MIAMI — Miami Beach, Fla.-based Flagstone Property Group and institutional equity partner ING Clarion Partners are developing Island Gardens, a $600 million mixed-use waterfront development on Watson Island in Miami. The project includes a 43-story tower featuring the 150-room Shangri-La Hotel Miami, 100 fractional ownership residences known as The Residences at Island Gardens and CHI, The Spa. The joint venture will also develop 221,000 square feet of high-end retail and restaurants, a 29-story business/hotel resort and Super Yacht Harbour, a marina that will support mega-yachts up to 300 feet in length. The project will begin construction in 2008 and is slated for completion in 2010. The Greenwich Group and BF Capital Partners arranged financing for the development.
Mixed-Use
LAKE SAINT LOUIS, MO. — Three new tenants have signed on at The Meadows at Lake Saint Louis, a 500,000-square-foot lifestyle center developed by Davis Street Land Co., and located in Lake Saint Louis. Von Maur will build its first Missouri store on a 64-acre site located at the interchange of Lake Saint Louis Boulevard and Interstate 64, anchoring the northern portion of the development. The building will be a two-story, 130,000-square-foot structure, and is scheduled to open in August. Additionally, Bed, Bath & Beyond has leased a 25,000-square-foot space as a junior anchor in the development. Finally, Kansas City-based Ferguson Properties has announced plans to construct a 110- to 120-room hotel that will be branded as a Marriott or Hilton. The $12 million project will be located on a 3-acre site at the Lake Saint Louis/I-64 interchange, and is scheduled to open in spring 2009.
NEW YORK CITY — Eastern Consolidated has completed the $27.5 million sale of a four-building residential portfolio. Located at 1343-1347 Second Ave. and 242 E. 71st St. in Manhattan, New York City, the portfolio totals 50 apartment units and eight commercial spaces. The property also includes 48,975 square feet of air rights that will allow the new owner to construct a ground-up residential development of 82,120 square feet with 16,424 square feet of commercial space. Brian Ezratty, Deborah Gutoff and Martin Ezratty of Eastern Consolidated represented the seller, the estate of Dr. Manuel Stapen, and Gutoff and Azita Aghravi, also of Eastern Consolidated, procured the undisclosed buyer.
ALLEN, TEXAS — Trademark Property Co. has signed 15 new tenants for Watters Creek, a mixed-use development located at the southwest corner of U.S. Highway 75 and Bethany Drive in Allen. The new tenants bring the total number of leases signed to 38 for the project’s first phase, which is scheduled to open in April 2008. The new leases were signed by Cheesecake Factory, Bath & Body Works, DSW, Le Creuset, Gymboree, New York & Company, Sample House, Victoria’s Secret, Strasburg Children, The Boardroom Salon for Men, Celebrity Bakery and Café, Paciugo, Woodlands Grill and Gathering Place, Potbelly and Patsy Grimaldi’s Pizza. Nearly 620,000 square feet of the 1.15 million-square-foot development are complete. Future phases will include additional residential, retail, dining and office space, as well as a lifestyle hotel.
GWINNETT COUNTY, GA. — Duke Realty has acquired 110 acres of land in Gwinnett County’s Sugarloaf Corridor for Legacy, a new mixed-use project that will feature 1.3 million square feet of Class A office space and 100,000 square feet of out-parcel retail. Development is slated to begin in mid-2008 for six, six-story, 172,000 square foot office buildings, as well as a 125,000-square-foot office building. The property is located at the intersection of Meadowchurch Road and Highway 120.
CLEVELAND — The K&D Group has acquired the approximately 10-acre former Ameritrust complex, located at East Ninth Street and Euclid Avenue in downtown Cleveland, for $35 million, and plans to redevelop the site into a $200 million mixed-use development. The Tower and Rotunda Building will be redeveloped with a 170-room luxury boutique hotel on the lower floors, and 200 residential suites on the upper floors. The Rotunda itself will be renovated as a grand entrance and lobby, with high-end retail and services to support the complex. Additionally, the H&P Building will be demolished and replaced with a 200,000 to 400,000-square-foot, Class A office building. The mall level of the building will contain 50,000 to 100,000 square feet of retail space. Finally, the 1010 Euclid Avenue Building is being studied for redevelopment, with options including Class B office space, residential space or an additional office tower.
BLOOMINGTON, MINN. — Minneapolis-based United Properties has received rezoning and preliminary plan approvals for a mixed-use development located at the intersection of Penn Avenue and American Boulevard in Bloomington. The company also closed on a parcel of land for the development located at 8051 S. Penn Ave. The land is the second parcel needed for the 8-acre redevelopment. Preliminary plans for the development consist of seven buildings with retail, office, and medical components, as well as 58 housing units. The redevelopment is expected to take two construction phases to complete, with the first phase beginning as early as this summer.
WAYLAND, MASS. — Twenty Wayland, the joint venture of KGI Properties and The Congress Group, is developing Wayland Town Center, a $140 million project in Wayland. Plans include 165,000 square feet of upscale retail, restaurant and office space, 40,000 square feet of municipal space, 100 residential units and a 2-acre town green. Construction is slated to begin in August with completion scheduled for 2009.
ATLANTA — Forest Park/Fort Gillem Local Redevelopment Authority (LRA) have selected Cousins Properties, LNR Property Corporation’s Commercial Property Group and The Benham Cos. as the team for the $750 million redevelopment of Fort Gillem. Approximately, 1,200-acres of the military base will be redeveloped over 10 to 15 years to include 717 single-family and multifamily residences; 435,000 square feet of retail space; more than 1 million square feet of office space; more than 8.2 million square feet of light manufacturing and warehouse distribution space; and more than 200 acres of green space. At completion the project will add 25 to 30 percent more land to the city of Forest Park, Ga., and approximately $243 million in new real property taxes to the area. The project is expected to generate 4,700 new construction jobs and 17,642 permanent jobs.
FORT WORTH, TEXAS — LNR Property Corp.’s Commercial Property Group, the company’s real estate development and investment division, has purchased Phase II of The Presidio, a mixed-use development in Fort Worth. Phase II, located at the intersection of Interstate 35 West and U.S. Highway 287, will consist of 135 acres of retail, office and other commercial space. LNR Property Corp. acquired Phase I of The Presidio in November 2007. The total mixed-use development area will comprise more than 300 acres, with construction on the site scheduled to begin this month.