development1

City of Miami Approves Site Plan for $2B Miami Worldcenter

by John Nelson May 19, 2015

MIAMI — The city of Miami has given its approval to the development team of Miami Worldcenter, a $2 billion, 27-acre mixed-use development in downtown Miami. The green light allows the development team to apply for building permits. Miami Worldcenter is a collaboration between master developer Miami Worldcenter Associates and a team of development firms following a master plan created by Elkus Manfredi Architects. The Forbes Co. and Taubman will deliver a 765,000-square-foot shopping mall, which will be anchored by Bloomingdale’s and Macy’s alongside high-end dining and entertainment options. The team behind the PARAMOUNT Miami Worldcenter condo, the project’s signature residential tower, includes Miami-based developer Daniel Kodsi in partnership with Art Falcone and Nitin Motwani. Nearby, a 429-unit luxury apartment building developed by ZOM will rise adjacent to Bloomingdale’s. Two blocks west, Miami-based MDM Group will develop a new Marriott Marquis hotel, which will feature 1,800 hotel rooms and 600,000 square feet of meeting and event space. The groundbreaking for these components of Miami Worldcenter is scheduled to take place in the third quarter of 2015.

May 19, 2015

Healthcare New York Northeast

WESTMED Medical Group Opens New Facility in Purchase, New York

by Amy Works May 19, 2015

PURCHASE, N.Y. — WESTMED Medical Group has opened its fifth full-service office in Westchester County, N.Y. Located at 3030 Westchester Ave. within Purchase Professional Park in Purchase, the four-story, 85,000-square-foot medical office property is the first new construction along the Interstate 287 corridor in more than 25 years. Developers Simone Healthcare Development and Fareri Associates completed the $22 million property in less than 14 months. The medical facility will offer a variety of specialty practices, including internal medicine, pediatrics, dermatology, endocrinology, ENT, plastic surgery, reproductive endocrinology, critical care and neurology among others.

May 19, 2015

Midwest Missouri Multifamily

TriStar Properties Begins Development of 204-Unit Bramblett Hills

by Amy Works May 19, 2015

O’FALLON, MO. — St. Louis-based TriStar Properties is developing Bramblett Hills, a 204-unit apartment community located near the intersection of Highway K and Mexico Road in O’Fallon. Contegra Construction Co. is serving as general contractor for the project. Situated on 11 acres, Bramblett Hills will feature 17 freestanding three-story buildings with a combination of one-, two- and three-bedroom apartments. Ranging from 770 to 1,330 square feet, the residences will feature full kitchens with stainless steel appliances, granite countertops, vinyl plank flooring, bay windows and vaulted ceilings in third-floor homes. Additionally, a combination of detached garages and carports will offer covered parking for 204 vehicles and supplement ample open-air parking. Community amenities will include a 2,500-square-foot clubhouse featuring a fitness center, a business center, multi-purpose community spaces, a zero-entry swimming pool with waterfall waterscape, poolside cabanas and trellised outdoor cooking and fireplace lounges. Additional on-site amenities include a dog park and recycling center. The first phase, including the clubhouse and 36 residences, is slated to open in September. Full build-out is scheduled for September 2016.

May 19, 2015

Restaurant Retail Texas

Newk’s Eatery to Open 10 New Locations in Metro Houston

by Haisten Willis May 18, 2015

HOUSTON — Newk’s Eatery, a fast-casual restaurant, has reached a development agreement with New Orleans-based Southeast Restaurant Group (SRG), founded by Elie Khoury, to open 10 new Newk’s locations in metro Houston. With the agreement, SRG becomes Newk’s largest franchisee. SRG is currently a franchisee of TGI Fridays and Chevys Fresh Mex, operating restaurants in Texas, Arkansas, Mississippi, Louisiana, Alabama, Tennessee and Florida. It also operates its own concepts, including a Mediterranean-style restaurant in the Miami area, a Creole-inspired restaurant in New Orleans and The Round House Bar & Grill, located in the Holiday Inn hotels owned by its affiliate, KFK Group. Newk’s will open nearly 30 new company-owned and franchised locations during 2015, with plans to reach 200 total units by 2018.

May 18, 2015

Loans Multifamily North Carolina Southeast

CBRE Arranges $29.3M in Construction, Mezzanine Financing for Raleigh Multifamily Community

by John Nelson May 18, 2015

RALEIGH, N.C. — CBRE has secured $29.3 million in construction and mezzanine financing for the development of The Dartmouth, a 171-unit, mid-rise apartment community located at 104 Dartmouth Road in Raleigh. Located in Raleigh’s Park District at North Hills, the community will feature five levels of apartment residences atop a two-level parking garage. The first units are slated for a third quarter 2016 delivery. Mark Fisher and Alex Furnary of CBRE’s Midtown Manhattan office arranged the loans on behalf of Kane Realty Corp., the project’s developer. CBRE arranged the $24.5 million construction loan through SunTrust Bank and the $4.8 million mezzanine loan through Federal Capital Partners.

