SAN PEDRO, CALIF. — Los Angeles-based Mountain Pacific Opportunity Partners, in partnership with South Bay Developers and ARK Construction & Development, has started construction 336 W. Seventh Street, a mixed-use development in San Pedro. Situated on a 14,000-square-foot opportunity zone site, the $14 million project will feature a five-story building offering 32 apartments in a mix of one-, two- and three-bedroom layouts, as well as two two-story penthouses. Three of units will be designated as affordable housing. Additionally, the property will feature 3,750 square feet of ground-floor commercial space and parking for 44 vehicles. Breen Engineering is providing architectural services for the project. Completion is slated for summer 2022.
HOUSTON — Gulf Coast Commercial Group is nearing completion of the initial phase of Lower Heights, a 24-acre mixed-use project located just west of downtown Houston. The project is being developed on an assemblage of former industrial sites fronting Interstate 10. The most recent addition to Lower Heights is a 35,000-square-foot office building with street-level retail space that has been preleased to Central Bank and coworking operator SheSpace. The development also features a 375-unit apartment community that is branded Alexan Lower Heights. Move-ins are underway at the five-story property, which offers studio, one- and two-bedroom units and Class A amenities. Lastly, Lower Heights includes a 37,000-square-foot retail block that houses Total Wine and Ulta Beauty. Future phases call for additional retail, office and multifamily uses.
ST. LOUIS — Clayco is underway on Delmar Divine, a $100 million redevelopment of a long-vacated hospital campus along Delmar Boulevard in St. Louis. The 500,000-square-foot project will become “a hub for innovation and enterprise,” according to Clayco. Completion is slated for fall 2021. The first phase will establish a nonprofit working space, a café and residential apartments. The 150 multifamily units will be geared toward professionals in fields such as social work, nursing and policing. More office space and services such as early childhood education will follow. The developers hope to attract a myriad of nonprofits, foundations and community support organizations to the project. The name “Delmar Divine” draws a sharp contrast to how the area has historically been negatively perceived, according to Clayco. For many years, the area was referred to as the “Delmar Divide” due to racial and income stratifications that existed on the north and south ends of the street. “We want to enhance growth and investment in this neighborhood,” says Bob Clark, executive chairman and founder of Clayco. “At the same time, we want to do it responsibly so we’re not displacing people or relocating anyone, but bringing prosperity, jobs and the type of development …
DURHAM, N.C. — A trio of real estate owners and developers has unveiled plans for an 11-acre mixed-use development in downtown Durham. Capitol Broadcasting Co. (CBC), Hines and USAA Real Estate have formalized a joint venture to move forward with the 700,000-square-foot project known as ATC West. Construction is expected to begin in late 2021 or early 2022. The development will be situated on the west side of the American Tobacco Campus (ATC), an adaptive reuse district that houses warehouses built and formerly leased by American Tobacco Co., parent company of the Lucky Strike cigarette brand. The original use of the ATC site dates back to 1890. CBC owns ATC, as well as the neighboring Durham Bulls Athletic Park. The new venture will be an expansion of the overall ATC district. Plans for the first phase of ATC West will be on eight acres and include 313,000 square feet of space in two mass-timber creative office buildings that are branded under Hines’ T3 product. (T3 stands for timber, transit and technology.) “ATC West will fit with the historic look of the original American Tobacco Campus while embracing the amenities, efficiencies and innovations of new builds,” says Kurt Hartman, senior managing …
TEMPLE CITY, CALIF. — Coldwell Banker Commercial has arranged the sale of a development site located at 5570 Rosemead Blvd. in Temple City. An undisclosed buyer acquired the site for $14.4 million. The buyer plans to redevelop the 1.4-acre land parcel into a mixed-use community with 73 residential units and 15,000 square feet of ground-floor retail space. The four-story building will offer units ranging from 732 square feet to 1,251 square feet, with three live-work units and lofts on the top floors. A 12,000-square-foot building, which was formerly used as the Learning Center, currently occupies the site. Steve Hayashi of Coldwell Banker Commercial George Realty represented the undisclosed seller in the deal.
