Top Stories

Southwest Value Partners Opens 591-Room Grand Hyatt Hotel Within Nashville Yards

by Alex Tostado October 2, 2020

NASHVILLE, TENN. — Southwest Value Partners has opened Grand Hyatt Nashville, a 25-story, 591-room hotel located within the 18-acre Nashville Yards development in downtown Nashville. The hotel features a signature restaurant from James Beard Award-winning chef Sean Brock; a rooftop lounge; a fifth-floor “wellness level” that includes a fitness center, pool overlooking downtown and spa; and 77,000 square feet of event and pre-function space, including a 20,000 square-foot grand ballroom. Southwest Value Partners built the hotel in partnership with Clark Construction Group and Bell & Associates Construction, with HKS Architects as designer. The project is the first building to open within Nashville Yards, a mixed-use development set to include more than 3.5 million square feet of office space, 1,000 residential units, 400,000 square feet of retail and entertainment space, 1,100 hotel rooms and a 1.3-acre urban park upon completion. In addition to the Grand Hyatt Nashville, the Clark/Bell team is working with Southwest Value Partners to develop Parcel 4 of Nashville Yards, a planned 24-story office tower and associated parking garage that will serve as Amazon’s new Operations Center of Excellence. Southwest Value Partners is a privately-held real state investment company based in San Diego. — Katie Sloan

October 2, 2020

Development Mixed-Use North Carolina Southeast Top Stories

Fallon, Inlivian to Develop 1.4 MSF Centre South Mixed-Use Project in Charlotte

by Alex Tostado October 1, 2020

CHARLOTTE, N.C. — The Fallon Co. and Inlivian have unveiled plans for Centre South, a 1.4 million-square-foot mixed-use development in Charlotte’s South End neighborhood. The 16.2-acre site will feature 330,000 square feet of office space, a hotel, 750 residential units and 145 affordable housing units. The developers expect to break ground on Phase I, which will comprise 310,000 square feet of office space, in 2021. The project was formerly named Strawn Cottages and announced in 2016, but plans have changed dramatically since that time. Development costs are expected to be in excess of $400 million, according to the developers. Inlivian, a nonprofit real estate holding company, will develop the affordable housing units, which will be reserved for residents earning 60 percent and 80 percent of the area median income (AMI). The locally based organization reports that as of April 2020, that was between $45,120 and $60,150 for a family of three. “With construction at Centre South set to begin, we are proud to join the Fallon Co. in bringing to life our vision of creating a dynamic, healthy community of choice that provides quality housing for families with diverse incomes,” says A. Fulton Meachem Jr., Inlivian president and CEO. “The …

October 1, 2020

Development Office Top Stories Washington Western

Urban Visions, Mitsui Fudosan America Plan 36-Story Office Tower in Downtown Seattle

by Kristin Harlow September 30, 2020

SEATTLE — Urban Visions and Mitsui Fudosan America Inc. have unveiled plans for The Net, a 36-story, 812,000-square-foot office tower in Seattle’s central business district. The joint venture purchased the half-block site on Third Avenue for $127.7 million, according to the Puget Sound Business Journal. Gerry Rohm and Logan Greer of JLL Capital Markets arranged the joint venture partnership for the development. Designed by Urban Visions and architectural firm NBBJ, the Class A tower will comprise 800,000 square feet of office space and 12,000 square feet of street-level retail space. Six levels of subterranean parking will provide 390 spaces. With an emphasis on health, the project will feature abundant natural light and green space, including a sky park on the upper three levels. Tenants will enjoy views of Seattle’s waterfront, Pioneer Square, the Stadium District and Mount Rainier. The property will be surrounded by many transportation options, including bus lines, the Seattle Ferry Terminal and the Marion Street Pedestrian Bridge. Completion of the project is slated for 2024. “The future supply of this scope and type of development is limited,” says JLL’s Rohm. “The developers will define an entirely new generation of office buildings that are foremost focused on occupant …

