News
Montgomery County, StonebridgeCarras, Bozzuto Form Partnership to Redevelop Downtown Wheaton
Downtown Wheaton is getting a makeover. Montgomery County, StonebridgeCarras, LLC and The Bozzuto Group have recently formed a joint venture and plan to start work on about 1.1 million square feet of mixed-use projects that will reshape the Wheaton Triangle and the site of the Maryland-National Capital Park and Planning Commission headquarters in Silver Spring.
IMH Financial Breaks Ground on Gabella at Parkside Luxury Apartments in Apple Valley
IMH Financial Corporation recently broke ground on Gabella at Parkside, an upscale multifamily project located in the Minneapolis suburb of Apple Valley.
World’s Largest Candlewood Suites Celebrates Grand Opening
The “largest Candlewood Suites hotel in the world” is officially open. Cleveland Construction, Inc., the general contractor, and Lend Lease, the construction manager, recently celebrated the grand opening of the new hotel located at Fort Sam Houston in San Antonio. The hotel development is part of the Privatization of Army Lodging (PAL) program, an Army-led program meant to revitalize on-post lodging facilities for soldiers, their families and all government travelers.
$250M South Market District Continues Dynamic Retail Space Leasing
As The Domain Companies gears up to start pre-leasing the 20,000 square feet of retail that will be included in the 126-unit The Beacon, The South Market District’s third phase, the project’s first two phases are filling up at a steady pace.
Woodinville Industrial Property Acquired in $30M Transaction
A Class A five-building industrial asset recently traded hands in the Pacific Northwest as a sovereign wealth fund that is advised by KBS Realty Advisors paid around $30 million for a property in the Eastside industrial market. The Park at Woodinville is a warehouse and light-manufacturing infill project that was sold by Colony Realty Partners. The deal was arranged on behalf of the seller by Rick Putnam and Tom Abbott of Colliers International.
Akron Children’s Hosptial Receives $10M Donation from Kay Jewelers
On Friday, October 24, Akron Children’s Hospital announced it has received a record $10 million gift from Kay Jewelers. The donation will help finance the construction of a seven-story addition on the hospital’s main downtown campus. The new tower will be named Kay Jewelers Pavilion, in recognition of the retailer’s support.
Bozzuto Celebrates Major Milestone at 460NYA
Bozzuto Homes, a subsidiary of The Bozzuto Group, is working hard to answer the need for condominiums in the Washington, D.C. area. In the Mount Vernon Triangle neighborhood, at 460 New York Avenue, the company is developing an 11-story condominium community and has recently celebrated the ”topping out” of the building.
Executive Insights: Jeff Sussman, Property Group Partners
The $1.3 billion Capitol Crossing mixed-use development is one of the most ambitious projects currently under construction in Washington, D.C. It’s developed by Property Group Partners and it calls for the construction of a 2.2 million-square-foot mixed-use destination above a portion of I-395. Once complete, it will feature four office towers, a 150-unit apartment building, retail and many other amenities.
Gene Kaufman-Designed Hotels and Apartment Buildings Take Over New York City
The third quarter of 2014 has been extremely productive for Gene Kaufman, one of New York City’s most controversial architects. The ever-growing demand for hotels in the city—as seen in the traditional submarket of Midtown Manhattan, but also in Queens and Brooklyn, where the demand for new hotel rooms is also on the rise—resulted in 16 projects totaling more than 1,000,000 square feet of new construction underway between July 1 and October 1.
Former MBTA Rail Yard in Hyde Park to Come Back to Life as Light Industrial Work Spaces for Small Manufacturers
As Boston has been more and more focused on redeveloping vacant or derelict industrial sites to create offices that would accommodate a solid growth in tech- and science-based jobs, the inventory of properties zoned strictly for industrial uses across the city has declined drastically over the past years.