$200M development in Durham takes next steps; will include homes, grocery store

The $200 million redevelopment of a bottling facility in northwest Durham is moving forward.

Atlanta-based Ardent Companies recently filed site plans for its redevelopment of the Durham Coca-Cola Bottling Company warehouse. The new development will have 370 apartments, 35 townhomes and nearly 70,000 square feet of retail space including a grocery store. The company had the property rezoned in October.

Jay Douglas, executive director for Ardent Companies, said the company is anticipating closing on the land by the end of this year so it can break ground in the first quarter of 2025. If it follows that timeline, the development will open in the third quarter of 2026.

The timeline is dependent on when Coca-Cola finishes building its new facility in Chatham County, which Douglas said is on track to be complete by the end of this year.

The multifamily units will be a mix of studio, one, two and three bedrooms in a 7-story building that will wrap a parking deck with 520 parking spaces. The company hasn’t settled on how many bedrooms the townhomes will have but five of them will be offered at 80 percent of the area median income. All of the townhomes will be for sale.

Amenities include a swimming pool, courtyard, outdoor grilling areas and interior amenities that have yet to be decided.

Retail will be in six buildings, one for the grocer and five for new retailers. The grocery space will be 23,291 square feet and the remaining buildings will hold about 15 retailers. Douglas said the company wants to create Class-A service and family-oriented retail that meet the daily needs of the local community. That includes retail options like fitness and food and beverage concepts.

Surface parking for the retail will include 355 spaces.

The bottling facility will be demolished, bu the company will reuse pieces of it in the new development. Douglas said the company hasn’t yet had a chance to evaluate what will be left behind by Coca-Cola Bottling Company.

The only building that will remain is the First Citizens Bank branch.

The Durham Coca-Cola bottling facility is at 3214 Hillsborough Road near Duke University Hospital. The more than 100,000-square-foot warehouse is on 11 acres. The property’s assessed value is about $4.5 million.

The headquarters facility was built in 1961 to distribute Coca-Cola products in Durham, Person, Granville, Vance and parts of Wake, Orange and Chatham counties. The company is consolidating its Durham and Sanford locations and moving the headquarters to Chatham County.

Hager Rand, president of Durham Coca-Cola Bottling Company, previously told the TBJ that the move is so the company can be more centrally located and in a modern and more efficient space.

New Options Land at The Royal Exchange

The Royal Exchange, the City of London’s leading luxury destination, has signed two new dining brands as operators look to capitalise on the public realm improvements and the Square Mile’s ongoing resurgence.

Empanada specialist Chango has taken unit 31, while The Salad Kitchen has signed for unit 23. Both stores, which front onto Threadneedle Street, have been taken on new 10-year leases.

The new arrivals highlight the growing demand from dining and socialising operators at The Royal Exchange, in response to both the continued growth in visitor numbers – to both the destination and the wider City – and the creation of new public realm around the building. The City of London Corporation’s “All Change At Bank” project is creating a new public space, including al fresco dining, along the stretch of Threadneedle Street outside The Royal Exchange.

The Square Mile is undergoing a wider resurgence as a luxury retail and social destination, with The Royal Exchange playing a key role in the revival. Chango and The Salad Kitchen join existing operators such as The Libertine and Fortnum & Mason, while Des Gunewardena is set to launch his new venture in the destination’s mezzanine area later this year. The new lettings follow recent long-term commitments from luxury retail brands including Tiffany & Co., Bremont, Aspinal of London, Omega, Montblanc and Hermès.

Andrew Hilston, Managing Director of The Ardent Companies UK, said: “The public realm upgrades on Threadneedle Street are changing the face of The Royal Exchange’s external space, enabling outside dining and further enhancing what is rapidly becoming one of the City’s leading social destinations. The arrival of Chango and The Salad Kitchen, alongside our existing bars and restaurants, highlights the growing demand for dining options in the area as visitor numbers to both The Royal Exchange and the wider Square Mile continue to increase.”

Luxury retailers make long term commitments to the Royal Exchange in the Square Mile

The Ardent Cos. invests $61M in Big Plan Holdings Lower Broadway project

Atlanta-based real estate investment firm The Ardent Cos. has invested in Lower Broadway once again.

This time, The Ardent Cos. made a bridge loan to Big Plan Holdings for $61 million on Dec. 22, according to Metro records, to complete construction of the yet-to-named bar at 405 Broadway. In 2022, sources confirmed to the Business Journal that Jon Bon Jovi is associated with the project.

Big Plan Holdings purchased the L-shaped parking lot between Merchants and Nudies in 2020 for $9.4 million with plans for the five-story bar. The Nashville company has completed the majority of the development and secured additional funding from The Ardent Cos. to complete the project, set to open in summer 2024, an Ardent spokesperson told the Business Journal.

The companies will reveal more details of the project early next week.

