News
Aimco Acquires Oceanfront M-F Complex in La Jolla for $29M
Prospect 400 offers a total of 60 residential units including 29 one-bedroom apartments, 24 two-bedroom units and seven studios. The property also features a number of 10 resident garages, while the community’s amenity package offers residents access to a heated pool, a common ocean view sundeck, hydro-therapy spa and a resident lounge equipped with a full kitchen, media niche, billiards table and restrooms. Located on a .65-acre site in San Diego’s La Jolla neighborhood, the residential complex is the result of a redevelopment process that transformed Kellogg’s summer home back in 1970. Since then, the apartments have been owned continuously, and a series of renovations to the building’s exterior have been undertaken as recently as 2010.
Developers Plan More Apartments in Pittsburgh’s SouthSide Works
A group of investors is planning to develop a 170-unit apartment building on Hot Metal Street at the SouthSide Works. The Pittsburgh Business Times reports that Oxford Development and North Side-based PJ Dick have called off their plan to build a 120,000-square-foot office structure at the site and have instead partnered with Lincoln Property Co. to develop a residential complex.
Oxford Development Co. President and CEO Steven Guy told the newspaper that the proposed office project located between a SpringHill Suites Hotel and the Circuit Center union facility has generated insufficient interest from tenants.
Fishtown Neighbors Association Approves Wynn Resorts’ $925M Casino Proposal
The Fishtown Neighbors Association on April 8 voted in favor of a casino / resort development project that was pitched by representatives of Wynn Resorts Ltd., one of the six casino operators and developers who applied for a gaming license in Philadelphia.
Compass Completes LEED Gold Datacenter in Record Time
Standalone datacenter developer Compass Datacenters has announced completing its first facility in suburban Nashville.
Work on $30M Class A Office Building in Midtown to Begin in August
In an effort to add more high-end office space in Detroit’s brisk Financial District, locally-based Queen Lillian Development LLC will kick-start in August a new Class A commercial facility that’s being marketed as the Midtown Professional Building.
Level Homes Launches National Expansion in the Triangle
In its first foray outside Louisiana, Baton Rouge-based Level Homes is planning to develop three communities totaling 230 single-family homes in Apex, Cary and Durham. According to the Triangle Business Journal, the company has recently opened a new regional office in downtown Raleigh to market its expansion.
In Apex, Level Homes is developing the Ellington Place community comprised of 52 home lots. The company acquired the 14-acre site in October for $2.04 million and plans to open a model home here this April, which would be the Triangle’s first. Prices are expected to start at $250,000s.
Vision Development Launches $23M M-F Complex on Columbus’ West Side
Columbus is experiencing an apartment building boom like nothing it has ever seen in recent decades. One developer trying to take advantage of the area’s growing population and the improving economy is Vision Development, Inc.
Local Hotel Rebrands; $55M IBM and Residential Complex Being Developed
Magnuson Hotels, one of the top global hotel chains has announced six formerly Wyndham franchised hotels converting to the Magnuson Hotels brand.
NY Developer Plans Boutique Gay-Friendly Hotel in Boystown
New York-based Parkview Developers LLC plans to open a gay-friendly hotel in the heart of Boystown. The approximately 112-room hotel would be located on the 3300 block of North Halsted Street and would be called Out Chicago, according to Ian Reisner, managing partner of the development firm.
Ivanhoé JV Joins Goldman, Greystar in 27 M-F Properties
Ivanhoé Cambridge has made its largest multi-family investment, joining a partnership of Goldman, Sachs & Co. and Greystar in the $1.5 billion acquisition of 8,010 multi-family units from Equity Residential.