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5 Mixed-Use Conversions and 6 More Projects to Watch

February 24, 2022

Abu Dhabi: Developer Aldar landed $1.4 billion in funding from private equity giant Apollo. Aldar aims to build more retail, residential and office in the Middle East and to buy at almost $2 billion worth of commercial space in 2022.

Colorado Springs, Colorado: New Life Church is developing more of its parking lot into retail. The evangelical Christian ministry has thousands of members and owns 40 acres. Last year, it gave Dutch Bros Coffee a ground lease to build an 892-square-foot, freestanding drive-thru in the church’s parking lot. Now, it has broken ground on a 7,836-square-foot building that it will lease to Shipley Do-Nuts, two other restaurants and a home improvement retailer. Completion is scheduled for summer.

Palm Beach Gardens, Florida: Drury Development Corp. wants the city council’s permission to demolish the 105,720-square-foot former Loehmann’s Plaza to build mixed-use. Most of the 1984-era center is vacant. Phase 1 would include a nine-level, 292-room Drury Plaza Hotel totaling 168,859 square feet; an eight-level, 315-unit apartment building totaling 374,648 square feet; and a one-level, 11,000-square-foot restaurant building. Phase 2 would feature a seven-story building with 66,681 square feet of office, 6,500 square feet of restaurants and 6,700 square feet of retail, plus a seven-level parking garage.

Plainfield, Indiana: New City Development, Formation Properties and Pulte Homes plan a $300 million, 125-acre, master-planned community called Hobbs Station. Phase 1 will include 300 apartments with 30,000 square feet of street-level retail, 99 single-family homes and 500,000 square feet of logistics space. At buildout, Hobbs Station will have 240 single-family homes, 650 multifamily residences, senior living, 70,000 square feet of neighborhood retail and restaurants and 200,000 square feet of office.

Annapolis, Maryland: Fitness brand Life Time, pictured at top, will open at Annapolis Town Center in fall 2022 as part of Trademark’s redevelopment. Trademark also is upgrading signage and community elements at the property, which consists of 557,000 square feet of retail, 45,000 square feet of office and 550 luxury apartments.

Minneapolis: Doran plans to convert part of Seven Points, formerly known as Calhoun Square mall, into a seven-level mixed-use tower with residential units atop a 55,000-square-foot supermarket and a restaurant.

Massapequa, New York: Urban Edge Properties won’t renew leases at Sunrise Mall as it pores over options for transforming the two-level, 1.2 million-square-foot, 50%-occupied property. The company is discussing redevelopment plans with Macy’s and Sears. The mall’s 208,000-square-foot Macy’s remains open, while the 201,000-square-foot Sears closed last year.

Greenville, South Carolina: Central Realty Holdings and others plan Pelham Exchange. The property, including six buildings ranging from 2,600 to 7,000 square feet each, will host retail, multiple restaurants, a dog park a concert venue and a beer garden.

Lebanon, Tennessee: Land Solutions wants the mostly vacant Lebanon Outlets rezoned for mixed-use in order to add office and residential to retail. The company recently purchased the 40-acre property.

Missouri City, Texas: The city council agreed to pay $200,000 to the owners of the 61,668-square-foot Quail Valley Plaza as part of the city’s new Facade Improvement Incentive Program. The shopping center spent $586,000 repainting signage, upgrading lighting and repaving and restriping the parking lot.

Dallas: McCourt Partners and HN Capital Partners acquired more than 40 acres in the Dallas Design District that houses 800,000 square feet of showroom, retail and flex office space. The portfolio sits on a pedestrian spur connecting Katy Trail and the Trinity Strand Trail. The developers plan to add mixed-use spaces aimed at design-oriented users.

By Brannon Boswell

Executive Editor, Commerce + Communities Today

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