Mixed-Use

Lendlease, Australian Pension Fund Receive $360M Construction Loan for Mixed-Use High-Rise in Brooklyn

by Jeff Shaw December 16, 2022

NEW YORK CITY — A joint venture between global real estate and investment management group Lendlease and Australian pension fund Aware Super has secured a $360 million construction loan for the development of 1 Java Street, a 36-story mixed-use development adjacent to the East River in the Greenpoint neighborhood of Brooklyn. Plans call for 834 apartments, 13,000 square feet of retail space and an 18,000-square-foot public waterfront park connecting the property to the India Street Pier, which offers service for the East River Ferry. Thirty percent of apartments at 1 Java Street will be affordable units under the Affordable New York 421(A) Program and Voluntary Inclusionary Housing. Lendlease’s investment management, development and construction business units will serve in 1 Java Street’s development. The property is slated for completion in 2026. Christopher Peck, Alex Staikos, Phil Cadorette and Joy Dracos led a JLL Capital Markets team that represented the joint venture to secure the floating-rate construction loan through a Bank of America-led syndicate. New York City architecture firm Marvel will serve as interior designer for both market-rate and affordable units at 1 Java Street. INC Architecture & Design will design the public areas and Créme Architecture & Design will be the interior designer for …

December 16, 2022

Development Florida Mixed-Use Southeast Top Stories

Chetrit Group to Build 4 MSF Waterfront Development in Miami

by John Nelson December 15, 2022

MIAMI — The Chetrit Group, a privately held New York City-based developer, plans to develop The River District, a 4 million-square-foot mixed-use destination in Miami. The project will span more than six acres along the Miami River waterfront. Total development costs will exceed $1 billion, according to Bloomberg. The Chetrit Group previously secured a $310 million loan from Madison Realty Group to fund the project’s first two phases of construction. Occupying the delta between I-95, Southwest Second Avenue and Jose Marti Park, The River District will feature four ground-up skyscrapers — a condominium tower, office tower and two high-rise apartment buildings — as well as a pair of two-story waterfront retail buildings, a marina and new streetscapes. Overall the project will comprise 1,600 residences, an undisclosed amount of Class A office space, 30,000 square feet of retail space, a boat marina that can accommodate 60-foot vessels, 2,000 covered parking spots and restaurants and nightlife venues. “The River District is going to create a riverwalk experience for the first time in the city, and we expect to completely transform how people in the area live, work and play,” says Michael Chetrit, principal of Chetrit Group. The first building to come to …

December 15, 2022

Loans Mixed-Use Multifamily Restaurant Retail Utah Western

Dwight Capital Provides $21.4M HUD Loan for Paxton 365 Apartment Complex in Salt Lake City

by Amy Works December 13, 2022

SALT LAKE CITY — Dwight Capital has provided a $21.4 million HUD 223(f) loan for Paxton 365, a mixed-use multifamily property in Salt Lake City. The refinancing benefitted from a Green Mortgage Insurance Premium Reduction, as Paxton 365 is Energy Star certified. The asset features a five-story building with 121 residential units and three commercial spaces, including Paxton Pub. Community amenities include a dog park, courtyard with fire pit, fitness center, roof terrace, community lounge, grill areas and electric vehicle charging stations.

December 13, 2022

Development Hospitality Mixed-Use Multifamily Retail Texas Top Stories

Inspire Development Begins Construction of $2B Mixed-Use Pearson Ranch Property in Austin, Texas

by Jeff Shaw December 9, 2022

AUSTIN, TEXAS — Austin-based Inspire Development has begun construction of Pearson Ranch, a $2 billion, 156-acre mixed use project located just off State Highway 45 in northwest Austin. The master plan for the project includes 48 acres of land for a corporate campus, including 2.6 million square feet of office space. Upon completion, the mixed-use property will also include approximately 200,000 square feet of retail, restaurant and community/cultural spaces; two hotels; thousands of residential units; and 30 acres of parks and green space. Phase I of Pearson Ranch will center on The Eden, an apartment community that will feature 306 one-, two- and three-bedroom units that will range in size from 672 to 1,511 square feet. Residences will be furnished with technology such as smart locks and thermostats, gas appliances, built-in kitchen islands with quartz countertops and in-unit washers and dryers. Residents will have access to amenities such as a fitness center, rooftop deck, coworking lounge, golf simulator, dog spa, community gardens, a three-acre park and a pool area with barbeque grills, day beds, cabanas and a bocce ball court. The general contractor for The Eden is NRP Group. The project’s architect is Austin-based Davies Collaborative. Vertical construction on The …

December 9, 2022

Development Illinois Midwest Mixed-Use

Unibail-Rodamco-Westfield Underway on Redevelopment of Westfield Old Orchard Mall in Skokie, Illinois

by Kristin Harlow December 8, 2022

SKOKIE, ILL. — Unibail-Rodamco-Westfield is underway on the redevelopment of the Westfield Old Orchard shopping mall in Skokie. Plans call for retail, apartments, restaurants, gourmet markets, health and wellness amenities and entertainment space. The project will also include a park and event space designed as the center’s focal point and social gathering space. The multi-phase project began earlier this fall with the modernization of the existing shopping center, starting with enhancements to the common areas as well as the opening of new restaurants, health and wellness components and retailers such as Bloomies and Louis Vuitton as well as the return of Barnes & Noble. Redevelopment will continue in 2023 with the former Lord & Taylor space, which will be completely reimagined. Development of the new residences, eateries, wellness facilities and outdoor amenities is expected to begin in 2024 and open in phases starting in 2026. Westfield Old Orchard originally opened in 1956.

