GEORGETOWN, TEXAS — Trez Capital has provided $12.7 million in construction financing for Phase I of Parmer Ranch, a 454-acre mixed-use project in the northern Austin suburb of Georgetown by developer Owen Holdings Inc. The first phase will consist of 155 single-family homes. The entire project will ultimately feature 1,000 single-family homes, 100,000 square feet of commercial space, a 4.5-acre community center, a new middle school and 47 acres of open space. Phase I also includes the development of a 10-acre park with an event lawn and outdoor pavilion, a food truck court, green space with hiking trails and an amenity pond.
SAN ANTONIO — Houston-based developer Midway and private equity firm GrayStreet Partners have unveiled plans for Lone Star District, a mixed-use project in San Antonio that will be a redevelopment of the former Lone Star Brewery site. The site borders the San Antonio River and is located roughly 1.5 miles from the downtown area. Plans for Phase I of the 32-acre development call for 250 multifamily units, 100,000 square feet of office space and 50,00 square feet of retail, restaurant and entertainment space. Project partners include master-plan architects Lake|Flato and OJB Landscape Architecture, as well as civil engineer WGI Engineers. Phase I is expected to be complete in 2025.
MALIBU, CALIF. — Pacific Equity Properties Inc. has received $130 million in construction financing for Cross Creek Ranch Malibu, a 112,000-square-foot mixed-use development in Malibu, a beach city just west of downtown Los Angeles. Cross Creek Ranch is the largest development to be approved since Malibu incorporated in 1991, according to the developer. The property will offer 70,000 square feet of retail and restaurant space, including 10,000 square feet of interior dining, and 42,000 square feet of Class A office space. More than 80 percent of Cross Creek Ranch’s 12.9-acre grounds will be dedicated to landscape architecture, water treatments and gathering places. The development will also feature subterranean and perimeter surface parking. The project is slated for completion in 2023. “As opposed to focusing exclusively on the shopping experience of the center, we have put an emphasis on the communal aspect of Cross Creek Ranch. Our aim is to create an intimate, rural village atmosphere,” says Bryan Gordon, CEO of Pacific Equity Properties. The site is located near shopping destinations such as Malibu Country Mart, Malibu Village, The Park at Cross Creek and Malibu Lumber Yard, immediately adjacent to a new expansion campus of Santa Monica College. Integrated Capital Management …
NASHVILLE, TENN. — Brookfield Properties has opened the retail and dining component at Fifth + Broadway, a six-acre mixed-use project in downtown Nashville. Brookfield and local developer Pat Emery partnered on the development, which formerly was the location of the Nashville Convention Center. General contractor Skanska broke ground on the project in April 2017, when San Diego-based OliverMcMillan was the lead developer before its acquisition by Brookfield in February 2018. Designed by Gresham Smith and Gensler, the newly opened portion of Fifth + Broadway features 200,000 square feet of restaurants and retail space, along with parking garages that hold 2,145 cars. Retail tenants include Nash Collection, REVV, Ariat, Ray-Ban, Free People, The Dry House, Veseo Lingerie & Swimwear, Molly Green and others. Restaurant tenants include Hattie B’s Hot Chicken, Eddie V’s, Jeni’s Splendid Ice Cream and Shake Shack, among others. The retail center also includes the 56,000-square-foot National Museum of African American Music. Later this spring, Fifth + Broadway’s Assembly Food Hall will debut 15 new eateries dubbed collectively as “South Hall.” The expanded food hall will also include a rooftop concert venue and a full-service restaurant from FB Society (formerly Front Burner Society). Fifth + Broadway also includes The …
RENO, NEV. — Parkview Financial has provided a $100 million loan to Reno City Center, an affiliate of Las Vegas-based CAI Investments. The funds will be used for the renovation and redevelopment of Harrah’s Reno Hotel and Casino into Reno City Center, a mixed-use project. Gryphon Private Wealth Management’s opportunity zone fund provided the equity. Located at 219 N. Center St. in downtown Reno, the development will include 538 apartments and more than 250,000 square feet of office and retail space. The existing 6.3-acre, 15-building property comprises approximately 1.4 million square feet of gross building area, including three hotel towers rising 17, 24 and 26 stories; a seven-story parking garage with additional parking on the top of the structure; casino and sports book; convention and meeting areas; multiple restaurants and coffee shops; retail sales areas; administrative offices; back-of-house support areas; and maintenance and storage areas. Luxe General Consulting is performing the renovation, which is slated for completion by summer 2022. Upon completion, the residential component will feature a rooftop pool, amenity deck, outdoor plaza, fountain, fitness center, theater room, bar and game room. The 538 units will feature a home office alcove, full kitchen with stainless steel appliances and quartz …
FORT WORTH, TEXAS — Dodson Commercial Real Estate has broken ground on The 701, a redevelopment of historic buildings in Fort Worth located at the corner of Hemphill Street and West Magnolia Avenue. The project, which is slated for an early 2022 completion, will ultimately feature 68,000 square feet of retail, restaurant, office and medical office space. VLK Architects is designing the project and will occupy 26,000 square feet of office space.
