LEBANON, TENN. — The city of Lebanon has approved the extension of Legends Drive near Cumberland Center, a 165-acre mixed-use project situated along I-40 East. Upon completion, Cumberland Center will feature retail shops, Class A offices, restaurants, hotels and possibly apartments. Phase I of Cumberland Center includes a Logan’s Steakhouse and a Boot Barn. The extension of Legends Drive is estimated to last roughly 18 months and cost about $4.6 million. Legends Drive will be extended about three-fourths of a mile and will connect Highway 231 and Highway 70. The road will also connect to Briskin Lane, which is scheduled for improvements.
PORTAGE, IND. — Holladay Properties has scheduled an August groundbreaking for The Promenade at Founders Square, a $37 million mixed-use development in Portage, approximately 10 miles east of Gary. The initial five buildings will surround Founders Square Park and offer residential space with ground-floor commercial properties. Other recent investments in The City of Portage include the new Founders Square Park, fire station, police station and an outdoor entertainment pavilion.
FRISCO, TEXAS — Southside Bank will finance new development at Frisco Station, a 242-acre mixed-use development located along the Dallas North Tollway in Frisco. The bank will provide the Frisco Station Partnership, an investment entity composed of Hillwood, Rudman Partnership and Van Trust Real Estate, with a three-year revolving line of credit for constructing road, water, sewer and other utilities. Initial construction will begin in June and will include infrastructure to support office development along Warren Parkway. Frisco Station includes more than 5 million square feet of office space, 2,400 apartment units, food and beverage concepts, hotel and conference facilities and more than 250,000 square feet of retail space. Headquartered in Tyler, Texas, Southside Bank has $5.2 billion in assets and operates more than 60 banking facilities in Texas.
ORLANDO, FLA. — Tavistock Development Co. has named Columbus, Ohio-based Steiner + Associates as its retail planning, leasing and development partner for Lake Nona Town Center in Orlando. Phase I of the project opened in January, including an 85,000-square-foot office building, a Marriott Residence Inn, Courtyard by Marriott, 16,000 square feet of retail and restaurant space and a five-story parking structure. Upon completion, the 100-acre project will anchor the 11-square-mile, master-planned Lake Nona community, which has had more than $3 billion in construction in the last eight years spanning 7.1 million square feet of residential and commercial properties. Located adjacent to Orlando International Airport, Lake Nona features neighborhoods, schools, the Lake Nona Medical City and United States Tennis Association’s New Home of American Tennis facility, the largest of its kind in the world. Initial phases of Lake Nona Town Center will comprise more than 1 million square feet of retail, restaurant, entertainment, office and hotel space.
WHITE MARSH, MD. — Construction has begun on Greenleigh at Crossroads, a $750 million component of Baltimore Crossroads, a 1,000-acre mixed-use development in White Marsh in the eastern section of Baltimore County. The completed Greenleigh at Crossroads will contain 1,000 single-family homes and townhomes, 500 multifamily units, three mid-rise Class A office buildings spanning 300,000 square feet, 128,000 square feet of single-story office space, 116,000 square feet of retail and a 120-room SpringHill Suites by Marriott. The development team consists of St. John Properties, Somerset Construction Co. and Elm Street Development. “The integrated design of Greenleigh at Crossroads reflects and responds to the new urbanism trend that is sweeping the country, while also complementing the existing product mix that exists at Baltimore Crossroads,” says Edward St. John, chairman of St. John Properties. St. John Properties has broken ground on one of the office buildings, and should begin construction on the hotel in late 2016. Elm Street Development will soon begin building the single-family homes and townhomes, with models expected to open in spring 2017. Somerset Construction will begin work this fall on The Berkleigh, a luxury apartment community featuring 317 units. Located along Maryland Route 43 near I-95, Baltimore Crossroads is …
Regency Centers, AvalonBay Acquire Market Common Clarendon Mixed-Use Property in Arlington for $406M
ARLINGTON, VA. — A joint venture between Regency Centers Corp. (NYSE: REG) and AvalonBay Communities Inc. (NYSE: AVB) has acquired Market Common Clarendon, a mixed-use development located in Arlington, for $406 million. The project, located approximately five miles from Washington, D.C., consists of 300 Class A apartments and 300,000 square feet of retail space anchored by Whole Foods Market, Apple, Crate & Barrel, The Container Store, Pottery Barn and Williams-Sonoma. The asset also features an adjacent vacant building for future development. Arlington County records show that TIAA-CREF bought the properties for a little more than $166 million in 2002, according to the Washington Business Journal. AvalonBay will acquire all of the residential components, while Regency will acquire the retail and all remaining components. To reach the $406 million purchase price, AvalonBay contributed $120.3 million and Regency contributed $285.7 million. “Market Common Clarendon is a seasoned and cycle-tested 10-acre urban shopping center,” says Barry Argalas, senior vice president of national transactions for Regency Centers. “The combination of a dense, affluent and highly educated customer base, along with the convenient access to the Clarendon metro station, all contribute to the success of the retailers.” Regency Centers’ stock price closed at $78.27 per share …
CHICAGO — Essex Realty Group Inc. has brokered the $2.7 million sale of a mixed-use building in Chicago’s Sheridan Park neighborhood. The buyer and seller in the transaction were undisclosed. The building, located at 4401 N. Clark St., is comprised of 12 apartment units and two street-level retail spaces. The units are a mixture of two- and three-bedroom units. Jim Darrow, Jordan Gottlieb, Doug Imber and Kate Varde of Essex brokered the transaction.
