ORLANDO, FLA. —St. Petersburg, Fla.-based Bessolo Design Group has begun designing a renovation to the seven-story Baldwin Park Retirement Center that will create 120 studio and one-bedroom units. The expansion includes 6,000 square feet of staff support areas, a new elevator system and 18 Alzheimer units. A 30,000-square-foot office is also included in the design.
Southeast
SUWANEE, GA. —Duluth, Ga.-based Satellite Hospitality Group has signed as franchise agreement with Cambria Suites for development of a 100-room hotel at 1222 Satellite Blvd. in Suwanee. Room amenities include free wireless Internet and LCD televisions. The hotel also features a bistro dining area, a fitness center and a convenience store. No groundbreaking date has been set.
NORCROSS, GA. — Scott Kavel of Grandbridge Real Estate Capital’s Norcross office has helped an undisclosed real estate investment trust secure $318.5 million to fund a seniors housing credit facility. The 16-loan facility, which includes six properties in Florida and one property in Tennessee, can be expanded to $350 million. Kavel broke the loan into two lease pools and sold it to Fannie Mae. Lease Pool One carries an 8-year term with a mid-6 percent interest rate, and the second lease pool has a 5-year term and a low-6 percent interest rate. Both lease pools carry 30-year amortizations.
WESLEY CHAPEL, FLA., AND HENRICO COUNTY, VA. — Forest City Enterprises and The Goodman Company have opened the 646,000-square-foot Shops at Wiregrass, located at the intersection of State Road 56 and Bruce B. Downs Boulevard. A 150,000-square-foot Dillard’s, a 140,000-square-foot Macy’s and a 98,000-square-foot JC Penney anchor the $156 million center. Restaurant tenants include The Brass Tap, GrillSmith, Moe’s Southwest Grill and Yamato Japanese Steak House. The Shops at Wiregrass is the retail component of the 5,022-acre Wiregrass Ranch mixed-use development. A division of Forest City Enterprises and partner Pruitt Associates have also opened The Shops at White Oak Village. Located at 4500 S. Laburnum Ave. in Henrico County, the $113 million project spans more than 900,000 square feet and 136 acres. Anchor tenants include Target, Ukrop’s, Lowe’s Home Improvement Warehouse, Sam’s Club, JC Penney, PetsMart, OfficeMax and Circuit City.
SEVIERVILLE, TENN., AND MACON, GA. — Atlanta-based RCG Ventures has purchased two shopping centers totaling more than 180,000 square feet. The company purchased the 135,491-square-foot Governor’s Crossing from CW Capital for an undisclosed price. The center, located on Collier Drive in Sevierville, is anchored by Books-A-Million and Vanity Fair Outlet. RCG has also acquired the 54,155-square-foot Fall Line Plaza, located on Rocky Creek Road in Macon, from an undisclosed party for an undisclosed amount. Fall Line Plaza is anchored by Piggly Wiggly and Family Dollar. Jim O’Donnell and Parker Blanchard served as in-house representation for RCG.
DULUTH, GA. — Brand Properties has broken ground on the 110,000-square-foot One Sugarloaf Centre, a Class A office building located at 1960 Satellite Blvd. in Duluth. Design work was provided by Wakefield Beasley Associates with the goal of attaining LEED certification for the property. The building is 70 percent pre-leased to tenants including Gwinnett Community Bank, Garrard Construction, Wheeler Kolb Management Co. and J.D. Stephens Inc. Delivery is expected in September of next year.
JACKSON, MISS. — Grandbridge Real Estate Capital has secured a $4.25 million first mortgage for the 120-unit Forest Ridge Apartments in Jackson. The 10-year loan, which was funded by Grandbridge and sold to Fannie Mae, comes with a low-6 percent interest rate and a 30-year amortization. For the first 5 years of the loan, payments are interest only. Forest Ridge was built in 1973 and is managed by Jackson-based Heritage Properties. Grandbridge’s Paul Harbor originated the loan.
ORLANDO, FLA. —Six Rosen Hotels & Resorts properties in Orlando will undergo a combined $100-$200 million renovation beginning in 2009 and spanning the next 7 years. The 2,700 guest rooms at Quality Inn International, Rodeway Inn International, Quality Inn Plaza and Comfort Inn Lake Buena Vista will undergo refurbishment starting in February. The room renovations will cost $50 million and should be completed by 2011. Rosen will also add 100,000 square feet of meeting space to both the Rosen Plaza and the Rosen Centre, which will deliver in 2012. Finally, officials will build 400-700 additional rooms in Rosen Plaza by 2016. When the renovations are complete, Florida’s Green Lodging status will be pursued for each of the properties.
MIAMI BEACH, FLA. — After an 18-month, $200 million renovation and expansion, the 631-unit Eden Roc is ready for business. The Miami Beach hotel, part of the Renaissance Beach Resort & Spa chain, features a new 21-story Ocean Tower, a renovated lobby with floor-to-ceiling windows and 70,000 square feet of event space. Three new restaurants — the Cabana Beach Club, The Waterfall Grill and Gia Italian Kitchen & Wine Bar — are housed in the property; a fourth restaurant is set to open next year. Lustre, a high-end boutique, has recently opened, and Starbucks Coffee will start serving customers in mid-November. The 21,000-square-foot Spa of Eden will deliver next spring.
NASHVILLE, TENN. — Nashville-based R.C. Matthews has broken ground on a 90,000-square-foot building on the campus of Belmont University in Nashville. When completed in June 2010, the $30 million property will house the university’s pharmacy and physical therapy schools. The building will also include expansion space for the nursing and occupational therapy and the social work and psychology programs. A four-level parking garage will be constructed under the building. Earl Swensson Associates provided design work for the property.