Mixed-Use

Michigan Strategic Fund Approves Bedrock’s $2.1B Financing for Four Development Projects in Detroit

by Kristin Harlow May 23, 2018

DETROIT — The Michigan Strategic Fund has provided the final approval for Bedrock’s use of the MIthrive financing tool, clearing the final hurdle that locks in $2.1 billion in new investment in downtown Detroit for four projects. Plans call for redevelopment of the iconic Hudson’s site, transformation of the Monroe Blocks site, restoration of the historic Book Building and Book Tower, and expansion of One Campus Martius building. The projects are expected to create a total of 22,000 jobs, of which 15,000 are construction-related and 7,000 are permanent. The State of Michigan is estimated to capture a $2.5 billion increase in tax revenue, according to Bedrock. Construction has already begun on Hudson’s and Book Tower. Bedrock expects to break ground on Monroe and One Campus Martius later this year. Read more about each of the projects here.

May 23, 2018

Development Loans Mixed-Use New Jersey Northeast

Progress Capital Arranges $26.2M Loan for Construction of Mixed-Use Building in Jersey City

by David Cohen May 18, 2018

JERSEY CITY, N.J. — Progress Capital has arranged a $26.2 million construction-to-perm loan for a new 159,861-square-foot mixed-use building in Jersey City. Sterling National Bank provided the financing to the undisclosed borrower, which acquired the site in 2015. The new nine-story development will include 99 residential units and 2,240 square feet of street-level retail space. Amenities will include 24-hour concierge service, a fitness center and a rooftop terrace. Terms of the loan, which was collateralized by two parcels of land, include a 65 percent loan-to-cost (LTC) ratio, an 18-month interest-only period and two optional 12-month extensions on the construction phase. Upon stabilization, the borrower has the option to convert to a permanent mortgage.

May 18, 2018

Development Iowa Midwest Mixed-Use

Noddle Celebrates Topping Out of 21.3-Acre Mixed-Use Development in Council Bluffs, Iowa

by Kristin Harlow May 18, 2018

COUNCIL BLUFFS, IOWA — The Noddle Companies and the Iowa West Foundation hosted a topping out ceremony for River’s Edge, a 21.3-acre mixed-use development in Council Bluffs. The development, master planned by Noddle, is located on the riverfront near downtown Omaha. Construction includes two office buildings, two mid-rise condominium towers as well as apartment and townhouse units and other mixed-use buildings. Completion is slated for December 2018. The Iowa West Foundation is a non-profit organization.

May 18, 2018

Acquisitions California Healthcare Mixed-Use Office Restaurant Retail Western

NKF Capital Markets Brokers $97.1M Sale of Mixed-Use Property in La Jolla

by Amy Works May 18, 2018

LA JOLLA, CALIF. — NKF Capital Markets has brokered the sale of The Campus on Villa La Jolla, a five-building mixed-use campus located at 8910 and 8980 Villa La Jolla Drive in La Jolla. GPI Cos. acquired the campus from La Jolla Village Professional Center Associates for $97.1 million. Kevin Shannon, Brunson Howard, Ken White, Paul Jones and Rick Stumm of NKF Capital Markets represented the seller in the deal. The buyer was self-represented. Situated on 6.8 acres, the 198,453-square-foot campus features a three-building professional center with office and medical tenants; a stand-alone medical office building; and a restaurant building fully occupied by Rock Bottom Brewery & Restaurant. At the time of sale, the property was 83 percent occupied. More than half of the campus is leased to the Regents of the University of California. The University of California, San Diego’s main campus is physically connected to the property via a walking bridge that passes over La Jolla Village Drive.

May 18, 2018

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Brokers $11.5M Sale of Mixed-Use Development Site in Bushwick

by David Cohen May 17, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the sale of 333-335 Irving Ave., a mixed-use conversion opportunity in Brooklyn’s Bushwick neighborhood. The sales price was $11.5 million. DJ Johnson of Cushman & Wakefield represented the seller, Standard Tinsmith Supply, in the transaction. The buyer was Cheskie Weisz. 333-335 Irving Ave. consists of two lots. The first has an existing 12,500-square-foot warehouse and the second is a vacant 75-foot by 100-foot lot offering 31,500 buildable square feet. Nearby retailers include Starbucks, Dollar Tree and CVS, as well as a number of local bars and restaurants.

