Mixed-Use

ATCO, Shorenstein Break Ground on Phase II of Camp North End Mixed-Use Project in Charlotte

by John Nelson January 22, 2021

CHARLOTTE, N.C. — ATCO Properties & Management and Shorenstein Properties LLC have broken ground on Phase II of Camp North End, which will include retail, office and multifamily spaces, as well as a parking garage. The mixed-used development is located on a former industrial site spanning 76 acres in Charlotte’s Druid Hills South district. S9 Architecture is the designer and BB+M Architecture is the architect of record for Camp North End’s second phase, which will include two office buildings totaling 120,000 square feet, 15,000 to 20,000 square feet of retail space and a multifamily community with a parking garage. ATCO and Shorenstein expect to deliver the second phase of construction in early 2022. Phase I was delivered in summer 2020 and includes 70,000 square feet of office and retail space and four food stalls within the Gama Goat building. Office tenants at the project include solar energy company Pine Gate Renewables, tech firm CloudGenera Inc. and Ally Bank. Retail tenants include restaurant Leah & Louise, bakery Wentworth & Fenn, Free Range Brewing, That’s Novel Books and boutique fitness center bloc. The project team is also in the preliminary planning stages for several other buildings onsite, including the renovation of the …

January 22, 2021

Development Mixed-Use Southeast Virginia

JBG Smith to Break Ground on Potomac Yard in Alexandria, Including Virginia Tech’s $1B Innovation Campus

by Alex Tostado January 18, 2021

ALEXANDRIA, VA. — JBG Smith will break ground on Potomac Yard in Alexandria this month. Phase I of the project will span 1.7 million square feet and include four office towers and two residential buildings with ground-level retail space. Potomac Yard will be situated less than two miles from Amazon’s HQ2 future site. Bethesda, Md.-based JBG Smith is building the property on behalf of Virginia Tech and JPMorgan, which received approval in December from the City of Alexandria to move forward with development. A timeline for construction of Phase I was not disclosed. Virginia Tech’s $1 billion Innovation Campus will anchor the development. Virginia Tech’s portion of the project will include an 11-story, 300,000-square-foot academic building that is expected to deliver in 2024. The university expects to break ground in summer 2022 on the project that SmithGroup designed. Potomac Yard will be situated adjacent to the Potomac Yard Metro Station, which is expected to open in 2022. The project also includes more than 57,000 square feet of planned public and private open space.

January 18, 2021

Acquisitions Florida Mixed-Use Office Restaurant Retail Southeast Top Stories

Midtown Opportunities Acquires Shops at Sunset Place in South Miami for $65.5M

by John Nelson January 18, 2021

SOUTH MIAMI, FLA. — Midtown Opportunities, a real estate investment fund based in Miami, has purchased The Shops at Sunset Place in South Miami for $65.5 million. The open-air lifestyle property features nearly 515,000 square feet of retail and office space leased to tenants such as AMC Theatres and LA Fitness. A partnership between Federal Realty Investment Trust (NYSE: FRT), Grass River Property Co. and Comras Co. sold the mixed-used development after more than five years of ownership. Midtown Opportunities has retained Grass River to manage the asset. Federal Realty, Grass River and Comras sold Sunset Place at a significant loss, according to the Miami Herald. The newspaper reported in 2015 that the buyers purchased a majority interest of the once-popular mall from Simon Property Group for $110 million. The Shops at Sunset Place is located on nearly 10 acres at 5701 Sunset Drive. The development is situated near the South Miami Metrorail Station, South Miami Hospital and the University of Miami. No details were disclosed about Midtown Opportunities’ plans related to Sunset Place. The property was 78 percent leased at the time of sale. Other tenants include Barnes & Noble, Gametime and Splitsville, as well as the Yumbrella Food …

