HONOLULU — Symphony Honolulu, a 3.5-acre mixed-use development on the island of Oahu, has received $120 million in construction financing. The high-rise project will be located at 888 Kapiolani Blvd. in Kakaako, a commercial and retail district near the island’s southern shores.Construction will begin later this month. It is scheduled for completion by the end of 2015. Symphony Honolulu will feature 388 residential condos, along with ground-floor retail, which will be occupied by JN Automotive Group. The exclusive Hawaiian authorized dealer will have a luxury auto galleria showroom that features international brands like Ferrari, Maserati, Bentley, Lamborghini, Audi and Lotus. The project will be developed by OliverMcMillan, built by Nordic PCL, and designed by Gensler and Architects Hawaii. The syndicated construction loan was provided by First Hawaiian Bank. Central Pacific Bank, American Savings Bank and Washington Capital Joint Master Trust Mortgage income fund are also involved in this transaction.
BALTIMORE — Elm Street Development, a McLean, Va.-based residential real estate developer, will partner with St. John Properties Inc. and Somerset Construction Co. to develop Greenleigh at Crossroads in Baltimore. Greenleigh at Crossroads is a town center, mixed-use development that will include mid-rise, Class A office buildings, retail amenities and housing options. Design Collective Inc. designed Greenleigh at Crossroads, which will be the next phase of Baltimore Crossroads, a 1,000-acre mixed-use community in eastern Baltimore County. The project team will break ground on the community in the summer of 2014.
HONOLULU — Symphony Honolulu, a 3.5-acre mixed-use development on the island of Oahu, has received $120 million in construction financing. The high-rise project will be located at 888 Kapiolani Blvd. in Kakaako, a commercial and retail district near the island’s southern shores.Construction will begin later this month. It is scheduled for completion by the end of 2015. Symphony Honolulu will feature 388 residential condos, along with ground-floor retail, which will be occupied by JN Automotive Group. The exclusive Hawaiian authorized dealer will have a luxury auto galleria showroom that features international brands like Ferrari, Maserati, Bentley, Lamborghini, Audi and Lotus. The project will be developed by OliverMcMillan, built by Nordic PCL, and designed by Gensler and Architects Hawaii. The syndicated construction loan was provided by First Hawaiian Bank. Central Pacific Bank, American Savings Bank and Washington Capital Joint Master Trust Mortgage income fund are also involved in this transaction.
ATLANTA — The Atlanta Braves organization has secured land at the northwest intersection of Interstates 75 and 285 in Cobb County, which will be the future site of its new stadium. The Braves have opted to not renew their lease at Turner Field, the team’s existing stadium. Although the new property has an Atlanta address, it will be located in Cobb County. The new site will feature an integrated mixed-use development, parking and greenspace in addition to the stadium. The Braves will be significant investors, along with Cobb County, in the project. The total estimated cost of the stadium, parking and infrastructure is roughly $672 million, and the Braves will pay all cost overruns for the project. The Braves will develop the remaining parcels surrounding the new stadium. The Cobb-Marietta Coliseum and Exhibit Hall Authority, owner of the Cobb Galleria Centre and Cobb Energy Performing Arts Centre, are planning on owning the new property, according to the Braves organization. During construction, nearly 5,227 jobs will be supported. The new stadium is slated to begin construction in the second half of 2014 and conclude by opening day in 2017.
NEW YORK CITY — JMC Holdings LLC has purchased 40-07 73rd St., a newly built residential and retail property in the Jackson Heights neighborhood of Queens for $20 million. Developer Vig Properties sold the property. JMC Holdings has re-launched the property as The Roosevelt, a high-end rental building featuring 31 one, two- and three-bedroom apartments, a 6,930-square-foot, ground-floor retail space and two levels of below-grade parking. The firm has retained Citi Habitats to oversee residential leasing at The Roosevelt and SRS Real Estate Partners to market the property’s retail space. Monthly rents at the apartments range from $2,500 to $3,000.
NORTH MIAMI, FLA. — NorthMarq Capital has arranged $42 million in refinancing for Causeway Square, a three-building mixed-use development located at 1801 N.E. 123rd St. in North Miami, a suburb of Miami. The main building in the development is anchored by LA Fitness and features 86,873 square feet of office space and 73,124 square feet of retail space. The two outparcel properties are occupied by Total Bank and The Vitamin Shoppe. Robert Hernandez of NorthMarq Capital's Tampa, Fla., office arranged the two-year, interest-only loan through a national bridge lender.
ATHENS, GA. — Selig Enterprises Inc., an Atlanta-based real estate development firm, has reportedly abandoned its planned $90 million mixed-use development in downtown Athens, according to the Athens Banner-Herald. According to a statement from Selig, the company decided to not develop the property after market analysis and attempts to find funding for the project proved unfavorable. The development, which would have spanned three city blocks, drew criticism from community activists in the fall of 2011 after it was reported it would house a Walmart store. “Over the past two years, we’ve invested a lot of time, energy, and financial resources trying to bring the Foundry at Broad project to fruition,” said Jo Ann Chitty, Selig Enterprise’s senior vice president, in the statement. “It’s bitterly disappointing. It has been a dream of ours to build a project in Athens that the community could be proud of.”
LANSING, MICH. — Gillespie Group has broken ground on Midtown, a mixed-use development located along the Michigan Avenue corridor in Lansing, the state capital. Midtown will include 66 luxury apartment units and an 1,800-square-foot PNC Bank branch with drive-thru facilities. The development is on property formerly occupied by the Silver Dollar Saloon. Completion of Midtown is slated for August 2014.
WARRENSBURG, MO. — The University of Central Missouri (UCM) is developing a new 325-bed student living center on its main campus in Warrensburg, about 60 miles southeast of Kansas City. The $60 million investment is the largest in the history of the university. UCM has partnered with master planner and architect Gould Evans to create the new center, which will open in the fall of 2015. UCM is working on securing financing for the project and will own the facilities upon completion. The center will feature 22,000 square feet of retail and two- and four-bedroom apartments, along with study and social spaces.
CORAL GABLES, FLA. — Marcus & Millichap has brokered the sale of the retail, office and parking portion of 55 Miracle Mile, a mixed-use development in Coral Gables. The portion of the trophy asset sold for approximately $26.8 million. The retail and office portion totals 65,242 square feet and is 90 percent occupied by Ben & Jerry’s, Cibo Wine Bar, HSBC and Tarpon Blend. The parking garage features 400 spaces and is open to the public. Douglas Mandel of Marcus & Millichap’s Fort Lauderdale, Fla., office, along with Benjamin Silver of the firm’s Miami office, represented the seller, CF Miracle Mile LLC, in the transaction. CGI Merchant Group purchased the asset.