Press
New, ‘resort-style’ apartments add to Alcoa’s growing Springbrook Farm
Vital at Springbrook Farms, a new apartment complex in Alcoa just a mile away from the thriving McGhee Tyson Airport, offers "resort-style" apartments in the growing Springbrook Farms development.
The $45 million apartment complex broke ground in January 2022 and was developed by StoneRiver Company and Bluedog Capital Partners. Capstone Building Corp. worked as the general contractor.
Vital gives residents direct access to greenway trails and is within walking distance to Springbrook Farm, a 360-acre development transforming the area with restaurants, a hotel, community parks and more.
Springbrook Farm has nearly 400,000 square feet of retail space, 200,000 square feet of office space and land planned for homes, townhomes, senior living and more.
Located at 1605 Centennial Park Blvd. the 300-unit apartment complex has:
32 studios
176 one-bedroom apartments
92 two-bedroom apartments
Prices range from $1,360 to $2,300 a month depending on the floorplan, according to co-developer StoneRiver Company. It's leasing now.
Apartments in Alcoa offer views of Smokies
StoneRiver told Knox News "resort-style" means luxurious amenities often found at upscale vacation resorts.
With views of the Great Smoky Mountains, amenities at the complex include:
Resort-style pool
Fitness center
Golf simulator
Dog park
Car wash station
It's only a 1.2-mile distance to the airport for frequent flyers, and it's adjacent to the Alcoa Duck Pond, Alcoa High School and more.
Vital at Springbrook welcomes first residents of transformed ALCOA West Plant site
Alcoa’s city center development, Springbrook Farm, is welcoming the first round of new residents on what was once the ground of ALCOA’s West Plant.
Vital at Springbrook opened their doors to an initial 16 move-ins on Thursday. StoneRiver Company, LLC is the property management group working with Bluedog Capital Partners, LLC for the investment.
Once construction is complete, Alcoa will have 300 new residences housing anyone from college students to retirees to families with children. Vital has two buildings, each with 150 units. The first building should be fully completed by the end of September. The second building is projected for completion in late fall or early winter.
The complex officially broke ground in March 2022 and city officials have often noted the rapid rate of progress and how the property seemed to change each time they passed. From the northbound side of Alcoa Highway, regular passersby have watched the two apartment buildings rise to meet the backdrop of the Smoky Mountains.
Regional property manager Tori Baxley said on Wednesday the complex had 84 units, nearly one third of the total, leased. The complex has 12 different floorplans available ranging from studios, one-bedroom and two-bedroom apartments. Baxley said the two-bedroom units are proving especially popular with only a few still available in the first building. Prices range from $1,350 for studios to $2,100 for the top-end two-bedroom style.
Vital started pre-leasing in January. With four floors in each building, the apartments are finished in sections to allow new residents to move into a section at a time.
In the original agreement between Alcoa and developers, the apartment complex was required to have a commercial business component, such as a coffee shop or juice bar, before the city could issue final permits for occupancy.
StoneRiver President Joseph Welden inquired in March about adjusting the commercial business requirement until the market is feasible. Soon after, Alcoa Planning Commission initiated the request by giving developers additional time to bring in a commercial component, contingent on approval from Alcoa Board of Commissioners. Agreements are legally binding and require review from each party’s attorney. Welden signed off on the updated agreement at the end of July.
During the monthly board meeting on Aug. 8, commissioners gave the go-ahead for Mayor Tanya Martin to execute the agreement. It will give developers several more years to draw a business into their complex.
The primary roadway through Springbrook Farm is Centennial Park Boulevard. It is still under construction. The board is giving developers 2 years in addition to the time it takes to build the boulevard to pull in a business.
City Manager Mark Johnson said developers are waiting until the complex is fully occupied to determine what business will fit the residents’ demographic. Vital has advertised apartments in various places, including the University of Tennessee and Blount Chamber of Commerce.
Knoxville building from 50s demolished ahead of $40m development
KNOXVILLE, Tenn. (WATE) - Construction crews began the demolition of the MAC Auto Loans building on West Fifth Avenue this week, and a new development is set to take its place.
Bluedog Capital Partners bought the property in May and has plans to build roughly a $40 million apartment complex in its place. Sarah Harris, director of acquisitions and investments, has a personal connection to the original building. Her grandfather’s janitorial business worked with the auto loans company when it was still open.
