EAST LANSING, MICH. — Strathmore Development Co. has been approved to begin construction of City Center II, a $116 million, 5.8-acre brownfield redevelopment located at Grand River Avenue and Abbot Road, adjacent to Michigan State University, in the East Lansing central business district. The central feature of City Center II will be a 10-story mixed-use building containing 80 residential units, a 400-seat performing arts theater, Hotel Indigo, an upscale bistro and wine bar, retail space, and an office component. Other facets of the project include a six-level parking structure containing 520 spaces; a five-story, mixed-use building with first-floor retail and residential units above; a four-story residential building; and 12 townhome condos. Lansing, Mich.-based Clark Construction Co. and Grand Rapids, Mich.-based Fryling Construction will manage project construction. Demolition and construction of the project, which is expected to achieve LEED certification, is slated to commence in the fourth quarter, with completion scheduled for the first quarter of 2011.
ATLANTA — Lane Strategic Investment, a subsidiary of Lane Co., has acquired an 18-story mixed-use development located on Peachtree Street — next to The Fox Theatre — in Midtown Atlanta. The high-rise community includes the 710 Peachtree Apartments and 34,000 square feet of commercial space, which houses three restaurants and a small retail store. The 533-unit apartment building, which will be renamed, includes studio-, two-, and three-bedroom units. Lane Strategic Investment is planning an $8 million renovation of the development, which will include a new street-level façade, as well as upgrades to the commercial and residential spaces. The acquisition price was not disclosed.
FORT LAUDERDALE, FLA. — Boca Raton, Fla.-based development firm Economos Properties has secured $46.5 million in financing for construction of their new 8.5-acre mixed-use development, which is located at the corner of Griffin and Ravenswood roads in Fort Lauderdale. The project, which will cost $65.5 million to complete, will consist of a 157-room Fairfield Inn & Suites by Marriott, 124-room Homewood Suites by Hilton, and 65,000 square feet of Class A office space with 6,000 square feet of retail space on the ground level. HSBC was a participant in the loan. Darryl Robinson, Peter Harrison and Laurel Oswald of Transwestern have been selected to lease the office and retail components of the project.
BEXAR COUNTY, TEXAS — Hackensack, N.J.-based Kennedy Funding has provided a $12.5 million loan to Potranco Limited LP for the acquisition of a 173.56-acre land parcel in Bexar County, an unincorporated area near San Antonio. The land had been previously sold at auction, but Potranco Limited was able to secure the property after the original buyer backed out. Potranco is a development partnership between Alex Chambers of Austin-based Blackhawk Realty and Chip Field. Preliminary plans call for the site to be developed into a mix of retail, office and multifamily space, with half of the development consisting of retail space.
TUCKER, GA. — Oakhurst Capital has acquired Main Street Square, a 23,000-square-foot historic building located at the corner of Main Street and Railroad Avenue in Tucker. Situated 15 miles northeast of downtown Atlanta, Oakhurst Capital partners plans to renovate and redevelop the property into a mixed-use boutique retail and office facility. The price of acquisition as well as the seller was not disclosed.
CANONSBURG, PA. — Kerasotes ShowPlace Theatres has plans to open a 14-screen, stadium-style multiplex within the 58-acre, mixed-use Southpointe Town Center development, which is located southwest of Pittsburgh in Canonsburg. Cullinan Properties is constructing the 674,000-square-foot center, which is the final phase of the 800-acre Southpoint development. Southpoint Town Center will include the theater, restaurants and more than 1 million square feet of Class A office space. The Kerasotes facility is scheduled to open in 2010.
COLLEYVILLE, TEXAS — Realty Capital Corp. (RCC) has structured the sale of the first and second floors of a building located within the developer’s The Village at Colleyville master-planned project in Colleyville. The building is located at 55 Main; the first floor contains 11,095 square feet of retail condo space, and the second floor contains 14,090 square feet of office condo space. Tenants in the building include The Perfect Petal, Bella Rouge Designs, The Spa at The Village, R.S.V.P. Fine Stationary & Gifts, Details Home Furnishings & Accessories, Texas Wasatch Insurance, Caris Foundation and Cendera Funding. Chad O’Neal of RCC represented the sellers, Village 55 Main 1st Floor LP and Realty Capital Village #1 LP, which each own a floor of the building. The two groups of condos were acquired by a Texas-based limited partnership. The Village at Colleyville is an urban-style project consisting of two- and three-story buildings that contain retail, restaurant, office and residential space.
CINCINNATI — Corporex has plans to expand its mixed-use Baldwin Professional Center, which is on the northern rim of downtown Cincinnati, to include a Springhill Suites by Marriott. With the addition, the Baldwin Professional Center will contain 123 suite hotel rooms; 800,000 square feet of office space, including the new Humana regional headquarters; two restaurants; a fitness center; and covered parking. The new hotel, which is located adjacent to Humana, is slated for completion in March 2009. The Hartmann-Ryan team of Colliers Turley Martin Tucker serves as the leasing team for the development.
GILBERT, ARIZ. — Grasser Investments LLC is developing Spectrum Commercial Core, a 5-acre mixed-use project located at the intersection of Loop 202 and Val Vista in Gilbert. AR Mays Construction has broken ground for the construction of Mountainside Fitness, which is located within the development. The project consists of ground-level retail space, Mountainside Fitness on the second level and office space on the third level. MCG Architects provided architectural services for the project.