Tuesday, November 26, 2024
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Mixed-Use

DevelopmentFloridaLoansMixed-UseMultifamilyRetailSoutheast

Southern Realty Trust Funds $56.4M Mezzanine Loan for Mixed-Use Development in Sarasota, Florida

by John Nelson

SARASOTA, FLA. — Southern Realty Trust has provided a $56.4 million mezzanine loan for Aster & Links, a mixed-use development underway in downtown Sarasota. Situated at the intersection of Main Street and Links Avenue, the development will include two 10-story residential buildings housing 424 luxury apartments, 778 parking spaces and 51,000 square feet of ground-level retail space, including a Sprouts Farmers Market grocery store. Lantern Real Estate arranged the financing on behalf of the borrower, Belpointe PREP LLC, an affiliate of Belpointe OZ. Last year, the developer obtained a $130 million construction loan from Bank OZK for the project. Belpointe OZ plans to deliver Aster & Links in the second half of the year.

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AcquisitionsFloridaMixed-UseOfficeRetailSoutheast

Cushman & Wakefield Arranges Sale of 89,883 SF Mixed-Use Center in Aventura, Florida

by John Nelson

AVENTURA, FLA. — Cushman & Wakefield has arranged the sale of Aventura Plaza, an 89,883-square-foot mixed-use center in suburban Miami. Situated along Biscayne Boulevard, the property comprises a neighborhood shopping center and a two-story office building spanning 23,554 square feet. Aventura Plaza was 92 percent leased at the time of sale to tenants including Ace Hardware and a recently opened grocery store, Plum Market, that replaced a former Office Depot. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, Aventura Plaza Partners, which has owned and operated the property for several decades. The buyer is an entity related to New York-based Elysee Investments. The sales price was not disclosed.

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DevelopmentHealthcareKentuckyMixed-UseSoutheast

Cowgill to Develop 44-Acre Hamburg East Mixed-Use Development in Lexington, Kentucky

by John Nelson

LEXINGTON, KY. — Cowgill Inc. has announced plans to develop a new, 44-acre mixed-use project in Lexington. Dubbed Hamburg East, the property will feature restaurants, a hotel, apartments, shops and green space. Hamburg East will also include a 41-acre parcel that was acquired by the University of Kentucky in September and designated as the site of a new medical facility. Construction on the development is scheduled to begin immediately. The project team includes ATS Construction, Davis H. Elliott Co., Design Works and Vision Engineering. Cowgill, a locally based family company, currently owns and manages 15 apartment communities in Lexington.

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DevelopmentIndianaMidwestMixed-Use

Thompson Thrift Receives Approval to Move Forward with Next Two Phases of $750M Fishers District Near Indianapolis

by Kristin Harlow

FISHERS, IND. — Developer Thompson Thrift has received approval from the City of Fishers to begin work on the next two phases of the $750 million Fishers District mixed-use development. Located near I-69 and 116th Street, The Union will include 55,000 square feet of retail space, 60,000 square feet of Class A office space, a 150-room boutique hotel, a 250-unit multifamily community and 805 structured parking spaces. Thompson Thrift is currently in negotiations for the hotel and about 40 percent of the retail space. Infrastructure work will begin this year, with vertical construction slated to begin in early 2025. The Crossing at Fishers District will comprise 62 acres, the centerpiece of which will be the city-owned 7,500-seat event center that is currently under construction. The center is the future home of the Indy Fuel, the professional hockey minor league affiliate of the NHL’s Chicago Blackhawks. The surrounding mixed-use development will feature office, retail, restaurant, residential, hotel and entertainment components. The event center is slated for completion later this year. Chicken N Pickle, an indoor-outdoor entertainment concept with a restaurant and pickleball courts, has committed to space at The Crossing. Thompson Thrift first began work on Fishers District in 2015. Once …

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AlabamaDevelopmentMixed-UseMultifamilyOfficeRetailSoutheastTop Stories

Essex Capital, Ascend Property Group Break Ground on Front Row Mixed-Use Development in Huntsville, Alabama

by Jeff Shaw

HUNTSVILLE, ALA. — A joint venture between Essex Capital and Ascend Property Group has broken ground on Front Row, an 11-acre mixed-use project in downtown Huntsville. The $220 million first phase of Front Row is now underway, following news last week that Banco Inbursa and a group led by Keel Point and Opportunity Alabama provided $115 million in construction financing. The first retail space is slated for delivery in late 2025, followed by apartments and office space in early 2026. Upon full build-out, the first phase of Front Row will comprise two six-story buildings featuring 545 apartments, 36,000 square feet of office space and 47,000 square feet of retail space. Further plans for the project — including a hotel, a class A office tower and luxury condos — will be disclosed at a later date, according to the developers. The development will be situated across from the Von Braun Center, a 170,000-square-foot entertainment center that opened its doors in 1975. The developers state that Front Row is intended to interlink the Von Braun Center with other key areas of the city, such as Big Spring Park, Fountain Circle, University of Alabama Huntsville and Downtown Greenway. The project’s team also includes …

