News

Opus South Corp. has just revealed plans to develop Hammond Creek, a 168-acre mixed-use project that will center on 1.2 million square feet of retail offerings, in Dalton, Ga., near Chattanooga, Tenn. Opus secured the parcel that will become home to Hammond Creek through real estate services firm Colliers Spectrum Cauble-Atlanta. The live-work-play destination will sit 30 miles south of Chattanooga, fronting the North Dalton Bypass off Underwood Rd. The vast retail segment of the development will be built in three phases, with apartments, senior housing and a small segment of office space to be constructed in subsequent phases. Opus…

A mixed-use project that could eventually contain approximately 2 million square feet of retail space is being planned for Forney, Texas, located approximately 20 miles east of Dallas. According to a report in Friday’s Dallas Business Journal, Endeavor Real Estate Group and Meadow Ridge Farm L.P. of Dallas are planning the project. To break ground next year, the development will contain 500,000 to 700,000 square feet of retail space, to open by 2010. According to the report, another 1.3 million to 1.5 million square feet of retail could eventually be added. Three hotels and office space are also planned for…

Inland Real Estate Acquisitions Inc. and TMK Development Ltd. have unveiled plans to acquire and redevelop the Purple Hotel in the suburb of Lincolnwood, Ill., just north of Chicago. The mixed-use project, known as Legacy Place, may include as much as 800,000 square feet of residential, retail, office and hotel space. The plan includes over 100,000 square feet of restaurants and retail space, a health club and a movie theater, more than 200 condominiums or apartment units, a 350-room boutique hotel, and about 40,000 square feet of office space. Construction is expected to begin in 2009. The Purple Hotel, which…

Daniel Corp. is expanding its reach in the Atlanta office market and its relationship with MetLife as it takes on management and leasing duties for 890,000 square feet in three MetLife-owned office properties in the Atlanta region. Beginning in July, Daniel Corp. will run and lease TownPark Commons, Midtown Heights and Georgia 400 Center for MetLife. The two companies have worked together for 25 years, including several development projects in Atlanta. “Although we only accept limited third-party assignments, given the scope of the development activity we have with MetLife and the success of those projects, it made sense for both…

GE Real Estate has announced two financing deals for office buildings, with total funding of some $67 million. GE will provide Vision Equities with $30.6 million to refinance Parkway 120, a Class A office building located in Old Bridge, N.J. Vision Equities acquired the 211,900-square-foot office in 2001 and has increased its occupancy from 47 percent to 79 percent since then. Vision Equities will use the money to invest in the building to attract new tenants to the property. Vision Equities, which operates approximately 15 million square feet of office space in Northeast New Jersey, has previously worked with GE…

Later this year, Denver-headquartered ProLogis will commence development of ProLogis Park Fort Worth on a 130-acre site in the North Fort Worth submarket. At full build-out the industrial complex will encompass seven structures containing a total of 2.1 million square feet of distribution space. ProLogis will invest $100 million to develop ProLogis Park Fort Worth, its first project in the North Fort Worth submarket. “Demand in North Fort Worth has been consistent and we have been monitoring the area for a while,” Rob Huthnance, first vice president & Dallas market officer, told CPN today. “It is very well-leased compared to…

The board of directors for The Transbay Joint Powers Authority has signed off on an agreement with Pelli Clarke Pelli Architects for the firm’s design of the new Transbay Transit Center & Tower, which will feature 1.6 million square feet of office space. Pelli’s contract for the Downtown San Francisco project, which is being developed by Hines, is valued at $105 million. Located at First and Mission Streets, the Transbay Transit Center was conceived to serve as the West Coast equivalent of New York City’s Grand Central Station. The office tower, featuring 50,000 square feet of ground-level retail, will rise…

In a $44.7 million deal, Adobe Systems Inc. has agreed to purchase Overlook Center in Waltham, Mass., from Normandy Real Estate Partners upon its construction.Normandy will complete development of the 108,500-square-foot office building in time for the deal’s expected closing in May 2009. The building will serve as home to approximately 200 Adobe employees who currently work in a rented building in Newton, Mass. Other amenities on the site include a 360 space parking facility, conference facilities, café and gym.The project will be developed and built by Normandy using eco-friendly processes. The two firms are currently seeking LEED certification through…

Developers of the planned $1 billion M Resort, Spa & Casino in Las Vegas recently revealed new project details designed to address the city’s dearth of conference facilities that accommodate small and mid-sized meetings and events. To meet the market’s demand, 60,000 square feet of meeting space has been incorporated into the plan. With a location on 90 acres, the M Resort will offer 390 guestrooms, 92,000 square feet of gaming space, a 100,000-square-foot entertainment piazza, restaurants and a 23,000-square-foot spa. The newly announced meeting space segment–a fifty percent increase over the previously planned 40,000 square-foot allotment–will provide smaller businesses…

Allen & O’Hara Development Co., the development subsidiary of Education Realty Trust Inc., has closed on a $73.4 million bond issue for the development of a student housing project at Indiana University of Pennsylvania. The funds will support the construction of the third phase of a $250 million, four-phase residence hall building program that will replace 3,600 beds with LEED-rated on-campus student housing. In Phase III, Allen & O’Hara will demolish four old dormitories to make way for two new buildings offering 1,084 beds. The new housing will open in August of 2009 in time for the school year. The…