News
Jefferson Apartment Group Starts Construction on 304-unit Apartment Community in Baltimore
The Jefferson Apartment Group broke ground last week on the Jefferson Square at Washington Hill, a mixed-use development that includes luxury residences and retail space. It is the company’s first major residential project in the Baltimore region and the second in the area.
Jefferson Square at Washington Hill is located just outside the gates of the Johns Hopkins medical campus, between N. Wolfe Street and N. Washington Street on E. Fayette Street. The five story mixed-use development will bring 304 residential units to the area, as well as 21,000 square feet of retail. The project will also include two private courtyards, a 405-space parking structure constructed to connect each level of the building to parking and several green building features.
KBS Realty Advisors Acquires Top Raleigh Office Tower for $98.4M
KBS Realty Advisors acquired Captrust Tower, a prestigious, 300,389-square-foot office and retail building in the North Hills area of Raleigh, N.C., for a reported $98.4 million.
Economy Watch: Number of Discouraged Workers Drops; Construction Employment Rises
As of January 2013, there were 2.4 million people “marginally attached” to the labor force, down by 366,000 from a year earlier. Among those, the number considered “discouraged workers” totaled 804,000, a decline of 255,000 from a year earlier. Meanwhile, construction employment rose by 28,000.
Plans for the Future of Hawaii’s Pineapple Island Unveiled
Oracle Corp. CEO Larry Ellison is planning to revitalize Lanai’s hospitality industry by upgrading its existing properties and by adding a third luxury hotel. According to the Pacific Business News, the island’s billionaire owner also intends to expand the 1.5-megawatt La Ola solar farm, invest in desalination technology and improve transportation to and from Lanai.
Kurt Matsumoto, head of business operations at Lanai Resorts LLC, described the initiatives involving the future of Hawaii’s Pineapple Island at a recent community meeting.
Called “Lanai — Today and into the Future, A Vision for Creating a Sustainable Lanai”, the plan includes renovations for the Four Seasons Resorts and The Lodge at Koele and Manele Bay, as well as the development of a new resort destination on the eastern side of the island.
Energy XXI Expands Footprint at One City Centre; Law Firm Moves In at BG Group Place
Oil and gas exploration and production company Energy XXI Services, LLC has decided to expand its presence on the Main Street Corridor. The company has signed a lease expansion for 28,168 square feet at One City Centre, bringing its total footprint at 128,133 square feet.
New York Investor Snaps Up 124040 Park Central
12404 Park Central, a 239,000-square-foot office building near North Central Expressway and LBJ Freeway was recently purchased by Red River Asset Management LLC, a New York-based investor. he four-story property was sold by Oaktree Capital for $15.4 million. The property was bought with a loan made by American National Insurance Co.
901 New York Avenue Awarded LEED Gold Certification
The 901 New York Avenue office building, a skyscraper located at 901 New York Avenue, NW, in Washington, DC, has earned LEED-EB Gold Certification. The property is co-owned by Boston Properties and an institutional client advised by J.P. Morgan Asset Management.
Boston Properties developed the 11-story Class A office building in an effort to help revitalize the Mount Vernon Square neighborhood. It was completed in 2005, at a cost of $54 million. The 530,000-square-foot office building features four levels of below-grade parking, as well as 25,000 square feet of retail space on the ground floor. It was designed by Davis Carter Scott of McLean, Va. N.W. Clark Construction Group, LLC served as general contractor.
City Weighs 100-Acre Sale to Liberty Property Trust
The City of Tempe is looking to create a partnership with Philadelphia-based Liberty Property Trust on the development of circa 100 acres of land which could create approximately 6,500 new jobs over the next decade. The deal has yet to be up for council vote on February 7, 2013. If approved, construction is expected to begin early summer.
Legend, Maco Development Break Ground on Senior Projects
Legend Senior Living has broken ground on a new $13 million senior living center at Tulsa Hills. The 86-room facility will specialize in assisted living and memory care,
Multi-Family Projects Gear Up in Sussex, Brookfield
Developer Arthur Sawall of Brookfield plans to build five 30-unit apartment buildings, as well as 12,000 square feet of retail space at the southwest corner of Main Street and Waukesha Avenue in Sussex.
The Business Journal reports that the project would be developed on a 10-acre parcel that has sat vacant for two decades. Sawall purchased the site two years ago, according to village administrator Jeremy Smith.
Construction on the first phase is expected to begin by May. The $8 million-plus investment will include two of the three-story apartment buildings. Part of the site preparation cost could be funded through tax-incremental financing.
The remaining three apartment buildings will be developed at a later date, as existing units lease up. Once construction of the residential component is complete, Sawall plans to break ground on the retail portion, which will consist of two buildings.