Mixed-Use

Hines to Build 379-Unit Multifamily Complex in Downtown Phoenix

by Amy Works November 2, 2018

PHOENIX — Hines has acquired a 1.5-acre site and received zoning approval from the City of Phoenix for the development of a 379-unit multifamily tower located on the northwest corner of Jefferson and Third streets in downtown Phoenix. Construction of the 25-story, 480,000-square-foot tower is slated to begin in the first quarter of 2019, with completion scheduled for the fourth quarter of 2020. The development will be Hines’ first multifamily project in the Phoenix area. Located near Talking Stick Resort Arena, the development will feature 75 studio, 179 one-bedroom and 125 two-bedroom residences. Amenities will include an outdoor, Olympic-size swimming pool; 2,800-square-foot fitness center; indoor great room with private and group seating; private conference areas; and community kitchen. Additional offerings will include elevated outdoor courtyards with an outdoor kitchen, firepits with group and private seating and landscaped gardens; a dog spa; bike storage; a coffee bar; concierge service; and 4,500 square feet of street-level retail or restaurant space. The site currently features three levels of underground parking, which will be used for residential parking. Hines also plans to renovate 10,000 square feet of existing office space and lease it. Hines represented itself in the site acquisition, while Jim Fijan at …

November 2, 2018

Illinois Loans Midwest Mixed-Use

Alliant Provides $15M Refinancing for 10-Property Portfolio in Chicago

by Kristin Harlow November 2, 2018

CHICAGO — Alliant Credit Union has provided a $15 million loan for the refinancing of a 10-property portfolio in Chicago. Located on the north side of Chicago, the portfolio includes a mix of apartment, retail and office buildings. The properties, which were fully occupied at the time of the loan closing, range in size from a two-unit commercial building to a 48-unit multifamily development. Gershon Friedman of Meridian Capital arranged the 15-year, fixed-rate loan. The borrower was not disclosed.

November 2, 2018

Arizona Development Mixed-Use Top Stories Western

Nationwide Realty Investors Unveils Plans for 1.8 MSF Mixed-Use Development in Scottsdale, Arizona

by Kristin Harlow November 2, 2018

SCOTTSDALE, ARIZ. — Nationwide Realty Investors has unveiled plans for Cavasson, a 1.8 million-square-foot mixed-use development in Scottsdale, just east of Phoenix. The initial phase of the project will include a 460,000-square-foot regional headquarters for Nationwide Insurance as well as 1,600 apartment units, retail and restaurants, two hotel sites and a six-story parking structure. Groundbreaking for Phase I is slated for next year. The walkable development will include sidewalks, bike paths, green spaces and community gathering places. The project will feature an infrastructure investment of approximately $30 million for new roads, sidewalks and flood mitigation improvements. Cavasson will be located along Loop 101, at the southwest corner of Hayden Road and Legacy Boulevard. “This is the best undeveloped site in the region,” says Brian Ellis, president and COO of Nationwide Realty Investors. “It has tremendous visibility, great connectivity to amenities and services, and outstanding access.” The regional headquarters building for Nationwide Insurance will house approximately 2,200 employees. Nationwide plans to move its team into the new building in late 2020. In September, Nationwide Realty Investors purchased the 134-acre site for the project at a state auction. Proceeds from the purchase went to the Permanent Land Endowment Trust Fund, which is …

November 2, 2018

Features Heartland Feature Archive Michigan Midwest Mixed-Use

When Done Right, New Stadium Development Can Transform Neighborhoods

by Kristin Harlow November 1, 2018

The practice of building large stadiums and sports arenas in urban areas has long been a hotly debated strategy. Critics cite the civic disruption that comes with unavoidable breakdowns in infrastructure and transportation and the significant parking and logistical requirements. There’s also the difficulty of reconciling the financial bottom line, or the aesthetic and functional disconnect of a grand facility that operates intermittently and towers over its surroundings. Stanford economist Roger Noll, an expert on the economics of sports, has argued persuasively that “NFL stadiums do not generate significant local economic growth, and the incremental tax revenue is not sufficient to cover major financial contributions by the city.” Noll has also suggested in the past that smaller, multi-use facilities, and facilities that are “embedded in larger commercial and residential projects,” make more sense. In recent years, innovators in the world of sports and performance arena design, as well as urban planning and design experts, have embraced such an approach, creating inspired new compact arena concepts that are a better fit for urban environments. They are also figuring out new ways to make smaller, multiuse venues a community asset rather than a liability. As cities like Detroit make difficult decisions …

