VANCOUVER, WASH. — EJF Capital and Holland Partner Group (HPG) are developing Block 10, a mixed-use property located in downtown Vancouver. Situated on a one-acre opportunity zone, the project will feature 110 apartments, 79,000 gross square feet of office space on top of a podium deck with roughly 10,100 square feet of retail space and 113 parking spaces. Twenty percent of the multifamily units will be set aside as workforce housing. Building amenities, which will be shared between office users and residents, will include a fitness center, co-working space, bike room and amenity deck on the third level. Holland Construction, HGP’s construction division, expects to break ground this month, with completion slated for spring 2022. Bank of the West is providing construction financing for the development.
ATLANTA — Brookfield Properties Retail Group has submitted initial plans for the redevelopment of the eastern portion of Cumberland Mall, a 1 million-square-foot regional mall in northern Atlanta’s Cumberland-Galleria submarket. Cobb County submitted the proposal on behalf of the Chicago-based developer to the Georgia Regional Transportation Authority (GRTA) to review as a Development of Regional Impact (DRI), which is a distinction for projects that have outsized impact on civic functions such as schools and traffic. Brookfield hopes to reshape the mall into a town center with 445,000 square feet of office space, 312 multifamily residences, 31,200 square feet of retail and restaurant space and 10 bus bays. Additionally, What Now Atlanta reported that Cobb County recently issued permits for a new Round 1 Bowling & Amusement attraction to begin construction for a new 80,000-square-foot venue at the former Sears, which closed in 2018. The initial action that Brookfield is proposing for Cumberland Mall is for the 14-acre site at 2940 Cobb Parkway to be rezoned as mixed-use. According to the filing with the GRTA, the developer hopes to complete the phased redevelopment in 2025. The Cumberland-Galleria submarket has been transformed in the past four years with the addition of the …
SALT LAKE CITY — A partnership between Lowe Property Group, BCG Holdings and Q Factor has broken ground on Post House. The mixed-use, pedestrian-friendly development will be located in Salt Lake City’s downtown Post District. MVE + Partners designed Post House, which will feature five buildings offering a total of 580 residential units, 22,405 square feet of retail space and 86,000 square feet of private and public outdoor space. Completion of the 488,765-square-foot project is scheduled for spring 2023, with the first residential and retail units slated to open in spring 2022. The current site holds features a variety of existing mixed-use industrial buildings, including the Newspaper Agency Corp. Building, that will be integrated into the community’s plan. The community’s walkable ground level will include 22,000 square feet of retail space, including Post House Market, a multi-tenant market hall. Comprising 461,921 square feet of rentable space, Post House Apartments will offer units ranging from 385 square feet to 2,030 square feet. Amenities will include lofts and private outdoor space, including four rooftop decks with firepits, bars, lounges, seating and barbecue grills. Additionally, the property will feature two private outdoor courtyards featuring a series of indoor/outdoor pools and a 5,604-square-foot fitness …
LOS ANGELES AND NEW YORK — Hudson Pacific Properties Inc. and Blackstone have formed a joint venture to expand the film and TV production platform for both publicly traded companies. Hudson Pacific is bringing on Blackstone as a partner to help capitalize a portfolio of studios and offices in Hollywood that have been used sparingly since the outbreak of COVID-19 and the subsequent stay-at-home directives in Los Angeles. As part of the deal, Blackstone (NYSE: BX) will buy a 49 percent stake in Hudson Pacific’s 2.2 million-square-foot Hollywood Media Portfolio, which spans three studios and five office buildings. Hudson Pacific (NYSE: HPP) will remain responsible for the day-to-day operations of the portfolio, which is valued at $1.65 billion. “Our latest joint venture with Blackstone unlocks a portion of the value we’ve created for our shareholders and provides us with significant capital to grow both our studio and office portfolios,” says Victor Coleman, chairman and CEO of Hudson Pacific. The portfolio includes Sunset Bronson, Sunset Gower and Sunset Las Palmas Studios (formerly Hollywood Center Studios), which comprises 35 stages and production and support spaces totaling 1.2 million square feet. The offices in the portfolio include 6040 Sunset, Icon, Cue, Epic and …
NEW YORK CITY — Innovo Property Group, a New York City-based developer, has launched 210,000-square-feet of office space in the Long Island City neighborhood of Queens. The space is located on two floors of The Bridge, an 830,000-square-foot mixed-use building located at 24-02 49th Ave. and can be adapted for coworking or shared office use. The building was originally completed in 1928 as an industrial facility and once served as a warehouse for Bloomingdale’s. The New York City Housing Authority holds a 30-year lease for 600,000 square feet of at the building.