DALLAS — Dallas-based De La Vega Development has provided updates on Phase I of The Central, a 27-acre mixed-use project located at the former site of the Leaning Tower of Dallas. In February 2020, the building at the site, an 11-story office tower that was constructed in 1971 for Southland Corp., was demolished but did not entirely collapse, earning it the name Leaning Tower of Dallas. Phase I of The Central currently includes 350,000 square feet of office space, a 350-unit apartment community by local developer StreetLights Residential, 29,000 square feet of retail and restaurant space and a four-acre centerpiece park. Complementing this first phase, JPI is currently constructing a multifamily community, bringing an additional 430 residences to the development that are expected to be complete in the fourth quarter of 2022. The other components of Phase I are expected to be complete in early 2024. Falcon Realty Advisors has been tapped to lease the retail and restaurant space.
OAKLAND, CALIF. — Signature Development Group has received $130 million in construction financing for the development of Brooklyn Basin – Parcel G, an unnamed apartment and retail property located on 2.7 acres within the master-planned Brooklyn Basin community in Oakland. The project is entitled for 371 apartments and 31,000 square feet of retail space. Designed by California-based TCA Architects, the residential property will offer a fitness center, clubhouse, outdoor courtyard and roof deck with views of San Francisco Bay. Ramsey Daya and Chris Moritz of Newmark’s Debt & Structured Finance arranged the financing behalf of Signature Development. Bank OZK provided the construction loan. “Even with the pandemic-driven challenges posed to the multifamily market, Parcel G’s exceptional location and unique offering for tenants presented a compelling opportunity for lenders,” says Moritz. “This, combined with the strength and experience of the sponsor, resulted in significant interest from the debt markets.” Brooklyn Basin is a 63-acre master-planned development located along Oakland’s waterfront. The project will include market-rate housing, affordable housing and townhome residences, including Parcel G. Orion Apartments is currently leasing units, while MidPen Housing’s Paseo Estero and Vista Estero affordable housing communities are set to open this spring. Last November, Township Commons …
MIAMI — Terra and Grass River Property Co. have broken ground on a new mixed-use project in Miami called Grove Central. Located at 2780 SW 27th Court, the transit-oriented development will include a new 23-story residential tower comprising 402 market-rate, workforce and co-living units; a 1,250-space public parking garage; and approximately 170,000 square feet of retail space anchored by Target. Terra and Grass River expect to complete Grove Central in 2023. As part of a Miami-Dade County initiative to improve mass transit offerings, the project will include a new bus terminal for Miami-Dade Transit. Terra and Grass River Property entered into a 90-year ground lease with the County, which enables the partnership to build, manage and lease the property. The developers are building Grove Central in line with the City of Miami’s sustainability, efficiency and green building requirements with Gold Level certification under the National Green Building Standard (NGBS) program. Sustainability features include water-resilient plantings that will be used to absorb storm water, as well as a large cistern that will capture roof runoff or reuse. Additionally, the project includes future capacity for solar energy and battery storage. The development of Grove Central is expected to create more than 1,500 …
NASHVILLE, TENN. — SomeraRoad, a commercial real estate investment and development company, is developing a mixed-use project known as Paseo South Gulch in Nashville. The $200 million property will be located at 620 Eighth Ave. S. The property’s 16-story tower 1 is expected to be finished by 2023, and the 20-story tower 2 is expected to be completed by 2024. The two towers will total 608 residential units. Between the high rises, there will be 18,000 square feet of office space and 14,000 square feet of new retail space. The base of the towers blends with the original Voorhees Building and former Antiques Mall. SomeraRoad plans to refurbish the original bow truss roof and brick façade of the Antiques Mall, which will open in March. The development company also plans to update the Voorhees Building with all new windows, elevators and building systems, as well as a glass rooftop addition. The building is expected to open in June. SomeraRoad partnered with ESa, Hawkins Partners, Manuel Zeitlin Architects and Kimley-Horn on the design front, as well as Cushman & Wakefield and Ojas Partners for office and retail leasing, respectively.