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"Adaptive Reuse"

The Bell Apartments Office-to-Multifamily Conversion Opens in Downtown Cleveland

by Kristin Harlow July 12, 2024

CLEVELAND — The Bell Apartments, an adaptive reuse project that involved the conversion of the former Ohio Bell Building into apartments, has opened at 45 Erieview Plaza in downtown Cleveland. Cross Street is handling leasing and marketing for the 367-unit luxury apartment building, while Peak Properties is the property manager. Formerly the Ohio Bell telephone headquarters, the property now features amenities such as a rooftop pool, coworking space, 10,000-square-foot fitness center, pet areas and 24-hour door attendant. Residents can choose from one- and two-bedroom floor plans. Monthly rents start at $1,224, according to the property’s website.

July 12, 2024

Loans Mixed-Use Southeast Tennessee

JLL Arranges $135M Refinancing for Cummins Station Mixed-Use Development in Nashville’s Gulch District

by John Nelson June 28, 2024

NASHVILLE, TENN. — JLL has arranged a $135 million loan for the refinancing of Cummins Station, an adaptive reuse mixed-use development in Nashville’s Gulch district spanning 408,000 square feet. JLL arranged the five-year, fixed-rate loan on behalf of the borrower, DZL Management. Located at 209 10th Ave. S, Cummins Station features creative office spaces and 46,000 square feet of retail space. According to the property website, current office tenants include DZL, Gibson Brands, Serendipity Labs, Bohler, Unlock Health, Eventbrite, Revive and Wayspring. Retailers include Gibson Garage, Morning Glory Deli, Pullman Standard and Wild Wasabi. The brick property dates back to 1906.

June 28, 2024

California Development Hospitality Loans Mixed-Use Retail Western

Priority Capital Advisory Arranges $35M Refinancing for Robertson Lane Mixed-Use Project in West Hollywood

by Amy Works June 27, 2024

WEST HOLLYWOOD, CALIF. — Priority Capital Advisory has arranged $35 million in debt financing to refinance Faring’s planned Robertson Lane, a 400,000-square-foot retail and hotel project in West Hollywood. Centennial Bank provided the financing, which Zachary Streit of Priority Capital Advisory arranged. Located at 645-681 N. Robertson Blvd., the 84,506-square-foot development site is an assemblage of eight contiguous lots. The assembled site was originally entitled for a 10-story, 237-room hotel with dining, nightclub, entertainment and retail space, a rooftop pool and a three-level, 750-car underground parking garage. In 2022, the ownership submitted a revised plan for a 123-room luxury hotel and seven-story office tower over ground-floor retail space and a subterranean garage. Current plans include the adaptive reuse and rehabilitation of the Factory Building, a historical building dating to 1929.

June 27, 2024

Development Midwest Mixed-Use Office Ohio Top Stories

Joint Venture Plans $100M Mixed-Use Redevelopment of Former Medical Mutual Headquarters in Downtown Cleveland

by Kristin Harlow June 26, 2024

CLEVELAND — Spark GHC and Cleveland Construction Inc. have formed a joint venture to redevelop a 400,000-square-foot office building in downtown Cleveland into mixed-use space. Dubbed Project Scarlet, the $100 million development involves the adaptive reuse of the Rose Building, which formerly served as the headquarters of insurance company Medical Mutual. The joint venture plans to transform the property into a boutique hotel with apartment units and ground-floor retail space. The project team says the development will not only breathe new life into a historic structure, but also address the evolving needs of the Cleveland community for contemporary living spaces and upscale hospitality offerings. Founded in 1934, Medical Mutual is the oldest and one of the largest health insurance companies based in Ohio. The Rose Building had served as the home of Medical Mutual since 1947, but the insurer announced in late 2022 that it would leave the downtown offices for its suburban headquarters in Brooklyn, Ohio, according to Cleveland.com. Since 2020, the Cleveland market has emptied nearly 2.4 million square feet of office space due to negative absorption, according to Newmark. The office vacancy rate increased to 23.4 percent in the first quarter of 2024, up 50 basis points …

June 26, 2024

Development Illinois Midwest Retail

Summit Design + Build Completes Two Burdeen’s Jewelry Locations in Chicago’s Gold Coast

by Kristin Harlow June 20, 2024

CHICAGO — Summit Design + Build has completed an adaptive reuse project for Burdeen’s Jewelry at 120 E. Oak St. in Chicago’s Gold Coast as well as interior renovations to the existing Burdeen’s Jewelry store at 11 E. Walton St. at the base of the Waldorf Astoria. The 120 E. Oak St. project consisted of the interior build-out for Burdeen’s as well as two luxury flagship stores situated on either side. The two-story luxury jewelry store totals more than 10,000 square feet and shares an outer structure with Panerai and IWC. Project highlights include a watchmaking studio, transparent glass floor and large skylight. The location marks Burdeen’s fourth in the Chicago area. Hirsch MPG served as the architect. The renovated space at 11 E. Walton St. features individual luxury brand spaces for Jaeger-LeCoultre, Roger Dubuis and Piaget. Dunne Kozlowski was the architect.

