Mixed-Use

Cordish, Caesars Reveal Plans for 223-Acre Mixed-Use Project in Pompano Beach, Florida

by John Nelson May 5, 2023

POMPANO BEACH, FLA. — The Cordish Cos. and Caesars Entertainment Inc. (NASDAQ: CZR) are co-developing The Pomp, a 223-acre mixed-use development in Pompano Beach. The property’s name pays homage to the former Pompano Park racetrack on the project site, which is located 35 miles north of Miami and 10 miles north of Fort Lauderdale. Upon completion, The Pomp will feature 1.3 million square feet of retail and entertainment space, as well as 4,000 residential units, two hotels and approximately 1.4 million square feet of office space. The project will include the existing Harrah’s Pompano Beach casino, which is owned by Caesars. Cordish’s Live! brand will anchor the development’s entertainment and dining component. Called Live! at The Pomp, the brand will offer more than 25,000 square feet of food-and-beverage venues, including a Sports & Social and PBR Cowboy Bar. Sports & Social will occupy a 18,000-square-foot space with features such as an LED media wall, emcees and DJs, live fan-cams, competitions and games. The 7,000-square-foot PBR Cowboy Bar will offer music, bars and a mechanical bull. The venues will open into a central plaza that will host live music, family-friendly events, cultural celebrations, festivals, social activities and experiences and additional dining options. “It’s …

May 5, 2023

Development Georgia Mixed-Use Retail Southeast

NAP, Nuveen Break Ground on Mixed-Use Redevelopment of Forum Peachtree Corners in Metro Atlanta

by John Nelson May 4, 2023

PEACHTREE CORNERS, GA. — North American Properties (NAP), a mixed-use developer and owner based in Cincinnati, has partnered with Nuveen Real Estate to begin the redevelopment of The Forum Peachtree Corners. The duo acquired the north-suburban Atlanta shopping center in March 2022 and are breaking ground on the project that will add a 125-room boutique hotel, 381 apartments, experiential retailers, eateries, structured parking and new public spaces to the site. In addition to these uses, the developers will implement concierge services and valet offerings to patrons. Prior to the groundbreaking, NAP and Nuveen rebranded the property (formerly known as The Forum on Peachtree Parkway) and invested in upgrades to maintenance, security and software, as well as rolled out an event calendar. The construction timeline was not disclosed, but the developers plan to deliver the redevelopment in phases, beginning with the retail- and pedestrian-focused upgrades.

May 4, 2023

Arizona Development Mixed-Use Multifamily Western

Opus Group Opens 335-Unit Melody on Main Apartments in Mesa, Arizona

by Jeff Shaw May 4, 2023

MESA, ARIZ. — The Opus Group has begun leasing the multifamily component of Melody on Main in Mesa. The mixed-use project includes 335 apartment units consisting of studios, one-, two- and three-bedroom apartments. Amenities include a resort-style pool, 24-hour fitness center, yoga studio, bocce ball court and a dog park and spa. Melody on Main also includes 20,000 square feet of retail space. Two of five buildings in the community are now open. Melody on Main is scheduled to be fully complete in March 2024. Griffin Capital Co. was a co-developer on the project. MT Builders is the general contractor, and P.B. Bell is providing property management services. Melody on Main is one of 12 communities that Griffin Capital Qualified Opportunity Zone Fund II is developing, which will comprise 4,096 units with an estimated total project cost of approximately $1.3 billion.

May 4, 2023

Leasing Activity Mixed-Use Office Southeast Virginia

Jamestown Signs Three Office Tenants at Ballston Exchange in Arlington, Virginia

by John Nelson May 2, 2023

ARLINGTON, VA. — Jamestown has signed three new office tenants to join Ballston Exchange, a mixed-use campus located in the Washington, D.C., suburb of Arlington. The newcomers include Management Sciences for Health (MSH), EPIGEN and COMTO. Cresa represented MSH and COMTO in their lease negotiations, and Cushman & Wakefield represented Jamestown in all three deals, as well as EPIGEN. All together the three new tenants will occupy 30,000 square feet of space. Other tenants at Ballston Exchange include Booz Allen Hamilton, Insurance Institute for Highway Safety (IIHS) and CENTRA Technology. Retailers and restaurants include Shake Shack, Orangetheory Fitness, CorePower Yoga, Greenheart Juice Shop, Dunkin’, Cava, The UPS Store and Bearded Goat Barber, among others.

May 2, 2023

Development Georgia Mixed-Use Southeast

Spalding Site Partners to Develop 2.2-Acre Mixed-Use Property in Metro Atlanta

by John Nelson May 1, 2023

PEACHTREE CORNERS, GA. — Spalding Site Partners LLC has acquired a 2.2-acre land parcel in Peachtree Corners with plans to develop a mixed-use property. Upon completion, the development will include 170 residential units, ground-floor retail space, a fitness center and an extension of the Peachtree Corners public trail system. Redline Property Partners, which has a 98,040-square-foot office building at the site, sold the land for an undisclosed price.

