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Mixed-Use

DevelopmentIllinoisMidwestMixed-UseRetail

UrbanStreet Group Breaks Ground on 30-Acre Retail District at Veridian in Schaumburg, Illinois

by Kristin Harlow

SCHAUMBURG, ILL. — UrbanStreet Group has broken ground on a 30-acre retail district at Veridian in the Chicago suburb of Schaumburg. The first phase of the district is expected to open in 2027 for apartments; retail turnover is slated for fall 2026. The Veridian project involves the transformation of the former Motorola campus. The first phase of the retail district will include 100,000 square feet of walkable retail and international cuisine, anchored by a 26,000-square-foot The Fresh Market grocery store along with 321 apartments and year-round community programming. At full build-out, the district will include more than 200,000 square feet of retail and restaurant space and more than 600 apartment units, adding to the 225-acre Veridian site that is already home to Topgolf; corporate users such as The Boler Co., Zurich North America, Motorola Solutions and DR Horton; and multiple residential communities. The groundbreaking is the latest milestone for the project, which began a decade ago. In 2015, Motorola announced it would relocate its headquarters to downtown Chicago. The following year, UrbanStreet Group acquired the property and began planning the redevelopment. In 2018, the Village of Schaumburg approved a new zoning ordinance, clearing the way for Veridian’s master plan. By …

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Franklin Crossroads Park
DevelopmentMixed-UseNortheastPennsylvaniaRetailTop Stories

IRG, PREP Funds Acquire Washington Crown Center in Suburban Pittsburgh, Plan Redevelopment

by Abby Cox

NORTH FRANKLIN TOWNSHIP, PA. — A partnership between Los Angeles-based Industrial Realty Group (IRG) and Cleveland-based PREP Funds has acquired Washington Crown Center, a 450,000-square-foot mall near Pittsburgh, with plans to undertake a redevelopment. As reported by regional media outlet Observer-Reporter, as well as several other media sources, IRG and PREP Funds are jointly investing $40 million for the transformation of the former mall into a mixed-use hub for retail and business that will be called Franklin Crossroads Park. In addition, according to Pittsburgh Business Times, New York-based Kohan Retail Investment Group originally purchased the mall for $20 million in 2016 and began marketing the property for sale in 2024. Construction of Franklin Crossroads Park, which is situated 30 miles south of Pittsburgh in Washington County along I-70, is set to begin this fall. Meanwhile, a portion of the mall will remain open through the end of the year. “Our vision is to diversify the site’s use by attracting new retailers and businesses to the property,” says Chris Salata, partner at PREP Funds. “This adaptive reuse project will significantly improve the facility and bring new economic activity.”  Redevelopment plans for Franklin Crossroads Park currently call for the creation of a 100,000-square-foot retail …

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DevelopmentGeorgiaMixed-UseRestaurantRetailSoutheast

Atlantic Residential Gives Update on 47,000 SF Retail Plaza at Crossing at Coal Mountain in Metro Atlanta

by John Nelson

CUMMING, GA. — Atlantic Residential has made progress on Phase I of the retail plaza at The Crossing at Coal Mountain, a 140-acre mixed-use development underway in Cumming, a northern suburb of Atlanta. The project sits in the Coal Mountain region of north Forsyth County and will feature apartments, retail space and for-sale homes being developed in partnership with Toll Brothers. Atlantic Residential broke ground in July on the 47,000 square feet of shops, restaurants and entertainment space at the development, with plans to complete construction in summer 2026. Food-and-beverage concepts at The Crossing at Coal Mountain will make up 60 percent of the retail offerings, while the remaining 40 percent will include soft goods and services such as spas, salons, fitness concepts and a 20,000-square-foot pad ideal for a small-format grocery or market anchor, as well as other service-based businesses. Atlantic Residential has selected Jennifer Steffen and Matt Maloney of JLL to handle the retail leasing assignment at the development. Construction progress to date includes framing of the project’s mixed-use building up to its fifth level, two of the multifamily buildings and installation of roads and infrastructure.

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LoansMixed-UseNew YorkNortheast

Cronheim Mortgage Arranges $10.3M Loan for Refinancing of Yonkers Mixed-Use Portfolio

by Taylor Williams

YONKERS, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage has arranged a $10.3 million loan for the refinancing of a two-building, mixed-use portfolio in Yonkers, located north of New York City. The portfolio consists of Nepperhan Plaza, an office and retail building, and YoHo Lofts, a multi-story industrial loft building that has been converted to artist housing. The names of the direct lender and borrower were not disclosed.

