Mixed-Use

Encore Signs First Tenants to Retail Portion of $750M Mixed-Use Project in Orlando

by Camren Skelton February 6, 2018

ORLANDO, FLA. — Encore Capital Management has unveiled the first retailers to join the 200,000-square-foot SunsetWalk at Margaritaville Resort Orlando. SunsetWalk will anchor the $750 million, 300-acre Margaritaville Resort development. At full build-out, the project will feature a 187-room Margaritaville hotel, 900 resort rental homes, 300 timeshare units and a 12-acre waterpark. The project is currently under construction near U.S. Highway 192 and State Road 429, across the street from Disney’s Animal Kingdom. The largest tenant to join SunsetWalk is Studio Movie Grill, a 40,000-square-foot theater that will feature 12 screens and more than 1,000 recliners. GameTime will also join the development, opening a 24,000-square-foot entertainment center that will include a restaurant, sports bar, video arcade games, prize machines and more than 60 TVs. Country band Rascal Flatts will open a themed restaurant at the development that will feature a full-service bar, live entertainment and retail space. In addition, Rock & Brews — a restaurant associated with musicians Gene Simmons and Paul Stanley — will join SunsetWalk. Other confirmed tenants at the development include Skechers, Bahama Bucks, Avalon Day Spa, Café Rio, Cold Stone Creamery, Paradise Spirits and Wine and BugerFi. The first phase of SunsetWalk is expected to open in November.

February 6, 2018

Mixed-Use Texas

Cielo Breaks Ground on Mixed-Use Project in East Austin

by Taylor Williams February 6, 2018

AUSTIN, TEXAS — Cielo Property Group has broken ground on The Foundry, a mixed-use project in east Austin that will comprise 76,000 square feet of office space and 17 condo units, 11 of which are already under contract. DPR Construction, the general contractor for the project, has preleased 30,000 square feet at the three-story office property. Independent Bank provided the construction loan for the development, which is scheduled to open in March 2019. Sixthriver Architects designed the office building. CBRE will handle leasing of the property.

February 6, 2018

Mixed-Use New York Northeast Top Stories

Oxford Properties, CPPIB Acquire Manhattan Site for $700M, Plan Mixed-Use Development

by John Nelson February 1, 2018

NEW YORK CITY — Oxford Properties Group and Canada Pension Plan Investment Board (CPPIB) have closed on the $700 million acquisition of a 3.25-acre development site in the Hudson Square district of Manhattan’s Midtown South submarket. The historic St. John’s Terminal site, which will be redeveloped into a mixed-use project, is situated south of West Houston Street and features 600 feet of frontage along the Hudson River. The northern portion of the site was not included in the transaction and will be developed separately. The joint venture between Toronto-based Oxford and CPPIB purchased the site from Westbrook Partners and Atlas Capital Group. Oxford owns a 52.5 percent interest in this joint venture and will manage the future development, details of which will be announced in the second half of the year. CPPIB owns the remaining 47.5 percent interest in the site. The parcel includes an existing 1.3 million-square-foot structure that was built in 1934 as the rail freight terminus to New York Central Railroad’s West Side Line. In December 2016, the New York City Council approved the air rights rezoning of the site to develop up 1.7 million square feet of mixed-use space. Cushman and Wakefield’s New York Capital Markets …

February 1, 2018

Mixed-Use Multifamily New York Northeast Retail

Alpha Realty Brokers $8.8M Sale of Mixed-Use Property in Greenwich Village

by Amy Works January 31, 2018

NEW YORK CITY — Alpha Realty arranged the sale of a mixed-use building located at 133 W. Third St. in Manhattan’s Greenwich Village. An undisclosed buyer acquired the 6,200-square-foot property for $8.8 million, or $1,437 per square foot. The building features seven apartments and one retail space. Scott Schwartz of Alpha Realty represented the buyer, while Michael Coratolo of Coratolo Associates and Jim Mann of Friedman Roth represented the seller in the deal.

January 31, 2018

Loans Mixed-Use Multifamily New York Northeast Retail

Pembrook Capital Provides $2.3M Loan for Mixed-Use Property in Brooklyn

by Amy Works January 31, 2018

NEW YORK CITY — Pembrook Capital Management has provided a $2.3 million second mortgage loan to finalize the construction of a mixed-use property located at 144-146 West St. in Brooklyn’s Greenpoint neighborhood. Pembrook previously closed a $6.2 million first mortgage loan for the project in March 2017. The sponsor, comprised of multiple developers, began construction on the six-story, 21,341-square-foot apartment building, with commercial space, on an infill site. The additional $2.3 million loan will fund the construction of four additional apartments, which are targeting individuals or households up to 80 percent average median income (AMI), while agreeing to restrict three additional units to 130 percent AMI. Completion is slated for this year.

