Mixed-Use

Capital One Provides $68M Loan for Office Redevelopment Project in Wilmington

by Taylor Williams May 23, 2019

WILMINGTON, DEL. — Capital One has provided a $68 million loan for the redevelopment of a portion of the former office campus of pharmaceutical firm AstraZeneca in Wilmington, Delaware. The borrower, Brandywine Investment Group II, acquired the site in 2017 in a sale-leaseback deal and will use the new proceeds to fund construction of a 1,373-space parking garage, as well as to fund tenant improvements and leasing commissions. The loan, which features a five-year term and an adjustable interest rate, also provides working capital for pre-development costs for the remainder of the project. Current plans for the new project, known as Avenue North, call for about 350 apartments, 150,000 square feet of retail space, 100,000 square feet of office space and a 200-room hotel. Jeff Wallace of Capital One originated the transaction on behalf of Brandywine Investment Group II, an affiliate of local developer Delle Donne & Associates.

May 23, 2019

Kansas Market Reports Midwest Midwest Market Reports Mixed-Use

Momentum Grows in Topeka Via Holistic Economic Development Plan

by Kristin Harlow May 23, 2019

A renaissance is underway in Topeka, Kansas, with undeniable momentum as new commercial, industrial and residential developments emerge citywide. The year 2015 was pivotal with a $9.4 million public-private investment in infrastructure and amenities along Kansas Avenue downtown. Local investors have purchased more than 25 buildings on the avenue for gradual restoration into thriving businesses like Iron Rail Brewing, The Pennant, Cyrus Hotel and Kansas Avenue Lofts. The 45,000-square-foot Evergy Plaza is slated to open in March 2020 in the shadow of the Kansas Statehouse. A crowning jewel of downtown development, the plaza will feature a 50-foot performance stage, digital screen, programmable fountains, fireplaces and an ice skating rink during the winter. According to a recent market study, growth in the Capital City shows no signs of slowing down. St. Louis-based Development Strategies says downtown could support expansion over the next decade to include 900 new or rehabilitated housing units, 300,000 square feet of new or rehabilitated office space, 690,000 square feet of retail space and at least 200 more hotel rooms. “Investments downtown enhance quality of life and quality of place to help attract and retain a workforce that will take us into the next 15 to 20 years,” …

May 23, 2019

Loans Mixed-Use New York Northeast

MRC Provides $30M Loan for Development of Mixed-Use Project in Queens

by Taylor Williams May 22, 2019

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $30 million loan for the development of a 17-story mixed-use project in the Flushing neighborhood of Queens. Proceeds will be used to cover various pre-construction costs. The project, located at the former site of the RKO Keith’s Theater, will ultimately feature 269 residential units, 17,000 square feet of retail space, 15,000 square feet of additional communal space and 305 parking spaces. MRC provided the loan to Xinyuan Real Estate, which plans to demolish the existing structure by February 2020 and commence construction shortly thereafter.

May 22, 2019

Development Georgia Mixed-Use Southeast

CIM Group Announces New Name for Downtown Atlanta’s Gulch District: Centennial Yards

by Alex Tostado May 21, 2019

ATLANTA — CIM Group has renamed downtown Atlanta’s Gulch district as Centennial Yards. CIM will develop Centennial Yards to include 12 million square feet of office, retail, apartment and hotel space. Local news outlets reported the site was up for consideration for Amazon’s national HQ2 search in 2017 and 2018. CIM Group expects the project to add 12 city blocks to the 16-acre site, which is currently a parking lot for nearby destinations including State Farm Arena and Mercedes-Benz Stadium. Los Angeles-based CIM bought the site in December for a reported $115 million. According to a press release, the term “Centennial” creates a clear geographical reference to the project’s location along Centennial Olympic Park Drive. Moreover, with over 100 years of rail and industrial history at the site, the moniker “Yards” pays homage to the rail history of the area. A timeline for construction of Centennial Yards was not disclosed.

May 21, 2019

Development Mixed-Use New York Northeast

Starwood Capital to Develop 147,000 SF Mixed-Use Project in Bronx Opportunity Zone

by Taylor Williams May 20, 2019

NEW YORK CITY — An affiliate of global private investment firm Starwood Capital Group will develop a 147,000-square-foot mixed-use project within a designated opportunity zone in The Bronx. The 10-story building, located at 425 Westchester Ave., will house office space for a nonprofit organization, ground-floor retail space and a charter school. The project will also feature 11,000 square feet of outdoor amenity space. Construction is scheduled to begin this month. Starwood will focus its opportunity zone initiatives in gateway markets in which it already has substantial real estate holdings, including New York and Washington, D.C.

