Mixed-Use

Joint Venture to Develop Mixed-Use Project in Boston’s South End

by Amy Works March 22, 2016

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.

March 22, 2016

Illinois Midwest Mixed-Use

Target to Open at Vue53 Mixed-Use Development near the University of Chicago

by Christina Cannon March 22, 2016

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.

March 22, 2016

Florida Mixed-Use Southeast

Suffolk Construction, Related Group Top Off City Place Doral

by John Nelson March 22, 2016

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.

March 22, 2016

Mixed-Use Retail Texas

Kirkwood Holdings Acquires 50 Acres in Metro Dallas

by Haisten Willis March 21, 2016

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.

March 21, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Cushman & Wakefield Brokers $80M Sale of Development Site in Brooklyn

by Amy Works March 21, 2016

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.

March 21, 2016

Illinois Midwest Mixed-Use Multifamily Retail

Baum Realty Group Brokers Sale of Three Chicagoland Properties for $49.5M

by Christina Cannon March 18, 2016

LINCOLNWOOD AND CHICAGO, ILL. — Baum Realty Group LLC has brokered the sale of three Chicagoland properties for $49.5 million. In the first deal, Baum Realty represented an undisclosed seller in the disposition of a 45,000-square-foot retail center anchored by CVS. The property is located at 7175 N. Lincoln Ave. in Lincolnwood and sold for $9.8 million. In the second transaction, Baum Realty represented the buyer of a 90,000-square-foot mixed-use property in Chicago. Located at 3115 N. Broadway, the facility consists of ground-floor retail and a four-level parking garage. The buyer plans to convert the property, acquired for $5.7 million, for multifamily use. Lux24 is a 73-unit apartment tower in Chicago’s West Loop that sold for $34 million. Baum Realty brokered the off-market transaction of the 66,000-square-foot property. Danny Spitz and Greg Dietz of Baum Realty brokered all three transactions.

March 18, 2016

Mixed-Use New York Northeast Office Retail

Howard Hughes Corp. Completes $390M Sale of Lower Manhattan Development Site

by Amy Works March 17, 2016

NEW YORK CITY — The Howard Hughes Corp. has completed the sale of a development site located at 80 South St. in Lower Manhattan. China Oceanwide Holdings acquired the 42,694-square-foot lot for $390 million. Adjacent to the revitalized Seaport District, the site is capable of supporting 817,784 square feet of fully entitled development rights. The newly repositioned Seaport District will encompass seven buildings on several city blocks totaling more than 365,000 square feet of dining, shopping, entertainment and cultural event space.

March 17, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Cushman & Wakefield Brokers $11M Sale of Two Buildings in Brooklyn

by Amy Works March 17, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of two buildings, located at 706-764 Manhattan Ave. in Brooklyn’s Greenpoint neighborhood. Agmine Corp. acquired the assets, which are located on the same tax lot, for $11 million, or $709 per square foot. 764 Manhattan Avenue is a mixed-use building offering four retail units and nine residential units, and 760 Manhattan Avenue features two stories of commercial space, with RadioShack occupying the ground-floor unit. Combined, the properties offer 15,500 square feet of commercial and residential space. Brendan Maddigan of Cushman & Wakefield represented the seller, the Hazelwood family, in the transaction.

March 17, 2016

Mixed-Use Southeast Virginia

Shooshan Co., Brandywine Realty Trust to Build Mixed-Use High-Rise in Metro D.C.

by John Nelson March 17, 2016

BALLSTON, VA. — The Shooshan Co. and Brandywine Realty Trust plan to build a 22-story mixed-use high-rise project for the final portion of their Liberty Center development at 4040 Wilson Blvd. in Ballston, roughly six miles west of Washington, D.C. The first two floors will house retail space (34,000 square feet), the next eight floors will comprise office space (190,000 square feet) and the top 12 floors will feature 245 residential units. Both the office and residential components will have separate roof terraces. VIDA Fitness has signed a letter of intent to occupy 30,000 square feet at the site between the second floor and the B1 level. Shooshan has already built out the five-level, below-grade parking garage at the site that features 550 car spaces. Liberty Center is a 2.3 million-square-foot, eight-property development within walking distance of the Ballston Metro. At full build-out the development is expected to house 5,000 people.

March 17, 2016

Florida Mixed-Use Southeast

KGH International Development Breaks Ground on Metropica Mixed-Use Development in South Florida

by John Nelson March 16, 2016

SUNRISE, FLA. — KGH International Development has begun construction on the residential portion of Metropica, a transit-oriented mixed-use development in Sunrise that will span 65 acres and 4 million square feet upon full build-out. The project will feature 400,000 square feet of dining, retail and entertainment space, as well as 650,000 square feet of office space, 2,250 residential units and a 240-room hotel. Tenants already announced for the ground-level retail spaces include Ipic Theaters, Kings Bowl, True Food Kitchen, Kona Grill, Oil & Vinegar, Fogo de Chão, Shake Shack, Anthropologie, Free People and Kendra Scott. More announcements will be made in coming weeks and months prior to the project’s fall 2017 opening. In addition to the commercial and multifamily components, the project will also feature walking and bike trails, courtyards, a central park, 3,600-space parking garage, electric vehicle charging stations, kiosks and Wi-Fi connectivity throughout the development. KGH International Development expects to begin vertical construction on Metropica’s retail portion this summer. The design team for Metropica includes Baltimore-based master planner CI Design and architect Oppenheim Architecture & Design.

March 16, 2016

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