News and Notes on Trends, New Projects and Construction In the Commercial Real Estate Development Pipeline Around the U.S.
In The Pipeline is a column on significant land sales, transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new project -- and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.Read previous columns and articles.
Brookfield Announces $250M Retail Project at World Financial Center
Brookfield Office Properties (NYSE: BPO) is planning a $250 million upgrade of the Winter Garden, the retail and public spaces at the 8 million-square-foot World Financial Center across from the Ground Zero site in lower Manhattan. A dramatic glass pavilion on West Street will link the center to new transit hubs and serve as the main entranceway to the complex, which will include such expanded offerings as a new collection of high-end fashion and apparel retailers, a European-style marketplace, and waterfront dining overlooking the Hudson River. Construction is set to begin in October 2011 and will conclude in 2013.
"These improvements to the World Financial Center are coming at the perfect time, given the $20 billion private and public investment in Lower Manhattan, the completion of Hudson River Park, retail expansion throughout the district, and the anticipated completion of the two transit centers," said Ric Clark, CEO of Brookfield Office Properties.
Brookfield had considered demolishing a grand staircase that served as a gathering space, but decided to incorporate the staircase into the project after the Battery Park City Authority, city officials and community members expressed concern about the demolition.
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NY Investment Firm Buys Hollywood Development Site
DLJ Real Estate Capital Partners, a New York-based real estate investment firm, has acquired a 1 million-square-foot residential and retail complex in Hollywood, CA.
The Blvd 6200 project is set to include more than 1,000 apartments and 160,000 square feet of retail space fronting Hollywood Boulevard on a 7.3-acre site controlled by the Nederlander family, one block east of the famed intersection of Hollywood and Vine, adjacent to the historic Pantages Theater. DLJ acquired the project for an undisclosed price in an off-market transaction.
"Hollywood has seen sustained rent growth and strong demand for high-quality apartments, particularly new units," said Jay Glaubach, a vice president in DLJ RECP's Los Angeles office. "Blvd 6200 will cater to this growing demand. It will also contribute to Hollywood?s evolving status as one of the most dynamic residential neighborhoods in Los Angeles."
DLJ will initially develop a first phase of the project consisting of 535 apartments. Fifty of these units will be designated for moderate-income families. The phase will also contain 75,000 square feet of retail space and over 1,300 parking spaces. The project was fully entitled by the Clarett Group, the project?s previous developer, prior to the purchase.
Hogan Cos. Brokers Sale of Westphalia Project Land
The Hogan Companies announced it has completed the sale of the Smith Home Farm, a 759-acre development on Pennsylvania Avenue in Upper Marlboro, MD.
Financial terms of the sale were not disclosed. The project in Prince George's County is a planned mixed-use community that has preliminary plan of subdivision approval for 3,648 residential units in a mix of product types as well as 170,000 square feet of commercial space, according to the announcement by Hogan Cos. President and CEO Larry Hogan, Maryland.
It is the largest piece of the Westphalia project, a proposed master-planned community with a transit and pedestrian-oriented urban town center focus. The seller, DASC, LLC, will retain about 113 acres at the northeast portion of the property.
The Hogan Companies team of Tom Fiori and Kevin Setzer, the company's vice president of land, was responsible for the transaction working on behalf of the buyer, an undisclosed investment group.
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HealthSpring Takes Another Bldg At MetroCenter
HealthSpring, a leading Medicare Advantage plan, said it will lease a second building at the MetroCenter office campus in Nashville under development by Southeast Venture, LLC.
Southeast Venture said HealthSpring has signed a lease for the second phase of the project, a 75,000-square-foot, one-story building at 530 Great Circle Road, where the insurer plans to consolidate employees from two of the three buildings it currently occupies in MetroCenter.
The developer broke ground on the first 100,000-square-foot phase at the 21-acre site in September 2010, scheduled for completion next month. The second building will be delivered in May 2012.Once finished, the company will have developed 450,000 square feet in six years at MetroCenter, where less than 50 acres of the original 650 will remain undeveloped, said Cam Sorenson, Southeast Venture principal in charge of the HealthSpring project.
