News
Court Approves Sale of 82 Acres at Rocky Point for State Park
The state of Rhode Island has received the U.S. District Court’s approval to purchase 82 acres of the historic Rocky Point property in Warwick for $9.65 million. According to the R.I. Department of Environmental Management (DEM), the Court’s decision will allow for the development of a future State Park, just 10 miles away from downtown Providence. The transaction is expected to close in about one month.
The U.S. Small Business Administration, as receiver for Moneta Capital, is the current owner of the property. The acquisition will be funded through the $10 million Open Space bond approved by Rhode Island voters in 2010.
Milhaus Redevelops Former Bank One Center into Apt., Office Space
Milhaus Development is currently redeveloping the former Bank One Operations Center in downtown Indianapolis into a five-story mixed-use structure with 258 apartments and up to 68,000 square feet of commercial space. Inside Indiana Business reports that the estimated price tag of the reconversion plan is around $30 million.
Located at 451 East Market Street, the “Artistry” project is centered on the arts theme, reflecting the neighborhood’s history of craft and skill. Marketing and experience-design firm Q7 Associates will brand and market the residences, while the Gene B. Glick Company will provide property management services.
Special Report: IPD Investment Forum: Managing Risk After the Credit Crisis
Today more than ever, real estate investment is all about interpretation of risk.
Rida Development’s $200M Transit-Oriented Project Gets Preliminary Approval
RIDA Development’s master plan for a $200 million, multi-phased mixed-use development won the approval of Orlando’s Municipal Planning Board on Tuesday, and must now go before the City Council. The ambitious project was first announced in 2011, when Mayor Buddy Dyer included RIDA’s idea in his State of Downtown speech.
BRA Approves $200 Million Residential Tower in the West End
A development team including AvalonBay Communities, Exclusive Real Estate, Goulston & Storrs and CBT Architects has received unanimous approval for a 38-story residential high rise planned for Boston’s West End neighborhood, on an empty site between TD Garden and the Charles River.
Transwestern to Lease Platinum Tower; Parmenter Scores Two TOBY Awards
Beacon Investment Properties has recently named Transwestern’s Atlanta office as the exclusive leasing agent for its 312,500-square-foot Platinum Tower. This new leasing project is a significant addition to Transwestern’s leasing and property management portfolio, totaling more than 32 million square feet of commercial properties managed out of the Atlanta office.
Baltimore Ravens to Invest $35M in Upgrades to the M&T Bank Stadium
NFL champions the Baltimore Ravens aren’t taking it easy after defeating the San Francisco 49ers in Super Bowl XLVII. The team announced last Thursday it plans to invest $35 million to upgrade M&T Bank Stadium and enhance the fan experience.
SKECHERS Distribution Center Becomes Largest US LEED Gold Building
The company is committed to growing its business in a way that conserves natural resources, protects the environment and reduces waste, therefore the development process was green-minded from the start.
Top Women in Real Estate: Advice to Rising Stars
While the commercial real estate industry has grown more diverse, the number of women in executive positions remains small. This year, CPE identified 25 success stories. These women—consummate businesswomen, dealmakers and innovators for their companies and the industry—offered some valuable words of wisdom for both women and men striving to follow in their footsteps.
Green Affordable Housing Building Opens in the Bronx
A new low-income, eco-friendly residential building in the Bronx was officially opened on February 21 during a ribbon cutting ceremony hosted by the New York City Housing Authority (NYCHA). Located at 770 East 166th Street at Tinton Avenue in Morrisania, the nearly $38 million project was built by Blue Sea Development on land that was purchased from NYCHA at below market value.