development1

Joint Venture to Develop 300-Unit Residential Property in Plano

by Amy Works January 9, 2017

PLANO, TEXAS — A joint venture between High Street Residential and Principal Real Estate Investors is developing The Residences at Legacy, a 25-story, 372,734-square-foot residential tower within Legacy Tower Center in Plano. The property will feature 300 apartment units in one-, two- and three-bedroom layouts ranging in size from 661 square feet to more than 3,000 square feet. Additionally, the property will offer more than 14,500 square feet of indoor amenity space, including a 2,383-square-foot fitness center, conference rooms, business center, lounge, media room, an entertaining kitchen and bike storage. Outdoor amenities include two pools, courtyards, water features, fire pits, grilling areas and a dog park. Construction in slated to begin this month. Project members include Good Fulton & Farrell as architect, Waldrop + Nichols Studio as interior designer, The Office of James Burnett as landscape architect and Andres Construction as general contractor. Wells Fargo Bank provided construction financing.

January 9, 2017

Tutor Perini Awarded $72M Contract to Construct High-Rise at Metropica Project in Broward County

by John Nelson January 9, 2017

SUNRISE, FLA. — Tutor Perini Corp.’s subsidiary, Tutor Perini Building Corp., has signed a contract with Metropica Development LLC valued at approximately $72 million to construct the first of eight residential towers at Metropica in Broward County. Located at 1800 N.W. 136th Ave. in Sunrise, the 28-story residential tower will feature 263 units and 10 penthouses, a resort-style pool, indoor game room, a 24-hour fitness center, massage therapy rooms, tennis courts, movie theater and a parking garage. The entire development will comprise approximately 697,947 square feet. Construction is underway and expected to wrap up in August 2018.

January 9, 2017

Mixed-Use Retail Southeast Virginia

Howard Hughes Corp. Acquires Macy’s Store at Landmark Mall in Alexandria

by John Nelson January 9, 2017

ALEXANDRIA, VA. — The Howard Hughes Corp. has purchased a Macy’s store and parking field at Landmark Mall in Alexandria for an undisclosed price. The Macy’s at Landmark Mall is one of 68 stores announced to be closing by Macy’s last week. The company plans to transform the enclosed mall and the Macy’s parcel into an open-air, mixed-use community with retail, residential and entertainment components. The new Landmark will feature multiple plazas and green spaces, outdoor seating, an updated transit center, seasonal entertainment, public art, numerous full-service and fast-casual dining options and an upscale movie theater. The Howard Hughes Corp. is planning to close the interior portion of Landmark Mall at the end of January. A definitive timeline for the redevelopment has not been finalized.

January 9, 2017

Hospitality Texas

The Meyers Group to Lead $50M Renovation of Historic Hotel Paso del Norte in El Paso

by Amy Works January 6, 2017

EL PASO, TEXAS — The Meyers Group has selected Kobi Karp Architecture and Interior Design for the $50 million renovation of the historic Hotel Paso del Norte, which is currently named Camino Real. Located at 101 S. El Paso St. in downtown El Paso, the 356-room hotel was originally built in 1912. Renovations are slated to begin in March and include upgrades to all rooms, as well as the second-floor grand ballroom and conference rooms. El Paso-based in’situ Architecture is also collaborating on the project. Renovations are scheduled for completion in 2018.

January 6, 2017

Illinois Midwest Multifamily

Crescent Heights Breaks Ground on Apartment Tower in Chicago’s South Loop

by Kristin Harlow January 6, 2017

CHICAGO — Crescent Heights has broken ground on One Grant Park in Chicago’s South Loop. The 76-story apartment building, located at 1200 S. Indiana Ave., will include 792 luxury apartments. Completion is slated for early 2019. Rafael Viñoly designed the tower, and Rockwell Group will design the interiors of the units. The building will include a mix of studio, one-, two- and three-bedroom apartments. S. Loop Chicago Development LLC purchased the three-acre site in 2012.

