News
Jefferson Apartment Group to Build 178-Unit M-F Project in Orlando
Construction activity is underway for JAG’s latest project, Azul Baldwin Park in Orlando’s thriving, 1,100-acre Baldwin Park neighborhood.
DAMAC Launches Sea-Front Hospitality Project in Dubai
Damac Properties, the largest luxury private developer in the Middle East, is planning to build a new luxury tower of serviced hotel residences in Dubai Maritime City.
Economy Watch: Construction Spending Up; American Households Making Less Money; Manufacturing Sector Still Expanding
U.S. construction spending increased 1.2 percent in February compared with January, and 7.9 compared to last year. Median U.S. household income fell month over month in February. And the U.S. manufacturing sector is still expanding, but not as quickly as in previous months.
Bellevue Gains Brand-New Mixed-Use Project as Area Development Picks Up
Originally thought to be the result of a partnership between SRM and Denver-based Frontier Renewal, the latter eventually announced that it is selling its stake in the project. SRM Development is currently involved in a number of developments in Bellevue, as well as in charge of Google’s campus in nearby Kirkland. The company is certain that the growing number of residential units ready to hit the market in the immediate future is motivated, and has ruled out overdevelopment.
Cleveland’s Medical Mart & Convention Center Opening Early, Under Budget
Great news for the city of Cleveland. Its long-awaited$465 million Medical Mart & Convention Center will open early and under budged.
Pacrep to Revise Design for Ritz-Carlton Hotel Condo in Waikiki
The Honolulu Department of Planning and Permitting has granted conditional approval to the proposed $275 million Ritz-Carlton condominium hotel project in Waikiki. The Pacific Business News reports that California developer Pacrep LLC will need to revise the design of the 37-story tower known as 2121 Kuhio, in order to reduce its apparent mass. The company has also been asked to consider an expansion of the commercial space planned for the tower’s ground floor.
CNC Manufacturing Buys Lakeview Business Park Land for New Facility
Following the recent purchase of a 7.58-acre development site within the Lakeview Business Park in Missouri City, Texas, CNC Manufacturing has hired Trammell Crow Company to oversee the development of a new facility.
Akridge, Mitsui Fudosan America Celebrate Groundbreaking of 168,000 SF D.C. Office Building
Akridge, a full service real estate firm, and Mitsui Fudosan America, the U.S. subsidiary of Mitsui Fudosan Co., Ltd., Japan’s largest publicly quoted real estate company, celebrated the groundbreaking of a new trophy-class office project at 1200 Seventeenth Street on March 26. Mitsui Fudosan America’s CEO, Yukio Yoshida, Pillsbury Winthrop Shaw Pittman ‘s Managing Partner, Christina Kearns, and Akridge’s Chairman, John E. (Chip) Akridge, and Senior Vice President, P. Brian Connolly spoke at the event.
Songy, Carlyle Purchase 430 KSF Houston M-U Property
The Carlyle Group and Songy HighRoads have bought Galleria Plaza, a 428,300-square-foot high-profile, mixed-use property in Houston.
Steadfast Acquires Two Apartment Properties for $61M
California-based real estate investment and development firm Steadfast Income REIT has acquired two apartment communities in separate transactions for an aggregate purchase price of approximately $61 million.