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.
SAN RAFAEL, CALIF. — Cohen Financial has secured a $21.8 million loan for two mixed-use properties in San Rafael. The properties consist of San Rafael Town Center, a property located on 4th Street and featuring office/retail space and 113 apartments; and Montgomery Tech Center, an industrial and retail property located on Dubois Street. Paul Schroeder of Cohen Financial’s San Francisco office arranged the transaction. The borrower was not disclosed.
NEW YORK CITY — Two of the five buildings that make up Columbus Square, a high-rise mixed-use project located on the Upper West Side of Manhattan, New York City, are scheduled for completion next month. The two buildings include the 15-story 801 Amsterdam Avenue tower and the 29-story 808 Columbus Avenue tower. The other three buildings, 775, 795 and 805 Columbus Avenue, will be delivered throughout the rest of the year. All five buildings will feature green rooftops, including a 2-acre rooftop park at 808 Columbus Avenue. Sustainable features include the use of solar panels, energy-efficient lighting and HVAC systems, recycled construction materials and recycling facilities in the buildings. Upon completion, Columbus Square will contain 710 rental residential units and 300,000 square feet of retail space. The apartments will range from studios to four-bedroom penthouses. Retail tenants already announced include Whole Foods Market, Michaels, Modell’s Sporting Goods, Border’s Books & Music, TJ Maxx, Crumbs Bakery, Chase and Bank of America. SLCE Architects designed 801 Amsterdam Avenue, with Costas Kondylis & Partners serving as project architect for the other five buildings. The project is being developed by the Chetrit Group and Stellar Management.
CHICAGO — Marcus & Millichap has brokered the sale of a 12,800-square-foot multi-use building located in Chicago’s Lincoln Park neighborhood. The property, which is located at 340-344 W. Armitage Ave., comprises six residential units and four retail spaces. Current retail tenants include Geja’s, Academic Approach and Terragusto Café. The property traded for a price of $3.32 million. Kyle Stengle and Stephen Rachman of Marcus & Millichap’s Chicago Downtown office represented the undisclosed seller. The pair also represented the buyer, a limited liability company.
CHICAGO — The Illinois office of Meridian Capital Group has arranged three loans totaling more than $5 million for three Chicago properties. First, Meridian’s Joseph Schwimmer secured a $2.25 million loan for a 22,980-square-foot mixed-use property located on the 3200 block of North Sheffield Avenue. The building contains 15 offices, 14 residential apartments and one retail space. The loan carries a 10-year term and a 5.72 percent interest rate. Meridian’s Gershon Friedman arranged a $1.6 million loan for an 80-unit multifamily property located at 4128 N. Clarendon Ave. The loan carries a 5-year term and a 5.95 percent interest rate. Finally, Meridian’s Tannie Schnell arranged a $1.2 million loan for a multifamily building located at 7010 N. Ashland Blvd. The loan carries a 5-year term and a 5.48 percent interest rate. The lenders and borrowers were undisclosed in all three transactions.
BROOMFIELD, COLO. — Loveland, Colo.-based McWhinney is developing North Park, a 935-acre mixed-use community in Broomfield. Located at the intersection of Interstate 25 and Northwest Parkway, the project will feature more than 6,200 planned residences; approximately 17 million square feet of commercial and mixed-use space, including retail, restaurant and entertainment venues; a 175-acre Applied Research Center; and a 70-acre central park.
FRISCO, TEXAS — Two new leases have been signed at Frisco Square, an urban master-planned development located at the intersection of Main Street and the Dallas North Tollway in Frisco. First, Frisco Exploration has signed a lease for 4,600 square feet of office space at 6136 Frisco Square Blvd. Jeff Eckert and James Esquivel of Jones Lang LaSalle — leasing agents for the project’s office component — represented Frisco Square in negotiations. Additionally, Healthy Massage has signed a lease for 1,000 square feet of space within the project’s retail component. Interior build-out for the space, which will be operated by Sandi Li of Plano, Texas, has already commenced. Casi Fricks of Frisco Square provided in-house landlord representation, while Sunny Hollister represented the tenant. Frisco Square is located directly across from Pizza Hut Park. It features retail, office, residential and park space, in addition to Frisco City Hall and a library.