NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has entered into an agreement to sell its 25 percent interest in Tower 46, a mixed-use building located at 55 W. 46th St. in Manhattan, for $275 million. SL Green acquired its stake in the building, which includes office, retail and multifamily uses, in 2014. The buyer is a fund backed by Brookfield Asset Management. Paul Gillen, Anthony Ledesma and Kyle van Buitenen of Hodges Ward Elliott represented SL Green in the transaction, which is expected to close before the end of the first quarter.
NASHVILLE, TENN. — Jim Jacobs, a private developer based in Nashville, is nearing completion of Muse, a short-term rental condominium building in downtown Nashville. Jacobs created Muse Nashville LLC to purchase the site of the building in 2019, according to the Nashville Post. The company also secured a $15.5 million to finance the project. In addition to 55 condos, of which three quarters are presold, Muse will offer a lobby designed by ES|DG, cardio fitness center, a luggage drop, onsite management, security and more than 5,000 square feet of Class A retail and restaurant space. The property will also have a SkyLounge with indoor and outdoor panoramic views of Nashville’s skyline. The apartment building is the only new construction condominium in downtown Nashville that allows short-term rental options, according to Jacobs. Construction began in spring 2020 and will wrap up by October of this year. The Muse is located at 65 Lindsley Ave. Muse’s project team comprises locally based firms including Centric Architecture, Catalyst Design Group and Cherry & Associates, a commercial estate services company where Jacobs serves as a principal.
AUSTIN, TEXAS — Locally based student housing developer Aspen Heights Partners will redevelop the site of the former Health-South rehabilitation facility in downtown Austin into a mixed-use destination. Current plans for the site, which is located at the corner of 12th and Red River streets, call for a 36-story residential tower that will consist of 160 condos and 348 apartments, a 15-story office building, more than 25,000 square feet of retail space and a half-acre park. More than 25 percent of the multifamily units will be designated as affordable housing, and the project will also feature a rooftop café and 6,000 square feet of outdoor event space. A construction timeline is still being finalized. The groundbreaking is slated for 2023, with completion scheduled for 2026.
MIAMI — JLL Capital Markets has arranged the sale of Monty’s Coconut Grove, a fully leased mixed-use marina in Miami’s Coconut Grove neighborhood. Also known as Bayshore Landing, the property features retail, office and restaurant. Manny de Zárraga, Luis Castillo, Ted Taylor and Kim Flores of JLL marketed the property on behalf of the seller, Aligned Bayshore Marina LLC. Suntex Ventures LLC purchased the asset for an undisclosed price. Monty’s Coconut Grove is situated along Biscayne Bay at 2550 S. Bayshore Drive, with direct access to the Atlantic Ocean. The property features a 111-slip marina, a 30,535-square-foot boutique office and retail building and Monty’s Raw Bar, a 750-seat restaurant that has been around for 50 years. Dallas-based Suntex Ventures is a real estate firm focused on the ownership of marina properties.
AUSTIN, TEXAS — Developer ARG Bull Creek Ltd. is underway on construction of The Grove at Shoal Creek, a 76-acre mixed-use project located at the intersection of 45th Street and Bull Creek Road in Austin. Master plans for the development call for 1,150 residential units in single-family and multifamily formats, 185,000 square feet of office space and 140,000 square feet of retail space. The developer is a joint venture between MileStone Community Builders, which is handling the residential portion of the project, and Castletop Capital, which is handling the mixed-use portion. To date, about 150 households have taken residence at The Grove, with several office and retail users also committing to the development. Weitzman is leasing the retail component of the project.
METAIRIE, LA. — Audubon will develop a five-story, $55 million apartment community in Metairie known as The Metro at Clearview. The 270-unit development will feature units averaging 925 square feet and leases ranging from an average of $1,500 to $3,000 per month. The apartment complex is the multifamily component of Clearview City Center, a redevelopment of the former Clearview Shopping Center. The $100 million mixed-use development, owned by the Richards family, sits on a 35-acre site approximately six miles northwest of downtown New Orleans. The Metro at Clearview will feature two courtyards, a pool and cabanas, yoga lawn, lounge area, grilling stations, sitting area and a Zen garden. Community amenities include a 2,000-square-foot clubroom with multiple seating and entertainment areas, a catering kitchen, fully furnished fitness center and a sky lounge. The Metro at Clearview will join other planned tenants at the Clearview City Center redevelopment, including Ochsner Health System, which is developing a super clinic for comprehensive healthcare services, and Regions Bank at the intersection of Clearview Parkway and Veterans Boulevard. Audubon expects to begin construction this May and complete the development in two years. Audubon is an Atlanta-based firm specializing in the acquisition and management of multifamily properties.