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DevelopmentFloridaMixed-UseRetailSoutheast

Codina Partners to Add 25,000 SF of Retail Space to Downtown Doral in South Florida

by John Nelson

DORAL, FLA. — Codina Partners will add 25,000 square feet of retail space to Downtown Doral, the developer’s 250-acre mixed-use community in Miami-Dade County. The new plans for Downtown Doral include the addition of 13 customizable retail units with a rooftop deck featuring amenities including pickleball courts. Plans also include 929 additional parking spaces. Established in 2005, the development features more than 40 existing restaurants and retailers, a cultural arts center, two charter schools, a library, government center and clinics operated by Baptist Health South Florida. Existing tenants include AT&T, Bulla Gastrobar, First American Bank, Hand and Stone Massage & Facial Spa, Mega Wine & Spirits, Publix, Sage Dental, Sweat 440 and The UPS Store, among others.

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DevelopmentFloridaMixed-UseRetailSoutheast

Ryan Cos. Completes 59,657 SF Publix Store at Master-Planned Development in Wesley Chapel, Florida

by John Nelson

WESLEY CHAPEL, FLA. — Ryan Cos. has opened a new Publix grocery store that serves as the anchor tenant of Innovations Commons, a retail center within the 900-acre Epperson Ranch master-planned development in Wesley Chapel. The city in Pasco County is part of the Tampa Bay metro area. In addition to Innovations Commons, Epperson Ranch will feature 4,000 single-family homes, a 200-room hotel and more than 500 apartments at full build-out. Innovation Commons will also include three outparcel developments slated for additional retail, restaurants and professional services.

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DevelopmentGeorgiaMixed-UseMultifamilyOfficeSoutheast

Alliance Residential Opens Broadstone Peachtree Corners Mixed-Use Community in Metro Atlanta

by John Nelson

PEACHTREE CORNERS, GA. — Alliance Residential Co. has opened Broadstone Peachtree Corners, a mixed-use community located at 5672 Peachtree Parkway in Peachtree Corners, roughly 20 miles outside of downtown Atlanta in Gwinnett County. Situated on 9.2 acres, the property features a five-story residential building with apartments in studio, one- and two-bedroom layouts. The property also features 7,760 square feet of furnished for-rent office space located on the second floor of Broadstone Peachtree Corner’s amenity building. Alliance Residential is branding the office space as Second Story, A Private Office Collective. The space features offices ranging from 90 to 250 square feet, as well as two reservable conference rooms, a coworking lounge with an adjoining private outdoor terrace, a community kitchen and access to on-property electric vehicle charging stations. Amenities at the residential community include a pool, fitness center, game lounge, pet spa and dog run, clubroom, landscaped courtyard, grilling station and a fire pit. Rental rates begin at $1,549 per month for a studio apartment, according to the property website.

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Borden-Complex-Queens
DevelopmentMixed-UseNew YorkNortheast

Innovo Property Group Nears Completion of 220,000 SF Film, TV Production Studio in Queens

by Taylor Williams

NEW YORK CITY — Locally based firm Innovo Property Group (IPG) is nearing completion of Borden Studios, a 220,000-square-foot film and TV production facility in the Long Island City area of Queens. The facility is part of The Borden Complex, a 900,000-square-foot industrial project that is a redevelopment of a former warehouse of online grocer FreshDirect. Borden Studios will feature four sound stages ranging in size from 11,800 to 16,200 square feet, 43,000 square feet of office space, 56,000 square feet of support space and more than 8,800 square feet of outdoor amenity and gathering space. Full completion is slated for the spring. IPG acquired the asset in January 2019 with Atalaya Capital Management and Nan Fung Group for $75 million and subsequently received a $155 million construction loan in early 2021. Long-term financing was secured in summer 2022, and the development team topped out the project in February 2023.

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DevelopmentHospitalityMixed-UseMultifamilySoutheastTennessee

Turnberry to Develop 39-Story Hotel-Condo Tower in Nashville

by John Nelson

NASHVILLE, TENN. — Turnberry plans to develop and operate The St. Regis Nashville and The Residences at The St. Regis Nashville, a 39-story hotel-condo tower at 805 Demonbreun St. in Nashville. The property will span 740,000 square feet and feature 177 hotel rooms and 111 for-sale residences, as well as a fine-dining restaurant, lobby bar, three-meal restaurant, full-service spa and two amenity decks — one for hotel guests and one for residents. The design team includes architectural firm Morris Adjmi, interior designer Meyer Davis and architect of record Smallwood, Reynolds, Stewart, Stewart. St. Regis Hotels & Resorts is a brand within the Marriott International family. The property will be situated adjacent to the JW Marriott Nashville, which Turnberry delivered in 2018. The South Florida-based developer plans to break ground on St. Regis Nashville in 2025.

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