CHICAGO — J.P. Morgan Asset Management has invested $182 million for a majority stake in the 474-rental apartment portion and parking and commercial space of Aqua at Lakeshore East in Chicago. The 87-story, mixed-used tower includes 474 studio, one- and two-bedroom luxury apartment units on floors 19 through 52. The building also offers 262 condominium residences and the 14-story Radisson Blu Aqua hotel.
Mixed-Use
NEW ORLEANS — The Domain Companies is developing South Market District, a mixed-use, transit-oriented development in downtown New Orleans. The encompassing five blocks, the project will offer 450 luxury apartments and 170,000 square feet of upscale retail, restaurants and entertainment venue space. Cooper Carry Architects is providing architectural services for the project. Domain plans to break ground on the first phase in late 2011, with completion expected in the late 2013.
HOUSTON — Houston Pavilions, a mixed-use development in downtown Houston, has announced that an entertainment venue with a Houston past will reopen its doors there. Scott Gertner's Skybar closed its doors this past July and will be reinvented as Scott Gertner's at Houston Pavilions, opening in March 2011. The venue will complement the existing tenants including the House of Blues, Lucky Strike Lanes & Lounge and Pete's Dueling Piano Bar. Scott Gertner's at Houston Pavilion will be designed as a bi-level venue with approximately 8,200 square feet of space in the main area and a 3,500-square-foot rooftop deck.
FRISCO — Cousins Properties Inc., on behalf of Dallas investor Tom Hicks, has sold 7.3 acres of land in Frisco to AMLI Residential, a Chicago-based multifamily firm. The parcel is part of Champions Park, a 75-acre mixed-use development located at the northeast corner of State Highway 121 and the Dallas North Tollway, home to Dr. Pepper Arena, which hosts the NHL's Dallas Stars, and Dr. Pepper Ballpark, which hosts the Frisco Roughriders. Cousins Properties will continue to manage and direct development for the remaining land at the site.
DETROIT — Riverfront Holdings, an arm of General Motors, has acquired a portion of Millender Center, a mixed-use complex in Detroit. Forest City Enterprises and its partners sold the portion for $37.8 million. The acquired asset includes a 1,850-space parking facility, the 242-room Courtyard by Marriott hotel, approximately 30,000 square feet of retail space and 9,800 square feet of office space. Forest City and its partners will retain ownership of the 339-unit Millender Center Apartments.
CHICAGO — Essex Realty Group has brokered the sale of a mixed-use planned development at 1824 West 103rd Street in Chicago's Beverly neighborhood. The project was originally planned for a 12-unit new construction mixed-use condominium building and a 28-townhome complex. The site currently consists of four one-bedroom/one-bath units, six two-bedroom/two-bath units, two commercial spaces and a vacant lot. Doug Fisher of Essex represented the undisclosed seller, while DOug Imber, also of Essex, represented the undisclosed buyer in the $1.2 million transaction.
CHICAGO — Chicago-based Newcastle Limited has acquired a mixed-use property, which is located at 2525 N. Clark in Chicago's Lincoln Park neighborhood, for $3 million. The property consists of 4,300 square feet of retail space and 12 apartment units. Current retail tenants include Starbucks Coffee, Austrian Bakery and Sultan's Market. Kyle Stengle and Steve Rachman of Marcus & Millichap represented the undisclosed seller in the transaction.
WASHINGTON, D.C. — Washington, D.C.-based Perseus Realty has partnered with McLean, Va.-based Jefferson Apartment Group (JAG) to develop a mixed-use project at 14th and W streets in Washington, D.C. The 300,000-square-foot project will feature 231 rental apartments, an all-new 44,000-square-foot YMCA facility and more than 10,000 square feet of retail space. The first phrase, including the YMCA facility and initial apartments, will be available in summer 2012, with the project scheduled for completion in fall 2012. The development team plans to begin demolition of existing buildings in early December. The project received equity financing from Rockpoint Group and a $53 million construction loan from Wells Fargo Bank. Hellmuth, Obata & Kassabaum Inc. and Davis Carter Scott Ltd. are providing architectural services; Clark Construction is serving as general contractor for the project.
NEW YORK CITY — Massey Knakal has brokered the sale of a block-front, mixed-use portfolio in the Riverdale section of the Bronx for $16.2 million. The properties include a six-story, 66-unit apartment building located at 3300 Netherland Ave. and a 5,000-square-foot, single-story retail building located at 560-574 W. 235th St. Karl Brumback of Massey Knakal arranged the deal on behalf of the two undisclosed parties.
YONKERS, N.Y. — Three major tenants have been announced at Westchester's Ridge Hill, a new 1.3 million-square-foot mixed-use center under construction in Yonkers. The new tenants include Dick's Sporting Goods, Orvis and REI. In addition, three restaurants will join the lineup. They include Brio Tuscan Grille, Texas de Brazil and Yard House. Previously announced tenants at the center include Whole Foods, L.L. Bean and Cinema De Lux. Developed by Forest City Ratner Cos., Westchester's Ridge Hill is expected to be complete next year.