News
$35M Hotel-Conference Project Moves Ahead at Gateway Site
McKinney’s new Gateway Hotel and Conference Center project is moving forward. The city council recently signed an agreement with The Beck Group and Champ Hospitality to build a three-and-a-half star, 186-room hotel and 20,000-square-foot event space on the Gateway site.
KBR Building Group to Construct The Acadia in Arlington
Multi-family developer Kettler has selected the Charlotte, N.C.-based KBR Building Group to construct The Acadia at Metropolitan Park, a 411-unit mixed-use, residential building in Arlington, Va.
Economy Watch: Industrial Production Dips Due to Sandy; Thanksgiving Travel, E-commerce Rise
U.S. industrial production declined 0.4 percent in October after having increased 0.2 percent in September, according to the Federal Reserve on Friday. The AAA projects that 43.6 million Americans will travel 50 miles or more from home during the Thanksgiving holiday weekend. E-commerce, on the other hand, continues to grow rapidly.
First Washington-CalPERS JV Buys Lincoln Village Shops for $38.7 million
Global Retail Investors L.L.C ., a joint venture of First Washington Realty and the California Public Employees’ Retirement System, has acquired Lincoln Village Shops in Scottsdale for $38.7 million, or $544.16 per square foot. The seller, an affiliate of Redwood Real Estate Partners, had owned the 71,142-square-foot property located at Scottsdale Road and Lincoln Drive since 1993. Lee & Associates was the broker.
Guthrie Green Enhances Brady Arts District With Open Space
Brady Arts District, the Tulsa neighborhood where residential projects, hotels, restaurants, cultural and entertainment venues are sprouting up, has a new addition: Guthrie Green, an $8 million park that opened last month on the former site of a truck-loading facility.
Winstanley, Surrey Buy Rhode Island Mall for $38M; Makeover in Store
In a $38 million deal, a joint venture of Winstanley Enterprises L.L.C. of Concord, Mass. and New York-based Surrey Equities L.L.C. has acquired Rhode Island Mall in Warwick, the Providence Business News reported. Eastern Retail Properties represented the buyers of the 450,000 square-foot property, while Cushman & Wakefield Inc. represented the seller, GLL Real Estate Partners of Orlando, Fla. In a bid to revive the 45-year-old mall, the new owners plan an interior and exterior renovation that will create larger store spaces in order to attract anchor tenants. The 225,000-square-foot enclosed portion of the center has been vacant since April 2011. Only three stand-alone anchor stores—Sears, Wal-Mart, and Kohls—are currently open.
Economy Watch Weekly: Who’s Afraid of the Fiscal Cliff?
CPE’s economic analyst, Dees Stribling, gives his update for the week ending Nov. 16.
New Mixed-Use Neighborhood Development Coming to Pittsburgh’s Hill District
The city’s Urban Redevelopment Authority has approved a $16 million residential and retail development for the historic New Granada Theater Block in the Hill District. The Residences at New Granada Square is a project that involves the construction of a mixed-income, mixed-use building on a vacant site between Wylie and Centre Avenues. The U-shaped structure will offer 16 two-bedroom apartments and 35 one-bedroom units. Out of a total of 51 apartments, 42 units will be affordable to households with incomes at or below 60 percent of area median income; the rest will be rented at market rate. Plans also call for 7,200 square feet of retail space, approximately 25 on-site parking spots and a courtyard.
Jump-Starting Stalled Projects Could Revive Development
Las Vegas is searching far and wide for its development future—including in its recent development past. As VegasINC magazine reported recently, a number of large-scale projects that have been stalled for years by the Great Recession may be getting a new lease on life.
$14M Supportive Housing Project for Veterans Opens in the Bronx
A ribbon-cutting and recognition ceremony held on Nov. 8 marked the grand opening of Kingsbridge Terrace Veterans Residence—a six-story housing facility dedicated to New York City veterans who served in Iraq and Afghanistan, as well as for those struggling with homelessness and substance abuse.