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Mixed-Use

Maclac-Buliding-San-Francisco-CA
CaliforniaDevelopmentIndustrialLoansMixed-UseRetailWestern

CBRE Arranges $52M Loan for PDR Redevelopment in San Francisco

by Amy Works

SAN FRANCISCO — CBRE Capital Markets has secured construction financing for The Maclac Building, a five-story, 108,161-square-foot property located at 192-198 Utah St. and 151-191 Potrero Ave. in San Francisco. The borrower, a joint venture between affiliates of Comstock Realty Partners and Dune Real Estate Partners, plans to redevelop the asset, which is zoned as a production, distribution and repair (PDR). PDR refers to a variety of businesses encompassing dent and repair shops, marketing and advertising companies, traditional brick-and-mortar retailers and others, and according to the San Francisco Planning Department is used “instead of industrial to avoid conjuring images of heavy, ‘smoke-stack’ industry, such as large manufacturing plants, smelting operations and refineries.” Mike Walker and Brad Zampa of CBRE’s San Francisco office arranged the five-year, floating-rate, full-term interest-only financing for the borrower. The property spans five interconnected buildings over two parcels and half a city block in San Francisco’s SOMA Potrero District. Redevelopment started in May 2020 and is being completed in phases, with delivery expected for third-quarter 2022. The joint venture plans to reconfigure, upgrade and expand the current structures with 4,000 amps of power, updated building systems, green roof terraces and a multi-story glass atrium lobby tying the …

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DevelopmentMixed-UseTexas

GTB Development Nears Start of Phase II of 120-Acre Mixed-Use Project in Metro Austin

by Taylor Williams

GEORGETOWN, TEXAS — Temple, Texas-based GTB Development will soon begin construction on Phase II of Highland Village, a 120-acre mixed-use project that will be located in the northern Austin suburb of Georgetown. Phase II of the development includes 299 single-family homes and a 14.8-acre (approximately 300 to 325 units) multifamily community, as well as unspecified amounts of retail, office and medical office space. The development team, which includes development manager American Southwest Co., expects to complete infrastructure hookups by the end of the second quarter of 2022. Phase I of the project began in July 2019 and ended in April 2020 with the delivery of 49 single-family residences known as The Oaks at Highland Village.  

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DevelopmentMarylandMixed-UseMultifamilyRetailSoutheast

Brandywine Realty Trust, Terrapin Development to Build $300M Mixed-Use Neighborhood on UM Campus in College Park

by Julia Sanders

COLLEGE PARK, MD. — Terrapin Development Co. (TDC), in partnership with the University of Maryland (UM) College Park, has entered into an exclusive development agreement with Brandywine Realty Trust for an upcoming mixed-use project on the UM campus. The Philadelphia-based REIT will develop a mixed-use neighborhood spanning five acres in College Park, within UM’s Discovery District. The development project is set to cost over $300 million. The Discovery District’s development will feature 550,000 square feet of Class A workspaces encompassing research, office, collaboration and retail space, as well as 200 to 250 multifamily residential units. The property will be located close to mass transit and major roadways and will serve as a natural extension of UM’s research enterprise. The Discovery District will provide pedestrian movement along the Baltimore Avenue corridor and campus. The project is adjacent to the new Purple Line, offering connections to Metro light rail system. The development has set forth sustainability goals, including LEED classification, to responsibly develop the land. The development plan will be executed over four phases. Baltimore-based Ayers Saint Gross and Michael Vergason Landscape Architects are the development’s architects.

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DevelopmentIllinoisMidwestMixed-Use

UrbanStreet Group to Develop The District at Veridian in Schaumburg, Illinois

by Kristin Harlow

SCHAUMBURG, ILL. — UrbanStreet Group has unveiled plans to develop The District at Veridian in Schaumburg, a northwest suburb of Chicago. The District is part of the larger 225-acre mixed-use campus known as Veridian. The District will comprise 30 acres with 159,000 square feet of retail space and 900 loft-style residences. Additionally, The Cordish Cos. will develop its entertainment concept known as Sports & Social. Completion of The District is slated for spring 2023. Mason Retail Group is handling retail leasing.

