development1

University of Tennessee at Chattanooga Breaks Ground on $70M Housing Complex

by John Nelson November 25, 2015

CHATTANOOGA, TENN. — The University of Tennessee at Chattanooga has broken ground on a new 600-bed, $70 million housing complex. The 231,959-square-foot development on the west side of campus will also include classrooms, a bookstore outlet, dining facility and a demonstration kitchen to help students transition to apartment living. The structure will feature 648 new parking spaces for cars and 22 motorcycle parking spaces. Each room will be wired for gigabyte service, as well as wireless connectivity. The facility is projected to open in fall 2018.

November 25, 2015

Georgia Hospitality Southeast

IHG Opens 160-Room Hotel Indigo in Metro Atlanta’s Vinings Neighborhood

by John Nelson November 25, 2015

SMYRNA, GA. — InterContinental Hotels Group (IHG) has opened the 160-room Hotel Indigo Atlanta-Vinings, the brand’s third hotel in metro Atlanta. The new hotel is located at 2857 Paces Ferry in Smyrna’s Vinings district, roughly 20 miles from downtown Atlanta. The hotel features artwork from Nellie Mae Rowe, who previously owned the land that houses the hotel, and The Public House at Vinings, a Southern-themed restaurant and bar. Other amenities include a 24-hour fitness center, 3,200 square feet of meeting space and Neighborhood Guide, Hotel Indigo’s interactive touchscreen display. Rialto Capital Management owns the Hotel Indigo Atlanta-Vinings and Valor Hospitality Partners manages the property.

November 25, 2015

Loans Mixed-Use Multifamily New York Northeast Office Retail

Related Cos., Oxford Properties Close on $1.3B in Financing for 15 Hudson Yards

by Amy Works November 24, 2015

NEW YORK CITY — Related Companies and Oxford Properties Group have closed on $1.3 billion in financing to fund 15 Hudson Yards, the first residential tower at the 28-acre Hudson Yards mixed-use development on Manhattan’s West Side. Already under construction, the building contains both rental and condominium apartments. The 960,000-square-foot building will be completed in 2018, and sales are expected to begin in mid-2016. Designed by Diller Scofidio + Renfro and Rockwell Group to obtain LEED Gold certification, 15 Hudson Yards will be 910 feet tall and will include 285 for-sale residences throughout its 70 stories, as well as 106 rental units. The property will offer unobstructed views of the city and Hudson River. Hudson Yards is being developed by Related Cos. and Oxford Properties Group and will include 17 million square feet of commercial and residential space, more than 100 shops and restaurants, including the first Neiman Marcus in New York City, approximately 5,000 residences, 14 acres of public open space, a new 750-seat public school and a 200-room, Equinox-branded luxury hotel. 15 Hudson Yards will have frontage on the newly created plaza at the center of Hudson Yards and is also adjacent to the …

November 24, 2015

Midwest Mixed-Use Ohio

Weston, Citymark Capital Unveil Plans for 3 Million SF Mixed-Use Project in Cleveland

by Christina Cannon November 24, 2015

CLEVELAND, OHIO — Weston Inc. and Citymark Capital have unveiled plans for a 3 million-square-foot mixed-use development in Cleveland. The five-acre area is currently occupied by parking lots that will be converted into luxury apartments, retail facilities, restaurants and green spaces. The development will include 1,200 residential units with a rooftop bar, deck and pool; approximately 100,000 square feet of retail space; green spaces and covered garage parking. The project will be built in fours phases. Phase I will include 352 units, 22,000 square feet of retail and 390 parking spots. Developers hope to break ground on Phase I in the spring of 2016. The first phase is slated for completion in the summer of 2017. The development will be one block west of Cleveland’s Public Square. Gensler will serve as the primary architect for the project and Gilbane Inc. will perform the construction.

November 24, 2015

Florida Hospitality Southeast

Stantec Begins Renovations of Berkeley Shore Hotel in Miami Beach

by John Nelson November 24, 2015

MIAMI BEACH, FLA. — Stantec’s Miami office has begun renovations of the Berkeley Shore Hotel, a historic hotel located at 1610 Collins Ave. in Miami Beach. The 45,100-square-foot redevelopment will comprise 96 guestrooms, a restaurant and the addition of a new 10-story tower with a rooftop Zen garden and pool. The tower will sit behind the existing structure and will resemble the original Art Deco exterior of the Berkeley Shore Hotel that opened in 1940. The hotel renovations are scheduled to wrap up in spring 2016.