May 17, 2018

Development Mixed-Use Texas

High Street Opens 34-Story Mixed-Use Property in Dallas

by Taylor Williams May 17, 2018

DALLAS — High Street Residential, a subsidiary of Trammell Crow Co., has opened Residences at Park District, a 34-story mixed-use property that fronts Klyde Warren Park in Dallas. Residences at Park District features 228 residential units ranging in size from 782 to 3,234 square feet, as well as 13,396 square feet of retail space. Amenities include a pool, 7,000-square-foot fitness center, business center, a dog park, outdoor grilling areas, spa and valet and concierge services. The property connects via a grand plaza to PwC Tower at Park District, a 20-story building with more than 500,000 square feet of office space and 7,000 square feet of ground-floor retail and restaurant space.

May 17, 2018

Alabama Development Leasing Activity Mixed-Use Restaurant Retail Southeast

RCP Signs Three Restaurant Concepts to Join $350M MidCity Project in Huntsville

by Camren Skelton May 17, 2018

HUNTSVILLE, ALA. — RCP Cos. has signed three restaurant concepts to join the tenant lineup at MidCity, a $350 million mixed-use development under construction in Huntsville. Two celebrity-driven dining concepts — Wahlburgers and Rascal Flatts — will open first-to-market locations at the project. Wahlburgers, owned by reality TV and movie star brothers Mark, Donnie and chef Paul Wahlberg, will open a 4,000-square-foot location at the development. The location will be Wahlburgers’ second in Alabama. Construction on the restaurant is expected to begin this year, with a scheduled opening in 2019. Rascal Flatts — named for and endorsed by the country music band of the same name — will open a 7,500-square-foot restaurant that will feature a Southern-inspired menu, live entertainment, sound stage, a bar and retail space. Currently und er design, Rascal Flatts will be located across the bridge from Topgolf. Upon opening in 2019, the location will mark the restaurant’s first in the Southeast. In addition, Alchemy Lounge, a coffee house that offers an assortment of coffee, craft beer and other beverages and treats, will open at The Camp, MidCity’s music and arts outdoor entertainment venue. Currently under construction, the venue is scheduled to open in June. The new …

May 17, 2018

Development Mixed-Use Southeast Virginia

BECO to Develop Mixed-Use Project in Coastal Virginia

by Camren Skelton May 17, 2018

SUFFOLK, VA. — BECO, a Virginia-based multifamily and commercial property developer, has unveiled plans for Bridgeport, a mixed-use development in Suffolk. The first phase of the waterfront project will include 3800 Acqua, a 288-unit multifamily community; 10,000 square feet of Class A office space; and 60,000 square feet of retail space. The multifamily portion of the project is scheduled to open in spring 2019. Construction on Phase I is expected to begin later this summer, and additional phases are in the planning stages.

May 17, 2018

Development Mixed-Use Property Type South Carolina Southeast Top Stories

RocaPoint Partners to Lead $1B Mixed-Use Redevelopment in Upstate South Carolina

by Camren Skelton May 17, 2018

GREENVILLE, S.C. — RocaPoint Partners, an affiliate of The Georgetown Co., has unveiled plans to develop a $1 billion mixed-use project in downtown Greenville. The Atlanta-based development firm has received unanimous approval from Greenville County Council to redevelop 37 acres along University Ridge. The land currently houses administrative offices at County Square, along with offices across the street including the South Carolina Department of Motor Vehicles and the Greenville County Public Health Department. The redevelopment will add approximately 3 million square feet of new Class A office, retail, hotels, residential and public spaces, as well as a new build-to-suit county government building. In addition, the project will be located within walking distance to Falls Park, located in downtown Greenville’s Historic West End; Fluor Field, home of Greenville’s minor league baseball team; and the Greenville Health System Swamp Rabbit Trail, a 20.6-mile multi-use greenway system. “The project is going to have a $1.1 billion impact on the local economy and create a more walkable environment to further support local business growth, as well as providing a distinct gathering place for residents and visitors,” says Phil Mays, principal of RocaPoint Partners. The development team for the project includes local partner KDS Commercial …

May 17, 2018

Acquisitions Mixed-Use New York Northeast

Greystone Development Sells Historic Former Public Bath in Brooklyn for $10M

by David Cohen May 16, 2018

NEW YORK CITY — TerraCRG has arranged the $10 million sale of 227 4th Ave., a historic former public bath in the Park Slope neighborhood of Brooklyn. TerraCRG represented the seller, New York-based Greystone Development, in the transaction. The buyer was undisclosed. The building was first constructed in 1910 as Public Bath No. 7 to serve the largely immigrant population of Park Slope. The building was the last of Brooklyn’s public baths and was designed in Renaissance Revival style by architect Raymond F. Almirall. In 1937 the building was converted into a gymnasium and was placed on the National Register of Historic Places in 1985. Greystone acquired the 16,700-square-foot property in 2014 and completed renovations and restorations to the property. The building is currently leased to Blink Fitness.

May 16, 2018

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