Mixed-Use

PARTNERSHIP TO DEVELOP MIXED-USE PROJECT IN CHICAGO

by admin August 7, 2013

CHICAGO — The Chicago City Council has approved development plans for Vue53, a mixed-use retail and apartment project in downtown Chicago. The development team includes Mesa Development, Peak Campus Development, the University of Chicago and their financial partner, Blue Vista Capital Management. The University of Chicago administered the RFP process for the team. The development will serve the Hyde Park and Kenwood neighborhoods and will include approximately 28,000 square feet of ground-level retail, 267 apartment units and 230 parking spaces. The project builds upon efforts by the University of Chicago, the city of Chicago, and the Hyde Park community to create a mixed-use district on 53rd Street and to broaden the scope of products and services available to the Hyde Park and Kenwood communities. Vue53 is expected to break ground in early 2014 and is slated for completion in summer 2015.

August 7, 2013

CBRE ARRANGES SALES OF TWO HISTORIC HOUSTON BUILDINGS

by admin August 7, 2013

HOUSTON — In a deal arranged by CBRE, Braun Enterprises has purchased two historic downtown Houston buildings, totaling 107,879 square feet, from Spire Realty Group. The Great Jones Building, located at 708 Main Street, is a 10-story, 78,843-square-foot mixed-use property originally built in 1908 and renovated in 2002 and 2012. The McCroy Building entails 29,036 square feet of office and retail space and was known as the Isis Theater from its construction in 1912 until 1929. Mike Hassler and Todd Casper of CBRE’s Houston office represented the seller. Houston-based Braun Enterprises expands its portfolio to 2.2 million square feet with this transaction.

August 7, 2013

Mixed-Use Texas

SPRINGWOODS VILLAGE TOWN CENTER PLANS EMERGE

by admin August 7, 2013

HOUSTON — CDC Houston Inc., a subsidiary of Coventry Development Corp., has announced plans for phase one of Springwoods Village Town Center, a mixed-use development within the $10-billion, 1,800-acre Springwoods Village community north of Houston. Town Center will include a full-service hotel, approximately 250 luxury apartments and up to 100,000 square feet of office and retail space as well as Town Lake and a tree-lined plaza. CDC Houston and development partners Fein, Woodbine Development Corporation and the Patrinely Group LLC will break ground in early 2014.

August 7, 2013

Mixed-Use Texas

CONSTRUCTION OF $100M KINGWOOD PARK TO BEGIN IN SPRING 2014

by admin August 6, 2013

HOUSTON — Jefco Development Corp. and Crestwood Realty Group have announced a spring 2014 groundbreaking for the 600,000-square-foot, $100 million Kingwood Parc City Center in northeast Houston. The mixed-use development will include 300,000 square feet of retail space, 250,000 square feet of office space and 300 apartments. Kingwood, a master-planned community of 65,000 residents, currently contains mostly grocery-anchored shopping centers and small strip malls.

August 6, 2013

Mixed-Use Northeast

PARTNERSHIP SELLS MIXED-USE CENTER IN PITTSBURGH FOR $135M

by admin August 5, 2013

PITTSBURGH — Forest City Enterprises Inc. and Jos. L. Muscarelle Inc. have sold the Liberty Center complex in Pittsburgh to a subsidiary of Starwood Capital Group for $135 million. Liberty Center includes the 27-story Federated Investors office tower, the 616-room Westin Convention Center Hotel, a 25,000-square-foot shopping center and underground parking for 479 cars. An enclosed pedestrian bridge connects the hotel with the adjacent David L. Lawrence Convention Center. Cleveland, Ohio-based Forest City and Maywood, N.J.-based and Jos. L. Muscarelle had a 50/50 partnership in the property. The hotel will continue to operate as a Westin under a long-term management agreement with Starwood Hotels, which currently manages the hotel and is not affiliated with Starwood Capital. CBRE will manage the office building.

August 5, 2013

Mixed-Use Texas

PRESTON HOLLOW MIXED-USE IN DALLAS UNDERWAY

by admin August 5, 2013

DALLAS — Work is set to begin on Kroenke Holdings’ Preston Hollow Village, a new mixed-use development that will fill part of the 42-acre vacant lot at Walnut Hill and North Central Expressway in the North Dallas neighborhood. The first phase of the project includes a 14,000-square-foot Trader Joe’s, plus an additional 61,000 square feet of retail space and 46,000 square feet of office space. Kroenke, which acquired the lot in 2010, is partnering with Provident Realty Advisors Inc.

