development1

PRC Campus Centers to Expand Campus Town at The College of New Jersey

by Amy Works February 10, 2015

EWING, N.J. — PRC Campus Centers LLC, a member of the PRC Group, is planning to expand its Campus Town at The College of New Jersey in Ewing by adding two residential buildings, which will accommodate 166 additional students. The second phase, which is scheduled to open in fall 2016, will bring an additional 74,000 square feet of one-, two-, and four-bedroom apartments to the existing 278,000-square-foot mixed-use property. The fully furnished apartments offer each student a private bedroom, a private or semi-private bathroom, full kitchen, living room, laundry room and secure access. The mixed-use complex features an 11,400-square-foot student fitness center and a variety of retail tenants, including Panera Bread, Barnes & Noble Bookstore, Piccolo Trattoria, Yummy Sushi, El Mexican Mariachi, Redberry Yogurt and Spencer Savings Bank. Additionally, the expansion will bring PRCs privately funded total investment to approximately $120 million. Campus Town is a public-private partnership between PRC and The College of New Jersey approved under the NJ 2009 Economic Stimulus Act.

February 10, 2015

Healthcare North Carolina Southeast

JE Dunn Construction Tops Off $104M VA Clinic in Charlotte

by John Nelson February 10, 2015

CHARLOTTE, N.C. — JE Dunn Construction Co. has topped off the Charlotte VA Health Care Center, a $104 million, six-story, 420,000-square-foot clinic in Charlotte. The healthcare complex, located on 35 acres near Charlotte Douglas International Airport, will be the largest leased facility of the U.S. Department of Veterans Affairs (VA). The facility will provide outpatient primary and mental health care, as well as specialty clinics for radiology, neurology, cardiology, dialysis, women’s health, dental and oncology. In addition to JE Dunn, the project team also includes Childress Klein Properties and Cambridge Development Group, who formed Childress Klein-Cambridge Healthcare Solutions LLC to design, build and provide facility management for the project, which it owns and will lease to the VA. Charlotte-based RPA Design, the architect of record, designed the project to achieve LEED Silver certification. The clinic is scheduled for completion in spring 2016 and is estimated to produce roughly 2,000 jobs during construction and, upon completion, about 500-600 permanent jobs.

February 10, 2015

Florida Industrial Southeast

Miller Construction Co. Completes 218,000 SF Transal Logistics Center in Metro Miami

by John Nelson February 10, 2015

DORAL, FLA. — Miller Construction Co. has completed the 218,000-square-foot Transal Logistics Center in Doral for Gibson Development Partners. The two-building complex at 8301-8303 N.W. 27th St. provides warehouse/distribution space for international trade operations, with 30-foot clear heights, 54- by 50-foot column spacing, ESFR fire sprinklers and T-5 lighting with motion sensors. Boca Raton-based RLC Architects designed the property to feature reinforced concrete and tilt-wall buildings that wrap around a secure 180-foot truck court with dock-high loading for the center’s 69 bays. Bay sizes start at 8,910 square feet and units will range in size from 17,280 to 110,000 square feet, and Coral Gables-based Fairchild Partners is handling leasing. Additionally, Miller Construction is building Gateway Plaza at Doral, an 84,000-square-foot office, retail and restaurant center nearing completion near the Transal Logistics Center on N.W. 87th Avenue and N.W. 21st Terrace.

February 10, 2015

Office Southeast Virginia

Akridge, RTC Partnership to Build $210M Office Tower in Metro D.C.

by John Nelson February 9, 2015

RESTON, VA. — Akridge and RTC Partnership LLC have formed a joint venture to develop 1760 Reston Parkway, a $210 million, Class A office tower in the Reston Town Center mixed-use development outside Washington. The approximately 420,000-square-foot, 22-story building will reach 330 feet, nearly 115 feet taller than the next tallest building in Reston Town Center. As a result, 1760 Reston Parkway will offer tenants panoramic views from the Blue Ridge Mountains to downtown Washington. 1760 Reston Parkway will be located six miles east of the Washington Dulles International Airport and approximately 20 miles west of Washington. The site is currently home to a five-story, 61,000-square-foot office building that will need to be demolished prior to construction, according to the Washington Business Journal. The newspaper says that Akridge has not ruled out building on spec, but plans to prelease an anchor tenant for at least 150,000 square feet before proceeding with construction. RTC Partnership LLC acquired the property in 2005 and guided 1760 Reston Parkway through the entitlement process. Whealen retained Mike Shuler of Avison Young to structure a joint venture with a top office developer, leading to the joint venture with Akridge, a full-service commercial real estate company that …

February 9, 2015

Savannah Georgia Boutique Hotel River Street

Georgia Hospitality Southeast

Rockbridge to Build Boutique Hotel in Savannah

by John Nelson February 9, 2015

SAVANNAH, GA. — Rockbridge plans to develop a 173-room boutique hotel in Savannah’s Historic District on River Street. With a projected opening in late 2016, the hotel will include a ground-floor restaurant and retail space, 4,000 square feet of meeting space, an upscale swimming pool experience, rooftop bar and on-site parking. Rockbridge will implement its all-king concept for this property, with 82 double king rooms, 66 kings and 25 suites. The hotel is located on the site of the oldest bottleworks factory in America and will incorporate historic bricks and bottles from the site in the development. Rockbridge has been working with city leaders to design and construct the first public, ADA-accessible pedestrian stairway and elevator to the river adjacent to the property. Plans include very wide, safe stairs and an elevator with new streetscaping and lighting enhancements.

