CHATTANOOGA, TENN. — Nuveen Green Capital has provided an $11.8 million C-PACE loan for the gut renovation of Tivoli Theatre, a historic theater in downtown Chattanooga. The 30-year C-PACE loan is being used as part of a $73.4 million construction financing package with Reinvestment Fund Inc. The financing is being used along with New Market Tax Credits and Historic Tax Credits to fund renovations and new developments, including building exteriors, roofing, windows, HVAC, lighting, plumbing, new elevators and a pit lift. Tivoli Theatre, along with an adjacent office building, will be reimagined as the new Tivoli Performing Arts Center and a new 250-seat cinema and performance art hall. The construction timeline was not released.
CHARLOTTE, N.C. — CBRE has arranged three office loans totaling 87,266 square feet at First Citizens Bank Plaza, a 23-story office tower located at 128 S. Tryon St. in Uptown Charlotte. Kris Westmoreland, Stephanie Spivey and Joe Franco of CBRE represented the landlord, Dornin Investment Group, in the lease negotiations. The deals included a 20,897-square-foot lease with IT staffing firm Dexian, a 31,838-square-foot lease for an unnamed global IT services and consulting firm and a 34,531-square-foot lease with an unknown branch of the federal government. The U.S. General Services Administration (GSA) signed the third lease with Dornin on behalf of the end user. First Citizens Bank Plaza was recently renovated and features a new lobby, boutique fitness center, tenant amenity hub with lockers and showers, bicycle parking and storage, upgraded restrooms, new lobby and MOA Korean BBQ, a 5,000-square-foot restaurant and bar on the first floor.
WASHINGTON, D.C. — Workbox plans to open a new 29,000-square-foot coworking space at an office building located at 1333 New Hampshire Ave. NW in Washington, D.C.’s Dupont Circle district. The new space is set to open in February and will represent the company’s first location in the Mid-Atlantic and its 12th nationwide. Workbox also recently announced a coworking location in Pittsburgh that is set to open next month. Workbox – Dupont Circle will feature an entire floor of workspaces, lounges, conference rooms and amenity spaces. Additionally, the space will offer offices and suites for teams ranging in size from one to 40 individuals, all of which have flexible monthly rental agreements.
SWEETWATER, FLA. — Terra, a Miami-based developer, has obtained a $170 million construction loan to fund the development of Upland Park, a planned $1 billion mixed-use development in the west Miami suburb of Sweetwater. Terra is transforming Miami-Dade County’s Dolphin Park-and-Ride/Transit Terminal Facility into a multimodal hub that will feature a transit station, residences, retail space and commercial uses on a 47-acre site near Dolphin Mall. The local developer is teaming up with Miami-Dade County on Upland Park in a public-private partnership. SCALE Lending, Slate Property Group’s debt financing arm, was the lead lender on the construction loan. Terra will use the loan proceeds to fund Phase I of Upland Park, which will comprise 578 apartments. The first phase is slated to break ground in early 2025. Designed by PPK Architects, in collaboration with master plan architect Arquitectonica and urban planner Plusurbia Design, Upland Park will include more than 2,000 new mid-rise and garden-style apartments, about 282,000 square feet of shops and restaurants and approximately 414,000 square feet of commercial space. Upland Park is designed to increase public transit ridership while anchoring the new East-West Corridor of Miami-Dade County’s SMART public transportation plan. Potential transit riders will have direct access …
Atlanta remains one of the most desirable markets in the country for investors due to its diverse economy, below-national average unemployment rate, steady increase in jobs and population growth. These market fundamentals have translated to a well-performing multifamily market that, despite short-term macro challenges, is in a unique favorable position due to its relatively low supply compared to other peer Sunbelt markets. Demand for multifamily has seen a rebound in 2024 and Atlanta has been resilient in the middle of a multi-year supply wave. Over the past two years, the market delivered approximately 35,000 units and that number is expected to drop to just 9,000 units in 2025 and less than 4,000 units in 2026. This will lead to tightening occupancies and strong rent growth. The city has already recorded its seventh consecutive quarter of net positive net absorption as of the second quarter of 2024, which is a quarterly high since mid-2021 at 5,799 units. New development, on the other hand, has been a bit more challenging due to the higher return on cost requirements, flat rent growth and a lack of meaningful relief on construction costs. Market valuations for newly constructed assets are near current replacement cost, which …
OPA-LOCKA, FLA. — CBRE has brokered the sale of Ironwood Commerce Center, a four-building industrial park in metro Miami spanning 505,436 square feet. Boston-based TA Realty purchased the newly built park in Opa-locka, a city in the north-central region of Miami-Dade County, for an undisclosed price. José Lobon, Frank Fallon, Trey Barry, Royce Rose, Gabriel Braun and Daniel Sarmiento of CBRE represented the undisclosed seller in the transaction. Ironwood Commerce Center comprises four warehouses that were 65 percent leased at the time of sale. The facilities feature 32-foot clear heights, shared truck courts, a total of 168 loading positions and speculative office space that is ready for immediate occupancy.
