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Mixed-Use

DevelopmentMidwestMissouriMixed-Use

New + Found to Begin Construction on $125M Phase II of City Foundry STL Mixed-Use Project in St. Louis

by Kristin Harlow

ST. LOUIS — New + Found is scheduled to break ground on the second phase of City Foundry STL in January. The $125 million project will include a 272-unit apartment tower, 83,000-square-foot office building, 25,000 square feet of retail space and a 481-car parking garage. Lawrence Group is the lead architect and interior design firm for the project. ARCO/Murray will construct the apartment building, while Lawrence Group’s construction team will build the timber office building. Completion is slated for early 2024. CliftonLarsonAllen LLP secured $49.7 million in joint venture equity funding for the project. City Foundry STL is the transformation of the former Federal-Mogul foundry site into a mixed-use development. Phase I includes a food hall as well as creative office, retail and entertainment space.

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Exchange-200-Malden-Massachusetts
DevelopmentMassachusettsMixed-UseNortheast

Berkeley, Singerman Begin Work on 352,000 SF Mixed-Use Redevelopment in Metro Boston

by Taylor Williams

MALDEN, MASS. — A joint venture between Boston-based Berkeley Investments and Chicago-based Singerman Real Estate has begun construction on Exchange 200, a 352,000-square-foot mixed-use redevelopment in the northern Boston suburb of Malden. The project will convert a four-story office building into a life sciences and lab facility that will continue to house retail space. As part of the conversion, the joint venture will upgrade the building’s utility systems. Dellbrook JKS is the general contractor for the project, and TRIA is the architect. JLL is handling leasing. The development team expects for prospective tenants to be able to take occupancy by next October.

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Biscayne
AcquisitionsDevelopmentFloridaMixed-UseSoutheast

Avison Young Arranges $105M Sale of Mixed-Use Development Site in Miami

by Julia Sanders

MIAMI — Avison Young has arranged the $105 million sale of approximately three acres called Biscayne Place in Miami for a future mixed-use development. Michael Fay, John Crotty, David Duckworth, Brian de la Fe and Berkley Bloodworth of Avison Young represented the seller, Midgard Group. Joel Rodriguez of Global Investments Realty represented the buyer, Miami-based Melo Group. Construction has not started and the development timeline was not disclosed. Melo Group plans to build apartments, condominiums and retail across four 60-story towers at the Biscayne Place land site. Located within an opportunity zone at 1700 Biscayne Blvd., Biscayne Place will be situated near Miami’s Arts & Entertainment District between Biscayne Boulevard and Northeast Second Avenue. The site is currently home to a Burger King, a two-story mixed-use commercial building, parking lots and several vacant parcels.

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DevelopmentMidwestMixed-UseWisconsin

Irgens to Redevelop Former United Healthcare Property Near Milwaukee

by Kristin Harlow

WAUWATOSA, WIS. — Irgens has received approval from the Milwaukee Regional Innovation Center Inc. for its redevelopment of the former United Healthcare office building located at 10701 Research Drive in Wauwatosa near Milwaukee. Irgens will transform the nearly 14-acre site into a mixed-use development fronting Mayfair Road at the entrance to the Milwaukee County Research Park. In addition to significant renovations to the current office building on the site, the revitalization will include new retail, medical office and residential components. The United Healthcare office building was the inaugural project at the Milwaukee County Research Park in 1995, according to Irgens. Construction inside the five-story, 130,000-square-foot building is scheduled to commence in January. Interior improvements will include a new lobby, renovated restrooms, new building amenities and updated finishes. Exterior improvements will start in late spring and will include new and reconfigured parking areas as well as extensive landscape upgrades. Irgens plans to subdivide the remaining land. The retail component will consist of an 8,000-square-foot, single-story building. A planned medical office building will rise two stories and span 43,000 square feet. Lastly, the multifamily component will include 185 apartment units. Municipal approval is still required and a timeframe for that is yet …

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Film campus
DevelopmentGeorgiaMixed-UseSoutheast

Domain Capital, Capstone South Underway on New Film and TV Studio Campus in Metro Atlanta

by Julia Sanders

STONE MOUNTAIN, GA. — Domain Capital Advisors, a subsidiary of Atlanta-based Domain Capital Group LLC, and Atlanta-based Capstone South Properties recently acquired a 17-acre site in Stone Mountain, about 14 miles from downtown Atlanta, for a new film and TV studio campus dubbed Electric Owl Studios. Construction on the project broke ground in November and is slated for completion by January 2023. The price for the land and the seller were not disclosed. Phase I of the Electric Owl Studios will include a 300,000-square-foot film studio with six stages. The project will be designed to meet LEED certification. Located at 3963 Redan Road, the property is situated about a half-mile from the Indian Creek Transit MARTA Station and 18.1 miles from Hartsfield-Jackson Atlanta International Airport. Chuck Taylor and Alex Lacher of Domain Capital Advisors will lead operations and development along with Michael Hahn and Dan Rosenfelt of Capstone.

