Today’s CRE Scoops – December 4, 2019

The Grand, a Los Angeles mixed-use project being built by Related and Chinese investor CORE, is expected complete in 2021. Credit: Related/CORE

Atlanta-based Jamestown, the institutionally backed developer that operates New York City’s Chelsea Market and has closed record-breaking property deals with Google, is going direct to the people with a new investing platform. Jamestown today launched Jamestown Invest, a direct-to-consumer platform that allows U.S.-based investors to participate in a $50 million fund targeted properties including warehouses, hotels, office buildings, retail, land and multifamily. The fund also expects to consider properties with redevelopment opportunity. A minimum investment of $2500 is required to participate. The platform “seeks to democratize access to real estate investment opportunities,” Jamestown noted in its announcement. For its first acquisitions, the fund is targeting two Atlanta investments: a five-building creative office campus in the Old Fourth Ward called Southern Dairies and a four-building flex/industrial portfolio in the city’s Upper Westside. “Investors are looking for innovative platforms and dynamic opportunities,” Jamestown President Michael Phillips said in a statement, adding that the new platform “addresses this changing landscape and provides access to the benefits of Jamestown’s track record in value creation for the first time.” (Jamestown Invest)

Developer The Related Companies is tweaking its original concept for The Grand, a mixed-use retail and luxury apartment complex it is building with Chinese joint-venture investment partner CORE in Los Angeles. The team is dumping a planned 44,000-square-foot movie theater complex, citing “a lack of interest by movie theater operators,” according to TRD reporting, which mentions the proliferation of streaming services like Netflix and Amazon [Prime Video] as a “likely” contributing factor. Now, the development team is asking the city to approve an office or retail component in its place and The Community Redevelopment Agency of Los Angeles is expected to consider the proposal on Dec. 5. Planned for completion in 2021, The Grand is slated to include 176,000 square feet of restaurant-anchored retail, an Equinox Hotel® and more than 400 residential apartments. About 20% of the apartments will be designated affordable housing. In July, Related announced that a foundation pour for The Grand’s residential building lasted 15 continuous hours and required 900 tons of concrete. (The Real Deal)

Luxury outerwear brand Canada Goose has a new Toronto store taking experiential retail to the next level, with an inventory-free layout that feels more like a nature exhibit. Within the Canadian city’s CF Sherway Gardens Mall, a multisensory show dubbed “The Journey” guides potential buyers through a handful of rooms designed to simulate the Arctic. It begins with “The Crevasse,” a stone tunnel paved in OLED screens that emulate cracking ice. Next comes the “Elements Room,” where a 4K projector displays wilderness scenes on massive curved screens. Guests then head to the “Gear Room,” designed to recall Norway’s so-called doomsday seed vault. There, visitors are able to store their things before trying on coats in the “Cold Room,” where it is snowing. Following the experience, any Canada Goose converts have the opportunity to order outerwear in a retail area using digital kiosks. (CNBC)


More News to Note:

Turkish Developer Worth Billions Plans First U.S. Project: The Tallest Building in Florida

Legacy Houston CRE Firm Plans Succession, Dishes on How the Market’s Changed

Chicago-based Conor Commercial Real Estate Enters Dallas-Fort Worth with 200K-SF Mixed-Use Project

Colliers International Names New U.S. President


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