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/.
Planned 459-Key Condo-Hotel in Waikiki Gains Preliminary Approval
The Honolulu City Council has approved a height variance for the proposed $275 million Ritz-Carlton condominium hotel project in Waikiki. According to KHON, the 350-foot tower planned for a vacant 1.4-acre parcel at the corner of Kuhio Avenue and Kalaimoku Street will exceed the site’s standard limit by 50 feet.
Pending final approval from the city’s Department of Planning and Permitting, the project is expected to break ground towards the end of this year. Upon completion in early 2016, the Ritz-Carlton Residences Waikiki Beach will be the area’s first new luxury condominium property since Trump International Hotel Waikiki Beach Walk opened in 2009.
Developers Weigh Options for “Superman Building” Makeover
High Rock Westminster LLC, the owner of the 26-story Industrial Trust Tower in downtown Providence, has hired Cornish Associates to study conversion options and redevelop the property. The Providence Business News reports that Cornish has recently commissioned a feasibility study to determine whether a residential reuse of the city’s tallest building is physically and economically viable.
David Sweetser, founder of High Rock Development LLC, told the newspaper that he is also considering the possibility of creating a mix of uses for the tower. The redevelopment project could also address the city’s strong demand for student housing.
KBS Realty Acquires Iconic Building in Suburban Raleigh for $98.4M
On January 31, a joint venture partnership between the Indianapolis-based real estate investment trust Duke Realty Corp. and the Raleigh-based real estate development firm Kane Realty Corp. sold the prestigious 17-story Captrust Tower in the city’s North Hills area. KBS Realty Advisors of Newport Beach, California acquired the approximately 300,000-square-foot property for $98.4 million, or nearly $326 per square foot.
Developed in 2009, the LEED Gold-certified high-rise at 4208 Six Forks Road offers 275,630 square feet of office space, 26,813 square feet of retail space and a six-level parking deck. The property is 95 percent leased to 18 companies, including Captrust Financial Advisors, the American Board of Anesthesiology, CBRE, Regus, RBC Capital Markets, as well as other national and regional tenants.
Luxury Hotel in Downtown Indianapolis Open for Business
A new four-star hotel has recently opened in the heart of downtown Indianapolis, as part of the CityWay development.
Called The Alexander, in honor of Alexander Ralston, the engineer and architect who in 1820 led the creation of the city’s plan, the property offers 157 guest rooms with stunning views of the city, along with 52 extended stay suites. Amenities include a fitness center, multiple restaurants and meeting rooms totaling 16,500 square feet of indoor and outdoor event space.
The new hotel has been developed by Indianapolis-based Buckingham Companies and designed by the Gensler architecture firm. Dolce Hotels and Resorts of Rockleigh, N.J. is managing the property.
Developer Completes Multifamily Conversion Project in Pittsburgh
Burns & Scalo has completed the redevelopment of the former Goodwill Building at 2600 E. Carson Street on Pittsburgh’s South Side. Dubbed “The Brix at 26”, the $34 million reconversion project is now ready for occupancy and offers 87 market rate apartments, 91 parking spaces and 10,397 square feet of retail space.
According to CoStar, 20 percent of the building’s residential units are already pre-leased. Most of the apartments are one-bedroom units, while only a few have two bedrooms.
“This project could not have happened without the support of the Mayor and the URA’s active involvement,” said Jim Scalo, President and CEO, Burns & Scalo.
Plans for the Future of Hawaii’s Pineapple Island Unveiled
Oracle Corp. CEO Larry Ellison is planning to revitalize Lanai’s hospitality industry by upgrading its existing properties and by adding a third luxury hotel. According to the Pacific Business News, the island’s billionaire owner also intends to expand the 1.5-megawatt La Ola solar farm, invest in desalination technology and improve transportation to and from Lanai.
Kurt Matsumoto, head of business operations at Lanai Resorts LLC, described the initiatives involving the future of Hawaii’s Pineapple Island at a recent community meeting.
Called “Lanai — Today and into the Future, A Vision for Creating a Sustainable Lanai”, the plan includes renovations for the Four Seasons Resorts and The Lodge at Koele and Manele Bay, as well as the development of a new resort destination on the eastern side of the island.
Multi-Family Projects Gear Up in Sussex, Brookfield
Developer Arthur Sawall of Brookfield plans to build five 30-unit apartment buildings, as well as 12,000 square feet of retail space at the southwest corner of Main Street and Waukesha Avenue in Sussex.
The Business Journal reports that the project would be developed on a 10-acre parcel that has sat vacant for two decades. Sawall purchased the site two years ago, according to village administrator Jeremy Smith.
Construction on the first phase is expected to begin by May. The $8 million-plus investment will include two of the three-story apartment buildings. Part of the site preparation cost could be funded through tax-incremental financing.
The remaining three apartment buildings will be developed at a later date, as existing units lease up. Once construction of the residential component is complete, Sawall plans to break ground on the retail portion, which will consist of two buildings.
Global Hospitality Icon to Grow Sheraton Brand by 30 New Hotels
Starwood Hotels & Resorts Worldwide plans to open 30 new Sheraton properties across the world over the next 12 months.
Grubb Properties to Develop 203-Unit Link-Branded Apartment Complex in Raleigh
Grubb Properties is planning a 203-unit luxury apartment complex in Raleigh’s Glenwood South district. According to the NewsObserver, the project will be developed on half a block bordered by Jones, West and Harrington streets.
“We think it’s one of the best sites, certainly in the Triangle market, and one of the top sites that we’re working on in the entire Southeast,” Todd Williams, Grubb’s senior vice president of investments, told the newspaper.
The new complex will feature 162 one-bedroom units and 41 two-bedroom units. The apartments will be developed under the company’s Link brand, which targets younger renters who prefer to live in urban areas that offer easy access to jobs, entertainment and cultural amenities. Grubb recently opened its first Link property in Richmond, Va. (pictured).
Mövenpick Hotels & Resorts Opens Fifth Property in Dubai
With the launch of the Mövenpick Hotel Apartments The Square on Jan. 20, Mövenpick Hotels & Resorts has become the first international hotel company to operate a property in Dubai’s elegant district of Al Mamzar.