BOSTON — The Boston Redevelopment Authority Board has given approval for Edens to construct a 700,000-square-foot mixed-use development in the South Bay submarket of Boston. The 10-acre, $200 million development will sit adjacent to Edens’ South Bay Center in Boston’s Dorchester neighborhood. This approval was the last hurdle to starting the project, and Edens plans to break ground in June. The proposal calls for 113,000 square feet of restaurants and shops, a 12-screen luxury AMC Theatre with IMAX, a flagship Wahlburger’s, a 130-room hotel and two parking garages. Edens will also partner with Mill Creek Residential to develop 475 multifamily units at the project. The multifamily component will contain a mix of studio to three-bedroom apartments. The mixed-use project will be built on a site that currently contains a vacant industrial property and concrete plant. During construction, Edens also plans to upgrade the 427,289-square-foot South Bay Center, which is home to tenants such as OfficeMax, Marshalls, Old Navy, Target, The Home Depot, Bed Bath & Beyond and TJ Maxx. Columbia, S.C.-based Edens develops, owns and operates community shopping centers in primary U.S. markets. Its institutional-quality portfolio contains more than 130 retail centers. Mill Creek Residential Trust LLC is a national …
SANDY SPRINGS, GA. — Pollack Shores Real Estate Group plans to develop 425 apartment units and 10,000 square feet of retail and restaurant space neighboring the Palisades office park in Sandy Springs. Pollack Shores purchased a site adjacent to the office park at 5901 Peachtree-Dunwoody Road for an undisclosed amount. Upon completion, the one-, two- and three-bedroom units will feature plank flooring, kitchen islands, granite and quartz countertops, under mount sinks and pendant lighting. The redevelopment is expected to be complete by winter 2018. Matrix Residential, the multifamily residential management division of Pollack Shores, will manage the residential portion of the property. Pollack Shores is also absorbing most of the costs for infrastructure improvements in the area, including the addition of an east-west connector between Peachtree-Dunwoody Road and Perimeter Center Parkway that will allow traffic to directly access the new 2.2 million-square-foot State Farm Insurance regional headquarters expected to open in late 2016.
DAYTONA BEACH, FLA. — International Speedway Corp. (ISC), a motorsport event promoter and owner/operator of 13 motorsport entertainment facilities, has broken ground on ONE DAYTONA, a 300,000-square-foot mixed-use project in Daytona Beach. The development will be situated across from ISC’s Daytona International Speedway, which is home of the Daytona 500 NASCAR race. Set to open in fall 2017, ONE DAYTONA will feature retail, dining, entertainment and residential space, as well as two hotels. Development costs are estimated to total between $120 million and $150 million. ONE DAYTONA will be anchored by a 67,000-square-foot Bass Pro Shops Outpost and a 12-screen Cobb Theatre. Vertical construction has begun on the movie theater, and Bass Pro Shops will begin construction on its building in the coming weeks. Additionally, ISC has recently executed leases with first-to-market retailers such as Guitar Center, Tervis, It’Sugar, Jeremiah’s Italian Ice and Venetian Nail Spa. “We are very pleased to be announcing these five outstanding tenants,” says Jeff Boerger, vice president of corporate development at ISC. Kansas City, Mo.-based Legacy Development is managing the leasing efforts for ONE DAYTONA. “We are delivering an environment and mix of uses unlike any other in the country,” continues Boerger. Other components at …