Mixed-Use

Innovation Quarter Reveals Plans for 2.7 MSF Second Phase of Mixed-Use Campus in Downtown Winston-Salem

by John Nelson June 15, 2021

WINSTON-SALEM, N.C. — Innovation Quarter (iQ), an entity that controls a 2.1 million-square-foot life sciences and higher education campus of the same name, has revealed plans for its second phase. The upcoming project will expand the mixed-use development in downtown Winston-Salem by 2.7 million square feet across 10 buildings. Set on a 28-acre site straddling Research Parkway, Phase II of iQ will include 1 million square feet of clinical, office and laboratory spaces, as well as up to 450 residential units and 30,000 square feet of retail and restaurant spaces. The second phase will also include 15 acres of green space headlined by Fogle Commons, a linear park that is anticipated to host outdoor events, as well as a half-mile extension of Long Branch Trail. “This new phase of development will create the same feel and aesthetic found in the Innovation Quarter today,” says Graydon Pleasants, head of development for iQ. “This mix of science and business, recreation and retail, green spaces and residential will bring even more vibrancy to this section of downtown Winston-Salem.” Chicago-based architectural firm Perkins + Will developed the master plan for the second phase with iQ. Wexford Science + Technology was a development partner for …

June 15, 2021

Acquisitions Development Mixed-Use Multifamily South Carolina Southeast

Henderson Park, South Street Acquire 20,000-Acre Waterfront Resort Near Hilton Head

by Julia Sanders June 14, 2021

PALMETTO BLUFF, S.C. — Henderson Park Capital Partners and South Street Partners have formed a joint venture to acquire Palmetto Bluff, a 20,000-acre resort in Bluffton that is surrounded by 32 miles of riverfront. The price was not disclosed. Palmetto Bluff features nature trails; two village centers complete with river access, boat storage and a canoe club; dining options; the Montage Palmetto Bluff resort; and a Jack Nicklaus Signature Golf Course. The land includes available residential neighborhoods ranging from multimillion-dollar compounds to single-family lots. The joint venture will oversee all aspects of development and management of the single-family residential and resort community. Working alongside Palmetto Bluff’s current leadership team and the Montage Hotels & Resorts leadership team, Henderson Park and South Street will bring extensive experience in sales, marketing, club and resort operations. The joint venture says it will release more information later on about future development plans.

June 14, 2021

Development Mixed-Use Top Stories Washington

Hines, Benenson Capital Partners, USAA Plan 1.2 MSF Mixed-Use Development in Metro Seattle

by Julia Sanders June 11, 2021

BELLEVUE, WASH. — Hines, Benenson Capital Partners and USAA Real Estate have unveiled plans for Main Street Place, a 6.8-acre, mixed-use development in downtown Bellevue. Development costs were not disclosed. Main Street Place will feature approximately 1.2 million square feet of newly built high-rise office space on the north side of the site, along with about 400 units of low-rise apartments on the south side of the development. Additionally, there will be about 90,000 square feet of ground-floor retail and amenity spaces, along with public open space and pedestrian-friendly areas. The development will be situated near a planned light rail station, which is slated to open in 2023. This rail station will connect the Main Street Place site to downtown Seattle, Seattle-Tacoma International Airport and Microsoft’s headquarters in Redmond. The mixed-use project is being developed on a long-term ground lease with Benenson Capital Partners. The Benenson family has owned the site for decades, originally acquiring the Albertson’s grocery store at the site, and then developing the retail center that currently exists on the property. “We are excited to bring the shared vision of Hines and Benenson Capital to Main Street Place. We believe this development, with its proximity to the …

