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.
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.
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 …
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.
Weller Development, Local Leaders Break Ground on $600M Phase of Port Covington Project in Baltimore
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 …
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.
ATLANTA — Banyan Street Capital has unveiled The Hub and The Plaza within the historic Peachtree Center in downtown Atlanta. Banyan Street tapped architectural firm The Beck Group on the design for both portions of the 2.5 million-square-foot mixed-use development. The Hub, formerly known as the Mall at Peachtree Center, is home to more than 50 shops and restaurants. In the past 18 months, Banyan Street has inked leases with Salata, Beni’s Cubano, Taste of India and BEP! Vietnamese, as well as Time to Escape, a locally owned and operated escape room concept that includes live actors. Amy Fingerhut of CBRE’s Atlanta office is leading The Hub’s retail leasing assignment. The Plaza is the development’s overhauled central courtyard that fronts Peachtree Street and is situated between Peachtree Center’s various towers. Beck Group’s design for the public space includes a central area for live events; custom planters and benches; a reflective pool that can be drained for events; a suspended, illuminated canopy; revamped entrances to the adjacent office towers and existing atrium; and a glass-encased staircase leading to The Hub that features a sloped water fountain on the backside. At a private event held Wednesday, Miami-based Banyan Street officially opened The …
BEVERLY HILLS, CALIF. — A joint venture between SHVO, Bilgili Group and Deutsche Finance has acquired 9200 Wilshire Boulevard, a surface parking lot in the upscale, first-ring Los Angeles suburb of Beverly Hills, for $130 million. The seller was New Pacific Realty Corp. The venture plans to build a 307,397-square-foot condominium and retail building on the site. The seven-story building will feature a glass exterior, 54 residential units and 6,650 square feet of retail space adjacent to the Golden Triangle, Beverly Hills’ famed shopping district. Exclusive amenities for residents will include a rooftop swimming pool and courtyard. The Beverly Hills City Council has already approved the project. Since 2018, SHVO, Bilgili Group and Deutsche Finance have partnered to buy two other properties, the Raleigh Hotel in Miami and 685 Fifth Ave. in New York City, an office building being converted into Mandarin Oriental Residences. The joint venture’s investors include Bayerische Versorgungskammer, one of the largest institutional investors in Germany. Lotus Capital Partners arranged a $51 million acquisition loan from California-based Acore Capital for the transaction. “We are thrilled to add 9200 Wilshire to our portfolio of luxury assets in prime locations,” says Michael Shvo, chairman of SHVO. “Our new residential concept will offer the highest quality …
SAN FRANCISCO — Brookfield Properties plans to break ground this summer on 5M, a four-acre mixed-use project in downtown San Francisco. In partnership with Hearst Corp., Brookfield is transforming empty parking lots and underutilized warehouses into a mix of residential, office and retail space, as well as restoring historic buildings and public open spaces. Scheduled to break ground this summer, 415 Natoma St. will feature 640,000 square feet of Class A office space, plus ground-floor space for retailers and restaurants. Additionally, Brookfield will break ground on a 302-unit apartment building with 91 affordable units. The two buildings and ground-level open space is slated to open in mid-2021. Upon completion of the full project, 5M will features 702 residential units, including units designated for middle-income households, seniors and formerly homeless families. Also included in the plan are more than 50,000 square feet of parks, rooftop gardens, play areas and open space programmed to include community arts and cultural events. The historic Chronicle Building will be renovated and the historic Camelline Building and Dempster Building, a former printing house, will be repurposed as signature features on the site. Hearst will retain full ownership of the existing Chronicle and Examiner buildings, which will continue …
DENVER — HFF has secured $10.2 million in refinancing for 2nd and Clayton, a mixed-use office and retail property located in Denver’s Cherry Creek neighborhood. Unico Properties, a subsidiary of Unico Investment Group, is the borrower and used the proceeds to pay off an existing loan. Originally constructed in 1954, the asset comprises three buildings totaling 18,460 square feet of retail and office space. The properties are located at 2641, 2645, 2659 East 2nd Ave. and 211 and 227 Clayton St. Tom Wilson and Leon McBroom of HFF arranged the six-year, fixed-rate loan with a portfolio lender for the borrower.