NEW YORK CITY — Despite being hit hard by a long economic slump after the 9/11 attacks, Lower Manhattan is showing dramatic and sustained growth 7 years after the tragedy. A study released by the Alliance for Downtown New York says that job growth, residential development, population growth, new retail and restaurants, and tourism growth have all increased over the past years. With that, some of most interesting statistics include: • 200 firms have relocated to Lower Manhattan since 2005 • 312,000 workers make up Lower Manhattan’s employee population • 12,000 housing units have been built in Lower Manhattan since 2001 • 6 million tourists visited Lower Manhattan in 2007 • 3,152 hotel rooms will be added in Lower Manhattan by 2011 • 100 new stores and restaurants have opened in Lower Manhattan since 2002 Elizabeth Berger, president of the Alliance for Downtown New York, says Lower Manhattan has emerged as one of the most dynamic live/work communities, something many never thought would happen so quickly after 9/11. “Lower Manhattan is now the place where world-class companies want to do business,” says Berger. “A green walk-to-work lifestyle, unmatched public transportation, great schools, great shopping, great restaurants, historical sites that define …
STAMFORD, CONN. — Norwalk, Conn.-based Building and Land Technology (BLT) is solely leading the development of Harbor Point and recapitalizing $200 million for its completion. Both BLT and Lubert-Adler, a real estate private equity firm, are providing the expansion capital equity. Harbor Point, a $3 billion, 80-acre mixed-use project, will feature more than 6 million square feet of office, retail, residential and hotel space. The office portion will include The Square at Harbor Point, Gateway Harbor Point, 2187 Atlantic, One Dock Street, Stamford Harbor Park and Stamford Harbor Square, all Class A properties. The retail portion will include 400,000 square feet including a gourmet-grocery store, a spa/health club, specialty shops and several restaurants. The residential portion will include 4,000 units at a wide-range of price points. Amtrak and the Metro-North Railroad are within close proximity. The hotel portion will include two properties that will feature suites and private balconies. Additional features will include a 485-slip marina, 11 acres of parks, a waterfront bandstand for theater and music events, a children’s playground and bike trails. Harbor Point has been accepted into the Leadership in Energy and Environmental Design for Neighborhood Development (LEED-ND) pilot program by the U.S. Green Building Council. Features …
SACRAMENTO, CALIF. — The City of Sacramento has been awarded $17.9 million in voter-approved Proposition 1B Bond funds from the California Transportation Commission. The money will be used to improve safety and reduce congestion in the planned Railyards development project in downtown Sacramento, which is being developed by Thomas Enterprises. The Railyards, a 240-acre mixed-use revitalization project of Sacramento’s historic railways, is now primed with $85 million in infrastructure bonds from voter-approved Propositions 1B and 1C. “All of these grants mean we can continue to move this project forward, build roads and infrastructure, and open The Railyards to the public within the next few years,” says Suheil Totah, vice president of development for Thomas Enterprises. “The 244-acre downtown Sacramento Railyards development, located at the former Union Pacific railyard, is the largest urban infill project in the country.” The Railyards will feature a state-of-the-art mass transit hub, in addition to 1.3 million square feet of retail, restaurants, entertainment, mixed-use high-density housing, and 2.9 million square feet of office space, theaters, fine-art venues, parks, hotels, museums and historic buildings. The project is expected to create 19,000 permanent jobs, 2,800 annual construction jobs and result in an annual economic impact of $2.7 billion. …
JEFFERSON CITY, MO. — St. Mary’s Health Center is planning to build a $200 million full-service hospital in Jefferson City. The 167-room facility will be 40 percent larger than the current facility, and will include medical office buildings and other health-related complementary facilities. It will be situated on 110 acres near Route 179 between West Edgewood and Route C. “St. Mary’s has seen a passion and persistence in the community, especially among physicians, for a new St. Mary’s Health Center,” says Brent VanConia, president of St. Mary’s. “We are among the top 10 percent of hospitals in the country on clinical performance, and we are dedicated to providing a new healing environment to match the quality of care provided at St. Mary’s.” St. Mary’s has selected St. Louis-based Lawrence Group and HGA Architects & Engineers to design the facility. The Lawrence Group will be the lead architect providing local management, documentation, and technical development and construction services. HGA will serve as design architect. The project marks the fourth occasion the two firms have partnered to provide comprehensive services to healthcare clients. “It’s a great partnership because we have a Missouri company who knows our healthcare needs combined with a national …
WASHINGTON, D.C. — Federal officials on Sunday unveiled a takeover plan for Fannie Mae and Freddie Mac, putting the government in charge of the mortgage giants and the $5 trillion in home loans they back. U.S. Treasury Secretary Henry Paulson said it was difficult to know the ultimate cost of the Treasury’s takeover, but he insisted taxpayers be repaid before shareholders. “It’s very difficult for anyone to know, because of course many of us believe that this housing correction will stabilize in the months ahead and that we’ll turn the corner on housing and the economy will stabilize,” Paulson said. Freddie CEO Richard Syron and Fannie CEO Daniel Mudd will no longer run the agencies, while the Federal Housing Finance Agency will assume control of the boards. Herb Allison, the former chairman and CEO of pension provider TIAA-CREF, will head Fannie Mae. David Moffett, who served as chief financial officer of U.S. Bancorp and later the Carlyle Group as senior advisor, will take over Freddie Mac.
