Mixed-Use

PCCP Participates in $135M Loan to Kessler for JW Marriott-Anchored Project in Savannah

by John Nelson January 5, 2017

SAVANNAH, GA. — PCCP LLC and a major national bank have provided a $135 million loan to The Kessler Enterprise Inc. for the development of Plant Riverside District, a $270 million, five-building mixed-use project in Savannah’s Historic District. Situated along the Savannah River, the development will include a 419-guestroom JW Marriott hotel, 13 food and beverage outlets, 22,000 square feet of meeting space, high-end retail space and a 488‐space parking garage. The project will include the repurposing of the historic Georgia Power Plant Building that will house 163 guestrooms, a spa and a portion of the project’s meeting space and food and beverage outlets. Kessler has selected general contractor Hunt Construction, locally based design architect Sottile & Sottile and production architects John T. Campo & Associates Architects and PFVS Architecture for Plant Riverside District’s design team. The ownership has commenced construction with completion anticipated for early 2019.

January 5, 2017

Georgia Mixed-Use Southeast

Brasfield & Gorrie, New City Underway on Mixed-Use Project Along Atlanta BeltLine

by John Nelson January 4, 2017

ATLANTA — On behalf of developer New City Properties, general contractor Brasfield & Gorrie is currently constructing 725 Ponce, a 12-story mixed-use tower situated along Ponce de Leon Avenue and the Atlanta BeltLine. The project will feature Class A loft office space situated atop an urban prototype Kroger and a three-level, below-grade parking deck. The project will face the BeltLine and will feature rooftop terraces with views of Historic Fourth Ward Park, Ponce City Market and the downtown Atlanta skyline. A groundbreaking ceremony was held in mid-December that featured Atlanta Mayor Kasim Reed, Atlanta City Council Member Kwanza Hall, Atlanta BeltLine Inc. and other dignitaries.

January 4, 2017

Arizona Mixed-Use Multifamily Retail Western

JV Begins Construction of Mixed-Use Development in Tempe

by Nellie Day January 3, 2017

TEMPE, ARIZ. — A joint venture between Opus Development Group LLC and Seventh Street Tempe AZ Manager LLC has begun construction of a mixed-use development located at the northwest corner of University Drive and Forest Avenue in Tempe. The project — which has yet to be named — will transform a surface parking lot into a residential and retail center. The development will consist of two towers featuring 407 residential units and 31,000 square feet of retail space. The residential portion of the property will offer a mix of studio, one- and two-bedroom apartments and walk-up city homes and flats. Community amenities will include an amenity deck with a resort-style swimming pool, a barbecue grilling stations and outdoor lounges with cabanas and fire pits; a state-of-the-art fitness center; dog walk; and bike workroom. SmithGroupJJR is a design consultant for the project, and Sundt Construction Inc. will perform all concrete, civil and utility work. An expected opening for the development has yet to be announced.

January 3, 2017

Michigan Midwest Mixed-Use

Broder & Sachse, Woodborn Partners Open $65M Mixed-Use Development in Detroit

by Kristin Harlow January 3, 2017

DETROIT — Co-developers Broder & Sachse Real Estate and Woodborn Partners have opened The Scott at Brush Park, a mixed-use development in Detroit’s midtown neighborhood. The building features 199 luxury apartments and 15,000 square feet of retail space. The Scott includes a variety of studio, one-, two- and three-bedroom units, a number of which are slated for move-ins in February. Apartments range in size from 450 to 1,380 square feet of space. Amenities include a 24-hour concierge service, dry cleaning delivery, stations for pet grooming and bicycle maintenance and a fitness center. Sachse Construction served as the construction manager and Neumann/Smith served as the architect.

January 3, 2017

Industrial Mixed-Use Multifamily New York Northeast Office Retail

Colony Capital, NorthStar Receive Approval for Merger

by Amy Works December 23, 2016

NEW YORK CITY — Colony Capital Inc., NorthStar Asset Management Group and NorthStar Realty Finance Corp. have received approval from shareholders for the previously announced merger of the three companies. Named Colony NorthStar Inc. (NYSE: CLNS), the combined company will have assets under management in excess of $58 billion, managing capital on behalf of its stockholders, institutional and retail investors in private funds and non-traded and traded real estate investment trusts and 1940 Act companies. Upon closing of the transaction, Thomas Barrack Jr. will be executive chairman of the board of directors, David Hamamoto will be executive vice chairman and Richard Saltzman will be chief executive officer of the new company. The companies expect to complete the merger in January 2017.

