REBusinessOnline

Fortis to Undertake Residential, Retail Redevelopment Project in Boston

BOSTON — Fortis Property Group, a New York City-based developer, will undertake a redevelopment project in downtown Boston that will convert the Dock Square Garage into a residential and retail property. Current plans call for 210 condominium units and 8,000 square feet of ground-floor retail space. Fortis will build a six-story vertical addition for the residential component and will renovate and upgrade the existing retail space. Stantec Architects is handling design. Completion is slated …

Highridge Costa to Break Ground on Multifamily Phase of Kulana Hale Project in Hawaii

KAPOLEI, HAWAII — Highridge Costa will hold a groundbreaking ceremony on Aug. 28 for the second phase of the $130 million Kulana Hale mixed-use affordable seniors housing and multifamily apartment project located at 1020 Wakea St. in Kapolei. Kulane Hale Phase II will feature a 13-story tower with 2,300 square feet of ground-floor retail space and 143 affordable apartments for low-income families. The second-phase tower will be built over a two-level concrete podium structure that will …

LJ Mainstreet Holdings Acquires 45-Unit Apartment Property in Arizona

BUCKEYE, ARIZ. — Mesa, Ariz.-based LJ Mainstreet Holdings has purchased Main Street Lofts at Verrado, a multifamily property located at 21068 W. Main St. in Buckeye, a suburb of Phoenix. Omaha, Neb.-based Waitt Verrado LLC sold the asset for $5.2 million. Situated within the Verrado master-planned community, Main Street Lofts features 45 units averaging 994 square feet, as well as a CVS/pharmacy and Basha’s grocery on the ground floor. Matt Kolano and Charlie Steele of Jones Lang …

i3 Interests Breaks Ground on 24-Acre Mixed-Use Project in Metro Houston

CYPRESS, TEXAS — i3 Interests, an investment and development firm active in Louisiana, Texas and Florida, has broken ground on Telge Crossing, a mixed-use project that will be situated on 24 acres in the Houston suburb of Cypress. Project plans currently call for 15,000 square feet of retail space, 12,000 square feet of medical office space, several pad sites and a 303-unit apartment community. EDGE Realty is marketing the retail component of the project for lease, and Transwestern has been …

CBRE Negotiates $13.3M Sale of Mixed-Use Chandler Business Center in Arizona

CHANDLER, ARIZ. — CBRE has arranged the sale of Chandler Business Center, a creative office, flex-tech and retail space located in Chandler. New York-based Fullerton Properties acquired the multi-tenant property from Los Angeles-based Montana Avenue Capital for $13.3 million. Located at 6150 and 6170 W. Chandler Blvd., Chandler Business Center is a two-building, value-add, mixed-use complex offering a total of 129,840 square feet. Butler Design Group designed the property in collaboration …

Mixed-Use Settings Permeate Houston Retail Market, Drive New Development

With higher costs of land and construction, increased demand for walkable environments and more acceptance of structured parking, mixed-use is finally becoming the norm rather than the exception as the backdrop for new retail development in metro Houston. Developers of all types recognize that quality retail enhances the value of all surrounding real estate. Apartment and office developers are utilizing retail areas as additional amenities to differentiate themselves from their competition. …

Wight & Co. to Lead Design of Former AT&T Headquarters Redevelopment in Suburban Chicago

HOFFMAN ESTATES, ILL. — Somerset Development has selected Wight & Co. to provide design services for Bell Works Chicagoland, a redevelopment project transforming the former 1.6 million-square-foot AT&T corporate campus in Hoffman Estates into a mixed-use complex. Plans call for office, coworking, retail and community space. Wight & Co. will serve as the project’s master architect, redesigning its shell and core, public spaces and individual tenant spaces. Wight plans to …

Southpace Properties to Develop $11M Mixed-Use Building in Birmingham

BIRMINGHAM, ALA. — Southpace Properties will develop Macaroni Lofts, a mixed-use building in Birmingham’s Parkside District that will include 35 residential units and 6,000 square feet of retail space. Birmingham Business Journal reports the project will cost $11 million to complete. The residential units will span in size from 347 square feet to 1,750 square feet. Situated at the corner of 4th Avenue and 14 Street, Macaroni Lofts is a redevelopment of the former Birmingham Macaroni Co. …

Metropolitan Capital Arranges $8M Loan for Mixed-Use Project in Dallas

DALLAS — Metropolitan Capital Advisors Ltd. (MCA) has arranged an $8 million loan for the acquisition and redevelopment of a 50,675-square-foot former school campus in Dallas. The sponsor, Fort Worth-based investors/developers M2G Ventures and Todd Davenport, will convert the property into a mixed-use asset with office and retail space. Duke Dennis of MCA placed the loan through an undisclosed lender. Dennis also arranged $4.3 million in joint venture equity for the

REDCO, AEW Buy One Montgomery Street in Downtown San Francisco for $82M

SAN FRANCISCO — A joint venture between REDCO Development and AEW Capital Management has acquired One Montgomery Street, a historic mixed-use property in downtown San Francisco. 601W Cos. sold the building for $82 million. Mike Taquino, Kyle Kovac, Russell Ingrum, Giancarlo Sangiacomo and Mandy Lee of CBRE’s San Francisco office represented the seller in the deal. Additionally, CBRE’s Mike Walker, Brad Zampa and Megan Woodring arranged $76.6 million in acquisition financing on behalf …

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