Mixed-Use

Downtown Dallas Skyscraper to Undergo $380M Redevelopment

by Taylor Williams November 29, 2017

DALLAS — The Drever, a 52-story mixed-use property in downtown Dallas, will undergo a redevelopment project valued at approximately $380 million, according to the Dallas Business Journal. The outlet also reports that developer Drever Capital Management recently landed a $67 million bridge loan through Starwood Property Trust, enabling it to move forward with the redevelopment. The project will convert the 1.5 million-square-foot building into a development comprising a 324-unit high-rise apartment tower, a 218-room Thompson hotel and undisclosed amounts of office and retail space. Dallas-based Merriman Anderson is providing architectural and design services for the project and Andres Construction is serving as general contractor. The project is expected to be complete by the end of 2018.

November 29, 2017

SteelWave, Invesco Buy LA Times’ Printing Press, Offices for Mixed-Use Conversion

by Nellie Day November 29, 2017

COSTA MESA, CALIF. — A joint venture between SteelWave and Invesco Real Estate has purchased The Press, a 249,075-square-foot printing press warehouse in Costa Mesa, for an undisclosed sum. The acquisition also includes an attached 112,408-square-foot office building and an adjacent four-acre parcel of land. The asset formerly served as the printing facility for the Los Angeles Times, while the office building served as the Times’ Orange County press room. The JV plans to develop about 420,000 square feet of creative office and retail space. The site is entitled for up to 650,000 square feet, leaving 230,000 square feet of remaining entitlements for future development. The project is directly adjacent to SteelWave’s Hive project, a 180,000-square-foot creative office development that serves as the headquarters and training facility for the Los Angeles Chargers. HFF’s John Rose, Todd Sugimoto, Patrick Burger and Olga Walsh arranged acquisition financing for the development.

November 29, 2017

Industrial Massachusetts Mixed-Use Northeast Office Retail

Senate Construction to Build 50,000 SF Mixed-Use Facility in Tyngsborough, Massachusetts, for Crane Realty Trust

by Amy Works November 28, 2017

TYNGSBOROUGH, MASS. — Senate Construction Co. has been awarded the design/build contract to construct a mixed-use facility in Tyngsborough for Crane Realty Trust. The 50,000-square-foot building will feature office and manufacturing space. Mass Crane & Hoist Inc. will use the facility as its new headquarters.

November 28, 2017

Loans Mixed-Use New York Northeast Office Restaurant Retail

Madison Realty Capital Closes $64M Construction Loan for Mixed-Use Development in Brooklyn

by Amy Works November 27, 2017

NEW YORK CITY — Madison Realty Capital has provided a $64 million construction loan for 200 Kent Avenue, a mixed-use development located in Brooklyn’s Williamsburg neighborhood. The 117,326-square-foot project will feature 50,101 square feet of retail space, 22,055 square feet of office and restaurant space and 45,170 square feet of parking. The retail portion of the development will be anchored by a popular national grocery chain. MRC funded a portion of the $64 million facility at closing to retire existing debt and will provide further advances for construction as the project progresses.

November 27, 2017

Mixed-Use Multifamily New York Northeast Office Restaurant Retail

Tritec Real Estate Receives Economic Package for $538M Transit-Oriented Project in Ronkonkoma, New York

by Amy Works November 17, 2017

RONKONKOMA, N.Y. — The Town of Brookhaven Industrial Development Agency (IDA) has closed on a package of economic benefits for the first phase of Tritec Real Estate Co.’s planned Ronkonkoma hub transit-oriented development project, which is expected to break ground soon. The package was approved unanimously in 2014, but did not close until recently due to the timing of required approvals, including sewer connections, and the acquisition by East Setauket, N.Y.-based Tritec and its partner of various properties at the project site from private owners. The total project, valued at $538 million, is expected to feature up to 1,145 apartments and 545,000 square feet of retail and office space on 50 acres near the Long Island Rail Road station. Phase 1 of the project, which includes the construction of infrastructure and 477,300 square feet of apartments on 11.9 acres, is valued at $112.7 million. The first phase is expected to create 977 construction industry jobs and 76 full-time jobs upon completion. The construction of the first phase is expected to take three years.

