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Whale&Star-Wynwood-Mixed-Use-Rendering_Miami
DevelopmentFloridaMixed-UseSoutheastTop Stories

Whale & Star Wynwood to Develop Eight-Story Cloud One Hotel, Residences in Miami

by Hayden Spiess

MIAMI — A joint venture doing business as Whale & Star Wynwood Owner LLC has announced plans for a new, eight-story mixed-use project in the Wynwood neighborhood of Miami. Spanning half a city block at 2215 N.W. 1st Place, the development will feature a 214-room hotel, as well as 87 residential condominiums. The City of Miami’s Wynwood Design Review Committee recently approved the joint venture’s development plans. The Cloud One Hotels, the lifestyle brand of Munich-based hotelier Motel One Operating Group, will operate the hotel component, which will occupy levels two through five of the property.  Residences will occupy levels six through eight and will feature studio, one-, two- and three-bedroom layouts. Residential units at the development will also be serviced by The Cloud One Hotels.  The rooftop will feature a bar and restaurant, and the property will also include ground-floor retail space.  The Whale & Star Wynwood Owner LLC joint venture comprises Motel One; Ralf Büschl, founder and chairman of the BÜSCHL Group of Cos.; and Sebastian Lüdke, founder of ALP.X Group. New York-based HWKN and Miami-based ODP Architects are co-designing the development to National Green Building Standards (NGBS). Fortis Design + Build of Miami is the local development …

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Briarwood-Hines
DevelopmentMichiganMidwestMixed-UseMultifamilyRetailTop Stories

Hines, Simon Break Ground on Mixed-Use Development at Briarwood Mall in Ann Arbor

by Katie Sloan

ANN ARBOR, MICH. — A joint venture between Hines and Simon Property Group (NYSE: SPG) has broken ground on a mixed-use development at Briarwood Mall, a regional mall in Ann Arbor.  Owned by Simon, Briarwood Mall opened its doors in October 1973. The new mixed-use component of the property, which sits about 2.5 miles south of the University of Michigan, will include a four-story luxury apartment building, Harvest Market grocery store and additional retail space surrounding an activated outdoor plaza.  The partnership has broken ground on the multifamily component of the project. The community will offer 370 units in studio, one-, two- and three-bedroom configurations with in-unit washers and dryers, quartz countertops and smart home technology. Shared amenities for residents will include two open-air courtyards with seating and grilling stations, a private dog run and pet spa, fitness center, golf simulator, club room, lounge, coworking spaces and a 325-stall parking structure.  The development, which is targeting LEED certification, was partially funded through Hines U.S. Direct Investments (HUSDI). Northwestern Mutual provided a loan to facilitate the construction of the project, which is expected to take approximately two years to complete.  “It’s an exciting time for Ann Arbor as we break ground …

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Big-Lots-Inglewood-California
Company NewsMidwestOhioRetailTop Stories

Big Lots Files for Chapter 11 Bankruptcy, Enters into Sale Agreement with Nexus Capital

by Taylor Williams

COLUMBUS, OHIO — Big Lots (NYSE: BIG) has filed for voluntary Chapter 11 bankruptcy protection and has entered into a sale agreement with Los Angeles-based private equity firm Nexus Capital Management, a deal that would take the Ohio-based discount retailer private. Under the terms of the agreement, Nexus will serve as the “stalking horse bidder” (the approved investor that sets the low-end bar for a bankrupt company) in a court-supervised auction to acquire “substantially all” of Big Lots’ physical assets and ongoing business operations. Big Lots expects to keep the majority of its stores and online platform open and operational during the reorganization process as well as to be able to pay its employees and “certain critical vendors in the ordinary course of business.” The sale is expected to close during the fourth quarter, assuming Nexus is the winning bidder. In connection with this court-supervised process, Big Lots has secured commitments for $707.5 million in debtor-in-possession (DIP) financing, including $35 million in new financing from certain current lenders. Coupled with cash from ongoing operations, the financing is expected to provide sufficient liquidity for the sale process. The announcement comes after multiple reports of an imminent bankruptcy filing for Big Lots, …

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oLiv Madison Student Housing, Madison, Wisconsin
CaliforniaDevelopmentMultifamilyOhioPennsylvaniaSouth CarolinaStudent HousingTop StoriesWisconsin

