Mixed-Use

Security Properties, Rockwood Capital Buy Legacy at Pratt Park Mixed-Use Property in Seattle

by Amy Works June 10, 2019

SEATTLE — Security Properties and Rockwood Capital have acquired Legacy at Pratt Park, a mixed-used property located 1800 S. Jackson St. in Seattle’s Central District, for an undisclosed price. Built in 2009, Legacy at Pratt Park features 249 apartments, as well as four retail spaces totaling 6,720 square feet. The property offers 360-degree views of the Seattle skyline, Elliott Bay, Mt. Rainier and the Olympic Mountains. Amenities include three rooftop decks, a fitness center, resident lounge, business center, pet wash room, package room, theater room, bike room and controlled building entry. The buyers plan to renovate all units to an interior spec consistent with that of new construction in the area, along with common area improvements. Security Properties Residential, an affiliate of Security Properties, will manage the asset.

June 10, 2019

Florida Loans Mixed-Use Southeast

HFF Arranges $100M Construction Loan for Mixed-Use Development in Metro Miami

by Alex Tostado June 5, 2019

CORAL GABLES, FLA. — HFF has arranged a $100 million construction loan for the development of The Plaza Coral Gables, a mixed-use project in downtown Coral Gables. Developer Agave Holdings LLC will use the loan to finance the first of two phases of the project. Phase I will include a 14-story, 291,129-square-foot office building; 135 residential units; and 101,439 square feet of retail space. CallisonRTKL is designing the first phase to incorporate Fred B. Harnett Ponce Circle Park, which will add to the project’s outdoor space. At full buildout, the development will comprise a 242-room hotel and 222,541 square feet of rentable office, retail and living space. Manny de Zárraga, Jim Dockerty and Matthew McCormack of HFF arranged the loan on behalf of the borrower.

June 5, 2019

Development Mixed-Use Texas

RREAF Holdings Breaks Ground on 16-Acre Mixed-Use Project in Southlake, Texas

by Taylor Williams June 5, 2019

SOUTHLAKE, TEXAS — RREAF Holdings LLC has broken ground on Phase I of a 16-acre mixed-use project in Southlake, a northern suburb of Fort Worth. A 239-room hotel will anchor the property, which could ultimately feature as much as 240,000 square feet of office, retail and restaurant space. Completion of the hotel is scheduled for fall 2020. The project team includes general contractor Hill & Wilkinson, architect Merriman Anderson Architects, civil engineer Cole Engineering, mortgage banker Staghorn Capital Partners and construction lenders Bancorp South and Mosaic Real Estate Investors.

June 5, 2019

Acquisitions Development Mixed-Use Southeast Tennessee

Mallory & Evans Partners Acquires Site Within Knoxville Opportunity Zone

by Alex Tostado May 31, 2019

KNOXVILLE, TENN. — Mallory & Evans Partners LLC has acquired the Kern’s Bakery site, an opportunity zone near downtown Knoxville and the University of Tennessee. The Atlanta-based developers plan to transform the area as a mixed-use development that will preserve the historic building to include retail, restaurant, entertainment and office space. A 160-unit multifamily complex and a hotel will also be included in the 16-acre development area. The development will occur in three phases beginning in July and culminating in August 2020. The first phase will be the multifamily component, which will be designed to appeal to young professionals. Phase II will include the restaurants, retail and office space. Kern’s Bakery will comprise 75,000 square feet of space. The third phase will include the hotel. The design team includes Jimmy Ryan of Knoxville’s Johnson as the architect and Fulghum, MacIndoe, and Associates Inc. will provide civil engineering services.

May 31, 2019

Loans Mixed-Use North Carolina Southeast

Ready Capital Provides $22.6M Refinance Loan for Mixed-Use Redevelopment in Charlotte

by Alex Tostado May 31, 2019

CHARLOTTE, N.C. — Ready Capital has provided a $22.6 million loan for General Assembly, a redevelopment of the longtime home of City North Business Center in Charlotte. The non-recourse, floating rate loan features a 48-month term, one extension option, 36-months of interest only and flexible pre-payment. The site is situated on 8.1 acres in the NoDa-North End submarket of Charlotte and was the longtime home of City North Business Center which was originally built in the 1930s. The borrower, Artesia Real Estate, plans to redevelop the site to include 100,000 square feet of office space and 24,000 square feet of retail and brewery space. The project is slated for completion in late 2020. In addition to the redevelopment, loan proceeds are being used to refinance the acquisition loan. Doug Opalka, Robert Wooten and Cory Fowler of HFF arranged the loan on behalf of the borrower.

