Mixed-Use

4S Bay Partners Acquires Redevelopment Site in Baldwin Hills Crenshaw Corridor of Los Angeles for $24M

by Amy Works February 23, 2021

LOS ANGELES — Chicago-based 4S Bay Partners has purchased a 1.8-acre land parcel at 3701 W. Stocker St. in the Baldwin Hills Crenshaw Corridor of Los Angeles. Sticks Holdings LLC and an affiliate of Optimus Properties sold the asset for $24 million. James Daughrity of Daughrity Real Estate represented the buyer and seller in the deal. The property is located in a designed Opportunity Zone with a transit-oriented development designation, which allows for pedestrian-friendly and community-serving uses. The parcel currently contains a 45,000-square-foot, four-story office structure, which was built in 1954. Additionally, the site is in proximity to the planned Metro Crenshaw/LAX light rail transit line. The buyer previously purchased 3731, 3741, 3751 and 3761 W. Stocker St. all within the Baldwin Hills Crenshaw Corridor. Los Angeles-based Pantheon Business Consulting will manage the development of the sites. Potential development plans include a multi-use film studio, entertainment campus and business incubator redevelopment project in line with 4S Bay Partners’ social impact and community development mission to increase economic development within underserved and urban communities. According to 4S Bay, the project’s vision is to partner with creatives, thought-leaders and non-profits surrounding South Los Angeles to create economic opportunities and amplify storytelling about …

February 23, 2021

Development Florida Loans Mixed-Use Southeast

Time Century Holdings Receives $23.6M Construction Loan for Jewelry Center in Downtown Miami

by Julia Sanders February 19, 2021

MIAMI — Time Century Holdings, a New York-based real estate investment and development firm, has received a $23.6 million construction loan to build a mixed-use project known as Time Century in downtown Miami. City National Bank of Florida provided the loan for the 225,000-square-foot project. Time Century Holdings will use the funds for Phase I, which consists of the wholesale retail space of the building, including the basement, ground, mezzanine and second floors. Phase II, planned for later this year, consists of four stories of office space. The renovations are expected to be complete in the second quarter of 2022. Time Century has preleased more than half of the retail space. Formerly known as Metro Mall, Time Century is located at 1 NE First St. in Miami’s Jewelry & Diamond district, which has more than 400 jewelry stores in a four-block radius. Designed by Kobi Karp, the jewelry center’s amenities will include a three-story atrium with newly designed escalators and computerized directories, a valet parking service and public parking garages.

February 19, 2021

Development Mixed-Use New Jersey Northeast

Connell Underway on $400M Mixed-Use Redevelopment in Berkeley Heights, New Jersey

by Taylor Williams February 17, 2021

BERKELEY HEIGHTS, N.J. — New Jersey-based developer The Connell Company is underway on The Park, a $400 million mixed-use redevelopment project in the Northern New Jersey community of Berkeley Heights. The development spans 185 acres and will feature office, hospitality, residential and retail uses, as well as a network of jogging and nature trails, upon completion in 2023. Connell is set to begin construction this year on The District, a phase that will include some 300 apartments, as well as retail and entertainment space. The previous phase featured office space that opened last summer.

February 17, 2021

Acquisitions Mixed-Use New York Northeast

SL Green Agrees to Sell 25 Percent Interest in Manhattan Mixed-Use Building for $275M

by Taylor Williams February 16, 2021

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.

February 16, 2021

Development Mixed-Use Multifamily Restaurant Retail Southeast Tennessee

Private Developer Nearing Completion of Mixed-Use Condo Project in Downtown Nashville

by John Nelson February 10, 2021

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.

February 10, 2021

Development Mixed-Use Texas

Aspen Heights to Redevelop Former Healthcare Site in Downtown Austin into 36-Story Mixed-Use Property

by Taylor Williams February 10, 2021

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.

February 10, 2021

Acquisitions Florida Mixed-Use Southeast

JLL Arranges Sale of Mixed-Use Marina in Miami

by John Nelson February 9, 2021

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.

February 9, 2021

Development Mixed-Use Texas

ARG Bull Creek Underway on 76-Acre Grove at Shoal Creek Mixed-Use Project in Austin

by Taylor Williams February 8, 2021

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.

February 8, 2021

Development Louisiana Mixed-Use Multifamily Southeast

Audubon to Develop $55M Apartment Community in Metairie, Louisiana

by John Nelson February 5, 2021

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.

February 5, 2021

Development Mixed-Use New York Northeast

Dynamic Star Unveils Plans for $3.5B Fordham Landing Mixed-Use Project in The Bronx

by Taylor Williams February 5, 2021

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.

February 5, 2021

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