Mixed-Use

LRE & Cos. Reveals Plans for 13-Acre Fernley Promenade Mixed-Use Development in Fernley, Nevada

by Amy Works January 25, 2023

FERNLEY, NEV. — California-based LRE & Cos. has announced plans to develop Fernley Promenade, a 13-acre mixed-use development along Interstate 80 in Fernley. The project will the first shopping center development in Fernley in over a decade. The first confirmed tenant for Fernley Promenade is a 98-room Home2 Suites by Hilton with a swimming pool and fitness center. The development will also feature three junior retail anchors, as well as various dining and shopping options. Retail space, ranging from 1,200 square feet to 20,000 square feet, is currently available for lease. The property can accommodate freestanding buildings with drive-thru, junior anchor and shop space. Shawn Smith and Sean Retzloff of Kidder Mathews will manage leasing for the property.

January 25, 2023

Acquisitions Arizona Development Mixed-Use Multifamily Retail Top Stories Western

Joint Venture Completes Acquisition of Metrocenter Mall in Phoenix, Begins $850M Redevelopment

by Jeff Shaw January 24, 2023

PHOENIX — Concord Wilshire Capital and TLG Investment Partners, in partnership with Carl DeSantis’ CDS International Holdings Inc., have completed the acquisition of the Metrocenter Mall in Phoenix. The development group has formed a strategic alliance with Hines, an international real estate firm, to redevelop and repurpose the Metrocenter Mall into a walkable village that will be home to apartments, condominiums, curated boutiques, popular retail stores, restaurants, bars, a town-center park and other commercial and entertainment venues. The property spans approximately 64.2 acres of land in a Qualified Opportunity Zone. The plans for the village include over 2,600 multifamily units, 150,000 square feet of commercial space and 4,100 surface and garage-deck parking spaces. The development team has also signed agreements with the City of Phoenix for a public-private partnership for public improvements. The purchase includes both the Dillard’s building and U-Haul building, which formerly housed a Macy’s. Developers confirmed the planned $850 million redevelopment of the property will begin immediately. The redeveloped Metrocenter will be designed as a transit-oriented community, encompassing the city’s new light rail station currently under construction on the site. The City of Phoenix invested approximately $150 million to build the station, which is scheduled for completion …

January 24, 2023

Development Florida Loans Mixed-Use Southeast

L&L Holding, Oak Row Equities Obtain $215M Construction Financing for Mixed-Use Development in Miami

by John Nelson January 23, 2023

MIAMI — L&L Holding Co. and Oak Row Equities, with project partner Shorenstein Properties and co-investor Claure Group, have obtained $215 million in financing for the construction of The Wynwood Plaza, a mixed-use project in Miami. Construction will begin on the 1 million-square-feet development immediately, with completion scheduled for 2025. Designed by architecture firm Gensler, Wynwood Plaza will feature a 12-story office tower totaling approximately 266,000 square feet; a 509-unit apartment community dubbed The Residences at Wynwood Plaza; 32,000 square feet of retail space; and a 26,000-square-foot public plaza. Investment firm Claure Group and law firm Weitz & Luxenberg will occupy 24,000 square feet and 18,000 square feet at the office tower, respectively. Dustin Stolly and Jordan Roeschlaub of Newmark represented the borrowers in capitalizing the project, and Scott Wadler and Michael Basinski of Berkadia arranged the financing on behalf of the development team through Bank OZK.

January 23, 2023

Development Mixed-Use Southeast Tennessee

Atlas Completes First Phase of 310-Unit Standard Assembly Apartments in Nashville

by John Nelson January 23, 2023

NASHVILLE, TENN. — Atlas Real Estate Partners has completed construction on the first phase of Standard Assembly, a mixed-use multifamily development in the Nashville neighborhood of Wedgewood-Houston. In addition to the property’s 310 units in studio, one- and two-bedroom layouts, the community features 13,000 square feet of retail space, a two-story clubhouse and onsite coworking space. Retail tenants at the development will include Mota Moda, a motorcycle-themed food-and-beverage concept. The development team included locally based EOA Architects, Hardaway Construction, Manuel Zeitlin Architects and Peck Design Associates. Atlas acquired the 3.3-acre site for the project in July 2019. The second phase is scheduled for completion in spring of this year.

January 23, 2023

Loans Mixed-Use New York Northeast

Axiom Capital Corp. Arranges $3.8M in Financing for Mixed-Use Redevelopment in Troy, New York

by Taylor Williams January 19, 2023

TROY, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged $3.8 million in construction and permanent financing for a mixed-use redevelopment project in Troy, a northern suburb of Albany. The project will convert a 21,235-square-foot historic building into a 14-unit multifamily complex with 6,048 square feet of commercial space. A local bank provided the loan to the borrower and developer, with both parties requesting anonymity. Construction is expected to last about 18 months.

