development1

Eight Stores to Open at Danville Hotel Redevelopment

by Nellie Day August 26, 2015

DANVILLE, CALIF. —Eight stores are set to open at a mixed-use redevelopment of the historic Danville Hotel in downtown Danville, a project by joint developers Castle Cos. and Nearon Enterprises. Retail tenants will receive space in late August through September. New openings will include a 1,200-square-foot Papyrus; a 2,000-square-foot Heavenly Couture; a 1,100-square-foot Sole Desire Shoes; a 1,000-square-foot Look + See Luxury Optical; a 400-square-foot BoBen Designs jeweler; a 3,700-square-foot Danville Brewing Co.; a 2,800-square-foot Pizza Antica; and a 1,600-square-foot Basque Boulangerie Café. Adria Giacomelli and Gary Riele of Newmark Cornish & Carey led the leasing efforts.

August 26, 2015

District of Columbia Loans Mixed-Use Southeast

Douglas Development Secures $93.5M Loan for Mixed-Use Development in D.C.

by John Nelson August 26, 2015

WASHINGTON, D.C. — Douglas Development Corp. (DDC) has secured $93.5 million in construction financing for Uline, DDC’s mixed-use development in Washington, D.C. The development will be located at 1140 3rd St. N.E. directly across from the NoMa-Gallaudet U Metro station. Upon completion in the fall of 2016, Uline will feature 174,000 square feet of loft office space with rooftop decks and 70,000 square feet of retail space, including a 51,000-square-foot REI. The $93.5 million financing includes a $75.5 million construction loan from Natixis Real Estate Capital and $18 million in preferred equity from EB5 Capital. The financing represents roughly 75 percent of the Uline’s total construction cost, and DDC will provide the remaining balance with sponsor equity. For EB5 Capital’s portion, 36 immigrant investors each contributed $500,000, making them eligible to apply for permanent U.S. residency through the EB-5 Immigrant Investor Program. Phillips Realty Capital is EB5 Capital’s joint venture partner. The Uline project is expected to create roughly 450 jobs.

August 26, 2015

Retail Washington Western

Corner Bakery Café to Open at Heritage Square in Seattle

by Nellie Day August 26, 2015

SEATTLE — Retail Properties of America Inc. has signed a lease with Corner Bakery Café to open a 4,200-square-foot restaurant at Heritage Square in the Seattle Metropolitan Statistical Area. This restaurant, set to open in spring 2016, will be the first Corner Bakery location in Washington.

August 26, 2015

Hospitality Mixed-Use Multifamily New Jersey Northeast Office Retail

iStar to Redevelop Asbury Park Waterfront in New Jersey

by Amy Works August 25, 2015

ASBURY PARK, N.J. — iStar has announced a multi-billion-dollar redevelopment plan to transform a 1.25-mile portion of Asbury Park’s waterfront into a mixed-use development. Ten years in the making, the project will feature residential, hospitality and infrastructure space. The 20-project redevelopment includes The Asbury, a 110-key independent hotel designed by Stonehill & Taylor Architects set to open summer 2016; Monroe, a 34-unit condominium property opening in summer 2016; Asbury Lanes, a music and bowling venue; and 1101 Ocean, a mixed-use hotel/condominium/retail project designed by Handel Architects. Upon completion, the redevelopment project will add more than 2,100 homes and 300 hotel rooms to the town. The project team includes hotel innovator David Bowd; architects Gary Handel, Paul Taylor and Chad Oppenheim; landscape designer Madison Cox; and landscape architects Melillo + Bauer Associates. Anda Andrei, formerly of Ian Schrager Co., is serving as creative lead for the redevelopment project, which will include music venues, galleries, chef-owned restaurants, local retailers, nightspots and seasonal farmers’ markets. Additionally, the development team is partnering with Asbury Park businesses, cultural institutions, entrepreneurs, artists and community groups to help revitalize the neighborhood. iStar is financing the 20 individual projects that comprise the Asbury Park redevelopment.

