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.
Mixed-Use
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.
STAFFORD, TEXAS — Pacific Coast Capital Partners (PCCP) has acquired the Fountains on the Lake retail center in Stafford in a joint venture with Dallas-based Dunhill Partners. The 589,201-square-foot center, located at 11222 Fountain Lake Dr., is 98 percent occupied by tenants such as Old Navy, Bed Bath & Beyond, Saks Off Fifth Avenue, Loews Cinema, Fuddruckers and Cold Stone Creamery. Dunhill Partners represented the PCCP/Dunhill Partners joint venture in the transaction. Randy Fleisher of CB Richard Ellis helped arrange the equity and debt financing with Prudential.
RANCHO CUCAMONGA, CALIF. — Phoenix-based Opus West has acquired a 10-acre land parcel from Inland Empire, Calif.-based JAFAM Corp. for the development of Haven Point, a 161,000-square-foot office/retail project in Rancho Cucamonga. The project will consist of a four-story, 140,000-square-foot office building, 16,000 square feet of retail space and a freestanding 5,000-square-foot, drive-through-approved bank pad. Construction is slated to being in spring 2008, with completion scheduled for summer 2009.
NEW ORLEANS — New OrleansDowntown Lofts is developing ICInola, a LEED certified, mixed-use development that will include 105 urban lofts and 50,000 square-feet of retail space in the historic Bywater district. Located on 3925 Burgundy Street, the site is directly adjacent to the French Quarter. Commercial business will open in March 2009 and residences in May 2009. The project will be spread out through four buildings that have a distinctive personality representing the German, French, Italian and Spanish presence in New Orleans. Each building will feature a different theme reflecting the four natural elements of water, fire, earth and wind.
HARRISON TOWNSHIP, N.J. — Madison Marquette, a Washington, D.C.-based developer, and New Jersey-based Canuso Communities, have formed a joint venture to acquire 370 acres in Harrison Township to build a mixed-use development. The Richwood Village will include a 300,000-square-foot town center, approximately 700,000 square feet of retail, office and commercial space, and 1,200 multifamily units. The development is located 20 minutes from Philadelphia, as well as nearby Rowan University and the South Jersey Technology Park. Completion is slated for fall 2010.
HOUSTON — Wolff Cos., a Houston-based real estate investment and development company, has finalized the sales of three pieces of land inside the 440-acre, master-planned Interwood business park located at the intersection of Beltway 8 and John F. Kennedy Boulevard. The buyers were Western International (8.6 acres for two hotels and a restaurant), Friendswood Development Co. (12 acres) and BRG Cornerstone Development (4 acres, office development). David Hightower of Wolff Cos. represented the seller in the transactions.
LAS VEGAS — San Francisco-based California Mortgage & Realty Inc., through its CMR Commercial Mortgage Fund, has closed a $25.5 million bridge loan for the development of a mixed-use project. Nevada Towers LLC holds entitlements to convert the property from a 200-unit apartment complex into a high-rise, mixed-use project. The new development will feature a hotel, residential units and retail space.
ANN ARBOR, MICH. — Strathmore Development Co. has broken ground for the construction of Lower Town, a $171 million mixed-use development located adjacent to the University of Michigan Health System medical campus in Ann Arbor. The brownfield redevelopment will feature 185 residential dwellings, 138,275 square feet of retail space, 152,689 square feet of general and medical office space, and a 760-space parking structure.