December 23, 2016

Mixed-Use New York Northeast Top Stories

Blackstone Mortgage Provides $200M Acquisition Loan for Historic Falchi Building in Long Island City, New York

by Kristin Harlow December 23, 2016

LONG ISLAND CITY, N.Y. — Blackstone Mortgage Trust has provided a nearly $200 million loan for the acquisition of the historic Falchi Building in Long Island City, Queens. Savanna, a New York City-based real estate investment manager, purchased the mixed-use building from Jamestown LP. The five-story, 711,194-square-foot building occupies a full city block bounded by 47th and 48th avenues. Originally constructed in 1922, the building at one time served as a warehouse and distribution facility for Gimbels department store. The Gimbels chain of stores closed in 1987. Falchi is currently 90 percent leased to tenants such as City of New York, Uber, Lyft, Spaces (Regus), Juice Press and Doughnut Planet. Savanna will implement a $35 million capital improvement plan at Falchi. The improvements will focus on building amenities and infrastructure work for the office tenants, such as upgrading building systems, modernizing elevators, renovating common corridors and bathrooms and developing new ground-floor retail. Mitch Arkin, Joe Grotto Jr., Haley Fisher, Dan D’Agnes and Kelli Berke of Cushman & Wakefield will work closely with Savanna to lease the property’s office space. David Tricarico, also of Cushman & Wakefield, will handle retail leasing. Eastdil Secured brokered the sale and arranged acquisition financing. Savanna …

December 23, 2016

Mixed-Use New York Northeast Office Retail

Joint Venture Acquires Land Parcel in Brooklyn for Mixed-Use Development

by Amy Works December 22, 2016

NEW YORK CITY — A joint venture between CIM Group, Kushner and LIVWRK has acquired a land parcel at 85 Jay St. in Brooklyn’s Dumbo neighborhood from Watchtower Real Estate for an undisclosed price. The partnership plans to develop a mixed-use project on the parcel, which is currently a 135,000-square-foot parking lot. Additional details of the development have not been released. In August, the joint venture acquired a 739,000-square-foot property at 25-30 Columbia Heights in Brooklyn.

December 22, 2016

Georgia Mixed-Use Southeast

Portman Holdings Breaks Ground on $400M Coda at Tech Square Project in Midtown Atlanta

by John Nelson December 21, 2016

ATLANTA — Portman Holdings has broken ground on Coda at Tech Square, a 770,000-square-foot mixed-use development at the edge of Georgia Tech’s campus in Midtown Atlanta. The development cost was undisclosed, but the Atlanta Business Chronicle reports the project as costing $400 million to construct. Upon completion in early 2019, Coda at Tech Square will feature advanced research facilities, a high-speed data center, dining options, outdoor gathering spaces and collaborative office space. The design team includes architect and engineer John Portman & Associates and general contractor DPR Construction.

December 21, 2016

Florida Mixed-Use Southeast

ARA Newmark Arranges $109M Sale of Mixed-Use Development in South Florida

by John Nelson December 21, 2016

BOYNTON BEACH, FLA. — ARA Newmark has brokered the $109 million sale of Las Ventanas, a 15-acre mixed-use development in east Boynton Beach. Atlanta-based Pollack Shores Real Estate Group purchased the asset, which features 494 apartment units and 42,000 square feet of retail space. The residences are configured in one-, two- and three-bedroom layouts and rent for anywhere from $1,360 to $2,337 monthly, according to Apartments.com. ARA Newmark represented the seller, Epoch Residential and its joint venture partner, in the transaction.

December 21, 2016

District of Columbia Mixed-Use Southeast

Alamo Drafthouse Cinema to Open at Bryant Street Mixed-Use Development in D.C.

by John Nelson December 21, 2016

WASHINGTON, D.C. — Alamo Drafthouse Cinema is set to open its first location in Washington, D.C., at Bryant Street, a mixed-use project currently being developed by MRP Realty. The 44,000-square-foot theater will feature luxury recliners, food prepared in-house and an extensive selection of draft craft beers available both in the theater and a standalone bar named Glass Half Full. The location is set to open in 2019. Upon completion, the 13-acre Bryant Street development will feature 1,550 residential units and 245,000 square feet of retail and restaurant space.

December 21, 2016

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