WAUKEE, IOWA — GreenLake Asset Management LLC has provided a $35.3 million construction loan for KeeTown Loop, a 40-acre master-planned entertainment district in Waukee, a western suburb of Des Moines. The project will be anchored by a 3,500-seat Live Nation concert venue. Additional plans call for an 88-unit apartment complex and two hotels: Aloft Hotel by Marriott and Home2 Suites by Hilton. There will also be 22,000 square feet of office space and 51,000 square feet of retail space. Spaces for Starbucks and McDonald’s are currently under construction. Future plans call for additional restaurants, a microbrewery and a variety of other retail concepts. GreenLake’s funding will enable the borrower to complete construction of the Live Nation venue and to purchase the land to be used for parking.
NASHVILLE, TENN. — Atlanta-based Portman has signed two new food-and-beverage tenants to occupy commercial space at Starling, a 363-unit apartment tower underway in Nashville’s Germantown neighborhood. The new tenants include Retrograde Coffee, a neighborhood coffeeshop, and Social Cantina, a modern Mexican restaurant and tequila bar. The coffeeshop will be the first café to front the Cumberland River Greenway, which Portman will expand to directly interface with the Starling tower, and the restaurant will be the first Southeast location for Social Cantina and will feature an outdoor patio. In addition to 17,000 square feet of commercial space, Starling will feature a game room, library, coworking space and a rooftop pool deck overlooking First Horizon Park. Portman plans to deliver the first units in January and fully complete the project in March. In addition to Starling, Portman’s current Nashville projects include the 1,475-unit Eleven North residential development that will break ground in 2025 and the recently delivered Moore Building in Music Row.
CYPRESS, TEXAS — Oil-and-gas giant Chevron Corp. (NYSE: CVX) has acquired 77 acres in the northwest Houston suburb of Cypress. The parcel is situated within Bridgeland Central, a multi-phase campus spanning 925 acres within the larger Bridgeland master-planned community. The land seller was The Howard Hughes Corp. (NYSE: HHH), the master developer of the 11,500-acre Bridgeland development. The sales price for the Chevron land deal was not disclosed. “Chevron’s acquisition marks a pivotal moment for Bridgeland as the community enters its next phase of development as a leading job center for the region,” says Jim Carman, president of the Houston region for Howard Hughes Corp. “One of the top-selling communities in the country, Bridgeland is poised to benefit from the influx of businesses and their employees seeking to live and work in a centralized location that offers commercial opportunities, as well as single-family and multifamily housing options to meet growing demand.” Daniel Abate, head of corporate real estate for Chevron, says the company could potentially establish a research-and-development campus on the newly acquired land. “Chevron is attracted to the opportunities Bridgeland has to offer and views this acquisition as a strong addition to our asset portfolio,” says Abate. Details about the …
DELRAY BEACH, FLA. — Construction firm ANF Group Inc. has topped out the first phase of Parks at Delray, a 43-acre mixed-use development underway at 2100 S. Congress Ave. in Delray Beach. Upon completion, the property will feature residential, retail and office space. The 747-unit residential portion will feature one-, two- and three-bedroom apartments ranging from 580 to 1,400 square feet, as well as three-bedroom townhomes ranging from 1,670 to 1,770 square feet. Retail space at the development will total roughly 40,000 square feet, and the office building will comprise 68,000 square feet. ANF is completing the project on behalf of the developers, 13th Floor Investments, Key International, CDS International Holdings and Wexford Capital. MSA Architects is the architect, and CIBC Bank is providing construction financing. Construction began in March of this year, and Phase I is scheduled for completion in the first quarter of 2025.
CHICAGO — The development team of Mavrek Development, GW Properties, Luxury Living and Double Eagle Development, alongside general contractor Lendlease, have topped off construction of The Saint Grand, a 21-story mixed-use building in Chicago’s Streeterville neighborhood. Office tenant build-outs are scheduled for later this year, with residential deliveries expected in early 2024. The project will consist of 248 luxury apartment units, 45,000 square feet of office space and 7,500 square feet of street-level retail space. Amenities will include a package receiving service, coworking lounge, fitness center and outdoor pool deck. Office tenants will enjoy all building amenities as well as a private outdoor space.
CEDAR PARK, TEXAS — A joint venture between three Austin-based real estate firms — Cordova Real Estate Ventures, Riverside and Live Oak — has broken ground on Phase I of New Hope, a $250 million mixed-use project located in the Austin suburb of Cedar Park. The first two phases of the project are being developed across six parcels on New Hope Drive. Phase I will include three Class A industrial buildings totaling 271,689 square feet. The second phase of development will include an additional 213,700 square feet of industrial space. The project is also set to include a 32-acre development named The District at New Hope. This portion of the project is still in design, but could include a mix of retail, entertainment, restaurant, hospitality, office space, and research-and-development space. A timeline for the development was not announced. The project team for New Hope includes Zapalac/Reed Construction Co., McFarland Architecture and Malone Wheeler. Live Oak will market and lease the project’s industrial space, and Travis Robertson with JLL has been tapped to handle leasing of retail and restaurant space. A number of industrial developments are currently underway in suburban Austin, including 5900 Ben White, an industrial project also by Riverside …
HUNTSVILLE, ALA. — Tuscaloosa, Ala.-based IMS Development has purchased 130 acres on the north side of Huntsville from the University of Alabama in Huntsville Foundation. The site is located at the corner of State Routes 255 and 53 and Blake Bottom Road. The buyer plans to build a mixed-use campus on the site dubbed North Valley, which will comprise 800 residences and 20 acres of commercial space. IMS Development says potential uses for the commercial component could include big-box retailers, hotels, restaurants, convenience stores and entertainment venues. Eric St. John of Crunkleton Commercial Real Estate assisted IMS in the land acquisition. The construction timeline was not released.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $36.5 million sale of a 15-story mixed-use building located at 159-161 W. 54th St. in Manhattan’s Hell’s Kitchen neighborhood. The building was originally constructed in 1923 and houses 42 apartments, five retail spaces and 11 office suites. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood represented the seller, a partnership between private investor Sol Kurtz and Rubin Schron of Cammeby’s International, in the transaction. The trio also procured the buyer, a private family office.
JACKSONVILLE, FLA. — PEBB Enterprises and Falcone Group have signed three new restaurant tenants to join Beachwalk, a mixed-use project currently underway in Jacksonville. Starbucks Coffee, Fancy Sushi and Playa Bowls will occupy 2,500, 1,500 and 1,200 square feet, respectively. The new leases bring the retail and restaurant space at the development, which totals 170,000 square feet, to 55 percent occupancy. Other tenants at the project include Fysh Bar & Grill, Noire Nail Bar, F45 Fitness, BurgerFi, Supercuts, Kilwins, Bagels R Us, Island Fin Poke, The Covery and Union 76 Daybreak Market. Upon completion, the development will also feature a 130-room hotel and 348-unit apartment community.
GILBERT, ARIZ. — Indicap, Colmena Group and Langley Properties have completed the purchase of 311 acres of land at the northwest corner of Power and Warner roads in Gilbert. The property traded for $107.5 million in an all-cash transaction. The buyers plan to develop The Ranch, a billion-dollar mixed-use project on the site. With the land acquisition complete, the project will move to the site planning and design phase, with a groundbreaking slated for third-quarter 2024. The project will include: Jason Hyams of Insight Land and Investments represented the buyer. Danny Perkinson and Scott Perkinson of Perk Prop Real Estate represented the seller, The Dale C. Morrison Trust, in the deal.