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Mixed-Use

DevelopmentMichiganMidwestMixed-Use

Bedrock Breaks Ground on 1.4 MSF Mixed-Use Project in Detroit

by Kristin Harlow

DETROIT — Bedrock has broken ground on the 1.4 million-square-foot Monroe Blocks project on two city blocks at the corner of Monroe Street and Campus Martius in downtown Detroit. Slated for completion in 2022, the development is one of four transformational projects underway as part of a $2.1 billion investment in Detroit that Bedrock first announced in 2017. In total, Monroe Blocks will include 847,000 square feet of office space, 482 residential units and 117,000 square feet of retail space. Block A will include a 35-story office tower and Block B will be largely residential. A stretch of Farmer Street will be converted to pedestrian-only space and connect the two blocks. Bedrock worked with Danish architecture firm Schmidt Hammer Lassen to design the project alongside Detroit-based firm Neumann/Smith Architecture. Turner Construction Co. is the general contractor. The two blocks along Monroe Street that make up the development were known historically as Detroit’s first theater district. The site was razed in 1990 with the exception of the National Theatre, which has sat vacant. Bedrock plans to retain the façade of the National Theatre and incorporate it into a terracotta archway within the development. The other three projects within Bedrock’s $2.1 billion …

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IllinoisLoansMidwestMixed-Use

JLL Arranges Construction Financing for $115M Mixed-Use Project in Chicago’s Uptown Neighborhood

by Kristin Harlow

CHICAGO — JLL Capital Markets has arranged construction financing for The Draper at 5050 N. Broadway, a mixed-use development in Chicago’s Uptown neighborhood. The project involves the conversion of a former 400,000-square-foot office building into 342 residential units. The developer, CEDARst Cos., raised $41 million of project equity. Urbanite Capital provided a $13 million structured loan and Bank of the Ozarks provided a $61 million construction loan. Chuck Johanns and Dave Hendrickson of JLL arranged the financing. The recent closing enables CEDARst to complete Phase I of a planned two-phase development. Total project costs for the development of Phase I are estimated at $115 million. A timeline for completion was not disclosed.

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LoansMixed-UseTexas

Comerica Bank Provides $32.9M Construction Loan for Kingwood Mixed-Use Project

by Taylor Williams

KINGWOOD, TEXAS — Comerica Bank has provided a $32.9 million loan to Stratus Properties Inc. (NASDAQ: STRS) for the construction of Kingwood Place, a mixed-use project in Kingwood, a master-planned community located north of Houston. The project will deliver a 103,000-square-foot H-E-B grocery store, 41,000 square feet of additional retail space, six retail pads and 300 multifamily units. The financing was structured at approximately 70 percent loan-to-cost. Construction is expected to begin this month, and the H-E-B is expected to open during the third quarter of 2019.

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DevelopmentMixed-UseNorth CarolinaSoutheast

Lincoln Harris Begins Phase II of Legacy Union in Uptown Charlotte, Signs Deloitte as Anchor

by Alex Tostado

CHARLOTTE, N.C. — Lincoln Harris, a real estate development, investment and property management company, has entered Phase II of Legacy Union, a mixed-use development in Uptown Charlotte. Construction of the 362,000-square-foot 650 South Tryon, an 18-story glass building, has begun, and London-based Deloitte, a multinational professional services network and one of the Big Four accounting firms, will occupy the top four floors. Legacy Union spans two city blocks and will feature offices, retail shops, restaurants, hotels, residences, a parking garage, public green space and a pedestrian promenade.

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LoansMassachusettsMixed-UseNortheast

Cornerstone Realty Capital Arranges $1.9M Refinancing for Mixed-Use Property in Massachusetts

by David Cohen

CLINTON, MASS. — Cornerstone Realty Capital has arranged a $1.9 million loan to refinance a mixed-use property in Clinton. The property consists of 16 apartments and two commercial spaces. The commercial spaces average approximately 2,300 square feet and include wood flooring and brick exterior. Patrick Brady of Cornerstone secured a fixed-rate loan with a 30-year amortization schedule for the undisclosed borrower through a correspondent lender.      

