PHILADELPHIA — Silver Arch Capital Partners has secured a $15 million land loan for the acquisition of two development sites, known as 1401 and 1401 R-S- Christopher Columbus Blvd. in South Philadelphia. The undisclosed borrower plans to develop up to 235 townhouses on the 22.9-acre site along the Delaware River, boat slips for owners’ watercraft, outdoor recreational activity areas and a riverfront cafe. Jeffrey Wolfer of Silver Arch Capital Partners arranged the financing for the borrower.
CHICAGO — Hubbard Street Group is nearing completion of the second phase of Wicker Park Connection in Chicago’s Wicker Park neighborhood. Phase II consists of a 15-story, 146-unit apartment building and is expected to open this June. Phase I, a 60-unit apartment building, was completed in 2016. A small-format Target store, totaling 12,800 square feet, is slated to open in the retail portion of Phase I this summer after recently receiving formal approval from the area community group. Hubbard Street is dedicating nearly one-third of the development’s 2.5 acres for open space, featuring a public plaza.
NEW YORK CITY — Broadway Construction Group and RXR Realty have topped out 810 Fulton Street, a 12-story residential and retail property in the Fort Greene section of Brooklyn. Slated for completion in 2019, the 393,000-square-foot property will feature 363 apartments, 163 parking spaces, a full amenity suite and 33,000 square feet of ground-floor retail space.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a corner development site located at 141-57 Northern Blvd. in the Flushing neighborhood of Queens. NY EZ Property Holdings LLC acquired the site from 141-57 Northern Boulevard Inc. for $23 million. The 22,663-square-foot lot allows up to 67,989 square feet of mixed-use development. The site currently features a 14,200-square-foot building occupied by a commercial tenant and Bank of America. Stephen Preuss and Stephen Palmese of Cushman & Wakefield represented the seller in the deal.
ST. PAUL, MINN. — CBRE, on behalf of Ford Motor Co., is seeking offers from developers for the 143-acre former Ford Motor Co. assembly plant site in St. Paul. Demolition of the assembly plant has been completed and environmental remediation is slated to be finished soon. Richard Palmiter, Brian Pankratz and Steve Lehr of CBRE Land Services began marketing the site for sale in December. Offers from interested parties are due by Feb. 23. The zoning framework for the site calls for a new mixed-use neighborhood on the banks of the Mississippi River.
POCATELLO, IDAHO — Millennial Development Partners has announced plans for Northgate District, a master planned community located in Pocatello, a city in southeastern Idaho. At completion, the development will feature 10,000 residential units; a 1 million-square-foot office/technology park that will support 6,000 jobs; a medical campus; and a shopping district. The residential portion of the community will include single-family homes, condominiums and apartments. Phase I of the project is set to include a retail center, the beginning stages of an Office IT Park and between 500 and 1,000 residential units. Groundbreaking on a new interchange and Phase I of the development is scheduled for later this year. Millennial has selected Coldwell Banker Commercial Advisors to lead commercial sales and leasing efforts for the development. The company has also partnered with Geomancer, a real estate investment startup that blends market analytics, GIS mapping services and data visualization via a software platform. Salt Lake City-based Millennial Development Partners specializes in multifamily, office, industrial, retail and master planned developments. The company has completed 100 real estate projects. — Katie Sloan
EDINA, MINN. — Dougherty Funding LLC has arranged a $54.1 million construction loan for the Market Street redevelopment in the 50th and France neighborhood of Edina. A joint venture between Buhl Investors and Saturday Properties plans to develop 100 luxury apartment units, approximately 33,000 square feet of street-level retail space, 271 stalls of underground parking and a community plaza. The lender was not disclosed. Construction is scheduled to take place in two phases beginning in August, according to the Minneapolis Star Tribune.
SAN ANTONIO — The San Antonio City Council has approved the sale of 10 acres on San Antonio’s east side for the development of Echo East, a $65 million mixed-use project. The council also awarded a $450,000 grant for the project, which will be developed by Michigan-based Foremost Development Co. According to San Antonio Express-News, the project will include roughly 500 residential units and 25,000 square feet of retail space. A timetable for construction has not yet been established.
ORLANDO, FLA. — Unicorp National Developments Inc. has unveiled plans for O-Town West, a $1 billion mixed-use development located at the corner of Palm Parkway and Daryl Carter Parkway in Orlando. The development will feature retail, restaurants, upscale apartments, a 600-car garage and a water show in the style of The Fountains of Bellagio in Las Vegas. The retail portion of the 82-acre development will be housed in two segments: the Village at O-Town West and the Boardwalk at O-Town West, according to reports by Orlando Weekly. The Village will feature retailers offering everyday necessities, including a national grocery store. The Boardwalk will offer new-to-market restaurants and retail. A 15,000-unit multifamily community is also planned for the development, alongside 300 to 400 homes, all of which will overlook a recreational lagoon by Miami-based Crystal Lagoons. Groundbreaking is slated for early 2019, with a grand opening projected for summer 2020, Orlando Weekly reports. Unicorp has developed over $2.5 billion worth of commercial and residential real estate, with a focus on retail, mixed-use centers, multifamily and master-planned communities. The company recently developed I-Drive 360 in Orlando, a mixed-use development featuring an observation wheel known as the Coca-Cola Orlando Eye. A $100 million Phase II is currently …
MIDDLETOWN, N.Y. — Concord Capital New York has purchased Playtogs Shopping Plaza, a mixed-use shopping plaza situated on 18 acres at 130-138, 144-146 and 156 Dolson Ave. Concord Capital plans to renovate the existing structure, rename the property Middletown Plaza and Playtogs Corporate Center and lease the mall. The property is a 203,000-square-foot four-building community retail center with more than 40 retail spaces. At the time of sale, the property was 40 percent leased to a variety of tenants, including Family Dollar, TD Bank, Rent-A-Center, Mavis Discount Tire, Carvel and Middletown Cinemas.