ATLANTA — Gables Residential has opened The Ashley Gables Buckhead, a 325-unit apartment community in Atlanta’s Buckhead district. The 15-story building is located at 530 E. Paces Ferry Road, about eight miles north of downtown Atlanta. The new asset offers studio, one-, two- and three-bedroom apartments and townhomes. Rental rates range from $1,632 per month for the one-bedroom floor plan to $7,032 per month for the three-bedroom floor plan. Amenities include a rooftop terrace, dog park, courtyard with an outdoor theater and 24-hour concierge service. This is the third location for Gables Residential’s signature series, joining locations in Denver and Miami.
Development
Consolidated-Tomoka Land Sells Whole Foods-Anchored Shopping Center in Southwest Florida for $24.6M
by Alex Tostado
SARASOTA, FLA. — Consolidated-Tomoka Land Co. has sold The Shoppes at Sarasota Row, a 59,341-square-foot retail center in Sarasota, to New York Real Estate Investors for $24.6 million. Whole Foods Market and Starbucks Coffee anchor the property, which is situated less than a mile from downtown Sarasota. Other tenants include California Closets, Scout & Molly’s Boutique, Tsunami Sushi and Hibachi Grill, Nuovo Salon and Paint Nail Bar. Carson Good, Tarik Bateh and Dan Williams of JLL represented the seller in the transaction.
OAKLAND, CALIF. — A partnership between EJF Capital, San Francisco-based Tidewater Capital and Minneapolis-based Graves Hospitality plans to develop Marriott International’s new Moxy hotel in the Uptown neighborhood of Oakland. EJF is providing equity capital for the project primarily from EJF OpZone Fund I LP, a fund formed by the global alternative asset manager to invest in new construction projects within opportunity zones. Slated to open in 2021, the hotel will feature 173 guest rooms, high-speed Wi-Fi and an active lobby with bar and lounge areas. The $50 million investment is expected to generate 50 permanent jobs for the Uptown Oakland area, which qualifies as an Opportunity Zone under the Tax Cuts and Jobs Acts of 2017. Moxy is Marriott’s newest brand and is a three-star boutique hotel targeted toward millennials. There are currently 14 Moxy hotels in operation in the United States, 39 in Europe and three in Asia.
BRIDGETON, MO. — US Capital Development has broken ground on an engineering and light manufacturing facility for Leonardo DRS Inc. in Bridgeton. The $32 million build-to-suit project will accommodate the company’s growing land systems line of business. The company is a defense contractor that integrates a wide range of systems for the U.S. Army, Air Force and Marine Corps. This includes a variety of systems in ground vehicles, including recon and surveillance, mission support, vehicle survivability and lethality. Brinkmann Constructors is serving as the general contractor for the 171,500-square-foot facility. Completion is slated for early 2020.
Developers Can Rely on Wetlands Mitigation Banking to Offset Environmental Risks with New Projects
by John Nelson
BATON ROUGE, LA. — Wetlands mitigation banking has established a track record of success in restoring and preserving crucial ecosystems in many states during the past several decades, while helping smooth the way for commercial development. And as the proven system is positioned to grow and expand, it deserves to be more widely known and recognized, according to a leader in the field overseeing restoration of thousands of acres throughout the South. A mitigation bank is a site that has potential and natural attributes but may have been altered or damaged through overuse or abuse such as ditching, drainage or logging that changed the landscape. Restoring land to function as part of a healthy ecosystem as nature intended takes time and money, planning and preparation. Commercial development relies heavily on mitigation banks in states like Florida where population growth requires land and much of the land is environmentally vulnerable, laced with creeks, rivers, wetlands and woods. One of the pioneers in wetlands mitigation banking, Baton Rouge-based EcoSystem Renewal LLC, has successfully helped restore vulnerable sites throughout Florida, Louisiana and Texas, particularly along the fragile Gulf Coast. The company has a turn-key approach that oversees projects, including dealing with regulatory agencies, and takes the risk of mitigation away from …
JERSEY CITY, N.J. — Developer LMC has topped out The Lively, an 18-story mixed-use apartment community in Jersey City. Located at 321 Warren St., the property will include 180 apartment units, 1,343 square feet of ground-floor retail space and a 14,200-square-foot theater. Amenities will include a 24-hour concierge, fitness center and roof deck lounge with pool as well as views of the Manhattan skyline. The community will consist of studio, one-, two- and three-bedroom units. Fogarty Finger is serving as architect and interior designer on the project. The Lively is expected to open this summer.
FORT LAUDERDALE, FLA. — Houston-based development firm Morgan and JPMorgan Asset Management have opened Pearl Flagler Village, a 350-unit apartment complex in Fort Lauderdale’s Flagler Village neighborhood. Morgan acted as the developer and JPMorgan the financial advisers. Amenities include a media lounge, presentation kitchen, fitness center with a yoga studio, mailroom with parcel lockers, swimming pool, dog park and an AquaLounge with cabanas and fire pits. The property offers studio, one-, two- and three-bedroom floor plans. Pearl Flagler Village is situated at 400 NE 3rd Ave., less than a mile from downtown Fort Lauderdale. The property also enjoys proximity to FATCity (Flagler Arts and Technology City), a mixed-use project under construction that will include 612 residential units, 85,000 square feet of retail space, 270,000 square feet of commercial space and more than 1,300 parking spaces.
HAGERSTOWN, MD. — Pennsylvania Real Estate Investment Trust (PREIT) has redeveloped Valley Mall in Hagerstown. Three department stores are being replaced by four tenants that are expected to open within two years. Dick’s Sporting Goods will occupy 59,000 square feet within a former Sears. Onelife Fitness and Tilt Studio will occupy 118,000 square feet of a former Macy’s. Belk will occupy 123,000 square feet of a former Bon-Ton. In addition, Regal Cinemas will be remodeled. PREIT upgraded dining amenities at the mall with the addition of BJ’s Brewhouse and the recently executed Black Rock Bar & Grill, joining Primanti Bros., Mission BBQ and Red Robin.
BUDA, TEXAS — SWBC Real Estate LLC, a multifamily developer with offices in Dallas and San Antonio, has acquired land in the central Texas city of Buda for the development of Royalton at Sunfield, a 300-unit multifamily community. The average unit size at the Class A property will be 908 square feet across one-, two- and three-bedroom residences. Amenities will include a pool, sunning decks, outdoor grilling areas, fitness center, dog park and package lockers. SWBC plans to begin construction, which should last about 20 months, in May. Cross Architects is handling design, and Kimley Horn is the civil engineer.
HOUSTON — An affiliate of Megacenter has completed Phase I of Megacenter Willowbrook, a 235,627-square-foot mixed-use project in Houston. Phase I of the project, which is redeveloping a former Walmart Supercenter, consists of 37,000 square feet of flex warehouse space, 20,000 square feet of self-storage space and 15,000 square feet of office and coworking space. Upon completion, Megacenter Willowbrook will also include a 114,000-square-foot gym and 34,000 square feet of entertainment space. The property is currently 75 percent leased. Michael Johnson and Stuart Hepler of HFF arranged project financing through Icon Bank.