DALLAS — Granite Properties, in a joint venture with Gables Residential, has begun construction on a $200 million mixed-use project located in Dallas. The development will comprise two towers. The first, Granite’s 19-story, 361,524-square-foot office tower called 17Seventeen McKinney, is located at the northwest intersection of McKinney Avenue. North Akard Street, Gables’ 292-unit, 26-story high-rise residential property located at 1700 Cedar Springs and Akard Street, is the second property. The development, situated on approximately 2.14 acres, also will include a 1-acre amenity deck between the two towers that features a 4,000-square-foot fitness center and an infinity-edge pool in a park-like setting that overlooks Victory Park and downtown Dallas. The development also will house 15,000 square feet of retail. Good Fulton & Farrell is providing architectural services for the project, while Austin Commercial is the general contractor.
Mixed-Use
ATLANTA — Joint venture partners Daniel Corp., Selig Enterprises, MetLife and Canyon-Johnson Urban Funds have topped off 1010 Midtown, a 35-story, 443-unit luxury high-rise tower in Atlanta, located along Peachtree Street. The project features 50,000 square feet of retail and one-, two- and three-bedroom units. Initial occupancy is scheduled for this fall. 1010 Midtown is the first phase of 12th & Midtown, a 3-million-square-foot mixed-use development.
SOUTHLAKE, TEXAS — Colleyville, Texas-based Realty Capital Corp. (RCC) has completed the sale of the initial building in Phase I of its new mixed-use development Stonebridge Park located at the intersection of FM 1709 (Southlake Boulevard) and Davis Boulevard in Southlake. A private investor purchased the 5,770-square-foot building from Realty Capital River Oaks Ltd., and will open a North Texas Eye Care at the site. The remaining three buildings in Phase I range in size from 2,800 square feet to 3,025 square feet and are available for sale or lease. Jobi Decker of Realty Capital Corp. represented the seller in the transaction.
CLOSTER, N.J. — Greg Babaian, Ben Sgambati and Jin Lee of Marcus & Millichap have completed the $2.72 million sale of a mixed-use facility located at 214-218 Closter Dock Rd. in Closter. The facility comprises eight apartment units and five retail stores. Babaian represented the seller, Riverhead Construction, and Sgambati and Lee, represented the buyer MGS World, in the disposition.
EAST ORANGE, N.J. — Construction is underway on Evergreen Crossing, a transit-oriented, mixed-use development in East Orange. Upon completion, the project will feature retail, office, residential and hotel components, as well as decked parking spaces. The retail component is slated to feature approximately 200,000 square feet of retail space. The project is located directly opposite of Brick Church Station, which provides Midtown Direct commuter service to New York City. Daniel Geller and Richard Schulz of CB Richard Ellis will head up the leasing efforts for the retail portion of the project.
NEW YORK CITY — Forest City Enterprises is set to construct Beekman, a 76-story tower in Lower Manhattan, New York City. The new tower will total 1.1 million square feet and feature 900 market-rate apartments, a pre-K through 8th grade school, an ambulatory care center for New York Downtown Hospital, ground-floor retail space and below-grade parking. The site is bounded by Beekman Street to the south, William Street to the east and Spruce Street to the north, and is adjacent to the New York Downtown Hospital. Forest City recently closed a $680 million construction loan for the development. The loan was funded by Eurohypo, NordLB, ING Real Estate Finance, Fifth Third Bank, National Electrical Benefit Fund and the New York Housing Development Corp.
WALTHAM, MASS. — Boston Realty Advisors has completed the $1.62 million sale of a mixed-use building in Waltham. The 8,200-square-foot building, located at 443-445 Moody St., features three retail storefronts with long-term leases, two residential units and a 21-space parking lot. Jason Weissman of Boston Realty Advisors represented the seller, Waltham Realty Advisors, and Prudential Prime Properties represented the buyer, Sol and Jessica Cohen, in the disposition.
DALLAS — Post Properties is developing a mixed-use project located at the southeast corner of Campbell Street and Central Expressway in Dallas. The property will include 80,000 square feet of retail, approximately 200,000 square feet of office space, 435 residential units, a 1-acre park and an amphitheater all near the DART rail line. The complex, which broke ground in November 2006, will house four, four-story buildings. Amenities included at Post Eastside include two swimming pools, an outdoor cabana, a club room, free Wi-Fi in common areas, a fitness center and an Internet Caf. Retailers at the development will include Panera Bread, Boudreaux’s Cajun Kitchen, Dr. Goad Dentistry and Frost Bank. The first building in the residential portion of the property is scheduled for completion on May 1.
SAN ANTONIO — USAA Real Estate Co. will develop The Town Center at La Cantera, a mixed-use project located at the intersection of Interstate 10 and Loop 1604 in San Antonio. The development, which is being built on 178 acres adjacent to The Shops at La Cantera, will include approximately 1 million square feet of office space, retail, a hotel and spa and 500 residential units. The new center will extend out from The Shops at La Cantera, which has a new boulevard attaching La Cantera and its future development sites directly to Interstate 10.
NEW YORK CITY — The Dermot Company and CASA Partners IV, LP, have acquired three apartment buildings on the Upper West Side in Manhattan, New York City. The adjacent buildings, which are located at 210, 220 and 230 W. 107th St. between Amsterdam Avenue and Broadway, contain a total of 180 units. Cushman & Wakefield Sonnenblick Goldman arranged the equity financing. CASA Partners IV is a fund sponsored by Henderson Global Investors, which formed the joint venture through its Manager of Partners program.