Mixed-Use

Bedrock Selects ODA as Architect for Book Tower Rehabilitation in Detroit

by Kristin Harlow September 5, 2019

DETROIT — Bedrock has selected ODA as the design architect for the Book Tower, an adaptive reuse project in Detroit. The project includes a mix of residential, hospitality, retail and office space. The 486,760-square-foot office tower was originally designed by Louis Kemper in 1916 in an Italian Renaissance style. Bedrock acquired the 38-story tower in 2015 and recently completed an extensive exterior restoration, including the replacement of 2,483 windows. ODA plans to add a variety of public amenities, including retail, galleries, restaurants and a café. The project team also includes construction manager Brinker/Christman, civil engineer Giffels Webster, structural engineer Buro Happold, as well as Kraemer Design Group for historic preservation and ARUP for acoustics and security. The building was named after the famous Book Brothers of Detroit. The last tenant, Bookie’s Tavern, closed in early 2009 leaving the entire building vacant.

September 5, 2019

Loans Mixed-Use New York Northeast

ACRES Capital Provides $35M Construction Loan for Mixed-Use Property in Long Island

by Alex Patton September 4, 2019

LONG ISLAND CITY, N.Y. — ACRES Capital Corp., a New York-based lender, has provided a $35 million construction loan for 23-20 Jackson Avenue, an 82,000-square-foot mixed-use project located in Long Island City. Local real estate developer VOREA Group was the borrower. Designed by Oklahoma-based KSQ Architects, the property will feature retail across the ground floor and basement, two floors of office space and six floors of hospitality space. Marko J. Kazanjian of JLL arranged the loan, which carries a term of 24 months.

September 4, 2019

Acquisitions Colorado Mixed-Use Office Retail Western

Cushman & Wakefield Brokers Acquisition of Historic Mixed-Use Building in Denver for $6.4M

by Amy Works September 4, 2019

DENVER — Cushman & Wakefield has facilitated the sale of 1925 Blake Street, a 129-year-old mixed-use building in Denver’s Lower Downtown neighborhood. The property traded for $6.4 million, or $418 per square foot. The names of the seller and buyer were not released. Jon Hendrickson and Aaron Johnson of Cushman & Wakefield’s Denver Capital Markets group handled the transaction. Originally constructed in 1890 as a warehouse, the three-level building was converted into an office building in 1934. At the time of sale, the 15,375-square-foot building was fully leased to four tenants.

September 4, 2019

Loans Massachusetts Mixed-Use Northeast

Urban Spaces Secures $71M Construction Loan for Mixed-Use Development in Metro Boston

by Alex Patton August 30, 2019

CAMBRIDGE, MASS. — Urban Spaces, a locally based developer, has secured a $71 million construction loan for Kendall East, a mixed-use development in Cambridge, a northeastern suburb of Boston. People’s United Bank provided the long-term loan. The development will house120 multifamily units, including 16 affordable apartments, and 15,000 square feet of retail space. Across the street, the CambridgeSide shopping center is slated for redevelopment with new office, lab and residential space. Designed by New York-based architectural firm Perkins Eastman, Woburn-based Tocci Building Corp. in building Kendall East.

August 30, 2019

Conference Coverage Features Georgia Mixed-Use Southeast

InterFace Panelists Predict More Variety, Less Food for Future Mixed-Use Projects

by Alex Patton August 29, 2019

ATLANTA — Traditionally, mixed-use developments are multifamily-based with ground-floor retail or dining and a few floors of offices in between or adjacent. That combination still works, but changing demographics demand more variety from the popular model, according to panelists of InterFace Mixed-Use Southeast on Aug. 22 at the Westin Buckhead in Atlanta. Projects like The Battery Atlanta and the upcoming Revel development in nearby Duluth are anchored by popular entertainment sites — SunTrust Park and Infinite Energy Center, respectively. Other upcoming developments in the Southeast like Kern’s Bakery in Knoxville, Tennessee, will feature student housing, while others like 12|12 Aventura in South Florida will feature seniors housing units. Speakers at the show cautioned that while restaurants are necessary elements of a successful mixed-use project and often bring some added variety, food and beverage options nationwide are becoming oversaturated, especially in mixed-use settings. Professionals involved with some of the most successful mixed-use developments in the Southeast spoke about prominent trends and the future of the product type at the conference. Overall the various speakers were bullish on the product type going forward as demand generators such as job and population growth are strong in the Southeast’s top markets. “I see two …

August 29, 2019

Life Sciences Loans Massachusetts Mixed-Use Northeast

JLL Arranges $140M Construction Loan for Life Sciences Building in Metro Boston

by Alex Patton August 29, 2019

SOMERVILLE, MASS. — JLL has arranged a $140 million construction loan for 101 South Street, a life science development in Somerville, a northern suburb of Boston. The project represents Phase I of the borrower’s planned mixed-use development, which will include retail and residential components as well as public green space. JLL arranged the financing on behalf of the borrower, a joint venture between New York-based developer DLJ Real Estate Capital Partners and Boston-based developer Leggate McCall Properties. Construction is slated for completion in 2021.

