News
New York’s Plaza Hotel New Owner Plans Additional Upgrades
“The seller had finished off a positioning of the property and had just finished off a retail level on the lower level,” Greg Rice, Solid Rock’s president, told Commercial Property Executive .
JV Breaks Ground on $500M Luxury Residential Tower
Work has begun on a $500 million luxury apartment tower developed by a joint venture between local Zeckendorf Development LLC and Global Holdings Inc. Designed to become a prime international location by London-based architectural firm Foster + Partners, the 44-story tower will rise within the prestigious United Nations Plaza overlooking the UN Headquarters and the Manhattan skyline.
Related Group Buys $18.5M Mixed-Use Development Site
Another Related Group apartment development could rise at the intersection of Coral Way and South Miami Avenue, as the company recently closed on the $18.5 million purchase of a 1.29-acre mixed-use development site. The site is approved for the development of a 556-unit residential tower plus 15,049 square feet of retail space and 38,357 square feet of office space.
340 Luxury Apartments to be Built on South Lamar
South Lamar Boulevard is swarming with construction projects that will add circa 1,300 new apartments and more than 100,000 square feet of restaurants and shops south of downtown. One of these projects is developed by Hanover Co., which is expected to soon break ground on a luxury apartment project just south of the popular Uchi restaurant.
Economy Watch: Home Prices Continue Upward; Household Debt Falls; Consumer Confidence Climbs
Residential properties are still on the rise. Total consumer indebtedness shrank by 0.7 percent. Yet consumer confidence swung up in September.
Hines Continues Green Streak in Charlotte with Carillon LEED Gold Certification
International real estate firm Hines reiterated its commitment to sustainability, announcing the LEED Gold Certification of the 24-story Carillon office tower in downtown Charlotte.
Downtown Structured Parking Goes Green
The Bluff City just got a little greener. Green Ballast Inc., a Memphis-based energy solutions company, has announced it will be upgrading the lighting system at one of Belz Enterprises’ structured parking facilities.
Emeryville Public Market Trades Hands, Set for Massive Expansion
The Emeryville Public Market is the latest major San Francisco Bay Area property to trade hands, after former owners TMG Partners and Rockwood Capital announced the sale of the mixed-use asset. The buyer is a partnership between Angelo Gordon and City Center Realty Partners. Financial terms for the acquisition deal were not disclosed, but the investors reportedly paid around $60 to $70 million for the development, according to industry specialists. Holiday Fenoglio Fowler represented the seller in the deal.
HVMG Opens New Hampton Inn & Suites in Greater Pittsburgh
Hospitality Ventures Management Group (HVMG) of Atlanta has announced the opening of a Hampton Inn & Suites property along the Waterfront in West Homestead, just seven miles from downtown Pittsburgh. It is the fourth hotel the company manages in the Greater Pittsburgh area. The new Hampton Inn & Suites/Waterfront-West Homestead features 113 rooms including 33 suites, 1,000 square feet of meeting space, an indoor swimming pool and a 1,500-square-foot outdoor terrace and deck. Amenities include free hot breakfast, free parking, 24-hour business center, access to the on-site fitness center and free high-speed Internet in each guest room.
Retail Properties of America Inc. Sells Aon Hewitt Property; Walgreens Opens Store in Restored Noel State Bank Building
Retail Properties of America Inc. has announced the sale of the Aon Hewitt Property. Located in Lincolnshire, Ill. at 4 Overlook Point, the 818,686-square-foot office property is fully leased to Aon Corporation. The six-story office building is situated around 31 miles north of Chicago and was sold for $148 million to an undisclosed buyer.