November 24, 2015

Mixed-Use Multifamily New York Northeast Retail

LCOR Breaks Ground for 55 Bank Street in White Plains

by Amy Works November 23, 2015

WHITE PLAINS, N.Y. — LCOR has broken ground for 55 Bank Street, a mixed-use development in White Plains. The $250 million, 760,000-square-foot transit-oriented development will offer residential and retail space. The first phase of the project will include a 16-sory, 288-unit residential building with 3,000 square feet of ground-floor retail space and 381 parking spaces. Phase II will consist of a 16-story building with 273 homes, 3,350 square feet of retail space and 189 parking spaces. Twenty percent of the 561 residential units will be workforce designated housing. The project is located adjacent to the Metro-North White Plains Railroad Station, which offers express service into Grand Central Station in New York City.

November 23, 2015

Florida Mixed-Use Southeast

CapasGroup, Cushman & Wakefield Broker $24M Sale of Development Site in West Palm Beach

by John Nelson November 23, 2015

WEST PALM BEACH, FLA. — CapasGroup Realty Advisors and Cushman & Wakefield have teamed up to broker the $24 million sale of a full city block at 419 Lakeview Avenue in downtown West Palm Beach. Known as Lakeview Centre, the 3.2-acre site is approved for nearly 1.1 million square feet of office, residential, hotel and retail uses. Brad Capas of CapasGroup and Mark Pateman and Rosendo Caveiro of Cushman & Wakefield teamed up to represent the seller, an offshore entity, in the transaction. The buyer is a private investor with existing holdings in the West Palm Beach area.

November 23, 2015

Florida Loans Multifamily Southeast

Aztec Group Arranges $12.7M Construction Loan for Multifamily Property in West Palm Beach

by John Nelson November 23, 2015

WEST PALM BEACH, FLA. — Aztec Group Inc. has arranged a $12.7 million construction loan for a planned 105-unit multifamily community in West Palm Beach’s Northwood neighborhood. The 1.3-acre development site is located at 312 23rd St. north of downtown West Palm Beach. Jason Katz of Aztec Group arranged the loan through City National Bank of Florida on behalf of the developer, Parkland Cos.

November 23, 2015

Florida Multifamily Southeast

Monogram Residential Trust Opens Upscale Apartment Community in Miami’s Brickell District

by John Nelson November 20, 2015

MIAMI — Monogram Residential Trust Inc., a publicly traded operator and developer of luxury apartment communities, has opened SOMA, a new 418-unit multifamily community in downtown Miami’s Brickell district. Monogram Residential developed the eight-story boutique community in partnership with Alliance Residential Co. Monogram and Monogram Residential Master Partnership I LP, a joint venture between Monogram and PGGM Private Real Estate Fund, a real estate investment vehicle for Dutch pension funds, provided equity for the development of SOMA. The Class A property is located at 145 S.W. 13th St. within blocks of Mary Brickell Village, the Brickell Metrorail Station and Simpson Park. Community amenities include 24-hour package receipt and delivery via Luxer locker systems, electric car charging stations, an athletic center overlooking downtown Miami, yoga studio, big screen movie theater and a rooftop resort with a pool, grilling stations, lounge area and basketball court. Unit interiors feature epicurean kitchens, designer lighting, al fresco balconies, walk-in closets and Roman soaking tubs.

November 20, 2015

Healthcare Illinois Midwest

The Presence Center for Advanced Care Opens New Facility in Chicago

by Christina Cannon November 20, 2015

CHICAGO —Presence Saint Joseph Hospital, part of Presence Health, has opened a new outpatient facility in Chicago’s Lincoln Park neighborhood. The Presence Center for Advanced Care is a 10-story lakefront medical facility developed by Hammes Co., a healthcare consulting firm. The building is located at the intersection of Surf Street and Sheridan Road. Services at the new facility include advanced diagnostics capabilities, ambulatory surgery, a full endoscopy center, laboratory services, physical therapy and rehabilitation, and specialty services such as bariatrics, orthopedics and comprehensive oncology. The facility features three floors of physician office suites, three levels of indoor parking, and the building connects directly to the hospital via a glass sky bridge. Hammes Partners provided development capital for the project and retains ownership of the facility. RTKL Associates Inc. completed the architecture for the project and Power Construction served as the construction manager. Hammes Co. will also be in charge of leasing up the facility.

November 20, 2015

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