Adrian Maties
City of Norfolk, Gold Key | PHR Launch $126M Hotel/Conference Center Project
The City of Norfolk and Gold Key | PHR Hotels & Resorts started work last month on a $126 million public/private initiative expected to transform the corner of Main and Granby Streets. Called The Main, the project is scheduled to open in downtown Norfolk in 2017. The new facility will have 380,000 square feet of space and will include a 23-story luxury hotel, called the Hilton Norfolk at The Main, a 50,000-square-foot conference center known as The Exchange at The Main, and three restaurants.
D.C.’s First Cambria Hotels & Suites Opens in Historic Shaw Neighborhood
Choice Hotels International, Inc. and Concord Hospitality announced last week the opening of the Cambria Hotel & Suites Washington, D.C. Convention Center in the District’s historic Shaw neighborhood. It is the first Cambria Hotels & Suites property to open in the city.
Goldstar Group Buys Luxury Extended-Stay Apartments in Arlington, Plans Conversion into Condos
The Goldstar Group, a privately held firm based in Bethesda, is now the new owner of the luxury apartment complex at 3409 Wilson Boulevard in Arlington. The property was purchased from a joint venture between Hunt Properties, a privately held real estate development, investment and management firm, and Korman Communities, a fully integrated real estate company, for an undisclosed amount.
Exeter Property Group Buys Large Upper Marlboro Industrial/Flex Portfolio for $37M
Exeter Property Group continues its shopping spree in Maryland. The Pennsylvania-based company has been buying industrial properties in the Old Line State for the past two years. This week, it closed its largest acquisition to date.
New Boston Fund Hires CBRE to Find Tenants for NoMa Office Tower
The 11-story office tower at 111 K Street Northeast opened in 2010, in NoMa, D.C.’s fastest growing neighborhood. Two years later, it was acquired by the New Boston Fund, an independent, privately owned real estate investment. Now, the owner has hired CBRE as the exclusive leasing agent for 98,780 square feet of boutique office space in the building.
Joint Venture Buys Large Cleveland Industrial Portfolio
A joint venture has recently acquired a large industrial portfolio in the Cleveland area. Alex. Brown Realty, Inc., a real estate investment firm headquartered in Baltimore, teamed up with Biynah Industrial Partners, LLC, a Minneapolis-based real estate private equity firm, to buy the Great Lakes Industrial Portfolio. The seller was a joint venture between Virginia’s Harbor Group International and local investors.
Former Department Store Warehouse In Mount Vernon Gets New Life As Luxury Apartments
A new, luxury, green apartment community is coming to downtown Baltimore. Time Group Investments has turned the former main warehouse of the Hochschild Kohn department store chain into 171 luxury apartments and is now getting ready to receive tenants.
Port Authority Names Cassidy Turley To Market MidPointe Crossing
The Port of Greater Cincinnati Development Authority has started planning and site development of the $80 million MidPointe Crossing, in Cincinnati’s Bond Hill neighborhood. The developer has hired Cassidy Turley to market the mixed-use project.
District Reaches Deal with DC United for $300M Stadium
Washington, D.C., is getting a new soccer stadium. Mayor Vincent Gray announced on Friday, May 23, that the District has reached a business agreement with Major League Soccer’s D.C. United for a 20-25,000-seat stadium. The project will cost $300 million.
Construction Starts on Next Phase of Shoppes at Reynolds Crossing; Walmart Anchor Opens
Reynolds Development broke ground in mid-May on the newest phase of development at The Shoppes at Reynolds Crossing, near the intersection of Glenside Avenue and Forest Avenue, in Richmond. The project calls for the construction of a new retail building. It is scheduled to open in the first quarter of 2015.