ANAHEIM, CALIF. — The Samueli family, which owns the NHL’s Anaheim Ducks, has announced plans for ocV!BE, a $3 billion entertainment and mixed-use district in Southern California. The initial phases of the 115-acre project are expected to open in 2024, and the entire destination is scheduled for completion by the 2028 Olympics in Los Angeles. The development will surround Honda Center, where the Ducks play, and will feature a 6,000-seat concert venue, a 68,000-square-foot food hall and a variety of restaurants and retail establishments. Additional uses will include two hotels totaling 650 rooms, a 325,000-square-foot office tower, 2,800 apartments with a 15 percent affordable housing component and 30 acres of parks and open green space. A network of pedestrian bridges and walkways will connect the various elements of the project, including a landmark bridge over Katella Avenue. In 2018, the City of Anaheim and the Ducks committed to keep the team in Anaheim for another 50 years, paving the way for ownership to begin acquiring various tracts surrounding Honda Center. The project is entirely privately funded, and the development team will not seek a tax rebate or subsidy from the City of Anaheim. Development of ocV!BE is expected to create …
KT Urban Receives Approval for Westport Cupertino Seniors Housing, Multifamily Project in California
CUPERTINO, CALIF. — The City of Cupertino Planning Commission has approved the development of Westport Cupertino, a seniors housing and multifamily community in Cupertino. KT Urban is developing the property. The mixed-use project has now cleared all required approvals except the City Council, which plans to review the proposal in the next month. Located at 21267 Stevens Creek Blvd., Westport Cupertino will feature 206 senior living apartments, including 48 affordable units and 27 memory-care units, and 88 single-family units in a mix of row home and townhome styles. In addition, the development includes 20,000 square feet of retail. The site is located across the street from De Anza College and the Cupertino Senior Center. Community amenities will include an on-site library, theater, lounge, restaurant, café, roof deck and terrace, medical offices and exercise rooms providing a range of activities and support for senior residents. Additionally, the project will feature below-grade parking, electrical vehicle charging stations and bicycle parking. The project is a redevelopment of the former 71,254-square-foot Oaks Shopping Center, which sits on an 8.1-acre site. KT Urban’s original plan was rejected by the City Council in 2017, but the new proposal includes the addition of seniors housing and below-market-rate units. …
SUNRISE, FLA. — Metropica Development LLC, led by Joseph Kavana of K Group Holdings, has completed the first residential tower within Metropica, a $1.5 billion mixed-use project in the South Florida city of Sunrise. The 28-story ONE Metropica Residences comprises 263 condominiums. The City of Sunrise recently issued Metropica Development LLC a temporary certificate of occupancy (TCO) so that move-ins can begin. Metropica is situated adjacent to Simon’s Sawgrass Mills Mall and in close proximity to Interstates 75, 95 and 595, as well as the Florida Turnpike. As of this writing, 75 percent of the units at ONE Metropica Residences have been purchased by buyers hailing from the United States, Latin America, Europe and Asia. The condos range in size from 961 to 2,022 square feet, and the property’s remaining units are priced ranging from the $400,000s to the $700,000s. Buyers of the move-in-ready units can close on their purchase either in-person or virtually. “We are extremely proud to be delivering our first residential building to the market,” says Bernard Werner, president of Metropica Development LLC. Designed by architectural firms Oppenheim Architecture + Design and YOO Design Group, condominiums at ONE Metropica Residences include floor-to-ceiling glass windows, porcelain tile, smart …
NASHVILLE, TENN. — GBT Realty has broken ground on Parke West, a mixed-use development near Nashville’s West End that will feature a dual-branded hotel, 210 residential units and 11,000 square feet of retail space. Chartwell Hospitality will develop and manage the hotel, which will feature 110 Hilton Garden Inn rooms and 69 Home2 Suites rooms. The hotel will also feature a fitness center, amenity deck and 4,000 square feet of meeting space. This is the 13th hotel that Brentwood, Tenn.-based GBT Realty has built in the Nashville market. The apartment community will feature two outdoor amenity spaces. Hoar Construction is serving as the general contractor for Parke West, and First Horizon Bank provided construction financing. GBT Realty expects to deliver the project in 2022.
CHARLOTTE, N.C. — Third & Urban has partnered with Angelo Gordon to develop Lower Tuck, an $80 million, 260,000-square-foot mixed-use project in Charlotte’s west side. Atlanta-based Third & Urban will transform the existing four-building property into office, showroom and retail space. The property is located along Tuckaseegee Road (where the project named is derived) between Jay and Gesco streets, two miles west of downtown Charlotte. Cadence Bank has provided a $48 million construction loan to the developers. Charley Leavitt, Barry Fabyan and Alexandra Mann of JLL will handle leasing efforts for the space. The design team includes Smith Dalia Architects, civil engineer LandDesign and general contractor Gay Construction. The development team expects to begin construction this summer with initial units being delivered in summer 2021.