MIAMI — iStar Financial has sold 5.6 acres of land in downtown Miami to Swire Properties for $41.3 million. The site, located at 700 and 701 S. Miami Ave., is zoned for three high-rise multifamily towers with office and retail space. Kelly P. Smith and Larry Stockton of Colliers Abood Wood-Fay represented the seller.
ORLANDO, FLA. — Roger B. Kennedy Inc. has broken ground on the 32,000-square-foot Lake Nona Village Center, Building 10, located in Orlando. The $2.6 million mixed-use building was designed by Maitland, Fla.-based Charlan Brock & Associates. Delivery is expected next June.
DESTIN, FLA. — Cohen Financial has secured a $26.9 million credit facility for Emerald Grande, a mixed-use development encompassing 48,647 square feet of retail space and 280 condominium units. Located in Destin, the property is anchored by the restaurants Commander’s Palace and Pat O’Brien’s. Howard Taft and Charles Penan of Cohen Financial’s Miami office arranged the financing.
TOWSON, MD. — General Growth Properties has taken over the management, leasing and marketing of Towson Commons, a 320,000-square-foot mixed-use property. Located at the intersection of York Road and Pennsylvania Avenue in Towson, the center is made up of 100,000 square feet of retail and 220,000 square feet of office space. The owner, Western Development Corp., will soon undertake a multi-million dollar renovation of the center.
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. …
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.
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.
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.
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.
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.