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Mixed-Use

CURV
AcquisitionsFloridaMixed-UseRetailSoutheast

AvalonBay Acquires Whole Foods-Anchored Mixed-Use Property in Downtown Fort Lauderdale

by Julia Sanders

FORT LAUDERDALE, FLA. — AvalonBay Communities has acquired CURV, a recently completed mixed-use project located at the corner of Federal Highway and Southeast 17th St. in downtown Fort Lauderdale. Built in 2020, CURV includes 243 apartments atop a 49,071-square-foot Whole Foods Market grocery store. The property includes a 668-space parking garage shared by shoppers and renters. The multifamily component of CURV offers a mix of studios, one-, two- and three-bedroom residences. Community amenities include a private tropical courtyard with a pool; package lockers with refrigerated and dry-cleaning units; a fitness center; and multiple business, work, meeting, gathering and entertainment spaces. The residential portion of the property was 97 percent occupied at the time of sale. Newmark represented the seller, affiliates of Ram Realty Partners IV LP, in the transaction. The sales price was not disclosed. In 2018, Ram acquired the 3.2-acre property, which formerly was used as a motel and restaurant. Roger Fry Architects designed CURV to meet National Green Building Standard certification.

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DevelopmentMixed-UseTexasTop Stories

Merit Commercial Real Estate Breaks Ground on $500M Alsatian Oaks Master-Planned Community Near San Antonio

by Kristin Harlow

CASTROVILLE, TEXAS — Merit Commercial Real Estate has broken ground on Alsatian Oaks, a 435-acre, master-planned community in Castroville, a town adjacent to San Antonio. The project represents an investment of more than $500 million. When complete, Alsatian Oaks will include 950 single-family homes, an amenity center, parks, bike trails and more than 400,000 square feet of restaurants, retail and medical office space. The first phase of development will consist of 233 homes as well as utility systems and a parkway connecting to Highway 90. A construction timeline was not provided. Founded in 1844 by farmers from Alsace, a French region that borders Germany, Castroville maintains a uniquely European agricultural style. Merit brought in agricultural talent from across the state to ensure that the new development honored the city’s heritage and paid tribute to its unique architecture. The population within a 10-mile radius of Castroville has increased 11.4 percent over the past five years, according to Merit. It is projected to increase another 18.2 percent over the next five years. Additionally, Castroville lies within the highest growth submarket for the San Antonio area, with more than 5,321 new home starts in the past year. There are multiple projects to increase …

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639-La-Brea-Los-Angeles-CA
CaliforniaDevelopmentHospitalityMixed-UseMultifamilyRestaurantRetailWestern

CGI+ Real Estate Strategies to Construct Mixed-Use Development on Los Angeles’ Miracle Mile

by Amy Works

LOS ANGELES — CGI+ Real Estate Strategies has received full entitlements to develop a hotel, multifamily and retail mixed-use project at the intersection of Wilshire Boulevard and La Brea Avenue in Los Angeles’ Miracle Mile district. Located at 639 S. La Brea Ave., the eight-story, transit-oriented property will feature a 125-key hotel, 121 residential rental units and 13,000 square feet of street-level and rooftop restaurant space. The boutique-style hotel will offer rooms ranging in size from 320 square feet to 415 square feet, as well as two top-floor guest suites as large as 1,200 square feet. Hotel amenities will include a 3,500-square-foot event space, a layered rooftop guest deck and a swimming pool. The residential component will offer a mix of one-, two- and three-bedroom floorplans with 18 units set aside for extremely low-income households and one for a moderate-income household. Each apartment will feature hardwood floors, in-unit washers/dryers and home automation controls for security and climate, as well as one-touch access to neighborhood services. Community amenities will include a fitness center, rooftop deck with interactive lounge spaces and pool, and a bicycle storage area. Morris Adjmi is serving as architect and interior designer for the development, which is the …

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AcquisitionsArizonaDevelopmentMixed-UseTop StoriesWestern

