development1

Related Cos., Hilton Worldwide Open Hilton West Palm Beach

by John Nelson February 1, 2016

WEST PALM BEACH, FLA. — Related Cos. and Hilton Worldwide have opened Hilton West Palm Beach, a 12-story convention hotel located in downtown West Palm Beach. The property features 400 guestrooms, 43 suites, a grand lobby, thee quarter-acre lanai, zero-entry pool, private cabanas, Restoration Hardware furnishings and a poolside bar and fire pit. The property’s dining options include Manor, a farm-to-table restaurant; Galley, the hotel’s lobby bar; and Provisions, a marketplace that provides locally sourced goods, prepared food, cold-pressed juices and gifts from local shops and artists. Connected to The Palm Beach County Convention Center via an enclosed walkway, Hilton West Palm Beach features more than 24,000 square feet of meeting space, including the 13,350-square-foot Oceana Ballroom and the 5,800-square-foot Coral Ballroom, as well as two 2,400-square-foot lawn spaces for weddings, special events and fitness programming. The project team includes Miami-based architect Nicholas Brosch Wurst Wolfe & Associates and Dallas-based interior designer Looney and Associates.

February 1, 2016

Loans Multifamily New York Northeast

Lustig Capital Arranges $66.6M Construction Loan for Condo Conversion in Manhattan

by Amy Works February 1, 2016

NEW YORK CITY — Lustig Capital has arranged a $66.6 million construction loan for the condominium conversion of 360 Central Park West in New York City. To be known as 360 CPW, the property is a 145-unit apartment building located at the south corner of Central Park West and 96th Street. Built in 1928, the Rosario Candela building is one of the famous church apartment buildings, which incorporated the Second Presbyterian Church of New York within the building’s structure. The property also hosts the Alexander Robertson School. Contiguous apartments at 360 CPW will be combined into luxury homes, designed by Cetra Ruddy and marketed by Stribling. The new residences will feature dedicated HVAC units, high-end finishes and Miele and Bertazzoni appliances. The building’s fully renovated lobby and common spaces will feature a children’s playroom, gym, bike room, private storage room and pet washing station. Bill Lustig of Lustig Capital arranged the financing for the undisclosed borrower.

February 1, 2016

California Retail Western

Forest City Begins Phase II of Subway Terminal Building Redevelopment in Los Angeles

by Nellie Day February 1, 2016

LOS ANGELES — Forest City Realty Trust Inc. has started Phase II of the redevelopment, preservation and adaptive re-use of the Subway Terminal Building, originally built in 1925 by Pacific Electric Railroad in downtown Los Angeles. Renamed Metro 417, Phase I consisted of the development of 277 loft-style apartment homes. For phase two, Forest City will redevelop and transform the ground floor and two subterranean floors into approximately 133,000 square feet of multi-tenant retail space. Lorena Tomb and Danielle Cornwell of Jones Lang LaSalle are marketing the retail space for lease on behalf of Forest City. Metro 417 is located in the Bunker Hill area of Los Angeles adjacent to a station for the Metro Red Line subway. Amenities for the property will include on-site parking, in-unit laundry facilities, a rooftop garden, gym, business center and 24-hour security.

February 1, 2016

Catalon-at-Lago-Mar-Apartments-Texas-City-Texas

Multifamily Texas

Oldham Goodwin Group, MGroup to Develop Apartment Community in Metro Houston

by Haisten Willis January 29, 2016

TEXAS CITY, TEXAS — Oldham Goodwin Group and MGroup will co-develop a multifamily project in the Lago Mar Development in Texas City. Catalon at Lago Mar will be a 230-unit, Class A community located at 6130 Lago Mar Blvd. near I-45. The community will feature a fitness center and outdoor pool. Oldham Goodwin’s development services division, in conjunction with MGroup, will be overseeing the development and construction management of the project. The project team selected FCI Multi-Family Construction to oversee construction. Construction for Catalon at Lago Mar is expected to begin Feb. 1, with a projected completion date in first quarter 2017.

January 29, 2016

the-gateway-at-cullen-university-of-houston

Multifamily Student Housing Texas

Fountain Residential, Virtus to Develop Student Housing Project in Houston

by Haisten Willis January 28, 2016

HOUSTON — Dallas-based Fountain Residential Partners, in a joint venture development with Austin-based Virtus Real Estate Capital, will develop a student housing community for the University of Houston and nearby Texas Southern University. The Gateway on Cullen will be located on Cullen Boulevard at the main entrance to the University of Houston campus. The 7.7-acre property will consist of 531 beds including one-, two-, four- and five-bedroom apartments and townhouses, along with a pool, volleyball court, an 8,000-square-foot clubhouse, fitness center and private study rooms. The majority of the units at The Gateway on Cullen will consist of two-level townhome configurations upwards of 1,900 square feet. Each fully furnished unit will feature vinyl wood plank flooring, granite countertops, queen-sized beds, 50-inch TVs, stainless steel appliances and full-sized washer and dryers. Stuart Roosth Architects designed The Gateway on Cullen, and Temple, Texas-based MW Builders is the general contractor. The project will be completed before the fall 2017 semester.

