CHICAGO — CBRE has brokered the sale of a mixed-use building in Chicago for $8.3 million. A foreign investor purchased the building, located at 175 N. Franklin St. in Chicago, from an undisclosed seller. The four-story, 42,552-square-foot property is 100 percent leased to a mix of office and retail tenants. John Slivka of CBRE represented the owner in the transaction.
SAN FRANCISCO — Lennar Urban has won approval for its updated development plans for Candlestick Point, a massive mixed-use development planned for the site of Candlestick Park, former home of the San Francisco 49ers football team. San Francisco’s Commission on Community Investment and Infrastructure and the San Francisco Planning Commission unanimously approved the amended plans for the first phase of the development. Phase I is expected to cost between $2 billion and $3 billion, according to the San Francisco Business Times. The first phase of Candlestick Point includes: 16 city blocks anchored by an outdoor urban outlet retail district. 2,214 housing units, including the transformation and redevelopment of the 256-unit Alice Griffith public housing complex into a mixed-income housing development. The multifamily complex will be completely reconstructed without dislocating current residents. More than 1 million square feet of commercial space including a hotel, offices, a regional outlet shopping center and neighborhood retail, which will feature locally owned shops, a grocery store, restaurants and entertainment. A film and arts center. Sites for community services, including a new community garden for residents of Alice Griffith. Nine acres of parks and open space. Payments to the state for improvements, operations and maintenance at …
CLIFFSIDE PARK, N.J. — CBRE has brokered the sale of a mixed-use property located at 672-678 Anderson Ave. in Cliffside. The asset sold for $1.3 million. The 8,400-square-foot building features four street-level retail spaces and four multifamily units on the second story. Charles Berger, Mark Silverman and Elli Klapper of CBRE represented the undisclosed seller and procured the undisclosed buyer in the transaction.
HUNTSVILLE, ALA. — RCP Cos. has inked a deal with Marriott International to bring a 150-room AC Hotel to CityCentre at Big Spring, a $100 million mixed-use development in Huntsville. In partnership with Yedla Management Co., Marriott will bring the European-inspired hotel brand to only its 10th market in the U.S. Construction will begin this summer. Located on Williams Avenue, the hotel will feature a lounge area, kitchen with self-serve European fare, complimentary Wi-Fi, mobile check-in and check-out and a 24-hour fitness center. Yedla plans to bring another hotel concept yet to be named to CityCentre at Big Spring, according to RCP.
KISSIMMEE, FLA. — Magic Development LLC has revealed plans for Magic Place, an 87-acre, $3.3 billion mixed-use development near Walt Disney World Resort in the Orlando suburb of Kissimmee. Rodrigo Cunha and Luis Claudio Sinelli are co-CEOs of Magic Development LCC, which is developing several other projects in Florida. Italian designer Paolo Pininfarina designed the project. At full build-out, the project will include five towers, shops, restaurants and resort amenities. The multifamily portion will be a mix of residential, condo and fractional units as well as nightly rental hotel rooms. Construction will begin on the first phase in July, according to the Orlando Business Journal. Phase I will include a 25-story, 251-unit resort tower, 40,000 square feet of retail and a 20,000-square-foot office building on U.S. Highway 192. Plans call for the finished development to include 250,000 square feet of retail and 1,850 residential units. The residential portion has a construction value of around $1.7 billion, according to the Business Journal. James Mincy, the project’s manager, says the company plans to build one building every four or five years, making a total construction time of between 20 and 25 years. — Haisten Willis
BOSTON — Leggat McCall Properties, along with its joint venture partner Multi-Employer Property Trust (MEPT), and development advisor Bozzuto Development Co. have filed an expanded Project Notification Form with the Boston Redevelopment Authority for 3.1 acres of land in Boston’s South End. The site was acquired from the Boston Medical Center in late 2014. Spanning the block between Harrison Avenue and Albany Street and East Dedham and East Canton streets, the Harrison Albany project will bring a mix of residential, retail, office and cultural space to the South End. The proposed two-building project will feature 710 apartments, 14,000 square feet of retail space, 40,000 square feet of office space and public open space, including a green promenade between the two residential buildings. Additionally, the existing parking lots will be removed and replaced with underground parking.
CHICAGO — Target is set to open a 21,000-square-foot location at Vue53, a mixed-use development located in Chicago. Peak Campus and Avison Young are currently developing the project, which is located just north of Nichols Park within a few blocks of the University of Chicago campus. The complex will offer 267 apartment units, approximately 28,000 square feet of ground-floor retail and 230 parking spaces. The residential component, set to open in September, will offer studio, one- and two-bedroom units with washers and dryers. Community amenities will include a multi-purpose clubhouse with Wi-Fi, a 24-hour desk attendant, fitness center and business center, study and conference lounges, an outdoor terrace and a rooftop sundeck. The Target store is projected to open by early spring 2017.
DORAL, FLA. — Suffolk Construction and The Related Group have topped off Phase II of City Place Doral, a mixed-use and residential development in Doral, a western suburb of Miami. Upon completion at year-end 2016, the project will feature 300,000 square feet of retail including entertainment, dining, spa and fitness components. The project will also feature 280,000 square feet of Class A office space and 322 residential units. Last year, The Related Group secured a $137 million construction loan for the development. In 2014, Suffolk Construction completed Phase I of the project, Manor at City Place Doral.
PROSPER, TEXAS — Kirkwood Holdings LLC has purchased 50 acres in Prosper. Wayne Burgdorf of Coldwell Banker Commercial Alliance DFW in Arlington represented the Tarrant County-based buyer that plans to hold the land until neighboring developments start to take shape, then market individual tracts or the entire parcel to mixed-use commercial or residential developers. The 50-acre site is situated in the Tollway District overlay and includes 1,500 feet of frontage along West First Street. The acreage is directly across the road from Jerry Jones’ Blue Star Land Co.’s proposed 1,000-acre Star Trails’ community, and adjacent to Matthews Southwest’s planned 157-acre business park. Just to the south, Lincoln Property Co. is under construction on the 300,000-square-foot Gates of Prosper shopping center, the first phase of a 500-acre mixed-use project, and United Commercial Development is planning a 43-acre shopping center nearby. Phil Darland, an independent broker from McKinney, represented the seller, Bell 2005 Trust.
NEW YORK CITY — Tavros Development Partners, in partnership with Charney Construction & Development and 1 Oak Development, has acquired a development site located at 263-277 S. Fifth St. in Brooklyn’s Williamsburg neighborhood. The Dime Savings Bank of Williamsburgh sold the property for $80 million. The development offering consists of a combined four properties (263-277 S. 5th St., 262-272 S. 4th St. and 205 Havemeyer St.) and allows for a buildable envelope of approximately 230,000 square feet. The property’s zoning designation permits both mixed-use and commercial development. James Nelson, Brendan Maddigan and Matt Nickerson of Cushman & Wakefield represented the seller in the transaction.
