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/.
Hendricks Breaks Ground on $30M Redevelopment of Retail Strip in Indianapolis
Developed by Hendricks Commercial Properties of Wisconsin, the five-story mixed-use project will replace the vacant Woodfield Centre retail strip at the southwest corner of Keystone Avenue and East 86th Street with 120 high-end apartments and 36,000 square feet of ground-level retail space. According to the Indianapolis Business Journal, a 10,000 square feet restaurant could soon become the property’s anchor tenant. The developer expects to have a commitment by June, the newspaper reports.
Plans also call for 350 surface parking spaces for shoppers and a 150-space underground garage for residents. Construction is expected to be complete by next summer.
Blue Ribbon Management Plans June Start for 73 KSF Office Building at the Brewery
Blue Ribbon Management LLC is proposing the construction of a 73,100-square-foot office facility on the site of the former Pabst brewery complex near downtown Milwaukee. JSOnline reports that the company will also manage the building on behalf of its owner, Blue Ribbon Redevelopment Fund III LLC of Chicago.
Entailing an investment of $10 million to $12 million, the project is expected to break ground in June and be complete by the end of 2014. Called the Pabst Business Center, the 5-story structure will be developed on a vacant site at the corner of North 11th Street and West Juneau Avenue. Plans call for 42,000 square feet of leasable office space across three floors, as well as 68 parking spaces on two floors.
Austin Lawrence to Develop $40M Mixed-Used Tower in Durham’s Historic District
The Historic Preservation Commission has approved the construction of a 26-story mixed-use building in the heart of downtown Durham. According to the NewsObserver, the proposed “City Center” high-rise will include 25,000 square feet of ground floor retail; 70,000 square feet of offices; and 133 luxury apartments on the upper 21 floors.
Austin Lawrence Partners of Colorado is developing the project, which will be located inside the city’s historic central business district, at the former Woolworth’s site between Parrish and Main streets. Last November, the company purchased the site, along with four adjacent buildings which will be incorporated in the new development. Greenfire Development sold the properties for $3 million.
Developers Plan More Apartments in Pittsburgh’s SouthSide Works
A group of investors is planning to develop a 170-unit apartment building on Hot Metal Street at the SouthSide Works. The Pittsburgh Business Times reports that Oxford Development and North Side-based PJ Dick have called off their plan to build a 120,000-square-foot office structure at the site and have instead partnered with Lincoln Property Co. to develop a residential complex.
Oxford Development Co. President and CEO Steven Guy told the newspaper that the proposed office project located between a SpringHill Suites Hotel and the Circuit Center union facility has generated insufficient interest from tenants.
Level Homes Launches National Expansion in the Triangle
In its first foray outside Louisiana, Baton Rouge-based Level Homes is planning to develop three communities totaling 230 single-family homes in Apex, Cary and Durham. According to the Triangle Business Journal, the company has recently opened a new regional office in downtown Raleigh to market its expansion.
In Apex, Level Homes is developing the Ellington Place community comprised of 52 home lots. The company acquired the 14-acre site in October for $2.04 million and plans to open a model home here this April, which would be the Triangle’s first. Prices are expected to start at $250,000s.
High Rock Seeks Tax Credits for “Superman Building’s” M-F Makeover
High Rock Development of Newton, Mass. is planning to repurpose the 26-story Industrial Trust Tower in downtown Providence from office to residential rental space. According to The Associated Press, the owner of the 350,000-square-foot property intends to build up to 290 apartments on the upper floors, as well as retail and restaurant space on the ground floor.
Bill Fischer, a spokesman for High Rock, told the newspaper that the company is seeking historic tax credits to reposition the art deco-style building, Rhode Island’s tallest skyscraper.
Hawaii Pacific University Takes Full Ownership of Aloha Tower Marketplace
Hawaii Pacific University (HPU) and its development partner Ed Bushor have resolved a dispute regarding the ownership of the Aloha Tower Marketplace in downtown Honolulu. According to the Pacific Business News, the university, along with its affiliate Hawaii Downtown Holdings LLC and Lifestyle Retail Properties LLC led by the California-based developer have agreed to proceed with a buyout agreement. Financial terms were not disclosed.
The resolution allows HPU to move forward with an approximately $30 million plan to redevelop the two-story waterfront property into a 300-unit student dormitory and multi-use complex. Plans call for housing on the upper floor and retail, dining and entertainment space on the first floor.
Eli Lilly Plans $180M Expansion of Insulin Cartridge Plant in Indianapolis
Locally based pharmaceutical giant Eli Lilly and Co. is considering an additional $180 million investment in its Indianapolis-based insulin manufacturing operations.
Plans call for an 84,000-square-foot expansion of the company’s $140 million plant currently under construction in the southwest area of downtown Indianapolis. The new facility will increase the company’s insulin-active-ingredient manufacturing capacity and create a second insulin-cartridge-filling line. The production area is expected to become operational in March 2014, while construction on the insulin-cartridge-filling line would be complete by 2016.
Allegheny County Health Department Site to Bring New Hotel and Offices
A development team comprised of Massaro Properties, the Langholz Wilson Ellis real estate firm, and architect Tasso Katselas Associates will repurpose the health department building in Oakland into hotel and office space.
According to the Pittsburgh Post-Gazette, the developers are about to acquire the property currently owned by Allegheny County for $4.9 million. The group hopes to finalize the sale by the end of the year, after a period of due diligence.
DAMAC Launches Sea-Front Hospitality Project in Dubai
Damac Properties, the largest luxury private developer in the Middle East, is planning to build a new luxury tower of serviced hotel residences in Dubai Maritime City.