the Editors of Commercial Property Executive
What’s Going on with Crowdfunding?
James Breitenstein, Landsmith The much-anticipated SEC rules enabling crowdfunding for entities raising capital are beginning to flow, but it’s impractical as proposed and overly complex. Pure real estate still makes sense, because it can be done without these rules, and is easier for small investors. The securities commission has just come out with their initial rules (https://www.bloomberg.com/news/2013-10-23/sec-to-vote-on-crowdfunding-plan-as-white-advances-jobs-act-1-.html) , and it’s not as crowd-friendly as first advertised. Currently, equity offerings are restricted to so-called sophisticated, accredited investors with at least $200,000 in annual income ($300,000 for a married couple) or $1 million net worth, but the new ‘crowdfunding’ regs carry onerous…
Zeller Realty Plans Sale of Large Office Complex in Carmel
Chicago-based Zeller Realty Group is planning to divest the iconic Meridian Mark Plaza office complex along the North Meridian Street corridor in Carmel. The Indianapolis Business Journal reports that the company has hired the local office of CBRE to advise it on the sale.
Newland Buys Foreclosed 1,100-Acre Master-Planned Community in Wake County
San Diego-based Newland Communities has acquired the long-stalled Wendell Falls residential and commercial project in eastern Wake County. The NewsObserver reports that the developer paid $34 million for more than 1,100 acres of land that Wells Fargo foreclosed upon in 2010.
San Marco Neighbors Welcome $50M Publix Mixed-Use Development
Last Thursday San Marco residents met with developers Whitehall Realty LP, Regency Centers Corp. and St. Joe Co. in a town hall meeting where updated plans for the East San Marco Publix development were presented to the public.
Third Trader Joe’s Store in Pittsburgh to Open at McCandless Crossing in 2014
Trader Joe’s will open its third store in the Pittsburgh area at the McCandless Crossing mixed-use development in the North Hills, the Pittsburgh Tribune-Review reports.
More Apartments Planned for the Strip District
As demand for apartments continues to be strong in the Pittsburgh region, Shadyside-based Schreiber Real Estate is planning the construction of a six-story residential building in the city’s Strip District. According to the Pittsburgh Post-Gazette, the 59-unit apartment complex will be located at Smallman and 11th streets near the David L. Lawrence Convention Center.
HCDA to Review Franco Mola’s Scaled-Back Honolulu Condo Project in January
The Hawaii Community Development Authority will officially unveil the 803 Waimanu St. condominium project in Kakaako in November. According to the Pacific Business News, California-based real estate developer Franco Mola is proposing the construction of a 65-foot, seven-story building with 153 market-priced residences, 30 of which will be slated for reserved housing. Plans also call for 8,477-square-feet of recreation space and ground-floor parking for 92 vehicles.
Wangard Breaks Ground on Phase 1 of M-F Project in Park East
Wangard Partners Inc. has broken ground on the first project of a three-phase apartment development in downtown Milwaukee. According to JSOnline, the Wauwatosa-based real estate firm is building a 104-unit apartment complex in the city’s Park East corridor. The $21 million investment will also include 7,000 square feet of commercial space and an underground parking structure.
Penguins-UPMC Sports Complex Breaks Ground in Cranberry
Representatives from the Pittsburgh Penguins and UPMC have recently celebrated the groundbreaking of the 180,000-square-foot UPMC Lemieux Sports Complex in Cranberry Township. The Pittsburgh Business Times reports that the$79 million project will feature a new UPMC sports medicine clinic, as well as a two-rink practice facility for the famous hockey team.
RockBridge Capital to Renovate Iconic Canterbury Hotel in Indianapolis for $9.5M
Columbus, Ohio-based RockBridge Capital LLC is planning to close the historic 99-room Canterbury Hotel in downtown Indianapolis for a nine-month renovation and reopen the property under Starwood’s luxurious Le Meridien brand.
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