development1

Blackstone to Invest $500M to Remake Willis Tower in Chicago

by Kristin Harlow February 13, 2017

CHICAGO — Blackstone and Equity Office have unveiled a $500 million investment plan to remake Willis Tower in downtown Chicago. The tower will be transformed with office, retail and entertainment space. This will be the first renovation for the tower, constructed in 1973. Approximately 460,000 square feet of existing space within the tower will be reconfigured. This includes 150,000 square feet of space for exclusive tenant use, including a full-service fitness center, expansive tenant lounges, private event space and concierge services. The plan also calls for more than 300,000 square feet of new retail, dining and entertainment space to be added to the base of the building, and a new 30,000-square-foot outdoor deck and garden space. Part of the investment will also focus on enhancing the tower’s 103rd floor Skydeck Chicago experience. Work to transform the tower is scheduled to begin this month, and will create an additional 2,500 jobs. San Francisco-based design firm Gensler designed the renovation. Gonzalez Architects designed the tenant-only office amenities, and Los Angeles-based Hetzel Design is overseeing the design concepts for the Skydeck enhancements. Design-build firm Turner Clayco will oversee the construction of the new Willis Tower.

February 13, 2017

Retail Texas

IKEA Proposes Plans for Fort Worth Store to Open in Summer 2019

by Amy Works February 13, 2017

FORT WORTH, TEXAS — IKEA has submitted a proposal to the City of Fort Worth for the development of IKEA Fort Worth on 27 acres at the southwest corner of Interstate 35 and North Tarrant Parkway in Fort Worth. Pending necessary approvals and agreement, construction of the retail location could begin in spring 2018, with an opening of summer 2019. The 289,000-square-foot store would offer 900 parking spaces and create more than 250 jobs upon opening. This location would be the third in the Dallas-Fort Worth area and the sixth in the state of Texas.

February 13, 2017

Florida Mixed-Use Southeast

Blackhawk Properties to Develop Seven-Story Office Building in Downtown Fort Lauderdale

by John Nelson February 13, 2017

FORT LAUDERDALE, FLA. — Blackhawk Properties & Investments LLC plans to begin construction in May on the 550 Building, a seven-story office property located at 550 S. Andrews Ave. in downtown Fort Lauderdale. Demolition has begun on the site, which formerly housed the 30,734-square-foot Justice Building. Blackhawk purchased the site in 2013 for $3.6 million. Situated across from the new Broward County Judicial Complex, the 86,257-square-foot 550 Building will feature 7,500 square feet of ground-level retail and patio space and six floors of offices. The property will also feature an attached 663-space parking garage with 14,000 square feet of retail and restaurant space on the ground floor known as The SOLO Shoppes. The project team includes Kate Murphy of Collins Capital Partners, Thomas McDonald of Craven Thompson & Associates, William Murphy of Douglas Management and architect Falkanger, Snyder, Martineau and Yates. Blackhawk has hired Berger Commercial Realty/CORFAC International to market the 550 Building, which is slated for a spring 2018 delivery.

February 13, 2017

District of Columbia Mixed-Use Southeast

Rock Creek Breaks Ground on Repositioning of Historic Takoma Theatre in D.C.

by John Nelson February 13, 2017

WASHINGTON, D.C. — Rock Creek Property Group has broken ground on the repositioning of the historic Takoma Theatre located at 6833 4th St. N.W. in Washington, D.C.’s Takoma neighborhood. Situated two blocks from the Red Line’s Takoma Metro station, the theater opened in the 1920s and was one of the first theaters in the area to feature talking movies. Since its opening, the venue has hosted several performances and events, including an HBO comedy special by Chris Rock in 1996. Rock Creek plans to convert the asset into 23,000 square feet of office and retail space with 15- to 20-foot ceilings. The design team, including Cunningham | Quill Architects and Eichberg Construction, will open the new project this summer. Washington, D.C.-based Rock Creek has more than $100 million of ongoing projects in all stages of the development cycle.

February 13, 2017

Multifamily Texas

OM Housing to Develop $28M Affordable Multifamily Complex in Benbrook, Texas

by Amy Works February 10, 2017

BENBROOK, TEXAS — OM Housing LLC is developing Villas at Boston Heights, an eco-friendly, affordable housing multifamily complex located at 3510 Boston Ave. in Benbrook, approximately eight miles from downtown Fort Worth. KWA Construction has started construction on the $28 million, 165,000-square-foot garden-style property, which is expected to open in December. Designed by BGO Architects, the property will feature 130 affordable units, 14 market-rate units, a community center, fitness center, computer learning center, community kitchen, swimming pool, barbecue and picnic area and a playground for children.