May 20, 2019

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Brokers $7.9M Sale of Commercial Property in Manhattan

by Taylor Williams May 17, 2019

NEW YORK CITY — Cushman & Wakefield has brokered the $7.9 million sale of a Manhattan property featuring six residential units and two commercial spaces. The property is located at 833 Lexington Ave. in the Lenox Hill neighborhood. Hunter Moss, Michael Gembecki, Brad Jones, Alessandra Faglione and Austin Fabel represented the seller, SBP Lexington LLC, in the transaction. Additional terms of sale were not disclosed.

May 17, 2019

Development Midwest Missouri Mixed-Use Top Stories

Drake Development Plans $180M Mixed-Use Project in Metro Kansas City

by Alex Tostado May 16, 2019

LEE’S SUMMIT, MO. — Drake Development will break ground Friday, May 17, on Streets of West Pryor, a 70-acre, $180 million mixed-use project in Lee’s Summit. Streets of West Pryor will be situated at the intersection of Interstate 470 and NW Pryor Road, 18 miles southeast of downtown Kansas City. McKeever’s Market, the first location in the region for the grocery store, will occupy 63,000 square feet and anchor the development. At full build-out, Streets of West Pryor will feature more than 220 apartment units, a 165-room hotel and more than 160 senior living units. Indianapolis-based Pearl Cos. is developing the apartment building, which will include amenities such as underground structured parking, a swimming pool, fitness center, multiple courtyards, and first floor access to restaurants, retail and walking trails to nearby Lowenstein Park. “When people think of a mixed-use development, sometimes the end product falls short. It’s commonplace to have opportunities for live and play, but the ‘play’ doesn’t extend beyond shopping or dining,” says Matt Pennington, Drake Development’s president. “We wanted to extend the ‘play’ to outdoor recreation, and this was achieved through ample green space and walking trails connecting to neighboring Lowenstein Park. It was critical we tailored …

May 16, 2019

Development Mixed-Use South Carolina Southeast

Beach Co. Breaks Ground on Mixed-Use Development in Downtown Greenville

by Alex Tostado May 14, 2019

GREENVILLE, S.C. — The Beach Co. has broken ground on Canvas, a mixed-use development in downtown Greenville. At full buildout, Canvas will offer 48 apartment units, 31 townhomes, 21,805 square feet of retail space and the renovation of a 130,000-square-foot office building. Construction is expected to last 18 months, with first units available for occupancy in early 2020.

May 14, 2019

Development Maryland Mixed-Use Southeast Top Stories

Weller Development, Local Leaders Break Ground on $600M Phase of Port Covington Project in Baltimore

by John Nelson May 14, 2019

BALTIMORE — The first phase of Weller Development’s Port Covington, a 235-acre mixed-use redevelopment project in south Baltimore, kicked off with a ceremonial groundbreaking on Monday. The Baltimore Business Journal reports that this phase of construction, dubbed Chapter 1, will cost $600 million to complete and span five buildings. Weller Development, a privately held developer based in Baltimore, is the project’s lead developer and will build Chapter 1 over several years, with the first new buildings set to be delivered in fall 2021. Known as Rye Street Market, this portion of Chapter 1 will feature a 13,000-square-foot open-air market and food hall, 50,000 square feet of ground-level retail, a 12,000-square-foot meeting facility and a 15,000-square-foot rooftop event space. Rye Street Market will span four buildings totaling 275,000 square feet. At full buildout, Chapter 1 is slated to include approximately 1.4 million square feet of office space, 337,450 square feet of retail, 976,667 square feet of residential space and 285,000 square feet of hotel space. “The Port Covington of today is a completely different place than what it was just a few short years ago, and we are just getting started,” said Marc Weller, founding partner of Weller Development, during the event …

May 14, 2019

Development Mixed-Use North Carolina Southeast

Joint Venture to Break Ground on 2.5 MSF Mixed-Use Project in Raleigh-Durham, Announces First Wave of Tenants

by Alex Tostado May 9, 2019

CARY, N.C. — A joint venture between Hines, Columbia Development Group LLC and USAA Real Estate will break ground on Phase I of Fenton, a 69-acre, 2.5 million-square-foot mixed-use development in Cary, this summer. The first phase will include a 99,000-square-foot Wegmans grocery store; 263,000 square feet of specialty retail, including a movie theater and food hall; a 146,000-square-foot office loft; 350 apartment units; and a 175-room hotel. Additionally, the first retail tenants have been announced. These include Crawford Brothers Steakhouse, a new concept from five-time James Beard Award semifinalist Scott Crawford; Superica Tex-Mex by nationally renowned restaurateur Ford Fry; and Honeysuckle Gelato. Fenton will be situated along Cary Towne Boulevard near Interstate 40, adjacent to WakeMed Soccer Park and eight miles southwest of downtown Raleigh. Phase I is expected to open in fall 2021.

May 9, 2019

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