AUSTIN, TEXAS — NorthMarq has arranged an $11 million loan for the refinancing of The Collective, an 83,000-square-foot property located at 7601 S. Congress Ave. in Austin. The property features flexible space for warehouse, office and retail uses. John Morran and Gerald Logan of NorthMarq placed the nonrecourse, fixed-rate loan through a correspondent life company on behalf of the undisclosed borrower.
SPARKS, NEV. — A joint venture between Foothill Partners and Belay Investment Group has purchased a vacant, 209,000-square-foot former Lowe’s Home Improvement Warehouse property in Sparks for an undisclosed price. The partnership plans to redevelop the site into an environmental, social and corporate governance, arts-based technology, flex and research and development campus named The Oddie District. Located at 2450 Oddie Blvd., the vacant property will be repurposed into creative office, flex-tech R&D, lab and maker spaces, as well as food and beverage tenant space and work-live studios for artists and entrepreneurs. Construction is slated to start later this year, with a planned opening date of the project’s first phase in August 2022. The partnership has already signed two tenants: The Generator and The Innovation Collective. The Generator, a nonprofit maker space that serves as a creative resource for Northern Nevada community members, will occupy 35,000 square feet of the project. The Innovative Collection, a Coeur d’Alene, Idaho-based business accelerator and collaborative co-working space for technology companies, will occupy 12,500 square feet at The Oddie District. Another 100,000 square feet of flex-tech space will be available to technology, research, engineering, software and design companies complemented by 16,000 square feet of restaurant …
CINCINNATI — Trinitas Ventures and its partner Crawford Hoying have received approval from the Cincinnati City Council for the development of The District at Clifton Heights, a $500 million mixed-use project near the University of Cincinnati campus. The development will be completed in two phases. Phase I of the project will include The Deacon, an existing 1,029-bed student housing community; The Hub at Cincinnati, a 1,112-bed student housing development featuring 2,300 square feet of commercial space; a 175-room hotel with 22,000 square feet of retail space; a new Delta Delta Delta sorority house; and a 169-space public parking garage. The first phase of the project is scheduled for completion in October 2024 and is estimated at $315 million in development costs. Phase II, set to total $185 million in development costs, will consist of 45,000 square feet of commercial space; 170 seniors housing units with a private parking garage; 350 multifamily units; and a public parking garage. The second phase of development is scheduled for completion by the end of 2025. The project will also include the addition of public infrastructure, utility improvements and streetscape enhancements funded through $80 million of tax-increment financing. In total, the development will house over …
GILBERT, ARIZ. — Parkview Financial has provided a $28 million construction loan to Scottsdale-based Verde Gilbert LLC for the development of Verde at Cooley Station, a lifestyle center located at 17201-17361 E. Williams Field Road in Gilbert. Verde Gilbert LLC is a joint venture between three development companies led by SB2 Communities. Upon completion, the 10-building, 96,000-square-foot property will offer 44,000 square feet of retail space, 13,000 square feet of office space, 31,000 square feet of restaurant space and 8,000 square feet of fitness space. Designed to be a restaurant-centric, mixed-used project, Verde at Cooley Station will offer 25 spaces for lease and The Green, a large open outdoor lawn area with a gazebo for musical events, fitness classes, movies in the park and other activities. Loan proceeds enabled the commencement of the first phase, which includes retail and a dozen dining concepts surrounded by The Green. Some of the stores are slated to open for business in late 2021, with a planned grand opening in first-quarter 2022. The second phase will include 24,000 square feet of retail space, 12,000 square feet of office space, 3,000 square feet of restaurant space and 8,000 square feet of fitness space. The second …
ALPHARETTA, GA. — RocaPoint Partners has broken ground on the next wave of ground-up development at the $370 million, 135-acre mixed-use Halcyon community in Alpharetta that first opened to the public in the fall of 2019. The second phase includes a four-story brick and steel building that will feature 60,000 square feet of creative office space and The Forum Athletic Club, a new two-story fitness center totaling 23,000 square feet with an adjacent outdoor fitness field. Set to open in early 2022, this will be the third location of The Forum Athletic Club. Phase II will also include a 5,000-square-foot Dogtopia dog boarding and grooming studio. AKA Studio designed the interior of Building 1100 to feature open, accessible stairwells with natural light, HVAC systems with UV filtration and hands-free access throughout the building. The development is also located right off of Ga. Highway 400. RocaPoint made a deal with publicly traded pharmaceutical company Alimera Sciences to occupy a full floor totaling 14,900 square feet of Building 1100, which is set to deliver by the fourth quarter of 2021. Newmark is in charge of office leasing for the development. In addition to Alimera Sciences, Halcyon’s roster of office tenants includes JLL, …
