Mixed-Use

Construction Set to Begin on The Hub @ New Brunswick Station in New Brunswick, N.J.

by Haisten Willis March 29, 2017

NEW BRUNSWICK, N.J. — New Brunswick Development Corp. (Devco) has begun site preparation on the Ferren Mall Parking Deck for The Hub @ New Brunswick Station in New Brunswick. Devco expects site construction of the 1.7 million-square-foot mixed-use redevelopment project to begin in April. JLL is Devco’s marketing agent for The Hub, which will be located on four acres in downtown New Brunswick directly across from the New Brunswick train station. When completed, The Hub @ New Brunswick Station will encompass multiple buildings with a flexible design to meet office or lab requirements including technology, office or research use. The development is slated to include high-rise residential units and retail at street level.

March 29, 2017

Connecticut Mixed-Use Northeast Office Retail

RHYS Negotiates $10.3M Sale of Mixed-Use Portfolio in Stamford, Conn.

by Haisten Willis March 29, 2017

STAMFORD, CONN. — RHYS has negotiated the $10.3 million sale of two office/retail buildings located at 111 and 123 High Ridge Road in Stamford. Combined, the three-story buildings offer 40,000 square feet of office and retail space. The 100 percent leased portfolio sits on just over an acre, with more than 150 parking spaces on site. Christian Bangert of RHYS represented the buyer, A & E High Ridge, in the transaction. Karen Dome and Robert Haile of Coldwell Banker Commercial represented the seller, High Ridge Plaza LLC.

March 29, 2017

Kansas Midwest Mixed-Use

ESS, Lane 4 Break Ground on $60M Mixed-Use Development in Edwardsville, Kansas

by Kristin Harlow March 28, 2017

EDWARDSVILLE, KAN. — Emery Sapp & Sons (ESS) and Lane 4 Property Group have broken ground on the $60 million Village South development in Edwardsville. The 32-acre site is located at the corner of 110th Street and I-70. The mixed-use project will include both a Holiday Inn and La Quinta hotel in addition to a 22,000-square-foot conference center and 17,000 square feet of retail space. Six additional pad sites will be available for retail uses. Minnesota-based Compass Commodity Group III is the landowner and master developer. Lane 4 is managing the first phase of construction, while ESS is doing all of the earthwork. Other members of the development team include BHC Rhodes as project engineer, Lamont Cos. as hospitality developer, Base4 Architects and Engineers as design partner and Polsinelli PC as legal counsel. Phase I construction is slated for completion in summer 2018.

March 28, 2017

Mixed-Use Multifamily New York Northeast Retail Top Stories

XIN Development International Receives $108M Construction Loan for Mixed-Use Development in Hell’s Kitchen

by Katie Sloan March 28, 2017

NEW YORK CITY — XIN Development International Inc. — the U.S. development arm of Chinese developer Xinyuan Real Estate Co. Ltd. — has received $108 million in financing for the construction of a mixed-use property at 615 Tenth Ave. in the Hell’s Kitchen neighborhood of Manhattan. The seven-story development will offer 82 residential units and 36,053 square feet of retail space. The retail portion of the property is currently 76 percent pre-leased to an undisclosed national credit tenant. Adam Hakim and James Murad of Eastern Consolidated secured the construction financing on behalf of the borrower through Bank of the Ozarks. Hakim also arranged a $27 million bridge loan with Bank of the Ozarks on behalf of XIN Development to finance the acquisition of the property last year. An expected completion date for the development has yet to be announced. Xinyuan Real Estate Co. Ltd. (NYSE: XIN) is the only Chinese real estate developer listed on the New York Stock Exchange. The company focuses on the development of large-scale residential projects. The company’s stock price closed at $4.44 per share on Monday, March 27, up from $4.40 one year ago. — Katie Sloan

March 28, 2017

Arizona Market Reports Mixed-Use Western Western Market Reports

Collaboration is More Vital Than Ever to Keep Construction Schedules on Track

by Camren Skelton March 28, 2017

With commercial construction activity up by double digits in 2016 and projected to increase another 5 percent in 2017, the industry continues to keep a keen eye on labor shortages and construction costs. This rings even more true in the face of today’s increasingly stringent financing requirements — a critical project element that can push construction schedules out by months and, in the process, create challenges with accurate pro forma data, true labor schedules and pricing. The balance between schedule shifts and a backlog of work has proven particularly challenging for the entire industry, and presumably shows no sign of relief. For optimal success, teams must diligently focus on cross-functional communication, design-build principles and early strategic planning to protect from the pitfalls of 2017’s momentum. Focusing on this early planning gives clients two of the greatest advantages available in our current building climate: a forum for unearthing issues proactively and time to plan for solutions. In cases where design-build isn’t possible, teams can still capture the benefits of this concept by getting the right knowledge leaders at the table early on, providing significant results to project cost savings, resource management and logistics planning. The Labor Issue While the industry jockeys …

