WASHINGTON, D.C. — The NFL’s Washington Commanders have announced plans to develop a new football stadium in Washington, D.C., (“the District”), as well as a surrounding mixed-use destination. The team, which currently plays at FedEx Field in Landover, Md., has pledged to invest at least $2.7 billion into financing the project. The District has committed to a $500 million investment for the new stadium, which is expected to open in 2030. The site spans 180 acres within the Robert Francis Kennedy (RFK) campus on the city’s east side. The Commanders, formerly known as the Redskins, are developing the new 65,000-seat stadium in partnership with the District, which recently gained control of the campus via the D.C. Robert F. Kennedy Memorial Stadium Campus Revitalization Act. The legislation, which took effect in January, gave the District the ability to develop the campus for a mix of uses, lifting the restrictions that were in place under the previous lease. The legislation also required that 30 percent of the RFK campus be reserved for parks, trails and open space, not including a 32-acre riparian area along the Anacostia River. As part of the larger development, the Commanders plan to bring a variety of commercial …
Mixed-Use
O’Connor Capital to Redevelop Former Saks Fifth Avenue Store at The Esplanade in Palm Beach, Florida
by John Nelson
PALM BEACH, FLA. — New York-based O’Connor Capital Partners plans to redevelop the former Saks Fifth Avenue retail space at The Esplanade, a 146,000-square-foot shopping center located at 150 Worth Ave. in Palm Beach. The two-level, 50,000-square-foot store will be transformed to feature high-end retail, office space and lifestyle offerings. Fairfax & Sammons Architecture will design the redevelopment project, while Odyssey Retail will lead leasing efforts and tenant curation. Current luxury retailers at The Esplanade include Louis Vuitton, Emilio Pucci, Akris, Christofle, Panerai, Hublot, Carolina Herrera, Lugano Diamonds and Worth Avenue Watches.
DALLAS — A partnership between P4 Capital and Elevate Equity Partners has purchased a 112,678-square-foot mixed-use property in the Dallas Design District. The property, which comprises three sites totaling 4.4 acres at 1800 Irving Blvd., 1715 Market Center Blvd. and 1805 Market Center Blvd, was originally built to house industrial and office uses. The new ownership plans to redevelop the property into a retail, restaurant and entertainment destination. Jonathan Carrier of JLL represented the seller, a partnership between Quadrant Investment Partners and Maryland-based FCP, in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the $4.8 million sale of a mixed-use building in Lower Manhattan. The building at 47 Bayard St. in Chinatown was originally constructed in 1910 and consists of a ground-floor retail space occupied by Nice One Bakery, two residential units and four commercial units across the second and third floors. Matt Fotis, Michael Weinstein and Colton Traynham of Marcus & Millichap represented the seller and procured the buyer, both of which were local private investors that requested anonymity, in the transaction.
MCKINNEY, TEXAS — A partnership between regional developer Creation, Horizon Capital Holdings and Arizona-based investment firm Vaulter will develop Long Branch, a $1.3 billion mixed-use project that will be located about 30 miles north of Dallas in McKinney. The site, which spans 155 acres and is situated just north of the downtown area, will be developed in phases over the next decade. Plans currently call for 1,600 multifamily units; 135,000 square feet of retail space that will be anchored by a 65,000-square-foot grocery store; a 318,600-square-foot office campus with two six-story buildings; a 100-room hotel and a five-story, 910-space structured parking garage. Dallas-based GFF is leading design of the project, and LGE Design Build, which is also based in Dallas, is leading construction. Infrastructural work on the site is expected to kick off later this year, with the first phase of vertical development to follow shortly thereafter.
NASHVILLE, TENN. — JLL Capital Markets has facilitated the $50 million sale of Edgehill Village, a 58,468-square-foot mixed-use property located in Nashville’s Music Row district. Originally built in 1920 and 1934 and renovated in 2016, the property comprises 2.4 acres of retail and office space. Tenants at the property include Van Leeuwen Ice Cream, Barcelona, Consider the Wldflwrs, Warby Parker and Vow’d. Brad Buchanan and Jim Hamilton of JLL’s Investment Sales and Advisory team represented the seller, Charlotte-based Asana Partners, in the transaction. The buyer was not disclosed.
SAN ANTONIO — Locally based investment and development firm EMBREY has refinanced 7600 Broadway, a 340,814-square-foot mixed-use property in San Antonio’s Alamo Heights neighborhood. Completed in 2023, 7600 Broadway consists of 287,605 square feet of residential space across 216 units and 53,209 square feet of office space. The residential component, which features one-, two- and three-bedroom units, as well as a pool, fitness center and demonstration kitchen, was 96 percent occupied at the time of the loan closing. The office space is fully leased to EMBREY and Morgan Stanley. Robert Wooten, Jackson Finch and Meredith Sheeder of JLL arranged the refinancing, the amount of which was not disclosed, through Blackstone Mortgage Trust (NYSE: BXMT) on behalf of EMBREY.
SAN DIEGO — Northmarq has arranged the sale of The Charmer, a mixed-use community in San Diego’s Mission Hills neighborhood. Charmer LLC sold the property to Monroe Capital Real Estate Fund for $12.7 million. Built in 2011, The Charmer features 19 apartments, two live-work lofts and three commercial units. The property offers top-of-the-line interiors, abundant outdoor space with private patios and gardens, as well as amenity spaces. Tyler Sinks, Ed Rosen and John Chu of Northmarq’s San Diego Multifamily Investment Sales team represented the seller in the deal.
SPRINGFIELD, VT. — Eastern Union has arranged $9.4 million in construction-to-permanent financing for a mixed-use redevelopment project in Springfield, located in Windsor County near the Vermont-New Hampshire border. The site at 100 River St. is the original home of the historic Fellows Gear Shaper Co. mill complex and currently houses a 187,030-square-foot commercial building that is home to six tenants. The borrower, San Diego-based Integrity Community Partners LLC, will use the financing to redevelop the property to feature a 43,000-square-foot self-storage facility and 55,000 square feet of retail space. Marc Tropp, David Merkin, Ben Alpert and Ary Katzenstein of Eastern Union originated the loan through Bank of New Hampshire.
SLEEPY HOLLOW, N.Y. — Walker & Dunlop has arranged the $237 million refinancing of Edge-on-Hudson, a 70-acre mixed-use property located north of New York City in Sleepy Hollow. The financing also covers The Daymark, a five-story condo building within the riverfront property. At full build-out, Edge-on-Hudson will feature 1,177 residential units, including townhomes, condos and apartments, as well as 135,000 square feet of retail space, 35,000 square feet of office space, a 140-room boutique hotel and more than 16 acres of parkland. The Daymark, located on a southwestern parcel of the site, offers 100 condos in one-, two- and three-bedroom floor plans. About 70 units are under contract, and the first move-ins are scheduled for September. Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Sean Reimer, Dustin Stolly, Jordan Casella, Christopher de Raet and Stanley Cayre of Walker & Dunlop arranged the financing through Hudson Bay Capital. The borrower is a partnership between King Street Capital Management and Biddle Real Estate Ventures. The latter entity is the co-master developer of Edge-on-Hudson along with New Jersey-based PCD Development.