January 6, 2017

California Retail Western

NewMark Merrill Cos. Completes First Phase of $15M Retail Redevelopment in Inglewood

by Nellie Day January 6, 2017

INGLEWOOD, CALIF. — NewMark Merrill Cos. has completed the first phase of the $15 million redevelopment of Crenshaw Imperial Plaza in Inglewood. The 304,755-square-foot shopping center is located on the southwest corner of Crenshaw Boulevard and Imperial Highway. The first phase includes the remodel of the dd’s Discount and 99¢ Only Stores; converting the ground floor of the office building into retail space; and infrastructure improvements. The second phase will include the remodel of the remainder of the retail center and office building, which will be home to the 15,000-square-foot Mission View Charter School. The second phase is slated for completion by February. The firm has also started on the final phase of redevelopment, which includes the demolition of an obsolete two-story building and the construction of a Planet Fitness and a 14,215-square-foot building that is 100 percent pre-leased. Additionally, NewMark Merrill has secured a $34.4 million senior loan for the recapitalization of the project. PCCP provided the loan, which David Pascale of George Smith Partners arranged.

January 6, 2017

Florida Mixed-Use Retail Southeast

Publix Super Markets Breaks Ground on New Store at Downtown Doral Mixed-Use Development

by John Nelson January 6, 2017

DORAL, FLA. — Publix Super Market has broken ground on a new location at Downtown Doral, a mixed-use development by master developer Codina Partners located roughly 15 miles outside Miami in Doral. The Downtown Doral location will feature an enhanced selection of freshly prepared foods, as well as a large selection of natural and organic food. The new store will be designed with LED lighting technology and energy-efficient refrigeration and air conditioning. An expected opening has yet to be announced. Upon completion, Downtown Doral will feature 70 retail stores and restaurants, 400,000 square feet of Class A office space, 2,840 residential units, a charter elementary school and public green space.

January 6, 2017

California Retail Western

Fabletics To Open 12 New Stores in 2017

by Nellie Day January 6, 2017

LOS ANGELES — Fabletics, an activewear brand co-founded by Kate Hudson in 2013, will open 12 new locations in 2017. Following the openings, Fabletics will have 30 locations. The new stores will average just over 2,200 square feet and will open before fall 2017. The first opening will take place in Frisco, Texas, in March 2017 followed by Indianapolis; Lexington, Ky.; Schaumburg, Ill.; Boulder, Colo.; and Portland, Ore., in second quarter 2017. Beginning in July 2017, additional Fabletics stores will open in Scottsdale, Ariz.; Cerritos, San Jose, San Francisco and San Diego, Calif.; and Paramus, N.J.

January 6, 2017

Affordable Housing Multifamily Texas

KWA Construction Completes 182-Unit Affordable Housing Complex in McKinney, Texas

by Amy Works January 5, 2017

MCKINNEY, TEXAS — KWA Construction, serving as general contractor, has completed the construction of Post Oak Apartments, an affordable housing complex located in McKinney. Owned by McKinney Millennium II and developed by GroundFloor Development, the complex features 182 units, with 130 units reserved for residents earning 60 percent or less of the area median income and the remaining units at market-rate rents. Designed by Architettura Inc., the property features one-, two- and three-bedroom apartments with hardwood flooring, central air conditioning, dishwashers, microwaves, washer/dryer hookups and individual patios or balconies. On-site amenities include a leasing center and clubhouse with fitness center, business center, laundry facility, swimming pool and resident lounges with a kitchen. Boston Capital was a financial investor in the project.

January 5, 2017

Georgia Hospitality Loans Mixed-Use Southeast

PCCP Participates in $135M Loan to Kessler for JW Marriott-Anchored Project in Savannah

by John Nelson January 5, 2017

SAVANNAH, GA. — PCCP LLC and a major national bank have provided a $135 million loan to The Kessler Enterprise Inc. for the development of Plant Riverside District, a $270 million, five-building mixed-use project in Savannah’s Historic District. Situated along the Savannah River, the development will include a 419-guestroom JW Marriott hotel, 13 food and beverage outlets, 22,000 square feet of meeting space, high-end retail space and a 488‐space parking garage. The project will include the repurposing of the historic Georgia Power Plant Building that will house 163 guestrooms, a spa and a portion of the project’s meeting space and food and beverage outlets. Kessler has selected general contractor Hunt Construction, locally based design architect Sottile & Sottile and production architects John T. Campo & Associates Architects and PFVS Architecture for Plant Riverside District’s design team. The ownership has commenced construction with completion anticipated for early 2019.

January 5, 2017

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