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.
RIVIERA BEACH, FLA. — Palm Beach Gardens, Fla.-based OMRD is redeveloping Ocean Mall into a $50 million mixed-use development on Singer Island in Riviera Beach. The project will be completed in three phases. Phase 1 will consist of three one-story and one two-story buildings, including several casual restaurants; Phase 2 will include a five-story hotel; and Phase 3 will redevelop the dry sand areas east of Ocean Avenue into tennis/volleyball courts, playgrounds and additional amenities. The Key West and Caribbean-themed development is situated on 10.5 acres and will begin construction this summer. Catafulmo Construction is the general contractor, and Richard Jones Architecture is designing the project.
BRUNSWICK, GA. — Liberty Harbor LLC has begun vertical construction on Liberty Harbor, a $2 billion, 155-acre waterfront development in Brunswick. The project will feature 2,400 residences, 300 home sites, a 450-wet slip marina, a boardwalk and a yacht club.
ADDISON, TEXAS — Deutsche Bank Berkshire Mortgage (DBBM) has arranged financing on behalf of Post Properties for Post Addison Circle, a mixed-use development located in Addison. The $120 million loan for the property, which includes 10 mid-rise buildings, was arranged through a Freddie Mac. The property contains 1,334 rental units, 41,000 square feet of office space, 108,725 square feet of retail space and 234 self-storage spaces. The interest-only loan was structured with a 7-year fixed-rate.
CHICAGO — Northbrook, Ill.-based Essex Realty Group has completed the sale of a 10,500-square-foot mixed-use building, located at 1439 E. 53rd St. in Chicago’s Hyde Park neighborhood, for $2.97 million. David Goss and Jon Morgan of Essex represented both undisclosed parties in the transaction.
NEW YORK CITY — Matthew Fotis of Marcus & Millichap has completed the $1.28 million sale of a development site located at 461 Winthrop St. in Brooklyn, New York City. The 22,695-square-foot site encompasses two 40-foot lots on either side of Brooklyn Avenue, which can be utilized for residential space, medical offices or a mix of the two products. Fotis represented the undisclosed seller and secured the undisclosed buyer for the transaction.
DALLAS — Granite Properties, in a joint venture with Gables Residential, has begun construction on a $200 million mixed-use project located in Dallas. The development will comprise two towers. The first, Granite’s 19-story, 361,524-square-foot office tower called 17Seventeen McKinney, is located at the northwest intersection of McKinney Avenue. North Akard Street, Gables’ 292-unit, 26-story high-rise residential property located at 1700 Cedar Springs and Akard Street, is the second property. The development, situated on approximately 2.14 acres, also will include a 1-acre amenity deck between the two towers that features a 4,000-square-foot fitness center and an infinity-edge pool in a park-like setting that overlooks Victory Park and downtown Dallas. The development also will house 15,000 square feet of retail. Good Fulton & Farrell is providing architectural services for the project, while Austin Commercial is the general contractor.