ORLANDO, FLA. — Altman Living has opened Phase II of Altís Grand Lake Willis, a 230-unit luxury apartment community in Orlando. The second phase is situated adjacent to the first phase of the community, which welcomed residents to the city’s O-Town West neighborhood last year. Located at 6260 Juniper Pine Way, the garden-style complex features one-, two- and three-bedroom apartments ranging from 707 to 1,248 square feet in size, with monthly rental rates spanning $1,750 to $2,700. Amenities include a resident and business lounge, heated saltwater pool, an outdoor entertainment zone complete with a fireplace, TVs, Wi-Fi and ping-pong, an onsite pet park and cyber café, steam rooms, movie theater, virtual gaming space and a private sports simulator. The development is also National Green Building Standard (NGBS) certified, featuring sustainable elements such as energy-efficient, stainless steel appliances, Energy Star-rated refrigerators and dishwashers and high-efficiency water heaters.
LOUISVILLE, KY. — Co-developers Woda Cooper Cos., Wellspring Inc. and Smith Solutions have started construction on Bridlewood Crossing, a new, 76-unit affordable housing community in Louisville for residents age 55 and older. Apartments at the property will be reserved for residents at a mix of incomes up to 70 percent of area median income (AMI). The apartment complex, located at 7945 3rd Street Road, will offer a mix of one- and two-bedroom units, where 23 units will be prioritized for seniors who are disabled, homeless or at risk of homelessness. Several more units will offer features for residents with mobility, sight or hearing disabilities. Capital partners involved with this development include the Louisville Metro Government, Louisville Affordable Housing Trust Fund, Kentucky Housing Corp. (KHC), Ohio Capital Corp. for Housing, Stock Yards Bank & Trust and Cedar Rapids Bank & Trust. The project team consists of Blomquist Design Group (civil engineer), Grimm Architecture and Woda Construction (general contractor). Woda Management & Real Estate will lease and manage Bridlewood Crossing.
NASHVILLE, TENN. — Southwest Value Partners, AEG and Virentes Hospitality have announced that Shipley Do-Nuts and Sweet Paris Crêperie & Café will be opening new flagship locations at Nashville Yards in 2025. Nick Gross and Brian Ashby of CBRE represented Virentes Hospitality, which will operate both Shipley and Sweet Paris. Set to open in May, Shipley will be located within the mixed-use development’s creative office building fronting Church Street, which is anchored by CAA. The 11-story tower will feature three levels of retail, dining and entertainment leased to tenants including Iconix Fitness, EVO Entertainment, Fogo de Chão and Ocean Prime. In June, Sweet Paris will open along Signal Street on the first level of The Pinnacle, which is Nashville Yards’ indoor live music and events venue that will open in February with a Kacey Musgraves concert. Nashville Yards will be the first location in Tennessee for Sweet Paris and the brand’s 20th overall.
CARY, N.C. — Hines and Columbia Development Group, in partnership with Affinius Capital, are announcing a nearly 19,000-square-foot wave of retail leases at Fenton, including The Salty Donut, which plans to open its newest location in 2025. Located in the Raleigh suburb of Cary, the 92-acre mixed-use development is located along Cary Towne Boulevard near I-40 and the Research Triangle Park. Other retailers and restaurants that have opened recently at Fenton, or will in 2025, include Brewery Bhavana, Kendra Scott, Vega Vitality, Crawford Brothers Steakhouse and Doc B’s. Full construction of the property will feature 2.5 million square feet of residential, retail, office and entertainment spaces, as well as a seven-story hotel announced earlier this year. The Salty Donut was founded as a pop-up in Miami in 2015 and has since grown to multiple locations in Florida and Texas, as well as restaurants in Charlotte, Denver, Nashville and metropolitan Washington, D.C.