Business Specialties Development
Orinda, Octagon Eye Strong Area Fundamentals for Atlanta Conversion Project
June 04, 2009
The nationwide downturn in employment is chipping away at demand in the apartment market, but there are still those communities here and there where the call for more rental accommodations remains relatively strong. To that end, Orinda Corp. and Octagon Capital Partners, having found just such a community, have acquired a 350,000-square-foot office building in a college-laden district of Atlanta for a $35 million apartment conversion project.
Fundamentals Pave Way for $47M Florida M-F Financing
May 27, 2009
Massive job loss and the struggling economy are finally catching up to the multi-family market, but with demand holding strong in certain pockets and government lenders still in full force, this sector of commercial real estate continues to attract financing with far more ease than the office and retail sectors. The 432-unit Village at Secret Lake apartment project in Kissimmee, Fla., fits the bill, having just reeled in a new $47.2 million construction/permanent loan originated by Love Funding.
Government Efforts Could Spark Affordable Housing Development
May 26, 2009
As part of the government's efforts to relieve the pressure cooker that is the American housing market, the U.S. Department of the Treasury will inject more than $330 million into affordable housing development in Kansas, Michigan, Ohio, Wisconsin, and Puerto Rico.
Boston, Philly, San Fran Ranked as Top Life Science Clusters
May 22, 2009
Boston, Greater Philadelphia and Greater San Francisco are the three most successful regions at sustaining and building value in the life sciences area, according to a newly released study by the Milken Institute. These cities' healthy life science sectors are to a large extent buoying the markets in the midst of the current economic turmoil.
CPN-RICS Survey: Sustainability Driven by Bottom Line
May 20, 2009
Throughout the commercial property industry, the shift toward green development and sustainability has proven resilient even as the industry has been laid low by the global economic slump. Indeed, it is increasingly the economic benefits of sustainability, rather than environmental concerns, that is behind the drive to green, according to a just-released survey conducted jointly by the Royal Institution of Chartered Surveyors (RICS) and CPN.
Economic Update - Legacy CMBS Now Under TALF
May 20, 2009
In a major expansion of the Term Asset Backed Securities Loan Facility (TALF), the Federal Reserve said on Tuesday that investors will be able to buy existing securities backed by commercial real estate loans--so-called "legacy" CMBS. The commercial real estate industry has been pushing for this for some time, and it will at last be possible starting in July.
Economic Update - The Economy's Latest Buzz-Phrase: 'Better Than Expected'
May 19, 2009
"Better than expected" is the latest turn of phrase commonly used to describe lousy performance by companies that isn't quite as lousy as analysts predicted, and as such the phrase might have a longer shelf-life than "green shoots." Since lousy is the new normal, then "better than expected" is what Wall Street now rewards.
Despite Challenging Economy, KKE Sees Opportunities for Growth
May 19, 2009
Even as difficult economic times continue, KKE Architects Inc. sees opportunities for growth. Although development has slowed down, the firm is busy with more than 15 million square feet of projects, including a proposed 2 million-square-foot mixed-use development, The Marketplace at El Paseo, which is set to break ground in El Paseo, Calif., in 2010. The firm is also working on a 3 million-square-foot expansion of the Mall of America in Bloomington, Minn.
Location Key for Planned New Jersey Office Redevelopment
May 15, 2009
Banking on an advantageous location to attract tenants in a shaky economy, The Hampshire Cos. purchased a 98,400-square-foot, four-story office building on a little more than 19 acres in Iselin, N.J. Hampshire Global Partners, an entity controlled by The Hampshire Cos., plans to re-develop and upgrade the office building and develop the rest of the site.
Philadelphia: Soon to be America’s Greenest City?
May 14, 2009
If Philadelphia mayor Michael Nutter meets his goal, the City of Brotherly Love could soon be called the City of Sustainability instead. He plans to make the nation’s first capital the greenest city in America. And he has set out 15 targets to achieve that goal by 2015, before his term is up.
Timing, Tenancy May Be Key for Proposed WTC Hotel
May 14, 2009
With the recession suppressing the need for office space in New York City, planners at the World Trade Center site could be calling an audible. The Port Authority of New York and New Jersey is now looking at building a luxury hotel and residential building to replace one of the planned office towers.
Downtrodden Detroit to Get $145M Arts Center
May 12, 2009
While office builders and the like struggle to obtain money for projects in the midst of the credit crunch, the College of Creative Studies in Detroit has managed to secure $145 million for the transformation of the long-vacant Argonaut Building (pictured) into a facility to house its second campus, as well as an arts-centric middle school and high school.
Bloomberg Arranges Meeting to Address Conflict Between WTC Developer, Port Authority
May 12, 2009
The Port Authority of New York and New Jersey is considering downsizing the World Trade Center redevelopment, but project developer Silverstein Properties wants to stick to the plan--and so does New York City Mayor Michael Bloomberg, who is orchestrating a meeting between the two parties at Gracie Mansion this week in an attempt to keep the multi-billion project on track.
Government-Related Niche Keeps Active as Brandywine Gets Funding for IRS Projects in Philly
May 12, 2009
Brandywine Realty Trust is the latest firm to take advantage of the relatively stable government-related development market. Despite the continuing credit crunch and still-foundering economy that has laid low commercial property deals across the globe, Brandywine has received funding commitments of $209.3 million and $46.7 million, respectively, for a Philadelphia office rehabilitation and nearby parking garage project, both of which will be occupied by the Internal Revenue Service.
Stirling Capital Completes 1M-SF Industrial Development
May 07, 2009
Stirling Capital Investments has completed construction on Distribution Centre 1, a one million-square-foot Class A industrial facility situated on approximately 46 acres at Southern California Logistics Centre in Victorville, Calif.
Michigan Casino Wins Government Approval
May 07, 2009
Resort and casino developer Rotate Black Inc. and the Seneca Nation's Seneca Catskills Gaming Corp. have received approval from the Sullivan County, Mich., legislature, to develop a Class III gaming casino.
Amid Uncertainty, $129M D.C. Apartment Project Tops Out
May 07, 2009
In the midst of a somewhat gloomy outlook for the Washington, D.C.-area multi-family market, developer Kittler has topped off a $129 million luxury apartment property. Dubbed The Millenium at Metropolitan Park, the project will open later this year to a market that has been affected by the economic slowdown, but will be somewhat bolsetered by job creation stemming from the federal government's expansion efforts.
JV to Build $340M Egypt Retail Center
May 06, 2009
Al-Futtaim Carillion and Orascom Construction Industries joint venture announced plans to develop a $340 million retail center in Cairo Festival City, Egypt.
Economic Update - Developers Plan for Eventual Rebound
May 06, 2009
In light of the current doldrums for both commercial and residential real estate, what's a developer to do? Be ready for the eventual turnaround, if possible. Development is typically a multi-year activity, after all.
Atlanta Developers Postpone Construction Deals as M-F Demand Wanes
May 06, 2009
Decreased completions and continual job losses are anticipated to ease the rise in apartment vacancy in Atlanta through the rest of the year, according to a second-quarter report by Marcus & Millichap Real Estate Investment Services. A shortage of construction financing and unease over constant job losses in the city have resulted in developers postponing some plans until the market stabilizes. Last year, 4,500 units were delivered, whereas in 2009 completions are expected to total just 3,300 units.
Hampton Inn & Suites Breaks Ground in Riverside
May 05, 2009
The 132-room Hampton Inn & Suites has broken ground at Turner Development Corp.’s Turner Riverwalk, a one million-square-foot master planned business park in Riverside, Calif.
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