PHILADELPHIA — Nashville-based Southern Land Co. has acquired land at 1620 Sansom St. in the Rittenhouse neighborhood of Philadelphia for the development of a $180 million multifamily building. The property will rise 28 stories and will feature 306 units and 32,000 square feet of commercial space. Ken Wellar, Corey Lonberger and Mark Duszak of Rittenhouse Realty Advisors brokered the $24.5 million sale of the land.
MIAMI — Walker & Dunlop has arranged $43 million in construction and acquisition financing for 1 Southside Park, a mixed-use development spanning a full city block in Miami’s Brickell district. The borrower is JDS Development Group, a development firm based in New York City. Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Diaz, Michael Ianno, Sean Bastian and Ian Hawk arranged the fixed-rate, interest-only loan through Atalaya Capital. Designed by SHoP Architects, 1 Southside Park will feature a 64-story apartment tower comprising 1,175 units, as well as 190,000 square feet of office space, a 200-room hotel, 10,000 square feet of retail space and 1,400 parking spaces. The project will be located near the Miami-Dade Metrorail Brickell Station as well as The Underline, a newly delivered linear park stretching from Brickell to Dadeland. Landscape architect James Corner Field Operations is working with JDS to integrate 1 Southside Park with The Underline, which was formerly a Metrorail line. The new development will feature 90,000 square feet of wellness-centric amenities such as a fitness center and spa to complement The Underline. JDS plans to break ground in the near future, according to founder and CEO Michael Stern.
AUSTIN, TEXAS — Buffalo-based Reger Holdings will develop EastVillage, a 425-acre mixed-use project that will be located along the Parmer Lane tech corridor in northeast Austin. Both the Austin American-Statesman and Community Impact Newspaper put the value of the project at approximately $1 billion. Current plans call for approximately 800,000 square feet of office space, 300,000 square feet of retail and restaurant space, three hotels totaling 390 rooms, 2,000 multifamily units, an active adult community and a 150-acre nature preserve. The centerpiece of the development will be a 1.5-acre village green for outdoor events and gatherings, while a network of trails will also connect the various uses. Nearby employers include Samsung, Dell, Amazon and The Home Depot Technology Center. A construction timeline was not released.
ATLANTIC BEACH, FLA. — The Klotz Group of Cos. and KABR Group are nearing completion for The Reef, a $95 million apartment community underway in Atlantic Beach, one of metro Jacksonville’s beaches. The 456-unit community will span 530,000 square feet across two five-story buildings and a two-story, 13,500-square-foot clubhouse. Rooftop amenities will include a bar, lounge and a resort-style pool. Other amenities will include party patios, a yoga lawn, fitness center, game room, car wash center, dog park and access to nearby Hanna Park. Tierra Linda Development LLC, a subsidiary of Klotz, is the developer of the community and expects to deliver The Reef’s clubhouse in October, with apartments opening in phases afterward. The design team includes architect Dwell Design Studio, civil engineer Connelly & Wicker Inc. and general contractor Live Oak Contracting LLC.
LAS VEGAS — CapRock Partners has completed the acquisition of a 12.9-acre parcel at the junction of South Riley Street and West Hacienda Avenue in Southwest Las Vegas. Additionally, the company has successfully petitioned to rezone of the site to allow for the development of a three-building industrial park. The speculative industrial park will include: A 132,450-square-foot facility with 28-foot clear heights, five grade-level doors and 26 dock-high doors A 75,836-square-foot building with 24-foot clear heights, five grade-level doors and 22 dock-high doors A 21,976-square-foot property with 24-foot clear heights, one grade-level door and two dock-high doors The industrial park will also feature a 180-foot shared truck court, more than 200 parking spaces and ESFR sprinklers. Each building is also divisible down to approximately 10,000-square-foot units. Constructed is slated to begin in early summer, with completion scheduled for early spring 2022. The project team includes Lee & Sakahara as architect, Fulcrum Construction as general contractor and Kimley Horn as civil engineer. Brendan Keating and Amy Ogden of Logic Commercial Real Estate represented the undisclosed seller, while Rob Lujan, Xavier Wasiak and Jason Simon of JLL represented CapRock in the land acquisition. Additionally, JLL is overseeing leasing of the property.
