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"Adaptive Reuse"

DevelopmentGeorgiaLeasing ActivityMixed-UseRestaurantRetailSoutheast

Game Show Challenge to Open 3,889 SF Entertainment Venue at Lee + White in Atlanta

by John Nelson

ATLANTA — Entertainment retail concept The Game Show Challenge has signed a 3,889-square-foot lease at Lee + White, an adaptive reuse development located in the West End of Atlanta. Kelly Wilson of Ackerman Retail arranged the lease on behalf of the developers, Ackerman & Co. and MDH Partners. Located in Building 1000, the space will feature two studios with interactive games. The venue is scheduled to open later this year and marks the third location for The Game Show Challenge, which also operates outposts in Columbia and Greenville, S.C. Ackerman & Co. and MDH Partners acquired the Lee + White mixed-use property, which totals 442,562 square feet, in 2019. The latest phase of development includes a food hall, creative office space, retail space and a “Great Lawn” with gathering and event space.

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Bell-Works-New-Jersey
FeaturesOffice

Why Are Office Conversion Projects So Tough To Pull Off?

by Taylor Williams

By Taylor Williams Successfully executing a commercial conversion project is like hitting a six-leg parlay in sports betting: A lot of dominoes have to fall the right way, and without a little luck and outside help, it’s probably not happening.  Take the embattled office sector. Even working professionals from outside the office real estate market who read the plethora of mainstream news articles recognize that it’s no small feat to turn those buildings into apartments. After all, when you’re dealing with thousands of tons of steel, glass and concrete in any capacity, things are bound to get messy. But theoretically, if the demand for more housing is there — and there can be little arguing that it is — and cities recognize that office usage has forever changed, then why aren’t we seeing more of these projects come to fruition in our cities?  Setting aside the fact that office-to-residential conversions are incredibly expensive and fraught with risk even in the absence of a tight and constrained lending market like we currently have, there are still numerous reasons as to why these deals don’t proliferate. Does the city in question have flexible zoning? Does the community have a reputation for NIMBYism? …

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DevelopmentGeorgiaLeasing ActivityMixed-UseOfficeSoutheast

Marketwake Signs Office Lease at Campus 244 Mixed-Use Development in Metro Atlanta

by John Nelson

DUNWOODY, GA. — Marketwake, a marketing consultancy based in Atlanta, has signed a 17,395-square-foot office lease at Campus 244, a 12-acre mixed-use development underway in Atlanta’s Central Perimeter submarket. The tenant will occupy space within an adaptive reuse of a three-story, 1970s-vintage office building located at 244 Perimeter Center Parkway in Dunwoody that is being redeveloped into a five-story mass timber property spanning 400,000 square feet. The Georgetown Co., Beacon Capital Partners and RocaPoint Partners are the developers behind Campus 244. Aileen Almassy, Will Porter and Rob Kuppersmith of Cushman & Wakefield represented the landlords in the lease negotiations, while Ellis Murray of Capital Real Estate Group represented Marketwake. The new lease brings Phase I of Campus 244 to 90 percent occupancy, with approximately 46,000 square feet of office space remaining available on the top floor. Phase II will include a new Class A, 300,000-square-foot tech office and life sciences building that is expected to be completed in 2027. Also on the horizon for Campus 244 is the 145-room Element by Westin Atlanta Perimeter hotel set to open this fall.

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DevelopmentMidwestMissouriMultifamily

Cordish Cos. Opens 135-Unit Midland Lofts Apartment Building in Kansas City’s Power & Light District

by Kristin Harlow

KANSAS CITY, MO. — The Cordish Cos. has opened Midland Lofts in downtown Kansas City’s Power & Light District. The 135-unit apartment building is the adaptive reuse of the former Midland Office Building, which opened in 1927, and is directly connected to the Midland Theatre. The property is more than 80 percent leased, with about half of the residents coming from outside the Kansas City metro area, according to Cordish. Amenities at the 12-story project include a coffee bar, entertainment kitchen, fitness center, coworking spaces, billiards room, club lounge, meditation room, business center, conference rooms and Luxer package locker system. Locally based architecture and design firm Helix partnered with Rosin Preservation to retain historic elements of the building, which is listed on the National Register of Historic Places. RD Jones + Associates completed the interior design of the amenity spaces. Midland Lofts features a curated collection of art that was commissioned to celebrate the artists who performed in the Midland Theatre. Cordish developed the Power & Light District, which spans nine city blocks and has included more than $9.7 billion in public and private investment over the last 15 years. In 2008, Cordish and AMC completed a two-year, multi-million-dollar renovation …

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Georgia-Pacific-Rendering
DevelopmentGeorgiaMixed-UseSoutheastTop Stories

Georgia-Pacific Announces Plans for Mixed-Use Redevelopment at 51-Story Downtown Atlanta Campus

by Hayden Spiess

ATLANTA — Paper products manufacturing and marketing giant Georgia-Pacific has announced plans to redevelop the company’s 51-story world headquarters building and the surrounding city block in downtown Atlanta.  Upon completion, the development will feature more than 400 apartment units on the tower’s top floors; 125,000 square feet of retail, restaurant and entertainment space; 600,000 square feet of Class A office space anchored by Georgia-Pacific and its parent company, Koch Inc.; 35,000 square feet for a large, central plaza; more than 2,100 parking spaces; and MARTA and Atlanta Streetcar transportation access.  “The office landscape has changed, and we recognize that the adaptive reuse of our site and office tower can create greater long-term value,” says Christian Fischer, president and CEO of Georgia-Pacific. “We are also acutely aware of the need for more residential, shopping, dining and entertainment options in our downtown neighborhood, which is why Georgia-Pacific is excited to provide a space that will offer unmatched opportunity in downtown Atlanta.” Additionally, the redevelopment plans will allow for future multi-phase hospitality, retail and residential development opportunities at the site. Delivery of the transformed campus is scheduled for fall 2027. Located at 133 Peachtree St., the office tower has been occupied by Georgia-Pacific …

