ATLANTA — The Atlanta Housing Authority’s Board of Commissioners has selected Hunt Development Group and Atlanta-based Oakwood Development Group to redevelop the Herndon Homes site in Atlanta. The $150 million master plan calls for a mixed-use, mixed-income development that features 700 multifamily units of varying housing types, as well as retail and community spaces and a new fitness center. The site is located on 12 acres along Northside Drive, about one mile north of Mercedes-Benz Stadium, the future home of the Atlanta Falcons and Atlanta United FC. The development team has selected Moss to serve as the construction manager for the project.
MIAMI — The city of Miami’s Urban Design Review Board has unanimously voted (6 to 0) to recommend approval of Wynwood 25, a 400,000-square-foot mixed-use development in Miami’s Wynwood neighborhood. Situated between N.W. 24th and 25th streets, the project will include 289 apartment residences, 31,000 square feet of retail space and 340 parking spaces. After receiving this recommendation and the approval by the Wynwood Design Review Committee, East End Capital, the developer of Wynwood 25, expects to break ground on the project in the first quarter of 2017. East End Capital anticipates for 80 percent of Wynwood 25’s residences to rent for less than $2,000 per month. The apartments will comprise mostly studios and one-bedroom layouts, all including 10-foot ceilings and full-sized washers and dryers. Amenities will include a fitness center with yoga studio, work-from-home spaces, coffee lounge, 12,000-square-foot green courtyard, bike storage, package storage and dog wash facilities, as well as a rooftop terrace with a pool, spa, barbecue areas and outdoor and covered work areas. Kobi Karp designed the project, which includes a paseo connecting 24th and 25th streets.
WASHINGTON, D.C. — First Potomac Realty Trust (NYSE: FPO) has sold Storey Park, a mixed-use project currently under development in the NoMa submarket of Washington, to 1005 LLC for $54.5 million. When completed, Storey Park will include 350,000 square feet of office space, 65,000 square feet of retail and 300 loft apartments. An estimated completion date was not disclosed. The buyer is a partnership between Perseus Realty LLC and W-G Capital LLC, an affiliate of Four Points LLC and Greencourt Capital. First Potomac and Perseus Realty jointly acquired the site in August 2011, with First Potomac owning a 97 percent interest. The proceeds from the sale were used to repay a $22 million land loan at the property, and First Potomac used its portion of the remaining proceeds to repay outstanding borrowings on its unsecured revolving credit facility. Perseus Realty began as a Washington, D.C.-focused investment firm in 2004 and has created a development portfolio within the metropolitan area. W-G Capital is a Washington, D.C.-based private equity firm focused on real estate investments in the United States with a particular focus on the northeast corridor and the nation’s capital. FPO is a real estate investment trust that owns, operates, develops and …
ATLANTA — Columbia Ventures LLC plans to break ground this week on Spoke, a transit-oriented, mixed-use development situated at the Edgewood/Candler Park MARTA station in Atlanta’s Edgewood neighborhood. Demolition has begun on the site, which is currently a parking lot on La France Street. Spoke is the first of several MARTA station activation projects to break ground under the leadership of MARTA CEO Keith Parker. Upon completion in 2018, Phase I of Spoke will feature a 224-unit luxury apartment building, neighborhood park, local restaurant and a headquarters and performing arts center for Moving in the Spirit, a local youth development organization. Perkins + Will designed the Moving in the Spirit building. Future phases will include additional housing and commercial uses. Chip Sykes of HFF arranged construction financing through Mutual Bank of Omaha on behalf of Columbia Ventures.
BOSTON — GLL Real Estate Partners has completed the disposition of a mixed-use building located at 70 Franklin St. in Boston. Deka acquired the 85,977-square-foot property for $42.1 million. At the time of sale, the building was 91 percent leased to eight tenants, including TIAA-CREF, Jos. A. Bank and Papyrus. Robert Griffin, Edward Maher and Matthew Pullen of Newmark Grubb Knight Frank represented the seller in the transaction.
FOREST LAKE, MINN. — Gaughan Cos./CORFAC International has developed a 20,400-square-foot mixed-use property in Forest Lake, approximately 30 miles northeast of Minneapolis. The property is situated within the City Center Commons retail center. Tenants at the property include Keller Williams, Maplewood Oral Surgery and Thrifty White. There is approximately 3,000 square feet still available for a fast-casual restaurant.
