FORT WORTH, TEXAS — A partnership between Keystone Group and Larkspur Capital is planning a mixed-use redevelopment project in Fort Worth. The 35-acre site is an assemblage of parcels that includes the former home of the Fort Worth Independent School District. Preliminary plans call for multifamily, hospitality, office, retail, restaurant and entertainment uses, as well as public green space. The partnership has begun demolition of vacant structures and will submit plans to the city’s Planning & Zoning Commission Board later this year, at which time additional project details will be announced.
DELRAY BEACH, FLA. — Pebb Capital has obtained a $173 million construction loan for Sundy Village, a mixed-use development underway at 22 W. Atlantic Ave. in Delray Beach, a city in South Florida’s Palm Beach County. Monroe Capital and J.P. Morgan provided the construction loan. Pebb Capital broke ground on the $240 million development in early 2023 with plans for a summer 2024 opening. Sundy Village will feature more than 28,000 square feet of experiential retail space and 180,000 square feet of Class A offices, of which Pebb Capital has preleased 141,400 square feet. The tenant roster includes restaurants Barcelona Wine Bar and Double Knot and office tenant Vertical Bridge. Joe Freitas and John Criddle of CBRE oversee Sundy Village’s office leasing and Sara Wolfe of Vertical Real Estate handles retail leasing. The design-build team includes general contractor Bluewater Builders.
NEW YORK CITY — Locally based brokerage firm Brax Realty has negotiated the $6 million sale of a 12,780-square-foot mixed-use building located at 306-308 Graham Ave. in Brooklyn’s Williamsburg neighborhood. The building, which was fully occupied at the time of sale, consists of three retail spaces, one office suite and five apartments. Michael Ferrara of Brax Realty represented the seller, a family trust, in the transaction and procured the buyer, a private investor. Both parties requested anonymity.
FORT LAUDERDALE, FLA. — Bank OZK has provided a $220 million construction loan for Phase I of FAT Village, an 835,000-square-foot mixed-use development in Fort Lauderdale’s Flagler Village neighborhood. Plans for Phase I include 601 multifamily units, 180,000 square feet of creative office space and more than 70,000 square feet of retail space, including food-and-beverage offerings, shopping, entertainment, and art studios and galleries. FAT stands for Food Art Technology. FAT Village is located two blocks from the Brightline’s Fort Lauderdale high-speed commuter rail station, which connects Fort Lauderdale to Miami, West Palm Beach and Orlando. The developers say that this four-block creative enclave will serve as the reimagined epicenter of the city’s art-centric district. Hines and local partner Urban Street Development are developing the 5.6-acre project. “At a time when financing and construction starts have materially slowed, it’s gratifying to be in a position to move forward on FAT Village, which we believe will be a transformational development for Flagler Village and Fort Lauderdale,” says Alan Kennedy, managing director at Hines. “We look forward to creating a dynamic and engaging destination that honors and advances the neighborhood’s legacy while providing new living, working and recreational options to help the city …
MEBANE, N.C. — Deep River Partners has acquired 27 acres off Mebane Oaks Road in Mebane, roughly 25 miles northwest of Durham, with plans to develop a mixed-use project. Deep River purchased the site from an undisclosed seller for $4.3 million. Upon completion, the site will feature five commercial outparcels and a 90-unit townhome comprising residences in three-bedroom layouts. Amenities at the townhome community will include picnic and playground areas, a dog park and an exercise area. Brian Craven and Matt King of CBRE|Triad represented Deep River in the land acquisition, and Ken Walker of RE/MAX Diamond Realty represented the seller.
RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners has arranged the sale of a 1.73-acre parcel of vacant land at the northwest corner of Foothill Boulevard and Etiwanda Avenue in the Inland Empire city of Rancho Cucamonga. A Los Angeles County-based private investor sold the asset to a Los Angeles County-based private investor for $3 million. The land is zoned multi-use and is situated less than half a mile from Interstate 5. The buyer also owns the vacant land immediately adjacent and north of the property and is in the initial stages of planning and developing a mixed-use project that will encompass the multiple parcels. Neither a timeline nor specific details have been released. Chris Lindholm and Paul Galmarini of Progressive Real Estate Partners represented the seller in the deal.
BOSTON — Madison Realty Capital has provided a $177.5 million loan to Scape, a London-based multifamily developer that opened its U.S. headquarters in Boston in 2018. The loan will refinance the $165 million construction loan for SCAPE Boylston, a 415-unit apartment development that opened earlier this month in Boston’s Fenway neighborhood. The 226,700-square-foot property offers a mix of furnished studios, one- and two-bedroom apartments with Class A retail space on the ground floor. The apartments are already 95 percent occupied, and the retail space is 80 percent leased. Retail tenants include a global bank; Immersive Gamebox; Carbon Health; Dave’s Hot Chicken; Halal Guys; and a 10,000-square-foot, 156-seat, LGBTQ-focused black box theater. Tenant amenities include a landscaped terrace, fitness center, yoga room, co-working space, lounge library and study. The site is located near prominent academic and medical institutions including Boston University and Northeastern University, as well as Fenway’s rapidly growing biotech and life sciences industries. The lights of Fenway Park, home of Major League Baseball’s Boston Red Sox, are visible from the community, which is a block away from a Red Line MBTA train station. “Fenway is a premier academic and employment hub within Boston with substantial demand for efficiently designed, …
OAKLAND PARK, FLA. — Newrock Partners has signed three new retailers to join the tenant mix at Oaklyn, a multifamily development underway in South Florida’s Broward County. The new tenants include fitness brand Pure Barre, fashion boutique Monkees and wellness spa Pause Studio. Pure Barre and Monkees plan to open on the ground level at Oaklyn in the first half of 2024, and Pause Studio plans to debut next summer. Situated at 3333 N. Federal Highway in Oakland Park, Oaklyn features 274 luxury apartments and more than 19,000 square feet of retail space. Newrock delivered the property in October.
HOUSTON — Nashville-based Southern Land Co. will develop a mixed-use project in Houston’s Upper Kirby area that will consist of a 330-unit apartment tower and an 83,322-square-foot office building. The 38-story multifamily building will house 312 apartments, 18 penthouses and amenities such as a pool, fitness center, spa and a rooftop garden. The office building will be situated over a podium-style garage, and tenants will have access to a fitness center and a private outdoor elevated park space. The project also includes 16,500 square feet of restaurant space. Construction is scheduled to begin next summer and to be complete in spring 2027. Stream Realty Partners is the leasing agent for the office space.
NEW YORK CITY — Queens Development Group, a joint venture between Related Cos. and Sterling Equities, has broken ground on the first phase of a 2,500-unit affordable housing project in the New York City borough of Queens. The project, named Willets Point, will be the city’s largest affordable housing development in 40 years, according to the joint venture. Wells Fargo has arranged a total of $360 million in financing for Phase I of the development, with a $236.5 million construction loan and $123.5 million Low-Income Housing Tax Credit investment. Phase I of the development will feature two mid-rise buildings offering a combined 880 units of affordable housing. Forty percent of units will be reserved for residents earning at or below 60 percent of the area median income, and 15 percent of units will be set aside for tenants that formerly experienced homelessness. Amenities will include a landscaped inner courtyard, laundry facilities, lounge space with access to outdoor terraces, bicycle storage and ground-floor retail space. The development will also include infrastructure investments like new streets, signage, sidewalks, trees, lights, drainage, stormwater management, water hydrants, sewers and utilities. Future components of the development will include a 650-seat standalone public school, New York …