KYLE, TEXAS — Locally based developer Rastegar Property Co. has unveiled plans for Inf1nity Square, a 318-acre master-planned development that will be located in the southern Austin suburb of Kyle. The development will feature roughly 1,000 single-family homes and 1,400 multifamily units as well as 185,000 square feet of commercial space. The commercial component will include retail space, an amenity center and an elementary school, all centered around a town square. In addition, Inf1nity Square will feature 61 acres of open green space that will connect to The Vybe, Kyle’s citywide trail network. CastleRock Communities and Brightland Homes will lead the development of first phase of single-family home development. Trez Capital has provided $31.7 million in construction financing for that phase of the project, which will encompass 329 lots.
MIAMI — SG Holdings, a partnership between Swerdlow Group, SJM Partners and Alben Duffie, has completed the housing component of Sawyer’s Walk, marking the delivery of the largest affordable senior living community in the United States within the last decade, according to the developer. The studio, one- and two-bedroom housing units, which are designated for seniors earning at or below an average of 60 percent of the area median income (AMI), sit atop Sawyer’s Walk’s shops and parking garage. Sawyer’s Walk, a $350 million mixed-use development, is underway in the Overtown neighborhood of Miami. Upon full build-out it will total 1.5 million square feet, including the 578 residential units completed that will be home to low-income seniors; 175,000 square feet of retail space committed to tenants including Target (50,000 square feet) and Aldi (25,000 square feet); a 25,000-square-foot public plaza; and 130,000 square feet of office space acquired by MSC Group that will anchor its North American cruise division headquarters. The retail component is slated to open this fall. SG Holdings broke ground on the 3.4-acre, mixed-use development in June 2021. The public-private partnership was made possible through a collaboration with the City of Miami’s Southeast Overtown/Park West Community Redevelopment …
WESTPORT, CONN. — Matthews Real Estate Investment Services, a California-based brokerage firm, has negotiated the $10.6 million sale of a 17,358-square-foot mixed-use property in the coastal Connecticut city of Westport. The property consists of an 11,572-square-foot retail space leased to Urban Outfitters and the historic Sherwood House, a 5,786-square-foot building featuring a restaurant and office space. Joanna Manfro of Matthews represented the undisclosed seller in the transaction. Gregory Kim of Sequoia Property Group represented the buyer, a New York City-based 1031 exchange investor.
Crossroads Holdings Underway on $300M Mixed-Use Project in Southern Maine, Partners With Wilder Cos.
SCARBOROUGH, MAINE — Developer Crossroads Holdings LLC is underway on construction of Scarborough’s Town Center in southern Maine. Valued at $300 million, the project is located within The Downs, a 577-acre destination that is a redevelopment of a former horseracing complex. Plans call for 320,000 square feet of retail space, 60,000 square feet of medical office space, 240 residential units and a boutique hotel, as well as various open green spaces. Construction began last fall. The development team behind The Downs has partnered with Wilder Cos., a Boston-based development, management and leasing firm, in which Wilder will provide strategic retail and leasing services for the town center development. Wilder is also engaged with a local brokerage firm, The Boulos Co., to assist in securing local retail and restaurant interest.
GILBERT, ARIZ. — Okland Capital and San Tan Development Group have broken ground on Phase I of Northside at SanTan Village, a mixed-use development in the Phoenix suburb of Gilbert. The first phase will feature 37,245 square feet of retail and restaurant space spread across six buildings. Completion of phase one is slated for mid-2025, with a grand opening expected in fall 2025. The hotel component is scheduled to deliver shortly after and future uses are currently being designed. At full build-out, Northside at SanTan Village will span 20 acres and feature a 134-key hotel, retail, restaurants and community green space. Development costs were estimated at $100 million. The project team includes Okland Construction as general contractor and Aline Architecture Concepts as architect for the retail center. Bryan Babits and Alberto Caballero of Western Retail Advisors are handing leasing for the project’s retail and restaurant spaces.
