In the wake of the terrible news on Wall Street yesterday, one of the most expensive mixed-use developments in the country, city-scape receives great news from a Texas investment-management company. CDK Realty Advisors out of Dallas has agreed to partner and fund up to a potential $200 million to Red Development, co-developer of CityScape. The Dallas company has invested in previous Red Development projects and now has created a firm partnership in the $900 million project.
The project that spans three city blocks just east of the US Airways Center has four planned towers. Currently under construction is the 27-story office tower that is supposed to house a new Wachovia satellite headquarters. Future phases include a second tower, with a boutique hotel and residential condominiums. While the third and fourth towers will house a potential 500 residential units, construction schedules are unknown. Another key unknown at this point is how much money Red will actually receive to use for construction loans and as to what exactly they will use it for – most likely the hotel tower. The project has already received $120 million in city incentives.
Other office and retail tenants include:
P.F. Changs China Bistro, A.J.’s Fine Foods Grocery, Squire, Sanders & Dempsey, and the world-renowned Kimpton Hotels will operate the boutique Hotel Palomar within the project.
The first tower is expected to be complete in early 2010.