Mixed-Use

Community Development District Closes $74.1M Bond Issuance for Miami Worldcenter

by John Nelson March 1, 2017

MIAMI — The Miami Worldcenter Community Development District (CDD), comprising property owners within the 27-acre, master-planned Miami Worldcenter in downtown Miami, has closed $74.1 million in private bond issuance. The $2 billion Miami Worldcenter development is now under construction and will feature residential, retail, office and hospitality components. At no cost to the public, the bonds will fund infrastructure upgrades within Miami Worldcenter, including modernized mass transit stations, landscaping, widened sidewalks, increased water and sewer capacity, new street lights and enhanced electrical systems. North Miami Beach-based FMSbonds Inc. was the sole underwriter of the tax-exempt bonds, which are backed by special assessments levied on property owners within the CDD. Greenberg Traurig served as bond counsel, and Squire Patton Boggs served as underwriters counsel. Billing, Cochran, Lyles, Mauro & Ramsey PA served as issuers counsel, and Fishkind & Associates served as financial advisors to the Miami Worldcenter CDD. Master developer Miami Worldcenter Associates, led by Art Falcone and Nitin Motwani, will deliver Miami Worldcenter in phases over the coming years.

March 1, 2017

Illinois Midwest Mixed-Use

SVN Arranges $1.8M Sale of Mixed-Use Property Portfolio in Chicago

by Kristin Harlow March 1, 2017

CHICAGO — SVN has arranged the sale of a mixed-use property portfolio in Chicago’s Pilsen neighborhood for $1.8 million. The portfolio consists of two buildings at the corner of 18th Street and Carpenter Street. The properties include 15 apartment units and two retail storefronts. Angelo Labriola and Paul Cawthon of SVN arranged the sale. Neither the buyer nor the seller was disclosed.

March 1, 2017

Features Mixed-Use Top Stories

AIA’s First Architecture Billings Index for 2017 Slips into Negative Territory

by John Nelson February 28, 2017

WASHINGTON, D.C. — The first Architecture Billings Index (ABI) of the year slipped below the positive mark, reflecting a decline in demand for design activity at architecture firms. The American Institute of Architects (AIA) reported the January ABI score was 49.5, down from a very strong 55.6 in December 2016. The score reflects a decrease in design activity, with any score above 50 indicating an increase in billings. The new projects inquiry index was 60.0, up from a reading of 57.6 the previous month, and the design contracts index, which is an early indicator of construction contract awards, was also positive with a mark of 52.1. Given the positive showing for the new projects inquiry and design contracts indices, Kermit Baker, AIA’s chief economist, isn’t too concerned about the ABI starting 2017 in the negative territory. “This small decrease in activity, taking into consideration strong readings in project inquiries and new design contracts, isn’t exactly a cause for concern,” says Baker. “The fundamentals of a sound nonresidential design and construction market persist.” Regionally, the West was the only geographic region with a negative showing (48.8). The South led the way with a 54.2 mark, followed by the Northeast (53.0) and …

February 28, 2017

Mixed-Use Texas

Trademark Adds Bartaco to Tenant Roster at Mixed-Use Development in Fort Worth

by Taylor Williams February 27, 2017

FORT WORTH, TEXAS — Trademark Property Co. has announced the addition of Bartaco to WestBend, its mixed-use development in Fort Worth’s university district. Of WestBend’s 670,000 square feet of retail, multifamily and office space, the Latin-themed eatery, operated by Barteca Restaurant Group, will occupy 4,853 square feet overlooking the Trinity River. The deal is part of WestBend’s Phase II expansion of WestBend onto a 3.5-acre tract south of the property.

February 27, 2017

Alabama Mixed-Use Southeast Top Stories

White-Spunner, Poarch Band of Creek Indians to Deliver First Phase of $500M Resort in Alabama

by John Nelson February 23, 2017

FOLEY, ALA. — White-Spunner Construction (WSC) and the Poarch Band of Creek Indians are underway on OWA, a $500 million entertainment and retail district in Foley, a town in south Alabama near the Gulf of Mexico. WSC is constructing 154,000 square feet of retail and dining space for the $240 million first phase of OWA, which is set to open this summer. Phase I of OWA will also feature a themed amusement park and a 150-room Marriott TownePlace Suites hotel. Future phases call for a water park, additional hotels and a resort-level RV park. “This will be an exciting new family-friendly destination for locals and visitors alike in Baldwin County,” says John White-Spunner, president of WSC. “We’re proud to be a part of such an innovative entertainment concept that will bring thousands of new jobs and draw more tourism to the Gulf Coast.” When completed, the OWA development is expected to generate nearly 3,500 direct and indirect jobs and draw about 1 million visitors a year. Plans call for the development to include three themed districts that offer shopping, dining and other entertainment. Located off the Foley Beach Express and County Road 20, OWA is nine miles from Gulf Shores …