“With my grandfather being close with the current owners and developers of the building, he started working with them and cleaning after hours. My father grew up working with my grandfather in the building,” Harris said.
She hoped to develop the original building, but infrastructure problems made tearing it down the best option.
“Unfortunately with the amount of asbestos and all the environmental hazards inside it, it just wasn’t economically feasible to try and save it,” Harris said.
Harris wants to preserve the memory of the original building, starting with its new name. The apartments will be called MAC on Fifth. She is also hoping to keep the iconic MAC Auto Loans sign that is a familiar sight to residents in Knoxville.
“We’ve got to work with the city to get a variance in order to accommodate the size, the location, and the neon use of the sign. So, we’re working really hard to keep it and incorporate it into our new design,” Harris said.
The original building was built in the 1950s and the new apartment building is set to open in 2024.
Olympus Group Real Estate and CBRE lease 20,400 s/f to Rhode Island School of Design at 159 Weybosset St.
Providence, RI Rhode Island School of Design (RISD) has leased the entire four-level building of 20,400 s/f at 159 Weybosset St. for an initial seven-year term, plus renewal option.
The facility will expand their downtown campus presence and fulfill additional administrative, technical, and classroom/program functions within the renowned educational institution.
Greg Micallef, broker principal, of Olympus Group Real Estate, represented the property owner, Bluedog Capital Partners, LLC. Alden Anderson Jr., senior vice president/partner and John Cregan, vice president of CBRE, represented RISD.
MAC at Fifth bringing additional apartment living to downtown Knoxville
Apartments replacing the MAC building would blur the lines between residential and retail
The dated MAC building, marked by its iconic sign on the northern edge of downtown Knoxville, is set to be demolished. But more people will be able to enjoy the property through a development blurring the lines between residential and retail.
MAC at Fifth, a roughly $40 million development by Rhode Island-based Bluedog Capital Partners, will provide ground-level units where entrepreneurs can live, work and sell products.
The new build would be U-shaped and five stories tall, running the length of West Fifth Avenue between Williams and King streets. Bluedog, which Director of Acquisitions Sarah Harris recently expanded to her hometown of Knoxville, acquired the property for $2.1 million in May.
Demolition could begin early next year and developers hope to open MAC at Fifth in 2024.
The team is considering how the iconic sign could be incorporated in the design of the new building. No renderings have been publicly shared.
Contributing to the downtown 'boom'
Bluedog also has a satellite office in Florida and is the group behind Vital at Springbrook Farm, a 300-unit multifamily development expected to wrap up in January near McGhee Tyson Airport.
But the MAC at Fifth project is a special one for Harris, whose grandfather cleaned the building as part of his business. Her father would tag along, too.
Harris experienced a learning curve returning in 2020 to Knoxville, which has seen tremendous growth in and around its core since she left in 2013.
This project is key as housing becomes harder to find and as downtown expands north, Harris said, pointing to the redevelopment of Emory Place as one example.
"In seven years, just the boom that happened was amazing," she said. "I said immediately, 'I love this location.' This is a fantastic location – love the building, love the sign. Everything about it just screamed, 'This is an amazing opportunity.'"
Units for more than just entrepreneurs
If Harris had it her way, the building and its old-school office furniture could remain in some capacity. But the building at 200 W. Fifth Ave. was constructed in the 1950s and has too many structural challenges to accommodate a vastly different use – not to mention, asbestos.
Bluedog has not nailed down just how many live-work units the development could accommodate, though the total number of planned residential units is roughly 135.
"I think we'll have to vet through everyone's use to make sure it's code compliant," Harris said about the live-work units. "We really want to help Knoxville become more of a foot-traffic city, a bike-friendly city – not so reliant on vehicles for transportation."
Harris said yoga instructors, visual artists, music teachers and bakers are examples of entrepreneurs that could fit in this unique community.
"You are going to have that street presence," she said.
MAC at Fifth helps housing struggles
Visualizing the development is difficult without renderings, but Harris said the design will match the "historic vibe" of the neighborhood.
The live-work units will include a retail component that faces the street. There also be more traditional studios to two-bedroom floor plans, with prices reflecting market rates.
"It is very needed," Harris said. "It's meeting that demand that Knoxville is seeing. You move here, you want to be able to find a place to live. You work downtown, you want to be connected to everything. This is a great opportunity."
