Mixed-Use

Tishman Speyer Obtains $150M Construction Loan for Mazza Gallerie Mall Redevelopment in D.C.

by John Nelson June 15, 2023

WASHINGTON, D.C. — Tishman Speyer has secured a $150 million construction loan to fund the mixed-use redevelopment of Mazza Gallerie, an obsolete, three-story shopping mall in Washington, D.C.’s Friendship Heights neighborhood. The mall closed its last store this past Christmas, according to local media reports. RBC Capital Markets provided the financing. The reimagined development will comprise 320 rental apartments and 90,000 square feet of retail space, including 20,000 square feet of new ground-level retail space fronting Wisconsin Avenue. Tishman Speyer will maintain the mall’s 70,000-square-foot retail concourse that will once again be anchored by T.J. Maxx. The redevelopment will also maintain over 800 parking spots across four below-grade levels. Demolition of the existing structure is underway, and completion of the residential portion and first wave of new retail openings is anticipated for 2025. The project’s design-build team includes general contractors Davis Construction and Smoot Construction and architects 3XN and Eric Colbert & Associates (architect of record).

June 15, 2023

Affordable Housing Civic Development Florida Mixed-Use Multifamily Southeast

HTG Breaks Ground on $100M Mixed-Use Development in Hollywood, Florida

by John Nelson June 15, 2023

HOLLYWOOD, FLA. — Housing Trust Group (HTG) has broken ground on University Station, a $100 million mixed-use development, in a public-private partnership with the City of Hollywood. The project will comprise 216 units of workforce housing, a 635-space parking garage, retail space and new home for Barry University College of Nursing and Health Services. All of University Station’s apartments will be reserved for individuals and families at various income thresholds, including 22, 30, 40, 60, 70 and 80 percent of the area median income (AMI), with rents ranging from $374 to $1,634. The three-building development will be situated on 2.5 acres of city-owned land next to the future Broward Commuter Rail (BCR) South Station. Funding sources include LIHTC equity from Raymond James and debt from Bank of America and National Housing Trust Fund. The State of Florida and Broward County also contributed debt and civic funds for the project. The development team includes Corwil Architects and general contractor ANF Group Inc. HSQ Group will serve as the civil engineer, BNI Engineers will serve as the structural engineer and RPJ Inc. Consulting Engineers will serve as the MEP engineer. B. Pila Design Studio will handle interior design, and Witkin Hults + …

June 15, 2023

Affordable Housing Development Mixed-Use Multifamily North Carolina Southeast

Beechwood Receives Approval for 43-Acre Residential Development in Chapel Hill, North Carolina

by John Nelson June 14, 2023

CHAPEL HILL, N.C. — Beechwood Carolinas, a subsidiary of The Beechwood Organization, has received approval from the Town of Chapel Hill to develop a 43-acre residential district on the city’s south side. Known as South Creek by Beechwood, the development will include market-rate and affordable housing apartments and townhomes, for-sale condominiums, 21,000 to 52,000 square feet of commercial and retail space and open gathering areas. Total housing units will total 815 residences, a vast majority of which will be condominiums. The development will be situated along the 15-501 corridor at 4511 S. Columbia St., about two miles south of University of North Carolina-Chapel Hill. Council members unanimously approved the site’s rezoning in early June. Beechwood Carolinas plans to break ground in late 2024 and anticipates first occupancy in 2025. The developer’s project partners include architectural firm FMK Architects and Lee Bowman of Legion Land & Development.

June 14, 2023

Development Leasing Activity Mixed-Use Restaurant Retail South Carolina Southeast

RocaPoint Signs Perch Kitchen & Tap to Lease at $1B Greenville County Square Development

by John Nelson June 13, 2023

GREENVILLE, S.C. — RocaPoint Partners has signed Perch Kitchen & Tap to open a restaurant and brewery at Greenville County Square, a $1 billion mixed-use development in Greenville. Perch Kitchen & Tap is the first committed food-and-beverage tenant and will join Whole Foods Market in the development’s first phase. Charleston-based Palmetto Brewing Co. is partnering with Perch to operate the restaurant’s brewery portion. Perch is based in Chicago and is part of the 4 Star Restaurant Group. The new restaurant and brewery will feature 7,200 square feet of indoor dining and kitchen space and a 2,100-square-foot outdoor patio. Additionally, the new 250,000-square-foot Greenville County administrative building is set to open soon at the development.

June 13, 2023

Development Florida Mixed-Use Office Southeast

Brand Atlantic, Wheelock Street Capital Complete Redevelopment of Office Building in Downtown West Palm Beach

by John Nelson June 13, 2023

WEST PALM BEACH, FLA. — Brand Atlantic Real Estate Partners and Wheelock Street Capital have completed the redevelopment of 111 Olive, a boutique office building in downtown West Palm Beach. The building is the first phase of Banyan & Olive, a Class A mixed-use development within the city’s Clematis Waterfront District. 111 Olive features newly renovated offices with 14-foot ceilings and pine timber wood ceilings. The building offers two 9,000-square feet suites and two 5,000-square feet suites, with one of the smaller suites fully built out for immediate move-in. Tenant amenities include a golf simulator lounge and clubroom seating; art installations throughout the main lobby, elevator lobby lounges and office corridors; shower cabana changing rooms with private lockers and towel service; dedicated parking at 300 Banyan garage with direct connection from the main lobby; concierge attendant at main lobby desk for security, guest registry, mail, package storage and tenant requests; and club-level amenities at 300 Banyan, featuring an indoor/outdoor fitness center, open-air lounge and reservable outdoor event space.

