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Affordable HousingDevelopmentMixed-UseMultifamilyNew JerseyNortheastOfficeRetailSeniors HousingTop Stories

HBC, Streetworks Unveil Plans for 731,000 SF Mixed-Use Redevelopment Project in Westfield, New Jersey 

by Katie Sloan

WESTFIELD, N.J. — A partnership between Hudson Bay Co. (HBC) and StreetWorks Development, the company’s property development division, has unveiled plans for a mixed-use redevelopment project in Westfield, roughly 22 miles west of New York City.  The developer plans to convert a 731,000-square-foot building previously occupied by a Lord & Taylor department store, as well as several town-owned parcels, into One Westfield Place, a transit-served development with an array of uses and pedestrian features. Preliminary plans call for 310,000 square feet of office space across two buildings; 27,000 square feet of retail and restaurant space throughout the development; 154 age-restricted apartments and townhomes; 69 market-rate apartments; an unspecified amount of affordable housing in accordance with local and state requirements; and two parking garages that can accommodate over 450 cars. The development team also plans to revitalize the downtown area with pocket parks, event spaces, water features and a mobility hub connecting the two sides of the train station that offers storage, bike stations and ride sharing areas. The joint venture will collaborate with Dan Biederman — president of Biederman Redevelopment Ventures, which runs the programs in New York City’s Bryant Park — to develop a plan to strategically program events and …

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DevelopmentHospitalityMarylandOfficeSoutheast

Marriott Opens New Corporate Headquarters and Flagship Hotel in Downtown Bethesda, Maryland

by John Nelson

BETHESDA, MD. — Marriott International has opened its new global headquarters campus in downtown Bethesda. The hotel giant’s home base is a 21-story, 785,000-square-foot office tower that houses around 3,500 Marriott employees working from 2,842 workspaces (including offices, workstations and flexible spaces). The LEED Gold-certified tower had a six-year construction timeline, according to Marriott. The design-build team includes architectural firm Gensler and general contractors Hensel Phelps and Rand Construction. The Bernstein Cos. and Boston Properties jointly own Marriott’s campus. In addition to the office tower, Marriott’s corporate campus includes the new Marriott Bethesda Downtown at Marriott HQ hotel next door that also serves as Marriott’s testing ground for new concepts, design elements, service approaches and amenities via 13 model hotel rooms. Within the office tower, Marriott operates an 8,400-square-foot lab, as well as a test kitchen and bar for research-and-development purposes. Each office within the tower has views from the floor-to-ceiling windows, and all desks are equipped with sit-stand optionality and ergonomic chairs. The tower includes 180 meeting and collaboration areas, as well as an “associate growth center” on the top floor that offers staffers access to leadership development programs, skill development curriculum, guest speakers, new hire orientation and networking …

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DevelopmentFloridaMixed-UseMultifamilyRetailSoutheast

Electra America, BH Group Unveil Plans for $1B Redevelopment of Southland Mall Site in Miami-Dade County

by John Nelson

CUTLER BAY, FLA. — A few months after purchasing the former Southland Mall site in Cutler Bay for $100.4 million, owners Electra America (and affiliate American Landmark) and BH Group have unveiled plans for their $1 billion redevelopment of the 80-acre campus in Miami-Dade County. Named Southplace City Center, the mixed-use development will feature 4,395 residential units and over 500,000 square feet of retail space, with dining and entertaining venues at the existing mall and an additional 150,000 square feet of new retail space and outparcels for food-and-beverage operators, as well as a specialty grocer. Plans also call for a 150-room hotel, 60,000 square feet of medical office space, green spaces, man-made lakes, walking trails, bike and golf cart paths and transit access. The total project, to be completed over a seven-year time frame, is expected to create approximately 2,700 new jobs, according to Electra America and BH Group. The developers expect to break ground on the first residential building in mid-2023 and deliver the asset in early 2025, with rents starting at $2,500. The design-build team for Southplace City Center includes economic advisors Florida Economic Advisors, retail consultant CPH, master planner/designer MSA Architects Inc., landscape planner Insite Studio and …

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DevelopmentMixed-UseRestaurantRetailSoutheastTennessee

Southwest Value Partners, AEG to Open EVO Entertainment Venue at Nashville Yards

by John Nelson

NASHVILLE, TENN. — Southwest Value Partners and AEG have executed an agreement with EVO Entertainment Group to open a new entertainment venue within Nashville Yards, an 18-acre mixed-use development in downtown Nashville. The destination, which represents the first Tennessee EVO location, will span 48,000 square feet within a 420,000-square-foot office building at Nashville Yards. Gary Shanks and Miller Fitts of JLL represented Austin-based EVO in the lease transaction. Slated to open in 2024, plans for EVO Entertainment Nashville Yards include a 12-screen dine-in cinema, eight lanes of bowling, kitchen and bar and private event spaces, as well as gaming and attractions, gravity ropes and virtual reality experiences. Other uses at Nashville Yards include an upcoming live music venue operated by AEG with a capacity for 4,500 guests; Amazon’s regional office towers; a multi-tenant office tower that will house headquarters for Pinnacle Financial Partners and Bass, Berry & Sims; shops and restaurants; seven acres of open plazas, courtyards and green space; and two hotels: the 591-room Grand Hyatt Nashville and the newly renovated Union Station Nashville Yards hotel.

