POLK COUNTY, FLA.— Dallas-based Trammell Crow Company, in a joint venture with Boardwalk Land Development and Met Life, is developing Posner Park, a $500 million, 368-acre mixed-use development, located at the southeast corner of Interstate 4 and Highway 27 in Polk County. Posner Commons, an 80-acre, 630,000-square-foot retail tract, will feature several major tenants: Target, Books-A-Million, Belk, Best Buy, Staples, JC Penney, Dick’s Sporting Goods, Ross Dress For Less, Michaels and PetSmart. Retail stores are slated to open this spring and early fall. Posner Park is approved for 1.5 million square feet of retail, 1 million square feet of Class A office space, 2,600 hotel rooms and 2,000 multifamily residences. The project is expected to be completed in 2018.
DULUTH, GA. — Atlanta-based The NorthPoint Group is developing Point Berkeley III, a $22 million, 210,000-square-foot office and retail complex in Duluth, located along North Berkeley Road. The project will be comprised of two retail buildings featuring two stories and 35,000 square feet and an office building featuring seven stories and 140,000 square feet. Construction began in April and is slated to complete next May. Duluth-based Ordner Construction Co. is the general contractor, and the project architect is Atlanta-based Group Six Design. Point Berkeley I and II are adjacent to the new development.
CUMMING, GA. — Cousins Properties will open the first phase of The Avenue Forsyth, a $146 million, 527,000-square-foot mixed-use development in Cumming, next month. The project began construction on the first of two phases last January, which features 463,000 square feet and includes 64,000 square feet of office space. The development is comprised of more than 50 tenants, including: Aeropostale, Barnes & Noble, AMC Avenue Forsyth 12, DSW Shoe Warehouse, Ann Taylor Loft, Circuit City, CVS/Pharmacy, Ted’s Montana Grill, Natural Body Spa & Shop and Origins. Signed tenants and retailer commitments bring the first phase to 70 percent occupancy. Cousins also owns 39 acres adjacent to the property, which is planned for future expansion of the project. The project is located at the intersection of Georgia 400 and Peachtree Parkway.
LEESBURG, VA. — Sovereign Bank is the administrative agent for a $217 million construction loan provided by several national and local financial institutions for The Village at Leesburg, a mixed-use project being developed by Cypress Equities, Kettler and The Carlyle Group. The development is comprised of a 1.2-million-square-foot vertically integrated, four-story village with residential, retail, restaurant and office space. The open-air shopping center will feature a Wegmans Food Market. The development will be located at Route 7 and Crosstrail Boulevard, which will also be the site of a new $31 million interchange expected to open in July 2009. Cypress will develop the retail portion of the project, and Kettler will develop the office and residential components, including 335 luxury apartments. Construction is slated for completion in spring 2010.
MANASSAS, VA. —Rockville, Md.-based Opus East is developing Hastings Marketplace, a 29-acre multifamily and retail development located at the corner of Wellington Road, Liberia Avenue and Prince William Parkway in Manassas. The project will consist of 125,000 square feet of retail space, featuring more than 30 stores, and 141 residential units. Phase 1 is expected to deliver next spring and will include a Harris Teeter, bank, shops and restaurants. The project will be completed in two phases. Devin Corini of KLNB is the exclusive leasing agent for the development.
ATLANTA — Ponce Park, the $375 million, 2-million-square-foot redevelopment of Atlanta’s City Hall East/Sears building, will feature The Medici Center. Residents will be comprised of scholars, researchers and artists that will address the four academies of Health and Science, Sustainability and the Environment, Globalism and Cultural Understanding and the Arts and Humanities. The project is being developed by Lawrenceville, Ga.-based The Morsberger Group and Adams & Co. and will also include 182,000 square feet of retail, 154,000 square feet of office space and 1,100 residential units, in addition to 40 units for the physically disabled. Construction is slated to begin in second or third quarter 2009, and initial occupany is scheduled for 2011.
BOLINGBROOK, ILL. —Forest City Enterprises has announced that two new tenants will be coming to The Promenade Bolingbrook, the developer’s 736,000-square-foot lifestyle center located at the intersection of Interstate 355 and Boughton Road in Bolingbrook. Chesapeake, Va.-based hotel developer LTD Management Co. will begin construction this month for a 155-room aloft hotel. Guest lofts in the hotel will feature 9-foot ceilings, oversized windows and flat-panel, high-definition televisions. The hotel is scheduled to open in June 2009. Additionally, an eight-screen Village Roadshow Gold Class Cinema is also coming to The Promenade Bolingbrook. The theater will open on the second level of the center, and will include amenities such as custom reclining seats, VIP concierge and valet services, and a full-service bar and lounge that will serve customers at their seats.
HOLLYWOOD, CALIF. — Los Angeles-based Empire Investments LLC has purchased East Village Hollywood, a 49,023-square-foot apartment/retail property located at 5718-5728 Hollywood Blvd. in Hollywood, for $12 million at a 6 percent cap rate and 11.6 GRM. The four-story building comprises 41 apartments and more than over 2,800 square feet of retail. Built in 2006, the property was 100 percent leased at the time of acquisition. Retail tenants of the property include a steakhouse restaurant with full bar and a coffee shop. The seller was Maman Properties LLC and the Stewart Trust of Los Angeles. Dana Brody and Martin McDermott of Grubb & Ellis represented both parties in the transaction.
BRIDGETON, N.C. — Jupiter USA is developing Bridgeton Harbor, a 1,000-acre master-planned community in Bridgeton, located near New Bern, N.C., at the intersection of Highway 17 and State Road 55. The project will be comprised of the Shoppes at Bridgeton Harbor; Marketplace at Bridgeton Harbor; Town Center at Bridgeton Harbor; Lakes at Bridgeton Harbor; and Bridgeton Harbor Industrial Park. The community will feature 650,000 square feet of retail, commercial, office and medical space; 800 residences, inclusive of condominiums, townhomes and single-family units; a 15,000-square-foot yacht club with a 129-slip marina; more than 600 hotel rooms; and 2.5 million square feet of industrial space. Construction began last June. The marina is slated to deliver in June, and the yacht club, along with 18 adjacent condominiums, is expected to start construction before year-end.
SALT LAKE CITY — Holliday Fenoglio Fowler (HFF) has arranged a $74 million loan for Trolley Square, a four-building lifestyle center in Salt Lake City. Working on behalf of ScanlanKemperBard Cos., Lloyd Minten of HFF secured the loan with Bank of America as administrative agent in syndication with Wachovia. The financing recapitalizes an existing adjustable-rate loan that was arranged by HFF in 2006 to fund the acquisition and redevelopment of the site. Originally built in 1908 as a trolley barn complex, Trolley Square is listed on the National Register of Historic Places and is designated a Utah Historic Site. Currently, the center is 61 percent occupied by 32 tenants.