August 29, 2019

Development Florida Mixed-Use Southeast

CIM Group Breaks Ground on Mixed-Use Development in Miami

by Alex Tostado August 28, 2019

MIAMI — CIM Group has broken ground on a mixed-use development in Miami’s Wynwood neighborhood. The project will feature 27,000 square feet of street-level retail and studio space, about 60,000 square feet of office space, 257 apartment units and approximately 480 parking stalls. The yet-to-be-named project will span a city block from NE 22nd and NE 23rd streets, four miles north of downtown Miami. Three office floors will be situated above the street-level retail and studio space and extend across the full city block. Set above are two eight-story apartment buildings, one each at the northern and southern ends of the block. The residential units will offer studio to three-bedroom floor plans. The retail, office and apartments feature floor-to-ceiling windows. The project is anticipated to be complete in mid-2021. CIM acquired the fully entitled site in October 2018.

August 28, 2019

Development Georgia Mixed-Use Southeast

Public-Private Partnership to Develop $85M Mixed-Use Project in Snellville, Georgia

by Alex Tostado August 27, 2019

SNELLVILLE, GA. — A public-private partnership (PPP) between the City of Snellville and developers CASTO and MidCity Real Estate Partners, will develop The Grove at Towne Center, a planned mixed-use development in downtown Snellville. The City of Snellville unanimously approved the project on Monday, Aug. 26 in a 6-0 vote. The PPP will break ground on the $85 million Phase I in 2020 and expects the first deliveries in 2021. Phase I will comprise more than 50,000 square feet of retail, restaurant, office and entertainment space, and about 250 multifamily units. The Market Center building will serve as the project anchor. CASTO and MidCity are working with the City of Snellville to customize the overall design and uses within the building. Early ideas include a brew pub on the first floor and event space on the second floor. The Grove Apartments will offer amenities such as a fitness center, swimming pool, grilling area, parking deck and business center. The Commons area will allow the City to host many of the community’s festivals and activities in one centrally located space.

August 27, 2019

Arizona Development Mixed-Use Multifamily Restaurant Retail Western

Fore Property Acquires Mixed-Use Development Site in Downtown Phoenix for $9.3M

by Amy Works August 27, 2019

PHOENIX — Fore Property has purchased of the former O’Neil Printing facility, located at 366 N. Second Ave. in downtown Phoenix, for $9.3 million. The development site consists of 2.6 acres with three sides of street frontage. The buyer plans to develop a high-end, mixed-use project on the site. Totaling 285,000 square feet, the seven-story development will feature 323 apartments in a mix of studio, one- and two-bedroom layouts, as well as ground-floor retail and restaurant space, a rooftop deck with views of Phoenix, a pool and fitness center. Construction is slated to begin the first quarter of 2020, with completion scheduled for mid-2022. Justin Horwitz and Paul Borgesen III of SVN Desert Commercial Advisors represented the buyer in the deal. The name of the seller was not released.

August 27, 2019

Development Mixed-Use North Carolina Southeast Top Stories

Fallon Company Announces Raleigh Crossing Mixed-Use Project

by Taylor Williams August 26, 2019

RALEIGH, N.C. — The Fallon Company, a Boston-based developer specializing in urban mixed-use projects, has unveiled plans for Raleigh Crossing, a new development spanning 1.8 acres in the state capital. Named for its location at the convergence of four city districts, Raleigh Crossing will feature four distinct uses. Preliminary plans call for 280,000 square feet of Class A office space, 18,000 square feet of retail space, a 165-room hotel and a 135-unit apartment community. The project will also include an outdoor amenity terrace with space for communal events. Sidewalks will also be expanded to accommodate a heavier volume of foot traffic. Fallon expects to break ground in September on Phase I of the project, which will deliver a commercial tower at 301 Hillsborough St. That building will house the 280,000 square feet of office space, as well as 12,500 square feet of retail space and a fitness center. The hotel and residential components, as well as the remaining 7,000 square feet of retail space, will comprise Phase II. Duda | Paine Architects is designing the project. CBRE is handling preleasing of the retail space, which is underway. Pendo, a provider of cloud and software solutions, plans to relocate its corporate …

August 26, 2019

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