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AcquisitionsDevelopmentIllinoisIndustrialMidwestMultifamily

SVN Chicago Commercial Arranges Sale of 45,000 SF Industrial Building in Aurora for Multifamily Conversion

by Kristin Harlow

AURORA, ILL. — SVN Chicago Commercial has arranged the sale of a 45,000-square-foot industrial building in Aurora for $1.5 million. Located at 325 S. Union St., the 111-year-old property, once utilized for manufacturing World War II vehicle parts, is slated to be converted into multifamily units. James Mead of SVN represented the undisclosed seller. The buyer, specializing in adaptive reuse projects, plans to use historic tax credits to complete the project.

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100M Chicago
DevelopmentFeaturesHeartland Feature ArchiveMidwestMultifamilyMultifamily & Affordable Housing Feature Archive

Construction Sector Braces for Dry Spell in New Apartment Development

by Jeff Shaw

— By Lynn Peisner — Developers and owners are optimistic a slowdown in construction over the next two years will help boost occupancies and rents by cutting into the market-rate supply overhang. This may be good news for owners of existing assets, but it’s less than ideal for those who make a living in the construction business. Or so it would seem.  Most construction leaders are unfazed by an impending drought in new development. Some firms say they will rely on other sectors of commercial building to sustain them through the lull in apartment projects. Overall, the consensus among builders is that multifamily remains a secure line of business due to the high cost of owning a single-family home and a shortage of affordable housing.  Construction Companies Adapt  The National Association of Home Builders (NAHB) expects multifamily starts this year to total 342,000, down 28 percent from 2023. The recent peak was in 2022 when construction starts totaled 547,000.  In its U.S. Real Estate Market Outlook 2024, CBRE concluded that this decline in construction starts means that new deliveries annually will be reduced to less than half the current level by 2026. “The pace of multifamily construction starts has slowed this …

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NOVEL-White-Fence-Farm-Lakewood-CO
AcquisitionsColoradoMultifamilyWestern

Equity Residential Buys 202-Unit NOVEL White Fence Farm Apartments in Lakewood, Colorado

by Amy Works

LAKEWOOD, COLO. — Equity Residential has acquired NOVEL White Fence Farm, a newly constructed multifamily community at 6273 W. Jewell Ave. in the Denver suburb of Lakewood. Crescent Communities and equity partner ParkProperty Capital purchased the asset for an undisclosed price. Completed in 2023, NOVEL White Fence Farm features 202 apartments spread across two residenital buildings, a clubhouse, an all-seasons heated pool and hot tub, a fitness studio, resident gardens, private garages and secure bike storage. The LEED Gold-certified community is an adaptive reuse development of White Fence Farm, a restaurant and animal farm, with the original 9,300-square-foot farmhouse transformed into the community’s anchor clubhouse. NOVEL White Fence Farm is Crescent Communities’ first residential development in Colorado. Courtney Crowder, Jack Kachadurian and Craig Ratterman of Newmark represented the seller in the deal.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges $8.2M Sale of Apartment Building in Chicago’s Uptown Neighborhood

by Kristin Harlow

CHICAGO — Interra Realty has arranged the $8.2 million sale of The Synagogue, a 40-unit apartment building in Chicago’s Uptown neighborhood. Constructed in 1922, the building at 5029 N. Kenmore Ave. is an adaptive reuse of a former temple that was reopened as apartments in 2019. Previously home of Agudas Achim North Shore Congregation, the synagogue closed in 2008 and was put on the market by its board in 2012 after the facilities had fallen into disrepair. Cedar Street purchased the property in 2016 and subsequently converted it into apartments, retaining the temple’s historic exterior as well as several original interior features. The building features eight studios and 32 one-bedroom units, which were almost fully occupied at the time of sale. Jon Morgan and Michael Duckler of Interra represented Cedar Street in the sale as well as the buyer, a local investor.

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Market ReportsMichiganMidwestMidwest Market ReportsRetail

Detroit Retail Market: What’s Old Is New as Users Backfill Spaces

by Kristin Harlow

Metro Detroit’s retail market is characterized by strong tenant demand and investors’ eagerness to acquire and backfill vacant properties. In the downtown area, the revitalization efforts and adaptive reuse developments that started well before the pandemic continue. In fact, this year marked Detroit’s 100th commercial demolition, accelerated by $95 million in American Rescue Plan Act funding. Over the past five years, the City of Detroit has invested $1 billion in preserving or developing more than 4,600 affordable housing units. The hard work is paying off. Between July 2022 and July 2023, Detroit experienced population growth for the first time since 1957, according to the U.S. Census Bureau.  A major highlight this year was the reopening of the long-abandoned train station, Michigan Central Station. Ford Motor Co. redeveloped the property in the city’s Corktown neighborhood into a 30-acre technology and cultural hub. Until Aug. 31, the first floor will be open for “Summer at The Station,” where visitors can take self-guided tours and enjoy food and beverages outside. This fall, the first commercial spaces will begin opening to the public.  Meanwhile, developer Bedrock topped off construction of its Hudson’s project, the redevelopment of the former J.L. Hudson’s department store site. General …

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