development1

Herald Examiner Building in LA to Undergo Redevelopment

by Nellie Day September 4, 2015

LOS ANGELES — The Herald Examiner Building in downtown Los Angeles will soon undergo redevelopment. to turn the historic space into a mix of creative office space, retail and restaurants. The Herald Examiner Building was originally constructed in 1914 between South Park and the Broadway Corridor. The two-story lobby will also undergo a restoration as part of the renovation. The Georgetown Company has partnered with the Hearst Corporation on this project. The Herald Examiner Building was initially designed by Julia Morgan, the same architect who designed Hearst Castle. Carl Muhlstein of Jones Lang LaSalle will lead the leasing efforts.

September 4, 2015

Hospitality Texas

Sam Moon Group Breaks Ground on New Renaissance Hotel

by Katie Sloan September 3, 2015

PLANO, TEXAS — Developer Sam Moon Group has broken ground on a new 15-story, 304-guestroom Renaissance hotel in Plano. Part of the new 250-acre Legacy West master development, the hotel will include more than 100,000 square feet of conference and meeting space, restaurants, an outdoor bar terrace and a third-floor amenity deck with a swimming pool, bar, spa and fitness center. An attached parking garage will provide 470 parking spaces for guests. Brasfield & Gorrie will serve as general contractor and HKS Hospitality Group will serve as architect on the project. Other project team members include Looney & Associates, Blum Engineering, Brockett/Davis/Drake Inc., Bancorp South and Jones Lang LaSalle. Construction of the hotel is expected to be complete in spring 2017.

September 3, 2015

Multifamily Texas

Westdale, StreetLights to Develop High-Rise Apartment Tower in Dallas

by Katie Sloan September 3, 2015

DALLAS — Westdale and StreetLights Residential are teaming up to develop The Case Building, a 17-story high-rise apartment tower located at the intersection of Hall and Main streets in the Deep Ellum neighborhood in Dallas. According to the developers, the 337-unit property will be the first high-rise development ever in Deep Ellum. The units will span between 500 and 1,300 square feet and feature 10-foot concrete ceilings, exposed brick walls and open metal shelving. Community amenities will include a business lounge, conference room, studio offices, club room with coffee bar, full-service bar, pool table, private dining room, dog wash station, bike storage room, fitness center and an outdoor swimming pool. Leasing will begin in early 2017, and the co-developers expect to deliver the first units in spring 2017. StreetLights Residential Texas Construction LLC is serving as general contractor for the project.

September 3, 2015

Multifamily Student Housing Texas

Progress Student Living Begins Construction on Progress405 Near Oklahoma State

by Katie Sloan September 2, 2015

STILLWATER, OKLA. — Progress Student Living has begun construction on Progress405, a luxury student housing community near the central campus of Oklahoma State University (OSU) in Stillwater. Located on an 11-acre site at the northern edge of the OSU campus, Progress405 will consist of four three-story buildings with 544 bedroom/bathroom suites in 180 apartment units. When completed, Progress405 will be the nearest Class A, fully amenitized, student housing complex to campus, according to Progress Student Living. The community will be located less than a quarter-mile from Boone Pickens Stadium and a half-mile from the center of campus. Among the property’s amenities will be an outdoor, resort-style swimming pool; a 10,000-square-foot clubhouse; outdoor grilling areas with fire pits; a fitness center; a sand volleyball court; a collaborative study center; a cybercafé; on-site bike racks; and community Wi-Fi. The apartments at Progress405 will be fully furnished and available in one-, two- and four-bedroom floor plans, with each bedroom having its own bathroom. Progress405 will be completed for the 2016-2017 academic year. Greystar Student Living will serve as property manager. Mutual of Omaha Bank is providing construction financing for the project, with equity from Seminole Financial Services. Stillwater National Bank provided acquisition and …

September 2, 2015

Industrial Northeast Pennsylvania

Dermody, PCCP to Develop 475,800 SF Industrial Facility in Eastern Pennsylvania

by Amy Works September 2, 2015

FORKS TOWNSHIP, PA. — Dermody Properties and PCCP have partnered to develop a 475,800-square-foot industrial facility at 4200 E. Braden Blvd. in Forks Township in Lehigh Valley.Construction is slated to begin in fourth quarter, with completion scheduled for mid-2016. LogistiCenter at 33 will feature 36-foot clear heights, 226 car parking spaces and 85 trailer parking spaces. The facility is ideally suited for warehouse, distribution and manufacturing operations. Dermody Properties is the industrial developer and operating partner, and PCCP is the financial partner for the project.