Core Spaces Delivers Six Student Housing Developments Totaling 4,549 Beds

by Jeff Shaw

CHICAGO — Core Spaces has completed six student housing communities totaling 4,549 beds across the United States. All six communities have opened to residents ahead of the 2024-2025 school year. The communities are all located near the campuses of major universities, including UC Berkeley, University of Cincinnati, Penn State, University of Wisconsin-Madison and Clemson University. The six new properties include: The communities feature a variety of high-end, student-focused amenities. For example, ōLiv Madison boasts a spa, sauna, fitness center, coworking spaces, private study rooms and a sprawling rooftop sundeck with pool and hot tub. Each property offers a diverse mix of floor plans and unit types to appeal to a range of resident needs and price points. “After years of work to bring a project to life, welcoming new residents home is one of the best parts of what we do,” said Marc Lifshin, CEO of Core Spaces. Core Spaces is a residential developer, owner and operator headquartered in Chicago. The company currently owns or manages more than 38,600 beds. The developer currently has a pipeline of approximately 43,000 beds. The pipeline includes an 800-bed project in Knoxville, Tennessee; three developments in Madison totaling 4,000 beds; a 665-unit, 2,195-bed project in …

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AcquisitionsDevelopmentMarylandMixed-UseRetailSoutheastTop Stories

Centennial Acquires 1.6 MSF Annapolis Mall in Maryland from URW, Plans Mixed-Use Revamp

by John Nelson

ANNAPOLIS, MD. — Dallas-based Centennial, along with capital partners Sandeep Mathrani, Waterfall Asset Management and Lincoln Property Co. (LPC), has acquired Annapolis Mall, a 1.6 million-square-foot shopping mall in Annapolis. The mall sits roughly 30 miles east of Washington, D.C., in the Chesapeake Bay region. The property, which formerly operated as Westfield Annapolis, houses 200 shops and restaurants and is listed as the second-largest mall in the state, trailing only the 1.9 million-square-foot Arundel Mills mall in Hanover. Terms of the deal were not disclosed, but the seller and former operator, Paris-based mall giant Unibail-Rodamco-Westfield (URW), listed in its first-half 2024 earnings results that the company sold Annapolis Mall for $160 million. URW also reported it had received a nonrefundable deposit of $10 million as part of the disposition. According to Steven Levin, founder and CEO of Centennial, there are no other enclosed shopping centers located within a 25-minute drive of Annapolis Mall. “Long term, the property presents a unique opportunity to densify the site with complementary mixed uses that would benefit from retail as the integrated amenity,” says Levin. Annapolis Mall opened in 1980 and over the past few years has lost four anchor tenants — Lord & Taylor, Nordstrom, …

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CaliforniaDevelopmentMixed-UseTop StoriesWestern

Barings, Counterpointe Provide $315.5M Construction Financing for Habitat Mixed-Use Project in Los Angeles

by Kristin Harlow

LOS ANGELES — Barings has provided a $160 million construction loan alongside $155.5 million in C-PACE financing from a subsidiary of Counterpointe Sustainable Advisors for the development of Habitat, a “live-work-thrive” campus in Los Angeles. Lendlease is developing the project, which will include creative office space, luxury apartments, retail and an integrated park. Located at 3401 S. La Cienega Blvd. and offering immediate access to the LA Metro and Expo Bike Path, Habitat is situated where Culver City meets the heart of Los Angeles. Upon completion, which is slated for early 2026, the property will feature a six-story, 253,000-square-foot creative office building and a 12-story, 260-unit multifamily building. There will also be restaurant, retail and amenity space. Habitat will feature a unique terraced design along with walking paths, indoor-outdoor workspaces, integrated green spaces and private outdoor terraces.  Lendlease is targeting LEED Gold certification for the residential building and LEED Platinum for the commercial portion. The project is certified Net Zero Carbon in construction and operations. Plans call for solar panels, 64 dedicated electric vehicle parking spots, 222 secured bike parking spaces and onsite stormwater treatment and infiltration. The $160 million senior loan features a five-year term, and the $155.5 million …

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RiverTown-Crossings_Grandville-Mich
AcquisitionsMichiganMidwestRetailTop Stories

Poag Acquires 1.3 MSF RiverTown Crossings Shopping Mall in Grandville, Michigan

by Hayden Spiess

GRANDVILLE, MICH. — Memphis-based developer Poag Development Group has acquired RiverTown Crossings, a 1.3 million-square-foot enclosed shopping mall located in Grandville, a suburb southwest of Grand Rapids.  The two-story property featured 114 retailers at the time of sale, including Macy’s, Kohl’s, JCPenney, Celebration Cinemas and Dick’s Sporting Goods. The mall first opened in 1999. Although the seller was not disclosed, Brookfield Property Partners assumed ownership of the mall in 2018 as part of its $15 billion acquisition of giant shopping mall operator GGP Inc. The price was not disclosed. According to local news outlets including WGRD 97.9, a buyer — Jonathon Bryant —purchased a vacant former Younker’s space at the mall in 2022 for $2 million. In 2024, trampoline entertainment concept Soar N Bounce signed a 10-year lease to occupy a portion of the 75,000-square-foot space. Poag plans to “revitalize the mall through redevelopment” and will add new uses, as well as reposition “underutilized parking fields.” JLL will work with Poag to manage and lease the property. “This property has so much potential for redevelopment given its great location,” says Josh Poag, CEO of Poag Development Group. “We are energized about the opportunity to deploy our redevelopment expertise to reimagine the property.” …