Knoxville's rental market is hot. The average rent in May was up 24% from the same time last year across Knoxville. Downtown has an astounding occupancy rate of 99.59%, and its $1,429 average rent was the fourth-highest among all neighborhoods at that time.
Minimal amenities, but parking a plus
Community amenities have not been finalized, but Bluedog is considering a small fitness center, shared work areas and a kitchen area.
A rooftop deck for residents is a possibility, and roughly 50 surface parking spaces are included in project plans. Parking would be included on the south side of the property within the U-shaped development.
Harris said the property already is zoned for this type of development.
"Knoxville is seeing a huge growth," she said. "You've got all this new, fresh people moving to the area."
"Tennessee is a fantastic state. Knoxville is a great city. So, I'm excited to help be part of that growth."
Experience the Best of New England this Summer
As the peak season for New England travelers is underway, hotels throughout the East Coast are embracing the summer sunshine with exciting new programming, packages, and special offers for guests.
Pet Perks and New Rooms on Nantucket
Nantucket Resort Collection welcomes the fourth property, The Sherburne Inn, to its collection of luxury boutique hotels set in the heart of Old Town Nantucket. The storied 8-room bed and breakfast, dating back to 1835, has been reimagined by Boston-based interior designer Carol Friedman with Schumacher Pineapple Sky wallpaper in the foyer, Pierre Frey blue wallpaper enveloping the hall, and historically accurate Circa lighting.
Furry friends are welcomed at all four inns with Nantucket Resort Collection’s new “Friends of Stella” pet membership program, brought to guests by the property’s very own Guest Relations Pup, Stella Delores. The membership includes exclusive pet perks, guides, amenities, assistance with restaurant reservations at dog-friendly venues, one complimentary walk per day (by request!), a discount at a local dog spa, and complimentary access to the hotel’s upcoming themed Yappy Hour events. A portion of the membership fee will benefit NiSHA, the Nantucket Island Safe Harbor for Animals.
Exciting Events on Block Island
Champlin’s Marina & Resort – an iconic 42-room resort style property with one of New England’s largest marinas – welcomes all kinds of celebrations this season with new event spaces. Customizable packages and five dedicated venues, all with stunning views of Great Salt Pond, allow guests to host their milestone parties and major events at the nine-acre Block Island Resort. The resort itself will host a number of exciting events this summer, including Astral Tequila’s Full Moon Party on July 13 and Christmas in July on July 23 featuring Champlin’s annual lighted boat contest. Also new this season is Champlin’s Choice, which offers unlimited access to bicycle rentals (single and tandem), kayaks, paddle boards, and peddle boats for just $25 per person per day.
Return to Summer Camp on Lake Winnipesaukee, New Hampshire
Mill Falls at the Lake, a timeless, all-season resort located on Lake Winnipesaukee in Meredith, New Hampshire, is inviting adults to embrace their inner child with the “Return to Summer Camp” package. The lakefront resort, comprised of four unique hotels and inns, provides the perfect summer camp backdrop, and the package offers classic camp activities including campfires with smores, kayaking, boat rides, hiking, biking, and arts & crafts. Guests can enjoy a full summer camp experience without ever leaving the grounds as Mill Falls also offers five distinct dining venues. The cozy Adirondack Camp features a menu full of nostalgic favorites, including the restaurant’s signature Camp crackers, pot roast, and apple fried chicken.
For the ultimate wellness experience with unparalleled lake views, the resort’s award-winning Cascade Spa will open a rooftop spa this summer. Guests will enjoy massages, rejuvenating body treatments, therapeutic foot soaks, and more while taking in the stunning natural surroundings.
Celebrating its tenth anniversary this year, The Nantucket Hotel + Resort is a place defined by new and old traditions alike that guests can experience at the only year-round hotel in the area. Visitors have the option to check into one of their cozy hotel rooms, suites or cottages that combine the comfort of a bed and breakfast with the style of a luxury resort. A variety of amenities exist on the property to create an unforgettable seaside adventure for the whole family including two outdoor heated pools, a Kids’ Club Day Program, a brand-new fitness and spa facility and antique fire truck rides around Nantucket. Guests can also dine on New England coastal cuisine throughout the day at the hotel’s restaurant Breeze. No matter what time of year they visit, there’s always a way to get involved and feel like a local whether it’s the daffodil bloom in April, meeting #1 bestselling author Elin Hilderbrand or spending the holidays on the island.
