MCCLELLAN PARK, CALIF. — McClellan Park, a 3,000-acre mixed-use development in McClellan, has received a $95 million secured credit facility from Wells Fargo Bank. The facility was arranged with the participation of Bank of America, Safe Credit Union and River City Bank. The new facility is for up to a 5-year term and provides up to $95 million through a revolving line of credit. McClellan Park features an airport, a full-service hotel, a fitness facility, a rail system and dormitories, as well as office, industrial and retail space. The project, which is entitled for more than 16 million square feet of commercial, retail, office and residential buildings, consists of 8.5 million square feet of useable buildings and 500 acres of developable land.
Mixed-Use
NEW YORK CITY — CetraRuddy’s Hospitality Group has completed designs for CassaNY. Construction is currently underway on the 50-story independent hotel and condominium. Located at West 45th St. in Manhattan, New York City, the hotel will feature 57 residences and 166 hotel rooms and amenities such a world-class restaurant, a spa, a landscaped garden, a terrace, a lounge, and 24-hour concierge. CetraRuddy additionally serves as architect and is overseeing all construction for the project. The designs were completed in collaboration with Enrique Norten’s TEN Arquitectos. The project is anticipated to be complete in summer 2010.
FLOSSMOOR, ILL. — Rosemont, Ill.-based McShane Construction Co. has broken ground for a new mixed-use project in Flossmoor. Construction consists of a single-story, 15,116-square-foot building situated on 1.79 acres at 19801 Governors Highway. Upon completion, which is expected in February 2010, the building will contain a mix of retail, medical office and professional office space. Drs. Kung and Labana have already signed a lease for 7,000 square feet of space within the building, which is located near St. James Hospital, Ingalls Memorial Hospital and Advocate South Suburban Hospital. KLLM Architects is serving as project architect. Financing for the project is being provided by Old Plant Trail Community Bank.
FISHERS, IND. — Carmel, Ind.-based J.C. Hart Co. has purchased 13 acres of the 725-acre Saxony mixed-use property, located at 131st St. in Fishers. The company is starting construction thus summer for The District at Saxony, a 269-unit apartment project that will be located near a 20-acre lake. Construction is scheduled to take approximately 2 years. The planned rent is set from $675 to $1,425 per month. Saxony is a $1 billion project that, upon full build-out, will contain 1,300 residences, 1 million square feet of retail, and 3.5 million square feet of office and industrial space in a pedestrian-friendly environment.
ST. LOUIS – Paric Corp. is advancing renovations for a $6.9 million multi-use project located at 1818 Washington Ave. in St. Louis. The two-story, 59,000-square-foot building will include 39 loft-style apartments and 9,000 square feet of ground-floor retail space. Paric is also repairing and replacing the façade, windows and storefronts, as well as adding new sidewalks, landscaping and pedestrian lighting. The owner is 1818 Washington Development LP, a partnership of local developers.
NEW YORK CITY — A partnership between Lincoln Equities Group and an affiliate of Grosvenor Investment Management has taken the first steps toward the creation of a new waterfront multifamily and retail project in the Astoria neighborhood of Queens, New York City. The partnership has submitted an application to begin the city’s uniform land use review process, which if successful, would re-zone an industrial area located along the East River known as Halletts Point for residential and commercial use. The new multi-use community would contain 2,000 units of market-rate housing, 500 units of affordable housing, a waterfront park, a neighborhood supermarket, additional retail and restaurants. The project would consist of seven buildings averaging 32 stories in height. The Halletts Point area, which is situated at the intersection of First Street and 26th Avenue, presently contains mostly vacant industrial buildings and storage yards, and is zoned for manufacturing use. Lincoln is developing the project, with GIM PA Partners LP, the Grosvenor affiliate, serving as capital partner. The project was master-planned by Studio V.
CARMEL, IND. — Browning Investments has acquired 17 acres located within at the intersection of U.S. Highway 31 and 131st Street in Carmel for commercial redevelopment. The property comprises 43 home sites that are part of the Meridian Heights subdivision. The sites will be combined with an adjacent 20-acre site owned by Browning for the development of a mixed-use project known as Meridian & Main. Initial plans call for the construction of more than 600,000 square feet of office, medical, hotel and retail space. The project is fully entitled and features shovel-ready sites ranging from 1.5 to 10 acres.
FORT WORTH, TEXAS — Vertical construction has commenced for Presidio Junction, a 300-acre mixed-use project located at the intersection of North Tarrant Parkway and Interstate 35W in north Fort Worth. The project will comprise more than 1 million square feet of retail and restaurant space; 1,300 apartments; and 750,000 square feet of fitness, hotel and Class A office space. Construction has already begun for 348 apartments units, which will begin leasing this summer. In addition, Lowe’s Home Improvement Warehouse has been announced as the project’s first major retail tenant. Presidio Junction is being developed by Newport Beach, Calif.-based LNR Commercial Property Group in conjunction with several companies. Gables Residential is assisting with the multifamily component; The Weitzman Group is handling the retail component; and Stream Realty Partners is listing multifamily, office and medical office spaces for the project.
BETHLEHEM, PA. — Development has commenced for The Plaza on 8th, a 9.5-acre retail and office complex located at the corner of Eighth and Eaton avenues in Bethlehem. The project will be built on the site of the former offices of Bethlehem Steel Corp., which have been demolished to make way for the new construction. Phase I will include the demolition, site improvements and traffic flow improvements. In addition, a commercial building, a retail strip center, a future restaurant, and pad sites for CVS/pharmacy and PNC Bank will be built. Phase I construction costs are estimated to total $19.5 million. Phase II will include the construction of a multi-story, Class A office building. PNC and CVS will break ground for their buildings this summer. The developer of The Plaza on 8th is locally based DB3 LLC. Allentown, Pa.-based Summit Management & Realty Co is serving as project manager, listing agent and property manager.
VIRGINIA BEACH, VA. — Arlington, Va.-based Bonaventure Realty Group has started construction on The Cascades, a mixed-use development encompassing 226 apartments and 22,000 square feet of retail space. The property will be located at the intersection of Centerville Turnpike and Lynnhaven Parkway in Virginia Beach. Amenities include a clubhouse, a swimming pool, a 24-hour fitness center and a running trail. Completion is expected this December.