BLOOMINGTON GROUP LLC AND POLARIS REAL ESTATE EQUITIES have announced plans to develop a $70 million mixed-use urban development called Shelburne Plaza on the south side of downtown Lexington, Ky. The 4.7-acre project will rest on the site of a former tobacco warehouse and will encompass three buildings between four and seven stories with some 80,000 sq. ft. of retail space, 250 apartment units, an outdoor courtyard, parking and areas for outdoor entertainment.
CORE COMMUNITIES, a subsidiary of Levitt Corp., has acquired approximately 5,300 acres of land between Savannah, Ga., and Hilton Head Island, S.C., for $41.6 million. Core Communities has entitled the land for up to 9,500 residential master-planned units and some 1.5 million sq. ft. of commercial space along with recreational areas, educational facilities and emergency services. The property will be primarily developed for the pre-retirement and retirement market.
ARCHON GROUP LP has acquired a 50-acre site on Chicago's South Side for the joint venture development of Chatham Market, a 420,000 sq. ft. retail power center. Archon's joint venture partner is Monroe Investment Partners LLC, a local private partnership. The project will include two big-box retailers and a mix of leading category retailers and specialty shops.
TRANSWESTERN COMMERCIAL SERIVCES of Newport Beach, Calif., sold Crown Ridge @ Fair Oaks on behalf of KBS Realty Advisors for $58 million to an affiliate, Galaxy Investments. The 191,237 sq. ft. office building is located in Fairfax, Va., and is 100% occupied.