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Land Acquired For Lofts Project In Denver
The Urban Land Conservancy (ULC) has purchased land along Denver's FasTracks Southwest light rail corridor that will be developed into a mixed-use transit-oriented development featuring loft housing and retail.
ULC is partnering with affordable housing developer Medici Communities LLC to build the Evans Station Lofts, a five-story development which will include 50 residential units and 7,100 square feet of retail and commercial space.
The nonprofit organization which acquires, preserves and develops land for workforce housing, nonprofit office space and schools, purchased the property of just under one acre at 2140 S. Delaware St., across from the Evans light-rail station, for about $1.2 million.
It?s the fourth property ULC has acquired using Denver's Transit-Oriented Development (TOD) Fund.
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Ortho Clinic Opens Doors at San Antonio MOB
The San Antonio Orthopaedic Group has become the first official tenant to open its doors in the new Mission Trail Medical Plaza located at Brooks City-Base in San Antonio.
The new 80,000-square-foot medical campus under construction by Atlee Development is attracting more specialists to the area and is positioned to become a regional medical center for the south side of town. The Orthopaedic Group?s newly relocated south side clinic, three times the original size at 6,500 square feet, is its seventh clinical site spread throughout Bexar County.
The group?s chief operating officer, Chris Kean, says the new space will allow the practice to better serve more patients, and offer quicker appointments for specialized complex care.
Mission Trail Medical Plaza will also house the Mission Trail Baptist Hospital, which is being constructed as a state-of-the-art, evidence-based designed acute-care facility. The three-story hospital structure is designed for 83 licensed beds and 25 beds of shell space, with the ability to expand both upward and outward to 300 licensed beds.
Slated to open this month, Mission Trail Baptist Hospital will replace Southeast Baptist Hospital as a state-of-the-art, evidence-based designed acute-care facility. The three-story hospital structure is designed for 83 licensed beds and 25 beds of shell space, with the ability to expand both upward and outward to 300 licensed beds.
WRIT to Build Ballston Apt. Project
Rockville-based Washington Real Investment Trust (NYSE: WRE) and Herndon-based Crimson Partners are partnering to develop a new apartment building at the corner of North Glebe Road and North Carlin Springs Road in Arlington, VA.
The partners will build and lease apartments at the site located across from the Ballston Mall. Crimson identified the site about three years ago. The new apartment property will be called The Crimson on Glebe and is slated for 150 units as well as a 9,000-square-foot first-floor retail component.
It will be designed by architects Lessard Group Inc. and has a mid-2013 estimated delivery date. (By Walt Brown)
Atlanta Developer Buys Former Brigham's Ice Cream Site
Atlanta, GA-based apartment developer Wood Partners acquired the site of the former Brigham's Ice Cream facility in Arlington, MA, from Cambridge Savings Bank for $5.57 million or $1.43 million per acre.
After a competitor bought Brigham's name and recipes, operations shut down and Cambridge Savings foreclosed on the property in August 2008. The 100-year-old, 85,000-square-foot office and industrial building on the 3.9-acre parcel will be demolished this month.
Wood Partners plans to build a five-story, 116-unit multifamily complex at 30 and 50 Mill St., which is 1/2 block from the main street known as Arlington Center and 20 minutes northwest of Boston. The one- and two-bedroom apartment community is scheduled to break ground soon after demolition and deliver by the third quarter of next year. At least 17 units will be reserved for families with low to moderate incomes. The development also will include a 3,500-square-foot commercial retail or medical office property fronting Mill Street. (By Laurie Forbes)
Bissell Breaks Ground on 550,000-SF Spec Office Space
The Bissell Cos. broke ground last Thursday on two 10-story speculative office buildings totaling 550,000 square feet in the Ballantyne Corporate Park in Charlotte's Highway 51 submarket.
The $100 million project will be built to LEED Silver specifications, but currently has no tenants announced with construction expected to complete by the end of next year. The two office buildings are being constructed at the northwest corner of Ballantyne Commons Parkway and North Community House Road will feature two parking decks totaling more than 2,000 parking spaces.
Barry Fabyan as well as Jenna Dykstra and Kim Kendall of Bissell will oversee leasing. The project architect is Charleston-based LS3P Associates, Ltd and the general contractor is Rodgers Builders. (By Alexander Price)
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