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.

Austin Developer Plans to Start Uptown Dallas Tower

The McKinney Avenue high-rise will have apartments and offices

Written by: Steve Brown
Source: Dallas Morning News

Another Uptown Dallas high-rise is set to start later this year.

The McKinney Avenue mixed-use tower is a project of Austin-based developer Endeavor Real Estate Group.

The 19-story office and apartment high-rise will be built on a corner at Boll Street and McKinney. The more than $121 million project is set to begin in September and will open in 2025, according to planning documents filed with the state.

Dallas architect HKS designed the 386,000-square-foot building, which has been in the works for several years.

Endeavor purchased the property on McKinney in 2019. The site is now occupied by several small retail and commercial buildings.

Endeavor’s new building would have 290 residential units, almost 60,000 square feet of office space and 15,000 square feet of retail.

Endeavor is the largest full-service commercial real estate firm in the Austin area, handling retail, office, industrial, mixed-use and multifamily projects.

The commercial property firm has been in business since 1999 and has played a role in reshaping the Austin skyline.

The McKinney and Boll tower is one of several new high-rises on the way in Uptown.

It’s just a few blocks away from where Trammell Crow Co. is planning to start work soon on a 27-story tower at McKinney and Maple avenues.

Mixed-use tower home to Whole Foods sells

Boston entity pays possible per-apartment record for 1200 Broadway

Written by: William Williams
Source: Nashville Post

Downtown mixed-use tower 1200 Broadway — recognized for its Whole Foods grocery store — has sold for approximately $295 million, multiple sources said, with the deal likely shattering the city’s per-apartment record.

The new owner of the 26-story tower, located at the address from which its name derives, seemingly is Boston-based Intercontinental Real Estate Corp.

The seller was Austin-based Endeavor Real Estate Group, which paid $14.6 million for the 1.56-acre site in 2015 and developed it with what is called 1200 Broadway. The building — which offers 313 apartments, 66,000 square feet of office space, 46,000 square feet of retail space (PNC Bank joins Whole Foods on the ground level) and 485 parking spaces — opened in 2019.

Because 1200 Broadway offers a significant amount of non-residential space, the per-unit mark is challenging to calculate, industry officials told the Post. But sources said the percentage of the sale that covers the residential component of the overall building yields a per-residence equivalent of more than $600,000. This compares to the recently set record of $442,000 per unit, a price set in December when Washington, D.C.-based WhyHotel paid $140.1 million for downtown’s 317-unit mixed-use tower The SoBro (read here). The then-record was well more than the previous local per-residence highs in the mid- to upper-$300,000s.

Relatedly, and when parking is factored, the per-unit mark for the sale of the 1200 Broadway units is more than $660,000, the sources said.

The Davidson County Register of Deeds has yet to record the transaction, but multiple sources confirmed the transaction. Intercontinental officials could not be reached for comment.

Lincoln Property Co. is now managing 1200 Broadway (UDR was the previous manager).

The Post was unable to determine if brokers were involved in the deal.

Catalyst Capital Partners, Stiles to develop mixed-use tower at former Price’s Chicken Coop site in South End

Source: Stiles

 Catalyst Capital Partners, a Charlotte-based real estate development and investment firm, recently formed a joint venture with 70-year-old real estate development firm Stiles to develop an ultra-luxury multifamily/mixed-use tower located at the SW corner of Camden Rd. and W. Park Ave. in the fast-growing South End submarket of Charlotte, N.C.

Comprised of 315 units, the tower will include 9,500 square feet of retail and restaurant space on the ground floor with a highly activated streetscape, and approximately 10,000 square feet of office space that Catalyst will occupy upon completion. The project will feature market-leading indoor and outdoor amenity areas and contemporary, top-of-market unit finishes in a variety of studio, one-, two-, and three-bedroom floor plans. Nashville-based Hastings Architecture is the architect of record and will also handle interior design, and LandDesign is the civil engineer and landscape architect. Construction is targeted to commence in Q3 of 2022.

“We are thrilled to be developing our third apartment community in North Carolina and our first in Charlotte in the heart of South End,” said Jeff McDonough, President of Stiles Residential Group. “We are also excited to partner with a talented and experienced group like Catalyst to bring a project of the highest caliber to this incredible location and vibrant submarket. This community will be incredibly well-suited to support the tremendous job growth in the immediate area, and we expect it to set a new standard for luxury living in the Charlotte.”