MIAMI — A joint venture between Property Markets Group (PMG), Greybrook Realty Partners and S2 Development has launched condominium sales at the Waldorf Astoria Hotel & Residences Miami. The estimated development cost for the project is $970 million, according to Greybrook’s website. The 800,000-square-foot project is located at 300 Biscayne Blvd. in the heart of downtown Miami. Rising 100 stories, the building is expected to be the tallest residential tower south of New York City, according to the development team. The project will feature a five-star hotel operated under Hilton’s Waldorf Astoria banner and 360 condominiums with interiors by San Francisco-based design firm BAMO. Residences will offer floor-to-ceiling glass windows with views of the Atlantic Ocean. Shared amenities at the Waldorf Astoria Hotel & Residences Miami are set to include a lounge named Peacock Alley, indoor and outdoor event spaces, a signature restaurant, resort-style swimming pool with cabanas, spa and fitness center. PMG is leading sales and marketing for the residential portion of the development, with the cost for condominiums starting at $1 million, according to reports by Architect Magazine. Siger Suarez Architects designed the project in collaboration with Carlos Ott. Completion is scheduled for 2025, according to reports by …
WEST HARTFORD, CONN. — Blue Back Capital Partners LLC, a joint venture between Greenwich, Conn.-based Charter Realty & Development Corp. and Miami-based Rialto Capital, has acquired Blue Back Square, a 450,000-square-foot mixed-use property in West Hartford. The property was built in 2006 and includes 215,000 square feet of retail, restaurant and entertainment space, as well as 200,000 square feet of office and medical office space. Retail anchor tenants include Crate & Barrel, Cinepolis Cinemas, West Elm and Barnes & Noble. The seller was Starwood Retail Partners, which purchased the property in 2013. Chris Angelone, Zach Nitsche, Nat Heald, Dave Monahan and Sean O’Neill of JLL represented the undisclosed seller in the transaction.
FRISCO, TEXAS — Locally based developer Stillwater Capital has received zoning approval from the city council of Frisco, a northern suburb of Dallas, for the development of The Link, a 240-acre mixed-use project near PGA of America’s new 600-acre headquarters campus. The PGA of America’s role is to oversee professional golf and promote interest in the game. The Link will feature Class A office, luxury residential, destination retail, boutique hospitality and entertainment uses. The name of the development stems from the pedestrian promenade that connects the site to the PGA’s campus through an expansive network of green spaces. According to multiple news outlets, including Community Impact Newspaper and Dallas Innovates, the project has a price tag of approximately $1 billion. “This project delivers on our promise to capitalize on the momentum generated by the PGA headquarters and Omni Resort,” says Frisco Mayor Jeff Cheney. “The Link will complement the energy of PGA Frisco by providing high-quality office spaces with unobstructed views of the golf course, a curated mix of entertainment and dining options, and large park spaces that will ensure a highly livable environment.” The PGA of America originally announced its relocation to Frisco from South Florida in late 2018. …
KYLE, TEXAS — A public-private partnership between Austin-based Momark Development, the City of Kyle and Cardinal MF LLC has broken ground on Phase I of The Brick and Mortar District, a 138-acre mixed-use project in Kyle, located south of Austin. The site is located within the 2,200-acre Plum Creek master-planned community. The 21-acre Phase I will comprise a 300-unit apartment building with 7,000 square feet of ground-floor retail, restaurant and coworking space, as well as two parks totaling 6.6 acres that will be connected by a walking trail with art installations. Amenities at the apartment community will include two pools and a fitness center. The first units are expected to be available for occupancy in March 2022. At full buildout, The Brick and Mortar District will consist of approximately 2,500 residential units, 150,000 square feet of retail space, 250,000 square feet of office space and 35 acres of parkland and trails.
NASHVILLE, TENN. — Continental Realty Corp. (CRC) has acquired 111 Broadway, a 50,303-square-foot, mixed-use property in downtown Nashville. Tower Investments Inc., based in Philadelphia, sold the property for $36 million. The four-tenant building is 100 percent leased to tenants including Rock Bottom Brewery, Wyndham-Margaritaville Vacation Club, Glen Campbell Museum and Platinum Cos. Constructed in 1930 and positioned just one block from Cumberland River, the three-story asset has been renovated over the past five years, including improvements to the roof, windows, exterior and elevator systems. CRC is a Baltimore-based real estate investment and management company that also owns Fortress Grove Apartments, a 320-unit multifamily community located in nearby Murfreesboro, Tenn.