June 11, 2021

Development Florida Mixed-Use Multifamily Retail Southeast

CIP Miami Springs, LV Lending Break Ground on 120,225 SF Mixed-Use Project in Metro Miami

by Julia Sanders June 11, 2021

MIAMI SPRINGS, FLA. — CIP Miami Springs and LV Lending have broken ground on Miami Springs Town Center, a 120,225-square-foot mixed-use project located at 1 Curtiss Parkway in Miami Springs, about 10 miles outside of downtown Miami. The project is scheduled to be complete in the second quarter of 2022. Designed by Cabrera Ramos Architects, Miami Springs Town Center will feature a 50,725-square-foot, three-story residential building with 51 apartments, 23,500 square feet of retail space on the ground floor and a parking garage with 124 spaces. Additional on-street parking will be available. Situated on 1.1 acres, Miami Springs Town Center will house two- and three-bedroom units spanning 975 to 1,075 square feet. Rents will start in the $1,850s. Benito Carmona at US Century Bank originated a $14.6 million construction loan for the project. Orlando-based Crossman & Co. is the retail leasing broker for the project. Miami-based LV Lending is a private lender focused on investment purpose loans for acquiring and developing residential, commercial and land projects.

June 11, 2021

Loans Mixed-Use Texas

NorthMarq Arranges $11M Loan for Refinancing of Commercial Property in Austin

by Taylor Williams June 10, 2021

AUSTIN, TEXAS — NorthMarq has arranged an $11 million loan for the refinancing of The Collective, an 83,000-square-foot property located at 7601 S. Congress Ave. in Austin. The property features flexible space for warehouse, office and retail uses. John Morran and Gerald Logan of NorthMarq placed the nonrecourse, fixed-rate loan through a correspondent life company on behalf of the undisclosed borrower.

June 10, 2021

Acquisitions Development Industrial Mixed-Use Nevada Office Restaurant Retail Western

Foothill Partners, Belay Investment Buy 209,000 SF Redevelopment Project in Sparks, Nevada

by Amy Works June 10, 2021

SPARKS, NEV. — A joint venture between Foothill Partners and Belay Investment Group has purchased a vacant, 209,000-square-foot former Lowe’s Home Improvement Warehouse property in Sparks for an undisclosed price. The partnership plans to redevelop the site into an environmental, social and corporate governance, arts-based technology, flex and research and development campus named The Oddie District. Located at 2450 Oddie Blvd., the vacant property will be repurposed into creative office, flex-tech R&D, lab and maker spaces, as well as food and beverage tenant space and work-live studios for artists and entrepreneurs. Construction is slated to start later this year, with a planned opening date of the project’s first phase in August 2022. The partnership has already signed two tenants: The Generator and The Innovation Collective. The Generator, a nonprofit maker space that serves as a creative resource for Northern Nevada community members, will occupy 35,000 square feet of the project. The Innovative Collection, a Coeur d’Alene, Idaho-based business accelerator and collaborative co-working space for technology companies, will occupy 12,500 square feet at The Oddie District. Another 100,000 square feet of flex-tech space will be available to technology, research, engineering, software and design companies complemented by 16,000 square feet of restaurant …

June 10, 2021

Development Midwest Mixed-Use Ohio

Trinitas Receives Approval for $500M Mixed-Use Project Near University of Cincinnati

by Kristin Harlow June 10, 2021

CINCINNATI — Trinitas Ventures and its partner Crawford Hoying have received approval from the Cincinnati City Council for the development of The District at Clifton Heights, a $500 million mixed-use project near the University of Cincinnati campus. The development will be completed in two phases. Phase I of the project will include The Deacon, an existing 1,029-bed student housing community; The Hub at Cincinnati, a 1,112-bed student housing development featuring 2,300 square feet of commercial space; a 175-room hotel with 22,000 square feet of retail space; a new Delta Delta Delta sorority house; and a 169-space public parking garage. The first phase of the project is scheduled for completion in October 2024 and is estimated at $315 million in development costs. Phase II, set to total $185 million in development costs, will consist of 45,000 square feet of commercial space; 170 seniors housing units with a private parking garage; 350 multifamily units; and a public parking garage. The second phase of development is scheduled for completion by the end of 2025. The project will also include the addition of public infrastructure, utility improvements and streetscape enhancements funded through $80 million of tax-increment financing. In total, the development will house over …

