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Cantor and Silverstein Opportunity Zone Partnership Begin Construction on Virginia Development

Cantor and Silverstein Opportunity Zone Partnership Begin Construction on Virginia Development. Alternative investments, apartment, Cantor Fitzgerald, commercial real estate, DST, investment, opportunity zone, multifamily, real estate, Silverstein Properties
Cantor and Silverstein Opportunity Zone Partnership Begin Construction on Virginia Development. Alternative investments, apartment, Cantor Fitzgerald, commercial real estate, DST, investment, opportunity zone, multifamily, real estate, Silverstein Properties

Cantor Fitzgerald L.P. and Silverstein Properties, joint venture partners in a series of qualified opportunity zone funds, announced that they have entered into a joint venture with Collins Capital Partners and Kaufman Jacobs to develop The James at Springline within an opportunity zone near Richmond, Virginia. The development is a mixed-use project that includes 298 rental units and 28,000 square feet of ground-level retail space.

Cantor Fitzgerald says the venture simultaneously closed on $53.6 million in construction financing from Truist Bank. The investment is part of the first phase of a comprehensive master-planned development known as Springline at District 60, a former shopping center that will be redeveloped into a 42-acre, mixed-use urban village located at the intersection of Route 60 and Chippenham Parkway. Demolition began in March 2023 and construction will occur in multiple phases. According to the company, the site will include “abundant” green space and connectivity, with walking and biking trails, wide streetscapes, and structured parking. The groundbreaking of the first phase of development will take place on Sept. 28, 2023, with an on-site event.

“We are pleased to partner with Collins Enterprises on this development that promises to have a positive impact on the surrounding community,” said Chris Milner, head of Real Estate investment management at Cantor Fitzgerald Asset Management.

The project site is one of seven parcels that make up the Springline Master Plan. The Chesterfield County Economic Development Authority purchased the Spring Rock Green shopping center with the intention of creating a walkable urban center that will serve as the anchor of Chesterfield County. The EDA and Collins collaborated with Cooper Carry architectural firm to create the overall master plan.

“We have assembled a top-notch team of partners to make this transformational project a reality,” said Art Collins, managing principal of Collins Capital Partners.

Phase one of Springline at District 60 is slated to include The James at Springline as well as a 150,000 square feet office building, a festival-like common area, sports tournament and entertainment venue, specialty market and a structured parking facility. The company says future phases will add more apartments, townhouses, additional commercial space, another office building, a luxury hotel, and entertainment venues. Upon its expected completion in 2025, The James at Springline will feature amenities including double-height lobby with office pods, conference area and fireplaces, interior courtyard with a pool and lounge areas, roof deck with a fitness center, and garage parking.

“Springline at District 60 will offer a dynamic live, work and play environment for residents of Chesterfield County and greater Richmond,” said Jeff Sirkin, managing director of Collins Capital Partners.

“This will be a new and vibrant community in Chesterfield County and is another good example of the Qualified Opportunity Zone Program helping stimulate investment,” said Alex Cosio, vice president, Silverstein Properties. “We are confident in Collins’ expertise to develop a project that will offer innovative opportunities and experiences to the area.”

As The DI Wire previously reported, Cantor and Silverstein launched an opportunity zone business in early 2019 to invest in, develop, redevelop and manage a diversified portfolio of institutional quality commercial real estate assets with an emphasis on multifamily properties located in qualified opportunity zones in the United States. Cantor Silverstein Opportunity Zone Trust Inc. launched in 2019 with a fundraise target of $500 million. Its follow-up, Cantor Silverstein Opportunity Zone Trust II Inc., launched in January 2022 and seeks to raise up to $750 million of investor equity.

Cantor Fitzgerald is an investment bank serving more than 5,000 institutional clients around the world. Silverstein Properties is based in New York and has developed, owned, and managed more than 40 million square feet of commercial, residential, retail and hotel space.

For more Cantor Fitzgerald news, please visit their directory page.