Mixed-Use

TARC Recapitalizes Mixed-Use Development in Providence, R.I.

by Haisten Willis March 7, 2017

Providence, R.I. – The Armory Revival Co. (TARC) has recapitalized Rising Sun Mills, a 313,000-square-foot mixed-use complex with 135 residential units and 130,000 square feet of commercial space located at 166 Valley Street in Providence. On-site management by TARC will oversee new construction commencing immediately with lobby renovations. The recapitalization will also fund tenant improvement projects, accounting for 90,000 square feet of available commercial space. CBRE’s Andrew Galvin leads the leasing efforts for Rising Sun Mills. Located two miles from downtown Providence, Rising Sun Mills is accessible from Routes 6 and 10 as well as Interstate 95. The campus includes 135 residential units and offers office tenants a parking ratio of four per 1,000 square feet. The site features a waterfall and walking/bike paths along the Woonasquatucket River. The property features the on-site Café at Easy Entertaining and offers proximity to local and regional restaurants in Olneyville Square, Atwells Avenue and on Broadway.

March 7, 2017

Market Reports Mixed-Use Southeast Southeast Market Reports Tennessee

Chattanooga is Enjoying a Boom of Office, Retail and Hotel Activity Amid its Urban Renewal.

by John Nelson September 21, 2015

Chattanooga is situated at a U-turn of the Tennessee River amidst forests and mountains, hence the community’s nickname, Scenic City. Two of Chattanooga’s largest employers are Volkswagen, which has a plant here, and Amazon, which runs a distribution center in the city. Insurance firm Unum Group, a Fortune 500 Company founded in 1848, is headquartered here and is one of the larger occupiers of downtown office space. Long-known for its natural resources and as a tourism destination, Chattanooga is experiencing a real estate boom fueled by urbanization trends and its proximity to Atlanta (2 hours south) and Nashville (1.5 hours northwest), as well as its growing recognition as one of the South’s top tourism and entertainment venues. Key to the urban renewal is the conversion of dozens of properties — mostly from office uses to residential, retail or hotel uses. The combination of the Great Recession and a 2009 move by BlueCross BlueShield into a new $229 million downtown facility has led to the relatively high vacancy rate of 17.5 percent that persisted up until early 2014. Most of the 600,000 square feet of facilities vacated by BlueCross BlueShield were not suitable for multi-tenanted office use and the spaces would …

September 21, 2015

Market Reports Midwest Midwest Market Reports Mixed-Use Wisconsin

Proposed New Arena for Milwaukee Bucks Could Lead to Development Run

by Jeff Shaw August 6, 2015

An article highlighting the fortunes of the Milwaukee Bucks that appeared July 6 on CBSSports.com couldn’t be more accurate. “There’s something powerful and sustainable growing in Milwaukee, rising out of the weeds of small-market irrelevance and into a team you’re going to want to watch next season,” wrote Matt Moore who covers the NBA. Since New York hedge fund investors Wes Edens and Marc Lasry purchased the Bucks last year for $550 million, the team has been on the rise. Founded as an expansion team in 1968, the Bucks went from being the worst team in the league during the 2013-14 season to the sixth seed in the 2014-2015 playoffs. The new owners, along with former owner Herb Kohl, have committed $250 million for the construction of a new $500 million arena as a replacement for the team’s current home, BMO Harris Bradley Center, which opened in 1988. But if the new arena is not built by the 2017 season, Milwaukee could be left without an NBA team. Once complete, the entire development, which would sit on approximately 30 acres in the Park East corridor, could include up to 3 million square feet of office, entertainment, retail, residential and hotel …

August 6, 2015

Market Reports Mixed-Use Texas Texas Market Reports

Smart Code Helps El Paso Develop for the Future

by Haisten Willis May 29, 2015

In March 2012 The El Paso City Council unanimously adopted Plan El Paso, a comprehensive development plan based on the principles of green and smart growth. Smart Code, which is based on these same princples, was largely chosen to combat sprawl, large land use and carbon pollution. After numerous citywide meetings with citizens, government entities, nonprofit groups and business leaders, the plan moved forward. Smart Code emphasizes new urbanism, density, walkability, mixed-use development and open space with access to public transit. Developers have the choice in most instances to pick the traditional zoning code or opt for Smart Code. The Smart Code offers potential Chapter 380 economic incentives with city council approval. Sales, use and property tax abatements are available for qualified projects. Higher densities and higher property values through Smart Code generate greater taxes, which justify the rebates. Some developers say project costs are about 30 percent higher under Smart Code when compared to the traditional code. Smart Code typically makes the most sense for infill development in higher-income areas. Prior to the economic downturn of 2008, a large mixed-use development in northeast El Paso was slated to become the first project in the city to implement elements of …

May 29, 2015

Illinois Midwest Mixed-Use

Construction Begins on $75M Mixed-Use Project in Chicago

by Danielle Everson May 14, 2015

CHICAGO — Construction has begun on the $75 million Vue53, a mixed-use project that will serve the Hyde Park and Kenwood neighborhoods in Chicago. The development team, which includes Avison Young, Peak Campus Development and financial partner Blue Vista Capital Management, was awarded the assignment by the University of Chicago to develop, finance and manage the project. Vue53 is located near the intersection of 53rd Street and Kenwood Avenue, directly north of Nichols Park, and will include 28,000 square feet of ground-level retail, 267 apartment units and 225 parking spaces. The project is a collaborative effort by the University of Chicago, the City of Chicago and the Hyde Park community to create a mixed-use district and to broaden the scope of products and services available to the Hyde Park and Kenwood communities. The project will offer affordable housing units and is being developed without tax increment financing or other public subsidies. The residential component will include studio, one- and two-bedroom apartments. Vue53 is slated for completion in September 2016.