A vital event: A 300-unit apartment complex breaks ground in Springbrook Farm
The word "vital" got tossed around a few times on Thursday morning like the dirt county leaders and developers threw forward.
A 300-unit apartment complex named "Vital at Springbrook Farm" broke ground across from the new Fairfield Inn & Suites between Alcoa Highway and Tesla Boulevard.
Sarah Harris of Bluedog Capital Partners, a real estate investment group, said once completed, the property will feature a clubhouse, fitness center, pool, summer kitchen, outdoor kitchen and social spaces. Harris added that the buildings will offer studios, 1 and 2 bedroom units that allow pets, and apartments will have large kitchens, patios and personal office spaces.
Situated in the heart of Springbrook Farm, she said residents will be within walking distance to bike trails, a distillery, restaurants and other shops.
Blount County Mayor Ed Mitchell said the view from the groundbreaking site is one of the best in the county. Developers have said the design may imitate a modern barn or farmhouse to match the surrounding landscape.
In partnership with Bluedog, Joseph Welden of StoneRiver, a real estate investment, development and management group that focuses on multi-family residences, said Vital is the second project in Alcoa of which StoneRiver has been a part.
"It's my privilege today to welcome all of you to this extremely 'Vital' event," Alcoa City Manager Mark Johnson said. "I wondered about the name of that, and it actually works really well for this event and Springbrook Farm. It's vital to getting kicked off properly."
Like the first home in a subdivision, Johnson said other developments are falling into place and more are to come.
Vital is the forth development to start construction in the future town center where the ALCOA Inc. West Plant was formerly located.
The new, larger Texas Roadhouse, across Hall Road from where the restaurant currently operates, has a frame and foundation. A new Food City that neighbors Vital broke ground several weeks ago, and Fairfield across the street is built and open for business.
"As Alcoa goes, so goes Blount County," Mayor Mitchell said. "We don't ever want to forget that. What makes all of this work is all of us working together and having the same goals and the same objectives."
Mitchell said the city of Alcoa's vision for the area will complement the entire region. Although it has taken decades, Mitchell said speed and doing things right don't always go hand-in-hand.
Springbrook Farm, he said, was done right.
Development in Springbrook Farm has dominated agendas for Alcoa Board of Commissioners and the planning commission in recent years. Shovel by shovel, the master plan is materializing from concept and site plans to brick and mortar money-makers.
"I remember when Mark (Johnson) was first talking about [Springbrook Farm] back when he first became city manager," Mitchell said. "It was a windy day like this, and he was having trouble keeping his bangs out of his eyes. That's how long it's been."
Johnson, whose head reflected the morning sun on Thursday, said shortly after he was hired as city manager for Alcoa in 1999, redeveloping the more than 300 acres of the former plant site became one of his first projects.
"Twenty-two and a half years later, and who says government doesn't work at lightning speed?" Johnson said.
To cap off the ceremony, Jeff Arnett from Company Distilling presented a toast and offered the crowd morning bourbon shots, a little stronger than espresso.
Company Distilling will be building a large headquarters and manufacturing facility in Springbrook Farm.
Vital at Springbrook Farm Development Coming
NAI Koella | RM Moore announced today that, Vital at Springbrook Farm (“Vital”), a new Class A, resort-style multifamily project is expected to break ground in the fourth quarter within Springbrook Farm, a large mixed-use development in Alcoa, Tennessee. Vital will feature 300 luxury apartment units and will be located on the corners of Tesla and Centennial Boulevards. The developer is a joint venture formed by Bluedog Capital Partners (“Bluedog”) and StoneRiver Company (“StoneRiver”). JDavis, located in Raleigh, North Carolina, is the architect, and C2RL, Inc., located in Alcoa, is the civil engineer. The team anticipates the project to be completed by the end of 2022.
RESIGHT as Airport Center Development Partners, the master developers of Springbrook Farm, started working on the old Alcoa West Plant in 2007 with visions of creating a mixed-use lifestyle development including retail, restaurants and a residential component. With the help of the City of Alcoa, C2RL, Inc., Ensafe and Geoservices, LLC, RESIGHT created a master plan to bring life to the old brownfield development.