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300 Pine Building
AcquisitionsMixed-UseTop StoriesWashingtonWestern

KKR, Urban Renaissance Group Acquire 770,000 SF Mixed-Use Building in Downtown Seattle

by Julia Sanders

SEATTLE — Seattle-based commercial real estate firm Urban Renaissance Group LLC (URG) and global investment firm KKR have acquired 300 Pine St. in downtown Seattle for approximately $580 million. Taking up a full city block between Third and Fourth avenues, the property is a 770,000-square-foot, eight-story, mixed-use building that features 85,000 square feet of renovated ground-floor retail designed to accommodate retail flagship stores. The property has a new Fourth Avenue entrance to access the 682,000 square feet of commercial office space currently 100 percent leased to a single tenant. The office portion features 80,000-square-foot floorplates, seismic retrofitting and over 20 skylights including two light wells providing additional light for the top two floors. The asset was originally home to Seattle’s Bon Marché department store. The art-deco style building was constructed in 1929 with four additional stories added in 1955. Between 2015 and 2017, then-owner Macy’s sold the upper six levels of office space, and in 2020 the department store closed. The renovated landmark building features a 20,000-square-foot rooftop deck and 15-foot ceilings. The ground-level retail space is located above the underground Westlake light rail station with bus stops at the west and east entrances. The property will offer retail suites …

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The-Farm-at-Allen
DevelopmentMixed-UseTexas

JaRyCo Breaks Ground on 135-Acre Farm at Allen Mixed-Use Project in Metro Dallas

by Taylor Williams

ALLEN, TEXAS — Locally based developer JaRyCo has broken ground on The Farm at Allen, a 135-acre mixed-use project located at the southeast corner of the Sam Rayburn Tollway and Alma Drive in the northeastern Dallas suburb of Allen. The site was originally purchased by local resident Bob Johnson Sr. and his wife, Doris, in the 1960s and used for raising cattle and growing corn, wheat and hay. Plans for the project call for 1.6 million square feet of office space, 142,000 square feet of retail space, 60,000 square feet of restaurant space, a 150-room hotel, townhomes and 2,400 urban residential units. The initial phase of development includes construction of FarmWORK One, a 102,000-square-foot office building, and The Hub, a food hall with a stage for live music and other events. Both of those components of the project are expected to be complete in 2022. Roughly a quarter of the total acreage will be devoted to outdoor space, including a 1.5-acre lake, 2.5 miles of hiking and biking trails, a 16-acre greenbelt along Watters Creek and four additional park areas. Leasing is underway for the office and retail components, with Avison Young and Venture Commercial respectively leading those initiatives.

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DevelopmentHospitalityMixed-UseMultifamilyOfficeRetailSoutheastTop StoriesVirginia

Novais Partners, Hanover Co. Plan 4.4 MSF Mixed-Use Project in Metro D.C.

by Katie Sloan

ASHBURN, VA. — A joint venture between Novais Partners and the Hanover Co. has announced plans for Rivana at Innovation Station, a 4.4 million-square-foot mixed-use development located 30 miles outside Washington, D.C., in Ashburn.  The 103-acre, transit-oriented project will be developed adjacent to Loudoun County’s extension of the Metro Silver Line, one stop from Washington-Dulles International Airport. Current plans for the project include 2,000 multifamily units; 1.8 million square feet of Class A office space; a 185,000-square-foot retail village; a 265-room boutique hotel; and a network of green and public spaces, including an 11-acre park.  At the center of the project will be Rivana Village, a walkable network of retail and creative office space inspired by the communal villages that dot Virginia’s landscape. Tenants for this portion of the project will include creative, independently-owned restaurants and local retailers.  The development’s office space will include hotel-quality amenities as well as post-COVID-era design and engineering, with advanced filtration systems, upgraded air filters and enhanced cleaning protocols. Each office building is targeting LEED certification. The project’s development team plans to submit a land use application next week for consideration by the Loudoun County Board of Supervisors. Pending legislative approval, Novais expects to break ground …