September 30, 2020

California Development Industrial Top Stories Western

CT Realty, PGIM Break Ground on 4.4 MSF Logistics Hub in Southern California’s Inland Empire

by John Nelson September 29, 2020

JURUPA VALLEY, CALIF. — A joint venture between CT Realty and PGIM Real Estate has broken ground on Agua Mansa Commerce Park in Jurupa Valley, a city within greater Los Angeles’ Inland Empire West submarket. The logistics hub is fully entitled for 4.4 million square feet of industrial space. Newport Beach, Calif.-based CT Realty has undergone predevelopment on the 206-acre industrial park and plans to begin site work immediately. Newark, N.J.-based PGIM has invested in the development on behalf of institutional investors in its U.S. core plus equity fund. Agua Mansa Commerce Park will feature three buildings spanning over 1 million square feet each. The larger buildings will have a cross-dock design with 40-foot clear heights, which are ideally suited for e-commerce users. E-commerce sales have spiked during the coronavirus pandemic and are estimated to grow by 18 percent this year, the highest year-over-year increase on record, according to eMarketer. The Inland Empire’s network of rail systems and highways, as well as its proximity to the Port of Los Angeles and Port of Long Beach, provides tenants with access to 25 million people throughout Southern California. Agua Mansa will also feature two 200,000-square-foot buildings with 32-foot clear heights that are …

September 29, 2020

California Development Healthcare Life Sciences Office Top Stories Western

IQHQ to Develop $1.5B Life Sciences Campus Along San Diego Waterfront

by Taylor Williams September 28, 2020

SAN DIEGO — IQHQ Inc., a developer of life sciences real estate with offices in Boston and San Diego, will build the San Diego Research and Development District (The RaDD), a $1.5 billion campus that will be located along San Diego’s waterfront. IQHQ has secured various permits and entitlements and plans to break ground on the first phase of the project later this week. Completion of Phase I is scheduled for summer 2023. The RaDD will span eight acres and three city blocks, making it the largest urban commercial waterfront site on the California coast, according to the development team. Preliminary plans call for lab, office and retail space, specific amounts of which were not disclosed. The San Diego Union-Tribune reports that the project will consist of several mid-rise buildings and a 17-story tower, as well as a museum and several acres of green space and rooftop decks. The paper also reports that locally based developer Manchester Financial Group will retain ownership of a portion of the site and will develop a hotel on the campus. “The RaDD is exciting on so many levels — not only does it represent our first acquisition in San Diego, which IQHQ is proud …

September 28, 2020

Development Massachusetts Mixed-Use Northeast Top Stories

HYM Investment Group to Break Ground on 161-Acre Mixed-Use Redevelopment of Suffolk Downs Racetrack in Boston

by Katie Sloan September 25, 2020

BOSTON — HYM Investment Group has received approval from the Boston Planning and Development Agency (BPDA) for the redevelopment of Suffolk Downs, a 161-acre former thoroughbred horse track and racing facility, into a mixed-use district. Approved plans for the project include 10,000 residential units, 20 percent of which will be designated affordable housing; 40 acres of publicly accessible parks and open space; and 3 million square feet of office and retail space. HYM purchased the property in 2017 for $155 million and the racetrack officially closed in summer 2018. Thursday’s vote of approval marks the end of a three-year community review process, during which the company held over 450 meetings with community group members, elected officials and staff, and neighbors to hear and incorporate community feedback. HYM is now cleared to begin construction on the project, which might take up to 20 years to complete and will cost $8 billion, according to reports by WBUR, Boston’s NPR news station. Designs for the project also include the construction of a major extension of the Mary Ellen Welch Greenway, a public pathway and park in East Boston connecting Piers Park, Memorial Stadium, Bremen Street Park, Wood Island Bay Marsh and Belle Isle Marsh. …

September 25, 2020

California Development Mixed-Use Top Stories Western

San Diego Padres Team Up with Tishman Speyer, Ascendant Capital to Develop $1.4B Mixed-Use Project Near Stadium

by Alex Tostado September 24, 2020

SAN DIEGO — The San Diego Padres will partner with Tishman Speyer and Ascendant Capital Partners to develop East Village Quarter, a four-block area near the team’s home stadium of Petco Park. Plans call for the area between 12th and Imperial avenues and K and 14th streets to be transformed into a mixed-use development featuring nearly 1.4 million square feet of office space, 50,000 square feet of retail space, 236,000 square feet of open space and 1,600 parking spaces. According to media reports, the development will cost $1.4 billion. The space is currently a parking lot, referred to as Tailgate Park, with 1,000 spaces. A timeline for construction was not disclosed, although the San Diego Union-Tribune reports the Padres hope to break ground in 2023. San Diego Mayor Kevin Faulconer, with the help of a committee including JLL and Civic San Diego, awarded the development team with the bid, which, according to the Union-Tribune, beat out competitor Brookfield Properties. City-owned Petco Park opened in 2004, and the Padres have a lease in place through 2042. “What the Padres have done over the years to create an atmosphere of fun, excitement and energy at Petco Park is incredible, and now, with …

