PISCATAWAY, N.J. — JRM Construction Management New Jersey LLC has completed the renovation of a 12,000-square-foot office building located at 371 Hoes Lane in the Northern New Jersey city of Piscataway. The project included a facelift of the lobby and atrium and the addition of new amenities such as a grab-and-go café and a fitness center with locker rooms. Greenway Properties LLC owns the three-story building.
DETROIT — Ford Motor Co. has unveiled its plans for Michigan Central Station, a 30-acre redevelopment in Detroit’s Corktown neighborhood. The project will entail four buildings — Michigan Central Station, the Book Depository, Building West and The Factory — which are slated for completion throughout 2022. In addition, there will be a 1,250-space parking deck dubbed Bagley Parking Hub. The train station was originally built in 1913 and has sat vacant since 2012. Ford acquired the site and initially announced the project in June 2018. Project costs were not disclosed. Ford plans to house 5,000 employees at the site. The campus will serve as a factory to work on autonomous and electric vehicles, as well as design urban mobility services and solutions that includes smart, connected vehicles, roads, parking and public transit. “This project is about preparing Ford for another century of innovation and success,” says Mary Culler, Ford’s Detroit development director and Ford Fund president. “At Michigan Central, we are taking a collaborative approach to innovation, including providing flexible workspaces that attract and engage the best minds to solve complex transportation and related challenges as we shape the future of mobility together.” Practice for Architecture and Urbanism is the …
On Nov. 12, Southeast Real Estate Business hosted “What is the Outlook for the Affordable Housing Sector in the Southeast.” Listen to hear how leaders in the industry are coping with challenges from both a developer/owner/investor perspective and a broker/lender perspective. See below for a brief list of topics covered by each panel. Panel One: Developer/Owner/Investor Rising costs for building affordable housing projects Low interest rates offsetting costs Alternative ways to grow the affordable housing stock Do’s and don’ts for general contractors and developers Capital sources Returns — what can affordable housing developers expect? Panel One: Broker/Lender Pandemic impact on existing affordable housing properties/plans for new development Investor appetite Sellers revise their expectations as new buyers enter market Impact of the election on the sector in 2021 Availability of capital for investments currently Developer/Owner/Investor Panel: Marc Padgett, Summit Contracting Group (moderator) Max Cruz, Housing Trust Group Nick Andersen, Development Dominium H. Granvel Tate, III, The Michaels Organization Ray Kuniansky, Columbia Residential Broker/Lender Panel Kyle Shoemaker, Affordable Housing Investment Brokerage (moderator) Derek DeHay, Newmark Eric Taylor, Greystone Real Estate Advisors Sheri Davis, Highland Commercial Mortgage Jeff Rodman, M&T Realty Capital Kevin Morris, Colliers Affordable Housing Group Webinar sponsors: Summit Contracting …
ATHENS, GA. — Landmark Properties has broken ground on four student housing developments in the Southeast worth $600 million in value. New projects include Phase II of The Mark at Athens near the University of Georgia (UGA); The Standard at College Park near the University of Maryland; Legacy at The Standard near the University of Florida (UF); and The Retreat at Kennesaw near Kennesaw State University (KSU) in metro Atlanta. Phase II of The Mark at Athens is located adjacent to the UGA campus and will offer studio, one-, two-, three-, four- and five-bedroom units alongside 19,000 square feet of ground-floor retail space. The project is set for completion in fall 2022. The Standard at College Park will offer 951 beds in studio, one-, two-, three-, four- and five-bedroom units. Community amenities will include a fitness center, sauna, computer lab and study lounge. The development is slated for completion in fall 2023. Legacy at The Standard is located three blocks north of UF’s campus and will offer 155 units totaling 543 beds. The community is scheduled for delivery in fall 2022 and will feature shared amenities including an outdoor pool and grilling area, a study lounge and café, computer lab and …
ALEXANDRIA, VA. — Hilco Redevelopment Partners, a division of Hilco Global, has acquired Potomac River Generating Station (PRGS), a 20-acre, shuttered coal power plant in Alexandria. Specific details were not released, but Hilco officials said they intend to redevelop the site into a mixed-use project, featuring housing, office space, retail and public open spaces. The site is situated along the Potomac River at 1400 N. Royal St., seven miles south of downtown Washington, D.C. Potomac Electric Power Co. (Pepco) sold the site for an undisclosed price. Pepco will retain a property interest and will continue to own and operate an electrical substation at the site. PRGS was decommissioned in 2012.
KNOXVILLE, TENN. — Mallory & Evans Development and its property management company Caliber Living will open Flagship Kerns, a two-building, 310-unit co-living project in Knoxville. Leases will start at three months and prospective tenants can lease by the unit or the bedroom. Co-living properties are designed as affordable housing options for renters seeking flexible leasing arrangements and shared common areas with other residents. Flagship Kerns’ units will include granite countertops, walk-in closets, stainless steel appliances, in-unit washers and dryers, smart home units with smart locks, smart TVs and Ecobee thermostats. Communal amenities will include a pool, 24-hour fitness center, work/study pods and a conference area. Atlanta-based Mallory & Evans expects to open the community in January. Flagship Kerns will mark Phase I of three to open at the historic Kern’s Bakery. The other phases will comprise a 75,000 square-foot redevelopment of Kern’s Bakery to include a food hall, retail and office spaces, event venues and a brand-name hotel. Kern’s Bakery was originally built in 1929 and has been added to the National Register of Historic Places.
WAKE FOREST AND CHAPEL HILL, N.C. — Wegmans will open two new grocery stores in 2021 in Wake Forest and Chapel Hill. The New York-based grocer plans to add 500 full-time jobs and nearly 900 total jobs at the two stores. The store in Wake Forest will span 104,000 square feet and will house 200 full-time employees. The property, located at 11051 Ligon Mill Road, is expected to open in May. The asset in Chapel Hill is expected to open in late February and will house 300 full-time jobs. The store will span 99,000 square feet and is situated at 1810 Fordham Blvd. Also, in North Carolina, a Wegmans in Cary recently sold for $34.9 million.
KATY, TEXAS — Alliance Residential has opened Prose West Cypress, a 336-unit apartment community located in the western Houston suburb of Katy. Prose West Cypress features one- and two-bedroom units with island kitchens, wood plank-style flooring and granite countertops. Amenities include a fitness center, game room and a playground. Rents start at $1,030 per month for a one-bedroom unit with a move-in special of one month of free rent, according to Apartments.com.
HOUSTON — Midland, Texas-based developer Insignia Hospitality Group has completed the 128-room Courtyard by Marriott hotel in the Bunker Hill area of Houston. The 85,803-square-foot building rises six stories and offers a fitness center and a business center, as well as complimentary breakfast. Mayse & Associates Inc. designed the project, and Lubbock-based Greenstreet Inc. served as the general contractor.
OAK BROOK, ILL. — Hines has received construction financing from New York Life Real Estate Investors and has broken ground on One Oak Brook Commons, a 17-story apartment development in Oak Brook within suburban Chicago. The Class A project will include 250 luxury apartment units and 420 parking stalls within a private parking deck. One Oak Brook Commons is situated within the larger 16.5-acre Oak Brook Commons, a $500 million mixed-use project also being developed by Hines on the site of the former McDonald’s campus. The residences will average 1,055 square feet. Amenities will include a heated pool, fitness center, clubroom, library, dog room, package facility and bike storage. Antunovich Associates is the architect and W.E. O’Neil will serve as general contractor. Occupancy is expected to begin in early 2022. Development partners include Levy Family Partners, Duchossois Capital Management and Las Americas.