March 28, 2017

Indiana Midwest Mixed-Use

South Street Capital Acquires 18,300 SF Mixed-Use Building in West Lafayette, Indiana

by Kristin Harlow March 27, 2017

WEST LAFAYETTE, IND. — In a joint venture with T2 Capital Management, South Street Capital has acquired an 18,300-square-foot mixed-use building in West Lafayette. The purchase price was not disclosed. The three-story building is located at 100 Northwestern Ave. near Purdue University. Locally known as The Miller Building, the building consists of retail and office space as well as apartment units.

March 27, 2017

Mixed-Use Texas

Westdale, KDC Break Ground on Three-Building Mixed-Use Development in Deep Ellum

by Taylor Williams March 24, 2017

DALLAS — Westdale Properties and KDC Construction have broken ground on The Epic, a mixed-use development situated on eight acres at the corner of Pacific Street and Good Latimer Expressway in the Dallas neighborhood of Deep Ellum. The project will consist of a 250,000-square-foot office tower with a fitness center, rooftop café and ground-level retail space, as well as a 164-room hotel and a 300-unit, 20-story residential tower. The Epic, which will be built next to the Dallas Area Rapid Transit Deep Ellum Station, is scheduled for completion in late 2019.

March 24, 2017

Mixed-Use Multifamily New York Northeast Retail

TerraCRG Arranges $2.2M Sale of Mixed-Use Building in Brooklyn

by Haisten Willis March 24, 2017

NEW YORK CITY — TerraCRG has arranged the $2.2 million sale of 205 Wyckoff Ave., a mixed-use building located between Harman Street and Greene Avenue in the Bushwick neighborhood of Brooklyn. TerraCRG’s Matt Cosentino, Eric Satanovsky and Fred Bijou handled the transaction. The three-story brick building includes five residential units and a retail space located near the DeKalb Avenue L train and the Myrtle-Wyckoff M&L trains. The buyer and seller were not disclosed.

March 24, 2017

Mixed-Use Multifamily New York Northeast Restaurant Retail

Construction Begins on Tremont Renaissance Mixed-Use Property in The Bronx

by Haisten Willis March 23, 2017

NEW YORK CITY — Construction has begun and retail leasing is underway at Tremont Renaissance, a mixed-use property located at 1910 Webster Ave. in the East Tremont section of the Bronx. The building is an affordable housing development that fronts Webster and East Tremont avenues. Tremont Renaissance is located near the Tremont Metro-North station, the Tremont Avenue subway station on the B and D lines and several bus routes. Half of the 256 units in the 12-story building will rent to people with maximum household income levels ranging from $38,100 annually for an individual to $48,960 for a family of three. The rest will rent to people making up to $76,200 for an individual and $97,920 for a family of three. Amenities will include a health and fitness center, children’s play area, internet lounge, private terraces, landscaped rooftops and a yoga studio. Tremont Renaissance will contain four ground-floor commercial units totaling almost 40,000 square feet.

March 23, 2017

California Hospitality Mixed-Use Retail Top Stories Western

Urban Commons Unveils Plans for $250M Mixed-Use Development in Long Beach, Calif.

by Katie Sloan March 23, 2017

LONG BEACH, CALIF. — Urban Commons has unveiled plans for a $250 million mixed-use development surrounding the Queen Mary, a retired cruise ship docked in Long Beach, Calif. The 700,000-square-foot project — designed by Gensler and titled Queen Mary Island — will include a main lobby plaza; 2,400-foot boardwalk alongside marinas, eclectic retail shops, cafes and bars; 200-room hotel; and outdoor amphitheater. Urban Commons assumed the master lease of the ship in April of last year, and subsequently began a renovation program to restore the ship to its former glory. The company is also collaborating with London-based Urban Legacies to develop Urban Adventure, a 150,000-square-foot entertainment facility. The building will offer 20 interactive and experiential activities including an indoor ice climbing wall, surfing, skydiving, zip lining and a trampoline park. An expected date of completion for the development has yet to be announced. Urban Commons is a Los Angeles-based real estate investment and development firm with a portfolio of assets across the United States. — Katie Sloan

March 23, 2017

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