Mixed-Use

MIDTOWN PARK BREAKS GROUND

by admin November 19, 2008

DALLAS — Groundbreaking ceremonies were held earlier this month for Midtown Park, an 83-acre, mixed-use development located near Presbyterian Hospital on North Central Expressway in Dallas. The project is currently zoned for up to 3,800 residential units, 930,000 square feet of office space, and 90,000 square feet of retail space — but these numbers could be changed as space is subtracted from one use and added to another. Current plans for the residential component include townhomes, high-rise condos and a senior housing element. The office component will provide space for hospital-related tenants, as well as Class A users in the area. Plans for a hotel are also in the works. When coming up with the idea for Midtown Park, owner Valencia Capital Management wanted to create a community around the busy Presbyterian Hospital. “The reason we made this investment is because of the hospital,” says Tim Kaiser, principal of Valencia Capital Management. “That hospital generates a lot of jobs and a lot of economic activity in the area.” But the hospital is not the only draw in the area. Midtown Park’s trade area also is home to the headquarters of Texas Instruments, North Park Mall and Royals Oaks Country Club. …

November 19, 2008

PHASE I FOR STREETS OF ST. CHARLES MIXED-USE PROJECT UNDERWAY

by admin November 18, 2008

ST. CHARLES, MO. — Peoria, Ill.-based developer Cullinan Properties has broken ground on the first phase of the Streets of St. Charles located near Interstate 70 in the St. Louis suburb of St. Charles. The 1.4 million-square-foot mixed-use development will be situated on 26 acres. Plans for the project include a hotel and conference center; 250,000 square feet of retail and entertainment space; 250,000 square feet of Class A office space; and more than 750 residential units. The first phase of the project is scheduled to open in 2010.

November 18, 2008

Mixed-Use Southeast

$162 MILLION FLORIDA MIXED-USE PROJECT FINISHED

by admin November 11, 2008

DESTIN, FLA. — Moss Anderson Construction Group has completed construction of Legendary Inc.’s $162 million Emerald Grande at HarborWalk Village. Located in Destin, the mixed-use project consists of two 13-story towers, which together house 279 condominiums and 75,000 square feet of retail and restaurant space. The first five stories in each tower have been built as parking garages. Moss Anderson Construction Group is a joint venture between Fort Lauderdale, Fla.-based Moss & Associates and Roy Anderson Corp.

November 11, 2008

Mixed-Use Southeast

2,500-ACRE MIXED-USE COMMUNITY PLANNED NEAR ATLANTA AIRPORT

by admin November 10, 2008

ATLANTA — CRB Realty Associates has master-planned 2,500 acres of land on South Fulton Parkway in Atlanta for Parkway South, an expansive mixed-use development. The company’s goal is to create six separate development areas linked by a pedestrian corridor. CRB Realty, which co-developed Atlanta’s Atlantic Station, is looking to create small to mid-sized warehouses and distribution centers in one area, mid- and low-rise commercial in another and office, commercial, retail and residential space throughout the acreage. The project would necessitate new infrastructure, and CRB would work to accentuate natural landscaping features.

November 10, 2008

Mixed-Use Northeast

DEVELOPMENT CONTINUES FOR TRI-COUNTY BUSINESS PARK

by admin November 10, 2008

SARDINIA, N.Y. — Development is continuing for Tri-County Business Park, a 210-acre, mixed-use project located along Route 16 in Sardinia. Mark 1 LLC, the project’s developer, intends to construct more than 1.5 million square feet of retail, office, hotel, light manufacturing and warehouse space. The project’s first building, a 20,000-square-foot office building, is complete and has two suites remaining. In addition, the first of four shovel-ready outparcel locations is complete and occupied by Tim Hortons. A 45,000-square-foot retail building will break ground in the spring. The project is located within a New York State Community Renewal Zone and a Federal HUB Zone, and has 30 acres that have been designated a New York State Economic Development Zone. Mark 1 is constructing build-to-suit projects, as well as leasing and selling sites for development.

November 10, 2008

Mixed-Use Northeast

REMEDIATION COMPLETE FOR RIVERBEND DISTRICT

by admin November 7, 2008

HARRISON, N.J. — Bedminster, N.J.-based Advance Realty, in partnership with the township of Harrison, has completed environmental site remediation for Riverbend District, a transit-oriented, mixed-use project located in Harrison. The brownfield site will be ready for infrastructure work following the removal of 48,000 cubic yards of contaminated soil from the project site. Once this occurs, construction will begin for site utilities and roadways, which is expected to be complete in time for the October 2009 opening of the new, 25,000-seat Red Bull Arena. Vertical construction for Phase I of the project is expected to begin in early 2010. The first phase will comprise 1.5 million square feet of office space, 800,000 square feet of retail and restaurant space, approximately 1,800 for-sale and rental residential units, a 200-room hotel, another 350-room, full-service hotel with 25,000 square feet of conference space, a wellness center, and a 16-screen cinema. The project is located in close proximity to multiple mass transit options, including N.J. Transit, Amtrak, and an onsite PATH station that is receiving $180 million in upgrades. Riverbend District was formerly known as Harrison MetroCentre, before Advance Realty decided to change the project name.

