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, featuring a new park and a 27,000 square foot rooftop with panoramic downtown views.
The combination of a 1909 brick building and two mid-century modern buildings spanning a full city block, the project plans to bring the building back to a very active and connected street, with bustling restaurants and entertainment venues , retailers, offices, mixed-use spaces and a rooftop experience, while retaining the character and historical relevance of the area.
“We believe that 222 Mitchell will be an important catalyst for South Downtown’s return to prominence, and we are committed to reintroducing a fully modern, Class A building while preserving the culture and history that this neighborhood has acquired on the way. road,” 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 to moving our work forward.”
JLL Capital Markets arranged the financing on Newport’s behalf and its brokerage team manages leasing efforts for offices and retail opportunities throughout the South Dwntn.
Pre-letting of the 250,000 square foot Class A creative office is currently underway, led by Brooke Dewey and David Horne, with limited remaining stock being leased by Coleman Morris and Iggy DeQuesada.
South Dwntn has already signed leases with Pins Mechanical arcade and gaming bar, Slater Hospitality’s modern restaurant and cocktail bar, How Crispy chicken sandwich restaurant, Pizza Clementine pizzeria and Thirteenth cocktail bar Floor. Ohio River South, a high-stakes strategy firm, will move its headquarters to the Sylvan Building within the development.
Balfour Beatty has begun construction of 222 Mitchell, which is expected to be completed in early 2023.