August 25, 2015

California Retail Western

La Costa Towne Center to Undergo $15M Renovation and Renaming

by Nellie Day August 25, 2015

CARLSBAD, CALIF. — Linwood Ventures’ La Costa Towne Center, a 123,000-square-foot shopping center located in Carlsbad, is undergoing a $15 million renovation and will be renamed The Beacon La Costa. Beginning in fall, changes will include a complete renovation of the anchor building, façade enhancements and upgrades to the project’s parking and common areas including new parklets and outdoor dining terraces. Equinox will occupy the 31,000-square-foot anchor space once occupied by Vons grocery store.

August 25, 2015

Arizona Retail Western

Primestor Begins Major Renovation of Palm Glen Shopping Center

by Nellie Day August 24, 2015

PHOENIX — Primestor Development has begun major renovations at Palm Glen Shopping Center, a 177,754-square-foot shopping center anchored by Food City and Wells Fargo in Phoenix. Renovations will include remodeling the façade of the entire center; renovating interiors, site work and anchor spaces; the application of a new contemporary design; a new branding campaign; and increased lighting, landscaping, tower elements, site amenities and signage. The renovation will be completed in the fourth quarter of 2015. Tenants at the center include Dollar Tree, Aaron Rents, Little Caesar’s Pizza, Modlo Dance Hall, Liberty Tax and Title Max.

August 24, 2015

California Multifamily Student Housing Western

Cal Poly Pomona to Build On-Campus Housing for 800 to 1,000 Students

by Nellie Day August 24, 2015

POMONA, CALIF. — Administrators at Cal Poly Pomona announced this week that it will use 13 acres of campus horse pasture to build on-campus student housing for 800 to 1,000 students. The site chosen, located on the southeast corner of Kellogg Drive and Eucalyptus Lane, was one of 10 sites originally considered for the project. Financing for the project will come by issuing bonds, which will be paid back by student fees. Details such as the cost, as well as the selection of the architecture and construction company, have not yet been announced. According to a local report, approximately 400 students are on a waiting list seeking housing for the upcoming school year that starts Sept. 24. The past two semesters 700 students seeking campus housing were rejected. A new dining hall will accompany the new residence halls. Work on the housing is expected to begin in 2017.

August 24, 2015

Tarrant-County-Civil-Court-Tom-Vandergriff

Office Texas

Tom Vandergriff Civil Courts Building Opens in Fort Worth

by Haisten Willis August 24, 2015

FORT WORTH, TEXAS — A ribbon cutting ceremony has been held for the Tom Vandergriff Civil Courts Building in Fort Worth. Yates Construction provided preconstruction and construction services for the project. The downtown development consists of a public plaza and six levels, including 13 courtrooms spanning nearly 235,000 square feet. The finished building mirrors the architecture of other buildings downtown using local and regional materials. Historic elements from the original civil courts building were salvaged and are now featured on the front facade of the new civil courts building. The design and construction team utilized BIM for clash detection, verified and worked with several design models and incorporated sustainable features to pursue LEED Silver certification.

August 24, 2015

California Industrial Western

Waypoint Property, Lewis Group Buy Development Rights Inside Riverside Business Park

by Nellie Day August 21, 2015

RIVERSIDE, CALIF. — A joint venture between Waypoint Property Group and the Lewis Group of Companies has acquired the development rights and master developer designation for the remaining 875 acres within the Meridian Business Park in Riverside. The price was not disclosed. The master-planned business park is situated in the I-215 South corridor. Meridian is part of the former March Air Force Base. It is less than 90 minutes from the Los Angeles/Long Beach port complex. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield represented both the buyer and seller in this transaction.

August 21, 2015

Multifamily New Jersey Northeast

Bijou Properties Opens Park + Garden Multifamily Development in Hoboken

by Amy Works August 21, 2015

HOBOKEN, N.J. — Bijou Properties has opened Park + Garden, a sustainable residential development in Hoboken. Located at 1450 Garden St., the property features 212 one-, two- and three-bedroom apartment units. Designed by Marchetto Higgins Stieve to achieve LEED Gold certification, the development consists of two 12-story residential towers connected by a podium featuring an amenities center and a 383-car enclosed parking garage. Additionally, the development includes 13,000 square feet of street-level retail space and 32,000 square feet of educational space. On-site amenities include an attended lobby, state-of-the-art gym, multiple clubrooms, courtyards, an outdoor pool and landscaped deck, laundry facilities and bike storage. Monthly rents start at $3,250, and the property was more than 30 percent pre-leased prior to opening.

August 21, 2015

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