Mixing several uses within the same project is one of the biggest trends in the Southeast right now. Developers have recognized the advantages of giving people one place to shop, work and live. People enjoy the convenience that mixed-use developments provide, and many real estate companies are flexing their creative muscles through a variety of new projects.

Poyner Place - Crosland and Capital Land Investment Company

Crosland, Inc. of Charlotte, North Carolina, in a joint venture with Capital Land Investment Company, has announced plans to develop Poyner Place, a 102-acre mixed-use development in Raleigh, North Carolina. The project will consist of office and multifamily space, national, regional and local retailers and restaurants, and will be located across the street from Triangle Town Center Mall at the intersection of Old Wake Forest Road and Triangle Town Boulevard. Construction on Phase I is expected to be complete by fall 2003.

Crosland’s retail division will provide leasing, property management and project/construction management services. A 470,218-square-foot center will offer retailers optimal visibility for prospective shoppers. Fronting Triangle Town Boulevard will be a pedestrian village, which will serve as a focal point for restaurants and specialty shops. Negotiations are underway with major retailers to determine the property’s merchandise mix of value-oriented and regularly priced lifestyle stores.

This is the first major retail venture for Crosland’s Raleigh office, which opened in 1999. Poyner Place is one of the largest developments in which Capital Land Investment Company, a subsidiary owned and managed by the Poyner family of Raleigh, is currently involved.

The St. Croix - The Cornerstone Group

The Cornerstone Group, the fifth largest multifamily developer in the state of Florida, will soon begin construction on its first mixed-use project. The St. Croix will feature 246 affordable rental units and 14,200 square feet of retail space when it is completed in December 2003. The project is valued at $23 million.

The St. Croix is spread out over 12.31 acres in Lauderdale Lakes, Florida. Located in an urban in-fill redevelopment area, the project’s four-story apartment buildings will include one-, two- and three-bedroom units as well as townhomes. While below-market-rate rents will be offered, all units will have upscale features such as European-style kitchens, mini-blind window treatments and ceiling fans. The community will also offer amenities to its residents, including a clubhouse with a media room, fitness center and business center, an outdoor pool and 24-hour gated security. Cornerstone expects to deliver the first rental units by July 2003.

Leasing on the retail portion will begin once construction has begun. “Our target tenants will be local/ neighborhood merchants that will be able to provide goods and services to residents of the multifamily component of the development as well as to the surrounding community,” says Lenny Wolfe, president of Cornerstone Group Development.

Overton Park - Hines Interests

Residents of Atlanta are already enjoying the first phase of Overton Park, a new mixed-use project by Hines Interests. The first phase, One Overton Park, includes a 15-story, 380,000-square-foot office building. Men’s retailer H. Stockton is located on the ground floor of One Overton Park.

Another component of the first phase will be Cafés on the Park, a new urbanism restaurant project. Cafés on the Park will feature an urban streetscape with five to six restaurants on a European-style plaza with a water feature, benches and outdoor cafés that overlook the Chattahoochee River National Park.

The second phase of Overton Park will have 380,000 square feet of office space and one 7,500-square-foot pad site for retail. Phase III will include another retail pad site as well as a mid-rise condominium with 400 units. Future residents of Overton Park will enjoy a business center, athletic facilities, a beauty salon and a boutique grocery store.

The fourth and final phase of the project will include 400,000 square feet of office space, a 350-room full-service hotel and a retail pad site. When complete, the 34-acre site will feature approximately 1.45 million square feet of Class A office space, a hotel, four restaurants, a luxury condominium and retail space.

Metropica
K-Group Holdings Development and Codina Group

Miami-based K-Group Holdings Development and Codina Group of Coral Gables, Florida, are developing a mixed-use office, residential and retail complex on 39.8 acres in Sunrise, Florida. The companies envision the project as a downtown destination for the West Broward County community. They hope to attract people to the city and bring economic benefits to the area.

Phase I of the development, with a working name of Metropica, will consist of 500,000 square feet of office space, 363 residential apartments and 62,000 square feet of restaurants and retail space. The property is adjacent to Sawgrass Mills Mall.

Work on Phase I is slated to begin in December and will be developed over the next 7 years. In addition, a subsidiary of K-Group Holdings owns 25 acres of land adjacent to the 39.8 acres of the first phase. Preliminary plans for development on the additional acreage include office, retail and residential buildings, as well as a new city hall.

The Point
The Point LLC and Carter & Burgess

The Point LLC and Carter & Burgess are teaming up to develop a 272-acre, sports-anchored retail and entertainment project in Greenville, South Carolina.

The Point will feature 500,000 square feet of sports-anchored retail and entertainment space, 2.5 million square feet of office space, three to four hotels and 150 residential units.

Carter & Burgess is serving as the architect and master-planner for The Point, which will have an international focus; The Point LLC is developing the project.

One of the options being pursued is the addition of a baseball stadium. ScheerGame Inc. has proposed to add a 7,500-seat stadium, which would be the new home of the Greenville Braves AA baseball team, to the overall plan. Several proposals for the location of the new stadium have been submitted, and The Point team hopes to hear from the selection committee soon. “We’re planning on developing The Point even if the stadium is not approved,” says Chris Bauer, senior project coordinator with Carter & Burgess. “We had planned on building The Point as a mixed-use development, and the stadium would enhance the overall development.”


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