On Broadway will be anchored by a 20-screen Century Theatres and Cost Plus World Markets, and will also include 62,000 sf of shop space. Completion scheduled for mid-2005.
The pedestrian-oriented project is being constructed atop an existing two-story, 600-car subterranean parking garage owned by the City of Redwood. The garage is situated on a full city block bounded by Broadway, Jefferson Street, Middlefield Road and Theatre Way.
The development entity is BHV Innisfree Ventures I, LLC, which is backed by Brad Blake and Jerry Hunt of Blake Hunt Ventures and David Irmer of the Innisfree Cos. Buchanan Street Partners funded into a joint venture equity commitment of $10.5 million for the development, which is under construction.
Blake Hunt Ventures is a private real estate development and services company based in Danville, CA. The Innisfree Cos. is a private real estate development company based in Sausalito, CA. Buchanan Street Partners is a Newport, CA-based real estate investment bank that provides capital for owners and developers.
Buchanan Street Partners says the developers approached Buchanan Street to provide an equity commitment for the project prior to completion of the land aggregation and entitlements. The commitment was necessary in order for the City to advance eminent domain proceedings for the property, according to Buchanan.
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