Adriana Pop
Adriana Pop is a senior editor with Commercial Property Executive and Multi-Housing News. She joined CPE and MHN in 2012, with an academic background in economics, English and Italian. She currently curates the CPE Sneak Peek newsletter, highlighting noteworthy stories and emerging topics for readers. Connect with her at adriana.pop@cpe-mhn.com or on LinkedIn: https://www.linkedin.com/in/ioana-adriana-pop-811772108/.
City Weighs $54M TIF for Northwestern Mutual’s 1.1 MSF Tower
Milwaukee’s Zoning, Neighborhoods and Development Committee has unanimously approved a $54 million developer-funded tax incremental financing (TIF) plan for Northwestern Mutual’s new office tower downtown.
According to The Business Journal, the cost of the development is between $350 million and $400 million. Plans call for a 33-story, 1.1 million-square-foot high-rise that would replace Northwestern Mutual’s existing east office at 800 E. Wisconsin Avenue. The company expects to begin demolition later this year and start construction on the new tower by next fall. Upon completion in 2017, the 550-foot structure will be the largest single building under one roof in Wisconsin.
Speculative 130,000 SF Office Building Breaks Ground in North Fayette
Moon-based DiCicco Development is building a speculative 130,000-square-foot office building along the Parkway West corridor in North Fayette.
According to the Pittsburgh Post-Gazette, the developer is already preparing the site for the construction of the five-story project known as Westpointe Corporate Center Four. The building is being marketed by CBRE executive vice president Jeremy Kronman.
Local Developer Proposes New Plan for Mixed-Use Stanhope Center in Raleigh
Local developer Melton “Val” Valentine has submitted a new plan for the three-building mixed-use project along Hillsborough Street near N.C. State University in Raleigh.
According to the Triangle Business Journal, Valentine is proposing two five-story retail and residential buildings, as well as a 70-foot-tall parking deck. The new development will spread across a 12-acre site known as Stanhope Center, bringing a total of 154 apartments and more than 55,700 square feet of retail space. The Site Group LLC of Raleigh is designing the project, the newspaper reports.
Cairo Festival City Mall Wins Best Built & Future Retail Project in Middle East
At the Real Estate in the Middle East 2013 Award Ceremony, Cityscape Awards announced Cairo Festival City Mall as the winner of the Best Built & Future Retail Project award.
Hertz Investment Acquires 650,000 SF Office Property in Indianapolis
Hertz Investment Group of Santa Monica, CA has closed on the purchase of the 650,000 square-foot Capital Center Office Tower Complex in Indianapolis from Invesco Real Estate. The local office of CBRE represented the seller in the transaction.
According to the Indianapolis Business Journal, the complex is the 12th-largest in the city and the fifth-largest downtown.
Located on Illinois Street, between Ohio and New York streets, the two-building Class A office property is comprised of the 17-story North Tower and the 22-story South Tower. Amenities include an underground parking structure with 525 spaces, two restaurants, conference facilities, a sundry shop, a coffee shop and a fitness center.
Developers, City Move Forward on $54M Spec Office High-Rise in Downtown Raleigh
Locally based developer Dominion Realty Partners has joined Charter Square, LLC and the City of Raleigh to develop a speculative office project in the heart of the city’s downtown.
Construction on the first of the two Charter Square buildings in the 400 block of Fayetteville Street is expected to begin this fall and take about a year to complete. At 215 feet, the structure will be slightly taller than the Marriott City Center Hotel across the street.
ONE Ala Moana Luxury Condominium High-Rise Breaks Ground
Construction has begun on the “ONE Ala Moana” luxury condominium tower in downtown Honolulu. According to the Pacific Business News, Albert C. Kobayashi Inc. has been appointed general contractor for the 23-story, 206-unit residential high-rise. The project’s developer, HHMK Development, made the announcement on April 5th during a traditional Hawaiian pre-construction blessing ceremony held at the site of the new development. Construction is expected to be complete by the end of 2014.
Providence Station on Track for $5.7M Renovation
The Rhode Island Department of Transportation (RIDOT) is planning a $5.7 million makeover of the Providence railroad station. The facility serves over one million Amtrak and Massachusetts Bay Transportation Authority passengers every year.
During a ceremony held at the facility on April 15th, Governor Lincoln D. Chafee and other State and Federal leaders unveiled details of the renovation project. Plans call for an improved physical appearance of the station, as well as the reconstruction of pedestrian and vehicular access. Construction is expected to begin this summer.
A&B Properties Launches New Residential Community in Kakaako
A&B Properties and landowner Kamehameha Schools have announced plans to develop a $200 million mixed-use residential community at 600 Ala Moana Boulevard on the site of the former CompUSA in downtown Honolulu.
Called The Collection, the project will feature a high-rise condominium tower, a mid-rise building and town homes, as well as retail shops and restaurants. Prices for the residences will be around $300,000s for one-bedroom units, mid $500,000s for two-bedroom units, and mid $700,000s for three-bedroom units.
Google Expands $390M Data Center in Belgium
Internet search giant Google has announced a $390 million investment in the expansion of its data center in Belgium.