin Point will feature 16 professional pickleball courts, eight commercial golf simulators and a chipping and putting area.

The Triangle Business Journal reports Pin Point will lease a 71,000-square-foot space on the second floor of a warehouse building. The buildout for Pin Point is expected to cost between $1.5 million and $2 million.

The chipping and putting area at Pin Point will cover around 8,600 square feet. The facility will also have a sports bar, a pro shop and two large rooms available for event and party bookings. Pin Point will have the capacity to host groups of up to 570 people.

Pin Point is expected to open this summer.

Nuveen Real Estate has unloaded Fayette Pavilion, the state’s largest and most popular open-air center (Placer.ai). 5Rivers CRE bought the 1.1 million square foot property. CBRE arranged the sale. 

Located in Fayetteville, Georgia, approximately 22 miles south of downtown Atlanta, Fayette Pavilion sits on approximately 106 acres. The center attracts over 8.3 million annual visits. Developed in four phases from 1995-2003, the property has evolved into a super-regional, tandem grocery-anchored shopping destination. Currently 96% leased, Fayette Pavilion’s tenant roster stands at 68 tenants, 70% of which have been at the property for over five years. Notable anchors like Publix, Hobby Lobby, Burlington, Ross Dress for Less, Marshalls, PetSmart, Old Navy, pOpshelf, Dollar Tree, and Five Below. 

Founded in 1995, 5Rivers CRE is a family-owned commercial real estate investment management company based in Houston. Since its inception, the company’s portfolio has grown to 5.4 million square feet of retail space valued at $700 million, mostly located in the Sun Belt

The 590-room Sheraton Memphis Downtown Hotel is up for sale. The price for the town’s largest hotel was not disclosed. The two brokers handling the deal are Tim Osborne and Spencer Davidson, both with Hunter Hotel Advisors.

Starwood Capital Group and Schulte Hospitality Group — acquired the property in 2017. The Sheraton employs about 200 people.

The Memphis Business Journal reports that Hotel Memphis secured $43 million in debt from Bank of America in 2017.

In October 2022, Starwood received a 30-year PILOT (payment-in-lieu-of-taxes) from the Center City Revenue Finance Corp. (CCRFC), an affiliate board of the Downtown Memphis Commission (DMC). That incentive covered a proposal to expand the Sheraton by 300 rooms. An extensive renovation was also proposed. The total development budget for the expansion and renovation was set at $226 million. The CCRFC also approved a 5% Tourism Development Zone (TDZ) surcharge to assist with the project at that time. The owners never performed on the program, and the PILOT and renovation plans were scrapped.