November 17, 2017

Midwest Minnesota Mixed-Use

RD Management Unveils Plans for Mixed-Use Project Surrounding Allianz Field in St. Paul, Minnesota

by Kristin Harlow November 17, 2017

ST. PAUL, MINN. — RD Management LLC has unveiled plans for the Midway/Allianz Field mixed-use project in St. Paul. With 20 acres zoned for multi-use, the company intends to add retail, office, residential, entertainment and hospitality options to its property following the completion of the adjacent Allianz Field, home of the Minnesota United. Construction of the $200 million soccer stadium is slated for completion in spring 2019. The future expansion of the Midway/Allianz Field mixed-use project will include the construction of new buildings and is part of a master plan to be built along the western edge of the property on Snelling Avenue. The current L-shaped space on the eastern side of the property with 20 active businesses will remain intact following the demolition of Rainbow grocery store, Walgreens, Home Choice and Big Top Liquor to make way for the new stadium. Located at 1460 University Avenue West and Snelling Avenue North, the 293,732-square-foot Midway is halfway between Minneapolis and St. Paul.

November 17, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

HFF Secures $61.5M in Construction Financing for Mixed-Use Development in Queens

by Amy Works November 17, 2017

NEW YORK CITY — HFF has arranged $61.5 million in construction financing for the development of Roosevelt Parc, a 15-story transit-oriented mixed-use development located at 71-17 Roosevelt Ave. in the Jackson Heights neighborhood of Queens. Steven Klein and Geoff Goldstein of HFF secured the floating-rate construction loan through Principal Global Investors for the borrower, an affiliate of Werber Real Estate. Being developed by Werber Real Estate and Socius Development Group, the property will feature 154 residential units, 16,577 square feet of retail space, 23,074 square feet of community facility space and a 186-space parking garage. Additionally, the property is within one block of the Jackson Heights – Roosevelt Avenue subway station. Designed by Marvel Architects, the development will feature 40,000 square feet of amenity space, including a rooftop deck, a movie screening room, a fitness center, a children’s playroom, a courtyard, lounge areas and a 24-hour concierge. Units will feature a mix of studio through four-bedroom floor plans with stainless steel appliances, granite countertops, wood flooring and in-unit washers and dryers.

November 17, 2017

Mixed-Use Multifamily New York Northeast Retail

Marcus & Millichap Brokers $1.1M Sale of Development Site in Brooklyn

by Amy Works November 16, 2017

NEW YORK CITY — Marcus & Millichap has arranged the sale of a development site located at 2433 Pitkin Ave. in Brooklyn. A private investor acquired the site for $1.1 million. The buyer plans to develop a mixed-use property featuring 32 residential units and ground-floor retail space on the site. Jakub Nowak, Jim McGuckin and Thomas Brennan of Marcus & Millichap represented the seller, a private investor, and the buyer in the deal.

November 16, 2017

Georgia Hospitality Mixed-Use Restaurant Retail Southeast

Nobu Hotel, Restaurant to Headline Phipps Plaza Expansion in Atlanta’s Buckhead District

by Camren Skelton November 15, 2017

ATLANTA — Simon has unveiled plans to transform Phipps Plaza, an upscale shopping mall in Atlanta’s Buckhead district, into a mixed-use destination. The additional uses coming to Phipps Plaza include a 150-room Nobu Hotel, 10,000-square-foot Nobu Atlanta Restaurant, 90,000-square-foot Life Time Athletic fitness center and a 12-story office building. The hotel will feature a rooftop pool, conference space and spa facilities, and the restaurant will offer Japanese-style cuisine. Life Time will develop an athletic club in a three-level space that will feature studio, yoga and cycle classes, personal training, a café, rooftop pool, beach club and a bistro. The new buildings will join recent additions to Phipps Plaza including the 166-room AC Hotel Atlanta Buckhead and the 319-unit Domain at Phipps Plaza, an upscale apartment community. Construction is scheduled to begin in 2018, with a phased opening beginning in spring 2020.

November 15, 2017

Connecticut Mixed-Use Multifamily Northeast Retail

Avison Young Brokers $1.2M Sale of Development Site in Wilton, Connecticut

by Amy Works November 14, 2017

WILTON, CONN. — Avison Young has brokered the sale of a development site located at 200 Danbury Road in Wilton. The Kent House LLC sold the parcel to 200 Danbury Road LLC for $1.2 million. The buyer plans to develop a mixed-use residential and retail center on the site. Sean McDonnell and Alison Luisi of Avison Young represented the seller in the deal.

November 14, 2017

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