AUSTIN, TEXAS — Maker Bros. has broken ground on St. Elmo Public Market, a mixed-use development in Austin that is valued at approximately $120 million, according to the Austin American-Statesman. Project features include a 40,000-square-foot public market, 103,380 square feet of office space, 380 apartment units and a 156-room hotel. The development, which is situated on a 12.5-acre site at 4329 S. Congress Ave. on the city’s south side, is expected to open in May 2019.
TAMPA, FLA. — Strategic Property Partners LLC (SPP) has unveiled plans to develop a 173-room EDITION hotel in Tampa. The hotel will be part of a 26-story tower in the heart of Water Street Tampa, a $3 billion mixed-use development from SPP. EDITION is a modern luxury brand that Marriott International (NASDAQ: MAR) launched in fall 2013. There are currently EDITION hotels in New York, Miami, London and China, with seven new properties scheduled to open this year. The Tampa EDITION will feature multiple social and amenity spaces for guests, including a rooftop pool, bar and restaurant, spa and fitness center. The ground-floor space will house several restaurants and shops, which have yet to be announced. Water Street Tampa will also include a JW Marriott luxury hotel, which is slated to open in 2020. Furthermore, SPP has unveiled plans to fully renovate an existing 727-room Marriott Waterside Hotel & Marina. Combined, these three properties will account for 1,419 hotel rooms and over 150,000 square feet of meeting and event space. Water Street Tampa is a multi-phase, 50-acre project that will include more than 9 million square feet of commercial, residential, hospitality, educational, entertainment, cultural and retail space, with the first …
WILTON, CONN. — Commercial real estate services firm RHYS has arranged the $4.3 million sale of 59 Danbury Road in Wilton, about seven miles north of Norwalk. The 32,270-square-foot mixed-use building was built in 1959 and fully renovated in 2007. Cory Gubner, Christian Bangert and Alex Haendler of RHYS represented the seller, New York City-based Caroline APTS Co., and the buyer, New England Investment Partners. The property is currently fully leased to two tenants: ASML, a semiconductor company; and Building Blocks Learning Center, an early childhood learning center.
NEW YORK CITY — HFF has arranged a $260 million construction loan for the development of 202 Broome Street. The 16-story tower will rise at Essex Crossing, a planned mixed-use project on Manhattan’s Lower East Side. Evan Pariser, Michael Gigliotti, Scott Aiese, Alex Staikos and Jackie Ferrer of HFF arranged the 42-month loan on behalf of the developer, Delancey Street Associates, a joint venture comprising Taconic Investment Partners, L+M Development Partners, BFC Partners and Goldman Sachs Urban Investment Group. Square Mile Capital Management LLC provided the loan. “We continue to see compelling opportunities for debt investments in the New York market,” said Sean Reimer of Square Mile Capital. “The Essex Crossing project is a great example — a transformative development being created by a strong, visionary ownership group.” Upon completion in 2020, 202 Broome Street will include 179,234 square feet of Class A office space, 36,888 square feet of retail space and 83 luxury condominiums. The building will also contain a portion of Market Line, an underground marketplace that will span three city blocks and feature a food hall and a variety of large and small businesses. The historic Essex Street Market will anchor the marketplace. Construction on Essex Crossing …
WILLOW GROVE, PA. — J.G. Petrucci Co. has acquired five properties totaling six acres in Willow Grove in separate transactions brokered by CBRE. The sales price was not disclosed. Willow Grove is located about 13 miles north of Philadelphia. The developer plans to build a new $75 million mixed-use development on the site, which will be called Station at Willow Grove. Patrick McCabe of CBRE represented the buyer in all five transactions. The project will include 275 new apartment units and 30,000 square feet of commercial and retail space. Located across from the Willow Grove Southeastern Pennsylvania Transportation Authority train station, the development fits J.G. Petrucci’s penchant for transit-oriented residential projects. Construction is scheduled to begin on April 19 and is expected to be completed in the second quarter of 2019.
NEW YORK CITY — Ariel Property Advisors has arranged a $6.5 million cash-out refinance loan for four mixed-use properties in the Bedford-Stuyvesant neighborhood of Brooklyn. Paul McCormick and Matt Dzbanek of Ariel Property Advisors arranged the five-year, cash-out refinancing at a 75 percent loan-to-value and fixed interest rate of 4 percent for the undisclosed borrower. The four properties include 22 residential and six commercial units. Approximately 30 percent of the owner’s gross income comes from commercial leases.
AUSTIN, TEXAS — CBRE has secured a $78 million loan for the refinancing of The Triangle, a mixed-use property in Austin that includes 529 multifamily units and roughly 120,000 square feet of retail and restaurant space. Residential amenities include three pools, a 24-hour fitness center and a resident lounge. Brian Eisendrath, Brandon Smith and Annie Rice of CBRE secured the seven-year, floating-rate loan on behalf of The Dinerstein Cos., a Houston-based development firm that acquired the property in 2017.
CHICAGO — Marcus & Millichap has brokered the sale of a 53,931-square-foot mixed-use building and an adjacent development site in Chicago’s River West neighborhood for $11.3 million. The buyer, Tandem Development, plans to renovate the existing building and develop a 226-unit apartment tower on an adjacent parking lot. The 23-story tower will feature a parking garage and 2,300 square feet of first-floor retail space. Stephen Lieberman and Kyle Stengle of Marcus & Millichap represented the private seller and procured the buyer.
SAVANNAH, GA. — Savannah-based Foram Group has received approval from the Savannah City Council for zoning amendments needed to move forward with Starland Village, a planned $40 million mixed-use development in Savannah. Located on a two-block stretch along the historic Bull Street in the city’s Starland District, the development will be home to artist studios, an event venue, retail and restaurant space, a rooftop park, coworking space and 90 residential units. Other team members for the project include architecture firm Lynch Associates, DPR Construction, engineering firm Thomas & Hutton and Kaufman-Heinz LLC, which will manage the development upon completion. A construction timeline for the project was not disclosed.
SEATTLE — ACME Realty has purchased Remi Apartments, a multifamily community located at 2727 Eastlake Ave. East in Seattle’s Eastlake neighborhood. An undisclosed company sold the property for $17.7 million, or $480,000 per unit. Built in 1996, the property features 34 apartments and three ground-floor commercial spaces. The property features a mix of one- and two-bedroom units with private decks or patios, as well as a rooftop deck. At the time of sale, the property was 97 percent occupied and the commercial spaces were fully leased. Mark Zoffel and Kyle Yamamoto of CBRE represented the seller in the transaction.
