Mixed-Use

Construction Begins on $6B Redevelopment Project in San Francisco Bay Area

by John Nelson March 31, 2016

SAN FRANCISCO — Construction crews have begun infrastructure work on the redevelopment of Treasure Island and Yerba Buena Island in the San Francisco Bay Area. The total development costs for the 10-year project will be $6 billion, according to the San Francisco Business Times. The development team, known as Treasure Island Community Development LLC, includes Lennar Urban (NYSE: LEN), Kenwood Investments, Stockbridge Capital Group and Wilson Meany. The San Francisco Planning Commission approved the project in 2011, and Skidmore, Owings and Merrill LLP developed the master architectural and engineering plan. The development will feature up to 8,000 residential units, including 7,700 to 7,850 on Treasure Island and 150-300 units on Yerba Buena Island. At least 25 percent of the multifamily units will be offered at below-market rates. The project will also include up to 140,000 square feet of new retail space, 300 acres of parks and public open spaces, up to roughly 500 hotel rooms, a joint police/fire station and 100,000 square feet of office space. The development team will also repurpose Building 1 and Hangars 2 and 3 on Treasure Island and the historic buildings on Yerba Buena Island. According to Kenwood Investments’ website, the development could feature a …

March 31, 2016

Waterfront Station II 1000 Fourth Street SW Washington DC

District of Columbia Mixed-Use Southeast

PN Hoffman to Develop 400,000 SF Mixed-Use Project in Southwest D.C.

by John Nelson March 30, 2016

WASHINGTON, D.C. — The Office of the Deputy Mayor for Planning and Economic Development (DMPED) has selected PN Hoffman for the redevelopment of Waterfront Station II in southwest Washington, D.C. DMPED has approved PN Hoffman’s plans, which include a LEED Gold-certified mixed-use asset spanning 400,000 square feet. The project will comprise 310 market-rate apartment residences, 133 affordable multifamily units, 20,000 square feet of retail space and a 10,000-square-foot theater space. The development will be located on a 59,000-square-foot lot at 1000 Fourth St. S.W. The project team includes Paramount Development, ER Bacon Development, CityPartners and AHC Inc. PN Hoffman is also underway on The Wharf, 525 Water and Riverside Baptist Church in southwest D.C.

March 30, 2016

Bailey Power Plant Wake Forest Innovation Quarter Winston-Salem

Mixed-Use North Carolina Southeast

Wexford Science+Technology to Begin $40M Bailey Power Plant Redevelopment

by John Nelson March 29, 2016

WINSTON-SALEM, N.C. — As part of the Wake Forest Innovation Quarter, Wexford Science+Technology, a BioMed Realty company, plans to redevelop two-thirds of the Bailey Power Plant in Winston-Salem. The $40 million project is Phase I in the redevelopment of the entire plant, which ceased operations almost 20 years ago. Phase I includes the redeveloping of the plant’s main building and most of the surrounding grounds, including the iconic chimney stacks. Wexford will convert the five-story main building into 110,800 square feet of office, entertainment, retail and common space. Wake Forest Innovation Quarter plans to work with additional developers to repurpose two smaller buildings, the Morris Building and Building 23-1, on the southeast and southwest corners of the property. The city of Winston-Salem and Forsyth County have each agreed to provide $3 million through a combination of public infrastructure and economic assistance reimbursements, and Wexford will also utilize historic tax credits for the project. R.J. Reynolds donated the Bailey Power Plant lot and all structures on it to Wake Forest Baptist Medical Center in 2010, along with approximately $2 million for environmental abatement work, which was completed in 2013. Construction is expected to begin this spring. Portions of the main building …

March 29, 2016

Florida Mixed-Use Southeast

Marcus & Millichap Brokers $8.7M Sale of Mixed-Use Property in South Beach

by John Nelson March 29, 2016

MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $8.7 million sale of an 8,700-square-foot mixed-use property at 1609 Alton Road in Miami Beach’s South Beach neighborhood. Scott Sandelin and Alejandro D’Alba of Marcus & Millichap’s Miami office represented both the seller, a limited liability company based in Miami Beach, and the buyer, a limited liability company based in New York. The two-story asset comprises 4,500 square feet of retail space and 4,200 square feet of office space. The property was fully leased at the time of sale to a nail salon, liquor store and medical office tenant.

March 29, 2016

Illinois Midwest Mixed-Use

M&R Development, Bucksbaum Retail Properties to Develop 148-Unit Luxury Apartment Building in Chicago

by Christina Cannon March 29, 2016

CHICAGO — A joint venture between M&R Development and Bucksbaum Retail Properties LLC has acquired a 2.3-acre site in Chicago’s Lakeview neighborhood for the future development of an apartment building. Addison & Clark, slated for completion in 2018, will contain 148 luxury units and 150,000 square feet of retail space across from Wrigley Field. Demolition of existing structures will take place over the next two months. The retail component, which will be located on the first three floors, will contain a multi-screen theater, health and fitness club and several dining options. The units at Addison & Clark will consist of studio, one- and two-bedroom apartments. The transit-oriented building will be located a block west of the Chicago Transit Authority’s Red Line and will also feature a 405-space parking garage. Solomon Cordwell Buenz will design the LEED-certified building, and Power Construction will serve as the general contractor.

March 29, 2016

Loans Mixed-Use Multifamily Northeast Office Retail Rhode Island

Kennedy Funding Financial Secures $1.8M Loan for Development Site in Rhode Island

by Amy Works March 28, 2016

NORTH KINGSTOWN, R.I. — Kennedy Funding Financial has completed a $1.8 million loan secured by a development site in North Kingstown. The borrower was property owner CIOE A34 LLC. Located on Ten Rod Road, the 5.3-acre parcel is currently zoned for approximately 200,000 square feet of mixed-use development. Kevin Wolfer of Kennedy Funding Financing arranged the financing for the borrower.

March 28, 2016

Illinois Midwest Mixed-Use

CBRE Brokers Sale of Mixed-Use Building in Chicago for $8.3M

by Christina Cannon March 28, 2016

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.

March 28, 2016

California Mixed-Use Top Stories Western

Lennar Urban Wins Approval for Phase I of $3B Candlestick Point Development in San Francisco

by Christina Cannon March 24, 2016

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 …

March 24, 2016

Mixed-Use Multifamily New Jersey Northeast Retail

CBRE Arranges $1.3M Sale of Mixed-Use Property in New Jersey

by Amy Works March 23, 2016

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.

March 23, 2016

Alabama Hospitality Mixed-Use Southeast

RCP Cos. to Bring AC Hotel to CityCentre at Big Spring in Huntsville

by John Nelson March 23, 2016

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.

March 23, 2016

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