Development
NYC's 530 Fifth Gets Upgrade, Shows Retail Demand Continues to Expand
The new owners of 530 Fifth Ave. in Manhattan are targeting fashion tenants as they upgrade and reconfigure the building’s retail spaces — and are riding the crest of a wave that shows the world-famous corridor is once again seeing rising rents for the sector.
Taubman Announces Construction of $315M, 880 KSF Mall in Sarasota
Taubman Centers, in conjunction with Benderson Development, will begin construction on the 880,000-square-foot Mall at University Town Center in Sarasota. The retail complex, which will cost an estimated $315 million, will feature Saks Fifth Avenue, Macy’s and Dillard’s among its approximately 115 stores.
StonebridgeCarras, PN Hoffman, Northwestern Mutual Begin Construction on $200M Mixed-Use Project in Maryland
Four months after StonebridgeCarras and PN Hoffman formed a joint venture with Northwestern Mutual to develop a $200 million mixed-use property on the 3.3-acre parcel known as Lot 31 in Bethesda, Md., the site has kicked off construction.
Downtown NYC Hotel Site Sells for $28M; $70M Development Planned
A 6,160-square-foot development site at 133-135 Greenwich St. in Downtown Manhattan has been purchased by Hidrock Realty for $28 million, and the new owner plans to develop a 28-floor, 300-room hotel at the cost of $70 million.
Real Estate Recycling Plans Green Office Project in Downtown Minneapolis
By Gabriel Circiog, Associate Editor Minneapolis developer Paul Hyde, a principal with Real Estate Recycling, plans to construct a two-story office building at 1016 Marquette Ave., the Minneapolis / St. Paul Business Journal reports. Real Estate Recycling acquired the existing 1931 single-story building from local developer Larry Abdo on April 2 for $825,000. The design […]
Alter Group to Develop Spec 606 KSF Industrial Asset in Phoenix
The Phoenix industrial market is growing hungry for large accommodations and The Alter Group plans to help satisfy users’ appetite with the construction of a 605,700-square-foot speculative warehouse/distribution facility at the real estate company’s Buckeye Logistics Center.
$20M Hospital for Anson County; $16M Expansion for Matthews Hospital
By Eliza Theiss, Associate Editor The healthcare industry continues to be one of the main drivers of economic development in the Charlotte area, and Carolinas HealthCare System’s recent string of expansions and upgrades is proof of this. This week, the nation’s second largest healthcare system announced plans to seek state permission for a $20 million […]
Hicks Ventures Picks Up 141 KSF Across Two Houston Office Assets
Seeking a value-add opportunity in the hot Houston market, Hicks Ventures Ltd. has acquired two Class B office buildings in the area’s Energy Corridor with a total of 141,265 square feet from American Spectrum Realty Inc.
Economic Development Coup as Aurora Lands New Distribution Center
By Gabriel Circiog, Associate Editor Following a new 10-year agreement, Aurora has managed to land a new $45 million distribution center for United Natural Foods, which will ensure the addition of 75 new jobs and the retaining of 475 existing … Continue reading →
Rising Realty Partners Acquires 440 KSF PacMutual Building in Downtown L.A.
Rising Realty Partners, helped by funds from Mount Kellett Capital Management, has acquired the landmark 440,000-square-foot PacMutual building in Downtown Los Angeles and plans a significant repositioning for the property.