Mixed-Use

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

Illinois Midwest Mixed-Use

Blackstone to Invest $500M to Remake Willis Tower in Chicago

by Kristin Harlow February 13, 2017

CHICAGO — Blackstone and Equity Office have unveiled a $500 million investment plan to remake Willis Tower in downtown Chicago. The tower will be transformed with office, retail and entertainment space. This will be the first renovation for the tower, constructed in 1973. Approximately 460,000 square feet of existing space within the tower will be reconfigured. This includes 150,000 square feet of space for exclusive tenant use, including a full-service fitness center, expansive tenant lounges, private event space and concierge services. The plan also calls for more than 300,000 square feet of new retail, dining and entertainment space to be added to the base of the building, and a new 30,000-square-foot outdoor deck and garden space. Part of the investment will also focus on enhancing the tower’s 103rd floor Skydeck Chicago experience. Work to transform the tower is scheduled to begin this month, and will create an additional 2,500 jobs. San Francisco-based design firm Gensler designed the renovation. Gonzalez Architects designed the tenant-only office amenities, and Los Angeles-based Hetzel Design is overseeing the design concepts for the Skydeck enhancements. Design-build firm Turner Clayco will oversee the construction of the new Willis Tower.

February 13, 2017

Florida Mixed-Use Southeast

Blackhawk Properties to Develop Seven-Story Office Building in Downtown Fort Lauderdale

by John Nelson February 13, 2017

FORT LAUDERDALE, FLA. — Blackhawk Properties & Investments LLC plans to begin construction in May on the 550 Building, a seven-story office property located at 550 S. Andrews Ave. in downtown Fort Lauderdale. Demolition has begun on the site, which formerly housed the 30,734-square-foot Justice Building. Blackhawk purchased the site in 2013 for $3.6 million. Situated across from the new Broward County Judicial Complex, the 86,257-square-foot 550 Building will feature 7,500 square feet of ground-level retail and patio space and six floors of offices. The property will also feature an attached 663-space parking garage with 14,000 square feet of retail and restaurant space on the ground floor known as The SOLO Shoppes. The project team includes Kate Murphy of Collins Capital Partners, Thomas McDonald of Craven Thompson & Associates, William Murphy of Douglas Management and architect Falkanger, Snyder, Martineau and Yates. Blackhawk has hired Berger Commercial Realty/CORFAC International to market the 550 Building, which is slated for a spring 2018 delivery.

February 13, 2017

District of Columbia Mixed-Use Southeast

Rock Creek Breaks Ground on Repositioning of Historic Takoma Theatre in D.C.

by John Nelson February 13, 2017

WASHINGTON, D.C. — Rock Creek Property Group has broken ground on the repositioning of the historic Takoma Theatre located at 6833 4th St. N.W. in Washington, D.C.’s Takoma neighborhood. Situated two blocks from the Red Line’s Takoma Metro station, the theater opened in the 1920s and was one of the first theaters in the area to feature talking movies. Since its opening, the venue has hosted several performances and events, including an HBO comedy special by Chris Rock in 1996. Rock Creek plans to convert the asset into 23,000 square feet of office and retail space with 15- to 20-foot ceilings. The design team, including Cunningham | Quill Architects and Eichberg Construction, will open the new project this summer. Washington, D.C.-based Rock Creek has more than $100 million of ongoing projects in all stages of the development cycle.

February 13, 2017

Mixed-Use Multifamily New York Northeast Office Retail

Brooklyn Standard Properties Acquires Four-Building Mixed-Use Portfolio in the Bronx for $16.5M

by Amy Works February 10, 2017

NEW YORK CITY — Brooklyn Standard Properties has purchased a four-building mixed-use portfolio for $16.5 million. Fordham Apartments LLC sold the 56,836-square-foot portfolio that offers a total of 74 apartments, three retail spaces, office space and a 12-car parking lot. The portfolio includes a five-story, 22-unit building at 615 E. 189th St.; two four-story buildings at 2476 and 2483-2489 Cambreleng Ave. totaling 38 units; and a five-story, 14-unit mixed-use building at 2470 Belmont Ave. Aaron Jungreis of Rosewood Realty Group represented the buyer and seller in the deal.