September 2, 2015

Office Texas

MYCON to Build Medical Office Building in Plano for $3.1M

by Katie Sloan September 2, 2015

PLANO, TEXAS — MYCON General Contractors has been awarded a $3.1 million construction contract to build Star Medical Center Office Building, a 30,160-square-foot, two-story medical office building located at 4100 Mapleshade Lane in Plano. The owner and developer is Star Medical Center LLC. The project architect is Bryant Burton Kupcunas Architects Inc. Star Medical Center is an acute-care hospital located immediately adjacent to the new medical office construction. A groundbreaking ceremony is scheduled for Friday, Sept. 4, and MYCON plans to complete construction by the end of the year.

September 2, 2015

California Retail Western

Four New Restaurants to Open at Terminal One at LAX

by Nellie Day September 2, 2015

LOS ANGELES — Westfield has announced that four new restaurants will open at Terminal One at LAX as part of a $508 million overhaul spearheaded by Southwest Airlines in partnership with Los Angeles World Airports. New venues will include Reilly’s Irish Pub, The Coffee Bean & Tea Lead, California Pizza Kitchen and Deli & Co. When complete, Terminal One will include 24 new dining and retail destinations. The new locations are expected to open later this year, with the total terminal redevelopment set for completion in 2018. Westfield’s new retail and dining collection will span 25,242 square feet, and will also be home to Rock & Brews, Be Relax, Quiksilver, Treat Me Sweet, I Love L.A. and Brookstone.

September 2, 2015

Retail Texas

Trademark Begins Multi-Million Dollar Renovation of Hillside Village

by Katie Sloan September 1, 2015

CEDAR HILL, TEXAS — Trademark Property Co. has begun its multi-million dollar renovation of Hillside Village shopping center, formerly known as Uptown Village at Cedar Hill. The first phase of renovations will include updated signs at property entrances, a new children’s play area, a new promenade section with a bocce ball court, a covered stage area, enhanced landscaping and lighting and additional shaded seating around the village green. Completion of the first phase is scheduled for this fall. Hillside Village is currently home to 350,000 square feet of retail and restaurants, with tenants including Barnes & Noble, Dillard’s, Dick’s Sporting Goods, Charlotte Russe, Charming Charlie, Buckle, Papaya and Victoria’s Secret.

September 1, 2015

Florida Loans Mixed-Use Southeast

Avison Young Arranges $46.7M Construction Loan for Mixed-Use Development in Miami

by John Nelson September 1, 2015

MIAMI — Avison Young has arranged a $46.7 million construction loan for INTown, a two-tower, 14-story mixed-use project that will be located in Miami’s Little Havana neighborhood. The $81 million property will feature two split condominium and rental towers with retail space on the ground level. David Eyzenberg and Amanda Saltzman of Avison Young arranged the loan on behalf of the developer, Astor Cos. According to Avison Young, INTown will be the first high-rise developed in Little Havana in more than 10 years.

September 1, 2015

Mixed-Use Multifamily New York Northeast Retail

Schur Management Cos. Breaks Ground on $42M Mixed-Use Project in the Bronx

by Amy Works September 1, 2015

NEW YORK CITY — Schur Management Cos. has broken ground on a $42 million mixed-use development located at 2030 Creston Ave. in the Mount Hope neighborhood of the Bronx. Creston Apartments will feature 110,761 square feet of above-grade buildable square footage, including 114 apartments, 11,234 square feet of ground-floor retail space, 908 square feet of community facility space and 10,657 square feet of underground parking for 40 cars. The residential mix will include seven studio apartments, 49 one-bedroom apartments, 46 two-bedroom apartments and 12 three-bedroom apartments. On-site amenities will include a study center with desks and computers, a fully equipped laundry room and an outdoor landscaped recreation area. Funding for the project is coming from the NYC Housing Development Corp., NYC Department of Housing Preservation and Development, Bronx Borough President’s Office, Capital One bank and the Hudson Housing Corp. The project team includes MacQuesten Cos. as general contractor, Aufgang Architects as architect, and Best Development Group as consultant to the developer. The target date for completion is September 2017.

September 1, 2015

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