Major downtown project progresses

Written by: William Williams
Source: Nashville Post

Nashville-based developer Ray Hensler and partner company Stiles have landed the latest major permits related to their mixed-use project Peabody Union in Rolling Mill Hill.

The main Peabody Union tower will rise 27 stories and offer 354 residential units. In addition, a Class A office building with 251,000 square feet will stand six floors on the site. Also, the overall development will feature 50,000 square feet of retail. An overall price tag for the project has yet to be disclosed.

Valued at about $24.37 million, the nine permits will allow the “finish out” of the project’s residential tower floors. This follows the April issuing of two permits, with a collective value of almost $94 million, to allow for the construction of the shells of the project’s two structures.

The issuing of the permits comes about one year after the development team closed on the $16 million purchase of the 4.57-acre property, with a main address of 30 Peabody St. and overlooking the Cumberland River in Rolling Mill Hill. The seller was the Metro Development and Housing Agency.

A fall 2024 completion is eyed.

Nashville-based Hastings Architecture has designed the buildings, with the local office of New York-based Turner Construction serving as general contractor. Local companies Barge Cauthen & Associates (civil engineer) and Hawkins Partners (landscape architect) also are participating.

Stiles Corp. is based in Fort Lauderdale, Fla., with Hensler having partnered with the company to develop the Gulch site home to high-rise Twelve Twelve.

Read more here.

The Main Las Olas Reaches Full Office Leasing Capacity 

Written by: SFBW Staff
Source: South Florida Business & Wealth

The Main Las Olas’ office component reached 100% leased two years after receiving its temporary certificate of occupancy in downtown Fort Lauderdale. Blanca Commercial Real Estate, an independently owned, full-service commercial real estate services firm in South Florida, manages the 1.4 million-square-foot property. 

“We are thrilled to reach this milestone,” Danet Linares says, Executive Vice Chairman of Blanca Commercial Real Estate. “Over the last year, flight-to-quality remained at the forefront of all major office moves and the uptick of new-to-market demand translated into the stellar performance of new office developments and top-tier existing Class A office space.” 

The mixed-use office, residential and retail community features Class A offices, high-end architecture, chic residences and hospitality and retail businesses for dining and shopping. The 25-story building features a 387,402-square-foot tower, 17,355 square feet of retail space, a 2,951-square-foot fitness center, a 3,360-square-foot office lounge and conference center, and an outdoor terrace featuring a fire pit, bar and glass floor oculus with panoramic views of Las Olas with event and conference space. 

The property’s leasing team is led by Danet Linares, executive vice chairman of Blanca Commercial Real Estate, alongside Christina Jolley, senior vice president; Sky Jones, associate vice president; and Tere Blanca, chairman & CEO. The Main Las Olas was developed by Shorenstein Properties LLC and Stiles and designed by the nationally acclaimed architecture firm Cooper Carry.

“We are extremely pleased with the success of The Main Las Olas, the first luxury office of its kind,” Charles Malet says, president and Chief Investment Officer at Shorenstein. “The property underscores Shorenstein’s continued focus on developing differentiated, best-in-class office properties in attractive and growing markets. As preferences for office spaces continue to evolve, we believe these types of top-quality spaces will remain the desired choice for tenants nationwide.”

Moxies and Fogo de Chão occupy the anchor retail on the ground floor of The Main Las Olas. Other tenants include:

• JPMC 
• Marcum
• RSM 
• Starr Indemnity
• Raymond James
• Cherry Bekaert 
• Shutts & Bowen
• Synovus Bank
• Walker Dunlop 
• Starboard Value 

“Along with our partner Shorenstein, we set out to establish a new bar for luxury urban office, not only in Fort Lauderdale but in all of South Florida,” Ken Stiles says, CEO of Stiles. “The Main Las Olas offers a truly distinctive integrated work, life and entertainment experience with an unmatched level of quality, amenities and design. We are proud to have had the opportunity to continue our 72-year track record of quality development with this iconic project.” 

Fort Lauderdale’s Largest Class A Office Development 100% Leased as Flight-to-Quality Increases

Written by: Melea VanOstrand
Source: Daily Business Review

“Over the last year, flight-to-quality remained at the forefront of all major office moves, and the uptick of new-to-market demand translated into the stellar performance of new office developments and top-tier existing Class A office space,” said Danet Linares, executive vice chairman of Blanca Commercial Real Estate.

