Mixed-Use

Howard Hughes Corp. to Sell $2B in Real Estate Assets Following Leadership Changes, Headquarters Move

by John Nelson October 22, 2019

DALLAS — The Howard Hughes Corp. (NYSE: HHC), a mixed-use and residential real estate developer and operator with projects across the country, has announced a series of changes for the nine-year-old company. The Dallas-based firm plans to focus on its master-planned communities in Texas, Hawaii, New York, Maryland and Nevada and sell its non-core assets valued at roughly $2 billion over the next 12 to 18 months. HHC expects to net $600 million in cash proceeds from the sales. The Dallas Morning News reports that HHC will put several high-profile projects up for sale, including the Outlet Collection at Riverwalk in New Orleans, the Bridges of Mint Hill in Charlotte, Elk Grove in Sacramento and 110 North Wacker, a 56-story office tower under construction in Chicago. HHC says the office tower will deliver in October 2020 and is 69 percent preleased. HHC recently sold Cottonwood Mall in Salt Lake City for $56 million and plans to shop Monarch City, a 261-acre mixed-use project that the Allen City Council approved earlier this summer. Leadership change, HQ move Paul Layne, president of HHC’s Central region, is taking over as CEO effective immediately as David Weinreb and Grant Herlitz are stepping down from …

October 22, 2019

Development Mixed-Use Texas

Sea Oats Group Begins Construction on $1.3B Mixed-Use Project in Port Aransas, Texas

by Taylor Williams October 21, 2019

PORT ARANSAS, TEXAS — Sea Oats Group has begun construction on Cinnamon Shore South, a $1.3 billion mixed-use project that represents an expansion of the 300-acre Cinnamon Shore development in Port Aransas, located outside Corpus Christi on the Texas coast. In addition to luxury homes, Cinnamon Shore South will feature several commercial components, including roughly 120,000 square feet of retail and restaurant space, a 12,000-square-foot health and wellness center, 175-room hotel and 40,000 square feet for office or live/work space. In addition, a 225-room hotel and convention center that can accommodate as many as 2,000 attendees will also be developed on Cinnamon Shore property, with the groundbreaking slated for February 2020 and the opening scheduled for 2021.

October 21, 2019

Development Mixed-Use Texas

Skanska Buys Land in Downtown Houston for $55M, Plans Mixed-Use Project

by Taylor Williams October 21, 2019

HOUSTON — International developer Skanska has purchased a full city block in downtown Houston for approximately $55 million with plans to develop a mixed-use project with office, multifamily and retail uses. According to The Houston Chronicle, the development timeline and additional details on the project will be determined after a master-planning process that is expected to begin by the end of the year.

October 21, 2019

Development District of Columbia Mixed-Use Southeast

Community Three Breaks Ground on $45M Mixed-Use Redevelopment of Historic School in D.C.

by Alex Tostado October 18, 2019

WASHINGTON, D.C. — Community Three has broken ground on a $45 million redevelopment of the historic Grimke School in Washington, D.C., as part of the 9 1/2 Street initiative. Community Three plans for the 133,000-square-foot development to include office space, a new home for the African American Civil War Museum and residential units with ground-floor retail. The first phase, scheduled to deliver in fall 2020, includes renovating the 132-year-old Grimke School to include about 65,000 square feet of office and arts space that will house the 12,000-square-foot museum. Torti Gallas + Partners, the architect for the entire 9 1/2 Street Initiative effort, will move its international headquarters to the location. About 24,000 square feet of office space will be available for lease. The property is located on 9 1/2 Street near Vermont Avenue and U Street, a mile north of downtown D.C. Phase II, scheduled to break ground in 2021-22, will transform the Grimke School’s 1920s-era gymnasium into 40 residential units, 11 of which will be reserved for households earning less than 80 percent of median family income. The entire project is privately financed and Eagle Bank is the primary lender.

October 18, 2019

Arizona Development Mixed-Use Multifamily Retail Western

CA Residential, Diamond Realty Investments Open 30-Story Mixed-Use Property in Downtown Phoenix

by Amy Works October 18, 2019

PHOENIX — CA Residential and Diamond Realty Investments have opened the first phase of The LINK PHX, a 30-story mixed-use development located in downtown Phoenix. Shepley Bulfinch served as architect, and Katerra served as general contractor for the project. Located at 330 E. Pierce St., the first phase of The LINK PHX features 257 apartments in a mix of studio, one- and two-bedroom layouts ranging in size from 450 square feet to 1,450 square feet, as well as 7,000 square feet of retail space. Each apartment features nine-foot ceilings; kitchen with European-style, soft-close cabinetry; quartz countertops; stainless steel appliances and designer fixtures; and full-size washers and dryers. At complete build-out, the three-phase development will bring more than 600 rental residences and 21,000 square feet of retail space to the Roosevelt Row Arts District over the next decade.

