LANSING, MICH. — The Michigan Strategic Fund (MSF) has voted to approve the brownfield and tax-increment financing (TIF) plan for the Red Cedar project, a $256 million mixed-use development along Michigan Avenue in Lansing. The approval gives the developer, Continental/Ferguson Lansing LLC, the green light to move forward with construction. The developer expects to break ground on 181 market-rate apartments as well as an assisted living and memory care facility late this summer. A 792-bed student housing component is scheduled for completion in fall 2021. Construction of two dual-brand hotels, Hyatt House and AC Hotel by Marriott, is set to begin next year. Plans also call for a restaurant, retail space and a public park with an amphitheater and connection to the Lansing River Trail. The 35.5-acre project will connect the Lansing State Capitol to Michigan State University and adjacent communities along the Michigan Avenue corridor. The project will redevelop the long-abandoned Red Cedar golf course site. The MSF rejected a previous version of the project in March, according to Lansing City Pulse. The Lansing Brownfield Redevelopment Authority approved the local portion of the plan last year. “The approval of the project is positive news, especially with the unforeseen economic …
Mixed-Use
Vogel Realty to Install New HVAC Systems in Historic D.C. Mixed-Use Building in Response to COVID-19 Concerns
by Alex Tostado
WASHINGTON, D.C. — Vogel Realty has voluntarily implemented plans to install new heating and air conditioning systems designed to minimize airborne viruses and bacteria at Chelsea Gardens in Washington, D.C. The 105-year-old mixed-use building has been closed since D.C. Mayor Muriel Bowser announced stay-at-home orders for the District. Vogel Realty also plans to install handwashing stations and anti-microbial surfaces in the building before it can reopen on Saturday, May 30. The new HVAC systems will limit airflow between workspaces, bring more fresh air into units and neutralize viruses and bacteria. Chelsea Gardens was originally built as an office building in 1905 and was renovated 20 years ago to include retail and residential space.
HOUSTON — Locally based limited liability company 215 Westheimer LLC has broken ground on a 13,200-square-foot mixed-use project in Houston’s Montrose area. The first floor will feature retail and restaurant space, and the second floor will offer both traditional and medical office space. Identity Architects is designing the project, and Davis Commercial Real Estate is handling leasing. Construction is expected to be complete by the end of 2020.
COLUMBUS, OHIO — Columbus Crew SC, a Major League Soccer organization, has released new renderings for its stadium, which is currently under construction downtown. Completion is slated for summer 2021. Situated in the city’s Arena District, the stadium will feature a beer garden and a “crewhouse.” Premium club members will have access to an exclusive covered entrance. Project costs of the 20,000-seat venue are estimated at $230 million. The larger Confluence Village development will feature nearly 1,000 residential units as well as office and commercial space. The Crew’s current stadium is expected to be repurposed into a community sports park.
AVENTURA, FLA. — Rieber Developments has broken ground on 12|12 Aventura, a 10-story mixed-use project featuring medical office, luxury senior residences and a food hall. The property is situated in Aventura, approximately 20 miles north of Miami. Arquitectonica designed the development, which will include a 30,000-square-foot gourmet marketplace and food hall, 25,000 square feet of office space and a 160-unit senior living component with a structured parking garage. The roof will feature gardens and micro-parks. Along with its sister project Ivory 214, the development will serve as the epicenter of what the developer is calling the Aventura Health District. Located at 21290 Biscayne Blvd., 12|12 Aventura is less than one mile from Aventura Mall and directly adjacent to Aventura Hospital. “Breaking ground on 12|12 Aventura is a significant milestone for us, especially in these challenging times,” says Bernardo Rieber, principal of Rieber Developments. “Our philosophy in creating this project has always been to bring something new and unique to the neighborhood, melding community, culture, health and wellness to benefit the area.” Cervera Real Estate will serve as the exclusive brokerage for the office condos, 40 percent of which are sold and under contract. Winmar Construction, an affiliate of Coastal Construction, …
COLUMBIA, MD. — Holland Properties has broken ground on Lakeside Center, a planned 85,000-square-foot mixed-use development in Columbia. The project will comprise 55,000 square feet of retail space and 30,000 square feet of medical and office space. The office space will be designed with COVID-19 in mind, and will include features such as touchless building entry, touchless elevators and medical-grade HVAC systems. The property will also offer a parking ratio of five spaces per 1,000 square feet and exterior building signage for primary office or medical tenants. The property is situated near the intersection of Dobbin Road and Snowden River Parkway, 16 miles southwest of downtown Baltimore. Holland Construction is the owner, property manager and general contractor for Lakeside Center. Ryan Minnehan and Matt Copeland of KLNB will oversee retail leasing at the property, while David Fritz and Spence Daw, also with KLNB, will oversee office leasing. A timeline for construction was not disclosed.
