Latest news with #Third&Urban
Yahoo
3 days ago
- Business
- Yahoo
Developer moves forward with plans to build 8-acre housing, retail space in Sandy Springs
A residential development company is moving forward with plans to redevelop a more than eight acre space at the 'heart of Sandy Springs.' Trammell Crow Company's High Street Residential will work with Third & Urban to build Hillcrest, an 8.1 acre mixed-use luxury living and community retail space. The Hillcrest project is expected to break ground in June and finish in 2027, sitting next to City Springs. [DOWNLOAD: Free WSB-TV News app for alerts as news breaks] The overall goal for the space is to build 362 premium apartments, 30 luxury for-rent townhomes and more than 18,000 square feet of retail space with an integrated greenspace plaza, according to the developers. The space, located at what is currently the Sandy Springs United Methodist Church's Activities Center, was sold by the church to High Street Residential as part of a plan to "secure its long-term future within the community" of Sandy Springs. TRENDING STORIES: Former Spalding football coach sentenced for strangling his girlfriend 'That's problematic:' Woman accused of taking money from homeowners instead of cutting down trees Driver hospitalized after car flips, split in half during crash on GA highway 'We appreciate this opportunity to work with HSR and the City of Sandy Springs,' Rev. Kate Floyd said. 'The proceeds from our property sale to HSR will go to support our mission. We envision that our new, redeveloped campus will be integral to a vibrant city center and a welcome addition to the community.' Proceeds from the sale by the church will pay for improvements to the main campus. High Street Residential said the building plan will feature a three to five story apartment building and parking garage with over 100 public parking spaces for city events and retail shopping. The luxury townhomes are expected to come in two or three bedroom floorplans and include two-car garages and rooftop patios. The apartments will feature a rooftop pool, panoramic clubroom, a golf simulator lounge, private movie screening room, sauna, fitness center with Pilates studio, a dog park and a cafe-inspired remote work space. 'Hillcrest offers a unique opportunity to create a premier mixed-use destination, elevating Sandy Springs and the City Springs area as one of the top places to live, dine, and play,' Scott Kirchhoff, Principal at HSR, said. 'Through our partnership with Sandy Springs United Methodist Church and the City of Sandy Springs' commitment to adding over 100 public parking spaces, this project will deliver exceptional housing, vibrant restaurants, and meaningful community spaces—supporting the church's future and advancing the city's vision for a dynamic urban core.' Third & Urban will design the retail portion of the development, including a mix of both high-end and casual dining options, an ice cream shop, coffee shop, fitness studio and wine bar, in addition to community gathering spaces. 'Hillcrest will introduce a mix of local, walkable shops and restaurants with abundant patio and outdoor spaces -- creating a retail experience that's unique to the market,' Hank Farmer, partner at Third & Urban, said. 'Located adjacent to City Springs, the project sits at the heart of the community in a pedestrian-focused, connected environment that reflects the character and spirit of Sandy Springs.' As far as location, the Hillcrest development will 'terrace down from Mount Vernon to Sandy Springs Circle.' Construction plans include improvements to the area's street infrastructure, including connected, walkable spaces and adding on-street parking. [SIGN UP: WSB-TV Daily Headlines Newsletter]
Business Wire
3 days ago
- Business
- Business Wire
Barings Provides $51.4 Million Financing on Lower Tuck in Charlotte, NC
CHARLOTTE, N.C.--(BUSINESS WIRE)--Barings, one of the world's largest diversified real estate investment managers, announced today that it has provided a $51.4 million loan to a partnership of Third & Urban and TPG Angelo Gordon to refinance the existing loan on Lower Tuck ('the Properties') in Charlotte, North Carolina. 'We are excited about partnering up with Third & Urban and TPG Angelo Gordon on this adaptive reuse mixed-use campus in the burgeoning FreeMoreWest submarket. Charlotte's office market fundamentals are steadily improving, with limited new supply expected in the near term. Differentiated offerings like Lower Tuck are well-positioned to benefit from this trend,' said Ryan Naumes, Managing Director with Barings. Lower Tuck is a portfolio of three Class A, adaptive reuse buildings totaling 247,223 sq. ft. in Charlotte. The portfolio was 63.6% leased to 20 tenants at the time of the transaction. The portfolio includes: 929 Jay Street: An 84,919 sq. ft. creative office building with timber ceilings 19-foot windows, and ample outdoor/patio space. 1018 Jay Street: Offers 69,774 sq. ft. of office and retail space, with steel truss and timber ceilings, skylights, and an open-air courtyard. 800 Gesco Street: Comprises 92,530 sq. ft. of creative office and retail suites, showcasing impressive 24-foot, exposed barrel vault and steel truss ceilings, floor-to-ceiling windows, and six recently delivered speculative suites, three of which are leased. CBRE advised the sponsorship on the financing from Barings. This transaction expands Barings' $23.79+ billion* real estate debt platform, which leverages the team's broad direct origination capabilities and deep credit expertise to invest in loans secured by institutional-quality commercial real estate. About Barings Barings is a $442+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.