February 9, 2015

DoubleTree-by-Hilton-Hotel-Galveston-Beach

Hospitality Texas

DoubleTree by Hilton Opens on Galveston Island

by Haisten Willis February 6, 2015

GALVESTON, TEXAS — DoubleTree by Hilton Galveston Beach, a five-story, 97-room hotel located in the island’s dining and entertainment districts and overlooking the Gulf of Mexico, is now open. Formerly the Galveston Beach Hotel, the property has concluded a multi-million dollar renovation that includes a redesign of the lobby, food and beverage outlets, public spaces, meeting and event areas and guest rooms. The property is DoubleTree by Hilton’s first hotel in Galveston. 17th Street Properties LLC owns the property and Houston-based American Liberty Hospitality will manage the property. Amenities include a saltwater swimming pool with swim-up bar, 24-hour fitness center, laundry service, on-site parking, 24-hour business center and in-room safes. Free WiFi is also available throughout the hotel’s public areas and guest rooms. The hotel is located at 1702 Seawall Blvd.

February 6, 2015

New York Northeast Office Retail

Meadow Partners Converts 866 United Nations Plaza into Commercial Condo Property in NYC

by Amy Works February 6, 2015

NEW YORK CITY — Meadow Partners, through an affiliate, has converted 866 United Nations Plaza, a 471,000-square-foot office building, into a commercial condominium property containing office, retail and garage space. Located at the base of two 32-story residential towers on 48th Street in New York City, the property offers six 78,000-square-foot floors and units ranging in size from less than 1,000 to more than 50,000 square feet. Additionally, units can be combined and demised to accommodate users of varying sizes. Sale prices range from under $1 million to more than $60 million, depending on unit size, view and floor plan. Built in 1965, the property features two lobbies, 24/7 security, 17-foot travertine walls and polished granite floors, six elevators, a separate service entrance with loading dock and oversized freight elevator, and an underground parking garage. Rudder Property Group is marketing the building, which is managed by Jones Lang LaSalle.

February 6, 2015

California Industrial Western

HCP Breaks Ground on Phase I of The Cove at Oyster Point in San Francisco

by Nellie Day February 6, 2015

SAN FRANCISCO — HCP has broken ground on the first phase of The Cove at Oyster Point, a new life science development in South San Francisco. The 884,000-square-foot project will be located on Oyster Point Boulevard. The campus will contain seven buildings that range in size from 102,000 square feet to 158,000 square feet. It will also feature 5.5 acres of outdoor green space, an amenity center, and retail and hotel entitlements. The first phase will contain two buildings totaling 253,000 square feet. They are scheduled for completion in the third quarter of 2016. The Cove will be South San Francisco’s first ground-up, multi-tenant life science development in nearly a decade, according to CBRE life sciences experts Chris Jacobs and Rick Friday, who are serving as the project’s exclusive leasing agents.

February 6, 2015

Hospitality Oregon Western

NBP Capital, Provenance Hotels Team to Develop New Hotel in Portland

by Nellie Day February 6, 2015

PORTLAND, ORE. — NBP Capital and Provenance Hotels have teamed up to develop a new hotel in Downtown Portland. The duo plan to invest $30 million to renovate two adjacent historic buildings they recently purchased on the corner of SW Alder and SW Park. The acquisition included the Woodlark Building, which was built in 1912, and the former Cornelius Hotel, built in 1908. The adaptive reuse will connect the two buildings, which have spaces for two food and beverage outlets. Both properties are listed on the National Register of Historic Places. The new lifestyle hotel will include 150 rooms. This is the first joint acquisition by NBP Capital and Provenance Hotels. NBP is the majority partner in the project. Developer Arthur Mutal has also invested alongside NBP and Provenance Hotels. This is Provenance’s fifth hotel project in Portland. The company owns the Westin Portland. It also owns and manages Portland’s Hotel Lucia, Hotel deLuxe and Sentinel, as well as Hotel Max and Hotel 1000 in Seattle, and Hotel Murano in Tacoma, Wash. Provenance will also manage this hotel when it opens in 2016. The new project will be designed by R&A Architecture & Design, Freier Architekt and MCA Architects.

February 6, 2015

Loans Multifamily Northeast Pennsylvania

Procida Funding Provides $16.2M Construction Loan for Mural Arts Lofts in Philadelphia

by Amy Works February 5, 2015

PHILADELPHIA — Procida Funding’s 100 Mile Fund has provided $16.2 million in construction financing for Mural Arts Lofts, formerly the Thaddeus Stevens School, in Philadelphia’s North Broad corridor. Developer Eric Blumenfeld will use the funds to renovate the historic property into 56 loft-style apartments. The apartments will feature many of the original architecture elements, including chalkboards, window details and historic wood cabinetry. Domus Inc. is serving as contractor, while Richard Sauder and David Chou are providing architectural and engineer services. Construction is slated to begin immediately, with occupancy expected in early 2016.

February 5, 2015

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