May 1, 2023

Development Florida Loans Mixed-Use Southeast

Forman Capital Acquires $24.1M Loan Secured by Development Site in Miami

by John Nelson April 28, 2023

MIAMI — Forman Capital, a South Florida-based lender owned by Brett Forman and Ben Jacobson, has acquired a $24.1 million loan secured by a development site in Miami. Charles Foschini of Berkadia arranged the transaction. Located at 2301 N.W. 3rd Avenue, the site was acquired in September of last year by an affiliate of Neology Life Development Group for $32.1 million, with plans for a mixed-use development. The property is zoned for up to 1,800 residential units. Hermitage Palmer Land LLC provided the acquisition loan.

April 28, 2023

California Development Mixed-Use Multifamily Retail Western

Watermarke Properties Buys City Centre Office-to-Apartment Conversion Project in Orange, California

by Jeff Shaw April 28, 2023

ORANGE, CALIF. — Watermarke Properties has acquired City Centre I, a 6.8-acre multifamily redevelopment project, for $22.5 million. The current property is a Class A, 150,161-square-foot office building suitable for multifamily or mixed-use conversion. Current zoning designations for the site allow for up to 60 units per acre. Primary use of the site’s ground floor is slated for retail. Newmark’s Kevin Shannon, Paul Jones, Ken White, Chris Benton, Anthony Muhlstein and Brandon White represented the undisclosed seller.

April 28, 2023

Development Florida Mixed-Use Southeast Top Stories

Genting Group Agrees to Sell 15.5-Acre Downtown Miami Development Site for $1.2B

by Katie Sloan April 27, 2023

MIAMI — Genting Group has agreed to sell a 15.5-acre development site in Downtown Miami for $1.2 billion. The property is the largest undeveloped waterfront property in Miami’s urban core, according to the seller. SmartCity Miami — an investment group led by locally based Terra and the company’s CEO David Martin — will acquire the property in a transaction expected to close later this year. The site offers 800 feet of direct frontage along Biscayne Bay, adjacent to Miami’s Museum Park and roughly midway between Miami Beach and Miami International Airport. A mixed-use property is planned for the site, details of which were not disclosed. Michael Fay, John Crotty, David Duckworth and Brian de la Fé of Avison Young brokered the sale, and a team led by Suzanne Amaducci at law firm Bilzin Sumberg provided counsel to Genting. Ricardo Fraga of Greenberg Traurig and Laura Gangemi of Gangemi Law Group represented SmartCity in the transaction. “The scale and location of this site offers the opportunity to do something spectacular — something that all of Miami can take pride in — and we will deliver nothing short of that,” says Martin. “For now, our team is focused on understanding the full potential of …

April 27, 2023

Loans Mixed-Use New York Northeast

Ariel Property Advisors Arranges $13.5M Acquisition Loan for Manhattan Mixed-Use Buildings

by Taylor Williams April 26, 2023

NEW YORK CITY — Locally based brokerage and financial advisory firm Ariel Property Partners has arranged a $13.5 million acquisition loan for three mixed-use buildings in Manhattan’s Hell’s Kitchen neighborhood. The addresses and specific uses of the buildings were not disclosed. Matthew Dzbanek, Matt Swerdlow and Drew Chartash of Ariel Property Advisors arranged the five-year loan, which carried a fixed interest rate of 6.5 percent, a 30-year amortization schedule and two years of interest-only payments. The borrower was also not disclosed.

April 26, 2023

Development District of Columbia Mixed-Use Multifamily Southeast Top Stories

Lowe, Mitsui Fudosan America Complete 492-Unit Apartment Project at Mixed-Use Redevelopment in D.C.

by John Nelson April 25, 2023

WASHINGTON, D.C. — Lowe and joint venture partner Mitsui Fudosan America Inc. have completed Gallery 64, a 492-unit apartment building in southwest Washington, D.C. The 12-story project is the final piece of the 500,000-square-foot mixed-use redevelopment of the former Randall Junior High School, which includes the Rubell Museum DC that opened in October 2022. “The focus and inspiration for the repositioned historic Randall School is arts and culture, which is expressed in every component of the campus, including the Gallery 64 apartments,” says Mark Rivers, executive vice president of Lowe. “With specially commissioned works of contemporary art showcased throughout the building, Gallery 64 residents will be immersed in a one-of-a-kind, arts- and culture-focused living environment.” Located at 64 H Street SW, Gallery 64 features studios to three-bedroom apartments, as well as 19 two-story townhomes. The apartments feature contemporary finishes, floor-to-ceiling windows and smart thermostats, and many have private patios or balconies. Monthly rental rates range from $1,927 to $5,306, according to the property website. Gallery 64’s community amenities include a music and podcast recording studio and a programmed maker space. Rooftop amenities include a resort-style pool, fire pits, grilling stations, dining niches and a dog walk. Other amenities include game …

April 25, 2023

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