February 10, 2017

California Industrial Western

TCC Commences Construction on Columbia Business Park in Riverside

by Nellie Day February 10, 2017

RIVERSIDE, CALIF. — Trammell Crow Company (TCC) has commenced construction on Columbia Business Park, a 1.4 million-square-foot spec industrial development in Riverside. The three-building project will be situated within the Hunter Park industrial corridor. The project will be constructed in phases to maximize flexibility. The first phase will include a 1 million-square-foot distribution center and the design of a 371,229-square-foot distribution center. The second phase will include the development of the adjacent seven-acre parcel, which could provide additional parking, trailer storage or accommodate a planned 86,853-square-foot building. Operating Engineers Pension Trust is developing the business park. Washington Capital Management served as Operating Engineers’ advisor.

February 10, 2017

Illinois Midwest Office

Ryan to Redevelop 18-Acre Office Complex in Chicago Suburb

by Kristin Harlow February 10, 2017

WESTMONT, ILL. — Ryan Cos. U.S. Inc. has acquired 700 Oakmont Lane, an 18-acre office complex in Westmont, a suburb of Chicago. Ryan purchased the property from Lexington Group for an undisclosed price. The property currently consists of a three-story, 275,000-square-foot office building. Ryan will redevelop the property as Oakmont Point, a multi-building office complex that can accommodate up to five corporate users. The value of the new development, including land costs, could exceed $35 million. Oakmont Point will feature office spaces ranging from 25,000 to 75,000 square feet, along with 200 indoor parking stalls, a pond and large patios. Ryan A+E Inc. is the architect. Bill Elwood and Tara Torbik of CBRE are marketing the property on behalf of Ryan.

February 10, 2017

Industrial Texas

Port Logistics Realty Completes 1.1 MSF Industrial Facility in Metro Dallas

by Amy Works February 9, 2017

WILMER, TEXAS — Port Logistics Realty (PLR) has completed the construction of the first building at its 531-acre, $500 million Southport Logistics Park in Wilmer. The 1.1 million-square-foot property features a cross-dock design, 36-foot clear heights, 570-foot building depth, 185-foot truck court, a 60-foot staging area, 54- by 50-foot column spacing, truck courts and vehicle parking. PLR is currently underway on the remainder of Southport Logistics Park’s first phase, which includes $22 million in infrastructure investments and a total of five buildings totaling more than 3.8 million square feet. The park’s second building, a 400,000-square-foot facility, is under construction and scheduled for completion in the second quarter. At full buildout, the park will feature 9 million square feet of new distribution and e-commerce fulfillment centers, with up to nine buildings ranging in size from 400,000 square feet to 1 million square feet. Southport Logistics Park is a joint venture between PLR and Diamond Realty Investments, a wholly owned subsidiary of Mitsubishi Corp.

February 9, 2017

Massachusetts Northeast Office

The Davis Cos. Starts Construction on 223,000 SF Research Center in Cambridge

by Amy Works February 9, 2017

CAMBRIDGE, MASS. — The Davis Cos. has started construction on The Alewife Research Center, a transit-oriented lab building located at 45 Cambridgepark Drive in Cambridge. Slated for completion in summer 2018, the 223,000-square-foot building will feature ground-floor retail space and is adjacent to the Alewife Subway Station. The facility will offer highly flexible lab and R&D space, an employee lounge, conference meeting area, a fitness center with showers and lockers, and a bike room with secure storage. Project members include Spagnolo Gisness & Associates as architect, AHA Consulting Engineers and John Moriarty & Associates.

February 9, 2017

Illinois Industrial Midwest

Opus Completes Construction, Signs First Tenant for 112,049 SF Industrial Building in Bolingbrook, Illinois

by Kristin Harlow February 9, 2017

BOLINGBROOK, ILL. — The Opus Group has completed construction of 1325 Remington, a 112,049-square-foot warehouse and office building in Bolingbrook. The building is the last remaining site within the Carlow Corporate Center and is located within the I-55 industrial corridor of suburban Chicago. The building features three drive-in doors, 11 loading docks and 28-foot clear heights. Computershare, a global provider of financial and shareholder communication services, has signed a 44,357-square-foot lease as the building’s first tenant. Opus Development Co. was the developer, Opus Design Build was the design-builder and Opus AE Group was the architect and structural engineer of record for the building. Opus Design Build also completed tenant improvements for Computershare with Opus AE Group serving as the architect of record and interior designer. Dominic Derose and Vern Schultz of Colliers International marketed the property for lease, and Fred Reynolds of Ecker + Co. represented Computershare in the leasing.

February 9, 2017

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