Search results for

"Adaptive Reuse"

$23M CONVERSION OF FORMER OMAHA FEDERAL BUILDING INTO HOTEL UNDER WAY

by admin February 18, 2013

OMAHA — The $23 million conversion of the former Federal Building in Omaha into a Residence Inn by Marriott is under way. Once completed this summer, the hotel will include 152 rooms, a 1,000-square-foot penthouse on the 12th floor with panoramic views of the city and nearly 2,000 square feet of meeting space. The project will preserve and utilize all of the building’s original marble, terrazzo tile, wooden railings and brass fixtures. The conversion of the Omaha Federal Building into a Residence Inn by Marriott is the latest in a series of adaptive reuse projects by First Hospitality Group Inc. aimed at maximizing the potential of historic properties.

February 18, 2013

Major Developments Under Way to Meet Pent-up Office Demand

by admin February 11, 2013

The Nashville office market may have good cause to be the envy of the commercial real estate world. Despite a sluggish economic recovery for most of the United States, Nashville’s economy and office market have experienced a surge of growth fueled by a diverse business climate that includes healthcare firms, legal firms and corporate headquarters. That surge puts overall office vacancy at a 10-year low and Class A vacancy at record lows, 9.9 percent and 6.3 percent, respectively. Moreover, the types of development and transactions that are shaping the office market and economy are economic development homeruns, bringing or retaining growing firms’ corporate headquarters to Nashville and driving job growth. By any measure, 2012 was a banner year for Nashville’s office market. The CBD submarket has seen the most leasing activity, as many of Nashville’s major law firms and banks have secured homes for the next decade. Butler Snow’s deal at the Pinnacle building placed the 520,000-square-foot Class A office tower at 80 percent leased, and this building — which has the highest rents in the city — was closing in on full lease-up at the end of the year. Additionally, with the majority of downtown office space committed and …

February 11, 2013

Features

HERE ARE SIX HEALTHCARE REAL ESTATE TRENDS TO WATCH IN 2013

by admin January 29, 2013

By Duke Realty Healthcare Team The healthcare industry and healthcare real estate have changed dramatically during the past several years. Healthcare reform, the Great Recession, lower reimbursements and other issues should continue to drive changes, including new uses of medical office space, creative new partnerships and an increase in monetization of outpatient facilities, according to Indianapolis-based Duke Realty Corp. (NYSE: DRE) Hospitals and health systems should see the following trends over the course of the next five years: 1. Higher-acuity care will increasingly move to medical office buildings (MOBs): The 2010 Patient Protection and Affordable Care Act requires hospitals to invest in, and implement, many costly new systems and procedures. Hospitals also face a continued downward pressure on both Medicare payments and private insurance, all of which is forcing them to look for possible ways to cut costs. MOBs offering higher-acuity care and/or non-acute care are an attractive solution because they cost less to build, operate and maintain than hospitals and inpatient facilities, for both physical and regulatory reasons. North Fulton Hospital’s new North Fulton Medical Plaza in Roswell, Ga., is a good example of an MOB that provides higher-acuity care. Also, outpatient facilities in suburban areas can be a …

January 29, 2013

Midwest Multifamily

U.S. BANK PROVIDES $72.5M LOAN FOR SCHMIDT BREWERY REDEVELOPMENT

by admin November 20, 2012

ST. PAUL., MINN. — Dominium has closed on a $48.2 million construction loan and a $24.3 million letter of credit to finance the Schmidt Brewery Artist Lofts, an adaptive reuse of the historic Schmidt Brewery in St. Paul. U.S. Bank provided the financing. The Schmidt Brewery Artist Lofts will contain 260 units designed to suit the needs of artists. Common amenities will include a yoga studio, pottery studio, paint studio, kiln room, tool shop and multiple gallery spaces. Construction is set to begin by the end of this month and the project is slated for completion in 2014. Weis Builders is the general contractor and BKV Group is the architect.

November 20, 2012

Mixed-Use Southeast

CBRE ARRANGES $21.3M FOR REDEVELOPMENT OF THE WONDER BREAD BUILDING

by admin November 19, 2012

WASHINGTON, D.C. — CBRE Capital Markets has arranged a $21.3 million construction loan for the redevelopment of The Wonder Bread Building at 641 S Street in Washington, D.C. The seven-year loan was arranged on behalf of Washington, D.C.-based Douglas Development Corp. The redeveloped building, formerly a Wonder Bread distribution warehouse for Hostess, will contain approximately 82,000 square feet of office and retail space. The project is an adaptive reuse of the industrial property.

