The master-planned development will include 401 multifamily residences, approximately 426,764 square feet of essential and service-oriented retail, a 125-key lifestyle hotel and an approximately 82,875-square-foot office building.
The 6.6 acre property is positioned for a large-scale mixed-use development that also allows for the development of up to 6,602 residential units across residential, office, hotel, and retail.
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The acquisition works out to about $156 per square foot for the 6.15-acre property.
The leasing activity was brokered on the tenant side by JLL. Ryan Goggins and Peter “PJ” Apol represented Sunbeam Properties & Development.
The mixed-use tower is planned to total about 1.6 million square feet, with completion targeted for 2029.
Alex Zylberglait of Marcus & Millichap represented the seller, a private overseas group, and procured the buyer, a local private operator.
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The property totals 366,036 square feet on 22 acres.
The lease transactions are valued at more than $56 million.