MIDDLETOWN, CONN. — Cornerstone Realty Capital has arranged $2.9 million in financing for the acquisition of a mixed-use property in Middletown. The office and retail property consists of five buildings totaling 47,250 square feet. Additionally, the property features 104 parking spaces. The name of the borrower was not released.
DENVER — Developers Tom and Brooke Gordon have chosen OZ Architecture to design DriveTrain, a mixed-use development to be built in Denver’s RiNo neighborhood. The development is projected to cost between $75 million and $90 million, according to reports by the Denver Business Journal. The project will include pedestrian-friendly, interconnected residential, retail, restaurants, incubator space for local chefs and artists, underground parking and a 120-room boutique hotel. The property’s residential component will include condominiums ranging from penthouses, to micro-units and affordable housing. Groundbreaking is expected to take place in early 2017, with completion scheduled for late 2018.
WESTERLY, PROVIDENCE AND WARWICK, R.I. — Rhode Island Commerce Corp. Board of Directors and Rhode Island Governor Gina Raimondo have approved more than $7 million in state relocation and redevelopment credits. Funding three projects, the economic development tools include $362,055 in tax credits under the Qualified Jobs Incentive Tax Credit Program to support company relocation and growth, $3 million for the first Tax Increment Financing agreement to support hotel development and $3.6 million Rebuild Rhode Island tax credits to fund the redevelopment of a historic property. Ivory Ella, a socially-minded online retailer, will receive the $362,055 for the relocation of 40 of its current jobs, 19 of which qualify under the Qualified Jobs Incentive Tax Credit program, from Connecticut to Westerly. Homewood Suites Hotels – Exchange Street LLC will receive $3 million for the construction of a $24.5 million 120-room hotel with ground-floor retail in downtown Providence. The board approved $3.6 million in Rebuild Rhode Island tax credits to support the adaptive reuse of a vacant historic mill complex along the Pawtuxet River in Warwick. The property will be redeveloped into a 200,000-square-foot mixed-use development, costing an estimated $34.6 million.
COLUMBUS, OHIO — Nationwide Realty Investors is set to begin the development of a mixed-use building at the north end of Grandview Yard, a 1.2 million-square-foot commercial development in Columbus. The four-story Manchester Building will consist of over 14,000 square feet of restaurant and retail space and 123 residential units. The property will be located on Yard Street adjacent to the new Nationwide campus.
OLD BRIDGE, N.J. — The Brunetti Organization is developing The Oaks at Glenwood, a 2,400-acre mixed-use town center development in Old Bridge. Construction for the 90,000-square-foot ShopRite supercenter is slated to begin soon, with occupancy of the grocery store and other retail tenants scheduled for summer 2017. ShopRite will anchor the retail portion of the property. Upon completion, the mixed-use property will feature 2,000 residential units and more than 500,000 square feet of retail space. The Goldstein Group is marketing the retail portion of the property.
SMYRNA, GA. — Mill Creek Residential plans to develop Modera by Mill Creek-Vinings, a mixed-use multifamily project in Smyrna’s Vinings neighborhood. Designed by Lord Aeck Sargent, the property will feature 269 luxury apartment homes, below-grade parking, upscale amenities, retail space and a chef-driven restaurant. Mill Creek Residential purchased the 3.5-acre site at 3205 Cumberland Blvd. from Pope & Land Enterprises. The property will be located along a pond near the start of the Silver Comet Trail, a 61.5-mile walking and biking trail that stretches from Smyrna to central Alabama. Pre-leasing for Modera by Mill Creek-Vinings is slated to begin in summer 2017 with initial move-ins targeted for fall 2017. As of March 31, 2016, Mill Creek Residential’s portfolio comprised 54 communities spanning 15,600 apartment homes that are operating and/or under construction.
CHARLESTON, S.C. — A dual-branded Hyatt House-Hyatt Place hotel has opened in downtown Charleston’s historic district on Upper King Street. Atlanta-based Cooper Carry designed the mixed-use development that houses the dual-branded hotel. The project includes a 112-room Hyatt House hotel, 191-room Hyatt Place hotel, rooftop bar, conference center, 20,000 square feet of street-level retail space and a 400-space parking deck. Hyatt House Hyatt Place Charleston features a separate lobby for each brand, but the property shares amenities, including a pool, fitness center, room service, house keeping and operations. Regent/BN Charleston Holdings LLC, an entity including Atlanta-based Regent Partners LLC, Chicago-based GEM Realty and Charleston-based Clement Crawford & Thornhill Inc., is the developer of Hyatt House Hyatt Place Charleston.
BOSTON — Marcus & Millichap has arranged the sale of a mixed-use property located at 46-50 Blue Hill Ave. in Boston. A private investor sold the property to an undisclosed private investor for $1.6 million. The property features six apartments and three retail spaces. Evan Griffith of Marcus & Millichap represented the seller and procured the buyer in the deal.
ARLINGTON, TEXAS — The Arlington City Council will consider designating a venue project and authorizing a master agreement for a public-private partnership with the Texas Rangers at its evening meeting tomorrow. If approved, the council action will allow the city of Arlington to begin the steps required to hold an election this November asking voters to extend existing funding mechanisms to provide public financing for construction of a new $1 billion baseball stadium. The Texas Rangers’ 30-year lease on the city-owned Globe Life Park is set to end in 2024. With the new proposed master agreement, the Rangers’ partnership with Arlington would extend until Jan. 1, 2054. The design for a new ballpark would include a retractable roof for climate control and shelter for fans during the summer months. The new park is expected to have similar design concepts featured in the construction of Globe Life Park. The master agreement for the public-private partnership calls for a 50-50 split between the Texas Rangers and the city of Arlington. If the council takes action to designate the venue project, the city will ask the Texas Office of the Comptroller to review the fiscal impact to the state before calling a Nov. 8 …
CHARLESTON, S.C. — North American Properties – Atlanta has unveiled plans to develop Lorelei, a 160-acre, upscale mixed-use project located on Laurel Island in Charleston. The project’s estimated value totals more than $1 billion, according to sources familiar with the development. The waterfront property is central to the Port of Charleston and offers views of the Arthur Ravenel Jr. Bridge. Plans for Lorelei include retail, chef-driven restaurants with waterfront patios, a hotel, meeting space, loft and Class A offices, multifamily residences, condominiums and single-family homes, a community gathering space, biking and hiking trails and entertainment venues. A food hall is planned for the project, and will be designed and curated in collaboration with local restaurateur Steve Palmer. Boat access will also be available to visitors. Fred Kent, founder of Project for Public Spaces, and Jeff Speck, author of “Walkable City,” have been tapped to help with the design of the project. Project construction is expected to begin upon clearing regulatory and financing hurdles.