MISSION AND MCALLEN, TEXAS — Laredo-based Killam Development Ltd. has purchased 3,400 acres in the Rio Grande Valley cities of Mission and McAllen for the development of a new master-planned community. In addition to residential, office and retail uses, the development will include walking trails, park space and connections to entertainment districts and education centers. Carlos Marquez and Brett Lum of NAI Partners represented the seller, Hunt Valley Development, in the land sale. Killam could begin construction early next year.
AUSTIN, TEXAS — Ryman Hospitality Properties Inc. (NYSE: RHP) has reached an agreement with Stratus Properties Inc. (Nasdaq: STRS) to purchase Block 21, a mixed-use and entertainment development occupying a full city block in downtown Austin. Ryman has agreed to purchase the property from Stratus for $275 million, including a debt assumption of $142 million. Block 21 houses Austin City Limits Live at the Moody Theater, a 2,750-seat venue that hosts America’s longest running music series, Austin City Limits. Past artists that have played the annual concert series include Dave Matthews Band, Lauryn Hill, Beck, Elvis Costello, Coldplay, Robert Plant, Cyndi Lauper and B.B. King. The project also features W Austin Hotel & Residences, 3TEN ACL Live club, 40,000 square feet of Class A office space and 18,000 square feet of retail and restaurants, including Starbucks and Urban Outfitters. Built in 2010, Block 21 anchors downtown Austin’s 2nd Street District. “Ryman Hospitality Properties’ expertise in both hospitality and live entertainment, plus their demonstrated stewardship of the iconic Ryman Auditorium and Grand Ole Opry, make them the ideal company to usher Block 21 and ACL Live into their next decade,” says William Armstrong III, president, CEO and chairman of the board …
ATLANTA — MetLife Investment Management, MetLife Inc.’s institutional asset management business, and Granite Properties have broken ground on Midtown Union, a large mixed-use development in Midtown Atlanta. Designed by Cooper Carry, with Brasfield & Gorrie as the general contractor, the project at 1295 Spring St. consists of a 26-story, 606,000-square-foot office building; an 18-story, 355-unit residential tower atop eight levels of parking; a 12-story, 205-room hotel; 30,000 square feet of retail space and a 635,000-square-foot parking deck providing 1,909 parking spaces. Midtown Union is adjacent to Interstates 75 and 85 via the 17th Street Bridge. The development will feature a pedestrian-friendly extension of Arts Center Way and connect between Spring and West Peachtree streets. StreetLights Residential, in partnership with MetLife Investment Management, will develop the multifamily tower featuring studio, one-, two- and three-bedroom homes. The lobby will offer 24-hour concierge service, a coffee bar, conference lab and coworking space. Amenities will include resident storage, pet spa, fitness center, club room and an outdoor deck with pool, seating and grilling stations. Stormont Hospitality Group and The Allen Morris Co., in partnership with MetLife Investment Management, will develop the hotel with over 5,000 square feet of meeting space, a restaurant and a bar. Granite Properties and MetLife Investment Management will deliver the LEED-Certified …
BUFORD, GA. — Atlanta-based Ackerman & Co. has brokered the sale of 65 acres across Interstate 85 from the Mall of Georgia in Buford, approximately 30 miles northeast of downtown Atlanta. The Orkin family, of Orkin pest control, sold the parcel to Atlanta-based Fuqua Development for $18 million. The space will accommodate Phase I of Fuqua’s The Exchange at Gwinnett, a $320 million mixed-used development that will feature office space, a hotel, apartments and 500,000 square feet of retail space, including a food hall, “fashion hall,” and a Cinebistro movie theater, according to local media reports. Ackerman & Co.’s John Speros and Larry Wood brokered the sale of the property, located at the intersection of I-85 and Georgia Highway 20. Wood and Speros also represented Rooms To Go in the acquisition of a 4.5-acre site within the development for construction of a 52,000-square-foot store to replace its 24,000-square-foot store fronting the Mall of Georgia.
OMAHA, NEB. — Access Commercial LLC has purchased an 11-acre redevelopment site in Omaha with plans to develop a mixed-use project known as Regency Landing. The site comprises the former Regency Lodge hotel and Shaker Place shopping center. Plans call for office, retail and restaurant space in addition to a hotel. Approximately 66,000 square feet of the east building at Shaker Place will be redeveloped, with the complete replacement of lobbies, mechanical systems, elevators and common areas. Some tenants such as Twisted Cork Bistro will remain in the redeveloped space. Regency Lodge, which closed in 2018, operated on the land for more than 40 years. It will be demolished by the end of this year.
