Overview
- Hines has been appointed asset manager for the existing mixed-use district, replacing MAG Partners as its contract expires at year’s end.
- Sagamore Ventures says the $66 million land loan is not in default and that transferring the undeveloped acreage was agreed after months of talks to keep development options open.
- Bank OZK recorded a $20.9 million charge-off on the land loan in the third quarter and has signaled interest in keeping the sponsors engaged with the project.
- The delivered first phase includes about 450 apartments, roughly 400,000 square feet of office space, ground-floor retail and Under Armour’s headquarters, with residential and retail leasing reported as strong.
- Stakeholders say they will continue discussing roles and potential adjustments to future phases, and Hines has been in talks about possible participation in later development without a finalized deal.