LAS VEGAS — CityCenter Holdings LLC, a joint venture between MGM MIRAGE and Infinity World Development Group, has revealed changes to the scope of CityCenter in Las Vegas. The changes include postponing the opening of The Harmon Hotel & Spa until 2010 and the cancellation of The Harmon residential condominium component. When complete, The Harmon Hotel & Spa will offer 400 rooms and suites. The residential component would have offered 200 residential units, of which 88 are under contract to be sold. Purchasers will be entitled to receive refunds of deposits and given the opportunity to purchase units at the Residences at Mandarin Oriental Las Vegas, Vdara and Veer Towers. With the cancellation of The Harmon residential component, as well as other additional cost savings, the company now anticipates total cost savings of $600 million instead of its previously stated savings of $400 million. Additionally by postponing The Harmon Hotel, CityCenter will defer approximately $200 million in construction costs to complete the interior fit out of The Harmon. All other components of CityCenter remain on schedule for a December 2009 grand opening.
FRIENDSWOOD, TEXAS — Groundbreaking is set to occur for HomeTown Center, a 60,789-square-foot mixed-use project located at 502 S. Friendswood Dr. in Friendswood. The $9 million project is owned by Buzbee Properties. The three-story building features office and retail space on the first and second floors, as well as nine residential lofts on the third floor. Groundbreaking will occur in the first quarter of 2009. Tenants already signed on for the project include Buzbee Properties, HomeTown Bank, a coffee shop and a title company. In addition, groundbreaking occurred this month for Park Plaza, a $2.2 million multi-use project also located in Friendswood at 907 S. Friendswood Dr. The two-story office and retail project totals 21,600 square feet. Office tenants will include the project’s developer, Crystal Creek Developers, as well as P.E. Square Engineering Consultants and Everest Design Group.
LOS ANGELES — Next Century Associates LLC, a partnership between Los Angeles-based real estate investor Michael Rosenfeld and an entity in the D.E. Shaw Group, has unveiled plans for a $2 billion mixed-use project to be located on the 5.75-acre Century Plaza site, which is located at 2025 Avenue of the Stars in Century City area of Los Angeles. The 1.4 million-square-foot project will feature a 50-story mixed-use tower offering a 240-room five-star hotel, 163 hotel residences and 100,000 square feet of office space; and a 50-story residential tower offering 130 luxury residential condominiums. Additionally, the project will feature 115,000 square feet of retail shops and restaurants, a spa and a fitness center. “The original design of Century City envisioned a lifestyle center around individual vehicles, parking in subterranean garages with access to both homes and offices through these garages,” explains Rosenfeld. “Green space was designed to be experienced as decorative rather than interactive and walking was limited to designated pathways, some underground.” The company is now transforming Century City into a place where walking and the outdoor experience are prized. The project is being designed by Pei Cobb Freed & Partners, with the landscape and gardens designed by Ken …
GRAND RAPIDS, MICH. — Two West Fulton LLC — which includes Chicago-based RSC & Associates, Grand Rapids-based CWD Real Estate Investment, and Grand Rapids-based Triangle Associates — has secured financing for its Gallery on Fulton project in downtown Grand Rapids. The Grand Rapids office of Fifth Third Bank, Macatawa Bank and Founders Bank funded the total commitment of $29 million for the project. The mixed-use development will include the Urban Institute for Contemporary Arts, a 3,600-square-foot retail component, 56 luxury apartments and a parking garage for more than 250 cars. The building is being designed to achieve LEED certification, and will feature “living” exterior walls of evergreen ivy, a “white” reflective roof and a roof garden gallery. In addition to exhibit space, the five-level, 37,000-square-foot arts center will house a film theater, a ceramics studio, an intimate black-box theater and an open-air terrace gallery. Completion of the project is expected in 2010.
HOUSTON — Groundbreaking has occurred for Washington Centre, an approximately 50,000-square-foot, multi-use development located in the Washington Avenue district of Houston. The three-story project will include ground-floor retail space, with offices on the second and third floors. Approximately 45 percent of the space at Washington Centre has been pre-leased, including a law firm that will be relocating from Houston’s central business district to a full floor of the building. The project is being developed by locally based Senterra Real Estate Group. Locally based Hermes Architects is providing design services, and Gamma Construction is serving as general contractor. Completion is scheduled for early fall 2009.
HUNTINGTON BEACH, CALIF. — DJM Capital Partners Inc. has received approval from the city of Huntington Beach for the development of The Village at Bella Terra, a mixed-use project offering retail and residential space. Located within Bella Terra, the project will offer 138,000 square feet of ground-level retail space with 700 residential units above. The Village is the final phase of DJM Capital’s Bella Terra, which includes an 800,000-square-foot retail center and the 428,244-square-foot office complex. The new portion will feature a resort-style pool, secluded courtyards and gardens, and Village Green, an acre green space offering a children’s playground.
THE WOODLANDS, TEXAS — Everson Development has broken ground for a three-phase, multi-use project located on 9 acres at the intersection of Research Forest and Technology Forest drives in The Woodlands. The project consists of a 45,000-square-foot professional office building, a 25,000-square-foot retail center and two, approximately 1-acre pad sites fronting Research Drive at the intersection. The office building is scheduled for completion in the spring. The Woodlands office of The J. Beard Real Estate Company is handling leasing for the project. Several leases have been signed for the retail building, including two restaurants.
ARLINGTON, TEXAS — Construction is under way for The Village at Sports Center, a two-story, 97,892-square-foot multi-use project located at 5001 South Cooper in Arlington, adjacent to the Harold Patterson Sports Center. The $17 million project is being developed by Oakhollow Group. It comprises 49,030 square feet of retail space and 48,862 square feet of office space. Completion is scheduled for September 2009. The Fort Worth, Texas, office of Key Construction is serving as general contractor. CHS Architects is providing design services.
RICHARDSON, TEXAS — The grand opening is being held today for Eastside, a mixed-use project located in Richardson. The project includes more than 80,000 square feet of retail space, more than 200,000 square feet of office space, and 435 apartments surrounding a 1-acre park containing a fountain and an amphitheater. Post Eastside, the residential component of the project that is being developed by Atlanta-based Post Properties, includes four buildings rising four stories each. They include one- and two-bedroom apartments that range from 503 to 1,436 square feet in size and rent from $835 to $1,900 per month. The first building was completed in May, the second building was completed in July and the third building is opening at the ceremony, along with the new club room, fitness center and leasing office for the community. The final building is expected to be complete in the spring. Occupancy is currently at 86 percent. New restaurant tenants at Eastside include Panera Bread, Jersey Mike’s Subs and Boudreaux’s Cajun Kitchen. Other tenants include Dr. Goad Dentistry, Massage Envy and Frost Bank. Five new stores and restaurants are expected to open in January. Eastside is being developed in partnership by Post, Dallas-based Skyrise Properties and …
DENTON, TEXAS — Dallas-based Rainier Capital Management has arranged $1.1 million in mezzanine financing for Market Square at Unicorn Lake in Denton. The 136-acre mixed-use project consists of more than 200,000 square feet of retail, restaurant, entertainment and office space, as well as Villas at Tuscan Hills, a 106-home residential component. A Homewood Suites by Hilton is also under construction at the site. Amenities include an approximately 33-acre greenbelt with Unicorn Lake as the focal point. Proceeds from the loan will be used to complete infrastructure for the final phases of the project. The project is being developed by Shelton Development. Terms of the loan were not disclosed.