Howard Hughes Corp., Jerry Colangelo Buy 37,000 Acres in Phoenix for Massive Douglas Ranch Mixed-Use Project

by John Nelson

PHOENIX — The Howard Hughes Corp. (NYSE: HHC) and local business magnate Jerry Colangelo are partnering to develop Douglas Ranch, a large-scale, master-planned community in Phoenix. HHC and Colangelo have purchased 37,000 acres for the project in Phoenix’s West Valley region for $600 million. Upon full buildout, Douglas Ranch will comprise 100,000 homes for 300,000 residents, as well as 55 million square feet of commercial development. The partnership plans to launch residential lot sales at Douglas Ranch in the first half of 2022. “We are creating a city of the future — leveraging HHC’s development expertise to build a community with limitless potential to spur growth, business expansion, economic opportunity and innovation,” says Colangelo, a longtime Phoenix resident and former owner of the Phoenix Suns NBA franchise. The land sellers, locally based JDM Partners and Scottsdale-based El Dorado Holdings, will remain as joint venture partners for Douglas Ranch’s first phase, which is a 3,000-acre village called Trillium located in the city of Buckeye. Colangelo is a partner at JDM Partners, along with David Eaton and Mel Shultz. The firm is one of the largest owners of entitled land in Arizona. HHC and Colangelo are launching Douglas Ranch to tap into …

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Via Mizner
FloridaHospitalityLoansMixed-UseMultifamilyRetailSoutheastTop Stories

Penn-Florida Receives $335M Financing for Via Mizner Mixed-Used Development in Boca Raton, Florida

by Julia Sanders

BOCA RATON, FLA. — Penn-Florida Cos. has received two loans totaling $335 million to finance the development of Via Mizner, a mixed-use development in downtown Boca Raton that will feature a hotel, apartments, golf course and retail space. Blackstone Mortgage Trust Inc. provided a $195 million senior loan for Via Mizner’s multifamily component, 101 Via Mizner Luxury Apartments. Romspen Investment Corp., a Canadian-based lender, provided a $140 million senior construction loan for the Mandarin Oriental Hotel and Via Mizner Golf & City Club. Via Mizner is a three-phase, three-building project. The first phase comprises the 101 Via Mizner, which is fully leased. The second phase is the Mandarin Oriental Hotel, Boca Raton, and the third phase includes the Residences at the Mandarin Oriental, Boca Raton. All three phases are expected to be completed by the end of 2022. “This closing represents the advancement of a very complex capitalization, which allowed us to significantly reduce our cost of capital as the first phase of the project achieved 100 percent occupancy and the Mandarin Oriental Hotel tower approaches completion,” says David Warne, chief operating officer of Penn-Florida. 101 Via Mizner is a tower that features 366 studio, one-, two- and three-bedroom apartments. …

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High Street
DevelopmentGeorgiaLoansMixed-UseSoutheast

JLL Secures Construction Financing for $2B High Street Project in Atlanta’s Central Perimeter

by Julia Sanders

ATLANTA — JLL Capital Markets has arranged a construction loan for the development of Phase I of High Street, a $2 billion, 36-acre mixed-use development along Perimeter Center Parkway in Atlanta’s Central Perimeter submarket. Ed Coco and Matt Casey of JLL arranged the loan through Bank OZK on behalf of the developer, owner and operator of the project, GID Development Group. The loan amount was not disclosed. High Street will feature approximately 150,000 square feet of retail and restaurants, 600 luxury apartments, 90,000 square feet of loft offices and 222,000 square feet of existing office space. In September, Puttshack, an entertainment-driven mini golf retailer, signed a 26,000-square-foot lease at High Street to be the first anchor tenant at the development. High Street is situated across from the Dunwoody MARTA station and is close to Ga. Highway 400 and the Interstate 285 perimeter loop. GID will break ground on the first phase of High Street this year, with completion slated for 2024. Molly Morgan, Allie Spangler, Jeff Bellamy and Claire Ross of JLL represents GID in the retail and office leasing at High Street.

