With office vacancy rates in the District of Columbia at 20 percent and climbing, officials believe that converting office buildings to residential space is an important component of revitalizing downtown Washington. These complex projects pose both practical and administerial challenges, however. For developers, one important consideration of such a redevelopment is its real estate tax implications. High hopes District leaders announced earlier this year that they hope to add 15,000 residents to the central business district over the next five years – an ambitious goal. The hope is that bringing residents to live downtown will create a more vibrant neighborhood where people live, work, and dine. The stark reality is that the District of Columbia has one of the lowest return-to-office rates in the country. Actual occupancy in the D.C. metro was only 43 percent in mid-April and drops below 25 percent on Fridays, according to Kastle Systems, which tracks office occupancy. Workers simply aren’t returning to Downtown D.C. While residential conversions may be one piece of the puzzle in addressing D.C.’s downtown woes, converting an office building into a residential property is no small feat. Here are a few important factors relating to real estate taxes to keep in …
Life sciences-anchored innovation districts are becoming increasingly popular as hubs for research and development in the biotech and pharmaceutical industries. These districts, also known as “innovation districts,” are characterized by clusters of companies, research institutions, supporting organizations, living areas, amenities and offices all located in close proximity. This grouping requires detailed planning and design strategies to maximize their potential for scientific exploration and success on an enormous, ambitious scale. Master planning and engaging site civil engineering partners early on in the process can save time and money once a project reaches the design stage. This article is the first installment in a two-part series on life sciences innovation districts to discuss, first, the planning, and, then, the design elements required by these districts. Read about design in Part 2, here. Fostering innovation, collaboration and productivity is at the heart of planning for life sciences innovation districts. The successes of famous examples such as North Carolina’s Research Triangle Park, Kendall Square in Cambridge, Mass. and Mission Bay in San Francisco indicate how beneficial a melting-pot mix of residential, commercial and research spaces can be when they concentrate talent from research institutions, life sciences innovators, universities and the surrounding community. “Many life …
TUSKEGEE, ALA. — Farpoint Development, along with general contractor Doster Construction Co., has delivered Building 100 at Regional East Alabama Logistics (REAL) Park in Tuskegee. Situated within the 638-acre site in Macon County, the 169,000-square-foot speculative facility is the first building within the 6.2 million-square-foot, multi-phase REAL Park. Situated off exit 42 on I-85 roughly 10 miles south of Auburn University, the building represents the only Class A manufacturing or distribution facility within a 40-mile radius, according to Farpoint. Project partners include construction lender Regions Bank and government entities Opportunity Alabama and Macon County Economic Development Authority. Once complete, REAL Park is expected to create $450 million of total economic output in the east Alabama region. Farpoint is currently marketing Building 100 for lease. The developer is based in Chicago and has a regional office in Asheville, N.C.
GEISMAR, LA. — A joint venture between Stirling and Level Homes plans to develop Arabella at Dutchtown Townhomes, a build-to-rent (BTR) residential development in Geismar. The companies recently acquired a 7.5-acre parcel for the project, which will comprise 48 three-bedroom single-family townhomes, as well as a leasing office and clubhouse. The design-build team includes architect Architectural Studio and general contractor/homebuilder Level Homes. Stirling will be responsible for development, horizontal land improvements and amenities, in addition to asset management and accounting oversight of the project. BH Management will handle daily onsite management and leasing. Construction will begin on the first townhomes later this month, and the development is expected to be complete by the end of 2024.
ALBUQUERQUE, N.M. — Insight Senior Living has broken ground on Ativo of Albuquerque, a three-story independent living, assisted living and memory care community in Albuquerque. Situated on 6.5 acres, Insight Senior Living will be the operator and Link Senior Development arranged financing. Ativo of Albuquerque will offer 144 apartments. The community is scheduled to open in winter 2024.
BURLESON, TEXAS — Dallas-based developer Corsair Ventures has opened The Riley, a 178-unit multifamily complex in Burleson, a southern suburb of Fort Worth. Designed by HEDK Architects, The Riley offers studio, one-, two- and three-bedroom units with an average size of 880 square feet. Residences are furnished with stainless steel appliances, quartz or granite countertops and private balconies/patios. Amenities include a pool, fitness center, dog spa, wine bar, clubhouse/activity center, game room, coworking offices and package lockers. Rents start at roughly $1,250 per month for a studio apartment.
METUCHEN, N.J. — Baltimore-based Klein Enterprises will undertake a redevelopment project in Metuchen, about 40 miles southwest of Manhattan, that will convert a former industrial site at 212 Durham Ave. into a 272-unit multifamily complex. The yet-to-be-named community will feature studio, one-, two- and three-bedroom apartments, and 15 percent of the units will be reserved as affordable housing. Klein Enterprises recently completed remediation of the site and demolition of the existing structures and expects to deliver the project in fall 2025.
MAPLE GROVE, MINN. — Ryan Cos. US Inc. and C. S. McCrossan Inc. have unveiled plans to build the Minnesota Science and Technology Center in Maple Grove, a suburb of Minneapolis. The 100-acre campus will offer build-to-suit opportunities for scientists, innovators and researchers as well as some light industrial and manufacturing components. For more than 60 years, the project site served as a source of high-quality aggregate, which McCorssan used in the construction of many large road and infrastructure projects in the Twin Cities. In addition to its role as co-developer and land partner, Ryan will also serve as the builder and site planner. A timeline for construction was not released.
LANSING, MICH. — Gillespie Group’s medical services building that is opening in Lansing’s University Health Park has been named the Izzo Family Medical Center after Michigan State University’s basketball coach Tom Izzo and his family. The Izzo family received the naming opportunity to honor the contributions they have made in the community over the past 27 years. The 60,400-square-foot building, which is slated to open in June, will house three groups: McLaren Greater Lansing, MSU Healthcare and Corewell Health’s Helen Devos Children’s Hospital. The Izzo family will own the building in conjunction with developer Gillespie Group and a few other investors.
PHILADELPHIA — A partnership between Pennrose and the Philadelphia Chinatown Development Corp. (PCDC) has broken ground on 800 Vine Senior, a 51-unit seniors housing complex. The five-story project is being constructed at the site of a former parking lot and will house studio, one- and two-bedroom units. Six residences will be reserved for renters earning 20 percent or less of the area median income (AMI), and 20 units will be earmarked for households earning 50 percent or less of AMI. The remaining 25 units will be rented to seniors earning 60 percent or less of AMI. Amenities will include a community room, courtyard and onsite laundry facilities. Completion is slated for summer 2024.