MINNEAPOLIS — Kraus-Anderson (KA) has completed construction of North Loop Green, a 1 million-square-foot mixed-use development located next to Target Field in downtown Minneapolis. Developed by Hines in partnership with AFL-CIO Building Investment Trust and Marquee Development, the project consists of a 34-story, 449-unit apartment tower; a 14-story, 365,000-square-foot office building; and a 471-stall, 225,439-square-foot parking garage with electric vehicle charging stations. The project team is pursuing a LEED Silver certification. The multifamily portion features a one-acre park known as The Green, along with sky lounge views overlooking the Minneapolis skyline, Target Field and the Mississippi River. Amenities include outdoor terraces, a fitness center and health club, pool and sauna, golf and gaming simulator, work-from-home lounges, dog lounge with washing stations and dog run, and the aforementioned park. Monthly rents start at $1,499, according to the property’s website. North Loop Green’s food-and-beverage offerings include Hope Breakfast Bar, Salt & Flour, Bassett Hound and food trucks on The Green. KA participated in a 12-month pre-construction period, working with the design team and the City of Minneapolis on permitting, constructability and sustainability planning. Additionally, KA’s special projects team is in the process of completing build-outs for several of the office tenants, including …
Mixed-Use
HOBOKEN, N.J. — Locally based developer LCOR has broken ground on Hoboken Connect, a $900 million mixed-use project in Northern New Jersey. The waterfront development will consist of a 386-unit apartment complex, a 21-story office building, 5,000 square feet of retail and restaurant space and open public space. Within the multifamily component, 20 percent of the residences will be reserved as affordable housing, while the office building will total 704,355 square feet. Both of these buildings will house various Class A amenities. The development team will also make various infrastructural improvements to the site. A tentative completion date was not disclosed.
KDC Receives Approval for Two New Towers at Mixed-Use Park Center Development in Dunwoody, Georgia
by John Nelson
DUNWOODY, GA. — The Dunwoody City Council has approved the rezoning of Phase IV of Park Center, a 17-acre, transit-oriented office campus in metro Atlanta. The master developer of the project is KDC, a Dallas-based corporate development and investment firm. The amended zoning will allow KDC to change its plans from a standalone fourth office tower to a two-tower project that will comprise 175 hotel rooms, 300 residential units, 22,000 square feet of retail space and 300,000 square feet of office space. The plan includes two towers on a common podium with a 20-story apartment tower and a combined office and hotel tower, where six floors of hotel rooms will sit atop 12 levels of office space. Phase IV represents the final phase of Park Center and will occupy the last undeveloped portion of the development, which was originally conceived as a 2.2 million-square-foot East Coast hub for State Farm Insurance. The project team includes local architecture firm Cooper Carry. The current campus contains three office towers developed over the past 10 years: the 600,000-square-foot Park Center One, which is directly connected to the Dunwoody MARTA Station; the 621,000-square-foot Park Center Two with more than 39,000 square feet of retail …
HOMESTEAD, FLA. — The Estate Cos. (EIG) and Midtown Group have acquired a 20.8-acre development site located in Homestead, approximately 40 miles southwest of Miami, for $14 million. The companies received approval last September to develop Soleste Midtown, a mixed-use project, at the site. Upon completion, the development will comprise 354 residential units, as well as 43,000 square feet of commercial space. Residences will include apartments ranging from 676 to 1,131 square feet within six five-story buildings. Amenities will include a 7,000-square-foot clubhouse, swimming pool and playground. EIG will develop and own the residential portion, with Midtown Group developing and owning the commercial component of the property, which will feature six outparcels situated along a promenade.
FORT WORTH, TEXAS — Westside Real Estate Investors LLC, which is a partnership between Keystone Group and Larkspur Capital, has received approval from the Fort Worth Zoning Commission for a portion of a larger redevelopment project. The Dallas Business Journal and Fort Worth Report both state that the larger project is valued at $850 million. The latter publication reports that the ruling allows for 11.5 acres of the 35-acre site of the former Fort Worth Independent School District to be rezoned from industrial to mixed-use. The project was announced in January, and plans call for multifamily, hospitality, office, retail, restaurant and entertainment uses, as well as public green space. The DBJ reports that the combined footprint of these uses could be approximately 2 million square feet.
