BOSTON — Related Beal has launched Congress Square, formerly known as The Block on Congress, a redevelopment and reinvention of an entire city block in downtown Boston. Related Fund Management acquired Congress Square from a Fidelity entity in 2013. The five-building portfolio consists of approximately 343,000 square feet and includes 40 Water St., 68 Devonshire St., 19 Congress St., 15 Congress St. and 54 Devonshire St. The project includes the repositioning and development of a 24-hour mixed-used environment offering office, residential, hotel, restaurant and retail space. Additionally, the project plans call for the creation and activation of Quaker Lane, which will bisect the property and connect Post Office Square to Faneuil Hall. Related Beal has engaged Arrowstreet to serve as architect and redesign the existing buildings into the new project. The developer has also selected CBRE/Grossman Retail Advisors to lead all retail leasing efforts and JLL as the brokerage firm for the project’s office space 40 Water St. The redevelopment office space will be available for occupancy in early 2016. Retail opportunities will be available for occupancy in fall 2015.
Mixed-Use
NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 120 Union Ave. in Brooklyn's Williamsburg neighborhood. Located between Union Avenue and Broadway, the site sold for $15.5 million or $220 per buildable square foot. Adam America, Slate Property Group and Naveh Shutter Limited purchased the site and plan to develop a 100-unit residential property with 2,000 square feet of ground-level retail space. The development site is zoned R6A/C2-4, which allows for more than 93,000 buildable square feet. Additionally, the 26,000-square-foot lot is packaged with a lot at 100 Union Ave., which is scheduled to close later this year. The seller, Robles Realty, has owned the property since 1998. Ofer Cohen, Melissa DiBella Warren, Dan Marks, Peter Matheos, Michael Hernandez and Joey Terzi of TerraCRG represented the seller in the transaction.
NEW CANANN, CONN. — Cronheim Mortgage has arranged $4.1 million in financing for a retail and office building located in downtown New Canaan. The property is a 9,431-square-foot fully occupied mixed-used building on Elm Street. The ground-floor space is leased to Ralph Lauren and Nail Hollywood, while the second-floor space is leased to six office tenants and one retail tenant. The 4-percent fixed-rate loan was structured with a seven-year term and 18-year amortization for the borrower, Campana 109 LLC. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing.
CHICAGO — Essex Realty Group Inc. has brokered the $4.7 million sale of 3355 N. Clark St. in Chicago. The mixed-use elevator building is located in Chicago's Wrigleyville neighborhood. The property includes eight condo apartments, two 1,200-square-foot street retail spaces, a garage and parking spaces. Jim Darrow and Jordan Gottlieb of Essex Realty represented the undisclosed buyer and seller in the transaction.
SEATTLE — Path America and Dargey Development have broken ground on the $190-million Potala Tower Seattle, a 577,000-square-foot, mixed-use property in the Seattle waterfront submarket of Belltown. The development will include 342 apartments and the 142-room Hotel Indigo, which will include a mezzanine, restaurant, wine bar and rooftop deck. The project was named after Potala Palace in Tibet. It is located at 2116 4th Ave. Potala Tower Seattle was financed through the EB-5 Visa program, which offers foreign nationals the opportunity to obtain a U.S. green card by investing in a U.S.-based commercial enterprise. Hotel Indigo is a branded boutique concept from InterContinental Hotels Group (IHG).There are 58 Hotel Indigo properties worldwide.
RICHMOND, VA. — Walker & Dunlop has arranged $33.5 million in permanent debt for the refinance of Miller & Rhoads, an adaptive reuse project of the historic Miller & Rhoads department store in Richmond. The project is located next to the Richmond Convention Center and features 133 residential units, a 250-room Hilton Garden Inn and more than 20,000 square feet of retail space. Andrew Coleman and Stephen Farnsworth of Walker & Dunlop led the team that structured the seven-year fixed-rate loan with two years interest-only payments on behalf of the borrower, HRI Properties LLC. HRI plans to invest $8 million to convert the existing hotel to a full-service Hilton property by the end of 2015. The property was originally built between 1888 and 1909 as a one-room store and is considered a significant historic structure in the Grace Street Commercial Historic District.
NORMAL, ILL. — Co-developers CA Ventures and Tartan Realty Group have begun Phase I of One Uptown on the Circle, a $27 million mixed-use development in Normal’s Uptown neighborhood, roughly seven minutes north of Bloomington. Phase I will include an eight-story tower housing a 114-room Hyatt Place Hotel and 1,600 square feet of retail space. The property will be located across the street from the Marriott Hotel and Conference Center and will feature a 2,300-square-foot outdoor terrace connected to a 1,500-square-foot meeting space, as well as a pool and fitness center. Phase II will feature a 6,500-square-foot restaurant or retail below 34 multifamily units.
BRONX, N.Y. — Simone Development Cos.has arranged 38,700 square feet of new leases at its Metro Center Atrium, which is nearing completion in the Bronx. The 370,000-square-foot office/retail/hotel complex is located at the 42-acre Hutchinson Metro Center campus. MetroPlus Health Plan, the insurance plan of the New York City Health and Hospitals Corp., is leasing 17,000 square feet of office space for its new Crisis Center at the Metro Center Atrium. In addition, IAC Acoustics, a leading supplier of sound control products, has leased 10,000 square feet of space for its executive offices, and Community Resource Center has leased 4,300 square feet of executive office space at the Metro Center Atrium. Applebee’s has also leased 7,400 square feet on the ground floor of the complex.
NEW YORK CITY — Silvershore Properties, a mid-market investor in Manhattan and Brooklyn, has completed the disposition of 101 Delancey Street. Located on Manhattan’s Lower East Side, the six-story, mixed-use property sold for $17.3 million. The property features 20 rental apartments and five retail spaces with 86 feet of frontage on Delancey Street. The property was delivered to the buyer, 101 Delancey Realty LLC, vacant.
LOS ANGELES — Barkley Development LLC has received a $10.5-million loan to acquire, entitle, and develop a 1.5-acre parcel of land near the Los Angeles submarket of Sherman Oaks. The land is on Sepulveda Boulevard. Barkley plans to develop a mixed-use asset with 139 residential units and 9,000 square feet of retail. Construction is slated to begin in the fourth quarter of this year. The development was underwritten to over a 7 percent yield on cost, with a sub-4 percent construction financing interest rate and a terminal pro forma value projected to exceed $50 million. The loan was provided by Gabe Weinert of Johnson Capital.