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DevelopmentMixed-UseTexas

Cedar Park City Council Approves 117-Acre Mixed-Use Project

by Taylor Williams

CEDAR PARK, TEXAS — The Cedar Park City Council has approved an agreement with CPM Development for a 117-acre mixed-use project that is expected to generate more than $435 million in tax revenue for the northern Austin suburb over the next 25 years. The approval of the development agreement on Dec. 9 marks the first step into making the project, which will be anchored by Nebraska Furniture Mart (NFM), a reality. Preliminary plans include a 250-room hotel with a 30,000-square-foot convention center that would be owned by the city; a 500,000-square-foot NFM store and showroom; a 700,000-square-foot warehouse to support NFM’s retail operations; and 250,000 square feet of additional commercial space. The terms of the agreement also call for CPM Development to invest a minimum of $400 million to build the NFM-anchored development, which then must generate a minimum of $450 million annually in sales. The project also must generate a minimum of 725 jobs within the first year of opening. In return, the city will issue a maximum of approximately $45 million total in performance-based tax rebates to CPM Development. Rebated funds will be used in part to reimburse the developer for costs associated with required on- and offsite …

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Fairgrounds-Apartments-Rosenberg-Texas
DevelopmentMixed-UseTexas

Satya to Build 37-Acre Mixed-Use Project in Rosenberg, Texas

by Taylor Williams

ROSENBERG, TEXAS — Locally based developer Satya will build a mixed-use project on a 37-acre site within a Qualified Opportunity Zone in Rosenberg, a southwestern suburb of Houston. The project will consist of Fairgrounds Apartments, a 312-unit multifamily community complex situated on a 15-acre site, as well as retail and restaurant space on an adjoining 17-acre parcel. Tenants such as Arby’s, Starbucks, Whataburger, AutoZone and Harbor Freight have already committed to the latter portion of the project. Residential units will feature one-, two- and three-bedroom floor plans ranging in size from 670 to 1,500 square feet. Amenities will include a pool, playground, dog park, fitness center, golf simulator, beer garden and an Amazon package locker system. Garcia & Associates is the project architect. Construction is set to begin next summer and to be complete in the fourth quarter of 2023.

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Miami Worldcenter
DevelopmentFloridaHospitalityLoansMixed-UseMultifamilySoutheast

RPC Receives $340M Construction Loan for Legacy Hotel Project at Miami Worldcenter

by Julia Sanders

MIAMI — Royal Palm Cos. (RPC) has received a $340 million construction loan from New York City-based Silverstein Capital Partners for the development of Legacy Hotel & Residences, a mixed-use hospitality property in downtown Miami. The hotel development is part of Miami Worldcenter, a $4 billion, 27-acre mixed-use development underway by Miami Worldcenter Associates. Legacy will offer 310 for-sale residential units on top of a 219-room hotel. The project’s residential units all sold out in May 2021 in less than 12 months. Construction on the property broke ground in August and is slated for completion by 2024. Community amenities at the mixed-use tower include ground-floor retail space, five restaurant and bar concepts, a hotel pool deck, enclosed seven-story rooftop atrium with a restaurant bar and lounge and a members-only international business lounge. Other than the residential and hotel space, Legacy will also include a 10-floor, $100 million medical center known as Blue Zones Medical and Wellbeing Center. RPC’s design team for the Legacy Hotel project includes Miami-based Kobi Karp Architects, Design Agency and ID & Design International. Martin Schwartz and Anthony de Yurre of Bilzin Sumberg provided legal counsel to the development team in the loan transaction.

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DevelopmentMidwestMissouriMixed-Use

Sterling Bank to Anchor Planned $100M Mixed-Use Project in Clayton, Missouri

by Kristin Harlow

CLAYTON, MO. — Missouri-based Sterling Bank will serve as the anchor tenant for a planned $100 million mixed-use project in Clayton, just west of St. Louis. Green Street Real Estate Ventures LLC is the developer. Located at the intersection of Bemiston and Carondelet avenues, the 20-story development will include 4,500 square feet of first-floor commercial banking space with a walk-up ATM. There will also be 10,500 square feet of branch offices, 10,000 square feet of amenity space, a 270-unit apartment building and a 380-space parking structure. HDA, a Green Street company, is designing the project. Green Street Building Group and joint venture partner Tarlton will lead construction, which is expected to begin in fall 2022 and last 18 months.

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Thorofare-11111-Jefferson
CaliforniaDevelopmentMixed-UseMultifamilyOfficeRetailTop StoriesWestern

The John Buck Company, 3MR Capital to Break Ground on $210M Mixed-Use Project in Metro Los Angeles

by Katie Sloan

CULVER CITY, CALIF. — A joint venture between The John Buck Company (JBC) and 3 Mile Radius (3MR) Capital is set to break ground on 11111 Jefferson, a $210 million mixed-use project located roughly 10 miles outside Los Angeles in Culver City.  The five-story development will include 230 units of multifamily above 55,000 square feet of retail space, 11,450 square feet of second-floor office space and parking for more than 650 vehicles.  Plans for the project also include a 13,000-square-foot open courtyard and a 30,000-square-foot public park along Machado Road. The site is currently home to retail space occupied by Coco’s restaurant, an auto repair garage and a post office.  Thorofare Capital Inc. recently provided $34.1 million in pre-development acquisition financing to the joint venture for an anticipated groundbreaking in 2022. David Perlman of Thorofare originated the loan and Jacob Yi and Paul Kim led underwriting and executed closing for the financing. JBC is a real estate investment, development and operating company focused on major U.S. markets. Since its inception, the Chicago-based company has acquired, developed or redeveloped over 47 million square feet of office, multifamily and mixed-use properties.  Los Angeles-based 3MR Capital is a privately held real estate firm …

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