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Company NewsDevelopmentMixed-UseTexas

PGA to Move Headquarters from South Florida to Frisco, Invest $500M

by Taylor Williams

FRISCO, TEXAS — The PGA of America will move its headquarters from South Florida’s Palm Beach County to Frisco, where it will anchor a 600-acre, mixed-use development. The organization’s initial investment in the northern Dallas suburb will exceed $500 million, while the overall economic impact of the move will exceed $2.5 billion over the next 20 years. The PGA’s new headquarters will include two championship golf courses, a short course and practice areas totaling 45 holes, as well as a clubhouse, Class A office space, 500-room Omni Hotel, 127,000-square-foot conference center and a retail village. A joint venture between Omni Hotels & Resorts, Stillwater Capital and Woods Capital will purchase the land and construct the hotel, conference center, retail space and golf courses. The golf courses are expected to open in summer 2022. The hotel, convention center and other facilities are expected to open within six months of that date.  

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DevelopmentMidwestMixed-UseWisconsin

Commonwealth Development Completes $95M Mixed-Use Project Near the University of Wisconsin-Eau Claire

by Kristin Harlow

EAU CLAIRE, WIS. — Commonwealth Development has completed a $95 million mixed-use project known as Confluence in Eau Claire. Located at the intersection of the Eau Claire and Chippewa rivers, the project consists of two buildings and a public plaza. The first building, completed in 2016, is Haymarket Landing. The $35 million, 235,000-square-foot building consists of 119 student housing units and 33,000 square feet of retail space. The second building, the Pablo Center at the Confluence, is a $60 million facility that includes a 1,229-seat theater, 400-seat black box theater, visitor’s center, innovation center and art gallery, as well as rehearsal rooms, recital halls and classrooms. The University of Wisconsin-Eau Claire and local arts organizations will share the Pablo Center. Market & Johnson served as the contractor.

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AcquisitionsMixed-UseNew JerseyNortheast

Marcus & Millichap Brokers $5M Sale of Mixed-Use Property in Union City, New Jersey

by David Cohen

UNION CITY, N.J. — Marcus & Millichap has brokered the $5 million sale of a 9,360-square-foot mixed-use property in Union City. Located at 4900 Bergenline Ave., the property recently underwent major renovations that include a new roof, windows, upgraded HVAC systems and tenant improvements on the second floor. The building is fully occupied. Fahri Ozturk and Richard Gatto of Marcus & Millichap’s New Jersey office represented the buyer and seller in the transaction, both private investors.

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AcquisitionsMixed-UseNew YorkNortheast

Marcus & Millichap Negotiates $2.2M Sale of Mixed-Use Building in Brooklyn

by David Cohen

NEW YORK CITY — Marcus & Millichap has negotiated the $2.2 million sale of a 7,140-square-foot mixed-use building in Brooklyn. The property is located at 1501-1503 Broadway. Shaun Riney, Thomas Shihadeh and Andrew Reiter of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.  

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The-Elliott-Pecan-District-Pflugerville-Texas
DevelopmentMixed-UseMultifamilyTexas

Presidium Begins Phase I of 45-Acre Mixed-Use Project in Metro Austin

by Taylor Williams

PFLUGERVILLE, TEXAS — Presidium Group has begun work on Phase I of Pecan District, a 45-acre mixed-use project in the northern Austin metro of Pflugerville. Phase I will deliver The Elliott, a 272-unit multifamily property that is expected to be ready for occupancy in 2020. Designed by Mark Odom Studio, The Elliott will feature one- and two-bedroom units averaging 855 square feet per unit and amenities such as a pool, fitness center, business center and outdoor kitchen area. Pecan District is a 10-phase development that will feature 1,150 residential units, 998,000 square feet of office space and 228,000 square feet of retail and restaurant space upon its expected completion date in 2028.

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