February 10, 2017

Mixed-Use North Carolina Southeast

TriBridge Residential Breaks Ground on Retail Portion of $50M Mixed-Use Development in Charlotte

by John Nelson February 9, 2017

CHARLOTTE, N.C. — TriBridge Residential has broken ground on the retail portion of One305Central, a $50 million mixed-use development located in Charlotte’s Plaza Midwood neighborhood. The Shopping Center Group will market the 10,000 square feet of retail space and 2,000 square feet of patio space for dining and entertainment tenants. The project team for the retail portion, which will be housed in a redeveloped building located at the corner of Central and Clement avenues, includes Hood Architecture and Roper Construction. In addition to the retail space, One305 Central will also feature 281 apartments, which will be complete this summer, along with resident-only parking and 65 parking spaces allocated for retail and dining customers. TriBridge Residential acquired One305Central’s five-acre site in 2014 for $7.8 million. Citizens Bank provided construction financing for the mixed-use development.

February 9, 2017

Florida Loans Mixed-Use Southeast

Ready Capital Structured Finance Closes $8.1M Loan for Mixed-Use Project in Miami

by John Nelson February 9, 2017

MIAMI — Ready Capital Structured Finance has closed an $8.1 million loan for the refinancing and renovation of a 66,262-square-foot mixed-use property located at 8300 N.E. 2nd Ave. in Miami’s Little River neighborhood. Originally built in 1951, the property will be renovated to include a food and boutique market on the first and mezzanine floors, office space on the second floor and a roof deck offering 360-degree views of Miami. The two-year loan features interest-only payments, one extension option, flexible prepayments and a facility for future capital expenditures, tenant improvements and leasing commissions.

February 9, 2017

Mixed-Use New York Northeast Office Retail

Cushman & Wakefield Brokers $11.5M Sale of Mixed-Use Asset in Tribeca

by Amy Works February 8, 2017

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 106 Franklin St. in Manhattan’s Tribeca East Historic District. An undisclosed buyer acquired the 10,500-square-foot property for $11.5 million, or $1,095 per square foot. Partially vacant at the time of sale, the five-story building features 4,200 square feet of additional air rights. Will Suarez and Maurice Suede of Cushman & Wakefield represented the undisclosed seller, while Rachel Glazer of Brown Harris Stevens represented the buyer in the deal.

February 8, 2017

Loans Midwest Mixed-Use Ohio

NorthMarq Arranges $7.5M Loan for Refinancing of Mixed-Use Property in Cincinnati

by Kristin Harlow February 8, 2017

CINCINNATI — NorthMarq Capital has negotiated a $7.5 million loan for the refinancing of Montgomery Gateway in Cincinnati. The 39,560-square-foot property consists of retail and office space, and is located at 9366-9386 Montgomery Road. The 10-year loan features a 30-year amortization schedule. Noah D. Juran and Susan Branscome of NorthMarq arranged the financing through a CMBS lender.

February 8, 2017

Mixed-Use Multifamily Retail Texas

Morgan Breaks Ground for Whole Foods-Anchored Multifamily Development in Houston

by Amy Works February 8, 2017

HOUSTON — Morgan, a multifamily development, construction and property management firm, has broken ground for the construction of its latest Pearl apartment development in Houston’s Midtown district. Located at 3120 Smith St., the project will feature a 40,000-square-foot Whole Food Market on the ground floor and 264 apartment units above. Slated to open in 2019, the new development will be located across the street from the first phase of Morgan’s Pearl Midtown, which opened in 2014. Amenities at the development will include a dog park and wash area, bike storage room, Uber waiting room, sky lounge, pool and a fitness center. Ziegler Cooper is serving as architect, while Carnegis Group is providing interior design services.

February 8, 2017

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