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.
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.
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.
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 …
LOS ANGELES — Slated to open in December, the second phase of L.A. Live will bring restaurants and entertainment venues to the Los Angeles Sports & Entertainment District. Part of the $2.5 billion, 4 million-square-foot development, the newest phase will feature 12 restaurants, a 2,300-square-foot Club NOKIA, the Conga Room, Lucky Strike Lanes, ESPN Zone, the ESPN West Coast broadcast headquarters and The GRAMMY Museum. L.A. Live is the result of a partnership between Anschutz Entertainment Group (AEG), the city of Los Angeles and numerous consultants. RTKL provided architectural services for the project. The third phase, which is scheduled for completion in late 2009/early 2010, will feature a JW Marriott, The Ritz-Carlton, The Ritz-Carlton Residences and a 14-screen Regal Cinemas, as well as meeting and ballroom spaces.
PORTLAND, ORE. — Phoenix-based Alliance Residential Company has broken ground for the construction of Broadstone Enso, a mixed-use development located in the heart of Portland’s Pearl District. The 152-unit luxury property will offer studio, one- and two-bedroom units ranging in size from 524 to 1,305 square feet. The units will feature 9-foot ceilings, stone kitchen countertops with islands, furniture-style vanities with stone tops, and wood plank-style flooring. Additionally, the property will offer a landscaped outdoor courtyard, a fitness room, a clubroom with a fireplace, a flat-screen television and an exclusive resident wine storage room with a tasting area. Designed by Portland-based Myhre Architects and Interior Design, the property also features 9,900 square feet of storefront retail space. Completion is slated for first quarter 2010.
MIAMI — Key International Development has completed the $121 million Ivy, a mixed-use tower in downtown Miami. The 45-story building houses 504 condominiums, and restaurant and retail businesses span the ground floor. The property, which was constructed by Fort Lauderdale, Fla.-based Moss & Associates, features a resort-style pool, a fitness facility and a sauna. Key is also developing an adjacent office tower, the 1.3 million-square-foot Mint. Moss is providing construction work on the second tower and expects a delivery date of mid-2009.
OCEANSIDE, CALIF. — San Diego-based ConAm Group of Companies has acquired a 14.4-acre land parcel, which is located north of Highway 78 at Rancho Del Oro Road and Vista Way in Oceanside, for $30 million. The parcel features a partially developed residential mixed-use project, which includes 221 multifamily units with commercial office and retail elements. The seller was the orange County, Calif., division of K. Hovnanian® Homes®. According to Irvine, Calif.-based The Hoffman Company, which brokered the transaction, ConAm plans to complete construction and market the units as apartment rentals.
SAN ANTONIO — Development is under way for Rialto Village, a 24-acre, mixed-use project located at the intersection of Interstate 10 and Ralph Fair Road in San Antonio’s I-10 Hill Country corridor. The project will include 185,000 square feet of boutique retail space, 41,000 square feet of office condominiums and an upscale apartment component located above the shops — all in a village setting with outdoor plazas, walking trails and native landscaping. Rialto Village also will be surrounded by a permanent greenbelt along an undeveloped flood plain. The project will be topped off by a 121-foot tall decorative tower. Additionally, the existing Ralph Fair Road overpass, which spans I-10, will extend directly into the main street of the project, known as Calle Rialto. Completion is scheduled for mid-2009. Rialto Village is being developed by San Antonio-based Schuparra Properties; leasing is being undertaken by locally based Reata Real Estate Services. Walgreen’s has already signed a lease to build its only location between Loop 1604 and Boerne, Texas, within the project.
PEARLAND, TEXAS — Englewood, Colo.-based retailer Sports Authority has announced plans to open a 42,000-square-foot location at Pearland Town Center, a 1.2 million-square-foot, mixed-use development located in Pearland. Construction on the store has already commenced, and completion is scheduled for summer 2009. The sports retailer will join a tenant mix that includes recently opened stores Coach, Cork Wine Bar, Children’s Place, Lee Nails, Mimi’s Café, Paciugo and Red Robin, as well as Dillard’s, which is scheduled to hold its grand opening at the end of October. Pearland Town Center officially opened in July; the project is owned by Chattanooga, Tenn.-based CBL & Associates Properties.