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Mixed-Use

AcquisitionsMixed-UseNew YorkNortheast

Barone Management Purchases Mixed-Use Development Site in Brooklyn for $37.5M

by David Cohen

NEW YORK CITY — Barone Management has purchased the former Angel Guardian Home in the Dyker Heights neighborhood of Brooklyn for $37.5 million. The seller was undisclosed. The New York-based development company plans to redevelop the site into a 300,000-square-foot mixed-use project. Sixty percent of the property will be devoted to approximately 150 market-rate condos, with an additional 15 percent reserved for affordable housing. The remaining 25 percent will be split between seniors housing and an educational use. Construction is expected to begin in 2019.

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DevelopmentMichiganMidwestMixed-Use

Kraemer Design Group to Serve as Architect for Conversion of Historic Office Building to Mixed-Use Property in Detroit

by Kristin Harlow

DETROIT — Kraemer Design Group PLC will serve as architect, designer and historic consultant for the landmark Park Avenue building project in Detroit. The former office building dates back to the 1920s and is located at 2001 Park Ave. in Grand Circus Park. The building will be transformed into a mixed-use project with apartment units and 5,000 square feet of first-floor retail space. Designed by Albert Kahn and once known as the General Necessities Building, the 104,500-square-foot structure rises 12 stories. The developer is Rino Soave, owner of Infinity Homes & Co. who purchased the building in April. The building has been vacant for decades and will require structural updates and new infrastructure to accommodate future residents and retail tenants. Project costs are estimated at $7 million to $10 million, according to Crain’s Detroit Business. A timeline for completion was not disclosed.

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DevelopmentMixed-UseSoutheastTennesseeTop Stories

Propst Development Unveils Plans for $500M Mixed-Use Project in Nashville

by John Nelson

NASHVILLE, TENN. — Propst Development LLC, a real estate development firm based in Huntsville, Ala., has unveiled plans for Broadwest, a 1.2 million-square-foot mixed-use development in Nashville. The two-tower project will be located at 1600 W. End Ave., near the intersection of Broadway and West End in Nashville’s Midtown district. Construction costs and financing details were not disclosed, but local media outlets are reporting that Broadwest will cost nearly $500 million to develop. Broadwest will feature a 21-story tower that will include more than 510,000 square feet of Class A office space. The second tower will rise 34 stories and include a 14-floor, 245-room hotel, plus 20 floors featuring roughly 200 condominium units. Approximately 125,000 square feet of office and retail space, along with a one-acre park in the center of the development, will connect the two towers. Plans also call for a 2,500-space parking deck. The project team includes Chartwell Hospitality, which will co-own and operate the hotel; Parks Realty, which will lead the condominium sales; JLL, which will handle leasing for the office portion; Cooper Carry, the project architect; general contractors Turner Construction Co. and Hoar Construction; and Premier Parking, which will oversee the parking component. The site …

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DevelopmentMixed-UseTexas

Stratus Properties to Develop 54-Acre Mixed-Use Project in Kingwood, Texas

by Taylor Williams

KINGWOOD, TEXAS — Austin-based Stratus Properties Inc. will develop Kingwood Place, a 54-acre mixed-use project in Kingwood, a 14,000-acre master-planned community located northeast of Houston. The project, which will be anchored by a 103,000-square-foot H-E-B grocery store, will also feature 41,000 square feet of additional retail space and approximately 300 multifamily units. Construction is scheduled to begin in November.

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LoansMixed-UseNew York

NKF Capital Markets Secures $60M Recapitalization for Mixed-Use Project in Brooklyn

by David Cohen

NEW YORK CITY — NKF Capital Markets has secured a $60 million loan for the recapitalization of an eight-story mixed-use project under development in the Clinton Hill neighborhood of Brooklyn. Located at 325 Lafayette Ave., the property will include 116 apartment units, 40 parking spaces and 16,943 square feet of street-level retail space. Key Food and Starbucks have pre-leased space at the property. Amenities will include a rooftop terrace, fitness center and a media and gaming lounge. NKF secured the loan on behalf of Slate Property Group. The lender was undisclosed. The project is scheduled for completion sometime this fall.

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Ameswell-Hotel-Mountain-View-CA
CaliforniaDevelopmentHospitalityMixed-UseOfficeWestern

Broadreach, Rockwood Break Ground on $250M Bay Area Mixed-Use Project

by Amy Works

MOUNTAIN VIEW, CALIF. — Broadreach Capital Partners and Rockwood Capital have broken ground on Ameswell Mountain View, a mixed-use development situated on one of last fully entitled development sites in Mountain View, just northwest of San Jose. Located at the convergence of U.S. 101 and State Route 85, the property is the culmination of four years of planning and land assemblage by Broadreach. Situated on 10 acres, the project will feature a 220,000-square-foot, Class A office building and The Ameswell Hotel, a 255-room luxury hotel. The office building will feature 47,000-square-foot floor plates, ceiling heights up to 16 feet and full-height windows. On-site amenities include a roof deck, terraces and breakout areas to connect tenant space with the outdoor environment. Additionally, parking is structured as three parking stalls per 1,000 square feet of office space. Broadreach has retained Newmark Cornish & Carey as leasing agents for the office building, which is slated for completion in November 2019. Set to open in July 2020, The Ameswell Hotel will feature creative, local design with a strong emphasis on art and technology. The hotel will include more than 6,000 square feet of meeting space, a fitness center, restaurant with outdoor dining, beer garden, …