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DevelopmentHospitalityMixed-UseMultifamilyNew JerseyNortheastTop Stories

Public-Private Partnership to Develop 80-Acre, $200M Mixed-Use Project Near Racetrack in Oceanport, New Jersey

by John Nelson

OCEANPORT, N.J. — JEMB Realty has begun the design and development process for an 80-acre mixed-use property situated adjacent to the Monmouth Park Racetrack in Oceanport, a borough roughly 42 miles south of Newark, N.J. JEMB Realty will develop the multi-phase project in partnership with the State of New Jersey and Darby Development LLC. Construction is slated to begin in the fourth quarter of 2025. Plans for the site include a 298-unit residential building, as well as a 200-room hotel and a sports community center to support local youth athletes. The development team is also exploring a variety of entertainment options such as music venues and experiential retail components. Monmouth Park Racetrack is a racetrack for thoroughbred horse racing. According to the property website, the original Monmouth Park was constructed in 1870. Three buildings have carried the name in the past 139 years. The current structure opened its doors in 1946. The racetrack is owned by the New Jersey Sports and Exposition Authority and is operated by Darby Development, which recently entered into an 85-year lease agreement for the facility. The project team plans to work with the New Jersey Thoroughbred Horsemen’s Association, the New Jersey Sports & Exposition Authority, the New …

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Hudson Yards West
DevelopmentMixed-UseNew YorkNortheastTop Stories

Related Cos., Oxford Properties Unveil Plans for Next Phase of $12B Hudson Yards Development in Manhattan

by Katie Sloan

NEW YORK CITY — A partnership between Related Cos. and Oxford Properties Group, alongside Wynn Resorts (NASDAQ: WYNN), has unveiled plans for the next phase of development at Hudson Yards, a $12 billion mixed-use project located on Manhattan’s west side.  The next phase of development, Hudson Yards West, will replace the undeveloped western rail yards at the site. The developers are currently seeking approval by city and state officials for the expansion. If approved, the project will include the addition of a hotel by Wynn Resorts dubbed Wynn New York City; Hudson Green, a 5.6-acre public park; 1,500 new housing units, including 324 units of affordable housing; and a new K-8 public school. Designed by Hollander Design and Sasaki, Hudson Green will feature a dog run, open lawns, gardens and playscapes. The park will include the addition of over 300 trees, 500 shrubs and flower beds. Wynn Design and Develop, Wynn Resorts’ in-house team of designers, architects and creatives, will lead the architecture and design of the hospitality component. All facets of Hudson Yards West are being designed as part of a master plan by Skidmore, Owings & Merrill. Wynn Resorts has also committed to creating The Wynn Neighborhood Improvement …

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DevelopmentLife SciencesTexasTop Stories

City of Plano Approves $4B Texas Research Quarter Life Sciences Project

by Kristin Harlow

PLANO, TEXAS — The Plano City Council has approved a development agreement to support the Texas Research Quarter (TRQ), a life sciences-focused innovation district. The first phase would involve redevelopment and new construction at the former Electronic Data Systems (EDS) headquarters, a 91-acre site that serves as the TRQ main campus. Plano is located approximately 20 miles north of Dallas. The development agreement provides reimbursement to incentivize investment and development within a newly created tax-increment reinvestment zone (TIRZ), which contains the TRQ properties and other parts of Plano’s Legacy neighborhood. Total project costs are estimated at $4 billion, according to the Dallas Business Journal. Future phases include additional redevelopment activity across the main campus, as well as the creation of an integrated multi-site district through development at adjacent and nearby properties. Dallas-based NexPoint, an alternative investment manager with a real estate arm, is spearheading the development. “The city council approval is just the first step in a comprehensive plan to develop the TRQ into a world-class hub for life sciences,” says Eric Danielson, managing director and head of real estate development at NexPoint. “We are committed to collaborating with the community to build a dynamic ecosystem that will drive innovation, …

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