ANN ARBOR, MICH. — Ann Arbor-based Oxford Cos. and Dublin, Ohio-based Crawford Hoying have unveiled plans to build Arbor South, a 20-acre mixed-use development in Ann Arbor’s south side. The multi-phased project is expected to include approximately 1,000 residential units, 76,000 square feet of ground-floor commercial space, three parking garages, an upscale hotel and multiple parks and community gathering spaces. Adjacent to I-94, the project site is located at Eisenhower Parkway and South State Street. Arbor South would be the first project on the city’s south side to receive approval under the City of Ann Arbor’s TC1 zoning ordinance, an initiative designed to increase density in areas outside of downtown Ann Arbor with a heavy focus on adding accessible housing to the market. Arbor South’s residential offerings will range from studios to three-bedroom apartments. Approximately 10 to 15 percent of the units will fall under the city’s affordable housing threshold. Additional project partners include Detroit-based architecture and design firm Lord Aeck Sargent and Ann Arbor-based civil engineer Midwestern Consulting. The development team is targeting fall 2024 for site plan approval, with the first residential building coming on line in summer 2026.
Mixed-Use
PGIM Real Estate Provides $18.5M Mezzanine Loan for Mixed-Use Portfolio in Layton, Utah
by Amy Works
LAYTON, UTAH — PGIM Real Estate has provided an $18.5 million mezzanine loan to Rockworth Cos. for a mixed-use multifamily and commercial portfolio in Layton, approximately 25 miles north of Salt Lake City. The 6.3-acre site features a newly constructed apartment community and two commercial buildings. The multifamily portion totals 252 units, and the two commercial buildings offer a total of 15,000 square feet of second-story office space and 15,130 square feet of ground-floor retail space. Daniel Kattan of PGIM secured the financing for the borrower.
Landmark Properties Recapitalizes 1,364-Bed Student Housing Community Near University of Georgia
by John Nelson
ATHENS, GA. — Landmark Properties has recapitalized The Mark Athens, a 1,364-bed student housing property located at 130 Hickory St. near the University of Georgia campus. The property was developed in two phases, with the first phase completed in 2017 and the second phase completed in 2022. The community offers studio through six-bedroom apartments, alongside 67,000 square feet of retail space and 46,734 square feet of offices, with locally based Landmark occupying over 90 percent of the office space. The Mark also features 55,000 square feet of shared amenity space, including a rooftop pool and sundeck with views of the university’s campus, Sanford Stadium and downtown Athens; study spaces; a fitness center; golf simulator; racquetball court; and an indoor basketball court. Details of the refinancing were not disclosed.
MIAMI — Whitman Family Development has submitted plans for a mixed-use project at its Bal Harbour Shops in Miami’s Bal Harbour village. Plans call for 600 apartment units, 40 percent of which are earmarked for workforce housing and 60 percent of which will be luxury housing. There will also be a 70-room, 20-story hotel and an additional 45,700 square feet of retail space. Bal Harbour Shops comprises more than 100 shops, restaurants and entertainment options. The open-air, luxury retail center, which is home to brands such as Chanel, Gucci, Tiffany & Co. and Valentino, is currently undergoing a $550 million retail expansion that will add about 250,000 square feet, nearly doubling the center’s current retail space. The expansion will accommodate the addition of 35 new upscale stores and restaurants. The new housing development is made possible by Florida’s Live Local Act, a bipartisan bill passed by the Florida legislature last year in response to the critical need for affordable and attainable housing statewide. The legislation enables developers to build at higher density and building heights, so long as they commit to including attainable housing units. The law requires that local municipalities approve mixed-use residential projects in any area zoned commercial …
CARY, N.C. — Two new retailers and five office users have signed on to join the tenant roster at Fenton, a 92-acre mixed-use development in the Raleigh suburb of Cary. The nearly $1 billion development is co-owned by Hines and Columbia Development. The new retailers, Brewery Bhavana and Vega Vitality, plan to open their locations at Fenton before the end of the year. Two other retailers opened in late 2023: Johnny Was and Rejuvenation. Bruce Koniver of Odyssey Retail Advisors is leading Fenton’s retail leasing, which is currently 94 percent committed. The five companies that signed office leases at Fenton include Cushman & Wakefield, IPS, Prologis, AIMA and Surety Systems. The property’s office component currently spans 200,000 square feet, with future phases allowing up to 1 million square feet.
MIAMI — Terra and Grass River Property, two Miami-based development firms, have completed construction of Grove Central, a transit-oriented, mixed-use development in Miami’s Coconut Grove neighborhood. The property comprises a 23-story apartment tower, 1,250-space public parking garage and 170,000 square feet of retail space leased to tenants including Target and Sprouts Farmers Market. Grove Central is a public-private partnership between the co-developers and Miami-Dade County, which owns the land. The development is located at the intersection of US Highway 1 and SW 27th Avenue and connects to the adjacent Coconut Grove Metrorail Station. The project interfaces directly with The Underline, a 10-mile linear park that stretches from the Dadeland South Metrorail Station to the Miami River in downtown’s Brickell district, as well as Miami-Dade County’s bus system and the City of Miami’s trolley network. According to Terra and Grass River Property, Grove Central generated more than 1,600 construction jobs during its development and nearly 500 permanent full-time and part-time positions. The project has also spurred tens of millions of dollars in lease revenue to Miami-Dade County, which can collect property tax revenues for the first time in the site’s history. “Grove Central is an exciting milestone and a shining example …
SUMMIT, N.J. — Cushman & Wakefield has brokered the $2.8 million sale of a mixed-use building in the Northern New Jersey community of Summit. The fully leased building at 351-353 Springfield Ave. consists of three apartments and two retail spaces, as well as a three-car garage. Andy Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
FORT WORTH, TEXAS — A partnership between Keystone Group and Larkspur Capital is planning a mixed-use redevelopment project in Fort Worth. The 35-acre site is an assemblage of parcels that includes the former home of the Fort Worth Independent School District. Preliminary plans call for multifamily, hospitality, office, retail, restaurant and entertainment uses, as well as public green space. The partnership has begun demolition of vacant structures and will submit plans to the city’s Planning & Zoning Commission Board later this year, at which time additional project details will be announced.
Pebb Capital Obtains $173M Construction Loan for Sundy Village Development in South Florida
by John Nelson
DELRAY BEACH, FLA. — Pebb Capital has obtained a $173 million construction loan for Sundy Village, a mixed-use development underway at 22 W. Atlantic Ave. in Delray Beach, a city in South Florida’s Palm Beach County. Monroe Capital and J.P. Morgan provided the construction loan. Pebb Capital broke ground on the $240 million development in early 2023 with plans for a summer 2024 opening. Sundy Village will feature more than 28,000 square feet of experiential retail space and 180,000 square feet of Class A offices, of which Pebb Capital has preleased 141,400 square feet. The tenant roster includes restaurants Barcelona Wine Bar and Double Knot and office tenant Vertical Bridge. Joe Freitas and John Criddle of CBRE oversee Sundy Village’s office leasing and Sara Wolfe of Vertical Real Estate handles retail leasing. The design-build team includes general contractor Bluewater Builders.
NEW YORK CITY — Locally based brokerage firm Brax Realty has negotiated the $6 million sale of a 12,780-square-foot mixed-use building located at 306-308 Graham Ave. in Brooklyn’s Williamsburg neighborhood. The building, which was fully occupied at the time of sale, consists of three retail spaces, one office suite and five apartments. Michael Ferrara of Brax Realty represented the seller, a family trust, in the transaction and procured the buyer, a private investor. Both parties requested anonymity.