June 20, 2024

Development Florida Loans Mixed-Use Office Restaurant Retail Southeast

Bank OZK Provides $84M Construction Loan for First Phase of Nora District in Downtown West Palm Beach

by John Nelson June 17, 2024

WEST PALM BEACH, FLA. — Bank OZK has provided an $84 million construction loan for Phase I of The Nora District, a 40-acre mixed-use redevelopment project in downtown West Palm Beach. Steven Klein, Brian Gaswirth and Mateo Bolivar of JLL arranged the financing on behalf of the borrowers, NDT Development, Place Projects and Wheelock Street Capital. Phase I of Nora District, which will include more than 150,000 square feet of adaptive reuse and new development, broke ground in June 2023 and is slated for completion in early 2025. As part of the project, the developers are converting turn-of-the-century railway warehouses into ground-floor shops and restaurants. Phase I will also include more than 55,000 square feet of second-floor showroom space and creative Class A offices. Confirmed retailers in Phase I include Loco Taqueria & Oyster Bar, H&H Bagels, Van Leeuwen Ice Cream, The Garret Group, Juliana’s Pizza, Celis Juice Bar and Café, Del Mar Mediterranean Restaurant, Sana Skin Studio, Mint, The Spot Barbershop, Rumble and Solidcore. Future phases of Nora District will include The Nora Hotel, a 201-room boutique hotel developed in partnership with BD Hotels and Sean MacPherson.

June 17, 2024

Development Illinois Leasing Activity Midwest Multifamily

The Apartment Source Begins Leasing Efforts for 30-Unit Lodge Evanston Project in Illinois

by Kristin Harlow June 4, 2024

EVANSTON, ILL. — The Apartment Source (TAS) has begun leasing efforts for Lodge Evanston, a 30-unit apartment project located at 1700 Oak Ave. in downtown Evanston. The 30-unit development is the adaptive reuse of a century-old sanctuary. The community offers one-, two- and three-bedroom layouts with several luxury penthouses. Development partners included Campbell Coyle, Ranquist Development and Jodi Development. ISA was the project architect. Monthly rents start at $2,400, according to the property’s website.

June 4, 2024

Features Multifamily Office

Designers Transform Urban Landscapes by Converting Office Spaces to Affordable Housing

by Taylor Williams June 4, 2024

By Blima Ehrentreu, founder and CEO, The Designers Group The urban real estate landscape is undergoing a remarkable transformation. With shifting work patterns and changing societal needs, design and development teams are working to convert underutilized office buildings into vibrant residential spaces. As office vacancy rates rise in cities like New York, San Francisco and Chicago, this challenge drives creative solutions that blend design innovation, virtual planning and sustainability. This dynamic landscape provides an exciting platform to reimagine urban living and meet the evolving demands of residents. At The Designers Group (TDG), we embrace the concept of adaptive reuse. Rather than tearing down old buildings and starting from scratch, we see value in maintaining existing structures and repurposing them in innovative ways. This approach not only aligns with our commitment to sustainability but also offers a chance to preserve the character and history of urban landscapes. Industrial elements such as exposed brick, concrete pillars and high ceilings can be integrated into residential designs, creating unique and compelling aesthetics. This focus on adaptive reuse means less waste and smaller carbon footprints, which is critical in today’s environmentally conscious world. By working with what already exists, we minimize the need for new …

June 4, 2024

Market Reports Nevada Retail Western Western Market Reports

Las Vegas Retail Market: A Tale of Two Cities

by Jeff Shaw May 23, 2024

— By Geoffrey West, Senior Vice President, Investment Property Sales and Acquisitions, MDL Group/CORFAC International — The Las Vegas retail market remains a tale of two cities with the tourism-driven Resort Corridor and surrounding MSA comprising two very different markets. In the past, the stories of the “cities” were somewhat divergent with robust development, premium rents, and top-tier restaurant, bar, entertainment and retail tenants dominating in the Resort Corridor. In contrast, the primarily suburban MSA experienced decreasing rental growth rates, metered new development and fewer exciting new tenants. However, looking at the past and current years, as well as into 2025, it appears the party isn’t just on the Las Vegas Strip anymore. Due in part to a statistical undersupply, the suburban Las Vegas retail market is poised to experience increasing rental growth rates over the next 12 to 18 months. The lack of new supply is expected to put continued upward pressure on retail leasing rates and downward pressure on vacancy rates, which are expected to be nearing record 2007 levels. Economic Summary The Las Vegas market saw the completion of more than $8 billion in development in 2023. Among these are the $3.9 billion, 3,644-room Fontainebleau Las Vegas, …

May 23, 2024

Loans Multifamily New Jersey Northeast

BridgeInvest Provides $34.5M Acquisition Loan for Northern New Jersey Apartments

by Taylor Williams May 22, 2024

PASSAIC, N.J. — BridgeInvest has provided a $34.5 million acquisition loan for The Pennington, a 147-unit apartment complex located in the Northern New Jersey community of Passaic. The Pennington is an adaptive reuse of the former St. Mary’s Hospital complex, a site that spans about 3.5 acres. Units come in one-, two- and three-bedroom floor plans. Amenities at the pet-friendly property include a fitness center, children’s play area and a community room. The borrower was locally based investment and development firm The Birch Group.

May 22, 2024

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