The Bluedog team, led by Richard Tasca, Kevin Maloof and Sarah Harris, began the vision for Vital in 2016. Harris was establishing a Bluedog office in Knoxville when she contacted the listing brokers, NAI Koella | RM Moore. Bluedog found Blount County to be the ideal place to develop additional housing given its proximity to three major interstates, strong job growth, top school systems and limited housing supply with increasing demand. In 2019, Bluedog entered a purchase agreement to acquire two prime parcels totaling 10 acres at the entrance of the town center.
“Our teams at Bluedog and StoneRiver are proud to be a crucial part of the exciting mixed-use development evolving at Springbrook Farm,” said Tasca. “Vital at Springbrook will take its place as a premier 300-unit resort style apartment community focused on the great outdoors and quality of life in Alcoa, Blount County. Strong job and population growth, coupled with the support of County and City officials gives us great confidence in our investment. Springbrook Farm is shaping up to be a dynamic and vibrant community containing hospitality, retail, residential, event and other lifestyle amenities supported by the continued expansion of the Airport, Knoxville and overall pro-business environment.”
In 2021, with the assistance of Mike Kemether at Cushman & Wakefield, Bluedog and StoneRiver formed a joint venture to bring Vital to life. StoneRiver, headquartered in Birmingham, Alabama, and led by Joseph Welden, has a proven and extensive history with multifamily development and management. Since 1995, StoneRiver has acquired, developed, leased, managed and/or sold over $1 billion of real estate. StoneRiver is fully vertically integrated, with in-house property management, development and construction management capabilities. Vital will be StoneRiver’s third multifamily project in the Knoxville area – StoneRiver developed The Village at Westland
Cove Apartments between 2017 and 2019 and acquired The Ridge at Hamilton Crossing Apartments in April of 2021. “We are excited to be involved in another Class A project in West Knoxville. Vital at Springbrook Farm will be a unique property that will cater to the strong and growing demand for quality housing in the Alcoa submarket,” said Welden.
Springbrook Farm will feature a walkable community, outdoor amenities and a wide array of restaurants and retail tenants. Recently, Company Distilling announced it will be opening a whiskey manufacturing facility at Springbrook Farm in 2022, featuring a tasting room, brewery and retail store that will host ample outdoor activities and entertainment. Additionally, greenway trails will also run through the mixed-use development, offering several walking and biking options.
Each unit at Vital will feature an open floor plan with balconies, luxury finishes and all of the latest amenities. The unit mix will contain studios, one-bedroom units and two-bedrooms units, with one or two baths. The amenities will include a resort style pool, cabanas, an outdoor pavilion, grilling stations, firepits and incredible views of the Smoky Mountains. The community will have access to the greenway trails providing residents with walkability and convenient access to the rest of the Springbrook Farm development.
StoneRiver will manage Vital’s construction, as well as the lease-up and day-to-day management of the property. The group hopes to begin pre-leasing units by Fall 2022.
ABOUT NAI KOELLA | RM MOORE
NAI Koella | RM Moore has been in operation in Knoxville, Tennessee since 1983, providing full-service commercial real estate brokerage support, including the disciplines of Retail, Office, Industrial, Investment Brokerage, Asset Management, Property Management, Consulting & Multifamily. NAI Koella I RM Moore is an organization of professionally trained brokers with international reach and local expertise in commercial real estate. Providing full-service commercial real estate brokerage support to Middle and East Tennessee.
ABOUT BLUEDOG CAPITAL PARTNERS
Founded in 2001 by Sean N. Marchionte and Richard R. Tasca, Bluedog Capital Partners, LLC is a boutique real estate investment firm located in the financial district of Providence, Rhode Island. Bluedog has built its portfolio of business through real estate debt and equity investments ranging from offering private capital to the fix and flip industry to large-scale commercial and hospitality ventures. The company has participated in ventures throughout the United States.
ABOUT STONERIVER COMPANY
StoneRiver is a team-driven company that acquires, develops, and manages multifamily real estate opportunities.
For nearly 25 years we have grown into an investment company that has invested over $1 Billion in assets across the Southeast. What sets us apart is not only the tenured team behind our investment strategies, but also the value we create through focused property and asset management. Our expertise in Southeast markets and our track record as owners and operators has consistently proven to generate superior risk-adjusted returns.
