Mixed-Use

54 Acres Sold For New Mixed-Use Development in Metro Dallas

by Haisten Willis February 19, 2015

RICHARDSON, TEXAS — BC Station Partners LLC has purchased 54 acres in Dallas from the W.W. Caruth Jr. Foundation at Communities Foundation of Texas. The land is located at the southeast corner of Central Expressway and the President George Bush Turnpike. The site is for a new mixed-use project. The development will include office, retail and residential components. Upon completion, it is expected to include more than 1.35 million square feet of office space, 100,000 square feet of retail, 1,250 multifamily units and two hotels. The approximately $500 million, transit-oriented development will be immediately west of the CityLine project and adjacent to DART’s Bush Turnpike light rail station. Trammell Crow Residential (TCR) is scheduled to break ground on the first phase of the multifamily and retail section at the site in March. The first units are scheduled for delivery in late summer of 2016. Transwestern Development Co. is also in the planning phase for the site’s office component, which would be located at the northeast corner of Central and Renner Road.

February 19, 2015

Landmark, AIG to Develop Mixed-Use Project in Gainesville

by John Nelson February 19, 2015

GAINESVILLE, FLA. — Landmark Properties and AIG Global Real Estate have acquired the land for their upcoming development, The Standard at Gainesville, a 1,200-bed, mid-rise, mixed-use student housing development with approximately 60,000 square feet of retail space and a 142-room select-service hotel. The project is set to commence construction in the spring with delivery slated for fall 2017. The Standard at Gainesville will be adjacent to the University of Florida campus and steps from restaurants, shops and nightlife. The Standard will feature more than 20 unique floor plans, including studio, one-, two-, three-, four-, five- and six-bedroom units. The community will offer on-site management, two rooftop pools, resident centers with 24-hour study lounges, a spa, game room, golf simulator, racquetball courts and a fitness facility. Parking will be available for purchase as part of the residential lease package and will be located within the community and accessible via skybridge.

February 19, 2015

Hotel Thomas Jefferson Downtown Birmingham

Alabama Mixed-Use Multifamily Southeast

Stewart/Perry Co. Breaks Ground on $20M Conversion of Former Hotel in Downtown Birmingham

by John Nelson February 18, 2015

BIRMINGHAM, ALA. — The Stewart/Perry Co., a construction firm based in Birmingham, has started construction at the former Hotel Thomas Jefferson site in downtown Birmingham. The $20 million project will convert the historic hotel into a mixed-use apartment building with 96 residential units and ground-floor retail space. The 20-story structure, which was built in 1929 as a 350-room hotel, is best known for having the world’s last zeppelin mooring mast on the rooftop, which will be preserved in the new project. Scott Reed of Reed Realty Advisors has partnered with Brian Beshara and Adam Beshara of Beshara Investment Group to develop the property. The team has utilized historic tax credits administered by the National Park Service, as well as a new funding program operated by the state of Alabama. The project team expects to deliver the new apartment tower in the second quarter of 2016.

February 18, 2015

Colorado Mixed-Use Western

SkyHouse Denver Luxury Apartments Breaks Ground

by Nellie Day February 18, 2015

DENVER — Simpson Housing, Novare Group and Batson-Cook Development Co. have broken ground on the 354-unit SkyHouse Denver. The new community will be located on the corner of Broadway and 18th Avenue in uptown Denver. The mixed-use project will also feature 6,900 square feet of ground-floor retail space. The signature SkyHouse on the top floor of the building includes a club room, swimming pool and fitness center. SkyHouse will also feature vehicle charging stations, bike storage, bike kitchen, a dog walk area and a dog washing station. The new community is situated in the Central Business District, near MetroRide and the 16th Street MallRide, both of which provide direct access to Union Station. It is also in close proximity to the Light Rail. Additional nearby attractions include the state capitol complex, the Denver Art Museum, and City Park, home to the Denver Zoo and the Denver Museum of Nature and Science. SkyHouse Denver is the 14th SkyHouse-branded apartment community in the U.S. and its first out West. Equity was provided by Simpson Housing, Batson-Cook Development Co. and NGI Investments. Construction financing was provided by JP Morgan and US Bank. The building will be built by Batson-Cook Construction and Swinerton Builders …

February 18, 2015

Loans Mixed-Use New York Northeast

Madison Realty Capital Provides $65M Construction Loan for Mixed-Use Project in Brooklyn

by Amy Works February 13, 2015

NEW YORK CITY — Madison Realty Capital has provided $65 million in construction financing for the development of a mixed-use property at 19 Kent Ave. in Brooklyn’s Williamsburg neighborhood. The undisclosed borrower plans to transform the vacant 80,000-square-foot site into a 384,000-square-foot mixed-use building offering retail, office and community facility space. Loan proceeds will be used to retire existing debt and fund future construction costs. The development site comprises four adjacent parcels occupying the entire block from Wythe Avenue to Kent Avenue between North 12th Street and North 13th Street. Current development plans call for a eight-story building offering floors ranging in size from 30,000 to 50,000 square feet.