NEW YORK CITY — New York City-based developer TF Cornerstone is nearing completion on 2-20 and 2-21 Malt Drive, a 1.4 million-square-foot apartment complex in the Long Island City neighborhood of Queens. At full build-out, the project will deliver 1,386 apartments across two buildings, as well as retail space and a public park. 2-20 and 2-21 Malt Drive are situated on Malt Drive, a new city street that was named as a nod to the site’s history as a sugar cane processing facility that later became a beer distribution center. The project is located within the 30-acre Hunter’s Point South mixed-use development. The South building at 2-20 Malt Drive will rise 33 stories and feature 575 units. The adjacent North building will comprise 811 apartments across two towers at 2-21 Malt Drive. Thirty percent of units at both buildings will be set aside as affordable housing, which will be leased at 130 percent of the area median income. The buildings were designed by SLCE Architects. Planned amenities include on-site parking, bicycle storage, co-working space, children’s playrooms, lounges, fitness centers, shared laundry rooms as well as in-unit washers & dryers, roof decks with BBQ grills, sundecks and courtyards. 2-20 Malt Drive will also …
Portman Nears Completion of 319-Unit Vera at Savona Mill Apartments in West Charlotte
by John Nelson
CHARLOTTE, N.C. — Atlanta-based Portman has announced it is nearing completion of Vera at Savona Mill, a 319-unit midrise apartment community in Charlotte’s West End. First units are set to deliver in July. Vera at Savona Mill will offer one-, two- and three-bedroom options, as well as studios, lofts and townhomes. Amenities will include a resort-style pool with cabanas, a pet spa and dog park, fitness center with a yoga studio, game room and a coworking lounge. Portman plans to launch preleasing later this month. The multifamily property is the latest component of a mixed-use, adaptive reuse of a 105-year-old former textile mill that also includes retail space, creative offices, a community plaza and the expansion of the Stewart Creek Greenway that is set to open soon. The second phase of residential at Savona Mill is anticipated to break ground next summer and include 279 multifamily units and 40 townhouses.
Greenebaum, St. John Properties Break Ground on Final Three Buildings at Maple Lawn in Fulton, Maryland
by John Nelson
FULTON, MD. — A joint venture between Greenebaum Enterprises and St. John Properties has broken ground on the final three commercial buildings at Maple Lawn, a 605-acre mixed-use development in Fulton, a city in the Baltimore-Washington corridor. The properties, all of which are being developed on a speculative basis, include two medical office buildings and an inline retail building cumulatively totaling 85,000 square feet. All three buildings are positioned along Maple Lawn’s northern entrance near Maple Lawn Boulevard and Johns Hopkins Road. Upon the expected delivery in late 2025, Maple Lawn will total 1.8 million square feet of Class A offices, industrial facilities, research-and-development space, medical offices, shops and restaurants, as well as 1,300 residences. Maple Lawn is home to a variety of businesses, including Cisco Systems, DataTribe, Johns Hopkins Medicine, KBR, Kennedy Krieger, New Day, Presidio, Raytheon and Window Nation.
CHICAGO — BWE has arranged a $17 million loan for the acquisition of 939 North Avenue, a Class A mixed-use property in Chicago’s Lincoln Park neighborhood. The asset features roughly 200,000 square feet of retail, fitness and medical office space as well as a 350-space parking garage. Daniel Rosenberg and Logan Petersmeyer of BWE arranged the loan on behalf of the borrowers, Farpoint Development and MCZ Development Group. A debt fund provided the loan, which features interest-only payments.
Lionheart Capital Plans $1B Lakeside Mall Redevelopment in Sterling Heights, Michigan
by Katie Sloan
STERLING HEIGHTS, MICH. — Lionheart Capital has unveiled plans for the $1 billion mixed-use redevelopment of Lakeside Mall in the Detroit suburb of Sterling Heights. The redevelopment process will begin with the demolition of the enclosed regional mall following its closure on July 1. The new development will be anchored by a mixed-use town center and central park featuring shops, offices, coffee houses, restaurants, an area for community gatherings and events, and a two-story community center with recreational amenities including swimming pools, fitness facilities and libraries. The project is also set to include a hotel and residential space, details of which were not disclosed, as well as 30 acres of public space, parks and infrastructure. Plans include the addition of walking, biking and hiking trails that connect to local trail networks including the Iron Belle Trail, Freedom Trail and Dodge Park Trail. Groundbreaking on the town center is scheduled for late 2025. The development team includes master architect CallisonRTKL, landscape designer SWA and civil engineer Giffels Webster. A completion timeline was not disclosed. Lakeside Mall originally opened in 1976. The site spans 110 acres and the existing buildings total 1.5 million square feet. Miami-based Lionheart Capital is an investment firm …