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3280-3300-28th-St-Boulder-CO
AcquisitionsColoradoMixed-UseOfficeRetailWestern

NavPoint Real Estate Negotiates $6.5M Sale of Mixed-Use Property in Boulder

by Amy Works

BOULDER, COLO. — NavPoint Real Estate Group has arranged the sale of a multi-tenant retail/medical office property located at 3280-3300 28th St. in Boulder. REM Investment sold the property to Peterman Properties for $6.5 million. The property features 39,368 square feet of retail and medical office space. John Witt and Matt Call of NavPoint Real Estate Group represented the seller in the deal.

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DevelopmentMixed-UseNortheastPennsylvaniaTop Stories

BET Investments Breaks Ground on $200M Mixed-Use Project Near Philadelphia

by David Cohen

UPPER DUBLIN, PA. — BET Investments Inc. (Bruce E. Toll Co.) has broken ground on The Promenade at Upper Dublin, a master-planned, mixed-use project in the Philadelphia suburb of Upper Dublin. Development costs are estimated at $200 million. The project’s residential component will include 402 units and 114 active adult homes. Amenities will include a resort-style pool, gourmet kitchens with quartz countertops, stainless steel appliances and a fitness center. A planned retail component will feature 128,000 square feet of retail space, anchored by a specialty grocer and outdoor lifestyle store as well as shops and restaurants. A 2.7-acre park, more than three miles of walking trails and an outdoor events stage are also planned. The developer is implementing sustainable design features like green roofs, bike sharing and electric car charging stations. “The Promenade at Upper Dublin will be the an exciting destination, with high-end, state-of-the-art apartments that will include resort-like amenities combined with a lively and interesting combination of restaurants and shops providing a great meeting place for the surrounding communities,” says Michael Markman, president of BET Investments.  “This ‘live, work, play’ community, combining commercial and residential uses, will be the first of its kind in Eastern Montgomery County.” Upper …

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DevelopmentMarylandMixed-UseSoutheast

Carr Properties Breaks Ground on 937,000 SF Mixed-Use Project in Bethesda

by Camren Skelton

BETHESDA, MD. — Carr Properties has broken ground on a 937,000-square-foot mixed-use project located at 7272 Wisconsin Ave. in Bethesda. The development will include a 360,000-square-foot office building with ground-floor retail, two residential towers housing 456 units and a shared above- and below-ground parking facility. The office portion of the project has been dubbed “The Wilson,” and the residential portion will be known as “The Elm.” The buildings will sit atop the future Bethesda Purple Line Metro station and a newly constructed tunnel for the Capital Crescent Trail, a multi-use trial that spans 11 miles from D.C.’s Georgetown district to Silver Spring, Md. WTTG-Fox 5 News will move its headquarters from Washington, D.C., to the new development in Bethesda. A construction timeline for the project was not disclosed. Bethesda-based building and civil construction firm Clark Construction Group is building the 23-story towers.

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IndianaLoansMidwestMixed-UseTop Stories

Flaherty & Collins Receives $104M Loan for New Mixed-Use Tower in Indianapolis

by John Nelson

INDIANAPOLIS — Flaherty & Collins Properties has refinanced 360 Market Square, the company’s 27-story mixed-use tower in downtown Indianapolis. The real estate developer and property management firm used a $104 million loan from Chicago-based Heitman LLC to retire existing construction financing on the recently completed project. David Keller and Adam Mallory of HFF arranged the floating-rate financing through Heitman on behalf of Indianapolis-based Flaherty & Collins. Additional details of the loan structure were not disclosed. Delivered earlier this year, the residential and retail development features 42,000 square feet of ground-level retail space anchored by Whole Foods Market. The 40,000-square-foot grocery store opened in late March. The project also includes a 550-space parking garage, with 350 spaces reserved for residents. Sitting atop Whole Foods are 292 apartment units with 10,000 square feet of amenity space, including a fitness center, private yoga/spin studio, cyber café, screening lounge, business center and gaming lounge. Outdoor amenities include a landscaped courtyard, resort-style swimming pool and a 28th-floor sky deck that offers panoramic skyline views. According to Apartments.com, rental rates at 360 Market Square range from about $1,400 for a studio to more than $8,000 for a three-bedroom, two-bathroom unit. 360 Market Square sits on the …

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