AUSTIN, TEXAS — Choice Hotels International Inc., an operator of roughly 6,500 hotels across 40 countries and territories, will develop a 134-room Cambria-branded hotel at the corner of East Ben White Boulevard and East Riverside Drive in Austin. The four-story property will feature an outdoor pool and spa, a fitness center and a variety of on-site dining options. Cloud Nine Hospitality LLC will manage the hotel, which is expected to open in 2019.
NEW YORK CITY — Ceruzzi Holdings and SMI USA have received $200 million in pre-development financing for 520 Fifth Avenue, a to-be-built, mixed-use property in Manhattan. Christopher Peck and David Nackoul of HFF arranged the floating-rate loan through Mack Real Estate Credit Strategies for the joint venture borrowers. Proceeds of the loan will be used to repay existing debt, conclude design and move forward with pre-development work. Situated at the corner of 43rd Street and Fifth Avenue, the development will comprise approximately 425,000 square feet, including luxury condominiums, a five-star hotel and more than 33,000 square feet of Fifth Avenue retail space.
WAYNE, N.J. — Peykar Family Properties is developing a speculative industrial facility at 150 Totowa Road in Wayne. The project includes the demolition of a long-vacant office building and the construction of a 418,500-square-foot industrial facility and more than 40,000 square feet of mezzanine office space, totaling a 459,822-square-foot facility on the 32-acre site. The warehouse space will feature 40-foot clear ceiling heights, 42 tailgates, two drive-in doors and parking for 70 trailers and 224 cars. The facility is designed with office space on each end of the building to allow for multiple users. Completion is scheduled for the first half of 2018. Stan Danzig and Stephen Elman of Cushman & Wakefield are marketing the facility for the developer, which also owns Nourison Industries, a large carpet manufacturing company.
AUSTIN, TEXAS — AMC Theatres and publicly traded retail REIT Seritage Growth Properties will develop AMC Tech Ridge 10, a 10-screen, 45,000-square-foot movie theatre in Austin. The theater will feature more than 1,000 AMC Signature Recliners and a MacGuffin’s adult beverage concept. Construction on the theater, which is scheduled to open in 2019, will begin later this year.
NEW YORK CITY — Propco Holdings, with UA Builders Group serving as general contractor, has broken ground for a residential building located at 915 Dawson St. in the Bronx. The eight-story, 23,301-square-foot building will feature 29 apartments, parking spaces, a fitness center, a recreation area and indoor bicycle storage.
PARSIPPANY, N.J. — RD Management, JMF Properties and Ripco Real Estate Corp. have broken ground for Waterview Marketplace, a shopping center located at the intersection of Waterview Boulevard and Route 46 in Parsippany. A 48,000-square-foot Whole Foods Market will anchor the 150,150-square-foot shopping center, which is slated to open in 2018. The Whole Foods Market will be the third location in the Morris County and will feature indoor and outdoor dining space for customers.
NEW YORK CITY — Meridian Capital Group has arranged $19 million in ground-up construction financing for the development of Element88, a residential condominium project located in Brooklyn’s Williamsburg neighborhood. The borrowers are RYBAK Development and BK Developers. The 24-month loan, provided by two regional banks, features a floating rate and one six-month extension option. Sean Robertson of Meridian negotiated the loan. Located at 88 Withers St., the eight-story, 50,000-square-foot building will feature 33 units, 5,000 square feet of retail space and 25 covered parking spaces. Sales at Element88 will begin in first quarter 2018, with unit delivery by summer 2018.
OSWEGO, N.Y. — Home2 Suites by Hilton has opened a new location in Oswego. Located at 252 New York State Route 104, the hotel features 89 suites, a combined laundry and fitness area, indoor heated pool, outdoor patio, Home2 MKT and complimentary breakfast. Visions Hotels owns and manages the property.
TOPEKA, KAN. — Homewood Suites by Hilton Topeka has opened at 1519 Southwest Arrowhead Road in Topeka. Developed, owned and managed by Kansas Hospitality Inc., the 87-suite hotel features a mix of studio, one- and two-bedroom accommodations. Amenities include a fitness center, game room, indoor pool and outdoor patio with grilling area.
WEEHAWKEN, N.J. — Hartz Mountain Industries has broken ground for Whole Foods Market 365 at Lincoln Harbor, a mixed-use development on the Weehawken waterfront. The 32,949-square-foot grocery store will join the 2.5 million-square-foot development, which includes residential, commercial, hospitality and restaurant space. Whole Foods Market 365 delivers the same quality of foods and products as the traditional Whole Foods Market, but in a new format that with a focus on value.