June 13, 2023

California Development Loans Mixed-Use Office Retail Western

Citivas Provides Construction Financing for 25,000-SF Mixed-Use Project in Santa Monica, California

by Jeff Shaw June 13, 2023

SANTA MONICA, CALIF. — Citivas Capital Group has provided a senior construction loan for the development of a mixed-use project at Third Street Promenade in Santa Monica. Upon completion, the space, which will include retail and office space, will feature floor-to-ceiling windows and a 4,000-square-foot outdoor roof terrace. Blatteis & Schnur was the borrower. Jorge Adler of Citivas arranged the financing.

June 13, 2023

Acquisitions Development Mixed-Use North Carolina Office Restaurant Retail Southeast

Northpond Partners Acquires Adaptive Reuse Development in Charlotte for $12.5M

by John Nelson June 9, 2023

CHARLOTTE, N.C. — Northpond Partners has acquired Chadbourn Mill, an adaptive reuse project underway at a 1930s-era textile mill located within Charlotte’s Mill District. Northpond purchased the property from Federal Capital Partners (FCP) for $12.5 million, with plans to develop retail and restaurant space. Renovations will include the addition of two 7,000-square-foot patios and the installation of garage doors on the 18,000 square feet of ground-floor retail space at the property’s main building. Plans also include the addition of a lawn adjacent to the secondary, 2,100-square-foot retail building. The corporate headquarters for software developer Ekos will continue to occupy the second floor of the main building. Southwick Architecture + Interiors will serve as architect, and White Point Partners remains a partner on the development. Construction is expected to be complete in 2024. Stream Realty Partners arranged the sale on behalf of FCP and White Point.

June 9, 2023

Development Mixed-Use Multifamily North Carolina Southeast Virginia

Hoffman & Associates to Enter Charlotte, Richmond with $433M in Multifamily Projects

by John Nelson June 6, 2023

CHARLOTTE, N.C. AND RICHMOND, VA. — Hoffman & Associates plans to expand into two new markets, Charlotte and Richmond, with the development of three new multifamily projects totaling 1,108 apartments. The developments, which will exceed 1 million square feet in size and $433 million in total investment, will include two assets in Charlotte’s South End neighborhood and a $133 million development in the Scott’s Addition neighborhood of Richmond. The Washington, D.C. -based developer plans to break ground on 2500 Distribution Street in Charlotte (330 apartments) in spring 2024 and deliver the project in fall 2026. Down the street, Hoffman plans to begin construction on 2401 Distribution Street (410 apartments) in spring 2025 and wrap up construction in summer 2027. Lastly, 3200 W Moore Street in Richmond (368 apartments) will break ground in late 2024 and deliver in late 2026.

June 6, 2023

Development Industrial Mixed-Use North Carolina Southeast

Beacon Partners Breaks Ground on 380-Acre Apex Gateway in Metro Raleigh

by John Nelson June 6, 2023

APEX, N.C. — Beacon Partners has broken ground on the first phase of Apex Gateway, a 380-acre master-planned development in Apex, approximately 15 miles west of Raleigh. The project surrounds the intersection of U.S. Highway 64 and N.C. Highway 751 and will feature a mix of industrial, life sciences, retail and medical office space. Phase I will feature three light industrial buildings totaling 480,000 square feet, including a 172,150-square-foot headquarters facility for Durham Coca-Cola Bottling Co. Al Williams and Matt Winter of JLL are handling leasing for Apex Gateway’s speculative developments. The project team also includes general contractor The Conlan Co., architect HagerSmith Design and engineer Advanced Civil Design. Truist Bank is providing construction financing.

June 6, 2023

Development District of Columbia Leasing Activity Mixed-Use Retail Southeast

Whole Foods to Open 47,000 SF Store at Parks at Walter Reed Development in D.C.

by John Nelson June 6, 2023

WASHINGTON, D.C. — Whole Foods Market plans to open a new 47,000-square-foot store as part of the Parks at Walter Reed development in northwest Washington, D.C. The store, which will open on June 28, will anchor the 3.1 million-square-foot redevelopment of the historic, 66-acre Walter Reed Army Medical Center. The new Whole Foods will be located at 7130 12th St. NW in The Hartley apartment building. The grocer signed the lease with the ownership group — Hines, Urban Atlantic and Triden Development — in 2019. Whole Foods currently operates more than 500 stores in the United States, Canada and the UK.

June 6, 2023

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