January 18, 2021

California Development Mixed-Use Multifamily Office Retail Western

STC Ventures Receives Approval for 12-Story Mixed-Use Project in Sunnyvale, California

by Amy Works January 13, 2021

SUNNYVALE, CALIF. — STC Ventures, a joint venture between Sares Regis Group of Northern California and Hunter Properties, has received approval from Sunnyvale Planning Commission to develop a 12-story, mixed-use project at 200 S. Taafee St. within CityLine Sunnyvale. Situated in downtown Sunnyvale, the two-building property will feature 479 apartments, 30,000 square feet of retail space and a new public open area at Redwood Square. The public space will function as a “living room” for downtown Sunnyvale, which is anchored by the just-approved mixed-use development and recently opened Whole Foods Market and AMC Theaters. Fifty-three of the apartments will be offered at below-market rate, providing housing for qualifying households with income levels ranging from approximately $55,000 per year up to $130,000 per year. The 200 S. Taafee Street project is the first of four upcoming developments slated for the second phase of CityLine Sunnyvale. The overall project will redevelop four parcels in Sunnyvale’s downtown core into residences, ground-level retail space and office space. Last year, STC Ventures received approval of its Downtown Specific Plan that allows for a buildout of an additional 817 residences and 709,000 square feet of office space above 642,000 square feet of ground-level retail.

January 13, 2021

Development Maryland Mixed-Use Southeast

Weller Development to Break Ground on Next Phase of Port Covington in Baltimore

by Alex Tostado January 6, 2021

BALTIMORE — Weller Development Co. plans to break ground on what it calls Chapter 1B of Port Covington in Baltimore in February. The development team, which also includes Goldman Sachs and Sagamore Ventures, received $650 million in financing for this phase, including $137 million in tax increment financing (TIF) bonds. In conjunction with the closings, the Port Covington development team funded more than $9 million to the South Baltimore 7 Coalition as part of its Community Benefits Agreement (CBA), which is the largest CBA payout in the history of Baltimore. The latest phase will comprise five buildings totaling 1.1 million square feet that is expected to start delivering in late 2022. The planned buildings in Chapter 1B include: Building E1: 162 residential units and 40,000 square feet of retail space; Building E5A: 212,000 square feet of office space and 9,500 square feet of retail space; Building E5B: 40 residential units, 81 extended stay rooms and 6,000 square feet of retail space; Building E6: 254 residential units and 16,000 square feet of retail space; and Building E7, dubbed Rye Street Market: 228,000 square feet of office space and a 45,000-square-foot retail market. In addition, 89 of the residential units in Chapter …

January 6, 2021

California Development Mixed-Use Multifamily Office Retail Western

Lendlease, Aware Super Buy Culver City Site in Los Angeles for Planned $600M Mixed-Use Development

by Amy Works January 5, 2021

LOS ANGELES — In a 50-50 joint venture, Lendlease and Aware Super, an Australian superannuation fund, have acquired a 3.5-acre, transit-oriented, mixed-use development site at 3401 S. La Cienega Blvd. in Los Angeles. La Cienega Properties sold the 156,380-square-foot site for $92 million. The team plans to develop a 500,000-square-foot mid-rise project offering 260 multifamily residential units, 250,000 square feet of creative office space and ground-floor retail space. The site offers transit access to the beach and downtown Los Angeles, as well as the Exposition Corridor Bike Path. Lendlease aims to submit an application to the City of Los Angeles this year and plans to commence development in 2023, with completion slated for 2025. The site currently houses 1,144 self-storage units, totaling 86,897 rentable square feet, which will provide a steady in-place income stream for the partnership during the development planning. Upon completion, the project, which is the partnership’s first Los Angeles development, will have an estimated value of $600 million. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the deal.

