Mixed-Use

Armada Hoffler to Develop $32M Mixed-Use Project in Town Center of Virginia Beach

by John Nelson May 20, 2016

VIRGINA BEACH, VA. — Armada Hoffler Properties Inc. plans to develop a $32 million mixed-use project within the 17-block Town Center of Virginia Beach. The project is part of an ongoing public-private partnership with Armada Hoffler and the city of Virginia Beach. The development will include 33,000 square feet of street-level retail space, 5,000 square feet of restaurant space and 120 luxury apartment homes. In addition, Zeiders American Dream Theater will invest roughly $8 million in a 17,000-square-foot performing arts theater, and the city of Virginia Beach will invest roughly $3 million in public infrastructure including an open-air public plaza on the second level and a pedestrian bridge connecting the development to an adjacent parking garage. Armada Hoffler Construction Co., a division of Armada Hoffler Properties, will serve as general contractor of the project. Armada Hoffler expects to break ground in the second half of the year.

May 20, 2016

Civic Mixed-Use Southeast Tennessee

City of Lebanon Approves Extension of Legends Drive Near Cumberland Center

by John Nelson May 20, 2016

LEBANON, TENN. — The city of Lebanon has approved the extension of Legends Drive near Cumberland Center, a 165-acre mixed-use project situated along I-40 East. Upon completion, Cumberland Center will feature retail shops, Class A offices, restaurants, hotels and possibly apartments. Phase I of Cumberland Center includes a Logan’s Steakhouse and a Boot Barn. The extension of Legends Drive is estimated to last roughly 18 months and cost about $4.6 million. Legends Drive will be extended about three-fourths of a mile and will connect Highway 231 and Highway 70. The road will also connect to Briskin Lane, which is scheduled for improvements.

May 20, 2016

Indiana Midwest Mixed-Use

Holladay Properties to Build $37M Mixed-Use Development in Northern Indiana

by Christina Cannon May 19, 2016

PORTAGE, IND. — Holladay Properties has scheduled an August groundbreaking for The Promenade at Founders Square, a $37 million mixed-use development in Portage, approximately 10 miles east of Gary. The initial five buildings will surround Founders Square Park and offer residential space with ground-floor commercial properties. Other recent investments in The City of Portage include the new Founders Square Park, fire station, police station and an outdoor entertainment pavilion.

May 19, 2016

Hospitality Mixed-Use Multifamily Office Restaurant Retail Texas

Southside Bank to Finance Infrastructure at Frisco Station

by Haisten Willis May 18, 2016

FRISCO, TEXAS — Southside Bank will finance new development at Frisco Station, a 242-acre mixed-use development located along the Dallas North Tollway in Frisco. The bank will provide the Frisco Station Partnership, an investment entity composed of Hillwood, Rudman Partnership and Van Trust Real Estate, with a three-year revolving line of credit for constructing road, water, sewer and other utilities. Initial construction will begin in June and will include infrastructure to support office development along Warren Parkway. Frisco Station includes more than 5 million square feet of office space, 2,400 apartment units, food and beverage concepts, hotel and conference facilities and more than 250,000 square feet of retail space. Headquartered in Tyler, Texas, Southside Bank has $5.2 billion in assets and operates more than 60 banking facilities in Texas.

May 18, 2016

Florida Mixed-Use Southeast

Tavistock Selects Steiner + Associates as Partner for 100-Acre Lake Nona Town Center in Orlando

by John Nelson May 18, 2016

ORLANDO, FLA. — Tavistock Development Co. has named Columbus, Ohio-based Steiner + Associates as its retail planning, leasing and development partner for Lake Nona Town Center in Orlando. Phase I of the project opened in January, including an 85,000-square-foot office building, a Marriott Residence Inn, Courtyard by Marriott, 16,000 square feet of retail and restaurant space and a five-story parking structure. Upon completion, the 100-acre project will anchor the 11-square-mile, master-planned Lake Nona community, which has had more than $3 billion in construction in the last eight years spanning 7.1 million square feet of residential and commercial properties. Located adjacent to Orlando International Airport, Lake Nona features neighborhoods, schools, the Lake Nona Medical City and United States Tennis Association’s New Home of American Tennis facility, the largest of its kind in the world. Initial phases of Lake Nona Town Center will comprise more than 1 million square feet of retail, restaurant, entertainment, office and hotel space.

May 18, 2016

Hospitality Maryland Mixed-Use Multifamily Office Retail Southeast Top Stories

Construction Begins on $750M Mixed-Use Development in Metro Baltimore

by Haisten Willis May 18, 2016

WHITE MARSH, MD. — Construction has begun on Greenleigh at Crossroads, a $750 million component of Baltimore Crossroads, a 1,000-acre mixed-use development in White Marsh in the eastern section of Baltimore County. The completed Greenleigh at Crossroads will contain 1,000 single-family homes and townhomes, 500 multifamily units, three mid-rise Class A office buildings spanning 300,000 square feet, 128,000 square feet of single-story office space, 116,000 square feet of retail and a 120-room SpringHill Suites by Marriott. The development team consists of St. John Properties, Somerset Construction Co. and Elm Street Development. “The integrated design of Greenleigh at Crossroads reflects and responds to the new urbanism trend that is sweeping the country, while also complementing the existing product mix that exists at Baltimore Crossroads,” says Edward St. John, chairman of St. John Properties. St. John Properties has broken ground on one of the office buildings, and should begin construction on the hotel in late 2016. Elm Street Development will soon begin building the single-family homes and townhomes, with models expected to open in spring 2017. Somerset Construction will begin work this fall on The Berkleigh, a luxury apartment community featuring 317 units. Located along Maryland Route 43 near I-95, Baltimore Crossroads is …

