ATLANTA — Ponce Park, the $375 million, 2-million-square-foot redevelopment of Atlanta’s City Hall East/Sears building, will feature The Medici Center. Residents will be comprised of scholars, researchers and artists that will address the four academies of Health and Science, Sustainability and the Environment, Globalism and Cultural Understanding and the Arts and Humanities. The project is being developed by Lawrenceville, Ga.-based The Morsberger Group and Adams & Co. and will also include 182,000 square feet of retail, 154,000 square feet of office space and 1,100 residential units, in addition to 40 units for the physically disabled. Construction is slated to begin in second or third quarter 2009, and initial occupany is scheduled for 2011.
BOLINGBROOK, ILL. —Forest City Enterprises has announced that two new tenants will be coming to The Promenade Bolingbrook, the developer’s 736,000-square-foot lifestyle center located at the intersection of Interstate 355 and Boughton Road in Bolingbrook. Chesapeake, Va.-based hotel developer LTD Management Co. will begin construction this month for a 155-room aloft hotel. Guest lofts in the hotel will feature 9-foot ceilings, oversized windows and flat-panel, high-definition televisions. The hotel is scheduled to open in June 2009. Additionally, an eight-screen Village Roadshow Gold Class Cinema is also coming to The Promenade Bolingbrook. The theater will open on the second level of the center, and will include amenities such as custom reclining seats, VIP concierge and valet services, and a full-service bar and lounge that will serve customers at their seats.
HOLLYWOOD, CALIF. — Los Angeles-based Empire Investments LLC has purchased East Village Hollywood, a 49,023-square-foot apartment/retail property located at 5718-5728 Hollywood Blvd. in Hollywood, for $12 million at a 6 percent cap rate and 11.6 GRM. The four-story building comprises 41 apartments and more than over 2,800 square feet of retail. Built in 2006, the property was 100 percent leased at the time of acquisition. Retail tenants of the property include a steakhouse restaurant with full bar and a coffee shop. The seller was Maman Properties LLC and the Stewart Trust of Los Angeles. Dana Brody and Martin McDermott of Grubb & Ellis represented both parties in the transaction.
BRIDGETON, N.C. — Jupiter USA is developing Bridgeton Harbor, a 1,000-acre master-planned community in Bridgeton, located near New Bern, N.C., at the intersection of Highway 17 and State Road 55. The project will be comprised of the Shoppes at Bridgeton Harbor; Marketplace at Bridgeton Harbor; Town Center at Bridgeton Harbor; Lakes at Bridgeton Harbor; and Bridgeton Harbor Industrial Park. The community will feature 650,000 square feet of retail, commercial, office and medical space; 800 residences, inclusive of condominiums, townhomes and single-family units; a 15,000-square-foot yacht club with a 129-slip marina; more than 600 hotel rooms; and 2.5 million square feet of industrial space. Construction began last June. The marina is slated to deliver in June, and the yacht club, along with 18 adjacent condominiums, is expected to start construction before year-end.
SALT LAKE CITY — Holliday Fenoglio Fowler (HFF) has arranged a $74 million loan for Trolley Square, a four-building lifestyle center in Salt Lake City. Working on behalf of ScanlanKemperBard Cos., Lloyd Minten of HFF secured the loan with Bank of America as administrative agent in syndication with Wachovia. The financing recapitalizes an existing adjustable-rate loan that was arranged by HFF in 2006 to fund the acquisition and redevelopment of the site. Originally built in 1908 as a trolley barn complex, Trolley Square is listed on the National Register of Historic Places and is designated a Utah Historic Site. Currently, the center is 61 percent occupied by 32 tenants.
COLUMBIA, S.C. — Miller-Valentine is developing Center Vista, a 90,000-square-foot, five-story office and retail condominium complex in Columbia, located at the site of the former Columbia Supply Co. building at the intersection of Gervais and Lincoln streets. The project is comprised of 70,000 square feet of Class A office space and 20,000 square feet of urban retail space. Construction is slated to begin third quarter and complete in first quarter 2010.
HURST, TEXAS Stonehenge Equity Partners has completed the purchase of 2.22 acres for a mixed-use development located at 1161 W. Hurst Blvd. in Hurst. The company plans to develop the property into four buildings consisting of office, retail and warehouse space totaling 52,650 square feet. Stonehenge Equity Partners is pre-leasing space for the project, which is set to commence construction this June. Rob Rutherford of Rutherford Realty, Southlake represented the buyer in the transaction, while Chris Stewart of Coldwell Banker represented the seller.
CARMEL, IND. — Indianapolis-based Browning Investments has announced plans for the construction of a $10 million mixed-use development located at the intersection of Meridian and Main streets in Carmel. Situated on 20 acres, the project will consist of three buildings containing 260,000 square feet hotel, medical, office and retail space. Groundbreaking is expected to occur this summer. The hotel component, which is being built by Dora Brothers Hospitality Corp., will be built in 2009.
HOMER TOWNSHIP, ILL. — Downers Grove, Ill.-based Champion Retail Associates, a subsidiary of Champion Retail Advisors, has announced plans for Twin Maples, a mixed-use development located in Homer Township. To develop the center, J.D. Salazar and Larry Locascio of Champion will partner with Tim Hague of Keystone Ventures, as well as Cathy and David Boo, the landowners of the 40-acre parcel that is located at the corner of 159th Street and Gougar Road. Twin Maples will contain approximately 250,000 square feet of retail, restaurant, hotel and office space located near the newly completed Interstate 355 extension. The design and entitlement process is currently underway. Construction is set to begin in early 2009, with phase I completion slated for November 2009.
SPRING, TEXAS — LodgeWorks will develop an AVIA hotel at Market Street-The Woodlands, a mixed-use center located at 9595 Six Pines Dr. in Spring. The 70-room hotel will feature a wine bar, a coffee bar, in-room flat-screen televisions and iPod connections, a terrace with a pool and 2,240 square feet of event space. The hotel will be completed, along with 24,000 square feet of additional retail, in fall 2009. The property, which will be AVIA’s fourth hotel nationwide, is being developed along with equity partner Open Hospitality Partners.