November 1, 2018

Illinois Midwest Mixed-Use Top Stories

Tribune Media to Start Construction of 8 MSF River District in Chicago

by Katie Sloan November 1, 2018

CHICAGO — Tribune Real Estate Holdings, a subsidiary of Tribune Media Co. (NYSE: TRCO), has received approval from the City of Chicago to begin an 8 million-square-foot mixed-use development at 700 and 777 W. Chicago Ave. The approval was the last step before construction could begin. The development — named The River District — will include 4,100 residential units and 2,000 feet of riverfront pedestrian walkways upon completion. Phase I of development will include 1,250 to 1,500 residential units, a 1.8-acre public park and 560 feet of pedestrian walkways along the river. The remaining phases will be built out based on market demand. The property supports an additional 7 million square feet of development. Chicago-based architectural firm Solomon Cordwell Buenz designed the master plan for the property. “The River District will be a dynamic new neighborhood that will transform the face of the North Branch and serve as a natural extension of Chicago’s downtown, connecting neighborhoods and people,” says Murray McQueen, president of Tribune Real Estate Holdings.“With today’s approval, we can take the next steps to build an in-demand neighborhood that will help the city continue to attract and retain new jobs and talent.” A timeline for development has yet to be …

November 1, 2018

Development Michigan Midwest Mixed-Use

Bedrock Releases New Renderings for Hudson’s Site in Detroit

by Kristin Harlow October 31, 2018

DETROIT — Bedrock has released new renderings featuring an updated tower design for its development of the former J.L. Hudson department store site in Detroit. The tower is now slated to rise 912 feet and include 1.4 million square feet of retail, office, hotel, residential and public space. The new design features stepped tiers, which “allow for terraces for amenities and possible hospitality spaces,” according to SHoP Architects, the project architect. Bedrock, the real estate arm of businessman Dan Gilbert, founder of Quicken Loans, broke ground on the project in December 2017. Completion is slated for December 2020. The department store closed in 1984 and was imploded in 1998.

October 31, 2018

Loans Mixed-Use Southeast Top Stories Virginia

MetLife Investment Management Provides $156.2M Refinancing for Mixed-Use Complex in Virginia

by David Cohen October 31, 2018

VIENNA, VA. — MetLife Investment Management has provided a $156.2 million loan for the refinancing of Modera Avenir Place, a grocery-anchored mixed-use development in Vienna. The development was completed in two phases in 2013 and 2015 and includes 628 residential units and is anchored by a ground-floor Harris Teeter supermarket. Additional retail tenants include Inova Care Center and Thai by Thai restaurant. Nicole Brickhouse, Jamie Leachman, Jennifer Keller, Mike Tepedino, Sue Carras, Walter Coker and Brian Crivella of HFF secured financing on behalf of the borrower, a joint venture between Mill Creek Residential Trust LLC and institutional investors advised by J.P. Morgan Asset Management, to secure the floating-rate loan, which provided the borrower with the most flexibility, according to HFF. Loan proceeds were used to retire existing construction financing. The residential units at the stabilized property include stainless steel appliances, quartz countertops and central heat and air conditioning as well as hardwood-style flooring. Community amenities include two swimming pools with sun decks, grilling stations, billiards, gaming consoles and business centers with cyber cafes.

October 31, 2018

Acquisitions Mixed-Use New York Northeast

Marcus & Millichap Negotiates $15.2M Sale of Two Mixed-Use Properties in Manhattan

by David Cohen October 30, 2018

NEW YORK CITY — Marcus & Millichap has negotiated the $15.2 million sale of two mixed-use properties in Manhattan. Located at 162 Third Ave. and 317 E. 5th St., the two properties consist of 24 residential units and ground-floor retail space. 162 Third Ave. is a four-story, 9,500-square-foot building, 317 E. 5th St. is a six-story, 8,100-square-foot building. Barbara Dansker and Steven Lusby of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also undisclosed.

October 30, 2018

Loans Mixed-Use Northeast Rhode Island

Cornerstone Realty Capital Secures $2M Refinancing for Mixed-Use Portfolio in Pawtucket

by David Cohen October 30, 2018

PAWTUCKET, R.I. — Cornerstone Realty Capital has secured a $2 million refinancing for a mixed-use portfolio in Pawtucket. The portfolio includes a total of 29 apartments and two retail spaces across three properties. All three properties have undergone recent renovations. Patrick Brady of Cornerstone secured financing on behalf of the undisclosed borrower. The lender was undisclosed.

October 30, 2018

Development Georgia Mixed-Use Multifamily Office Retail Southeast Student Housing

Morehouse School of Medicine, Carter Break Ground for $52M Mixed-Use Project in Atlanta

by Amy Works October 30, 2018

ATLANTA — Morehouse School of Medicine (MSM) and Carter, an Atlanta-based developer, have broken ground for the first phase of Lee Street Campus, a $52 million mixed-use development in Atlanta’s Historic West End. The $52 million development will include MSM’s first on-campus graduate student housing, offering 187 units in a mix of studio, one- and two-bedroom layouts; a 25,000-square-foot ambulatory health facility; 9,000-square-foot fitness/wellness center; 2,500 square feet of retail space; and a four-level parking deck at the corner of Lee Street and Westview Drive. The ownership joint venture for the project includes equity investments by MSM, Carter and Campus Life Fund, sponsored by Atlantic American Partners. Patterson Real Estate Advisors Group secured construction financing, which was provided by First Citizens Bank. Construction is slated for completion in time for the 2020 school year.

October 30, 2018

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