February 13, 2015

Mixed-Use North Carolina Southeast

Crescent Communities to Bring Uptown Charlotte its First Whole Foods Market

by John Nelson February 12, 2015

CHARLOTTE, N.C. — Crescent Communities plans to develop a new mixed-use, transit-oriented project in Uptown Charlotte that will bring the neighborhood its first Whole Foods Market. The development will feature a 47,000-square-foot Whole Foods, a 450-unit luxury apartment community, two hotels and retail space. The project will be located on a 5.4-acre site at the Lynx Light Rail’s Stonewall Station. In addition to a raised, transit-level public plaza, the new project at Stonewall and Caldwell streets will include a resident-only outdoor amenities area atop the parking deck, which will feature a resort-style pool. Crescent will break ground on the new community on Stonewall Street this year and is targeting 2017 for its opening date. Bill Moseley of Moseley Real Estate Advisors represented Whole Foods Market in the lease transaction. Lord Aeck Sargent and Preston Partnership LLC provided site planning and design services for Crescent Communities, and Land Design is the civil engineer.

February 12, 2015

Mixed-Use Multifamily Retail Texas

Construction Begins on SkyHouse Main Tower in Houston

by Haisten Willis February 11, 2015

HOUSTON — A development team including Jim Borders and Novare Group, with co-sponsor Batson-Cook Development Co., local development partner Peter W. Dienna, general contractor Batson-Cook Construction Co. and architectural firm Smallwood, Reynolds, Stewart, Stewart, has broken ground on SkyHouse Main. The development will be located at 1725 Main St. in Houston and will feature 336 residences across 24 stories, along with 7,200 square feet of street-level retail space. SkyHouse Main apartment homes will have floor-to-ceiling glass and high-end finishes, including stainless steel appliances, granite countertops, wood floors, balconies and high-speed Internet. The amenity package included a top floor featuring a club room, fitness center, pool and grilling area and unimpeded views of Houston. The project is within walking distance of more than 40 million square feet of office space, the Toyota Center, Minute Maid Park and BBVA Compass Stadium. The project will be adjacent to the Bell Station Metrorail stop, providing access to the Texas Medical Center. SkyHouse Main is the 14th SkyHouse-branded apartment community in the United States following projects in Dallas, Houston, Austin, Atlanta, Tampa, Orlando, Charlotte and Raleigh. The project will generate more than 500 temporary construction jobs and about 50 permanent jobs when finished. Batson-Cook Development …

February 11, 2015

Mixed-Use Multifamily New York Northeast

City Urban Realty, MRC Buy Greenwich Village Mixed-Use Property for $27.5M

by Amy Works February 11, 2015

NEW YORK CITY — City Urban Realty and Madison Realty Capital have acquired a mixed-use residential and commercial property located at 14-16 Fifth Ave. in Greenwich Village. The partnership purchased the asset for $27.5 million from an undisclosed seller. The five-story, 20,219-square-foot building features 18 residential units, two commercial spaces and 52 feet of frontage along Fifth Avenue. The property also features 43,000 square feet of additional residential development rights. The buyers plan to renovate the existing apartments, lease-up vacant units and explore potential redevelopment options for the property. Additional terms of the transaction were not disclosed.

February 11, 2015

Mixed-Use Multifamily Texas

CenterSquare Sells Two Properties in Houston

by Haisten Willis February 6, 2015

HOUSTON — CenterSquare Investment Management has sold 1301 Fannin Street and the Villas at Hermann Park, both in Houston. 1301 Fannin Street is a 784,000-square-foot, Class A, mixed-use office tower and data center in Houston’s central business district. The Pennsylvania-based investment boutique of BNY Mellon acquired the property in 2007 in a joint venture with Houston-based Griffin Partners. During the eight-year hold period, the building’s common areas and infrastructure were upgraded resulting in net operating income (NOI) growth of 71.6 percent. The Villas at Hermann Park is a 320-unit, Class A apartment project south of downtown Houston. The property was purchased in 2011. During the 3.5-year hold, the property’s common areas and apartment interiors were upgraded resulting in NOI growth of 20.5 percent.

February 6, 2015

Loans Maryland Mixed-Use Southeast

Phillips Realty Capital Arranges $51M Construction Loan for Mixed-Use Development

by John Nelson February 6, 2015

GAITHERSBURG, MD. — Phillips Realty Capital (PRC) has structured a $51 million construction/permanent loan for the next phase of the 125-acre Watkins Mill Town Center in Gaithersburg. The Majestic at Watkins Mill will be a five-story structure with 243 residential units, 10,500 square feet of retail space, landscaped terraces with fountains, a dog wash and theater room. The design team includes developer BP Realty Investments LLC — a joint venture between Kline & Associates and Henry Investments — and Donohoe Construction Co. Stephen Shaw, Jr. and Daniel Shiff of PRC arranged the loan through Cardinal Bank and Burke & Herbert Bank on behalf of BP Realty Investments.

February 6, 2015

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