Construction Begins At Peabody Union In Downtown Nashville

Written by: Robert Looper III
Source: Nashville Now Next

Peabody Union is set to become a distinctly unique destination along the Cumberland River Waterfront, in Downtown Nashville. The development will feature a mix of chef-driven dining, curated retail concepts, innovative oce space, and luxury residences. Peabody Union will be surrounded by acres of open space and is adjacent to the Rolling Hill Mill and Cumberland River Greenways. The project will create a new walkable district with its own sense of place in the emerging “Lower Downtown District” of Rolling Mill Hill coined “LoDo” by the developer.

The project is being developed immediately adjacent to Peabody Plaza and the Trolley Barns. Peabody Plaza, developed by Eakin Partners, oers 290,000 square feet of Class A oce and 10,000 square feet of retail, and the adjacent Trolley Barns, which include the Nashville Entrepreneur Center, features approximately 90,000 square feet of retail and creative oce space. All three developments combined will feature approximately one million square feet on 14 acres. Once complete, Peabody Union will become the “public square” of Rolling Mill Hill, bringing together Nashville’s civic investments along the riverfront with its amenity-rich living and working.

Here’s the quick rundown:

Peabody Union

• What’s Now: Parking Lot
• What’s next: Mixed-Use Development
• Developers: Stiles / Hensler / PGIM Real Estate
• Construction Financing: Wells Fargo
• Architect: Hastings
• Capacity: 354 Units / 50,000 SF Retail / 250,000 SF Office
• Contractor: Turner Construction

Designed by Hasting, the development will featuring a mix of elevated retail brands and chefdriven restaurants. The project will include approximately 50,000 SF of new-to-market food and beverage and retail concepts, 250,000 SF of Class-A creative oce space, and a 27-story multifamily tower featuring 354 “ultra luxury” apartment homes with unobstructed views of the downtown skyline and the Cumberland River.

Peabody Union will also prioritize sustainability, wellness, and connectivity within the design and future building operations. The project team will pursue familiar industry-leading certifications such as LEED, that will focus on sustainability. The project will also pursue Fitwel certication, the world’s leading certification system for health and wellness in buildings and communities. Additionally, they will pursue certification by WiredScore which assesses, certies, and improves digital connectivity and smart technology in homes and offices.

Stiles begins 232-unit multifamily community at Grove Ninety-Eight in Wake Forest, NC

Source: NEREJ

Wake Forest, NC – Stiles has commenced construction on a 232-unit multifamily community at Grove Ninety-Eight, a mixed-use master planned development also featuring a 100,000 s/f Wegmans, an additional 80,000 s/f of walkable retail, and 395 “for sale” residential units. The project is located in the evolving North Raleigh submarket, east of US-1/Capital Blvd. along Hwy. 98 at the Ligon Mill Rd. intersection.

The garden apartment community will feature top-of-market, resort-style indoor and outdoor amenities that cater to young professionals, empty nesters, and families. The community will offer a mix of one-, two- and three-bedroom apartment homes with finishes such as quartz countertops, stainless steel appliances, luxury vinyl plank flooring, solid wood shaker cabinetry, modern fixtures, smart technology, and 1GB Wi-Fi service. First occupancy for residents is expected in late summer of 2023.

“We are excited to grow our multifamily development footprint into North Raleigh and look forward to bringing a community to the town of Wake Forest that will provide residents with best-in-class unit finishes and amenities at a level of quality and luxury that Stiles has become known to deliver. In addition to providing convenient access to surrounding employment nodes such as RTP, downtown Raleigh and North Hills, residents will also have thoughtfully designed areas that provide dedicated work-from-home areas,” said president of Stiles Residential Group, Jeff McDonough. “Perhaps one of the most unique aspects of this community for residents to enjoy is the walkability and convenience to adjacent dining and retail options that are usually only seen in more urban locations, as well as proximity to Wegmans.”

An 8,500 s/f clubhouse will anchor the amenity base of the community and feature a fitness center, multiple resident lounges and a resident co-working area with private meeting rooms. Outdoor amenities include a resort-style pool, expansive outdoor dining and entertainment areas, beer garden, dog park and spa, fitness lawn, children’s playground/tot lot, and detached private garages. JDavis Architects, PLLC is the project architect and Fortune-Johnson Construction is the general contractor.

Stiles Residential Group has a development pipeline that exceeds $1 billion in capitalization with over 900 units currently under construction, including Peabody Union in Nashville, TN and The Ellsworth in Plantation, FL, as well as over 1200 units in predevelopment throughout Florida, North Carolina and Tennessee.