Mixed-Use

Tishman Speyer, Ryan Cos. Break Ground on 58-Story Mixed-Use Tower in Downtown Austin

by Taylor Williams March 15, 2022

AUSTIN, TEXAS — A partnership between two developers, New York-based Tishman Speyer and Minneapolis-based Ryan Cos., has broken ground on 321 West, a 58-story mixed-use tower in downtown Austin. The site is bounded by Sixth and Guadalupe streets near the Republic Square transit center. The 569,000-square-foot building will house 1,000 square feet of ground-floor retail space, 140,000 square feet of office space, 369 apartments and 440 parking spaces. Handel Architects and Austin-based Page are designing the project, with INC Architecture & Design handling interior design. Completion is slated for late 2024. Ryan Cos. announced the project in late 2019.

March 15, 2022

Acquisitions Mixed-Use New York Northeast Office Top Stories

Blackstone Acquires Minority Stake in One Manhattan West Office Tower in New York for $1.4B

by John Nelson March 15, 2022

NEW YORK CITY — Blackstone (NYSE: BX) has purchased a 49 percent stake in One Manhattan West, a 67-story office tower in Manhattan totaling 2.1 million square feet. Brookfield (NYSE: BAM) and Qatar Investment Authority sold the minority interest to Blackstone and will retain a 51 percent ownership stake in the skyscraper. The purchase price wasn’t disclosed, but Brookfield says that the deal “values the office building at $2.85 billion,” which translates to Blackstone’s stake totaling just below $1.4 billion. Ben Brown, managing partner of Brookfield, says the competition for the acquisition was intense despite the uneven recovery of New York City’s office market due to COVID-19. “The partial sale of One Manhattan West and the interest we received as soon as we put it on the market are clear validations that the highest quality office properties are seeing enormous demand coming out of the pandemic,” says Brown. “One Manhattan West is home to some of the world’s leading companies, and their continued desire to work from and grow in the building is a promising sign for Manhattan West and prime, well-located office assets broadly.” Located on the corner of Ninth Avenue and 33rd Street, One Manhattan West is leased …

March 15, 2022

Acquisitions Development Georgia Mixed-Use Southeast

Origin Investments, Kaplan Residential Acquire Land in South Atlanta, Plan Mixed-Use Development

by Julia Sanders March 9, 2022

ATLANTA — Origin Investments and Kaplan Residential have acquired a 40-acre parcel in Atlanta, for $31.5 million. The property was purchased through Origin Investments’ $300 million Qualified Opportunity Zone Fund II. Pierce Owings and Matt Hawkins of Cushman & Wakefield represented the undisclosed seller for the land. The joint venture plans to develop a master-planned, mixed-use project that will be the largest mixed-use project along the Atlanta BeltLine’s Southside Trail. Located within Chosewood Park at 500 Sawtell Ave. SE, the project’s first phase will feature approximately 700 build-to-rent townhomes and multifamily units. Once completed, the project will have more than 2,000 multifamily residences, activated park space and up to 150,000 square feet of commercial space. Plans also include a variety of local restaurants with outdoor seating, coffee shops, a wellness center, dedicated areas for food trucks, pet amenities, coworking centers, office areas and entertainment space. The property will also have a resident-only club experience called Club Sawtell that will include fitness, wellness, coworking and lifestyle amenities. Experiential retail consultants at Revel will spearhead the concept origination of the commercial and adaptive reuse component. Additionally, HGOR and The Beck Group will lead the architecture and construction for Club Sawtell. Lancaster Associates …

March 9, 2022

Acquisitions Development Midwest Mixed-Use Ohio Retail Top Stories

MarketSpace Capital, Park Harbor Capital Complete Purchase of Tri-County Mall Near Cincinnati, Plan $1B Redevelopment

by John Nelson March 8, 2022

SPRINGDALE, OHIO — MarketSpace Capital and Park Harbor Capital, two private real estate investment and development firms based in Texas, have officially closed on their purchase of Tri-County Mall, an enclosed, 1.3 million-square-foot regional shopping center in the Cincinnati suburb of Springdale. The co-developers plan to transform the mostly vacant mall into a $1 billion redevelopment project housing residences, offices, restaurants, shops, a school, entertainment venues and green space. The redevelopment received unanimous approval from the Springdale City Council about 10 weeks ago. MarketSpace and Park Harbor are set to begin construction later this year on Phase I, which will include 450 apartments, 40,000 square feet of retail space and restaurants and 110,000 square feet of recreational space, including a 38,000-square-foot fitness center. Several health and wellness amenities will also feature in the initial phase, including walking and cycling trails and a park. Several local companies are involved in this project, including THP as the structural engineer and The Kleingers Group as the civil and traffic engineer. BHDP, whose founders designed the original mall in the late 1950s, will serve as the prime architect, with Human Nature serving as the landscape architect. BSB Group International will lead branding and marketing …

