development1

CitizenM, Miami Worldcenter Associates Break Ground on 351-Room Downtown Hotel

by John Nelson December 2, 2019

MIAMI — Netherlands-based hotel chain citizenM and developer Miami Worldcenter Associates have broken ground on a new citizenM hotel in downtown Miami. The hotel will be part of a $4 billion mixed-use development called Miami Worldcenter. Owner, operator and developer citizenM and master developer of the mixed-use campus Miami Worldcenter Associates will make the 700 NE 2nd Ave. property into a 12-story, 351-room hotel spanning 128,000 square feet. According to plans from general contractor Suffolk Construction and architectural firm Gensler, the hotel will feature a sundeck and rooftop bar, as well as 1,850 square feet for societyM, citizenM’s branded creative spaces and meeting rooms. The site is located across the street from the MiamiCentral terminal and adjacent to Miami Worldcenter’s pedestrian-only, open-air shopping promenade. Miami Worldcenter is a 27-acre “city within a city” delivering in phases. It will feature residential, commercial and hospitality uses, as well as of 300,000 square feet of retail, restaurant and entertainment space. The project’s first phase includes the recently completed Paramount Miami Worldcenter that features 513 upscale condominiums; the 444-unit Caoba apartment tower, which opened earlier this year; and the 434-unit Luma rental tower, now underway. In addition, Hines is preparing to build a new …

December 2, 2019

California Development Loans Mixed-Use Office Restaurant Retail Western

Meridian Capital Arranges $52M in Construction Financing for Mixed-Use Project in Los Angeles

by Amy Works December 2, 2019

LOS ANGELES — Meridian Capital Group has arranged $52 million in non-recourse construction financing for Produce LA, a speculative mixed-use development located in Los Angeles. The three-year loan, which a balance sheet lender provided, features a floating rate, two one-year extension options and full-term interest-only payments. Seth Grossman and Sarah Kuebler of Meridian negotiated the financing for the undisclosed borrower. Located at 640 S. Santa Fe Ave., the 71,400-square-foot development site is located within an Opportunity Zone in the Arts District of downtown Los Angeles. When complete, the four-story, 113,600-square-foot property will feature Class A creative office space with ground-floor restaurant and retail space and a 4,300-square-foot rooftop terrace. Additionally, the project will sit above two levels of subterranean parking and include an adjacent 64-stall surface lot, totaling 216 parking spaces for the property. Produce LA is also located adjacent to the Sixth Street Viaduct project, a new bridge and 12-acre park slated to open in 2020, as well as the proposed Sixth Street metro station.

December 2, 2019

Development Florida Mixed-Use Office Southeast

Bromley to Develop 70,000 SF Boutique Office Building at Midtown Tampa Project

by John Nelson November 27, 2019

TAMPA, FLA. — Bromley Cos. has unveiled plans for a 70,000-square-foot, standalone office building within its Midtown Tampa project called The Loft at Midtown Tampa. The three-story building will feature ground-floor retail space with boutique office space on the second and third floors. The property will offer 15-foot ceilings, skylights and an outdoor terrace. Located near Midtown Commons park, The Loft will be adjacent to the dual-branded Aloft and Element hotels and 400 planned apartments. The office space will serve as an alternative to three traditional office towers already announced for the $500 million Midtown Tampa project, which will total 750,000 square feet. The first tower, Midtown One, is currently under construction with completion expected in 2021. Robin Bishop of Cushman & Wakefield’s Tampa office is Bromley’s leasing agent for The Loft.

November 27, 2019

California Development Hospitality Mixed-Use Multifamily Office Retail Top Stories Western

Republic Urban Properties, Principal Real Estate Plan $401M Gateway at Millbrae Station Mixed-Use Project in Bay Area

by Alex Patton November 27, 2019

MILLBRAE, CALIF. — A partnership between Republic Urban Properties and Principal Real Estate Investors is preparing to break ground on a transit-oriented, mixed-use project named Gateway at Millbrae Station in Millbrae, a suburb just south of San Francisco. Located at the Millbrae Bay Area Rapid Transit (BART) station, the development will comprise 157,000 square feet of office space, 320 market-rate apartments, 80 affordable housing units, a 164-room hotel, 400 homes and 44,000 square feet of retail. Development costs are estimated at $401 million. The two developers formed a partnership called Republic Millbrae LLC, which will finance, construct and own the residential and office components of the project. “Gateway at Millbrae Station promises to be the new standard for revitalizing transit stations by increasing ridership while increasing revenues and creating much-needed affordable housing and jobs for the city of Millbrae and San Mateo County,” says Michael Van Every, president and CEO of Republic Urban Properties. The Millbrae BART Station and parking garage will remain open during construction, which is scheduled to begin on Wednesday, Dec. 4. “BART’s transit-oriented development helps the Bay Area address two of its greatest challenges: worsening traffic congestion and the lack of affordable housing,” says Bevan Dufty, …

