CARMEL, IND. — Browning Investments has acquired 17 acres located within at the intersection of U.S. Highway 31 and 131st Street in Carmel for commercial redevelopment. The property comprises 43 home sites that are part of the Meridian Heights subdivision. The sites will be combined with an adjacent 20-acre site owned by Browning for the development of a mixed-use project known as Meridian & Main. Initial plans call for the construction of more than 600,000 square feet of office, medical, hotel and retail space. The project is fully entitled and features shovel-ready sites ranging from 1.5 to 10 acres.
FORT WORTH, TEXAS — Vertical construction has commenced for Presidio Junction, a 300-acre mixed-use project located at the intersection of North Tarrant Parkway and Interstate 35W in north Fort Worth. The project will comprise more than 1 million square feet of retail and restaurant space; 1,300 apartments; and 750,000 square feet of fitness, hotel and Class A office space. Construction has already begun for 348 apartments units, which will begin leasing this summer. In addition, Lowe’s Home Improvement Warehouse has been announced as the project’s first major retail tenant. Presidio Junction is being developed by Newport Beach, Calif.-based LNR Commercial Property Group in conjunction with several companies. Gables Residential is assisting with the multifamily component; The Weitzman Group is handling the retail component; and Stream Realty Partners is listing multifamily, office and medical office spaces for the project.
BETHLEHEM, PA. — Development has commenced for The Plaza on 8th, a 9.5-acre retail and office complex located at the corner of Eighth and Eaton avenues in Bethlehem. The project will be built on the site of the former offices of Bethlehem Steel Corp., which have been demolished to make way for the new construction. Phase I will include the demolition, site improvements and traffic flow improvements. In addition, a commercial building, a retail strip center, a future restaurant, and pad sites for CVS/pharmacy and PNC Bank will be built. Phase I construction costs are estimated to total $19.5 million. Phase II will include the construction of a multi-story, Class A office building. PNC and CVS will break ground for their buildings this summer. The developer of The Plaza on 8th is locally based DB3 LLC. Allentown, Pa.-based Summit Management & Realty Co is serving as project manager, listing agent and property manager.
VIRGINIA BEACH, VA. — Arlington, Va.-based Bonaventure Realty Group has started construction on The Cascades, a mixed-use development encompassing 226 apartments and 22,000 square feet of retail space. The property will be located at the intersection of Centerville Turnpike and Lynnhaven Parkway in Virginia Beach. Amenities include a clubhouse, a swimming pool, a 24-hour fitness center and a running trail. Completion is expected this December.
WESTHAMPTON, N.Y. — Rechler Equity Partners has signed an agreement to redevelop a portion of the airport located in Westhampton. Rechler will lease approximately 55 acres for a 40-year term, with an option for an additional 40 years. The company will redevelop the property into a sustainable business and technology park totaling 510,000 square feet of new construction. The construction timetable has not yet been finalized.
DALLAS — Cadence McShane Construction Co. has completed its 810,355-square-foot mixed-use construction assignment for PM Realty Group at Park Lane in Dallas. Called The Heights at Park Lane, the complex features residential, retail and parking components. The 580,000-square-foot residential portion includes three luxury residential buildings totaling 325 units: The Tower, a 20-story high-rise; The Flats, a 15-story mid-rise; and The Lofts, a three-story low-rise. The retail component spans 45,000 square feet, and a 220,310-square-foot integrated parking garage offers more than 500 parking spaces. The Heights at Park Lane, which is located at 8066 Park Lane, is part of Harvest Partners’ 3 million-square-foot urban, mixed-use development Park Lane in Dallas’ midtown neighborhood. Gromatzky Dupree & Associates provided architectural services for Cadence McShane’s mixed-use assignment.
DALLAS — West Dallas Investments has brought to market an investment opportunity for a new project in Dallas. The company is looking for a $120 million joint venture equity partner to develop a 57-acre assemblage of land located within the city’s Trinity River corridor. The project, which is tentatively known as Trinity River West, will feature approximately 45 million square feet of mixed-use space. The investment opportunity is being marketed by the Jones Lang LaSalle Development & Asset Strategy team of John Vick, Scott Cullen and Justin Bates. Re-zoning approval is expected this year. The city of Dallas has already begun a $2.4 billion program to build out the Trinity River Corridor. Already under construction is one of three signature bridges designed by Santiago Calatrava that will span the Trinity River and link the corridor with downtown Dallas. This first bridge will lead right to the Trinity River West property. Other development projects waiting to break ground include new bridges, surface streets with new alignments, and light rail and pedestrian options.
COLLEYVILLE, TEXAS — Four retailers and nine new office tenants have opened at The Village at Colleyville, a master-planned, urban village located at the intersection of Main Street and Colleyville Boulevard in Colleyville. Retail tenants holding their grand openings include The Pink Hanger, Salas Sunless Tanning Studio, The Station House and Salon Greene. New office tenants include Ztar Mobile, Scott Jacobs Insurance Group, SER Media, Seed Studios, True Heart Designs, Heart of a Champion, Eterne Films, Cobalt Bridge Multichannel and Efinity Group. Other tenants opening soon include Primo’s Bar & Grille, Milwaukee Joe’s Gourmet Ice Cream and Get Fit Personal Training Studio. The Village at Colleyville is being developed by Realty Capital Corp.; the project comprises multi-use buildings with retail, restaurant, office and residential space.
HAPEVILLE, GA. — Imagine Downtown, an affiliate of Atlanta Development Authority and Central Atlanta Progress, has loaned $6 million to Jacoby Development for its 6.5 million-square-foot Aerotropolis Atlanta mixed-use development. The project will be located at the former Ford Atlanta Assembly Plant in Hapeville, near Hartsfield-Jackson Atlanta International Airport. IDI’s loan will go toward the development’s $96 million first phase, which consists of demolition of existing buildings, environmental remediation of the site and a 4,000-space parking lot. IDI provided the loan through its $30 million of tax credit authority, part of an $80 million New Market Tax Credits allocation from the U.S. Department of the Treasury.
COLUMBUS, OHIO — Columbus-based Nationwide Realty Investors and Capitol Square Ltd. have expanded their partnership in two Columbus mixed-use projects. Capitol Square’s ownership in the Arena District project has increased from 10 percent to 20 percent. In addition, a new partnership has been formed for the Grandview Yard project, with Capitol Square taking a 20 percent interest. The Arena District is a $750 million mixed-use project located on 75 acres downtown. It consists of more than 1.5 million square feet of office, restaurant, entertainment and residential space. Grandview Yard is an 80-acre project, located near Ohio State University, that will consist of 1.5 to 2 million square feet of commercial space and more than 600 residential units upon completion. Financial terms of the agreement were not released.