TULSA, OKLA. — RBC Capital Markets has provided $7.46 million in financing for a three-property multifamily portfolio in Tulsa. The loans were brought to RBC Capital Markets by Allan Lieberman of Meridian Capital and originated through RBC Streamline, RBC Capital Markets’ small balance program. Cheryl Higley, national director of RBC Streamline, says despite a tougher market, her division is staying active with small balance loans. “We understand markets like Tulsa and middle America,” says Higley. “Borrower quality, asset quality and looking at the overall picture — it’s important because it’s being affected as far as what the market drivers are doing and the volatility of the market. We want to stay busy and active.” The three properties in Tulsa include Savannah Apartments, a 69-unit complex, which was built in 1965. It was refinanced at $2.18 million at a 7-year fixed rate. Magnolia Apartments, a 90-unit complex, was built in 1986 and was refinanced at $3.04 million at a 5-year fixed rate. Fulton Plaza, a 64-unit complex built in 1980, was refinanced at $2.24 million at a 7-year fixed rate. “The Tulsa multifamily portfolio is an excellent example of the small balance loans RBC Capital Markets is actively pursuing and closing …
NANTUCKET, MASS. — Intercontinental Real Estate Corp. has acquired Marine Lumber Co. in Nantucket. The Boston-based firm will take ownership of the lumberyard, as well as its associated retail properties on mainland Massachusetts. Financial terms were not disclosed. The acquisition includes 22 residential properties; all underlying real estate, which includes approximately 4 acres on the Nantucket Harbor waterfront; two Massachusetts hardware stores located in Sandwich and South Yarmouth; a Massachusetts warehouse located in Hyannis; and 52 commercial vehicles, which are used for distribution of goods and employees. “The acquisition of Marine Lumber provides us with the opportunity to acquire a mature, market-leading building materials and retail center in one of the premier destinations on the East Coast,” says Peter Palandjian, chief executive officer with Intercontinental. “The underlying real estate included in the acquisition is protected by the highest-barrier zoning, rendering it irreplaceable.” Established in 1944 as a lumberyard, Marine Lumber is a building-materials supplier and retailer, whose products include bed and bath supplies, home decorating supplies, flowers and plants, and furniture and clothing. Nantucket is situated 30 miles off the coast of Cape Cod. It is approximately 3.5 miles wide and 14 miles long.
SAVANNAH, GA. — Duke Realty Corp. has acquired two industrial buildings totaling 657,600 square feet near the Port of Savannah from local developer Wrenn Blalock. Located in Duke’s Port Logistics Center at Crossroads Business Park, Northpoint IV and Northpoint VII feature 432,600 square feet and 225,000 square feet, respectively. The buildings are fully leased to Ocean Link and Midwest Air Corp. Sam O’Briant, Duke’s executive vice president for the Southeast who is based in Atlanta, says the recent acquisition takes the company to over 4.5 million square feet at Crossroads and 5.9 million square feet collectively in Savannah, and he only sees those figures growing. “All of our tenants continue to grow their businesses and the real advantages that they enjoy is that they’re able to compete at the low end of the cost range,” says O’Briant. “Operating wise, the buildings are very efficient for their operations and they are very close to the port, which lowers their transportation costs.” The Port of Savannah is the fourth most active port in the U.S. and the most active in the Southeast. With this growth, O’Briant says the main concern for distributors is efficiency and cost. “When a ship comes in, the …
CHANDLER, ARIZ. — Rockefeller Group Development Corp. (RGDC) has broken ground on a 70,600-square-foot office building at Chandler Corporate Center. The Class A building will be located within the master-planned business park, which will feature 248,000 square feet of office and light industrial space. The park is situated on 24.3 acres at the southwest corner of McClintock Drive and Desert Breeze Boulevard. “The construction will proceed in phases with the first building, a two-story, multi-tenant office building expected to be completed in spring 2009,” says Mark Singerman, director at RGDC’s Phoenix office. We feel the office market will recover by mid-2009 and construction has been timed to position ourselves to take advantage of that recovery.” RGDC will seek LEED certification on the office building, which will feature lobbies and corridors designed to accommodate a variety of tenants, and parking space flexibility. “The Chandler market is primed for office growth and we have already seen a great deal of interest in the project,” added Singerman. Phil Breidenbach, Paul Sieczkowski, Rob Martensen, Lindsey Carlson and Steve Larsen of Colliers Phoenix are in charge of marketing assignments.
DELRAY BEACH, FLA. — Ramco-Gershenson Properties Trust has contributed Plaza at Delray shopping center in Delray Beach to its joint venture with an investor advised by Chicago-based Heitman LLC. Permanent financing for the center was secured in the amount of $48 million for 5 years at an interest rate of 6 percent. The 330,000-square-foot shopping center, located at Federal Highway and Linton Boulevard, is anchored by Publix Supermarket, Marshalls, Staples and Regal Cinema. It’s the ninth shopping center to be acquired by the joint venture, which now owns more than 2 million square feet with an aggregate purchase price of approximately $353 million. “The Plaza at Delray is a very successful shopping center in a densely populated, affluent trade area,” says Dennis Gershenson, president and CEO of Ramco-Gershenson Properties Trust. “This transaction allows us to maintain a 20 percent ownership interest in a very attractive center, payoff $43 million in permanent, company-level debt and generate approximately $23 million in net proceeds.” Ramco-Gershenson Properties Trust is a fully integrated, self-administered, publicly-trade REIT that owns, develops, acquires, manages and leases community shopping centers, malls and single-tenant retail properties nationally. Heitman LLC manages approximately $16.5 billion in assets invested directly and indirectly in …