Federal Realty Investment Sells Historic Pottery Barn Building in Old Pasadena for $16.1M
by Amy Works
PASADENA, CALIF. — Federal Realty Investment Trust has completed the disposition of the historic Pottery Barn Building, a mixed-use property located at the intersection of East Colorado Boulevard and North Fair Oaks Avenue in Pasadena. A private investor acquired the property for $16.1 million. Pottery Barn occupies three levels of the five-story, 30,955-square-foot building, which was built in 1905 and renovated in 1997. The property also offers two floors of residential space and one floor of office space leased to other tenants. Pottery Barn has occupied the building for the more than 20 years, and last year executed a lease extension at the property. Carlos Lopez and Lee Csenar of Hanley Investment Group represented the seller, while Rob Ippolito, Glenn Rudy and Pete Bethea of Newmark Knight Frank Capital Markets represented the buyer in the transaction.
Wichita has been experiencing a strong downtown revitalization that has brought construction of new and redeveloped office, retail and mixed-use projects throughout its urban core over the past few years. Two years ago, companies began relocating downtown as shifting workplace demographics incorporated close proximity, “live, work, play” amenities in order to grow their businesses as well as attract and retain talent. Today’s businesses are seeking modern Class A finishes within Wichita’s center where these types of environments exist or will be available in the near future as developments continue. Downtown revitalization In the early 2000s, downtown Wichita lost many of its office users to more suburban office developments on the east and west edges of the city, leaving high vacancy rates and rendering many downtown office buildings functionally obsolete. Now this trend has reversed after the Wichita Downtown Development Corp. put together a comprehensive master plan to revitalize the urban core. Developers purchased key catalytic sites and repurposed them into economic drivers for downtown as shifting demographics brought about the need for businesses to attract and retain top talent with both onsite and walkable amenities. As new office projects downtown are beginning construction and being completed, the idea of relocating …
ENGLEWOOD, COLO. — AQYRE Real Estate Advisors has negotiated the sale of an opportunity zone development site located at 3560-3590 S. Clarkson St. in Englewood. Terms of the transaction were not released. The 45,580-square-foot opportunity zone site is zoned M2, which allows for mixed-use medical, office, high-density residential and limited retail development. Joe Hornstein, Scott Fetter and David Barocas of AQYRE represented the buyer and seller in the deal.
Amazon Executive Says Company is ‘Beginning to Scale’ at HQ2 Campus in Northern Virginia
by John Nelson
ARLINGTON, VA. — Amazon (Nasdaq: AMZN) is “beginning to scale” at its HQ2 campus underway in Arlington, according to Jay Carney, the company’s senior vice president of global corporate affairs. During a weekly webinar series conducted by Walker & Dunlop, Carney said the corporate campus, dubbed Met Park, is under construction and that the company is hiring in earnest, though he said it will “take some time” to reach the previously announced 25,000 goal. Carney, who was the former White House press secretary during President Barack Obama’s administration, led Amazon’s national HQ2 search in 2017 and 2018 to find a second home for the company outside of Seattle. The e-commerce giant ultimately chose both Northern Virginia and Long Island City in the Queens borough of New York City in late 2018, in addition to a 1 million-square-foot outpost in Nashville, Tenn. Amazon pulled out of its planned New York City location in early 2019. Clark Construction is the general contractor for the HQ2 campus, and JBG Smith is Amazon’s development partner, as well as its landlord for office space that Amazon is using in the rebranded National Landing district in Arlington’s Crystal City submarket. Carney said the company is not …