Mixed-Use

SL Green, RXR Realty to Acquire 48.7 Percent Interest in Worldwide Plaza in Manhattan

by Amy Works September 14, 2017

NEW YORK CITY — SL Green Realty Corp. has partnered with RXR Realty to acquire a 48.7 percent interest in Worldwide Plaza, a Class A mixed-use property in Midtown Manhattan. New York REIT is selling the interest and will continue to own the remaining equity with WWP Sponsor, its existing partner. Slated to close in the fourth quarter, the transaction values the asset at $1.7 billion. Developed in 1989, Worldwide Plaza consists of a 49-story, 1.8 million-square-foot office tower, a 252,000-square-foot retail building with parking garage and a large open-air plaza. Tenants at the office tower include Nomura Holdings, Cravath Swaine and Moore LLP, WebMD, WNet.org, Rubenstein and CBS Broadcasting. The retail building features a five-stage off-Broadway theater, a 475-space parking garage and TMPL, a state-of-the-art fitness gym. At the time of sale, the property was 100 percent leased.

September 14, 2017

Hawaii Mixed-Use Top Stories Western

Salem Partners to Develop $750M Mixed-Use Project in Honolulu

by John Nelson September 14, 2017

HONOLULU — Salem Partners, a commercial real estate developer based in Los Angeles, is moving forward on its $750 million, two-tower project in Honolulu. The Honolulu City Council recently gave Salem Partners approval to build the 450-unit condominium and hotel development, which is part of Honolulu’s Ala Moana Transit Oriented Development Plan. The first development in the plan is Salem Partner’s Mana’olana Place project, which is slated to break ground across from the Hawaii Convention Center in the second quarter of 2018. A new Mandarin Oriental Hotel will anchor the development. “We have enthusiastically embraced the city’s new TOD plan and look forward to the completion of the transit system in 2022,” says James Ratkovich of Salem Partners. Salem Partners received a special transit permit to build up to 400 feet high instead of the 250 feet previously allowed. The developer has also proposed for 78 affordable apartments to be built in collaboration with EAH Housing at the site, which spans 1.42 acres at 1500 Kapiolani Ave. “It is an innovative solution for deeply needed affordable units in Honolulu,” says Ratkovich. At this time the affordable units are designated for seniors housing. Colorado-based architect [au] workshop designed the two towers, …

September 14, 2017

Georgia Mixed-Use Southeast

North American Properties to Break Ground on Food Hall at Colony Square in Atlanta’s Midtown District

by Camren Skelton September 13, 2017

ATLANTA — North American Properties (NAP) has unveiled plans to develop a 28,000-square-foot food hall at Colony Square, a mixed-use destination at the corner of 14th and Peachtree streets in Atlanta’s Midtown district. Dubbed Main & Main, the food hall will include indoor and outdoor dining space and a staging area designed for a variety of event programming. The area will host Colony Square’s more than 200 signature and seasonal events annually. Restaurant designer and architect David Thompson is leading the project’s design, and restaurateur Steve Palmer will be the food hall’s chef curator. Main & Main will feature approximately 12 to 15 culinary concepts, as well as complementary vendors such as flower, chocolate and pastry pop-ups and an incubator space to host nonprofits. In addition, the project will include The Grove, a green space outfitted with soft seating, Spanish steps and a beer garden, that will serve as the gateway to Main & Main. NAP will break ground on Main & Main this fall, with the first phase of development slated to open in 2018.

September 13, 2017

Mixed-Use Multifamily New York Northeast Retail

Trinity Place Holdings to Acquire Mixed-Use Property in Brooklyn for $81M

by Amy Works September 12, 2017

NEW YORK CITY — Trinity Place Holdings has entered into an option agreement to acquire a newly built apartment building, located at 237 11th St. in Brooklyn’s Park Slope neighborhood, for $81 million. The 12-story building features 105 apartment units and 6,264 square feet of retail space, which is leased to Starbucks Coffee. On-site amenities include a courtyard garden, party room, fitness center, tenant lounge, bicycle storage room, parking and a landscaped rooftop terrace. The transaction, which is subject to customary closing conditions, is expected to close in the first quarter of 2018. The name of the seller was not released.

September 12, 2017

Mixed-Use Multifamily Northeast Office Pennsylvania Retail Top Stories

Cronheim Mortgage Secures $117.5M Financing for Madison Farms Mixed-Use Development in Pennsylvania

by Katie Sloan September 12, 2017

BETHLEHEM, PA. — Cronheim Mortgage has secured $117.5 million in permanent and construction financing for Madison Farms, a mixed-use development in Bethlehem, located north of Philadelphia and west of New York City. The development, upon completion, will feature 152,000 square feet of retail anchored by a 67,400-square-foot ShopRite; a two-story, Class A medical office building occupied by the Lehigh Valley Health Network; and 570 luxury one- and two-bedroom residential units across 15 buildings. Tenants at the property’s retail center include Starbucks Coffee, Chipotle Mexican Grill, Provident Bank, Pure Barre, Pet Valu and Supercuts. The residential property features a 6,500-square-foot clubhouse with a billiards room, multimedia center, fitness center, golf simulator and business center, as well as an outdoor deck with a pool, barbecues and fire pits. The financing — provided by American General Life Insurance Co. — consists of two separate loans placed on behalf of Madison Farms Retail and Madison Farms Residential with 20-year terms and 30-year amortization schedules. For Madison Farms Retail, Cronheim arranged $32 million in permanent financing. For Madison Farms Residential, the company secured an $85.5 million credit facility with two years of interest-only payments. This loan provides permanent financing for the 294-unit first phase of residential development, …

