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.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a seven-story commercial loft building located in Manhattan's Tribeca neighborhood for $13 million. The building, which is located at 481-487 Washington St., is currently occupied by office tenants on the upper floors and retail tenants on the ground floor. The new owner is considering several options for the building including converting it into high-end apartments. The Eastern Consolidated team of Eric Anton and Ronald Solarz represented the seller, 481 Washington Street Realty Corp., and procured the buyer, 481 Washington Street LLC.
CARLISLE, PA. — Reno, Nev.-based Equiterra Properties has commenced development for a new mixed-use project in Carlisle. The project will be built on 55 acres at the interchange of Interstate 81 and Allen Road. Right now, construction for $43 million in infrastructure improvements to the interchange is under way. The project's first phase will include two hotels, seven commercial pad sites and 37,000 square feet of retail space. Groundbreaking will occur in the spring. Additional phase of the project are being planned. Danie Alderman of NAI CIR is marketing the property.
NEW YORK CITY — The ribbon cutting ceremony has been held for The Setai Fifth Avenue Hotel & Residences. Located at 400 Fifth Ave. in Midtown Manhattan, the tower features 184 luxury condominiums, a 214-room hotel and the restaurant Ai Fiori. The developer was Bizzi & Partners, and the project architect was Gwathmey Siegel & Associates Architects.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a development site located at 35-39 Cooper Square in Manhattan's East Village for $8.5 million. The lot size is 4,833 square feet, is zoned for mixed-use development and can accommodate 28,998 buildable square feet. Joe Sitt of Massey Knakal's Special Asset Strategy Group handled the transaction between the two undisclosed parties.
PASADENA, CALIF. — The joint venture of Urdang and Edgewood Realty Partners LLC has acquired the 84,000-square-foot Chamber of Commerce Building and an adjacent 246-space parking garage, located on Colorado Boulevard within Old Pasadena, from a corporate seller. Terms of the deal were not disclosed. A real estate investment manager and part of BNY Mellon Asset Management, Urdang made the acquisition on behalf of an institutional, separate-account client managed by Urdang Capital Management. Constructed in 1904 and 93 percent-occupied at the time of sale, the landmark Chamber of Commerce Building consists of five stories of offices above ground-floor retail space.
LEWISVILLE — Huffines Communities has begun development of Phase I of its master planned community Hebron 121 Station in Lewisville. The 90-acre, infill, mixed-use development is located near Vista Ridge Mall at the intersection of Interstate 35 East and State Highway 121, adjacent to the new Denton County Transit Authority (DCTA) Hebron rail and bus station. The initial phase includes 234 multifamily residences and is expected to be completed in late spring 2011. The $3 million development will ultimately include 1,755 multifamily units and 250,000 square feet of retail and office space.
PITTSBURGH — Forest City Enterprises has procured a $62 million loan to refinance its Station Square mixed-use property in Pittsburgh. The CMBS loan carries a 10-year term and a 5.85 percent interest rate. It will be used to retire three separate bank loans totaling $58.6 million. Station Square is a 652,800-square-foot property located along the Monongahela River on Pittsburgh's south side. Its tenants include Hard Rock Café, Gateway Clipper Fleet and U.S. Bank.