May 31, 2019

California Development Loans Mixed-Use Multifamily Retail Western

Parkview Financial Provides $31.8M Construction Loan for Mixed-Use Project Near San Diego

by Amy Works May 31, 2019

POWAY, CALIF. — Parkview Financial has funded a $31.8 million construction loan to San Diego-based Poway Property LP for the development of Outpost, a mixed-use project located at 13247 Poway Road in Poway. Upon completion, the three-building property will feature 53 apartment units and ground-floor retail space, which is fully pre-leased to Crunch Fitness and Three Local Brothers. Additionally, the asset will include two levels of underground parking offering a total of 337 parking spaces. The residential portion of the property will feature 16 one-bedroom, 22 two-bedroom and 15 three-bedroom units with stainless steel appliances, stone countertops and engineered hardwood/vinyl flooring. On-site community amenities will include patios, a courtyard, rooftop deck and leasing office. Construction began last summer, with completion slated for 2020.

May 31, 2019

Georgia Healthcare Industrial Mixed-Use Multifamily Southeast Student Housing

Confluent, Harbor Retirement Break Ground on New Assisted Living Property in Stuart, Florida

by John Nelson May 30, 2019

STUART, FLA. — Confluent Senior Living and Harbor Retirement Associates (HRA) have broken ground on HarborChase of Stuart, a 128,000-square-foot assisted living and memory care facility located at 786 N.W. Federal Highway in Stuart. HarborChase of Stuart will offer 96 assisted living and 38 memory care apartments available in one- and two-bedroom units. Confluent Senior Living, a subsidiary of the Denver-based real estate investment and development firm Confluent Development, serves as the project owner. HRA will manage HarborChase of Stuart. The project is anticipated to open in summer 2020. Confluent Senior Living and HRA previously co-developed and opened their first Florida seniors housing community in Wildwood in 2018.

May 30, 2019

Features Mixed-Use Retail

ICSC Roundup: Developer Talks Construction Costs, Store Closures, Role of Mixed-Use

by Taylor Williams May 30, 2019

LAS VEGAS — Besides rampant store closures, one of the biggest challenges retail developers currently face is high construction costs. An ongoing labor shortage, higher prices on certain materials that have been tariffed, and the general impact of inflation have all driven costs of new development to historically high levels. That said, developers that play the long game and have the vision and resources to execute multiple uses are up for the challenge. Structured Development, a Chicago-based real estate firm that builds a variety of project types, but tends to specialize in retail and mixed-use, is an example of such a company. Jeff Berta, the company’s senior director of real estate, met with REBusinessOnline at this year’s ICSC RECon show in Las Vegas to discuss current trends within the retail sector and the challenges of executing mixed-use developments. Berta has held a number of positions in the real estate development, construction management and architecture fields. What follows is an edited transcript of the conversation. REBusinessOnline.com: Construction costs are very high right now and are making projects more difficult to pencil out. What’s the real story behind these rising costs as it pertains to developing a mixed-use project? Jeff Berta: There …

May 30, 2019

Kansas Market Reports Midwest Midwest Market Reports Mixed-Use

Increased Development Brings New Life to Wichita’s Core

by Kristin Harlow May 30, 2019

Like many U.S. cities, Wichita’s downtown has experienced an unprecedented revitalization in recent years, with new development and the reimagining of older structures. Growth in the core is not slowing anytime soon if current projects under construction or on the drawing board are any indication. A number of projects, revolving around a new baseball stadium, are poised to inject new life into the historic Delano District. Plans for a new performing arts center are under discussion, and major mixed-use developments and public improvement projects along East Douglas Avenue are positioned to enhance the link between Delano and the city’s Old Town district. According to the organization Downtown Wichita, more than $1 billion has been invested in the urban core in the last 10 years, $631 million of which was private investment. The city center has retained a number of high-profile businesses after a decade of notable companies relocating to northeast suburban office locations. Project pipeline Following the recent addition of more than 800 apartment units in and around the central business district, commercial activity is on the upswing. The Spaghetti Works District, expected to be completed this fall, is a $23 million mixed-use development led by TGC Development Group and …

May 30, 2019

Loans Mixed-Use New York Northeast

Madison Realty Capital Provides $50M Loan for Mixed-Use Project in Brooklyn

by Taylor Williams May 29, 2019

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $50 million first mortgage loan for the development of a mixed-use project in Brooklyn that will include 41 residential units and 12,625 square feet of ground-floor retail space. An office building and additional development site located in the borough’s Broadway Triangle neighborhood partially collateralize the loan. According to local media sources, the borrowers were Abraham Brach and Parkview Management, which will use the proceeds to retire existing debt and fund construction of the mixed-use property. Construction is expected to be complete by the fourth quarter.

May 29, 2019

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