May 18, 2015

Home2 Suites by Hilton Lexington University/Medical Center

Hospitality Kentucky Southeast

Home2 Suites by Hilton Opens First Hotel in Kentucky

by John Nelson May 18, 2015

LEXINGTON, KY. — Hilton Worldwide has opened its first Home2 Suites by Hilton in Kentucky and its 53rd overall of the brand. The 103-room hotel, known as Home2 Suites by Hilton Lexington University/Medical Center, is located at 126 E. Lowry Lane and within three miles of downtown Lexington, area hospitals and the University of Kentucky. The hotel’s owner, Cohen Realty Inc., developed the hotel and has tapped Vista Host Inc. to manage it. The hotel features an indoor saline pool and an outdoor patio, as well as some of the brand’s trademark amenities such as the Oasis lobby, the Home2 MKT for grab-and-go items, the Spin2 Cycle (a combined laundry and fitness area) and complimentary continental breakfast at the “Inspired Table.”

May 18, 2015

Retail Texas

Bassett Place to Add Entertainment Complex in El Paso

by Haisten Willis May 15, 2015

EL PASO, TEXAS — Cypress Equities plans to renovate Bassett Place mall’s food court and add the area’s first Dave & Buster’s into the current merchant roster. Dave & Buster’s anticipates the opening of the new El Paso location at Bassett Place later this year. To make way for the nearly 36,000-square-foot entertainment destination, Bassett Place’s Café Plaza Food Court will be redeveloped into a smaller six-unit facility. The existing food court will be closed for the remainder of 2015, with new eateries slated to open during the first quarter of 2016. Built in 1962 on 56 acres of what was then the far-east side of El Paso, Bassett Place is El Paso’s original shopping center. The development is anchored by Costco Wholesale, Kohl’s, Ross, Target and Premiere Cinemas + IMAX. Specialty shops include Finish Line, Rack Room Shoes, David’s Bridal, GameStop, rue21, Express, F.Y.E and Office Depot.

May 15, 2015

Industrial Nevada Western

LogistiCenter Cheyenne in Las Vegas Breaks Ground

by Nellie Day May 15, 2015

LAS VEGAS — LogistiCenter Cheyenne, a 381,804-square-foot distribution facility, has broken ground in Las Vegas. The new facility will be located at 4025 East Cheyenne Ave. It is two miles east of Interstate 15, and within a one-day drive of Los Angeles, Phoenix and Utah. LogistiCenter Cheyenne is scheduled for completion this October. It is being developed by Dermody Properties, which has developed more than 4 million square feet in this market since its first Las Vegas facility was built in 1974. The facility is being built by United Construction Company. Hillwood Investment Properties is the strategic financial partner on the project. It is being marketed by Susan Borst and Dan Doherty of Colliers International Las Vegas.

May 15, 2015

District of Columbia Loans Mixed-Use Southeast

Capital One Closes $90M Construction Loan for Mixed-Use Project in D.C.

by John Nelson May 15, 2015

WASHINGTON, D.C. — Capital One Bank has closed a $90 million construction loan for Grosvenor America’s new mixed-use development in Washington, D.C.’s Capital Riverfront District. The project, named F1RST, will be located adjacent to Nationals Park baseball stadium. F1RST, will span 300,000 square feet and comprise a 13-story apartment building, 170-room Residence Inn by Marriott and 22,000 square feet of retail space. The multifamily component will feature amenities such as a rooftop swimming pool and hot tub, outdoor kitchens, fitness center, lounge, courtyard garden, pet spa and concierge services. Grosvenor Americas has executed leases with Taylor Gourmet and Chop’t for the retail portion. The project team includes contractor Clark Construction Group and McCaffery Interests. Capital One plans to hold $50 million of the loan and is syndicating $20 million each to United Bank and TD Bank. Sadhvi Subramanian and Brian Gormley of Capital One’s Washington office originated the loan on behalf of Grosvenor Americas.

May 15, 2015

Multifamily Southeast Virginia

Kettler, Macerich Open 30-Story Luxury High-Rise in Tysons Corner

by John Nelson May 15, 2015

TYSONS CORNER, VA. — Kettler and Macerich have opened VITA Tysons Corner, a 30-story luxury apartment tower in Tysons Corner, a city in Washington, D.C.’s Northern Virginia market. The first residents are now moving into the 429-unit high-rise tower. VITA Tysons Corner is the final component of Macerich’s Tysons Corner Center, which features an 18-story, 300-room Hyatt Regency hotel and the 22-story Tysons Tower trophy office building. Shalom Baranes Associates designed VITA to achieve LEED Silver certification. The apartment tower features an Earls Kitchen + Bar restaurant, rooftop saltwater pool, outdoor terrace with grilling stations, sports lounge, 24-hour concierge service and bicycle storage. The units feature Italian cabinetry, quartz countertops, designer baths and high ceilings.

May 15, 2015

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