“South End has been our home for several years and we are privileged to be able to contribute to its growing skyline. We always envisioned a landmark high-rise development at this incredible location – what we feel is the best in all of Charlotte,” said Catalyst Managing Partner Beau McIntosh. “The Stiles team has been longtime friends of Catalyst and this partnership is very complementary for both firms. We are all quite confident that the Charlotte market is ready to embrace the unique, luxury high-rise lifestyle this tower will offer.”

Located directly on the Light Rail’s Blue Line between East/West Station and Bland St. Station., the project will be a transit-oriented development that features connectivity with the Rail Trail as well as easy access to Uptown, Charlotte Douglas Airport, and over 200 walkable amenities including retail, restaurants, and nightlife. It will be surrounded by several employment centers and newly delivered office towers, including Stiles’ 110 East development, a planned 23-story office tower immediately adjacent to the East/West Station light rail stop.

“Over the next few years, we’re going to see the multifamily offerings in South End make the move upmarket with regard to finishes, views and amenities,” said Justin Siemens, President of the Carolinas at Stiles. “We believe this move will complement the various commercial endeavors currently shaping South End and we are excited to be a part of it.”

Three-tower Gulch project set to continue

MDHA OKs Austin developer’s efforts related to two residential high-rises to join office building

Written by: William Williams
Source: Nashville Post

The Metro Development and Housing Agency Design Review Committee on Tuesday approved the future use of materials related to two residential towers that will comprise Gulch Union and join existing office tower 1222 Demonbreun.

The three-building development will sit at the northwest corner of the intersection of 12th Avenue South and Demonbreun Street, with the recently opened existing office high-rise overlooking downtown’s interstate loop. The main address is 1200 Demonbreun St.

As the Post reported last July, a 16-floor luxury hotel component originally planned for the north tract of the mixed-use project’s site will, instead, be residential in function and join a 28-story residential tower on the south tract, according to a document submitted to MDHA at the time. MDHA’s Design Review Committee approved bonus height in 2020.

The site sits within MDHA’s Arts Center redevelopment district and, as such, DRC approval was needed. Austin-based development company Endeavor Real Estate Group, which owns the property, went before the MDHA DRC Tuesday to seek approval for the exterior materials and streetscape elements of the two buildings.

Dallas-based HKS is the project’s architect. Endeavor has applied for a grading permit for the first of the two planned residential towers. That building’s construction will include the addition of a turn lane from southbound 12th onto Demonbreun and the elimination of a pedestrian island at the corner.

The Gulch Union footprint is bordered by 12th and 13th Avenues on the east and west, respectively, and McGavock and Demonbreun streets on the north and south. It is being billed as a “gateway” site, centrally located between Midtown, SoBro, The Gulch and the North Gulch.

The aforementioned 1222 Demonbreun opened late last year and offers 329,000 square feet of Class A office space and 6,000 square feet of retail.

The 0.39-acre property is located in Metro Councilmember Freddie O’Connell’s District 19.

See previously released images here and here.

Uptown mixed-use project moves ahead after key approval vote

Written by: Ran Salchert
Source: Dallas Business Journal

Earlier this month, Austin-based Endeavor Real Estate Group received a much needed vote of confidence for its proposed mixed-use project in Uptown.

At the northeast corner of McKinney Avenue and Boll Street, Endeavor has proposed a 19-story mixed-use tower that would include 290 apartments, 60,000 square feet of office space, 16,500 square feet of retail and restaurant space and multiple levels of underground parking.

The tower’s height would not exceed 240 feet, according to plans, and a portion of the apartments would be reserved for individuals and families making below the area median income. Dallas’s City Plan Commission approved the latest plans for the project on March 4.

Endeavor purchased the property at McKinney and Boll in 2019 and has been working on its development plan with the neighborhood ever since. Jamil Alam, managing principal of Endeavor Real Estate Group, told the Plan Commission that the company has gone through 15 different iterations of its Uptown plan. Now that the project has received a thumbs up from the Plan Commission, it will go before City Council for final approval.

Another major development is in the works just down the street. Earlier this month, Trammell Crow Company received its final approval from City Council to move ahead with a 29-story mixed-use tower at 2401 McKinney Avenue. The project will include 698,000 square feet of office space, a new 10,829-square-foot home for Truluck’s, a 12,000-square-foot health club and 5,000 square feet for a future bank, restaurant or retail user. It is not known when Trammell Crow plans to break ground on the project.