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DevelopmentLoansMultifamilySeniors HousingTexas

JLL Arranges $61M Construction Loan for Seniors Housing Project in Garland, Texas

by Taylor Williams

GARLAND, TEXAS — JLL has arranged a $61 million construction loan for The Preserve at Spring Creek, a 230-unit seniors housing project that will be located in the northeastern Dallas suburb of Garland. The country club-style facility will be situated on 35.5 acres and will offer assisted living, independent living and memory care services. Amenities will include a clubhouse, theater/chapel, salon, bistro, arts and craft room, billiards room, fitness centers and multiple dining venues and gathering spaces. Alanna Ellis and Allison Holland of JLL arranged the financing through a regional bank on behalf of the borrower, a joint venture between JAMP Enterprises LLC and Frontier Management LLC. The floating-rate loan carried a 15-year term with five-years of interest-only payments and a 75 percent loan-to-cost ratio. A construction timeline was not disclosed.

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DevelopmentMultifamilyTexas

Sovereign, Invest Capital Break Ground on 375-Unit Multifamily Project in San Antonio

by Taylor Williams

SAN ANTONIO — A partnership between New York City-based Sovereign Properties and Florida-based Invest Capital Group has broken ground on Atlantica at Alamo, a 375-unit multifamily project that will be located at 5415 Alamo Parkway on San Antonio’s west side. Designed by Womack + Hampton Architects, the garden-style community will consist of eight four-story buildings. Residences will come in one-, two- and three-bedroom formats, and amenities will include a pool, fitness center, courtyard, pickleball court and a dog park. Cadence McShane is the general contractor for the project. Completion is slated for late 2024.

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AcquisitionsDevelopmentIndustrialNortheastPennsylvania

JLL Arranges Sale of 85-Acre Industrial Development Site in Mount Pocono, Pennsylvania

by Taylor Williams

MOUNT POCONO, PA. — JLL has arranged the sale of an 85-acre industrial development site in Mount Pocono, located in the northeastern part of the state. The buyer, Newland Capital Group, will construct a 1.2 million-square-foot warehouse and distribution center at the site and has already secured an undisclosed tenant for a full-building lease. Completion of the facility, which will feature four drive-in doors and parking for 359 trailers and 426 cars, is scheduled for the first quarter of 2024. Jeff Lockard, Ryan Barros and Kevin Lammers of JLL represented Newland Capital in the land deal. The trio also worked with Casey Mungo of DAUM Commercial to arrange the sale and negotiate the lease. Steve Cooper, also with JLL, represented the land seller.

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DevelopmentIndustrialMidwestOhio

NorthPoint Development Breaks Ground on 853,000 SF Spec Industrial Project in Toledo, Ohio

by Kristin Harlow

TOLEDO, OHIO — NorthPoint Development has broken ground on Toledo Trade Center, a three-building industrial project totaling more than 853,000 square feet in Toledo. The speculative project is being built on the site that was formerly home to North Towne Mall, which closed in 2005. NorthPoint estimates that the $84.6 million investment, excluding tenant improvements, will create more than 564 direct and indirect jobs and generate over $11.8 million in annual permanent wages for the local community. Rudolph Libbe Inc. is the general contractor. The first building is slated for completion next summer. Reichle Klein Group will serve as the leasing agent.

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DevelopmentMidwestMultifamilyWisconsin

USG Realty Capital Begins Construction of 76-Unit Apartment Community in Milwaukee

by Kristin Harlow

MILWAUKEE — USG Realty Capital has begun construction of Elevation 1659, a 76-unit apartment community in Milwaukee. The opportunity zone project is being developed in partnership with Ogden & Co. Inc. Completion is slated for September 2023. Elevation 1659 will offer a lower carbon footprint than neighboring properties, according to the development team. USG is utilizing its Investors Choice OZ fund, which launched in June 2021. Since that time, the qualified opportunity zone fund has invested in four projects.

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DevelopmentMassachusettsMultifamilyNortheastSeniors Housing

Partnership to Develop 70-Unit Active Adult Project in Northampton, Massachusetts

by Taylor Williams

NORTHAMPTON, MASS. — A partnership between Live Give Play and Spiritos Properties will develop a 70-unit active adult project at 79 King Street in Northampton, a suburb of Springfield. The property is located downtown on a walking/biking path and is steps from Smith College. Designed by BKSK Architects, the building will rise five stories and total 110,000 square feet. The community is designed to achieve Passive House certification. Completion is slated for late 2024.

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