November 7, 2008

Mixed-Use Southeast

VERTICAL CONSTRUCTION COMPLETE ON 450-UNIT MAITLAND COMPLEX

by admin November 5, 2008

MAITLAND, FLA. — The Morgan Group has completed vertical construction on the first phase of its 450-unit Village at Lake Lily mixed-use project. The property, located at 921 S. Orlando Ave. in Maitland, will also include 40,000 square feet of office, retail and restaurant space. Construction began in December 2007, and the first phase will deliver in early 2009, with a 2010 completion date set for the second phase.

November 5, 2008

Midwest Mixed-Use

WESTIN BOOK CADILLAC DETROIT OPENS FOLLOWING $200 MILLION RENOVATION

by admin October 29, 2008

DETROIT — Following a $200 million historic renovation by Cleveland-based developer, The Ferchill Group, Starwood Hotels & Resorts Worldwide has opened The Westin Book Cadillac Detroit located at 1114 Washington Blvd. The Italian-renaissance-style building, which originally opened in downtown Detroit in 1924, now measures 89,000 square feet in size. The 32-story property features 453 guestrooms on floors seven through 23; 67 luxury loft units within the Westin Book Cadillac Residences on floors 24 through 29; and 39,000 square feet of meeting and banquet space, with three ballrooms and 13 meeting rooms. Additionally, the hotel’s historic Motor Bar has been reopened on the second level, and the new restaurant, Roast, has opened on the street level of the property. In late November, Detroit-based Entourage Restaurant Group will open Spa 19 24Grille. The spa and casual restaurant, which will be situated within the building, will occupy 8,000 square feet of retail space facing Michigan Avenue. Willoughby, Ohio-based Marous Brothers Construction acted as general contractor at the site, which began construction in August 2006; Cleveland-based Kaczmar Architect Inc. served as the architect for the project. The Westin Book Cadillac Detroit is a member of the National Registry of Historic Places.

October 29, 2008

Mixed-Use Northeast

NORTHMARQ ARRANGES $21.5 MILLION REFINANCING OF PACKARD BUILDING

by admin October 29, 2008

PHILADELPHIA — NorthMarq Capital has arranged a $21.5 million loan for the refinancing of a 180,000-square-foot office condo unit within The Packard Building, a 26-story mixed-use tower located at the corner of 15th and Chestnut streets in the Center City neighborhood of Philadelphia. The condo unit consisted of the first 12 floors of the building, which contains office space on floors two through 12, and retail space on the basement, ground floor and mezzanine levels. Major tenants include The Defender’s Association of Philadelphia, Philadelphia Municipal Authority and a new Del Frisco’s Double Eagle Steakhouse that is presently under construction. Tom Graf and Bruce Whipple of NorthMarq’s New York City office arranged the financing on behalf of the borrower, Chest-Pac Associates, through the lender, CWCapital. Terms of the loan include a 5-year term with a 30-year amortization schedule. The Packard Building contains ground-level retail space, 11 floors of office space, and residential condominiums on floors 13 through 26.

October 29, 2008

Mixed-Use Texas

WATTERS CREEK PHASE I COMPLETE

by admin October 29, 2008

ALLEN, TEXAS — Phase I construction is completed for Watters Creek at Montgomery Farm, a $333 million, 1.15 million-square-foot mixed-use development located in Allen. The 52-acre project serves as the town center for the 500-acre Montgomery Farm master-planned residential community. The project currently totals 620,000 square feet, including 300,000 square feet of retail and restaurant space, 90,000 square feet of office space and 230 residential units. Future phases will include additional residential, retail, restaurant and office space, as well as a lifestyle hotel. Amenities at Watters Creek include a pedestrian green corridor with a sandstone-lined pond and creek; a natural amphitheater with a town green for performances and other events; a central plaza that runs parallel to the town green; nature walks; and bike trail connections. The project is pursuing LEED certification and, upon receiving the designation, will be the largest LEED-certified mixed-use development in the state. Watters Creek is being developed by a joint venture between Fort Worth, Texas-based Trademark Property Co., New York City-based Coventry Real Estate Advisors, Beachwood, Ohio-based Developers Diversified Corp. and Franklin, Tenn.-based Southern Land Co. The architect of record is Dublin, Ohio-based Meacham & Apel Architects; Texas-based TBG Partners and Baltimore-based Development Design Group …

October 29, 2008

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