Mixed-Use

Food Halls Spice Up Mixed-Use Projects

by Jeff Shaw August 20, 2019

Developers turn to unique eateries as ammunition in the ‘amenities arms race.’ By David Cohen In an effort to inoculate their mixed-use office and multifamily projects against the threat of e-commerce competitors, developers are increasingly incorporating food halls into their properties to attract tenants. “Food halls are the latest and greatest in the amenities arms race,” says Aaron Jodka, research director at Colliers International in Boston. “While most buildings are able to find ways to add bike storage, a gym, conference spaces or game rooms, not everyone can accommodate a food hall. It’s a unique differentiating factor in the marketplace, and we are starting to see that really expand.” There isn’t a single accepted definition of a food hall, but most agree that it is a collection of local artisan restaurants and other boutique food-oriented retailers under one roof. Some are large and include 30 or more vendors, others are smaller or specialize in only one type of cuisine. Some food halls are more bar-centric and include a variety of drink offerings, others focus more on the dining aspect. Above all, a food hall can be differentiated from the traditional mall food court by the uniqueness of culinary offerings. A …

August 20, 2019

Development Loans Maryland Mixed-Use Southeast

SunTrust, Harbor Bankshares Provide $19.8M in Debt, Equity for Mixed-Use Development in Baltimore

by Alex Tostado August 19, 2019

BALTIMORE — SunTrust Community Capital (STCC) and Harbor Bankshares Corp. have provided a total of $19.8 million in financing for Village Center at Stadium Place in Baltimore. STCC provided $4.8 million of equity and $4 million in its New Markets Tax Credit (NMTC) allocation. Harbor Bankshares contributed $11 million of its NMTC allocation. Govans Ecumenical Development Corp. (GEDCO) and Commercial Development & Investments LLC (CDI) are co-developing the property, which will meld with the existing Stadium Place Adult Community Campus master plan. Village Center will include 70 discounted market-rate senior housing units and 30,000 square feet of medical office and retail space. A timeline for completion was not disclosed.

August 19, 2019

Development Mixed-Use New York Northeast

Delshah Capital, OTL Enterprises Break Ground on 166,976 SF Mixed-Use Project in Brooklyn

by Alex Patton August 14, 2019

NEW YORK CITY — A partnership between two New York-based developers, Delshah Capital and OTL Enterprises, has broken ground on a 166,976-square-foot mixed-use project in Brooklyn. The property will offer 180 units of multifamily housing, 25 percent of which will be affordable housing. Healthcare and drug treatment provider START Treatment & Recovery Centers will occupy 15,000 square feet of office space within the tower, which will also house 2,000 square feet of retail space. Construction is slated for completion in 2021.

August 14, 2019

Development Mixed-Use North Carolina Southeast

Beacon Partners to Break Ground on Mixed-Use Project in Charlotte

by Alex Tostado August 12, 2019

CHARLOTTE, N.C. — Beacon Partners is set to break ground this month on The Square at South End, which will include a 10-story building that will feature 150,000 square feet of office space and 8,000 square feet of ground-floor retail space. The project will also include a multifamily building that will be connected by an outdoor plaza. Construction is expected to be complete by the end of 2020. Amenities at the office building will include outdoor decks on multiple floors, a 2,400-square-foot coffee bar for tenants and guests, two-story fitness center, outdoor wellness area and a 2,500-square-foot patio overlooking Uptown Charlotte. As part of the project, Beacon will partner with Mecklenburg County Park and Recreation to develop Wilmore Centennial Park, a 1.5-acre park located at the intersection of South Tryon and Kingston streets. Centro Cityworks will develop the multifamily portion of The Square at South End. The design teams for the office portion includes Axion as the architect, Edifice as the general contractor and LandDesign as the civil engineer. Kristy Venning and Erin Shaw of Beacon Partners will handle leasing. Sauceman’s, a local barbecue restaurant, plans to relocate to a new, larger space next to Sugar Creek Brewery.

August 12, 2019

Acquisitions California Mixed-Use Office Retail Western

Newmark Knight Frank Arranges $18M Sale of Mixed-Use Building in Hermosa Beach, California

by Amy Works August 12, 2019

HERMOSA BEACH, CALIF. — Newmark Knight Frank (NKF) has negotiated the sale of The Bijou Building, a three-story mixed-use building located in downtown Hermosa Beach. Federal Realty Investment Trust sold the property to 1221 Hermosa Ave LLC for $18 million. Located at 1221 Hermosa Ave., The Bijou Building was originally developed in 1923 as the Metropolitan Theater and later converted to office and retail space. At the time of sale, the 23,172-square-foot building was 94 percent occupied by a variety of tenants, including Chase Bank, Beach City Capital, Steel Partners and Bar Method. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm, Sean Fulp, Ryan Plummer and Brad Feld of NKF’s Capital Markets and Private Capital Investment Sales teams represented the seller, while David Ghermezian, Amir Araghi and Jonathan Dadourian, also of NKF, represented the buyer in the deal. Additionally, David Milestone and Brett Green of NKF’s Debt and Structured Finance group secured acquisition financing for the buyer.