March 8, 2022

Development Loans Mixed-Use New York Top Stories

Rabina Receives $540M in Construction Financing for Fifth Avenue Skyscraper in Manhattan

by Julia Sanders March 4, 2022

NEW YORK CITY — Rabina has received $540 million in construction financing for 520 Fifth Avenue, an approximately 1,000-foot-tall high-rise development in Manhattan. With site work already underway, the 450,000-square-foot mixed-use tower will be the second tallest building on Fifth Avenue after the Empire State Building. The construction timeline was not disclosed. The project will include residential components, boutique commercial office space, recreational facilities and ground-floor retail. The first three levels will consist of restaurants and then floors four through 28 will be office space. Floors 31 through 68 will feature residential units, according to New York Yimby. The news outlet also said the residential amenities will include a pool, spa, fitness center and sports court. Located on Fifth Avenue and 43rd Street in Manhattan’s Midtown neighborhood, the property is situated near notable buildings including the New York Public Library, Grand Central Station, Rockefeller Center and the Chrysler Building. Christopher Peck, Geoff Goldstein, Evan Pariser, Marko Kazanjian, Alex Staikos and Madison Warwick of JLL Capital Markets represented Rabina in arranging the financing. Bank OZK will provide a $410 million senior mortgage loan while Carlyle’s global credit business will provide $130 million in mezzanine financing. The loan terms were not disclosed. …

March 4, 2022

Development Mixed-Use Northeast Pennsylvania

Tishman Speyer to Undertake 178-Acre Mixed-Use Redevelopment in Pittsburgh

by Taylor Williams March 3, 2022

PITTSBURGH — New York City-based developer Tishman Speyer will undertake a project to redevelop a 178-acre former steel mill site in Pittsburgh into a mixed-use destination that will be branded Hazelwood Green. Tishman Speyer will redevelop the site in partnership with a joint venture between the Richard King Mellon Foundation, The Heinz Endowments and the Claude Worthington Benedum Foundation. Preliminary plans call for millions of square feet of residential and commercial development to be delivered over the next decade. These uses will include market-rate and affordable apartments, retail and restaurant space, parks and open green space and office and life sciences facilities. Regarding the latter component, Tishman Speyer is partnering with Carnegie Mellon University to develop a robotics innovation center that is expected to open in 2024.

March 3, 2022

Acquisitions California Hospitality Mixed-Use Retail Western

Stockdale Capital Acquires 186,000 SF Los Angeles Athletic Club

by Amy Works March 2, 2022

LOS ANGELES — Stockdale Capital Partners has purchased Los Angeles Athletic Club, a 186,000-square-foot club in downtown Los Angeles, for an undisclosed price. The name of the seller was not released. The 12-story club, which opened at its current location at the corner of Seventh and Olive streets in 1912, features Beaux-Arts architecture, 72 hotel rooms, 17,200 square feet of ballrooms, meeting and event space and rooftop facilities. The property also includes an indoor swimming pool, track, basketball court, racquetball courts, handball courts, squash courts, yoga, kickboxing, aerobics, Pilates studios and spa and wellness facilities. Since 2015, the property has undergone $29.3 million in capital improvements. The acquisition includes the adjacent Olive Park Garage, an eight-story structure with 421 parking spaces, 12,000 square feet of office and retail space and a 114-space surface parking lot.

March 2, 2022

Development Mixed-Use Oklahoma Texas

SG Blocks Acquires Land in Durant, Oklahoma for $200M Industrial, Multifamily Development

by Taylor Williams March 2, 2022

DURANT, OKLA. — SG Blocks Inc. (NASDAQ: SGBX), a New York City-based developer of modular construction, has acquired 114 acres in Durant, located near the Texas-Oklahoma border, for the development of a $200 million industrial and multifamily project. Current plans call for 300 residential units in one-, two- and three-bedroom formats that range in size from 1,000 to 1,500 square feet, as well as 680,000 square feet of industrial space across eight 60,000-square-foot facilities. The Durant Industrial Authority sold the land. The groundbreaking is slated for the fourth quarter.

March 2, 2022

Development Mixed-Use North Carolina Southeast

Portman Holdings Breaks Ground on Savona Mill Mixed-Use Project in Charlotte’s West End

by Julia Sanders March 2, 2022

CHARLOTTE, N.C. — Atlanta-based Portman Holdings has broken ground on Savona Mill, an adaptive reuse of a 105-year-old textile mill in Charlotte’s West End that is being converted into a mixed-use community. The project’s first phase is expected to open next spring and will feature office and retail elements, as well as an outdoor amphitheater, green spaces, rooftop deck and a community-centric plaza. The outdoor amphitheater will host live music and public events for the community. At full buildout, Savona Mill will offer office tenants a rooftop deck with views of downtown Charlotte, fitness amenities and an outdoor promenade. The property will also include up to 650 residential units in an adjacent multifamily community, which is going to be developed by the affiliate of Portman Holdings Atlanta-based Portman Residential. Sitework is already underway on the residential component of the project, and vertical construction is expected to begin later this year. Institutional investors advised by J.P. Morgan Global Alternatives have signed on as equity partners in the reconstruction of Savona Mill, joining investment partner Argos and construction lender Synovus Bank. The project team for the office and retail components of Savona Mill also includes Durham-based Alliance Architecture as lead designer, Charlotte-based …

March 2, 2022

Acquisitions Development Mixed-Use Southeast Tennessee

Monarch Alternative, GBT Realty Acquire Development Site in Midtown Nashville for $110M

by Julia Sanders March 1, 2022

NASHVILLE, TENN. — Monarch Alternative Capital LP has acquired an eight-acre development site in Nashville’s Midtown district for $110 million in partnership with locally based GBT Realty Corp. The site is currently zoned for 1.8 million square feet of mixed-use real estate. Currently home to Beaman Toyota and directly west of Interstates 40 and 65, the site provides immediate access to the Gulch, Music Row, Vanderbilt University and downtown Nashville. The site’s zoning allows for the possible development of residential, retail, hospitality and office use. Construction plans are still in the works and haven’t been released yet.

March 1, 2022

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