September 24, 2020

Loans Multifamily Seniors Housing Texas Top Stories

Ziegler Arranges $131.4M Bond Financing for Development of Stevenson Oaks Senior Living Community in Fort Worth

by Kristin Harlow September 23, 2020

FORT WORTH, TEXAS — Ziegler has arranged $131.4 million in bond financing for the development of Stevenson Oaks, a planned senior living community in Fort Worth. The property will feature 172 independent living units as well as an assisted living center with 40 assisted living units and 24 memory care units. The community will be situated within Tavolo Park, a new master-planned commercial and residential project in the southwest portion of the city. The surrounding Tavolo Park development will provide two restaurants and a variety of activities for Stevenson Oaks residents. A timeline for construction was not disclosed. Methodist Retirement Communities (MRC), a nonprofit seniors housing owner based in Texas, was the borrower. MRC retained Greystone to act as development consultant for the community and to serve as operator for the first several years following completion. Eventually, MRC plans to take over operations itself. When the community begins to approach stabilized occupancy, MRC and Greystone intend to evaluate the market for a potential Phase II of construction. MRC owns seven market-rate seniors housing communities and five affordable housing properties throughout Texas for a total of 1,637 units. The company was established in 1962. Ziegler, which served as underwriter, is a …

September 23, 2020

Development Northeast Office Pennsylvania Texas Top Stories

Parkway Breaks Ground on $200M Office Tower in Philadelphia for Law Firm Morgan Lewis

by John Nelson September 22, 2020

PHILADELPHIA — Parkway Corp., a family-owned real estate developer and manager based in Philadelphia, has started construction of 2222 Market in its hometown. The $200 million office tower will be situated in Philadelphia’s Center City district, and will be the first office property in the submarket not built for Comcast in 30 years. Local law firm Morgan Lewis & Bockius will be the sole occupant of the development and was a key contributor to the design of the property. The office building will span 305,000 square feet and include multiple outdoor terrace amenities, flexible workspaces, a fitness center and a conference center. Designed by Gensler, 2222 Market will also feature 10-foot ceilings throughout with floor-to-ceiling windows. Gensler is aiming to achieve both LEED-CS Gold and Fitwell certifications. The property is located at the corner of 23rd and Market streets, seven blocks from City Hall and one block from the banks of the Schuylkill River. The office building is also situated near Comcast’s new headquarters with multiple transit options available to Morgan Lewis staffers within walking distance, including SEPTA’s Suburban and 30th Street stations, as well as the 22nd Street trolley station. The Philadelphia Inquirer reported that Parkway secured $187 million …

September 22, 2020

Caesars-Forum-Conference-Center-Las-Vegas

Loans Nevada Retail Top Stories Western

VICI Properties Provides $400M Mortgage Loan to Caesars Entertainment

by Taylor Williams September 21, 2020

LAS VEGAS — VICI Properties (NYSE: VICI), a New York City-based REIT, has provided a $400 million mortgage loan to a subsidiary of Caesars Entertainment Inc. (NASDAQ: CZR) that is secured by the Caesars Forum Convention Center in Las Vegas. The deal was set in motion in June when VICI and Caesars entered into an agreement whereby VICI provided Eldorado Resorts with a $400 million loan secured by the recently opened Caesars Forum Convention Center. The loan was conditioned to completion of the $17.5 billion merger between Eldorado and Caesars, which was officially completed in July. No details on what proceeds will specifically be used for were provided, but the COVID-19 pandemic has created major disruption within the gaming and hospitality industry and forced many operators like Caesars to function at reduced capacity and profit margins. VICI Properties also agreed to purchase 23 acres of undeveloped land in Las Vegas. Best U.S. Casinos, which covers the gaming and entertainment industry, reported that VICI agreed to pay $103.5 million for that acreage, but did not disclose any specific plans for future development. The financing bears an initial interest rate of 7.7 percent, has a term of five years and is pre-payable …

September 21, 2020

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