February 23, 2017

Loans Mixed-Use Multifamily New Jersey Northeast Retail

Ariel Properties Secures $1.8M Acquisition Loan for Mixed-Use Building in Manasquan, New Jersey

by Amy Works February 20, 2017

MANASQUAN, N.J. — Ariel Property Advisors has arranged a $1.8 million acquisition loan for the $2.4 million purchase of a mixed-used property, located at 140 Main St. in Manasquan. The 6,000-square-foot property features four retail units and five residential units. Ariel’s Capital Services Division arranged the non-recourse seven-year loan for an undisclosed borrower.

February 20, 2017

Mixed-Use Office Retail Texas

EDGE Realty Capital Brokers Sale of 8,815 SF Mixed-Use Asset in McKinney, Texas

by Amy Works February 20, 2017

MCKINNEY, TEXAS — EDGE Realty Capital Markets has arranged the sale of a mixed-use property located at 7508 Eldorado Parkway in McKinney. Iselworth Management Inc. sold the 8,815-square-foot property to Guidepost A LLC, a Delaware-based limited liability company, for an undisclosed price. Wilson Stafford and Brandon Crow of EDGE Realty Capital Markets represented the seller, while Stephen Coffey of Greyhawk Associates represented the buyer in the deal.

February 20, 2017

Florida Mixed-Use Southeast

Terra, Mayfair to Transform Parking Garage in South Florida into Mixed-Use Asset

by John Nelson February 15, 2017

COCONUT GROVE, FLA. — Terra and partner Mayfair Real Estate Advisors plan to transform a 1980s-era parking garage in Coconut Grove into Mary Street, a Class A mixed-use project. Designed by Touzet Studio, the property will include three levels of office space, a public parking garage component and 20,000 square feet of street-level retail space fronting Mary, Oak and Rice streets. The property will include a main lobby, 24-hour security, covered valet and drop-off, dedicated elevators, electric car charging stations and bike storage. Construction on Mary Street is set to begin early this year. Terra has two other projects in Coconut Grove under construction: Grove at Grand Bay, a condominium property, and Park Grove, a multifamily community. Mary Street will represent the first construction of office space in Coconut Grove in more than 20 years, according to Terra.

February 15, 2017

Mixed-Use Multifamily Retail Student Housing Texas

Balfour Beatty, Wynne/Jackson to Develop $67M Second Phase of Student Housing Property at UT Dallas

by Amy Works February 15, 2017

RICHARDSON, TEXAS — Balfour Beatty Campus Solutions, along with Dallas-based Wynne/Jackson and lead equity partner Star Alliance, has closed on the financing for the second phase of a mixed-use project for the University of Texas at Dallas in Richardson. The development team will expand on the Northside Phase 1 development by delivering 275 housing units and more than 6,600 square feet of retail space valued at $67 million as part of a public-private partnership. Situated on 12 acres, the second phase will include mid-rise apartments and townhomes totaling 900 beds, as well as shops, restaurants and entertainment venues to serve the 27,000 students, faculty, staff and young professionals of the university and greater Richardson area. Additionally, the new development will have a fitness facility, a resort-style pool, patio areas and spaces for small gatherings. Andres Construction will lead the overall design/build team, with Architecture Demarest as the lead design firm. Construction is underway, with completion slated for August 2018.

February 15, 2017

Midwest Mixed-Use Ohio

Columbus Downtown Development Corp. Seeks Developer for 21-Acre Mixed-Use Project at Scioto Peninsula

by Kristin Harlow February 14, 2017

COLUMBUS, OHIO — The Columbus Downtown Development Corp. is seeking a national developer for a 21-acre mixed-use project at the Scioto Peninsula along the city’s waterfront. A request for qualifications (RFQ) was released on Friday. The Scioto Peninsula mixed-use development will include residential, commercial, office, retail and cultural amenities. The goal is to transform downtown Columbus and its waterfront areas into an active live, work and play environment for residents and visitors. The project will encompass 3.1 million square feet, including 1,575 to 1,800 apartments, up to 840,000 square feet of office space, 180,000 square feet of retail space and up to 240 hotel rooms. The Scioto Peninsula, located near the Scioto River, will be anchored by the National Veterans Memorial & Museum, which is slated to open in 2018, as well as the COSI science museum. The development site is adjacent to the Scioto Mile, Columbus’ system of waterfront parks, with easy access to recreational trails connecting to The Ohio State University, Victorian Village and other Columbus neighborhoods. RFQ submittals are due on March 27. A developer is expected to be chosen in July, and the project is expected to break ground in the first half of 2018.

February 14, 2017

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