January 31, 2018

Mixed-Use Texas

LDG to Develop $29M Mixed-Use Project in Balch Springs, Texas

by Taylor Williams January 31, 2018

BALCH SPRINGS, TEXAS — Louisville-based LDG Development LLC will develop Villages at Ambassador Way, a $29 million mixed-use project that will be located at the corner of Ambassador Way and Gaiter Drive in Balch Springs, an eastern suburb of Dallas. Upon completion of construction, the first phase of which is scheduled to begin within the next month, the project will offer 221 multifamily units and 24,000 square feet of retail space. Residential amenities will include a pool, outdoor grilling area, theater room, fitness center, computer lab, playground and walking trails.

January 31, 2018

Mixed-Use Multifamily Retail Southeast Tennessee

Stiles, Hensler to Develop 625,000 SF Mixed-Use Project in Nashville

by Camren Skelton January 31, 2018

NASHVILLE, TENN. — Nashville-based Hensler Development Group, in conjunction with South Florida-based Stiles, has unveiled plans to develop Peabody Union, a 625,000-square-foot mixed-use project in Nashville. At full build-out, the development will feature 105,000 square feet of retail, 170,000 square feet of Class A office space and a 25-story, 350,000-square-foot residential tower overlooking downtown and the Cumberland River. The retail space will include flagship anchors, health and fitness concepts, local artisans and restaurants. In addition, Peabody Union will showcase local artistry and technology from the neighboring Entrepreneur Center. The joint venture paid $16 million to the Metropolitan Development and Housing Agency (MDHA) for the five-acre site, situated on the northern bluff of Rolling Mill Hill, and will contribute an additional $1 million toward affordable housing in Nashville. As part of the deal, MDHA will commit $17.5 million in tax increment financing (TIF) to fund construction of approximately 400 MDHA-controlled garage spaces, as well as traffic signalization, streetscapes and greenway improvements along the Cumberland River. Peabody Union, along with neighboring retail and office developments, will establish a new “Design District” on approximately 15 acres along the Cumberland River. Upon completion of all phases in 2023, the new Design District will feature roughly …

January 31, 2018

Loans Mixed-Use Multifamily North Carolina Southeast

Trez Forman Provides $35M Construction Loan for Mixed-Use Project in Coastal North Carolina

by Camren Skelton January 30, 2018

WILMINGTON, N.C. — Trez Forman Capital Group has provided a $35 million loan for the development of River Place, a mixed-use project located at 200 N. Water St. in downtown Wilmington. The Florida-based company is a joint venture between Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group. Trez Forman Capital arranged the loan on behalf of developer East West Partners. The Chapel Hill, N.C.-based firm is developing the 13-story project, which will include 92 condominium residences, 79 apartment units and 32,000 square feet of retail space. The building will be the central component of a more than $70 million redevelopment of a municipal parking deck with a new 400-space parking garage. River Place will feature a rooftop pool, fitness center and a clubhouse. Individual units will feature open floor plans and balconies with views of the Cape Fear River.

January 30, 2018

Illinois Midwest Mixed-Use

Adelphia Negotiates Sale of 4,800 SF Mixed-Use Property in Fox Lake, Illinois

by Kristin Harlow January 23, 2018

FOX LAKE, ILL. — Adelphia Properties has arranged the sale of a 4,800-square-foot mixed-use property in Fox Lake, about 56 miles north of Chicago. The sales price was not disclosed. The property, located at 1 Nippersink Blvd., was 100 percent leased at the time of sale. In addition to three apartment units on the second floor, the ground floor is home to one tenant, Lucky Bernies Gaming. Simeon Spirrison and George Spirrison of Adelphia represented both the buyer, a local investor, and the undisclosed seller.

January 23, 2018

Loans Mixed-Use Multifamily New York Northeast Office Retail

Ready Capital Structured Finance Secures $6M Loan for Mixed-Use Property in SoHo

by Amy Works January 22, 2018

NEW YORK CITY — Ready Capital Structured Finance has arranged $6 million in financing for the acquisition, renovation and stabilization of a mixed-use property in SoHo. The financing is a non-recourse senior floating-rate bridge loan. The property features 7,500 square feet of retail, office and multifamily space.

January 22, 2018

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