News
Developer Breaks Ground on Second Phase of 90-Acre Lewisville M-F Community
Huffines Communities, the developer of Hebron 121 Station multifamily community in Lewisville, announced it had broken ground on Phase Two of the 90-acre project. The company also provided a completion date for this phase – late summer of 2014.
Mill Creek Starts Construction on 360-Unit Alexandria Apartment Community
Mill Creek Residential Trust LLC has started construction on a 360-unit apartment community in Alexandria, Virginia. It is developing the project as part of a joint venture with AEW Capital Management and the original land owners represented by Green City Development.
The transit-friendly, mixed-use multifamily community is called Landmark Gateway. It is located in Virginia’s west end, with excellent access to I-395 and I-495 and the greater Washington, D.C. metropolitan area. Cameron Station, an established master-planned community of more than 2,000 single-family homes and condominiums, is adjacent to the site and the Van Dorn Metrorail station and Landmark Mall Shopping Center, Alexandria’s largest shopping center, are less than half a mile away. Green City rezoned the site from industrial to residential mixed-use on behalf of Gateway Holding I, a venture between Green City and O’Connor Capital Partners.
Omni Hotels Wraps Deal for 564-Key Downtown Westin; Rebrands as Omni Providence
Omni Hotels & Resorts has completed the acquisition of The Westin Hotel in Downtown Providence from The Procaccianti Group. Announced in October, the sale closed late last year for a price reported by CoStar Group as $170 million. Rebranded the Omni Providence Hotel, the 564-key property will become part of Omni’s “Convention Collection” of hotels. Currently, that portfolio includes the Omni Nashville Hotel, set to open in 2013; the Omni Dallas Hotel; the Omni Fort Worth Hotel; the Omni San Diego Hotel; the Omni Hotel at CNN Center in Atlanta; and the Omni Shoreham Hotel in Washington, D.C. “We are pleased to add this premier property to our Convention Collection hotel portfolio and enhance our offerings along the Eastern seaboard,” said Mike Deitemeyer, president of Omni Hotels & Resorts. “We look forward to working with the city and CVB, and serving as a leader in the marketplace for years to come.”
North Scottsdale Mixed-Use Project Launches Construction With $62M M-F Complex
Dallas-based TDI Real Estate Holdings LLC broke ground on the first phase of an upscale multi-family community in Scottsdale that will bring 388 new housing units. Dubbed Jefferson at One Scottsdale, the entire apartment project will consist of about 750 units of luxury housing when complete.
Flock Real Estate to Spend $1M Renovating Historic Apartment Buildings in Indianapolis
Two Old Northside apartment buildings at the northeast corner of 13th and Alabama streets in Indianapolis are about to get a $1 million makeover. Built in the late 1800s, the three-story properties comprise approximately 20,000 square feet of living space. The Indianapolis Business Journal reports that locally based Flock Real Estate Group will apply for historic tax credits to finance the renovation project. Upon completion, the buildings will offer 12 one-bedroom units, three two-bedroom units and three three-bedroom units, with refurbished hardwood floors, high ceilings, new windows, track lighting and new kitchens with stainless appliances. Rents for the 18 market-rate units will range between $750 and $1,600 per month.
NorthPoint Development Breaks Ground on $30M Apartment Project at Village West
Ground was recently broken on the Village West Luxury Apartment development, the first residential development at the Village West district. The $30 million upscale apartment project, situated close to the Kansas Speedway, will feature 306 units and according to Nathaniel Hagedorn, president and chief executive of NorthPoint Development,
Costco Heading to Baton Rouge; Condominium Project to Add 104 Units
Costco’s coming to Baton Rouge seem more like a question of when than how, after the most recent East Baton Rouge City-Parish Planning Commission meeting. Costco Wholesale Corporation, the Issaquah, Washington-based publicly traded international chain of membership warehouses has received site plan approval from the Planning Commission
$55M Mixed-Use Development in Downtown Chapel Hill Nears Completion
The 140 West Franklin development, one of Chapel Hill’s largest mixed-use projects, will be complete by late April. Located at the intersection of West Franklin and Church streets, the venture is expected to boost economic activity and bring new markets to the town. According to The Daily Tar Heel, the $55 million downtown complex will offer 140 condominiums, 26,000 square feet of retail space, a public plaza and 337 parking spaces. Developed by Ram Realty Services, the structure stands eight stories tall at its highest point. “The goal was definitely to develop Franklin Street — this is some of the first Class ‘A’ retail space available on Franklin Street in a long time,” development manager Jon Keener told the newspaper.
City Creek Adds to Accolades With IPA Award for Top U.S. Retail Project
Developed by City Creek Reserve, Inc. and owned by Taubman, the Michigan-based retail property owner and management company, City Creek Center received the accolade destined for the Americas. The massive retail project also placed in the top three for “World’s Best Retail Development” competing with thousands of entries from around the world. Nominees from the Americas include projects from the U.S.A., Canada, Mexico, Central and South America, as well as the Caribbean.
Parkway Agrees to Pay $130M for Flagler’s Deerwood Office Portfolio
Continuing its recent buying spree, Orlando-based Parkway Properties is now eyeing a one million-square-foot office portfolio in the Deerwood submarket of Jacksonville, Florida. The company has entered into a purchase and sale agreement to acquire eight office properties from Flagler for $130 million or $128 per square foot.