Development News

New construction projects and development announcements

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Pennrose Properties representatives and community partners gather outside Tandem in Providence for the ribbon-cutting ceremony marking completion of the 61-unit affordable and workforce housing development.
DevelopmentMultifamilyAffordable+1

Pennrose Properties Completes 61-Unit Tandem Affordable Housing Development on Former I-195 Land in Providence

Pennrose Properties has completed Tandem, the second phase of a mixed-income multifamily development on former Interstate 195 land in Providence, Rhode Island, adding 61 affordable and workforce housing units to the Fox Point neighborhood. Combined with the first phase, Tempo, the two-building Parcel 9 project now totals 127 apartments at 55 George M Cohan Boulevard.

National Equity Fund

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Project partners and officials gather for the ribbon-cutting ceremony opening Legacy at Herndon Square, Pennrose LLC, Atlanta Housing, and Hunt Companies’ 201-unit mixed-income community in Atlanta.
DevelopmentMultifamilyMixed Use+2

Pennrose LLC, Atlanta Housing, and Hunt Companies Open 201-Unit Mixed-Income Legacy at Herndon Square in Atlanta

A public-private partnership led by Pennrose LLC, Atlanta Housing, and Hunt Companies has completed Legacy at Herndon Square, a 201-unit mixed-income rental community at 527 Herndon Square Ave in Atlanta's Westside. The project marks the second phase of the five-phase redevelopment of the former Herndon Homes public housing site, with financing from the Urban Residential Finance Authority of the City of Atlanta, Invest Atlanta, and Truist Bank, among others.

Pennrose Properties
Architectural rendering of The Lumberyard, The Michaels Organization and Kyuden Urban Development America’s planned five-story mixed-use development at 500 G Street in downtown Davis, California.
DevelopmentMultifamilyMixed Use+2

The Michaels Organization, Kyuden Urban Development America Break Ground on $88 Million Mixed-Use Development in Downtown Davis

The Michaels Organization, Kyuden Urban Development America, and Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development broke ground Sept. 1, 2026, on The Lumberyard, an $88 million, 239-unit mixed-use multifamily development in downtown Davis, California. The five-story mid-rise rises on the former Hibbert's Lumberyard & Hardware Store site at the corner of G Street and 5th Street.

The Michaels Organization
An Indianapolis downtown streetscape provides city context for Sabey Data Centers' proposed $4.25 billion data center campus in Decatur Township.
DevelopmentData Center

Sabey Data Centers Proposes $4.25 Billion Data Center Campus in Indianapolis' Decatur Township

Sabey Data Centers has proposed a $4.25 billion, approximately one-million-square-foot data center campus in Decatur Township on Indianapolis' southwest side. The project includes commitments for $5 million in road improvements and $25 million for a new aquatic center, alongside projections of high-wage jobs and substantial long-term tax contributions to local schools and the Marion County Library.

Sabey Data Centers
A conceptual mixed-use district rendering illustrates the type of urban environment planned for MCB Real Estate’s $2.7 billion VIVA White Oak development in Silver Spring.
DevelopmentMixed UseMultifamily+5

MCB Real Estate Secures $420 Million TIF Authorization to Launch $2.7 Billion VIVA White Oak Development in Silver Spring

Montgomery County Executive Marc Elrich signed legislation on August 28, 2026, authorizing up to $420 million in Tax Increment Financing bonds for MCB Real Estate's VIVA White Oak development in Silver Spring, Maryland. The 280-acre, $2.7 billion mixed-use project will span up to 12.1 million square feet and marks the county's first-ever TIF district.

MCB Real Estate
Architectural rendering of Emerson Green Residences at 77 Grant Road in Devens, the planned three-story, 46-unit multifamily project financed in part by MassDevelopment’s $4 million construction loan.
DevelopmentMultifamilyWorkforce+2

MassDevelopment Sells 77 Grant Road, Provides $4M Loan to Elite Home Builders LLC Affiliate for 46-Unit Devens Multifamily Project

MassDevelopment has sold a parcel at 77 Grant Road in Devens, Mass., and provided a $4 million construction loan to 77 Grant Rd LLC, an affiliate of Elite Home Builders LLC, to develop a 46-unit mixed-income apartment building. The project, named Emerson Green Residences, will advance the next phase of the larger Emerson Green master-planned neighborhood.

MassDevelopment