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/.
Oxford Development to Decide on 350 Fifth Avenue Plans By Year’s End
Oxford Development Corporation, the largest privately owned commercial real estate firm in Western Pennsylvania, celebrated its 50th anniversary at the Rivers Club at One Oxford Centre in downtown Pittsburgh. On this occasion, President and CEO Steven J. Guy told the Pittsburgh Tribune-Review that the company would continue its aggressive pursuit of development and management opportunities. Announced in May, Oxford’s latest project involves the revitalization of the Smithfield Street corridor. In order to better suit market demand, Oxford has invested in the conceptual design of two options and expects to make a decision by the end of the year.
First Residents Moving into Kamehameha Schools’ Kakaako Development
Kamehameha Schools’ Six Eighty apartment project in Honolulu recently welcomed its first residents. The newly renovated building is located at 680 Ala Moana Blvd. in Kakaako and offers 54 loft-style units affordably priced for median-income workers. On the ground floor, the project also includes 8,600 square feet of commercial space. Designed by Architects Hawaii, Six Eighty offers 42 studios and 12 one-bedroom units. The apartments are equipped with stainless steel appliances and feature designer touches like vinyl whitewashed floors, open-concept floor plans and 12-foot ceilings.
New State Office Building Gets $8M in Public Bond Financing
The Milwaukee Redevelopment Authority has approved $8 million in public bonds to help finance the construction of a 64,000-square-foot state office building in Milwaukee. Klein Development Inc. of Wauwatosa, the project’s developer, will use the proceeds to obtain loans for the project through JPMorgan Chase Bank NA and BMO Harris Bank, the Milwaukee Business Journal reported . According to the Business Journal, the two-story building (pictured) will be built on a two-acre city-owned parcel located at the corner of Wisconsin Avenue and North 27th Street. In October, the Milwaukee Common Council agreed to sell the land to the developer for $1. Excavation is under way. After construction is complete next summer, the Wisconsin Department of Children and Families will lease the building for 15 years.
Hyatt to Open First Hyatt Regency-Branded Hotel in Bangkok
Hyatt Hotels Corporation has announced plans to open its first Hyatt Regency-branded hotel in Bangkok, to be completed in 2017.
Ala Moana Center Redevelopment to Begin in Early 2013; New Residences Coming to Lahaina
The $543 million redevelopment of the Ala Moana Center in Honolulu is expected to start early next year, the Pacific Business News reports. The completion date has been set for late 2015, General Growth Properties Inc. said in a filing with the U.S. Securities and Exchange Commission. The Chicago-based company plans to expand Hawaii’s largest shopping mall by replacing the current 340,000-square-foot Sears store with approximately 700,000 square feet of retail and restaurant space, including a three-level, 160,000-square-foot anchor tenant. Plans also call for a fourth-level parking deck.
Winstanley, Surrey Buy Rhode Island Mall for $38M; Makeover in Store
In a $38 million deal, a joint venture of Winstanley Enterprises L.L.C. of Concord, Mass. and New York-based Surrey Equities L.L.C. has acquired Rhode Island Mall in Warwick, the Providence Business News reported. Eastern Retail Properties represented the buyers of the 450,000 square-foot property, while Cushman & Wakefield Inc. represented the seller, GLL Real Estate Partners of Orlando, Fla. In a bid to revive the 45-year-old mall, the new owners plan an interior and exterior renovation that will create larger store spaces in order to attract anchor tenants. The 225,000-square-foot enclosed portion of the center has been vacant since April 2011. Only three stand-alone anchor stores—Sears, Wal-Mart, and Kohls—are currently open.
New Mixed-Use Neighborhood Development Coming to Pittsburgh’s Hill District
The city’s Urban Redevelopment Authority has approved a $16 million residential and retail development for the historic New Granada Theater Block in the Hill District. The Residences at New Granada Square is a project that involves the construction of a mixed-income, mixed-use building on a vacant site between Wylie and Centre Avenues. The U-shaped structure will offer 16 two-bedroom apartments and 35 one-bedroom units. Out of a total of 51 apartments, 42 units will be affordable to households with incomes at or below 60 percent of area median income; the rest will be rented at market rate. Plans also call for 7,200 square feet of retail space, approximately 25 on-site parking spots and a courtyard.
Hines to Begin Work on 7,000-Acre Research Triangle Park Master Planned Community
The Research Triangle Foundation has formally unveiled its new master plan for the future growth of the 7,000-acre Research Triangle Park (RTP). It is the first update to the master plan since the park was created in 1959. The foundation has also announced it has selected the Houston real estate company Hines to work on the initial phase of the project. The Herald Sun reports that RTP leaders have envisioned three development clusters in three main areas of the park. Called “Triangle Commons,” the first area to be developed will bring a 7 million gross square feet mixed-use center to the Durham County end of RTP.
Luxury Condominium High-Rise Coming to Honolulu
HHMK Development, LLC, comprised of landowner and developer The Howard Hughes Corporation and a joint venture of Honolulu development firms, The MacNaughton Group and Kobayashi Group, are developing a luxury residential tower above the existing Nordstrom parking structure at Ala Moana Center in downtown Honolulu. Called ONE Ala Moana, the 23-story high-rise will offer 206 one, two and three bedroom condominium homes ranging from 760 to 4,100 square feet. Prices will go from approximately $500,000 for the lower floor one-bedroom condominiums to over $9 million for penthouse suites. The average price per unit will be around $1.6 million.
Oxford Properties to Build $3B M-U Redevelopment Project in Downtown Toronto
Oxford Properties Group, one of Canada’s largest pension funds, has unveiled its proposal for a $3-billion-plus mixed-use project in downtown Toronto.