December 8, 2022

Loans Mixed-Use Southeast Virginia

Berkadia Arranges $77.5M Refinancing for Loudoun Station Mixed-Use Development in Ashburn, Virginia

by John Nelson December 8, 2022

ASHBURN, VA. — Berkadia Commercial Mortgage LLC has arranged a $77.5 million loan for the refinancing of the second phase of Loudoun Station, a 1 million-square-foot mixed-use development in Ashburn. Patrick McGlohn, Miles Drinkwalter and Joyce Connolly of Berkadia arranged the 10-year, fixed-rate loan on behalf of the borrower, an affiliate of Comstock Holding Cos. Inc. Phase II of Loudoun Station comprises the BLVD Gramercy East and BLVD Flats apartment buildings, as well as ground-floor retail space and structured parking. Comstock is planning another 1.5 million square feet of real estate at Loudoun Station in future phases.

December 8, 2022

Development Florida Mixed-Use Restaurant Retail Southeast

Miami Worldcenter Associates, CIM Deliver 80,000 SF Retail Building, Future Home of Bowlero and Sports & Social

by John Nelson December 7, 2022

MIAMI — Miami Worldcenter Associates and partner CIM Group have delivered Block F-East, an 80,000-square-foot “jewel box” retail building within the $4 billion Miami Worldcenter campus in downtown Miami. The standalone, glass-encased building marks one of the last retail components to be delivered as part of the 27-acre mixed-use development. The building, which will be home to Bowlero and the recently announced Sports & Social, will feature an open-air rooftop restaurant overlooking Miami Worldcenter’s World Square public plaza and park. Block F-East is located at the confluence of the 7th Street Promenade and World Paseo open-air retail pedestrian streets. The site is directly west of Miami Worldcenter’s upcoming citizenM boutique hotel and north of the completed luxury apartment tower Bezel Miami. In addition to the jewel box’s tenants, other retailers at Miami Worldcenter include Sephora (now open), lululemon athletica, Savage x Fenty, Ray-Ban, Posman Books and Lucid Motors, as well as dining and entertainment concepts such as Brasserie Laurel (now open), El Vecino and Chicago’s Maple & Ash and etta restaurants.

December 7, 2022

Development Mixed-Use North Carolina Southeast

Beach, Swain to Develop Center Point Mixed-Use Project in Wilmington, North Carolina

by John Nelson December 7, 2022

WILMINGTON, N.C. — A joint venture between an affiliate of The Beach Co. and Swain & Associates plans to develop Center Point, a mixed-use project adjacent to Mayfaire Town Center in Wilmington. Phase I of the campus will include 351 apartments, 45,655 square feet of retail space and 6,941 square feet of live/work space. The co-developers have tapped Charlie Coyne and Matt Larson of CBRE|Raleigh to lease the retail component of Center Point, which will be located across from Landfall Shopping Center and The Forum. A construction timeline was not disclosed.

December 7, 2022

Acquisitions Mixed-Use New York Northeast Top Stories

JLL Brokers $825M Sale of Upper East Side Mixed-Use Portfolio in New York City

by Jeff Shaw December 6, 2022

NEW YORK CITY — JLL has arranged the $825 million sale of three Upper East Side multifamily properties totaling 858 units. The properties include 29,275 square feet of commercial space and are part of a larger, five-property portfolio. Solow Building Co. sold the assets to GO Partners, a partnership between Black Spruce Management and Orbach Affordable Housing. Local developer RXR, along with Macquarie Capital Principal Finance and the Qatar Investment Authority, contributed a $261 million preferred equity investment to the deal. Sheldon H. Solow, a New York City real estate developer and investor, originally developed the portfolio. The properties included in the sale are the 234-unit One Sutton Place, located at 420 E. 61st St.; the 209-unit Two Sutton Place, located at 1113 York Ave., which includes 2,000 square feet of commercial space; and One East River Place, located at 525 E. 72nd St. and includes 27,275 square feet of commercial space. The average unit size at the properties is 989 square feet. Additionally, the portfolio offers some of the few black glass facade residential buildings within Manhattan. The 408-unit property 685 1st Ave. was the first asset to close within the larger portfolio, with JLL representing the seller. An …

December 6, 2022

Development Midwest Mixed-Use Ohio Top Stories

Bedrock, City of Cleveland Unveil Plans for $3.5B Cuyahoga Riverfront Project

by Taylor Williams December 5, 2022

CLEVELAND — A partnership between Detroit-based developer Bedrock and the City of Cleveland has unveiled plans for the Cuyahoga Riverfront, an initiative that will feature 3.5 million square feet of new development and adaptive reuse projects across 35 acres of publicly and privately owned waterfront land. According to multiple news outlets including The Plain Dealer and Spectrum News, the project is valued at $3.5 billion. Preliminary plans for the site call for the addition of approximately 2,000 residential units, 850,000 square feet of office space and 12 acres of open public space, as well as hospitality, retail and restaurant uses. The development team is targeting a 15- to 20-year timeline for full buildout and transformation of the site. In addition, Bedrock partnered with Sherwin-Williams Co. to acquire Landmark Office Towers and the Breen Technology Center. Specific plans regarding the future use of these buildings were not immediately disclosed. The development team — which includes master architect David Adjaye, local firm Osborn Engineering and urban planning firm MKSK — views the site as a natural connective bridge between the Cuyahoga River and downtown Cleveland. Adjaye spent the last several months in Cleveland cultivating a plan to make that vision a reality. …

December 5, 2022

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