World’s Greatest Places 2021: New Orleans, TIME
Music, architecture, art and gastronomy are the pride of NOLA, and lodging and attractions coming this year capture and expand on that spirit. Housed in the city’s former World Trade Center, the Four Seasons Hotel and Residences brings new life to the once shuttered riverfront landmark and will feature a fine-dining restaurant from beloved local chef Donald Link. The city’s beating heart is on display with live music at The Bar at Commons Club, located in the Virgin Hotel in the Warehouse District, and the One11, the first hotel to open in the French Quarter in 50 years. Also in the Warehouse District, the new Museum of Southern Jewish Experience explores the rich history of Jewish people in the South. — Sucheta Rawal
Self-Storage Market Analysis 2021: Providence, RI
Providence, R.I., may be in the nation’s smallest state, but as a self-storage market, it really packs a punch. Read why owners and investors see an industry gem in this New England capital city.
While perhaps no one would compare it to a fast-growing Sun Belt city, as a self-storage market, Providence, R.I., definitely punches above its weight class. This New England town of nearly 180,000 people is the capital of the nation’s smallest state and home to institutions such as Brown University and Providence College. The area has also seen a recent boom in self-storage construction, with more than 1 million square feet added.
Last year alone, new supply increased by 11 percent, bringing its total market to 5.9 million square feet of storage, according to Radius+, a company that specializes in self-storage data, analytics and location intelligence. Yet, surprisingly, rental rates in Providence and throughout the state have remained relatively stable, hovering around $130 for a 10-by-10, climate-controlled unit.
Price Stability
One reason why there hasn’t been a big dip in rental rates despite the added supply is because the Providence/Warwick metropolitan market has traditionally been underserved, with self-storage square footage per capita at less than 4 percent. By comparison, the nation’s average penetration rate is about 5.8 percent.
In addition, the population has been slowly growing as people priced out of nearby Boston and New York markets look for less expensive housing in smaller Northeast cities. The bottom line is self-storage demand has increased enough in recent years to absorb the new supply.
“It’s not a super high-growth market, but it’s a very solid market,” says Cory Sylvester, a principal at Radius+. “It’s been very resilient based on the amount of new supply it’s seen. Rates are still healthy.”
Market Dynamics
One downside to Providence, R.I., is the high barrier to entry due to strict zoning laws and the high cost of land, according to Thomas Palumbo, senior director at Sitar Realty Co. But that doesn’t necessarily outweigh its pluses, which include a well-regarded education system, high median household income ($68,498), and proximity to Boston and New York. Together, these factors make it an attractive market for new residents and a favorable playing field for self-storage investors. “The key is: If you can get into the market, it’s a very good place to invest,” says Palumbo.
Frankly, the entire state, which has 1 million people living in relatively dense communities, is attractive to self-storage renters, owners and investors. For example, the scenic city of Newport, at the southern mouth of Narragansett Bay, has rental rates hovering around $1.80 to $1.90 per square foot, according to Sylvester.
“We just love Rhode Island,” says Sarah Harris, director of acquisitions for Bluedog Capital Partners, which owns two storage facilities in the towns of Cranston and Wakefield. “It’s still an undersupplied state, and there’s strong demand.” Not surprisingly, the Ocean State has become more competitive, even attracting the major real estate investment trusts, Harris notes.
Among those building is Utah-based Wasatch Storage Partners, which is developing a nearly 70,000-square-foot facility in Providence. “To us, it looks like an attractive market,” says Parley Vernon, an investment associate at Wasatch.
Outlook
As the Providence market grows in popularity and population, the question is whether it’s perhaps becoming too well-liked. Based on history, that doesn’t appear to be the case. Rhode Island was hit hard by the 2008 Wall Street meltdown and subsequent recession, and it took years for the region to recover. Little to no new self-storage construction occurred in the area in the last decade, at least not before 2017. Then things changed, with the fourth quarter of 2020 alone culminating in 450,000 square feet of completed developments, according to data. Still, the market experienced a 3.1 percent year-over-year gain in rental rates.
As for future development, current owners can breathe a sigh of relief—for now. Facilities under construction will boost the city’s overall self-storage supply by only 1.8 percent, according to Sylvester, and that’s a manageable increase for competitors.
CubeSmart Opens State of the Art Self-Storage Facility in Wakefield, RI
JULY 10, 2020 — CubeSmart announced the Grand Opening of their newest state of the art, climate controlled self-storage facility at 94 Old Tower Hill Road in Wakefield, RI today. The three-story, 77,000 sq. /ft. facility will serve South County and southeastern Connecticut.