January 5, 2021

Acquisitions Development Mixed-Use North Carolina Office Retail Southeast Top Stories

Epic Games Acquires Metro Raleigh Mall for $95M, Plans New Headquarters Campus

by John Nelson January 5, 2021

CARY, N.C. — Epic Games Inc., a global gaming company whose products include the hit video game “Fortnite,” has purchased a distressed mall in Cary for its new headquarters campus. The property, Cary Towne Center, spans 980,000 square feet and in recent years lost three of its five anchor tenants, with only Dave & Buster’s and Belk remaining. Epic purchased the 87-acre site from Turnbridge Equities and Denali Properties for $95 million. Stephen Porterfield of Capital Associates represented Epic in the transaction. Founded in 1991, Epic has had its headquarters in Cary for more than 20 years and will continue to operate from its offices at 620 Crossroads Blvd. until completion of the redevelopment, which is estimated to be in 2024. Epic plans to break ground on the adaptive reuse project this year, thanks in part to Turnbridge and Denali getting Cary Towne Center rezoned in late 2019. The developers purchased the distressed mall in January 2019 for $31 million, according to Triangle Business Journal. Turnbridge and Denali had planned to transform the mall into a 4 million-square-foot project dubbed Carolina Yards, but ultimately decided to sell the property to Epic. “Epic shares our vision for transforming Cary Towne Center …

January 5, 2021

Development District of Columbia Mixed-Use Southeast

Bank OZK Provides $174M Construction Loan for Mixed-Use Development of Former Fannie Mae Headquarters in D.C.

by Alex Tostado January 4, 2021

WASHINGTON, D.C. — Bank OZK has provided $174 million in construction financing for Upton Place on Wisconsin, a planned mixed-use development in Washington, D.C., that will feature 689 multifamily units and 100,000 square feet of retail space. Eastdil Secured arranged the loan. The borrowers and developers, Apartment Investment Management Co. (Aimco) and The Donohoe Cos. Inc., expect to break ground in early 2021 and deliver the project in 2024. Donohoe originally developed the site, situated at 4000 Wisconsin Ave., in 1987 as the headquarters for Fannie Mae. The site has sat vacant since Fannie Mae consolidated its headquarters in downtown D.C. in 2014. Upton Place on Wisconsin will comprise a six- and an eight-story building. The multifamily portion is expected to include 65 affordable housing units. SK+I Architecture designed Upton Place to include most of the existing 825 below-grade parking spaces. Communal amenities will include a rooftop pool, three internal courtyards, barbecue areas, fitness center and a yoga studio.

January 4, 2021

Market Reports Midwest Market Reports Mixed-Use

Pandemic, Shifts in Consumer Behavior Trigger Fundamental Changes in Design of Public Spaces

by Kristin Harlow December 24, 2020

By Bob Kraemer, Kraemer Design Group The way that we work, eat, shop, gather and interact in community spaces will never look the same. While we may someday return to dine-in experiences and large-scale events, it’s clear the novel coronavirus has prompted profound and pervasive societal changes that are here to stay. It should come as no surprise to anyone who understands the deep connection between designed spaces and the people who occupy them that public spaces will need to evolve. We have already seen an evolution of spaces in order to stay relevant, stay profitable and in some cases, stay open. What does all of this mean for design and development? To understand what the brick-and-mortar landscape of tomorrow might look like, we have to think differently about the design of public spaces and the evolving priorities and practices of consumers, diners and office users. The waiting game Thinking differently about the design and functionality of public spaces means ensuring spaces formerly seen as functional or utilitarian are updated to address health and safety concerns and are no longer viewed and designed as an afterthought — but as strategically designed spaces. For example, diners waiting to be seated or …

December 24, 2020

Development Mixed-Use Texas

Presidium, Partners Group Unveil Plans for 109-Acre Mixed-Use Project in Austin

by Taylor Williams December 23, 2020

AUSTIN, TEXAS — Texas-based developer Presidium and global investment manager Partners Group have unveiled plans for River Park, a 109-acre mixed-use project that will be located on East Riverside Drive near Oracle’s newly announced headquarters campus. The new master plan for the project calls for more than 10 million square feet of commercial and residential space across office, retail, hospitality, entertainment and multifamily uses. The residential component will also include 400 affordable housing units. River Park will be a multi-phase project that is expected to take 10 to 20 years to fully build out. A new street network of short, pedestrian-friendly blocks and trail connections will link the various uses and connect to the surrounding neighborhood and a new multimodal transit hub. Gensler is leading the design of the project. The team anticipates beginning construction with a 15-acre portion along the southeastern side of the site.

December 23, 2020

Newer Posts

Older Posts