January 28, 2016

Tribute Portfolio Element by Westin Hotel Fort Lauderdale

Florida Hospitality Southeast

Tutor Perini to Build Dual-Branded Hotel Property in Downtown Fort Lauderdale

by John Nelson January 28, 2016

FORT LAUDERDALE, FLA. — Wurzak Hotel Group and DoveHill have selected Tutor Perini Building Corp. to construct a dual-branded Tribute Portfolio and Element by Westin hotel in downtown Fort Lauderdale. The new 24-story tower will feature a 209-room Tribute Portfolio hotel and a 114-room Element by Westin hotel. The property will also feature a rooftop lounge and restaurant, pool, gymnasium, parking within the projectg, ground-level retail space, a ballroom and several meeting rooms. Tutor Perini expects to break ground in the spring and wrap up construction in the fall of 2017.

January 28, 2016

Industrial Office Texas

Mercedes-Benz to Open New Facilities in Metro Dallas

by Haisten Willis January 27, 2016

GRAPEVINE, TEXAS — Mercedes-Benz plans to open two facilities in Grapevine. The first is a regional parts distribution center (PDC) designed to support the sales and distribution of spare parts to the customers and dealer network of Mercedes. The second is a learning and performance center (LPC). The LPC is relocating from Houston to the Grapevine site and is planned to be a technical facility accommodating on-going training of Mercedes-Benz dealership technicians from around the Southwest region. Currently owned by the city of Grapevine, the site consists of around 31 acres along Lakeside Parkway at Enterprise Road. Once fully operational, both the training facility and parts distribution center will be staffed with 50 employees with the ability to train 150 technicians per week. The PDC is planned to be 254,000 square feet and the LPC is 59,000 square feet. Seefried Industrial Properties, in partnership with a long-time European capital partner, is the purchaser of the land and developer for this project. Mercedes has executed a development agreement with Seefried Properties and will purchase the project upon completion. Design of the two facilities is underway and will be submitted for permitting in February 2016. The initial site work will start this …

January 27, 2016

Kentucky Southeast Student Housing

Doster Construction Completes $45M Student Housing Complex Near University of Louisville

by John Nelson January 27, 2016

LOUISVILLE, KY. — Doster Construction has completed the $45.8 million construction of the 758-bed Clubhouse Student Apartments in Louisville adjacent to the University of Louisville campus. The project consists of three five-story wood frame buildings. The new complex has more than 400,000 square feet of living space. Amenities include two courtyards, a swimming pool, club room, fitness area, theater, computer/study room and a hammock garden. The project also includes a five-and-a-half level parking garage that accommodates more than 625 parking spaces. Buck Development Louisville LLC is the project’s developer.

January 27, 2016

Arizona Industrial Western

The Opus Group Launches Spec Industrial Project in Phoenix

by Nellie Day January 27, 2016

PHOENIX — The Opus Group has commenced construction on a 393,300-square-foot speculative warehouse and distribution building in Phoenix. The Opus Airport Industrial will be situated on 23 acres of land at the northeast corner of 7th and Elwood streets, near Phoenix Sky Harbor International Airport. Opus Airport Industrial will be the largest available industrial space in the submarket once it’s completed in September, according to the developer. It will also be able to accommodate single- or multi-tenant occupants looking for manufacturing, distribution and light assembly uses, among others. Opus Development Company LLC is developing the project. Opus Design Build LLC is the design-builder, while Opus AE Group LLC is the architect and structural engineer of record. Ware Malcomb is the design architect. CBRE’s John Werstler, Cooper Fratt and Jerry McCormick will market the property for lease. The team also executed the land sale between Opus and the seller, 7th Street Industrial LLC.

January 27, 2016

California Multifamily Seniors Housing Western

The Pacific Cos. Opens $17M Affordable Seniors Housing Community Near Oakland

by Nellie Day January 26, 2016

RICHMOND, CALIF. — The Pacific Cos. has opened the doors on Harbour View Apartments, a 61-unit affordable seniors housing community in Richmond, just north of Oakland along San Francisco Bay. The four-story property features 50 one-bedroom units and 12 two-bedroom units. It cost $17 million to develop. Financing for the project came from low-income housing tax credits, a forward interest rate swap, and $13 million in tax-exempt bonds. The bonds were issued in two series with Mechanics Bank directly purchasing $9 million of the senior series and a private investor purchasing $4 million of the junior series. Wells Fargo Affordable Housing Community Development Corporation committed to purchasing the LIHTCs. The Pacific Cos. is an Idaho-based developer of multifamily communities. Mechanics Bank is a California-based lender.

January 26, 2016

Newer Posts

Older Posts