August 12, 2019

Loans Midwest Missouri Mixed-Use

NorthMarq Secures $3M Acquisition Financing for Mixed-Use Property in St. Louis

by Kristin Harlow August 8, 2019

ST. LOUIS — NorthMarq has secured a $3 million loan for the acquisition of Wildwood Plaza in St. Louis. The 17,490-square-foot mixed-use property is situated on a one-acre site. Jeff Chaney and Dan Baker of NorthMarq arranged the loan on behalf of the borrower, Chez IX Wildwood Plaza LLC. Life insurance company StanCorp Financial Group provided the 10-year loan, which features a fixed rate and a 25-year amortization schedule.

August 8, 2019

Acquisitions Development District of Columbia Mixed-Use Southeast Top Stories

Lowe Acquires Former School Site in Washington, D.C., Plans 500,000 SF Art Museum-Anchored Development

by Kristin Harlow August 7, 2019

WASHINGTON, D.C. — Lowe, a national real estate investor, developer and manager, has acquired the former Randall School site at 65 I St. SW in Washington, D.C. Lowe plans to redevelop the 2.7-acre site into a 500,000-square-foot mixed-use project featuring a contemporary art museum. Lowe had first come on as partner for the project in 2017 but is now assuming control of the development from TRSW, a partnership between Telesis Corp., a national affordable housing developer, and the Rubell family, long-standing collectors and patrons of the arts. Lowe intends for the project to create an arts and cultural anchor in the Southwest neighborhood. The designated Arts District will provide a second home for the Miami-based Rubell Family Collection, an internationally acclaimed contemporary art collection that draws visitors from around the world, according to Mark Rivers, executive vice president at Lowe. At the core of the project is the restoration and repositioning of the school’s three buildings, of which two will be transformed into an approximately 31,000-square-foot art museum housing the Rubell Family Collection. Entry to the museum will be free of charge to all residents of the District. The West Randall building will be reconfigured as an 18,000-square-foot creative office …

August 7, 2019

Development Florida Mixed-Use Southeast

Miami Beach City Commission OKs $15M Ocean Terrace Project

by Alex Tostado August 2, 2019

MIAMI BEACH, FLA. — The Miami Beach City Commission has approved a two-block development of its Ocean Terrace Streetscape Plan. The City entered a private-public partnership with Ocean Terrace Holdings LLC, which will be responsible for the design, construction and full execution of the five-acre public space. The redevelopment will take four years or fewer to complete and cost $15 million. What is today an asphalt street will be converted into a pedestrian-focused green space with native trees that will provide shade, walking promenades, water features and public seating. The design was developed by landscape architecture firm Raymond Jungles Inc., the group behind the Miami Beach Botanical Gardens and the promenade in front of 1111 Lincoln Road. The redevelopment will also include a boutique residential building, an upscale hotel and repositioned retail. The City of Miami Beach will retain control of all the land.

August 2, 2019

Development Midwest Minnesota Mixed-Use

Ryan Cos. to Undertake $3M Renovation of City Center in Minneapolis

by Kristin Harlow August 2, 2019

MINNEAPOLIS — Ryan Cos. Real Estate Management is undertaking a $3 million renovation of City Center, which is comprised of nearly two city blocks in the center of Minneapolis. It includes the 51-story skyscraper, 33 South Sixth Street; a 381,630-square-foot mall; a 687-stall parking garage; and the Minneapolis Marriott. Renovation plans call for the replacement of precast concrete panels with updated structural materials, additional lighting, new signage and a second-floor covered patio space. Sussner has undertaken the brand repositioning of the property, which will include a new City Center logo and colorful graphics. Ryan Cos. will oversee the construction, which will be completed by RJM Construction.

August 2, 2019

Acquisitions Mixed-Use Multifamily Oregon Retail Western

Holland Partner, Pacific Life Buy Tupelo Alley Mixed-Use Property in Portland for $58M

by Amy Works August 2, 2019

PORTLAND, ORE. — A joint venture between Holland Partner Group and Pacific Life Insurance Co. has acquired Tupelo Alley, a mixed-use community located in Portland’s North Mississippi Avenue neighborhood. Institutional investors advised by J.P. Morgan Asset Management sold the property for $58 million. Situated on 1.4 acres at 3850 N. Mississippi Ave., the three-building Tupelo Alley features 188 apartments in a mix of studio, one- and three-bedroom layouts, averaging 770 square feet, and 10,000 square feet of ground-floor retail space. On-site amenities include indoor and outdoor gathering spaces for residents. Ira Virden and Carrie Kahn of JLL Capital Markets represented the seller, while Charles Halladay, Rick Salinas and Charlie Watson, also of JLL Capital Markets, represented the buyer in the transaction. Additionally, JLL arranged $37.7 million in acquisition financing for the buyer.

August 2, 2019

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