News
Eleven Community to Open this Summer, Pre-leasing Underway
Located in one of Forbes’ “hippest Neighborhoods” in the heart of East Austin, the Eleven apartment community has begun pre-leasing on April 1, 2013 in the Haehnel Building on East 11th Street. It will be ready to receive residents this summer.
Downtown Project Buys Gold Spike; Redevelopment Plans Coming Up
The Gold Spike has been a staple of the downtown area since its opening in 1976. The boutique hotel originally opened as the Rendezvous, offering guests 112 rooms over seven floors, as well as a total gaming space of around 5,800 square feet. The property first traded hands in 1983 when casino mogul Jackie Gaughan bought the property that had been closed down for a number of months. The real estate investor then sold the property to Barrick Gaming in 2002, as part of a three-property deal. After a string of deals, the property became part of The Siegel Group Nevada’s portfolio in 2008, following a deal worth $21 million.
Microsoft, Nordstrom Raise Local Profiles With New Stores
By Alex Girda, Associate Editor
Greater Salt Lake City is in for two very different bits of retail news as tech giant Microsoft has just opened its new location in the City Creek development while Nordstrom has recently announced its plan to open a new Nordstrom Rack location in Farmington. Last year’s opening of City Creek most likely helped the area’s retail sector to realize its true potential, and as a result, big name retailers are either expanding existing operations or opening brand new venues in the state of Utah.
Hollister Breaks Ground on Newest Addition to Teachers Village in Newark
Teachers Village, an education-centric mixed-use project in Newark, N.J., graduates to a new level with the groundbreaking on another residential building that will grace the $150 million development.
Kilroy Breaks Ground on 350 Mission St., San Fran Office Tower
In the latest milestone for the 145-acre redevelopment area around San Francisco’s new Transbay Transit Center, Kilroy Realty Corp. broke ground Tuesday on 350 Mission St., a new office tower that will rise at Mission and Fremont streets, directly across from the transit center.
Gilmartin Tapped as New FCRC CEO
MaryAnne Gilmartin, a longtime executive at Forest City Ratner Companies, has been named president and CEO, succeeding Bruce Ratner, who will stay on as executive chairman of the Brooklyn-based development company.
Economy Watch: Fed Calls U.S. Growth Ho-Hum, IMF Predicts Global Performance, Copper Falls
The Fed termed U.S. economic growth “moderate” in its Beige Book, though some key indicators were up. The IMF forecast slightly slowed global economic growth. And copper prices dropped for the first time since late 2011.
ExxonMobil Markets Sites Nationally as New Corporate Campus Proceeds
While working on what will soon become one of the largest corporate campuses in the world, ExxonMobil is apparently trying to minimize its office footprint throughout the country.
Ardmore Township OKs Dranoff Properties’ $56 Million Luxury Project
The first phase of a complex revitalization effort in Ardmore is now closer to fruition as the developer, Dranoff Properties, unveiled the project’s official name: One Ardmore Place.
Multifamily, Retail Projects Picking Up in Ann Arbor
First Martin Corporation, a real estate company that specializes in office, research, flex and retail space in Ann Arbor, is in the very preliminary stages of a redeveloping a long vacant property on the city’s north side into a 251-unit residential complex, AnnArbor.com reports. The company has owned the property at 2225 Traverwood Drive and an adjacent office building since the 1990s.