January 19, 2023

Development Illinois Midwest Mixed-Use

Partnership Breaks Ground on 21-Story Mixed-Use Tower in Chicago’s Streeterville Neighborhood

by Kristin Harlow January 19, 2023

CHICAGO — A partnership between Mavrek Development, GW Properties, Luxury Living and Double Eagle Development has broken ground on The Saint Grand, a 21-story mixed-use tower in Chicago’s Streeterville neighborhood. Office tenant buildouts are slated for later this year, while the residential portion is scheduled for completion in early 2024. The development will include 248 luxury apartment units, 45,000 square feet of office space and 7,500 square feet of street-level retail space. The apartments will feature in-unit workspaces and private outdoor spaces. Amenities will include a package receiving service, coworking lounge, fitness center and pool. Office tenants will also enjoy all building amenities.

January 19, 2023

Development Florida Mixed-Use Southeast

Related Group Forms Joint Venture to Develop Bahia Mar Mixed-Use Project in Fort Lauderdale

by John Nelson January 16, 2023

FORT LAUDERDALE, FLA. — The Related Group has finalized a joint venture agreement with Tate Capital and Rok Enterprises Inc. to co-develop Bahia Mar, a long-awaited, waterfront mixed-use complex in Fort Lauderdale. Designed by Arquitectonica, the development will include a luxury hotel and resort with 60 for-sale condominiums; 350 apartments across four high-rises; a yacht marina with 245 slips; 87,000 square feet of commercial space, including offices, shops and restaurants; a half-mile pedestrian boardwalk; green space; and 160,000 square feet of space across 7.3 acres to accommodate the Fort Lauderdale International Boat Show (FLIBS). Bahia Mar will serve as the permanent hosting site for FLIBS, which is the world’s largest boat and yacht show. The construction timeline was not disclosed.

January 16, 2023

Acquisitions Massachusetts Mixed-Use Northeast

Northeast Private Client Group Negotiates $2.3M Sale of Mixed-Use Property in Gardner, Massachusetts

by Taylor Williams January 10, 2023

GARDNER, MASS. — Regional brokerage firm Northeast Private Client Group has negotiated the $2.3 million sale of a mixed-use property in Gardner, located in Massachusetts’ Worcester County. The property consists of 17 multifamily units, 12 retail spaces and seven office spaces. Tim McGeary of Northeast Private Client Group represented the buyer and seller, both of which requested anonymity, in the transaction.

January 10, 2023

Development Florida Loans Mixed-Use Multifamily Office Retail Southeast

Bank OZK Provides $252M Construction Loan for Mixed-Use Condominium Tower in St. Petersburg, Florida

by John Nelson January 10, 2023

ST. PETERSBURG, FLA. — Bank OZK has provided a $252 million construction loan for The Residences at 400 Central, a 46-story mixed-use residential tower underway in downtown St. Petersburg. New York-based Red Apple Real Estate is the developer behind the 1.3 million-square-foot project, which will feature 301 luxury condos, as well as shops, restaurants and 40,000 square feet of office space. The Residences at 400 Central will also feature 35,000 square feet of private indoor and outdoor amenities. The general contractor, Suffolk Construction Co. Inc., recently finished the project’s foundation and plans to start vertical construction in March. Michael Saunders & Co. and Red Apple established a sales gallery for the community nearby in October.

January 10, 2023

Affordable Housing Development Florida Mixed-Use Multifamily Southeast

Atlantic Pacific Cos. Breaks Ground on 616-Unit Mixed-Income Residential Development in Miami

by John Nelson January 10, 2023

MIAMI — Atlantic Pacific Cos. (A|P) has broken ground on Atlantic Station, a 616-unit mixed-income rental community located at 151 NW 7th St. in Miami. The Boca Raton, Fla.-based developer says the project is the largest, single-phase, transit-oriented mixed-income community in Miami-Dade County. Atlantic Station will comprise 256 market-rate apartments and 360 workforce housing units, as well as 25,000 square feet of shops and restaurants on the ground level. Amenities will include a sunset-view recreation deck with two pools, dog park, fitness center, outdoor kitchen, club lounge and a work-from-home center. A|P and Miami-Dade County held a groundbreaking ceremony for Atlantic Station on Monday, Jan. 9. The construction timeline was not disclosed.

January 10, 2023

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