The opening is the first stage of a three-phase project that will ultimately include a Pawtucket Credit Union branch in the front of the development and a pad-ready site for an additional business, as well. The development is expected to support approximately 150 jobs across 40 trades.
The project will have full security and video systems with climate and non-climate controlled settings and will be completely powered by an efficient, sustainable source of power from rooftop solar panels.
The nearly $10 million project was developed in partnership with Bluedog Capital Partners (BPCStor Development II, LLC.) and The Procaccianti Group.
“We are extremely pleased to bring this best-in-class, climate-controlled Cubesmart store to the South County market,” said Richard Tasca, Managing Partner of BCPStor Development II, LLC. “In connection with the new Pawtucket Credit Union, this mixed-use development will bring a property that has historically been environmentally challenged back to economic life.”
“Powered by 100% renewable energy, we are also reducing the carbon footprint by virtue of the solar energy system on the rooftop of the building,” Tasca added. “We offer our sincere thanks to the Town for their support and the hard work of all the professionals associated with this exciting development.”
South Kingstown Town Manager Robert C. Zarnetske stated, “We are excited to welcome CubeSmart to the Wakefield community. The construction of this impressive facility is a promising sign of economic growth despite the pandemic.”
Downtown Providence’s newest hotel opens on Sabin Street
OCTOBER 1, 2019 — First to strike the senses heading into the new hotel on Sabin Street is the bright yellow of mums planted in dark brown mulch at the base of trees sprouting from the freshly poured concrete of a new sidewalk.
Next, the “new hotel” smell, a mixture of paint and building materials and cleaning products in the lobby.
Then the glare of bright lights behind the front desk of the lobby, an open but boxy space slightly reminiscent of the Brutalist architecture of the Fogarty Building that stood on this ground until May 2017. After the Fogarty’s demolition and foundation work, above-ground construction on the hotel began in June 2018.
The Residence Inn by Marriott Downtown Providence opened Tuesday with little fanfare beyond an open house and public tours of the 176-room extended-stay hotel.
Bluedog Capital Sells Two Apartment Communities in South Atlanta for $74M
AUGUST 21, 2019— Bluedog Capital Partners has sold two apartment communities in south Atlanta for a total of $73.8 million. Mike Kemether, Travis Presnell, and Alex Brown of Cushman & Wakefield represented the seller in the transactions.
The Radco Companies acquired Stonegate at Eagle’s Landing, a 167-unit apartment community in Stockbridge for $25.1 million. Rockworth Acquisitions acquired Mandalay Villas, a 300-unit apartment community in McDonough for $48.75 million.
“Though Mandalay Villas and Stonegate at Eagle’s Landing are both extremely well-located deals on the south side of Atlanta, this is where the similarities end,” said Kemether. “Mandalay Villas is an incredible big house product at a great basis with upside. Stonegate provides higher-than-market day-one yield for its new owner, with the ability to push revenue further in coming years. I am excited to see where each owner takes these deals over the next couple of years.”
Procaccianti Companies Opens CubeSmart State-of-the-Art Self-Storage Facility
CubeSmart opens state of the art self-storage facility in Cranston
JULY 26, 2018— CubeSmart is proud to announce the grand opening of their newest 81,000 square foot property which includes a state of the art, climate controlled self-storage facility, a second single-story storage facility, and a 5,500 square foot retail building on Phenix Avenue in Cranston. This is the first phase of a mixed-use project focused on storage solutions that will contain 130,000 square feet of buildings on a 14.9 acre site. Construction of the facility generated 200 construction jobs from over three dozen local businesses, and will bring 2 permanent jobs as well as contribute to the demand for the district manager and asset manager in the area.
The project also contains an efficient and sustainable source of power provided by rooftop solar panels.
“We are proud to bring this best in class self-storage facility to Cranston,” said Richard Tasca, Legal Counsel for Bluedog Capital Partners. “It showcases Bluedog Capital Partners’ investment in local economic development and job creation here in Cranston.”
This almost 10 million dollar project was developed in partnership with Proccacianti Group and Bank Newport. All parties involved had a commitment to bringing this innovative facility to a location at the intersection of I-95 and-I295 and at the gateway of Western Cranston.
Cranston Mayor Allan Fung attended the CubeSmart grand opening. “We are excited that CubeSmart is opening here in Cranston with such an impressive facility and property,” Mayor Fung said. “The commitment by multiple parties to bring this scale of development to Cranston shows the economic vitality of our community.”
