2SP Partners and Transwestern Development are plowing ahead with the first phase of a mixed-use development that could include hundreds of apartments and retail next to the Trinity River in Fort Worth. The group recently closed on a 10.2-acre site along Old University Drive and Merrimac Circle.
2SP told the Dallas Business Journal that the first phase of the development will cost roughly $170 million. The company expects to break ground later this fall.
Plans for the development, called Merrimac, include a seven-story, 337-unit apartment complex and 52,000 square feet of retail across several buildings. After the first phase is completed, the remaining 3.8 acres could be used for retail, hospitality or office space. Michael Hsu’s Office of Architecture is handling the architecture for Merrimac.
The development site is just north of Trademark Property Co.’s mixed-use Westbend development. Westbend is expanding with 321 new apartments and 4,500 square feet of retail.
Marcus & Millichap completed the sale and financing of 884 and 939 Palm Ave., two multifamily properties totaling 72 units in West Hollywood. The assets traded for $29.85 million, or $414,583 per unit. Tony Azzi and Rabbie Banafsheha of The Azzi Group of Marcus & Millichap exclusively represented the seller, a private family investor. Azzi,...
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JLL Capital Markets arranged a $154.25-million refinancing for Greybarn Amityville, a mixed-use residential property in Amityville, NY, owned by Rechler Equity Partners. Senior managing directors Peter Rotchford and Andrew Scandalios and director Clayton Ross arranged the financing through PCCP, LLC. “Lenders are looking closely at how a multifamily property performs today and at the owner’s...
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RioCan is shifting $235M in residential development assets toward commercial uses, a move disclosed in its third-quarter results that raises questions about plans for an approved 80-storey condominium tower on Toronto’s Mink Mile. The tower at 83–95A Bloor St. W., planned with Parallax, received zoning approval in December 2024. But RioCan’s latest financial statements identify...
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