DALLAS — RREAF Communities, a division of Dallas-based RREAF Holdings, has acquired 3,173 acres at the intersection of State Highways 130 and 80 in Central Texas’ Caldwell County for the development of a master-planned community. Preliminary plans call for thousands of residential homes in various product types, as well as retail, restaurants, hotels, offices, healthcare and light industrial uses and future school sites. A construction timeline has not yet been established.
PHOENIX — Thompson Thrift has purchased a 30-acre development site at the southwest corner of Dove Valley and 29th Avenue in Phoenix. Terms of the transaction were not disclosed. The company plans to develop a mixed-use property on 16 acres of the site. The remaining acreage will be left as outdoor space that is part of Skunk Creek Wash natural preserve, and will feature pedestrian amenities and running paths. Upon completion, the development will feature apartments and 35,000 square feet of retail. Oregano’s, a local pizza chain, and Twisted Sugar, a gourmet cookie shop, have pre-leased space at the development.
FRISCO, TEXAS — A development partnership has unveiled plans for Fields West, a $2 billion mixed-use project in Frisco, a northern suburb of Dallas. The 180-acre project will be situated along the Dallas North Tollway within Fields, a 2,500-acre master-planned development that houses PGA of America’s new headquarters. The development partnership for Fields West comprises Hunt Realty Investments, Karahan Cos., Chief Partners LP, CrossTie Capital Ltd. and the heirs of Bert Fields Jr., the original landowner and namesake of the development. Dallas-based Hunt Realty purchased the site, then known as Headquarters Ranch, from the Fields estate back in 2015. While individual components for Fields West weren’t disclosed, the developers did sign an agreement with Marriott International to bring a new Ritz-Carlton hotel to anchor the development. The size and room count for the new hotel were not announced. The Dallas Morning News reports that Fields West will ultimately feature three hotels and offices totaling a combined 4 million square feet. The outlet also reported the property will feature shopping, dining and entertainment uses, as well as 2,800 apartments. Project architect Gensler announced that Fields West will be “three times” the size of Legacy West Urban Village, a retail project within …
LAS VEGAS — UnCommons Matter Real Estate Group has broken ground on Phase II of its $400 million, 40-acre mixed-use community in southwest Las Vegas. The second phase will feature a conference center, two office buildings and an additional parking garage with nearly 750 stalls. Construction is slated for completion by summer 2023. Components of Phase II include The Assembly, a 5,000-square-foot conference center offering indoor and outdoor space accommodating meetings for 10 to 250 people; and two four-story office buildings totaling 180,000 square feet with 20,000-square-foot to 25,000-square-foot floor plates available for lease. The buildings will have connected patio balconies enabling tenants to enhance their spaces with floors that are up to 45,000 square feet. Phase II will bring UnCommons to more than 335,000 square feet of office space. Upon full build-out, the property will offer five office buildings and four parking garages.
MAGNOLIA, TEXAS — Houston-based Gulf Coast Commercial will begin sitework next month on the initial phase of Magnolia Village, a 60-acre mixed-use project that will be located on the northwestern outskirts of Houston. The site is located across from Stratus Properties’ 120-acre Magnolia Place development, where a new H-E-B grocery store is under construction. Phase I will encompass 36 acres and three retail buildings totaling 10,000 square feet each, as well as 300 multifamily units on nearly 12 acres that will be developed by Trammell Crow Residential. Magnolia Village will feature residential, office, retail and restaurant uses at full buildout.
WASHINGTON, D.C. — A joint venture between Akridge, National Real Estate Advisors, Blue Coast Capital and Bridge Investment Group has broken ground on the first phase of The Stacks, a 2 million-square-foot mixed-use project in Washington, D.C. Bank OZK is providing a $367 million construction loan for the first phase of the development. William Collins, Bindi Shah, Marshall Scallan and Shaun Weinberg of Cushman & Wakefield arranged the loan. The construction timeline was not disclosed. The first phase of The Stacks will include three rental residential towers totaling more than 1,100 apartments. At full buildout, the master-planned development will offer 2,000 residential units, as well as two hotels, public parks and gathering spaces and about 80,000 square feet of retail space. The property will also feature a variety of creative working spaces, as well as below-grade parking and loading. Gensler, Morris Adjmi Architects, Eric Colber & Associates, Handel Architects, West 8 and Lee and Associates Inc. are the designers for the first phase of the project.
