Real estate investment firm Newport has secured $75 million in debt financing and a building permit from the city for a key development – the mixed-use 222 Mitchell – in the South Dwntn project.
222 Mitchell will be a 330,000-square-foot mixed-use campus, including a new park and a 27,000-square-foot rooftop with panoramic views of Downtown.
The combination of a 1909 brick building and two mid-century modern buildings spanning a full city block, the project plans to return the building to a highly activated and connected street, with vibrant restaurant & entertainment venues, retailers, offices, mixed-use spaces & a rooftop experience, all while retaining the character & historical relevance of the area.
“We believe 222 Mitchell will be a significant catalyst for the return of South Downtown’s prominence, and we’re committed to reintroducing a fully modern Class A building while preserving the culture and history this neighborhood has acquired along the way,” said Kevin Murphy Executive Vice President of Newport. “Great partners, and creative lenders like BridgeInvest, who align with our transformative vision and believe in what’s to come are essential for our work moving forward.”
JLL Capital Markets arranged the financing on behalf of Newport and its brokerage team is handling leasing efforts for both the office and retail opportunities throughout South Dwntn.
Pre-leasing of the 250,000 square feet of Class A creative office is currently ongoing, led by Brooke Dewey and David Horne, with the limited remaining retail inventory being leased by Coleman Morris and Iggy DeQuesada.
South Dwntn has already signed leases with arcade and game bar Pins Mechanical, a modern diner and cocktail lounge from Slater Hospitality, chicken sandwich eatery How Crispy, carry-out pizza shop Pizza Clementine, and cocktail bar Thirteenth Floor. Ohio River South, a high-stakes strategy firm, will be relocating its headquarters to the Sylvan building within the development.
Balfour Beatty has started construction for 222 Mitchell which is slated for completion in early 2023.