November 19, 2012

Office Southeast

FOREST CITY BEGINS THE LUMBER SHED

by admin June 21, 2012

WASHINGTON, D.C. — Forest City Washington, the Mid-Atlantic hub of Forest City Enterprises, has started the adaptive reuse of the 30,000-square-foot Lumber Shed, a former industrial property located on Water Street in Washington, D.C. The property sits in The Yards, a 5.5 million-square-foot redevelopment of the former Navy Yard property in the Capitol Riverfront district of Washington, D.C. The two-level glass pavilion will feature five restaurants on the ground floor and office space on the upper level. Osteria Morini, an Italian restaurant concept of the Altamarea Group, has signed a 4,250-square-foot lease as the first restaurant tenant. Completion is slated for the third quarter of 2013.

June 21, 2012

NYC ROLLS DICE ON ITS FIRST CASINO, THE $510M RESORTS WORLD CASINO

by admin April 4, 2012

NEW YORK CITY — JCJ Architecture, a Hartford, Conn.-based commercial design firm, has completed Phase I of the 1 million-square-foot Resorts World Casino New York City, the city’s first casino, located within the Aqueduct Racetrack complex in Queens. The construction costs are estimated at $510 million. JCJ served as the architect and interior design firm for the project. Malaysian-based Genting Group developed the casino and will handle operations. Genting and JCJ repositioned an existing building and added approximately 736,000 square feet of space for the new casino. The project added about 1,200 new construction jobs. Sylmar, Calif.-based Tutor Perini served as construction manager. The complex will contribute $350 million annually to the State of New York to support education, and will also feature gaming, dining and entertainment options. “Resorts World is an extraordinary example of creative repositioning and adaptive reuse. Working with Genting, we have transformed an aging landmark into a vibrant and energetic entertainment destination,” said Peter Stevens, president of JCJ Architecture, in a prepared statement. “Not only will Resorts World donate one percent of pre-tax profits to the local community, it has also created more than 1,350 permanent jobs for the city’s residents.” JCJ has designed each floor …

April 4, 2012

Multifamily Southeast

CONSTRUCTION BEGINS ON $120M SKY HOUSE

by admin March 14, 2012

WASHINGTON, D.C. — Bethesda, Md.-based Urban Atlantic and Chevy Chase, Md.-based The JBG Companies have started construction on the $120 million, 530-unit Sky House, two residential buildings located at the intersection of 4th and M streets in Washington, D.C. The project is an adaptive reuse of two vacant commercial buildings. Urban Atlantic is the developer for the project, and The JBG Companies is the financial partner and will serve as the management company upon completion. Capitol One, TD Bank and Eagle Bank provided financing. Wiencek + Associates Architects + Planners DC designed the property and Hamel Builders of Washington is constructing the project. Completion is slated for fall 2013.

March 14, 2012

Multifamily Southeast

WNC PROVIDES $9.5M LIHTC FINANCING

by admin February 6, 2012

ASHEBORO, N.C. — WNC & Associates has provided $9.5 million in Low Income Housing Tax Credit (LIHTC) to The Landmark Group for the acquisition and adaptive reuse of Asheboro Hosiery Mill and Cranford Furniture Mill, two former mills in downtown Asheboro. Landmark will redevelop the property into the 70-unit Asheboro Lofts, an affordable housing community.

February 6, 2012

Industrial Northeast

PRISM CAPITAL ACQUIRES 230,000-SQUARE-FOOT INDUSTRIAL BUILDING

by admin November 29, 2011

CARTERET, N.J. — Prism Capital Partners has acquired a 230,000-square-foot industrial building at 700 Blair Rd. in Carteret for the purpose of relocating Berjé Inc.'s headquarters to the property from its Parkway Lofts site in Bloomfield, N.J. The move represents an expansion from Berjé, a distributor of essential oils and aromatic chemicals, and paves the way for the start of construction for Parkway Lofts, a multifamily adaptive reuse project. Prism purchased the building from BASF Corp. for an undisclosed amount.

November 29, 2011

Newer Posts

Older Posts