June 10, 2021

Arizona Development Loans Mixed-Use Office Restaurant Retail Western

Parkview Provides $28M Construction Loan for Verde at Cooley Lifestyle Center in Gilbert, Arizona

by Amy Works June 9, 2021

GILBERT, ARIZ. — Parkview Financial has provided a $28 million construction loan to Scottsdale-based Verde Gilbert LLC for the development of Verde at Cooley Station, a lifestyle center located at 17201-17361 E. Williams Field Road in Gilbert. Verde Gilbert LLC is a joint venture between three development companies led by SB2 Communities. Upon completion, the 10-building, 96,000-square-foot property will offer 44,000 square feet of retail space, 13,000 square feet of office space, 31,000 square feet of restaurant space and 8,000 square feet of fitness space. Designed to be a restaurant-centric, mixed-used project, Verde at Cooley Station will offer 25 spaces for lease and The Green, a large open outdoor lawn area with a gazebo for musical events, fitness classes, movies in the park and other activities. Loan proceeds enabled the commencement of the first phase, which includes retail and a dozen dining concepts surrounded by The Green. Some of the stores are slated to open for business in late 2021, with a planned grand opening in first-quarter 2022. The second phase will include 24,000 square feet of retail space, 12,000 square feet of office space, 3,000 square feet of restaurant space and 8,000 square feet of fitness space. The second …

June 9, 2021

Development Georgia Mixed-Use Southeast

RocaPoint Breaks Ground on Phase II of $370M Halcyon Mixed-Use Project in Alpharetta, Georgia

by Julia Sanders June 7, 2021

ALPHARETTA, GA. — RocaPoint Partners has broken ground on the next wave of ground-up development at the $370 million, 135-acre mixed-use Halcyon community in Alpharetta that first opened to the public in the fall of 2019. The second phase includes a four-story brick and steel building that will feature 60,000 square feet of creative office space and The Forum Athletic Club, a new two-story fitness center totaling 23,000 square feet with an adjacent outdoor fitness field. Set to open in early 2022, this will be the third location of The Forum Athletic Club. Phase II will also include a 5,000-square-foot Dogtopia dog boarding and grooming studio. AKA Studio designed the interior of Building 1100 to feature open, accessible stairwells with natural light, HVAC systems with UV filtration and hands-free access throughout the building. The development is also located right off of Ga. Highway 400. RocaPoint made a deal with publicly traded pharmaceutical company Alimera Sciences to occupy a full floor totaling 14,900 square feet of Building 1100, which is set to deliver by the fourth quarter of 2021. Newmark is in charge of office leasing for the development. In addition to Alimera Sciences, Halcyon’s roster of office tenants includes JLL, …

June 7, 2021

Development Florida Hospitality Mixed-Use Multifamily Southeast Top Stories

Joint Venture Launches Condominium Sales at $970M Waldorf Astoria Hotel & Residences Project in Downtown Miami

by Katie Sloan June 3, 2021

MIAMI — A joint venture between Property Markets Group (PMG), Greybrook Realty Partners and S2 Development has launched condominium sales at the Waldorf Astoria Hotel & Residences Miami. The estimated development cost for the project is $970 million, according to Greybrook’s website. The 800,000-square-foot project is located at 300 Biscayne Blvd. in the heart of downtown Miami. Rising 100 stories, the building is expected to be the tallest residential tower south of New York City, according to the development team. The project will feature a five-star hotel operated under Hilton’s Waldorf Astoria banner and 360 condominiums with interiors by San Francisco-based design firm BAMO. Residences will offer floor-to-ceiling glass windows with views of the Atlantic Ocean. Shared amenities at the Waldorf Astoria Hotel & Residences Miami are set to include a lounge named Peacock Alley, indoor and outdoor event spaces, a signature restaurant, resort-style swimming pool with cabanas, spa and fitness center. PMG is leading sales and marketing for the residential portion of the development, with the cost for condominiums starting at $1 million, according to reports by Architect Magazine. Siger Suarez Architects designed the project in collaboration with Carlos Ott. Completion is scheduled for 2025, according to reports by …

June 3, 2021

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