PHILADELPHIA — Footbridge Capital will proceed with the foreclosure sale of two development sites totaling 2.2 acres that are located at the northwest corner of North Delaware Avenue and Poplar Street in the River District neighborhood of Philadelphia. The properties were zoned and approved for the development of a 2.1 million-square-foot, high-rise, mixed-use project. They were acquired by 2945 Poplar Development LLC in January 2007, but the company defaulted on its mortgage loan with Footbridge Capital. The development parcel is located adjacent to SugarHouse, a 1.3 million-square-foot casino project currently under development, and is located less than 2 miles from Foxwoods Casino, a 3.7 million-square-foot casino project that is also under development. Foreclosure proceedings for the land parcel will be conducted by the U.S. Marshal in Philadelphia’s Federal Courthouse.
LIMERICK, PA. — King of Prussia, Pa.-based O’Neill Properties Group has announced plans for Sanatoga Springs, a 66-acre mixed-use project located in Limerick. Phase I of the project will total 477,500 square feet and comprises one entertainment element, one anchor tenant and more than 200,000 square feet of restaurant, retail and hospitality space. Construction plans also include the extension of Lightcap Road, which serves as the access point for the project and Philadelphia Premium Outlets, a 555,000-square-foot outlet center located adjacent to Sanatoga Springs. Phase I is scheduled to open in the first quarter of 2010.
COLUMBIA, MO. — Forum Development Group has announced plans for Discovery, a 220-acre mixed-use community, which will be located on the west side of the new Highway 63 interchange at Discovery Parkway in Columbia. The property is situated near Columbia’s new A. Perry Phillips regional park and lake, the new Columbia Catholic high school, the Bristol Lake residential community and a multi-phase life science research park developed by the University of Missouri. Current plans for the development include a lifestyle center with retail and restaurant pad sites, two office districts, as well as upscale apartments and condominiums. Additionally, a hotel and convention center will be located at Discovery. Crawford Architects is providing architectural services for the project.
DALLAS — Dallas-based Harvest Partners has signed a tenant for 50,000 square feet of office space at Park Lane, a 33.5-acre mixed-use development located in Dallas. The space will be occupied by Kosmos Energy, which is the first tenant to sign with the office component of the project. Upon completion in spring 2009, Park Lane will contain 750,000 square feet of office space.
LOWER MERION, PA. — The state of Pennsylvania has awarded $6 million in grant funding to Lower Merion Township to assist in the development of the Ardmore Station mixed-use redevelopment project. The township is working with Dranoff Properties to master plan the redevelopment and revitalization of the Ardmore Transit Center and central business district. Initial plans for the $180 million, transit-oriented development call for a new train station, 335 residences, 30,000 square feet of retail and restaurant space, 8,500 square feet of office space, and approximately 750 parking spaces. The project is expected to take 5 years to complete.
PHILADELPHIA — Iron Stone Real Estate has leased 36,500 square feet of space at the Falls Center mixed-use development to The Visiting Nurse Association of Greater Philadelphia (VNA). The VNA, which is scheduled to take occupancy in spring 2009, will use 29,000 square feet as its administrative headquarters and the remaining 7,500 square feet as a 14-bed hospice. Anthony Falcone of M.S. Fox Realty Group represented Iron Stone. Wayne Fisher and Steve Gendler of Grubb & Ellis represented the tenant. Falls Center, which is being developed by Iron Stone Real Estate Fund I LP, is a 15-acre, 700,000-square-foot redevelopment of the former Women’s Medical College of Pennsylvania. Upon completion, it will contain 250,000 square feet of commercial, retail and office space; 300,000 square feet of apartments; and a 120,000-square-foot senior living facility.
DALLAS — Dallas-based interior design firm Faulkner Design Group is close to unveiling its design for Park Lane Place, a 33-acre mixed-use development located in downtown Dallas. The project will total 2 million square feet of retail, residential, hotel and office space. Faulkner is providing interior design and planning for the project’s residential units, lobbies and common area. The residential component is named The Heights, and consists of three different types of living spaces, known as The Lofts, The Flats and The Tower. Faulkner’s design includes two aqua lounges overlooking the swimming pools of The Flats and The Tower, both of which contain views of the Dallas skyline. Park Lane Place is being developed by the Dallas office of PM Realty Group, with locally based Gromatzky Dupree & Associates serving as project architect, and locally based Cadence McShane serving as general contractor.
ATLANTA — Cousins Properties is nearing completion on its19-story 10 Terminus Place, located at the intersection of Piedmont Road and Peachtree Street in Atlanta. The property is built on top of a 12-story parking deck and features restaurants, offices and residences. Cooper Carry’s Atlanta office and Durham, N.C.-based Duda/Paine Architects provided design services for the building, which includes 137 residential units, ranging in size from 787 square feet to 4,598 square feet. The property joins the mixed-use 100 Terminus place in the Terminus complex. A third office building, Terminus 200, will deliver next year.
JERSEY CITY, N.J. — Hasbrouck Height, N.J.-based DMR Architects has been selected to serve as project architect for the redevelopment of Jersey City’s historic Paramount Building, formerly known as Jersey City Medical Center. The building will be redesigned as part of Phase II of Metrovest Equities’ $350 million Beacon mixed-use project. The redeveloped building will include 208 residential units, a gym spanning the entire basement level and the preservation of the building’s existing art deco theater. Upon completion in 2010, Beacon will contain 1,200 residential units, parks, shops, screening rooms and a museum devoted to Jersey City Medical Center. Construction at Paramount is expected to begin in 2009.
FAIRVIEW, TEXAS — Dallas-based MGHerring Group has signed Whole Foods Market to it’s the Village at Fairview mixed-use project. The grocer will occupy 45,000 square feet within the development, located at the corner of U.S. 75 and Stacy Road in the Dallas suburb of Fairview. Whole Foods will join a tenant roster for the project’s 1 million-square-foot retail component that is anchored by Dillard’s, Macy’s, JC Penney, The Container Store and Barnes & Noble. The project will also include a 200,000-square-foot, Class A office building; 675 residential units; a 280-room hotel with an adjoining 80,000-square-foot conference center; and an eight-screen Village Roadshow Gold Class Cinema. Construction is expected to begin later this year, with the grand opening of the entire project expected in August 2009. The Village at Fairview is being developed in conjunction with The Village at Allen, a mixed-use development located across Stacy Road in Allen, as one contiguous project. Upon completion, The Village at Fairview and The Village at Allen will span 400 acres and 3 million square feet.