October 18, 2019

Acquisitions Midwest Mixed-Use Retail Wisconsin

Cypress Equities Acquires 1.2 MSF Bayshore Town Center Near Milwaukee, Plans Repositioning

by Kristin Harlow October 18, 2019

GLENDALE, WIS. — Cypress Equities has acquired the 1.2 million-square-foot Bayshore Town Center in Glendale near Milwaukee. The purchase price was not disclosed. Cypress plans to reposition the property into an entertainment, shopping, dining and mixed-use project. Once complete, the re-envisioned center will include new architecture, landscaping and art by local creatives. Plans call for more retailers, restaurants, a select-service hotel, 300 new residential units, Class A office space and coworking space. The park area will be upgraded and include programmed, year-round entertainment. The project will be completed in phases through late 2020.

October 18, 2019

Acquisitions Development Mixed-Use Southeast Virginia

Grace Street Properties Acquires 158,000 SF Retail Property in Northern Virginia, Plans 2 MSF Mixed-Use Development

by Alex Tostado October 17, 2019

WOODBRIDGE, VA. — Grace Street Properties has acquired Station Plaza, a 158,000-square-foot retail center spanning 13 acres. Grace Street plans to convert the site into a 2 million-square-foot mixed-use development. The Prince William Board of County Supervisors approved the master-planned project, which will be located within walking distance of the VRE/Amtrak station, four stops from the future site of Amazon’s HQ2. Grace Street plans to deliver residential units, commercial space, outdoor space and more retail. Grace Street plans to immediately begin site work. George Boosalis of Boosalis Properties represented the buyer in the land acquisition, which sold for $19.1 million, a 7.6 percent cap rate. David Choi of Greysteel represented the undisclosed seller.

October 17, 2019

Development Idaho Mixed-Use Multifamily Retail Western

Opus Group Starts Construction of 285,000 SF Mixed-Use Development in Boise

by Amy Works October 17, 2019

BOISE — The Opus Group has started construction of a mixed-use project in downtown Boise. River Caddis Development and Standard Capital, a division of Standard Cos., are developing the project. Slated for completion in summer 2021, the eight-story, 285,000-square-foot project will feature 173 apartments in a mix of micro, one- and two-bedroom floor plans, as well as 3,000 square feet of street-level retail space. The second, third and fourth floors will primarily serve as parking with 400 parking stalls and bike storage that will be privately managed by Ada County, Idaho. The remaining floors will consist of apartments, a fitness center and a landscaped rooftop courtyard. The development is located at the corner of South Third and West Myrtle streets. Opus is serving as design-builder, interior designer, architect and structural engineer of record. River Caddis and Standard Capital are co-developers and co-owners and GGLO is the design architect of the project.

October 17, 2019

Development Mixed-Use New Jersey Northeast

LeCesse, MAS Underway on $91.5M Mixed-Use Development in Elizabeth, New Jersey

by Alex Patton October 17, 2019

ELIZABETH, N.J. — LeCesse Development Corp. and MAS Development Group are underway on construction of Vinty, a $91.5 million mixed-use project in Elizabeth, a western suburb of New York City. Vinty will offer 267 apartment units and 37,000 square feet of ground-floor retail and office space. Amenities will include a fitness center, dog park, outdoor theater, golf simulator, pool and a greenhouse. The location’s close proximity to the Elizabeth train station offers direct access to Manhattan, Newark Penn Station and Newark Liberty National Airport. JLL arranged construction financing for the project through Citizen’s Bank. Humphreys & Partners Architects is designing the project, and March Associates is the general contractor. Residences are expected to be available for lease in spring 2021.

October 17, 2019

California Development Mixed-Use Top Stories Western

Overton Moore Properties Breaks Ground on 1.25 MSF Mixed-Use Development in Burbank, California

by Alex Tostado October 9, 2019

BURBANK, CALIF. — Overton Moore Properties (OMP) has broken ground on Avion Burbank, a planned 18-building, 1.25 million-square-foot mixed-use development in Burbank, just northwest of Los Angeles. At full build-out, the property will include six industrial buildings, nine two-story office buildings, a 150-room hotel and two retail and restaurant buildings. OMP purchased the property in 2016 from the Burbank-Glendale-Pasadena Airport Authority and received project approval from the Burbank City Council earlier this year. The 60-acre site is located next to Hollywood Burbank Airport, which Burbank-Glendale-Pasadena Airport Authority owns. The Los Angeles Times reports OMP paid $72.5 million for the property. OMP plans for the project to be certified LEED Silver and include multi-purpose walk paths, indoor and outdoor meeting areas, and bike share stations. The property will include 115 electric vehicle chargers, with wiring and space to potentially add 62 parking stalls and truck loading docks for future electric vehicle chargers. Completion is slated for December 2020. “Avion Burbank will offer users a unique environment that incorporates state-of-the-art buildings situated in an interactive work-life environment,” says Timur Tecimer, chief executive officer of OMP. “This innovative campus will also boast multiple outdoor amenities that will assist companies in recruiting and retaining the …

October 9, 2019

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