News
Capital Investment Group Breaks Ground on The Lofts at Ivy Pointe
Capital Investment Group Inc. broke ground on Monday, March 11, on a $13 million apartment project in Union Township, a thriving community on the outskirts of Cincinnati. It is the first urban apartment development in Clermont County.
Howard Hughes Expects $66M Profit from ONE Ala Moana Condominium
In a letter to shareholders, Howard Hughes Corp. CEO David Weinreb has announced that the ONE Ala Moana ultra-luxury condominium tower in downtown Honolulu is expected to generate a total profit of $66 million. The Dallas-based company is building the new high-rise in partnership with local developers Kobayashi Group and The MacNaughton Group, the Pacific Business News reports. The three entities have formed HHMK Development LLC for the construction of ONE Ala Moana.
Expected to break ground this summer, the 206-unit tower has sold out in just two days during the month of December. The cost of the project amounts to approximately $900 per square foot, while the condominiums sold for an average price of $1.6 million, or approximately $1,170 per square foot.
West Ave to Debut Two New Luxury Tenants
Two new luxury concepts are set to debut this spring at the chic West Ave mixed-use development set at the crossroads of Upper Kirby and River Oaks. The two new tenants—Del Frisco’s Grille and Jonathan Adler—will join an already impressive list of high profile retailers and restaurants.
Victory Healthcare to Build $51M Hospital in Fort Worth
Victory Healthcare recently announced it would build a new hospital in Fort Worth, at the corner of South Main Street and Pennsylvania Avenue. Sitting on a 6.5-acre site, the $51 million medical center will include an 85,000-square-foot medical facility and 50,000-square-foot medical office building.
Monday Properties, Goldman Obtain $200M Construction Loan for 1812 N. Moore St.
Monday Properties and Goldman Sachs’ Real Estate Principal Investment Area have closed a $200 million construction loan with Pacific Life Insurance Company for 1812 North Moore Street. The 390-foot building will be the tallest and greenest office tower in the Washington, DC region.
Orbach Group Grabs 178-Unit NYC Apartment Portfolio for $70M
Keen on Manhattan’s Upper West Side, The Orbach Group has enhanced its presence in the area with the addition of a three-property apartment portfolio sited along 107th Street.
Chesapeake Lodging Trust Acquires Hyatt Place New York Midtown South
Chesapeake Lodging Trust has closed on its acquisition of the newly developed, 185-room Hyatt Place New York Midtown South for $76 million.
Economy Watch: World’s Middle Class Expanding; CPI Up; Consumer Sentiment Down
The middle class is predicted to be developing at a rapid pace in the next two decades, according to the UN Human Development Report 2013. CPI has increased in February due to gas prices. And U.S. consumers were a bit more grumpy in March than February, with the consumer sentiment index declining month over month.
PREA Special Report: Housing Still Surest Bet in CRE
Despite construction costs on the rise and financing still not being up to par to pre-Great Recession times, real estate is still the soundest investment of today and tomorrow, according to commercial real estate high rollers who spoke at Pension Real Estate Association’s 2013 Spring Conference in Washington, D.C.
Gilbane, P.B. Bell Launch Upscale 389-Unit M-F Complex in Chandler
Gilbane Development Company and The P.B. Bell Companies have teamed up to develop a luxury apartment community in Chandler. Called Almeria at Ocotillo, the multifamily development will feature 389 units with one, two and three-bedroom options.