NEW YORK CITY — Connecticut-based developer Dynamic Star has unveiled updated plans for Fordham Landing, a mixed-use project in the University Heights neighborhood of The Bronx that is valued at $3.5 billion, according to Crain’s New York. Current plans call for 3,000 market-rate and affordable housing units, 800,000 square feet of life sciences space, 600,000 square feet of office space, 50,000 square feet of retail space, an 80,000-square-foot public school and 12 acres of open green space. Other uses will include a hotel, esports arena and a senior living community, while the open green space will include a public farm and garden plots. Dynamic Star expects to receive zoning and permitting approvals by the third quarter of 2022 and to deliver the first phase of the project in the first quarter of 2025. The design team includes New York City-based Perkins Eastman, Boston-based NADAAA and Tarrytown, New York-based Margie Ruddick Landscape.
HIALEAH GARDENS, FLA. — Butters Construction & Development has partnered with Greystar for the future development of Miami Midway Park, a 45.1-acre site at NW 97th Ave. and NW 170th St. in Hialeah Gardens. The joint venture partnership will develop a 500,000-square-foot, Class-A distribution industrial park and 360 garden-style multifamily apartments. The Butters-Greystar joint venture purchased the site from Miami-based Terra Group and New Valley for $53.5 million. Terra and New Valley broke ground on an adjacent multifamily project dubbed Natura Gardens, which will span 460 units on 27 acres and open in 2022. CBRE Capital Markets helped match Greystar with Butters Construction for Miami Midway Park. CBRE identified Greystar and its partner, Whitman Peterson, as the development and equity partner for the industrial component of the project, while a Greystar affiliate is closing on the multifamily portion of the project. Christian Lee, Chris Riley and Jose Lobon of CBRE led the transaction. The firm’s Devin White, David Albert and Royce Rose assisted.
AUSTIN, TEXAS — Stonelake Capital Partners plans to build a 50-story, 465,000-square-foot office and multifamily tower on a half-acre site that it has acquired at the corner of West Fifth and Colorado streets in downtown Austin. Named “5th & Colorado,” plans call for 318 luxury apartments above 100,000 square feet of high-end office space. Stonelake tentatively expects to break ground in first quarter of 2022 with completion slated for early 2025. “Now more than ever, both companies and people are moving to Austin,” says Will Jenkins, the Stonelake principal leading the development. “5th & Colorado’s design will reflect the next generation of vertical mixed-use development, placing emphasis on quality, generous living areas, dedicated workspace and multiple open-air amenity offerings with panoramic views.” Austin was the No. 3 metro area as far as maintaining employment levels during the COVID-19 pandemic, posting a job loss of 1 percent from December 2019 to December 2020, according to the Austin Chamber of Commerce. By contrast, four major metro areas lost more than 10 percent of their jobs in that span. Apartments at 5th & Colorado will average 1,150 square feet, and office floor plates will total 20,000 square feet around a central core. The …
NASHVILLE, TENN. — Mill Creek Residential will develop a mixed-use apartment community known as Modera Gulch. The 15-story development will feature 378 apartment homes and approximately 18,000 square feet of ground-floor retail space. Modera Gulch will feature studio, one-, two- and three-bedroom units with an average size of 901 square feet and select den layouts. Community amenities will include an amenity deck of the sixth floor, outdoor swimming pool, rooftop dog park and observation deck, barbecue area with picnic tables, pet spa, clubhouse, game room, cyber café, conference room and a coffee bar. The apartment’s fitness center will include a yoga/Pilates studio, TRX System and individual training options. Residents will have access to controlled-access garage parking, dedicated bike storage and additional storage. Modera Gulch will be situated at 810 Division St. in Nashville’s Gulch neighborhood. The apartment community will be located less than one mile from Amazon’s new Operations Center of Excellence in Nashville Yards and near attractions including the Frist Art Museum, Country Music Hall of Fame and the city’s famed Lower Broadway district. The community is also less than two miles from Nissan Stadium, home of the Tennessee Titans. Mill Creek Residential is a national rental housing company …