MOUNTAIN VIEW, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Village Residences, a mixed-used complex located at San Antonio Road and El Camino Real in Mountain View. A venture between Carmel Partners and Merlone Geier Partners sold the asset for an undisclosed price. The name of the buyer was not released. Philip Saglimbeni, Stanford Jones, Bill Rose and Salvatore Saglimbeni of IPA represented the seller in the deal. Developed in 2013 and situated on 5.5 acres, The Village features 271,779 square feet of net rentable multifamily space spread across 330 apartment units and 43,206 square feet of retail space divided into 16 units. Apartments offer floor-to-ceiling windows, moveable kitchen islands and full-sized washers and dryers. On-site community amenities include an Atrium pool retreat with a fireside spa, canopied entertainment bar, grilling stations and lounge seating.
METAIRIE, LA. — The Richards family, the longtime owner and operator of Clearview Shopping Center in Metairie, has unveiled plans to transform the 700,000-square-foot regional mall into a mixed-use destination. Located at 4436 Veterans Memorial Blvd., the new Clearview City Center sits on a 35-acre site approximately six miles northwest of downtown New Orleans. The $100 million project will add a hotel, 260 upscale apartments, open-air restaurants with rooftop seating, 100,000 square feet of office space and green space for outdoor events and concerts. “This is what the next-generation consumer is looking for in a mixed-use development, and we’re bringing it here to the heart of Jefferson Parish,” says Thomas Richards, managing partner of Richards Clearview LLC. The redevelopment will create over 1,600 jobs and is expected to have a $123 million economic impact during construction alone, according to an analysis conduced by Greater New Orleans Inc. Once all phases are complete and Clearview City Center opens, it will support 420 total jobs and deliver $26 million in annual economic impact. Construction on the first phase of the Clearview City Center development is expected to begin in mid-2020, with the shopping center remaining fully operational throughout. The Richards family and …
NEW YORK CITY — Brookfield Properties is underway on construction of Bankside, a $950 million mixed-use development that will be situated on 4.3 acres in the Mott Haven neighborhood of The Bronx. Plans currently call for 1,350 apartments, 30 percent of which will be marketed at affordable rates, a public waterfront park and promenade and 15,000 square feet of retail space. Hill West Architects is designing the project. Construction will be split into two phases, with the first phase delivering 450 apartments that are expected to open by the end of 2021.
SALEM, N.H. — Tuscan Brands has broken ground on construction of Tuscan Village, a 2.8 million-square-foot mixed-use project in Salem, located approximately 30 miles north of Boston. Tuscan Village will comprise 1 million square feet of office space, 800,000 square feet of retail space, 900 residential units for rent and for sale, two hotels, an entertainment district and a medical services facility. Outdoor apparel and equipment retailer L.L. Bean signed a 15,000-square-foot retail lease for a lakefront property on the development’s 6-acre lake that will allow customers to test out kayaks and other water sports equipment on-site. Completion is slated for fall 2020.
PAWTUCKET, R.I. — Fortuitous Partners has unveiled plans for Tidewater Landing, a $400 million mixed-use development along Pawtucket’s waterfront. The project will include office, residential and hotel space, as well as a 7,500-seat soccer stadium and sports complex for a future United Soccer League (USL) team. Fortuitous Partners will fund the project, while public investment from both the city and state will primarily focus on infrastructure and other non-stadium components of the development plan. “This is an opportunity of a lifetime for the City of Pawtucket, the Blackstone Valley and the State of Rhode Island,” says Pawtucket Mayor Donald Grebien. “This $400 million investment in one of Pawtucket’s Opportunity Zones will create jobs and be a transformative economic development at the gateway into our state.” Upon completion, Tidewater Landing will comprise more than 200 housing units, 100,000 square feet of retail space, a 200-room hotel, an indoor sports event center and 200,000 square feet of office space. The project is currently focused on the Tidewater and Division Street sites that are owned by National Grid and the city, respectively. The final development sites, phasing, construction costs and schedule for the project will be finalized during an upcoming due diligence period, …