ST. PETERSBURG, FLA. — Charleston-based Greystar has topped off Ascent St. Pete, a 36-story mixed-use tower in St. Petersburg, about 23.8 miles from Tampa. Ascent St. Pete is scheduled to open in January 2023, with final construction completion slated for May 2023. Ascent St. Pete will offer studios, one-, two- and three-bedroom floorplans, as well as penthouse units, for a total of 357 apartments. The tower will also include a 172-room AC by Marriott hotel and a separately branded restaurant on the eighth floor with an outdoor terrace and bar. Hotel guests will have access to outdoor pool amenities at both the sixth and 36th floors. Additionally, the project will include more than 6,800 square feet of ground-level retail space along First Avenue and 2nd Street North.
CHARLOTTE, N.C. — Stonemar Properties is adding several new retailers at Ballantyne Village, a mixed-use development in Charlotte that features offices, shops, restaurants and the new 14-story AC Hotel Charlotte Ballantyne. The New York-based firm has tapped Foundry Commercial, which handles retail leasing at the property, to oversee leasing of the 55,000 square feet of office space that formerly housed a movie theater. Ballantyne Village offers large floor plates for various layouts, 13-foot ceiling heights and the potential for a private tenant rooftop. The property features a recently revamped covered parking deck, directional signage and an outdoor patio space overlooking the center’s retailers. Ballantyne Village is located at the southwest corner of Johnston Road and Ballantyne Commons Parkway. The new retail tenants include Casa Del Tequila, a 2,623-square-foot authentic Mexican restaurant and tequila bar; Vel Tree, a 2,503-square-foot soulful vegan restaurant; and Deka Lash, a 1,082-square-foot eyelash extension and beauty shop. Vel Tree is open, and both Casa Del Tequila and Deka Lash are expected to open by early summer. The 186-room AC Hotel Charlotte Ballantyne opened within Ballantyne Village earlier this year. Additionally, directly across the street is the Ballantyne Reimagined project, which is expected to include 10 additional …
CHICAGO — A partnership between Mavrek Development, GW Properties and Luxury Living Chicago Realty has unveiled plans to develop a mixed-use project in Chicago’s Streeterville neighborhood. Plans call for 248 luxury apartment units, 40,000 square feet of office space and 8,000 square feet of retail space. Amenities will include a fitness center, outdoor pool, coworking lounge and package service. Both apartment renters and office tenants will have access to the amenities. The project will replace a parking garage. Demolition is expected to begin this summer with groundbreaking scheduled by the end of the year. The office portion is expected to be ready for tenant buildouts in the third quarter of 2023, with the residential units slated for completion in early 2024. NORR is the project architect.
PHOENIX — A joint venture between Medistar Corp., GMH Communities and CBRE Investment Management has broken ground on Central Station, a 1 million-square-foot mixed-use development in downtown Phoenix. Situated adjacent to Civic Space Park and Arizona State University’s Downtown Phoenix Campus, Central Station will feature two residential towers, 30,000 square feet of retail space, 70,000 square feet of creative office space and two levels of below-ground parking with 430 spaces. One tower, a 22-story student housing building, will be fully furnished and comprise 655 beds ranging from micro studios to four-bedroom units catering to undergraduate and graduate students, as well as young professionals. The apartments will feature smart technology, amenities and service designed to meet the needs of urban residents. The second building, a 33-story residential tower, will include 362 units with smart-tech amenities. All residents will have access to an outdoor amenity deck that includes barbecue grills, fire pits and a resort-style pool. Central Station is slated to open in late 2024. The project is a public-private partnership with the City of Phoenix retaining ownership of the land and the development partners entering into a long-term lease for the project. Gould Evans designed the project and Layton Construction will …