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Mosaic
DevelopmentMixed-UseMultifamilySoutheastVirginia

Summit Pointe Realty Breaks Ground on $68M Mosaic Apartments in Hampton Roads Region

by Julia Sanders

CHESAPEAKE, VA. — Summit Pointe Realty LLC has broken ground on Mosaic, a mixed-use multifamily community in the Hampton Roads town of Chesapeake. The $68 million project will include 507,495 square feet of apartments, restaurants, shops and a public parking garage. The six-story apartment community will offer 270 one-, two- and three-bedroom residences with full balconies. Eight residences are designed as two-story lofts with street-level access. Community amenities will include a clubhouse, fitness center, concierge services, swimming pool, lap pool with infinity edge, cabanas, firepits, dog walk and a dog-wash station. Mosaic property will also have more than 30,000 square feet of street-level retail and restaurant spaces. An imbedded 515-car public parking garage comprising 185,000 square feet will also be developed as part of Mosaic. Construction will commence April 1, and delivery of the first residential and commercial spaces is anticipated in summer 2022. Mosaic is the multifamily component of Phase II of Summit Pointe, a $330 million mixed-use development situated on 69 acres along Volvo Parkway. When complete, Summit Pointe will include more than 1 million square feet of office space, up to 500,000 square feet of retail space, approximately 250,000 square feet of hospitality and conference space and …

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DevelopmentGeorgiaLife SciencesMixed-UseSoutheast

Trammell Crow, High Street Residential to Develop Mixed-Use Life Sciences Project Near Georgia Tech in Atlanta

by Julia Sanders

ATLANTA — Trammell Crow Co. and High Street Residential are co-developing the remaining phases of Technology Enterprise Park (TEP) in Midtown Atlanta. Georgia Advanced Technology Ventures (GATV), a Georgia Tech-led cooperative organization that is overseeing this project, chose the two firms to deliver a mixed-use, life sciences center within TEP. Construction is slated to begin in early 2022. For each of the five planned project phases of TEP, there is a grant to establish a sustainable education and training program for residents, Georgia Tech students and teachers in surrounding neighborhoods to expose them to careers in the biomedical and life sciences industries. TEP currently has two existing buildings that house research and lab space. The property will begin the park’s long-term expansion with Phase I, which will feature two buildings that include 370,000 square feet of lab and office space and 280 residential apartments.

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DevelopmentMixed-UseSouth CarolinaSoutheastTop Stories

Jamestown, Private Developers Partner to Redevelop North Charleston Navy Yard

by John Nelson

NORTH CHARLESTON, S.C. — Jamestown, an Atlanta-based developer and owner of adaptive mixed-use developments around the world, has partnered with Southeast real estate developers William Cogswell and Jay Weaver to redevelop the 45-acre North Charleston Navy Yard. Decommissioned in 1996 but still home to dozens of companies, the waterfront campus will be reimagined into a 1.2 million-square-foot mixed-use neighborhood called Navy Yard Charleston. The project will add new office space, residences, shopping and dining to the nearby Park Circle neighborhood, as well as new green spaces, a concert hall and an outdoor events venue. The development team expects to break ground and begin renovations this year. No other construction timelines or associated costs were disclosed. While Navy Yard Charleston will go through extensive renovations, the team has made a commitment to preserve the area’s architectural detail and history, and bring new amenities to the community. The team also plans to establish a neighborhood employment program, which will reserve project-specific positions for local residents who live within the neighborhood and include a training program to help job seekers enhance their skills. Beginning its operation as a working dry dock in 1901, the Navy Yard maintained a naval presence on the North …

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