The Mercer Island-based company is hiring roles in engineering, sales and product management.

It’s the buyer’s first investment in a brewery.

The 54,500-square-foot downtown building was sold in a deal that closed last week.

The price per unit was over $263,000. A similar-style apartment property in nearby Federal Way sold for about $292,000 a unit last month.

Benchmark Treasury yields fall for a second straight day.

Ross Perot Jr.’s Hillwood Communities has launched a treehouse-inspired community near the Alliance master-planned development in Fort Worth.

The Dallas-based firm started construction on Treeline, an 800-acre project in Justin that’s slated for 2,500 single-family homes, parks, an elementary school, commercial space and a slew of amenities, the Dallas Morning News reported. 

The first batch of homes will be available for sale by mid-2025, and prices are expected to range from roughly $400,000 to $550,000. Several prominent builders, including American Legend Homes, D.R. Horton, HistoryMaker Homes and Tri Pointe Homes, are lined up to construct over 700 residences as part of the first phase. Lot sizes will range from 40 to 60 feet wide. 

Hillwood has owned parts of the property, south of FM407 and near State Highway 114, since the 1980s, when it began developing master-planned communities in the area. The firm’s first Fort Worth community, Park Glen, was delivered in the late ’80s, featuring 3,000 homes. Hillwood’s other nearby projects, such as Pecan Square and Harvest, were some of the nation’s top-selling master-planned communities halfway through 2023, the outlet reported, citing RCLCO Real Estate Consulting.

Treeline has already gained heavy interest from prospective buyers, shedding light on Fort Worth’s explosive real estate boom across all sectors. 

“It took nearly no time to fill up our list of builders,” Hillwood president Fred Balda told the outlet. “There’s just more demand than supply, and I should say, more demand for quality, good neighborhoods. Treeline will be an extension of what we’ve done in that corridor.”

Treeline will have amenities such as an indoor event space, amphitheater lawn, pickleball courts, a food truck lane, a pool and an adventure park. 

Inspired by the surrounding mature oak trees and a flowing creek, the community will have a “treehouse-inspired” theme, with designs like a “library treehouse” and a “cloud spotting and stargazing treehouse.”

—Quinn Donoghue 

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Miami Mayor Francis Suarez’s statement supporting billionaire Ken Griffin’s proposal to relocate a historic home from his $106 million estate came directly from Griffin’s director of communications — showing the high level of access Griffin and his team have to the mayor.  

Suarez has further ties to Griffin. Suarez is the subject of a state ethics investigation for his acceptance of tickets to the Miami Grand Prix and other events. Griffin, founder and CEO of the now Miami-based Citadel, provided the Grand Prix weekend tickets to Suarez. Suarez eventually said he repaid Griffin about $14,000. 

According to emails obtained by the Miami Herald, Griffin’s spokesperson Zia Ahmed provided the statement about the historic villa to the mayor’s office, which then presented it to the Herald word-for-word as Suarez’s statement. It reads: 

 “The citizens of Miami, South Florida and visitors from all over the world would be able to appreciate firsthand its significance and beauty so we hope this project moves forward.” 

Griffin paid nearly $106 million for Adrienne Arsht’s waterfront Coconut Grove estate last year, The Real Deal first reported. One of the two homes on the 4-acre property includes the historic, 110-year-old Villa Serena, which was once home to former U.S. Secretary of State William Jennings Bryan. That’s the structure Griffin sought to move in order to likely build a new estate on the bayfront lot. In his proposal, the home would be opened to the public. 

In his email to Suarez’s then-communications director Soledad Cedro on Dec. 15 of last year, Ahmed of Citadel offered the quote “in case it’s helpful.” Soledad recently resigned from her post. 

The proposal to move Villa Serena off site hasn’t moved forward on paper. No permit applications have been filed, according to the Herald. 

Griffin, who earlier this year contributed $1 million to a political action committee supporting Suarez, has invested hundreds of millions of dollars in Miami real estate since he announced in 2022 that he was moving Citadel’s headquarters from Chicago to Miami. Citadel also plans a waterfront commercial tower on a development site near the Arsht estate he purchased. 

Suarez is also under scrutiny for his paid role as a consultant for an affiliate of disgraced developer Rishi Kapoor’s former Location Ventures. 

— Katherine Kallergis

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JDS Development has locked down another deal at 111 West 57th Street. 

An unknown buyer paid $53 million, or roughly $7,600 per square foot, for a penthouse at the Billionaires’ Row supertall in what appears to be an all-cash deal, property records show.

The condo, which traded for $7 million less than the asking price specified in the building’s offering plan, is the latest discounted deal to close at the tower. A 78th-floor penthouse closed in March for $47.2 million, down from its $53.8 million offering plan price. 

Unit PT61 spans 7,000 square feet and has three bedrooms and four bathrooms, according to an LX Collection listing. 

Corcoran has handled sales at the 60-residence tower since last February, when the team — led by Joe Alvarez, Kane Manera and Janet Wang — took over from Douglas Elliman Development Marketing. 

Corcoran did not immediately respond for comment. 

Developers JDS and Property Markets Group launched sales at the 84-story supertall in September 2018. 

Among the priciest sales at the building are a 74th-floor penthouse, which closed for $50 million last October. A month later, Tik Tok investor Tim Gong bought two units at the tower for $34 million. 

“The design and ingenuity offered at 111 West 57th Street is resonating with buyers and we are pleased with the sales success to date,” JDS head Michael Stern said in a statement. 

The supertall, known as the second tallest residential tower in the Western Hemisphere, rises 1,428 feet in the air from the landmarked Steinway Hall, built in 1925. Amenities at the building include an 82-foot swimming pool, double-height fitness center, private dining room and residents’ lounge with a terrace. 

Though it’s notched its fair share of pricey deals, the tower’s road to sellout hasn’t been all smooth sailing. 

One of the project’s lenders wrote off part of the project’s junior mezzanine loan in August, after sales failed to close as quickly as expected. Last year, the lender, Apollo Commercial Real Estate Finance, agreed to cough up $239 million to refinance the building. 

JDS Construction sued US Crane & Rigging in 2021 for allegedly failing to properly tie up a crane at the development site. During Hurricane Zeta, the crane spun out of control, smashing some of the building’s glass and facade panels. 

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Prince William County’s reputation as a bedroom community is beginning to shift, or at least that is what elected officials and developers hope. 
Located about 40 miles from downtown D.C., the county has historically been dominated by single-family homes where residents can commute to the city but also live on larger pieces of land. But a series of new developments moving forward is poised to change that dynamic and make the county more of a destination, panelists said Sept. 27 at Bisnow’s Exploring Prince William County event. 

The inoculations are aimed at curbing the spread of a lethal strain of bird flu, and to support foie gras, a cherished delicacy.