NEW YORK CITY — The unveiling has been held for the W New York Downtown and The Residences at W New York Downtown. The 58-story tower is located in Manhattan's Financial District at the corner of Washington and Albany streets. it features 223 W-branded residential condominiums atop a 217-room W hotel. The project features a fifth-floor lounge known as the Living Room Bar & Terrace as well as BLT Bar & Grill on the ground and second floors. The Moinian Group was the project's developer, and Gwathmey Siegel & Associates was the project architect.
NEW YORK CITY — Construction has topped out for 440 West 42nd Street, an $800 million mixed-use project under development in Manhattan. The 60-story complex will contain 800 rental and for-sale residences, including 163 affordable units; Manhattan's first Yotel-branded hotel; and Signature Center, a performing arts theater complex. The project is applying for LEED-Silver certification. Related Cos. is the project's owner/developer and Tishman Construction Corp. is the construction manager.
CORNELIUS, N.C. — 8325 Copely Drive LLC of Santa Monica, Calif., has renovated the 42,000-square-foot Palace theater into a multiple-tenant, mixed-use facility. The space can house retail, restaurant, office and performing arts tenants. The property, which was built in 2000, is located near the interchange of NC Highway 73 and West Catawba Avenue in Cornelius.
SOUTH SHORE AND BELMONT CRAGIN, ILL. — Jeffrey Baasch of Sperry Van Ness’ Chicago office has closed two bank-owned, mixed-use property sales in the Chicago area. The assets are a 28-unit building located at 7847-53 S. Essex Ave. in South Shore and a four-unit building located at 6323-25 W. Belmont in Belmont Cragin. Additional terms of the transactions were not released.
NEW YORK CITY — A joint venture between The Hakimian Organization, Peykar Brothers Realty and Gorjian Properties has closed on an extension for its construction loan for the 75 Wall Street mixed-use project in New York City. The extension for the $263 million loan is for a 2-year period with an additional 1-year extension option. The hotel portion of the tower, which is operated as Hyatt's new Andaz brand, opened in January. It contains 253 guestrooms and suites as well as the restaurant Wall & Water and Bar Seven Five. The top 24 floors of the 42-story tower contains 346 luxury residential condominiums. Amenities include a residents-only area on the 18th floor containing a fitness center, a media room and a game room. The building's rooftop lounge contains a solarium, a lounge and a hot tub. The building's ground-floor retail space is leased by KitptonART as gallery space.
NEW YORK CITY — The Dermot Company is planning to develop a new mixed-use property at 101 Avenue D on Manhattan's Lower East Side. The project will feature 78 mixed-income residences. Approximately half of the units will be set aside for low- and moderate-income residents. Amenities will include a fitness center, a rooftop deck and bike storage. The 12-story building will also house the new 30,000-square-foot headquarters for the Lower East Side Girls Club. Finally, the building will contain 4,700 square feet of retail space. The project is applying for LEED-Gold certification. Completion is slated for June 2012. Dermot's joint venture equity partner in the project is Grosvenor Investment Management. The general contractor is D7 Construction. Additional development partners include the New York City Department of Housing Preservation and Development and the NYC Housing Development Corp.
MARBLE FALLS, TEXAS — Southstar Development Partners is beginning the first phase of Flatrock Springs, a 1,030-acre development in Marble Falls. The property will eventually encompass 700,000 square feet of retail and office space, and will include space for 2,100 residential units. The first phase will be located at the interchange of highways Texas 71 and U.S. 281.
CHARLOTTE, N.C. — Madison Marquette has purchased an ownership stake in Charlotte's Morrison mixed-use project for an undisclosed amount. The property, which is located in the SouthPark area, was built by Casto Lifestyle Properties in partnership with Grubb Properties. Morrison features 214 apartment units, 121 condominiums and a retail portion that is anchored by Earth Fare Organic Grocer and Barnes & Noble Booksellers. The project's first phase opened in 2006.
PORTLAND, ORE. — Behringer Harvard has acquired Tupelo Alley, a mixed-use community consisting of 188 apartment units and approximately 10,000 square feet of retail space in Portland. Located at 3850 N. Mississippi Ave., Tupelo Alley consists of three controlled-access residential buildings, one a mid-rise structure and the other two three stories tall. Constructed in summer 2009, the community is seeking LEED certification. The purchase was made through the joint venture between Behringer Harvard Multifamily REIT I Inc. and PGGM Private Real Estate Fund, an investment vehicle for Dutch pension funds.
DALLAS — Spire Realty Group has broken ground on The Spire, a six-building mixed-use project in the Arts District of downtown Dallas. The first phase of development will include a 21-story building that will house 359,549 square feet of office space, 25,465 square feet of retail and 36 residences. The firm WDG designed the project, and Austin Commercial is acting as general contractor.