BEVERLY HILLS, CALIF. — Tinder founder Justin Mateen, his brother Tyler Mateen and their brother-in-law Pouya Abdi have acquired Wilshire Rodeo Plaza, a Class A office and retail complex located at the corner of Rodeo Drive and Wilshire Boulevard in the posh Los Angeles suburb of Beverly Hills. Nuveen sold the asset for $211 million. The 300,000-square-foot property includes three six-story office and retail buildings along Wilshire Boulevard and a three-story office building along Rodeo Drive. The buyers plan to rebrand the property as One Rodeo, as well as upgrade and re-program the buildings to cater to luxury retail and office tenants. Current tenants include Merrill Lynch/Bank of America, USB, William Morris Endeavor and Encore Recordings. The Mateen brothers and Abdi view the acquisition as a generational property, and hope to take advantage of the “flight to quality” in a struggling office sector with limited new Class A supply. “Iconic buildings such as One Rodeo will continue to benefit from increased demand as the trend toward high-quality assets continues to unfold in a post-COVID world,” says Tyler Mateen, who is CEO of Cannon TTM, a Los Angeles-based real estate investment firm. “We are grateful to be acquiring these buildings at …
ATLANTA — Nonprofit organization City of Refuge has broken ground on its Transformation Center, a new 38,000-square-foot facility at 1343 Joseph E. Boone Blvd. on Atlanta’s west side. Scheduled to open in fall 2025, the project marks the most significant initiative within the City of Refuge “Breaking Barriers. Building Momentum.” campaign, according to the organization. Situated on the former American Legion lot near the City of Refuge campus, the $15.2 million center will comprise three stories featuring an Entrepreneurship Hub with a classroom, offices and lab; a market or grocery store; medical and mental health clinic; an onsite credit union providing financial services; and 25 multifamily residential units adjacent to the main building. The residences will include apartments in a mix of two- and three-bedroom layouts, with one four-bedroom unit. Thirteen of the units will be reserved for residents earning at or below 30 percent of the area median income (AMI). Invest Atlanta will provide a $2 million BeltLine Tax Allocation District (TAD) grant to fund the residential component. City of Refuge has also received a $3 million federal New Market Tax Credit (NMTC) through Atlanta Emerging Markets and Capital One. The Community Foundation for Greater Atlanta and TogetherATL are …
BELGRADE, MONT. — Venture West Development is underway on Jackrabbit Crossing, a 196-acre mixed-use project in Belgrade, roughly 10 miles northwest of Bozeman. Rosauers Supermarkets, which recently signed a long-term lease, will anchor the property. Plans for the development, which is located three miles from the Bozeman Yellowstone International Airport, also include a proposed 53,000-square-foot Amazon distribution center.
CHICAGO — The owners of the NBA’s Chicago Bulls and NHL’s Chicago Blackhawks have unveiled plans for the transformation of the area around their shared venue, the United Center. The initiative is known as The 1901 Project, and development costs are estimated at $7 billion. Michael Reinsdorf, CEO of the Bulls and son of owner Jerry Reinsdorf, formally announced the project on Tuesday, July 23. The elder Reinsdorf, along with Blackhawks owner Danny Wirtz, co-owns the United Center, where both teams have played since 1994. The name is a reference to the venue’s address at 1901 W. Madison St. The 1901 Project will be privately funded by the Reinsdorf and Wirtz families and developed in phases over approximately 10 years. The areas in question span roughly 55 acres on the city’s west side. Phase I could commence as soon as next spring, pending the completion of various permitting and approvals processes. Preliminary plans call for a mix of uses, including more than 1,000 transit-oriented residential units and a new entertainment venue that can accommodate up to 6,000 people. The residential component will feature both market-rate and affordable housing units. International architecture firm RIOS will lead design and planning. The 1901 …
AUSTIN, TEXAS — A partnership between two developers, New York-based Tishman Speyer and Minneapolis-based Ryan Cos., has topped out ATX Tower, a mixed-use tower located at 321 West St. in downtown Austin. The site is bounded by Sixth and Guadalupe streets near the Republic Square transit center. The 58-story building will house 1,000 square feet of ground-floor retail space, more than 100,000 square feet of office space, 369 apartments and 440 parking spaces. Handel Architects and Austin-based Page are designing the project, with INC Architecture & Design handling interior design. Ryan Cos. is also the general contractor. Completion is slated for late 2024. Ryan Cos. announced the project in late 2019 and broke ground in spring 2022.