May 18, 2016

Mixed-Use Multifamily Retail Southeast Top Stories Virginia

Regency Centers, AvalonBay Acquire Market Common Clarendon Mixed-Use Property in Arlington for $406M

by Katie Sloan May 17, 2016

ARLINGTON, VA. — A joint venture between Regency Centers Corp. (NYSE: REG) and AvalonBay Communities Inc. (NYSE: AVB) has acquired Market Common Clarendon, a mixed-use development located in Arlington, for $406 million. The project, located approximately five miles from Washington, D.C., consists of 300 Class A apartments and 300,000 square feet of retail space anchored by Whole Foods Market, Apple, Crate & Barrel, The Container Store, Pottery Barn and Williams-Sonoma. The asset also features an adjacent vacant building for future development. Arlington County records show that TIAA-CREF bought the properties for a little more than $166 million in 2002, according to the Washington Business Journal. AvalonBay will acquire all of the residential components, while Regency will acquire the retail and all remaining components. To reach the $406 million purchase price, AvalonBay contributed $120.3 million and Regency contributed $285.7 million. “Market Common Clarendon is a seasoned and cycle-tested 10-acre urban shopping center,” says Barry Argalas, senior vice president of national transactions for Regency Centers. “The combination of a dense, affluent and highly educated customer base, along with the convenient access to the Clarendon metro station, all contribute to the success of the retailers.” Regency Centers’ stock price closed at $78.27 per share …

May 17, 2016

Illinois Midwest Mixed-Use

Essex Realty Brokers $2.7M Sale of Mixed-Use Property in Chicago

by Christina Cannon May 16, 2016

CHICAGO — Essex Realty Group Inc. has brokered the $2.7 million sale of a mixed-use building in Chicago’s Sheridan Park neighborhood. The buyer and seller in the transaction were undisclosed. The building, located at 4401 N. Clark St., is comprised of 12 apartment units and two street-level retail spaces. The units are a mixture of two- and three-bedroom units. Jim Darrow, Jordan Gottlieb, Doug Imber and Kate Varde of Essex brokered the transaction.

May 16, 2016

Massachusetts Mixed-Use Northeast Retail Top Stories

Edens to Build $200M Mixed-Use Development in Boston’s South Bay

by Nellie Day May 16, 2016

BOSTON — The Boston Redevelopment Authority Board has given approval for Edens to construct a 700,000-square-foot mixed-use development in the South Bay submarket of Boston. The 10-acre, $200 million development will sit adjacent to Edens’ South Bay Center in Boston’s Dorchester neighborhood. This approval was the last hurdle to starting the project, and Edens plans to break ground in June. The proposal calls for 113,000 square feet of restaurants and shops, a 12-screen luxury AMC Theatre with IMAX, a flagship Wahlburger’s, a 130-room hotel and two parking garages. Edens will also partner with Mill Creek Residential to develop 475 multifamily units at the project. The multifamily component will contain a mix of studio to three-bedroom apartments. The mixed-use project will be built on a site that currently contains a vacant industrial property and concrete plant. During construction, Edens also plans to upgrade the 427,289-square-foot South Bay Center, which is home to tenants such as OfficeMax, Marshalls, Old Navy, Target, The Home Depot, Bed Bath & Beyond and TJ Maxx. Columbia, S.C.-based Edens develops, owns and operates community shopping centers in primary U.S. markets. Its institutional-quality portfolio contains more than 130 retail centers. Mill Creek Residential Trust LLC is a national …

May 16, 2016

Georgia Mixed-Use Southeast

Pollack Shores to Redevelop Office Park in Metro Atlanta to Include Multifamily, Retail Uses

by John Nelson May 13, 2016

SANDY SPRINGS, GA. — Pollack Shores Real Estate Group plans to develop 425 apartment units and 10,000 square feet of retail and restaurant space neighboring the Palisades office park in Sandy Springs. Pollack Shores purchased a site adjacent to the office park at 5901 Peachtree-Dunwoody Road for an undisclosed amount. Upon completion, the one-, two- and three-bedroom units will feature plank flooring, kitchen islands, granite and quartz countertops, under mount sinks and pendant lighting. The redevelopment is expected to be complete by winter 2018. Matrix Residential, the multifamily residential management division of Pollack Shores, will manage the residential portion of the property. Pollack Shores is also absorbing most of the costs for infrastructure improvements in the area, including the addition of an east-west connector between Peachtree-Dunwoody Road and Perimeter Center Parkway that will allow traffic to directly access the new 2.2 million-square-foot State Farm Insurance regional headquarters expected to open in late 2016.

May 13, 2016

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