TOWSON, MD. — Greenberg Gibbons and Caves Valley Partners will open Phase I of Towson Row, a $350 million mixed-use development in Towson, in August. The first phase includes Altus, a 214-unit student housing community that will include retail and restaurant space on the ground level. Gilbane Development Co. is developing and managing Altus, which is located at the corner of Susquehanna Avenue and Towson Row, one mile north of Towson University. Located on the first level of the Altus building will be a 2,860-square-foot wine and spirits store, a 2,272-square-foot nail salon and a 2,750-square-foot BurgerFi restaurant. Towson University announced it will open for in-person and online classes Aug. 24. Towson Row is a five-acre mixed-use development that will include a 45,000-square-foot Whole Foods Market, more than 75,000 square feet of retail/restaurant space, 150,000 square feet of office space, 231 apartment units, the adaptive reuse of the former National Guard armory building into Towson University’s StarTUp and a 220-room dual-branded hotel.
ST. PETERSBURG, FLA. — Skanska USA has completed a $92 million renovation of the historic St. Petersburg Pier on behalf of the City of St. Petersburg. The 26-acre area now includes 44,000 square feet of retail and restaurant space, including the St. Pete Museum of History and Tampa Bay Watch Discovery Center. Other tenants include The Driftwood Café; Doc Ford’s Rum Bar & Grille; Spa Beach Bistro; Teak, a waterfront restaurant; and Pier Teaki, a rooftop bar. The five-story Pierhead building includes shops and a fishing platform. The pier area also includes the 35,000-square-foot Pier Plaza, which includes a playground, splash pad and seating areas. The 1,400-foot St. Petersburg Pier, which juts out into Tampa Bay, was originally built in 1889 and is the eighth pier in the city’s history. Rogers Partners, ASD | SKY and landscape architect Ken Smith Workshop designed the project.
NEW YORK CITY — A partnership between Australian multinational developer Lendlease and New York-based L+M Development Partners has secured Daiwa House Texas Inc. as a new equity partner for the development team’s 42-story mixed-use tower in Manhattan’s Morningside Heights area. Daiwa House Texas is a U.S. subsidiary of Daiwa House Industry Co., Japan’s largest homebuilder that is pursuing an initiative to expand across the United States. The project, which will be located at 100 Claremont Ave., will feature 165 residential condominiums, 54,000 square feet of academic space for the Union Theological Seminary and 49,000 square feet of faculty housing. Completion is slated for spring 2023.
Sterling Bay Secures $174.5M Construction Financing for Mixed-Use Tower on Chicago’s Michigan Avenue
CHICAGO — Sterling Bay has received $174.5 million in financing for the construction of 300 North Michigan Avenue, a 47-story mixed-use tower located between Chicago’s Riverwalk and Millennium Park. Sterling Bay will develop the project in partnership with Magellan Development Group. The tower is set to include a 280-room hotel, 289 apartments and 25,000 square feet of retail space. Boutique hospitality chain citizenM will acquire the hotel component of the property upon completion. Financing for the development includes senior secured financing from Bank OZK, as well as mezzanine financing from Pearlmark Real Estate and Monroe Capital, and a crowd-sourced equity component fundraised through CrowdStreet. “This development will serve as a striking new addition to Chicago’s Michigan Avenue,” says Andy Gloor, CEO of Sterling Bay. “We are extremely proud that financing has successfully crossed the finish line despite the pandemic.” Chicago-based general contractor Linn-Mathes will oversee the construction process, which is slated to begin in August. Local design firm bKL Architecture will serve as lead architect. A timeline for completion was not yet released. The 300 North Michigan Avenue project is estimated to create over 500 on-site construction jobs and approximately 70 permanent on-site jobs in residential and hotel operations once …
BIRMINGHAM, ALA. — Orchestra Partners has broken ground on Mercantile on Morris, a mixed-use project in downtown Birmingham. Located at 2212 Morris Ave., the property will feature 47 residential units and 14,000 square feet of commercial space, as well as a pedestrian thoroughfare with storefronts connecting First Avenue North and Morris Avenue. Birmingham-based Retail Specialists is handling the commercial leasing effort, which includes spaces ranging from 500 to 1,800 square feet. There is also a 2,100-square-foot space available on the second floor for a restaurant anchor. Orchestra Partners expects to complete Mercantile on Morris in November.