August 5, 2013

Mixed-Use Western

MAJOR $350M MIXED-USE DEVELOPMENT USA PLACE IS SLATED FOR TEMPE

by admin August 2, 2013

TEMPE, ARIZ. – USA Place, a $350-million mixed-use development, is planned for the City of Tempe. The project will include: a 330-room Omni Hotel; a 30,000-square-foot conference center; new national headquarters for USA Place; a training center for USA Basketball; a 4,500-seat event center; 500 luxury apartments; 160,000 square feet of retail; and up to 200,000 square feet of office space, which would include a new home for Arizona Interscholastic Association events.USA Place will be located on a 10.5-acre site at the southeast corner of Mill Avenue and University Drive in downtown Tempe. The site is adjacent to Arizona State University’s main campus and the Mill Avenue District. It is also in close proximity to light rail stations and Phoenix Sky Harbor International Airport. Once completed in the second half of 2015, the new full-service Omni Hotel will be Tempe’s first four-diamond hotel. USA Basketball is also scheduled to relocate its national headquarters and open its new training center in fall 2015. The company is currently based in Colorado Springs. Construction is expected to commence by the end of the year, with the conference center, event center, and the first phase of residential, retail and office spaces also scheduled to …

August 2, 2013

Mixed-Use Western

MAJOR $350M MIXED-USE DEVELOPMENT USA PLACE IS SLATED FOR TEMPE

by admin August 2, 2013

TEMPE, ARIZ. – USA Place, a $350-million mixed-use development, is planned for the City of Tempe. The project will include: a 330-room Omni Hotel; a 30,000-square-foot conference center; new national headquarters for USA Place; a training center for USA Basketball; a 4,500-seat event center; 500 luxury apartments; 160,000 square feet of retail; and up to 200,000 square feet of office space, which would include a new home for Arizona Interscholastic Association events. USA Place will be located on a 10.5-acre site at the southeast corner of Mill Avenue and University Drive in downtown Tempe. The site is adjacent to Arizona State University’s main campus and the Mill Avenue District. It is also in close proximity to light rail stations and Phoenix Sky Harbor International Airport. Once completed in the second half of 2015, the new full-service Omni Hotel will be Tempe’s first four-diamond hotel. USA Basketball is also scheduled to relocate its national headquarters and open its new training center in fall 2015. The company is currently based in Colorado Springs. Construction is expected to commence by the end of the year, with the conference center, event center, and the first phase of residential, retail and office spaces also scheduled …

August 2, 2013

Mixed-Use Northeast

HUDSON FUNDS $21.7M LOAN FOR MIXED-USE DEVELOPMENT

by admin July 30, 2013

NEW YORK CITY — Hudson Realty Capital LLC has funded a $21.7 million first-mortgage loan secured by a newly constructed, eight-story mixed-use building in Queens. Proceeds from the loan will be used to pay off an existing mortgage and market the condominiums in the building. The property includes 82 one-, two- and three-bedroom condominium units, 15 community-space units, eight ground-floor retail units and 60 parking spaces. Amenities at the property include a fitness center, a multi-purpose room and a storage room. Located in the primarily residential neighborhood of Woodside, the building is six blocks from the nearest subway and three blocks from the on-ramp to the Brooklyn-Queens Expressway. The borrower has developed more than 60 properties — including hotels and residential and commercial assets — throughout the New York City area.

July 30, 2013

Mixed-Use Northeast

GEBROE-HAMMER COMPLETES $6M SALE OF MIXED-USE PROPERTY

by admin July 30, 2013

UNION CITY, N.J. — Gebroe-Hammer Associates has arranged the $6 million sale of an apartment/office property in Union City, about 10 miles northwest of Newark. The sales price translates to 180,000 per apartment unit. The mixed-use property includes 34 apartment units and one office unit and is located at 812 New York Ave. Nicholas Nicolaou, vice president at Gebroe-Hammer, represented the seller and the buyer, both private investors, in the transaction.

July 30, 2013

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