November 27, 2019

Development Illinois Midwest Office

North Wells Capital Begins Expansion of 45,000 SF Office Building in Chicago’s River North

by Kristin Harlow November 26, 2019

CHICAGO — North Wells Capital, the investment affiliate of Urban Innovations Ltd., has begun expansion of 306 W. Erie, a 45,000-square-foot office building in Chicago’s River North. North Wells Capital acquired the building in May 2017 with plans to more than double its size. The expansion, designed by NORR Architects, integrates the existing brick and timber loft structure with a modern five-story addition, which will include an outdoor terrace and amenity space. Upon completion, the project will span 93,535 square feet. ARCO/Murray is the general contractor and JLL is the leasing agent. Urban Innovations will continue providing property management services.

November 26, 2019

Development Illinois Midwest Multifamily

LMC Breaks Ground on 212-Unit Apartment Building in Elmhurst, Illinois

by Kristin Harlow November 26, 2019

ELMHURST, ILL. — LMC, a wholly owned subsidiary of Lennar, has broken ground on The Flynn, a 212-unit apartment building in Elmhurst. First move-ins are slated for January 2021. Situated at 183 N. Addison Ave., the eight-story development is less than three miles from interstates 290 and 294. Floor plans will range from 565 to 1,745 square feet. Amenities will include a sky deck terrace, clubroom, dog run, fitness center and bike lounge. This is LMC’s seventh community in the greater Chicago area, joining properties such as The Marlowe and The Emerson.

November 26, 2019

Development New York Northeast

Rockefeller Group Tops Out 123-Unit Rose Hill Residential Building in Manhattan

by Alex Patton November 26, 2019

NEW YORK CITY — Rockefeller Group has topped out Rose Hill, a 123-unit condominium building in the NoMad neighborhood of Manhattan. The building, located at 30 East 29th Street, rises 600 feet and 45 stories and will offer floor plans ranging from studio to four-bedroom units, including penthouses. Amenities will include a resident bar and lounge with indoor and outdoor seating, fitness center, bike workshop, billiards room, pet salon and a studio guest suite available for reservation. Closings are expected to begin in late 2020. CentraRuddy Architecture designed the building and the interior and Lendlease is the general contractor.

November 26, 2019

Development Industrial Texas

Stream Realty Acquires 300 Acres in West Houston for New Industrial Park

by Taylor Williams November 25, 2019

BROOKSHIRE, TEXAS — Stream Realty Partners has acquired 300 acres in the western Houston suburb of Brookshire for the development of Empire West Business Park, an industrial development that fronts Interstate 10 and U.S. Highway 90. The initial phase of Stream’s development strategy will center on the delivery of 1 million square feet of speculative product across three buildings. A construction timeline was not released.

November 25, 2019

Development Illinois Midwest Multifamily

Albion Residential Completes 265-Unit Apartment Development in Oak Park, Illinois

by Kristin Harlow November 25, 2019

OAK PARK, ILL. — Albion Residential has completed Albion Oak Park in suburban Chicago. The 265-unit luxury apartment development is located at 1000 Lake St. Floor plans range from studios to three-bedroom units. The property features 7,000 square feet of retail space on the ground floor. Amenities include 20,000 square feet of outdoor space in addition to a wellness center, podcast studio, pet spa and indoor dog room. A 7,000-square-foot lobby is open to the public. Albion developed the project in partnership with Wilton Investment Management. CIBC and Associated Bank provided financing. Village Green manages the property. Clark Construction was the general contractor for the project. Monthly rental rates start at $1,750.

November 25, 2019

Development Industrial Michigan Midwest Self-Storage

U-Haul to Repurpose Former Kmart Store in Warren, Michigan

by Kristin Harlow November 25, 2019

WARREN, MICH. — U-Haul is opening a facility at a former Kmart store at 2000 Ten Mile Road in Warren. Once renovations are complete at the 121,568-square-foot building, the property will house approximately 800 indoor self-storage units. U-Haul will also offer truck and trailer sharing, towing equipment and moving supplies at the 11.5-acre property. The company expects to employ at least 15 team members at the store, which is slated to open by the end of January.

November 25, 2019

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