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Pie Town
LoansMixed-UseMultifamilySoutheastTennessee

Knighthead Funding Provides $33M Construction Loan for Mixed-Use Residential Project in Nashville

by Julia Sanders

NASHVILLE, TENN. — Knighthead Funding LLC has provided a $33 million construction loan for the development of Pie Town, a mixed-use residential property in Nashville. The financing is the fourth loan that Knighthead has provided to the sponsor, Nashville-based CA South Development. Peter Illuzzi of Knighthead originated the loan. Located at 629 7th Ave. S near downtown Nashville, Pie Town will be a five-floor project. The property will include 78 condominium units located over ground-floor office space and storage. Building amenities will include an outdoor pool, rooftop deck and yoga rooms on each floor.

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River North
DevelopmentMixed-UseMultifamilyRetailSoutheastTennesseeTop Stories

Joint Venture Breaks Ground on $263M River North Mixed-Use Project in Nashville

by Julia Sanders

NASHVILLE, TENN. — MRP Realty and Creek Lane Capital have broken ground on Phase I of River North, a 1.3 million-square-foot, master-planned, mixed-use project located along the Cumberland River in Nashville. The development cost for Phase I is $263 million. JLL brokered a $160 million construction loan for Phase I. Phase I will feature 817,070 square feet of development, including 651 apartment units, 78,000 square feet of office space and approximately 80,000 square feet of retail space spread across four buildings on the riverfront site. Phase I is slated for completion by 2023. River North is being developed on 13 acres of land in a designated Opportunity Zone across the river from Germantown, a historic district with restaurants, retailers and the Tennessee State Museum. The site was previously the location of a rail yard and shipping terminal, so the developers plan to incorporate restored warehouses and modern industrial finishes into the design of the project. A timeline for completion of all phases was not disclosed. “It’s a great opportunity for MRP to be underway on a project of such magnitude in one of Nashville’s most exciting submarkets,” says Bob Murphy, managing principal of MRP Realty. “We’ve also had the opportunity …

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DevelopmentHospitalityMidwestMixed-UseMultifamilyOhioRetailTop Stories

Main Street Community Capital Unveils $1.3B Mixed-Use Destination Plans in Metro Cincinnati

by Katie Sloan

MIDDLETOWN, OHIO — Main Street Community Capital has unveiled plans for Hollywoodland, a 50-acre mixed-use development along the Great Miami River in Middletown. The city, which boasted a population of about 50,000 residents as of the 2020 census, is located 25 miles southwest of Dayton and 30 miles northeast of Cincinnati. Development costs for the project are estimated at $1.3 billion. The Middletown City Council met for over six hours this week to discuss the project with the public. The official vote on approving or denying the development is scheduled for Oct. 21. If approved, Hollywoodland would be a public-private partnership between the city and Main Street Community Capital. If approved, the development would include:  A luxury hotel with an attached, publicly owned convention center, rooftop bar and themed restaurants;  a family-oriented hotel with a water park; the adaptive redevelopment of an existing First National Bank building into a boutique hotel;  an indoor entertainment and concert venue;  an indoor amusement park;  3,000 deck-based parking spaces;  luxury, mid-rise multifamily units and condominiums;  a pre- and post-production motion picture studio with sound stages and support offices;  restaurants, bars, brew-pubs and cafes;  a comedy club; and lifestyle, convenience and recreational retail space.  The project …

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Morocco Shrine
DevelopmentFloridaMixed-UseSoutheast

Klotz, KABR Plan $200M Redevelopment of Morocco Shrine Center in Jacksonville

by Julia Sanders

JACKSONVILLE, FLA. — Klotz Group of Cos. and KABR Group plan to redevelop Morocco Shrine Center, a former convention center in Jacksonville. The project, which is expected to cost more than $200 million, will be named The Village at Town Center. The 100,000-square-foot main temple building will be redeveloped to include 1,025 units that will be a mix of market-rate apartments, student housing and hotel rooms. Additionally, the property will include the new development of shops, restaurants and offices totaling 115,000 square feet, as well as public green space. Located at 3800 St. Johns Bluff Road S, the property is situated adjacent to the University of North Florida and St. Johns Town Center. Klotz and KABR Group are set to close on the property in early November, with construction of Phase I slated to begin in 2022. The construction timeline is predicted to take about five to seven years for completion.

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