CUMMING, GA. — Avison Young has brokered the $14.4 million sale of Shoppes at Vickery Village, a 77,794-square-foot mixed-use project located at 5802-5854 N. Vickery St. in Cumming. The property is situated within the master-planned Vickery Village community. Built in 2006, Shoppes at Vickery Village comprises roughly 47,000 square feet of ground-floor retail space below office or residential units; a 1,000-square-foot ice cream shop; a 1,200-square-foot, freestanding salon; a 2,525-square-foot medical space above retail; three two-story office buildings totaling 15,550 square feet; and an outparcel site approved for a 2,300-square-foot retail building. A.J. Belt III and David Duckworth of Avison Young represented the seller, Vickery Village Holding LLC, an entity led by Atlanta-based Cannon Equities that owned the project for 18 months and sold it at a $3 million premium. Vickery Village Community LLC purchased the asset.
IOWA CITY, IOWA — CA Ventures LLC, through its student housing arm CA Student Living LLC, has broken ground on RISE at Riverfront Crossings, a 575,000-square-foot, mixed-use development located near the University of Iowa in downtown Iowa City. The development will include a 15-story residential component with 332 market-rate apartments, 6,000 square feet of ground-floor retail and a 14-story, 151-room Hyatt Place Hotel featuring 25,000 square feet of Class A office space. When complete, the residential component will offer studio, one-, two- and three-bedroom fully furnished units. Community amenities will include a fitness center and yoga studio; a smart fitness kiosk that will provide virtual fitness programming; a club lounge with billiards and poker tables; a “Gameday Room” and theater; a business center with a study lounge; a 10,000-square-foot rooftop deck with an outdoor spa, Jumbotron and viewing area; and grilling stations with communal tables. The Hyatt Place Hotel will offer studio suites, each with separate living and sleeping areas, a large desk, an oversized sleeper sofa and a 42-inch television. Chicago-based Hartshorne Plunkard Architecture is the lead architect on the project, while Des Moines-based Beal | Derkenne Construction has been retained as general contractor. The development is scheduled for …
CINCINNATI — Development firm City Club Apartments LLC has broken ground on a luxury apartment project in Cincinnati. City Club Apartments will consist of 294 units and 45,000 square feet of retail, restaurant and office space. Construction on the building is slated for completion by the end of next year. The historic 11-story, 300,000-square-foot building was originally built in 1928 as an annex to the PNC Tower. Amenities at City Club Apartments will include a rooftop dog park, concierge, demonstration kitchen, indoor/outdoor pool with hot tub, grilling stations, a Zen garden, fire pit, fitness center, conference and business center, bike storage and 330 valet parking spaces. Unit amenities will include granite countertops, island kitchens, custom closets, hardwood and ceramic floors, and 10- to 18-foot ceilings. The building will offer over 50 distinct floor plans with units ranging from 400 to 1,500 square feet. Unit configurations include studio, one-bedroom, two-bedroom, three-bedroom, two-level and penthouse apartments. Brinkmann Constructors is the general contractor for the project, and Village Green will manage the property. US Bank provided financing for the development.
FAYETTEVILLE, GA. — A development team comprising Chick-fil-A CEO and Fayette County resident Dan Cathy and Jim Pace of Pace Lynch Corp. has revealed plans for a new master-planned development located adjacent to Pinewood Atlanta Studios, a major movie studio spanning 700 acres and 12 sound stages. Dubbed Pinewood Forrest, the 234-acre mixed-use project will feature more than 1,300 residences, 300 hotel rooms and 275,00 square feet of commercial offices, street-level retail space and restaurants. In addition to Cathy and Pace, the development team includes town planner Lew Oliver of Whole Town Solutions; construction manager Rick Halbert of Halbert Development; and project director Bill Lynch of Pace Lynch Corp. Pinewood Forrest will be situated 24 miles from downtown Atlanta, eight miles from Peachtree City, five miles from downtown Fayetteville and close to the corporate headquarters for global employers such as Chick-fil-A, Delta Air Lines, Rinnai and Porsche Cars North America. The residential component will comprise single-family homes, micro cottages, multifamily flats, townhomes and “tree homes” developed from natural materials. The project will also feature more than 15 miles of trails and pathways, 118 total acres of public green space, community gardens, pools, playgrounds, a dog park, wellness center and shared …