Big Plan Holdings, led by founder and CEO Josh Jospeh, recently opened its Hank Williams Jr.’s Boogie Bar in the former Nashville Crossroads space at 419 Broadway and is working on a new restaurant and bar in 12South at 2405 12^th Ave. S. between The Butter Milk Ranch and Bottle Cap.

The Ardent Cos. has invested over $150 million in Nashville and this marks the company’s 11th transaction in Music City, 10 of which have been made in Lower Broadway’s entertainment district.

In summer 2022, The Ardent Cos., in partnership with real estate investor Jeffrey Welk, purchased the former George Jones Museum, now home to five-level entertainment complex Nashville Live!, for $28.5 million.

“We are big advocates in the long-term success in Nashville. The city has had exemplary performance in the time that we’ve invested there and we’ve continue to reinvest monies, as we think it’s a solid economic base and continues to be a strong growth market,” Scott Werbel, managing director at Ardent, told the Business Journal in a previous interview.

Des Gunewardena announces new venture at The Royal Exchange

Des Gunewardena, co-founder and former CEO of restaurant group D&D London, announced today that he has signed an agreement with The Ardent Companies UK to open a new flagship restaurant, bar and event space at The Royal Exchange, The City of London’s leading luxury destination.

This will be the first project for Des since his departure from D&D. Des has taken 6,500 sq ft of space on a new 15-year lease, with the new venture occupying the North, South and East mezzanines of the main central courtyard, together with a newly-created outdoor terrace at the front of the building.

Details of food, drink and design concepts are to be announced closer to the venue’s planned opening in May 2024. The venue will also feature live music and entertainment.

The Royal Exchange is the City of London’s leading luxury destination with a range of high-end boutiques – including Tiffany & Co., Hermès, Montblanc and Omega – alongside dining options such as The Libertine and the Fortnum & Mason bar and restaurant.

The Square Mile is undergoing a wider luxury retail and social resurgence, with The Royal Exchange and the surrounding public realm upgrades playing a key role in the revival. As more workers return to the office, the scheme is reporting increasing visitor numbers, with footfall for the year to date up by around 50% and trading performance rising by 30% on average.

Des Gunewardena commented: “I have always loved the Royal Exchange since my first involvement with the building back in my Conran days. Ardent has some imaginative proposals for evolving what is already a very successful luxury retail and restaurant offer, and I am excited to be part of those plans.”

Andrew Hilston, managing director of The Ardent Companies UK, added: “We are hugely excited to welcome Des to The Royal Exchange, and can’t wait to see his concepts come to life. Alongside existing eateries, including The Libertine and The Fortnum & Mason bar and restaurant, Des’ arrival will further burnish The Royal Exchange’s reputation as one of The City’s best places for dining and socialising.”

Providing 51,400 sq ft of retail and socialising space around a historic covered courtyard, The Royal Exchange opened in 1566 as London’s first purpose-built trading centre. It once housed Lloyd’s insurance market and Queen Victoria unveiled the current building, the third on the site, in 1844.

Located opposite the Bank of England between Threadneedle Street and Cornhill, the retail element of The Royal Exchange was acquired by The Ardent Companies UK – a subsidiary of US-based real estate investment and asset management firm The Ardent Companies – in October 2022.

Early ’24 opening eyed for Broadway chicken eatery

Construction is set to begin on the Raising Cane’s Chicken Fingers space in downtown Nashville, with a first quarter 2024 opening eyed.

As the Post reported in September 2021, the Baton Rouge-based parent company of the national fast-food chain plans a location at 208 Broadway.

A Metro Codes Department permit, valued at $5.2 million, has been issued to allow for the build-out of the space, which was once home to a FedEx Office. The space seemingly previously accommodated retail business The Nash Collection and is located next to Redneck Riviera (read more here).

Atlanta-based private investment and asset management group The Ardent Companies owns the building. The company created TAC Lower Broadway LLC for the $16 million purchase in late 2015 of multiple buildings (and surface parking), with addresses, at the time, of 208-210-212 Broadway.

The Raising Cane’s will occupy floors one and two of the four-story structure, called the Baxter Building, according to the permit. The building opened in 1891.

The Lower Broadway effort comes as Raising Cane’s recently opened a location at 36 White Bridge Road, a site previously home to Wendy’s (read here). Lagasse Commercial Investments LLC owns the 1.2-acre West Nashville property, with an affiliated entity having paid $750,000 for it in 1992, Metro records show.

“We are very excited to plant roots in Music City and look forward to making ‘Caniacs’ of country music fans and Nashvillians one chicken finger meal at a time,” Johnny Vigil, Raising Cane’s area leader of restaurants, said in a release.

Raising Cane’s operates a location in Knoxville and about 725 locations overall in 36 states, the Middle East and Guam. Texas is home to 193 (28 percent) of the chain’s eateries.

In addition to chicken fingers, Raising Cane’s offers fries, coleslaw, Texas toast and soft drinks. The company, founded in 1996, is recognized for its yellow Labrador mascot.

Major fashion brands flock to shopping centre

Touchwood Shopping Centre in Solihull has continued to expand its retail offer with the arrival of three major fashion brands.

