The booming land market in north Texas reflects a convergence of economic and demographic trends resulting in a dramatic expansion of residential communities, new mixed-use developments and the transformation of retail centers across the region. The result is higher land values, shifting land uses and developers, planners and designers adapting to the evolving lifestyles of a new generation of workers. Demand for well-located land parcels across multiple property types is reaping handsome returns for landowners. The land market in Dallas/Fort Worth is experiencing strong transaction volume and record prices due to a range of factors. Developers are responding to strong housing demand by building new residential communities that are accessible to Dallas/Fort Worth employment centers. Multifamily construction continues as some 360 people move into the region daily, many not ready for home ownership. New mixed-use developments are catering to a steady stream of corporations relocating to the area and seeking work settings that provide live/work/eat/play environments. Neighborhood grocery stores and restaurants are multiplying to support growing demand, while regional malls are being repurposed as spending habits shift. These trends have played a major role in the growth of urban centers like Dallas’ central business district, Uptown Dallas and Fort Worth’s …
RICHMOND, VA. — DKJ Richmond LLC, a partnership between associates of The Monument Cos. and The Edison Co., plans to develop a $44 million mixed-use project adjacent to Richmond’s Carytown district. Known as Cary Street Station, the project is a redevelopment of a historic bus and trolley barn. Situated at the corner of Cary and Robinson streets, Cary Street Station will feature two commercial buildings totaling 16,000 square feet of ground-floor retail and restaurant space and a 1,000-square-foot patio. The bus and trolley barn will be converted to 285 luxury apartment units, with residents moving in by the end of the year. DKJ Richmond plans to deliver the commercial space by the summer of 2017. The developer has hired The Shopping Center Group and JLL to lease the retail and office portions of Cary Street Station.
FORT LEE, N.J. — Tucker Development, in partnership with Kushner Real Estate Group and a fund managed by Ares Management, has opened the first phase of residential apartments and a portion of the retail component at the 1 million-square-foot Hudson Lights project in downtown Fort Lee. Situated at the base of the George Washington Bridge, the 276-unit residential property features a pool, lounge, fitness center, yoga room, kids play area and rooftop terrace and gardens. The developer has also opened an eight-screen, 533-seat iPic movie theater at the project. The theater includes City Perch Kitchen & Bar, an in-theater restaurant that allows guests to order food and drinks from a personal server. Additional signed tenants include Paris Baguette, Gaonnuri Restaurant, Anthony Franco’s Pizza, 16 Handles, CVS/pharmacy, Capital One Bank, CycleBar, SeeSaw, Linwood Wines, European Wax Center, Tutti Nails & Spa and Coldwell Banker.
FOREST HILLS, N.Y. — Knighthead Funding has provided a $27 million first mortgage construction loan to Paraag Sarva for the development of a mixed-use apartment building in Forest Hills. The loan is structured with a 36-month term, a prime-based floating rate and interest-only payments. Slated for completion in 2018, the development will feature 27 one-bedroom units and 19 two-bedroom units, with an average unit size of 975 square feet. Additionally, the property will feature 8,282 square feet of ground-floor retail space and a 23-car subterranean parking garage.
WHEELING, ILL. — Lynmark Group is scheduled to break ground on Wheeling Town Center, a mixed-use development in Wheeling, this fall. The development will feature a 300-unit luxury apartment building with a modern amenity package and facilities and 100,000 square feet of retail, restaurants and entertainment venues. The apartment building will offer studio, one-, two- and three-bedroom layouts, a parking garage, courtyard, pool, bocce court, a fire pit, barbecue grills, a covered gazebo bar, putting green, pergola covered dining, lounge areas, and fitness and yoga rooms. The retail portion will be anchored a 40,000-square-foot, 10-screen CMX theater, which is a high-end, dine-in movie theater. Callison/RTKL is serving as lead designer and William A. Randolph is serving as general contractor for the project.
LEE’S SUMMIT, MO. — Parrot Properties and Block & Company have received approval by the Lee’s Summit City Council for the previously announced Village at View High, a mixed-use development in Lee’s Summit. The city council approved a conceptual development plan and a change in zoning classification for the site to change it from district single-family residential to district planned mixed use. Situated on 71 acres, the $225 million development will feature 310 apartments, a 13-acre seniors housing facility, a 250,000 square feet of retail space, more than 100,000 square feet of office/medical space and entertainment and dining options. The project team includes Realtors, Engineering & Solutions, Sullivan Law, TranSystems, Hirst & Associates Architects, Bushyhead LLC, Boothe Architects and Humphrey, Farrington & McClain PC.
ROYAL OAK, MICH. — Bernard Financial has arranged a $10 million Fannie Mae DUS loan for a mixed-use building in Royal Oak. Kevin Kovachevich of Bernard Financial Group secured the financing for the borrower, Eight55 South Main Apartments LLC. The five-story building features 48 apartments and 5,509 square feet of ground-floor retail space.
MIAMI BEACH, FLA. — Madison Capital has acquired a retail and parking development located at 2000 Collins Ave. in Miami Beach’s South Beach district for $57.3 million. The property features a six-story parking deck and about 40,000 square feet of retail space leased to luxury retailers and upscale restaurants. The property is part of a mixed-use development built in 2010 that houses the Boulan South Beach hotel and occupies an entire city block between 20th and 21st streets and Collins and Liberty avenues. Newmark Grubb Knight Frank was the sole broker of the deal. Dockerty Romer arranged a five-year, $30.3 million acquisition loan through Wells Fargo on behalf of Madison Capital.
ARLINGTON, TEXAS — The Cordish Companies has started construction of the first phase of Texas Live!, a $250 million mixed-use project located between the Texas Rangers’ Globe Life Park and the Dallas Cowboys’ AT&T Stadium in Arlington. The project will include 200,000 square feet of dining and entertainment space; a 5,000-capacity outdoor event pavilion; a full-service 300-room convention hotel; and a 35,000-square-foot meeting/convention facility. Texas Live! will bring more than 3,000 new jobs and three million new visitors to Arlington when it is completed in 2018, according to the developers. The dining and entertainment portion of the project will open in the spring of 2018. The hotel/convention facility will open the following fall. Anchors of the retail portion will include Rangers Republic fan clubhouse; Live! Arena, a multi-level central gathering place; Arlington Backyard, a 5,000-capacity outdoor event pavilion; and a flagship restaurant by Guy Fieri. The first phase of Texas Live! is part of a greater $4 billion vision of the Arlington stadium district, which includes additional phases of Texas Live!, the new Rangers Ballpark and the preservation and repurposing of Globe Life Park. “It is the Rangers’ intent to preserve the beautiful exterior façade of Globe Life Park,” says …
WINSTON-SALEM, N.C. — Grubb Properties plans to build a multifamily community within Wake Forest Innovation Quarter, a master-planned research, education and mixed-use development located near Wake Forest University in Winston-Salem. The property will feature 340 apartment units, roughly 5,000 square feet of ground-level retail space and a parking deck with more than 850 parking spaces. The apartments and retail will wrap around the parking deck, which will be shared by residents, employees and visitors. The property will be situated between North Patterson Avenue and Chestnut Street adjacent to Wake Forest Biotech Place. The city of Winston-Salem and Forsyth County are providing property tax reimbursements for the development of the parking deck. Part of Grubb’s Link Apartments brand, the community will feature a street-level cycle center, dog park with dog wash, entertainment space overlooking nearby Bailey Park, courtyard with a saltwater pool, fire pits, grilling stations and a fitness center. The residences will range between studio units and two-bedroom apartments. Grubb Properties expects to break ground in early 2017.