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Construction

The Construction Woes on the Route from Amarillo to Canyon

2024-12-04

Across the nation, one thing remains steadfast - construction. Wherever you journey, you are bound to encounter construction sites. While it aims to enhance our travel experiences, it often makes our lives a living hell during the construction period.

Announcement in April: I-27 Widening Project

In April, it was declared that construction would commence on I-27 between Amarillo to expand the interstate to three lanes. The stretch that once boasted a speed of 75 mph has now been reduced to 60 mph. This safety measure is crucial due to the ongoing construction. The project is anticipated to be completed by 2028.

Impact on Commuting

The construction on I-27 has led to significant commuting woes. It is an annoying affair, and the overpass currently gives a sense of unease. Those who prefer to avoid this route have opted for alternate roads like VFW/Soncy/FM 2590, which has various names. Although this alternate route has been congested, it serves as a great alternative.

Adding to the Nightmare

Construction has now begun on VFW/Soncy/FM 2590. While another major project towards Canyon was underway, this additional construction has made traveling between Amarillo and Canyon an even bigger nightmare. The construction extends from Loop 335 in Amarillo all the way to Highway 60 in Canyon.

Making the Route Safer

The purpose of the construction on VFW/Soncy/FM 2590 is to enhance safety. The project includes the installation of new traffic lights at Country Club Road, Hunsley Road, Lair Road (better known as 2219), and McCormick. Road crews will also be adding right and left-turn lanes in these areas. During the construction, the drainage and overlays will be updated. Most of the mentioned intersections are dangerous, and it is challenging to enter the road. The 4-way stop at VFW and 2219 often fails to function properly, leading to backups during busy times. This project is expected to be completed in early 2027 and is estimated to cost $28 million.

Alternate Routes

If you are seeking an alternate route between Amarillo and Canyon, Washington/FM 1541/Marshall Formby Memorial Highway is always an option. However, it is only a matter of time before construction starts on this route as well.

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The Roads of Amarillo that Trigger Road Rage

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Tulfra Real Estate, a prominent Rochelle Park-based entity in the real estate and development sector, made a significant announcement on Tuesday. This announcement pertained to the successful closing of a loan that will serve as the financial backbone for the construction of Liberty Storage Center. Situated at 300 Thomas McGovern Drive in Jersey City, this six-story self-storage facility will house an impressive 795 units. The scale and significance of this project are evident, as it marks a major step forward in the local real estate landscape.

Unlocking the Potential of Jersey City's Storage Future with Tulfra

Company's Long-standing Efforts in Securing Permits

Tulfra has demonstrated unwavering dedication over the past 5 years. They have worked in close collaboration with city and state agencies, navigating through a complex web of regulations and procedures. This meticulous effort has finally paid off as they secured the proper permits to transform a former concrete plant into a Class A storage facility. This transformation is not just a physical change but a testament to Tulfra's vision and commitment to revitalizing the local area.The process of obtaining these permits was no easy feat. It required extensive negotiations, detailed planning, and a deep understanding of the local regulatory environment. Tulfra's team of experts worked tirelessly to ensure that every aspect of the project met the highest standards and complied with all relevant laws and regulations. This attention to detail and perseverance have set the stage for the successful development of Liberty Storage Center.

Loan Securing and Representation

The loan to TFJ Jersey City LLC was a crucial milestone in the project's progress. JLL Capital Markets played a vital role in securing this financing. Michael Klein and Jon Mikula, from JLL, represented Tulfra on this transaction, leveraging their extensive expertise and industry connections. Their guidance and support were instrumental in ensuring that the loan process was smooth and efficient.On the other side of the deal, Jeff Wallace and John Lipiros represented the lender, Fulton Bank. Their expertise in lending and financial transactions added another layer of stability to the project. Together, these professionals worked in harmony to make the loan closing a reality.Mitchell Berkey and Joseph Zawila of CSG Law also played a significant role by representing the borrower. Their legal expertise ensured that all the legal aspects of the transaction were handled properly, providing an additional layer of protection for all parties involved.

Project Progress and Management

When completed, the 103,500-square-foot Liberty Storage Center will be a state-of-the-art facility. It will be fully climate-controlled, providing optimal storage conditions for its tenants. This attention to detail in design and construction is a testament to Tulfra's commitment to delivering a high-quality product.Site work and construction have already begun on the first phase of the project. This is an exciting time as the vision for Liberty Storage Center starts to take shape. The project will be managed by Public Storage, a renowned name in the self-storage industry. Their expertise and experience will ensure that the construction process is carried out smoothly and efficiently, and that the final product meets the highest standards.As the first phase of Liberty Storage Center takes shape, it is clear that this is just the beginning. The total project size will be 260,000 square feet, with two more phases to follow. This expansion will not only meet the growing demand for self-storage in Jersey City but also contribute to the local economy and community.Tulfra Real Estate's commitment to this project is evident in every aspect of its development. From securing the necessary permits to obtaining the financing and managing the construction, they have left no stone unturned. The completion of Liberty Storage Center will be a significant achievement for the company and a valuable addition to the Jersey City skyline.

Newmark, on Tuesday, played a crucial role by arranging a significant $135 million loan. This loan was facilitated on behalf of Related Fund Management, Onyx Equities, and Russo Development. The funds are dedicated to the construction of High Point on 10, a remarkable Class A build-to-suit cold storage and industrial development facility. Last month, the joint venture broke ground on this project in East Hanover, setting the stage for its growth.

Financing Arrangement and Partners

Newmark's Jordan Roeschlaub, Jonathan Firestone, and Nick Scribani demonstrated their expertise by securing the financing on behalf of their clients. The financing was obtained from Ares Commercial Real Estate Management. This collaborative effort showcases the strength and capabilities of Newmark in the real estate financing space.

Details of the Development Facility

High Point on 10 is set to offer an impressive approximately 584,000 square feet of cold storage and industrial space. Strategically located on a premier infill site, it provides immediate access to the entire New York City metro area. With more than 13.5 million people within a 30-mile radius, it offers excellent connectivity and potential for growth.RealCold has leased the 380,000-square-foot cold storage component of the facility. This partnership highlights the significance of the project and the trust placed in it by RealCold.

Impact on RealCold's Platform

Roeschlaub emphasized that this financing package will be a game-changer for RealCold. It will enable the continued expansion and success of their platform across the United States. With a portfolio spanning approximately 1.6 million square feet and nearly 180,000 pallet positions, RealCold is already a major player in the cold storage industry. Upon the completion of High Point on 10, they will be able to serve an even larger customer base.Specifically, they will be capable of servicing 48% of the U.S. population within one day and 97% within two days. This demonstrates the strategic importance and wide reach of the facility.