September 12, 2017

Mixed-Use Southeast Tennessee

Southeastern Underway on Development of $160M Mixed-Use Project in Knoxville

by Camren Skelton September 11, 2017

KNOXVILLE, TENN. — Southeastern Development is underway on One Riverwalk, a $160 million mixed-use project in downtown Knoxville. The Augusta, Ga.-based company demolished 800,000 square feet of the former Baptist Hospital to make way for the project. Upon completion, the 23-acre development will include a 300-unit apartment community that is slated to open in November, a student housing facility, a new hotel and various retail and office buildings. Regal Cinema Corp., one of the world’s largest theater chains, redeveloped a former 180,000-square-foot medical building on the site, with plans to relocate its corporate headquarters to the development this fall. University Housing Group purchased five acres within the project to develop the student housing community, servicing students attending the University of Tennessee. The student housing units are slated to open in summer 2018. Phase II of the project will bring a Home2 Suites Hotel, slated to open in the fall of 2018; the renovation of an existing 50,000-square-foot office building that will be converted to retail and restaurant space; 10,000 square feet of retail space; and reconfiguration of Blount Avenue to include wider sidewalks, bike paths and landscaped medians. Public improvements are slated to debut in summer 2018, and restaurant and …

September 11, 2017

Market Reports Maryland Mixed-Use Retail Southeast Southeast Market Reports

Mixed-Use Developments Winning the Retail Battles Across Metro Baltimore

by John Nelson September 11, 2017

Anxiety and hand-wringing about the future of retail were evident at this year’s ICSC RECon event, as developers, retailers and restaurant operators continue trying to make sense of the persistent march of online buying, while also looking to inject new enthusiasm into the bricks-and-mortar shopping experience. In the greater Baltimore metropolitan region, we are experiencing many of same issues as the balance of the country. But, like always, we believe this region has several built-in advantages that will continue to buoy the retail environment, including a diversified business climate, proximity to Washington, D.C., and presence of defense contractors. While “caution ahead” signs seem to be lurking around every corner, there are numerous developments in Baltimore that are screaming “full steam ahead.” Darwinism is in full effect locally, as shopping centers embedded within planned-unit developments or retail destinations offering e-commerce-resistant experiences are the venues with the brightest futures. The developers and retailers that are willing to accept and adapt to changing trends, such as millennials’ preference for experiences rather than ownership, are the entities that will be left standing after this latest seismic shift. Here is a quick look around the Baltimore area landscape, with a focus on the various starts …

September 11, 2017

California Mixed-Use Western

The Picerne Group, Shopoff Realty Break Ground on Mixed-Use Development in Newport Beach

by Nellie Day September 8, 2017

NEWPORT BEACH, CALIF. — A joint venture between The Picerne Group and Shopoff Realty Investments has broken ground on Phase I of Uptown Newport, a 25-acre mixed-use development located in Newport Beach. The first phase of development will include 462 residential units, 218 for-sale condominiums, 6,500 square feet of restaurants and a one-acre public park. Leasing will begin for the residential units in 2019. At completion, the project will feature 1,244 residential units, up to 11,500 square feet of retail and restaurants and two one-acre parks.

September 8, 2017

Loans Mixed-Use Texas

Southside Bank Provides $36.8M Construction Loan for Mixed-Use Project in College Station

by Taylor Williams September 8, 2017

COLLEGE STATION, TEXAS — Southside Bank has provided a $36.8 million loan to Stratus Properties Inc. for the construction of Jones Crossing, a 258,000-square-foot mixed-use property in College Station. The project will be anchored by a 106,000-square-foot H-E-B store and will include 47,250 square feet of village-style retail space, eight pad sites, up to 600 multifamily units and a 120-room hotel. Stratus began construction on Jones Crossing’s first two phases this week. Loan terms were not disclosed.

September 8, 2017

Maryland Mixed-Use Southeast Top Stories

Natixis Arranges $125M Construction Loan for Mixed-Use Property in Baltimore

by Kristin Harlow September 8, 2017

BALTIMORE — Natixis has served as lead arranger for a $125 million senior loan for the construction of an 800,000-square-foot mixed-use property in Baltimore. Natixis, M&T and CIT are providing the capital. In addition, HFF arranged $44 million in mezzanine financing through Bridge Investment Group Holdings. The HFF debt placement team representing the borrower included Mark Remington, Brian Crivella and Drake Greer. Madison Marquette is developing the property, which is named One Light Street. The building will be 28 stories tall and feature 280 apartment units. The Class A property will also feature 252,243 square feet of office space, over 5,000 square feet of street-level retail and 646 parking spaces. M&T Bank is the lead tenant. The property is located near to the Inner Harbor, the Baltimore Ravens M&T Bank Stadium and Oriole Park at Camden Yards. “Downtown Baltimore is undergoing major urban renewal, from renovations of older buildings by local real estate investors to billion-dollar development projects by direct users like universities and corporations,” says Greg Murphy, head of Natixis Real Estate Finance Americas. “One Light Street will further add to downtown’s revitalization.” Madison Marquette is a real estate investment manager, developer, operator and service provider headquartered in Washington, D.C. …

September 8, 2017

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