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ArizonaDevelopmentMixed-UseTop StoriesWestern

Vestar, Pacific Proving to Develop $2B Mixed-Use Project in Mesa, Arizona

by John Nelson

MESA, ARIZ. — Vestar, a shopping center and mixed-use developer based in Phoenix, has partnered with Pacific Proving LLC, a landowning entity that controls 1,805 acres in the state capital’s East Valley, to co-develop a $2 billion mixed-use project. Legacy Park will span 200 acres at Pacific Proving’s site in Mesa near the confluence of Gilbert and Queen Creek. The groundbreaking is set for 2027. “As someone who has believed in the potential of this area and land for decades, we are thrilled to partner with Vestar to bring this phase of our property Legacy Park to life,” says Andrew Cohn, principal of Pacific Proving. “Legacy Park is not just another development. It is a thoughtfully designed community that will bring lasting value and lifestyle to the East Valley. We have waited for the right timing, the right opportunity and the right partners, and that moment is now.” Vestar expects Legacy Park to generate $56 billion in economic output over the next 20 years and to create more than 20,000 jobs. Located adjacent to Mesa Gateway Airport and easily accessible via the new State Route 24 at Williams Field Road, Legacy Park at full build-out will feature: “Legacy Park is a …

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LoansMixed-UseNew YorkNortheast

Newmark Arranges $230M Loan for Refinancing of Mixed-Use Property in Lower Manhattan

by Taylor Williams

NEW YORK CITY — Newmark has arranged a $230 million loan for the refinancing of 520-524 Broadway, a mixed-use property totaling 235,000 square feet in the SoHo district of Lower Manhattan. The property consists of two buildings that were both constructed in the early 1900s and that feature a combined 180,000 square feet of office space and 55,000 square feet of retail space that is leased to tenants such as Balthazar and Lululemon, with Abercrombie & Fitch soon to join the roster. Jordan Roeschlaub and Nick Scribani of Newmark arranged the debt through Barings on behalf of the owner, Northwood Investors, a firm with about a dozen offices across the United States and the United Kingdom.

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Leasing ActivityMixed-UseRestaurantRetailSoutheastVirginia

Meridian Group Signs Five Retailers to Join The Boro in Tysons, Virginia

by John Nelson

TYSONS, VA. — The Meridian Group has signed five retailers to join the tenant lineup at The Boro, a transit-oriented, mixed-use development in the Northern Virginia city of Tysons. The new tenants include TileBar, Game Show Battle Rooms, Fava Pot, California Closets and NOVA Plastic Surgery & Dermatology. All five retailers plan to open their locations between late 2025 and early 2026. Ed Crilley of H&R Retail handles the retail leasing assignment at The Boro on behalf of ownership.

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DevelopmentIndianaMidwestMixed-Use

Skender to Build $105M Mixed-Use Development in Westfield, Indiana

by Kristin Harlow

WESTFIELD, IND. — Skender will build a $105 million mixed-use project in downtown Westfield, a northern suburb of Indianapolis. Previously known as Jersey 32, the development was recently renamed The Grand on Main. The Westfield City Council approved the project in July. Plans call for 216 residential units, 51,000 square feet of ground-floor retail space and more than 15,000 square feet of commercial office space. Skender will also move into office space within the development. In addition to Skender, the project team includes BW Development and Studio M as designer. Construction is scheduled to begin later this year, with completion slated for 2027.

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Addison-Junction
DevelopmentMixed-UseTexasTop Stories

Quadrant Investment to Develop $240M Mixed-Use Project in Metro Dallas

by Hayden Spiess

ADDISON, TEXAS — Texas-based Quadrant Investment Properties (QIP) will develop a new, $240 million mixed-use project in Addison, a northern metro of Dallas. Earlier this week, the Addison City Council approved a development agreement with the company.  Dubbed Addison Junction, the development will span 14 acres and will feature a 155,550-square-foot office building; a 140-room boutique hotel; 30,000 square feet of entertainment space; and The Hangar, a 12,000-square-foot event venue. Plans for the project also include restaurants, a Texas-themed beer garden, rooftop patios and public plazas.  A construction timeline was not disclosed. Addison Junction will be connected to Addison Circle Park and the Cotton Belt Trail Corridor, both of which are part of a 57-mile hiking and biking path system. The property will also feature proximity to the Addison Airport, the Dallas North Tollway office corridor and the town’s bus transit center.  A new line of the Dallas Area Rapid Transit (DART) commuter rail system and the Addison Circle Silver Line Station are also currently underway near the development site and will offer connectivity to Plano, Richardson, Carrollton, Cypress Waters Dallas and the DFW International Airport.  “Addison Junction offers a rare canvas to provide a destination pedestrian-oriented district that will …

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DevelopmentHospitalityMixed-UseNorth CarolinaRetailSoutheast

CBL, Vision Hospitality Open Element by Westin Hotel at Mayfaire Town Center in Wilmington, North Carolina

by John Nelson

WILMINGTON, N.C. — CBL Properties, in a 49/51 joint venture with Vision Hospitality, has opened a new Element by Westin hotel at Mayfaire Town Center, a 610,000-square-foot, open-air shopping mall in Wilmington. Both CBL and Vision are headquartered in Chattanooga, Tenn. The 139-room hotel is situated on International Drive and includes a lobby bar, 24/7 fitness center and complimentary bicycle rentals. Since 2024, CBL has executed retail leases exceeding 100,000 square feet at Mayfaire, including deals with Dave & Busters, Altar’d State Kids, Rowan, Free People, FP Movement, Warby Parker, Claire’s, Vochos Urban Mexican Kitchen, Potbelly Sandwich Shop and Dry Bar. Additionally, existing tenants like lululemon athletica, Rack Room Shoes and Reed’s Jewelers have remodeled and expanded their stores at Mayfaire. CBL purchased the mall in 2015.

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