Jeans brand Levi Strauss & Co. has taken a 2,350 sqft unit on a new five-year lease, while shoe and accessories retailer Dune London has signed a five-year lease for a 3,200 sq ft store. I

Womenswear label Mint Velvet has opened a 3,544 sq ft boutique on a new ten-year lease.

The three new stores are the latest arrivals in line with the strategy – developed and implemented by Touchwood owner The Ardent Companies UK alongside asset manager Sovereign Centros – to attract premium brands to the scheme.

Touchwood includes names such as John Lewis, Mango, Tag Heuer, Polestar electric cars, Apple, Miele appliances, Zara, Rituals and H&M.

There has been 185,000 sq ft of new lettings and lease renewals since Ardent UK acquired Touchwood, driving occupancy to more than 96%. Ardent UK acquired the asset in July 2021, the first major shopping centre transaction since the onset of the pandemic.

Andrew Hilston, managing director at Ardent UK, said: “Fashion is a key pillar in what attracts people to Touchwood, and our strategy has centred on bringing the best names in clothing, shoes and accessories to the destination. As such, it is hugely exciting to have brands of the calibre of Levi’s, Dune and Mint Velvet choose Touchwood for their latest stores, and we look forward to further such additions to the line-up in the near future.”

Simon Phipps, asset manager at Sovereign Centros, added: “The arrival of these major brands underlines just how much of a fashion destination Touchwood has become, and reflects the success of the leasing strategy we have put in place. All three are fantastic additions to Touchwood, and it is this focus on giving visitors the best choice of retailers that is driving the strong trading and footfall that the scheme continues to enjoy.”

Ardent UK and Sovereign Centros were advised by Cushman & Wakefield and Knight Frank.

Ardent hires Lakhtaria to lead new UK debt business

The Ardent Companies, the US-based real estate investment firm, is expanding its debt platform into the UK and appointed Sunny Lakhtaria to lead the new business.

Ardent, which launched its UK business back in 2021, said Lakhtaria will head the UK platform that will target both “fresh lending and debt buying and will be across a range of different structured options”.

Ardent said the UK debt business is looking to be active across all real estate sectors, with an anticipated focus on residential development.

Lakhtaria is a former partner of Urban Exposure, a member of the executive and credit committees, and more recently set up and launched a real estate bridge financier for an AIM-listed lender.

Ardent, which has real estate lending experience in the US and has originated over $2bn (€1.9bn) of loans, said the move into lending in the UK follows a successful period for The Ardent Companies UK since its launch.

Since its inception, The Ardent Companies UK has acquired Touchwood shopping centre in Solihull and the Royal Exchange in London. It has also established a national industrial and logistics portfolio of over 2.25m sqft.

Richard Benson, managing director of The Ardent Companies UK, said: “Ardent’s lending activity is centred on using its investment expertise and structures to deliver financing facilities that meet borrowers’ needs, an approach that has generated considerable repeat business.

“With the appointment of Sunny, we have a proven operator from the highest tier who is perfectly placed to bring the same success to the UK team, and we look forward to establishing one of the market’s foremost lending and debt acquisition platforms.”

Matt Shulman, CEO and managing partner of The Ardent Companies, said: “Expanding our lending capabilities to the UK has been an aspiration since we entered the market over two years

“This is another pillar of our growth in the UK and underlines our commitment following the success of the investments we have made here to date.”

Lakhtaria said Ardent’s “long record in real estate lending underlines its capabilities, and the extension of the platform into the UK will draw on this experience to deliver financing solutions that truly meet the challenges and opportunities in the market”.

First “Green” Climate-Controlled Self-Storage Facility Opens in Maryland

Diamond Point Development, LLC (DPD), in partnership with The Ardent Companies recently opened the first “green” climate-controlled self-storage facility in Frederick, Maryland. Formerly the Frederick Indoor Sports Center, the conversion into a 100,000-square-foot Life Storage is now complete.

Self-storage is a low impact land use with very low generation of traffic and trash. In addition, there is little drain on city services such as water, sanitation, life services and police.

The project’s developers, Jason Sommer and Aaron Sommer, Diamond Point Development, are outspoken proponents of renewable energy and always looking for ways reduce their carbon footprint.

“At most climate-controlled self-storage facilities, the greatest environmental impact is caused by the use of electricity to power the heating and air conditioning. I am proud to say that Life Storage at 1845 Brookfield Court is 100% solar powered,” said Jason Sommer, Diamond Point Development Principal. “Our 1,300 solar panels generate so much clean electricity; we are able to send excess energy back to Potomac energy company.”

The Fredrick Life Storage development project started as an indoor sports facility’s 50,000-square-foot floorplate. They added a mezzanine to expand the building’s area to 100,000 gross square feet.

This two-story self-storage facility includes 74,000 rentable square feet and 700 individual storage units. To make the storing experience more comfortable and to protect customer’s belongings from the elements, every unit is temperature and humidity controlled.

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