CHARLOTTE, N.C. — ATCO Properties & Management and Shorenstein Properties LLC have broken ground on Phase II of Camp North End, which will include retail, office and multifamily spaces, as well as a parking garage. The mixed-used development is located on a former industrial site spanning 76 acres in Charlotte’s Druid Hills South district. S9 Architecture is the designer and BB+M Architecture is the architect of record for Camp North End’s second phase, which will include two office buildings totaling 120,000 square feet, 15,000 to 20,000 square feet of retail space and a multifamily community with a parking garage. ATCO and Shorenstein expect to deliver the second phase of construction in early 2022. Phase I was delivered in summer 2020 and includes 70,000 square feet of office and retail space and four food stalls within the Gama Goat building. Office tenants at the project include solar energy company Pine Gate Renewables, tech firm CloudGenera Inc. and Ally Bank. Retail tenants include restaurant Leah & Louise, bakery Wentworth & Fenn, Free Range Brewing, That’s Novel Books and boutique fitness center bloc. The project team is also in the preliminary planning stages for several other buildings onsite, including the renovation of the …
CHICAGO — Peppercorn Capital has unveiled renovation plans for 240 N. Ashland Ave. in Chicago’s Fulton Market. Plans call for lighted metal canopies and uniform signage. The west side of the office building will feature a new tenant entrance and lighting, along with a repaved parking lot and green space. Originally built in 1926, the adaptive reuse property formerly served as the headquarters for furnishings and décor company CB2. The building rises three stories and spans 80,000 square feet. Peppercorn is a commercial real estate development company strictly focused on the West Loop and Fulton Market neighborhood of Chicago.
BOISE, IDAHO — LOCAL Ventures has received joint venture equity and construction financing for the development of LOCAL Boise, a residential property located at 250 E. Myrtle St. in downtown Boise. Appian Capital and Argos Capital Partners provided the equity, while Old National Bank provided the loan for construction financing. Steve Kohn, Chris Moyer, Zachary Kraft and Matt Naumann of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower. Slated for completion in November 2022, LOCAL Boise will comprise a six- and seven-story mid-rise building offering 252 apartments, approximately 11,200 square feet of amenity space, 7,100 square feet of retail space and 356 parking spaces. Located across from the 90-acre Julia Davis Park, LOCAL Boise is immediately adjacent to two upscale supermarkets and a half mile from the core of Boise’s business district. LOCAL Ventures and Appian Capital purchased the development site from WinCo Foods in November 2020, and construction of LOCAL Boise started in January 2021.
PORT ST. LUCIE, FLA. — Sansone Group and Argos Capital Partners will develop Legacy Park at Tradition in Port St. Lucie. The distribution park will comprise 375 acres that will house eight industrial buildings and span 3.2 million square feet upon full buildout, which is slated for 2023. In December, the developers acquired the first piece of land for the project. The first building in the park will be a 245,000-square-foot, build-to-suit distribution center for an undisclosed tenant. St. Louis-based Sansone Group expects to deliver the asset by the end of the year. Arco/Murray is the general contractor and architect for the park. Culpepper & Terpening Inc. is the civil engineer.
HOUSTON — Australian development firm Caydon has launched Fitzroy Residences, a 32-story residential tower that represents Phase II of the company’s 2.5 million-square-foot Laneways mixed-use development in Houston. The building will house 191 condos ranging in size from 567 square feet for a studio unit to 2,243 square feet for a three-bedroom penthouse, as well as 190 hotel rooms that will be operated under the Kimpton Hotels & Restaurants brand. Residential amenities will include coworking spaces, a meditation room, yoga and fitness deck, two outdoor pools, fitness center and concierge services. Sales are underway, and construction is scheduled to begin over the summer and to be complete by the end of 2023. The entire Laneways project will ultimately span three city blocks and will also include retail and restaurant uses, as well as outdoor spaces.