May 14, 2015

Illinois Midwest Mixed-Use Multifamily Retail

Waterton Associates Acquires Pensacola Place Apartments on Chicago’s North Side

by Danielle Everson April 30, 2015

CHICAGO — Waterton Associates LLC has acquired Pensacola Place, a 264-unit mixed-use property in Chicago’s Uptown neighborhood. The seller was undisclosed. Built in 1981, the Stanley Tigerman-designed building includes a mix of studio, one- and two-bedroom apartments, as well as 12 two-bedroom townhomes overlooking the property’s fourth-level sundeck. The property includes more than 81,000 square feet of retail space anchored by a recently renovated Jewel-Osco grocery store on the lower level of the building. Waterton will make upgrades to individual residences and also plans to update the community’s common areas. Waterton will serve as the manager for the property.

April 30, 2015

Midwest Missouri Mixed-Use Retail

St. Louis RSA Contracts with Kwame for Project Management Support on Proposed NFL Stadium

by Danielle Everson April 28, 2015

ST. LOUIS — The St. Louis Regional Convention and Sports Complex Authority (RSA) has contracted Kwame Building Group Inc. (KWAME) to provide project management support to John Loyd, RSA’s developer’s representative, for the proposed NFL stadium on the St. Louis riverfront. The RSA contracted John Loyd as its developer’s representative to consult on stadium design and construction. The Hunt Construction Group/Clayco (HCKL) construction management team will report to Loyd. Hunt Construction, in association with Kwame Building Group, served as the design-build contractor on the $270 million Busch Stadium in downtown St. Louis, with Loyd as the owner’s representative. Construction of the new stadium would create more than 5,000 construction jobs over a four-year period, in addition to retaining a major regional employer and more than 2,400 game-day jobs.

April 28, 2015

Michigan Midwest Mixed-Use

Detroit-Headquartered Business Wins $50M Steel Contract for New Detroit Events Center

by Danielle Everson April 23, 2015

DETROIT — Midwest Steel, a Detroit-headquartered business, has been awarded a $50 million contract for most of the structural steel work for the new Detroit Events Center. To date, the Downtown Development Authority has approved seven contracts worth $85 million, of which Detroit-based and -headquartered businesses have won more than 90 percent, or $78 million. Olympia Development of Michigan has set a target of at least 30 percent Detroit-based and -headquartered business participation in constructing the future home of the Detroit Red Wings. Midwest Steel is a third-generation family business that has been headquartered in Detroit for more than 40 years.

April 23, 2015

Midwest Mixed-Use Retail Wisconsin

Land Assembly Work Complete for Mixed-Use Development in Brookfield, Wis.

by Danielle Everson March 25, 2015

BROOKFIELD, WIS. — Land assembly at The Corners of Brookfield mixed-use development in Brookfield is now complete. Brookfield Corners LLC, a joint venture between IM Properties, Bradford Real Estate and The Marcus Corporation, is developing the $200 million project. The development, which is bordered by West Bluemound Road, North Barker Road and I-94 in Brookfield, will serve as a destination for luxury shopping, dining and entertainment. Plans call for 400,000 square feet of retail and restaurant space anchored by Wisconsin’s first ever Von Maur Department Store, as well as 235 luxury apartments that will be managed by Milwaukee-based Mandel Group. With the entire 19-acre site now under ownership of Brookfield Corners LLC, the project will move toward a groundbreaking, which is set for mid-April. Demolition of the former Menards buildings and the former Marcus Theater is complete, with demolition of the adjoining strip mall also near completion.

March 25, 2015

Hospitality Indiana Midwest Mixed-Use

21c Museum Hotels Plans to Redevelop Old City Hall in Downtown Indianapolis

by Danielle Everson February 27, 2015

INDIANAPOLIS — 21c Museum Hotels plans to redevelop Old City Hall in downtown Indianapolis into a museum and hotel space. The $55 million project will be redeveloped following the approval of city and other financing incentives. The project will include the rehabilitation of Old City Hall and the construction of a new addition on the adjacent parcel into a 21c Museum Hotel and unique tenant space. The property will feature a boutique hotel with approximately 150 rooms, guest suites with private terraces on the rooftop, art-filled meeting and event spaces. The tenant space will occupy the second, third and fourth floors of Old City Hall. The property will also feature rotating exhibitions that reflect the global nature of art today, as well as site-specific installations and cultural programming. 21c will manage the tenant spaces and work with the city to lease space to arts-related tenants. New York-based architects Deborah Berke Partners will design the property. 21c will secure approximately $29 million in project financing, which includes equity and debt. The company will also work closely with the city to apply for an $11.3 million federal loan through the U.S. Department of Housing and Urban Development Section 108 program, which will …

February 27, 2015

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