National
Value Place Plans to Develop Six Extended-Stay Hotels in Cleveland Area
Value Place, the largest economy extended-stay lodging brand in the nation, continues its rapid expansion across the United States and has now set its sights on Cleveland’s metro area. The Wichita, Kansas-based extended-stay hotel brand already has three corporate properties in Mentor, Akron-Green, and Avon, and plans to develop six more in the area over the next two years.
University of Cincinnati’s Morgens Hall Open for Students Following $35M Renovation
The University of Cincinnati recently announced it is preparing for another all-time record enrollment. The 194-year old university expects 43,000 students to attend classes this year and, in order to welcome them, it unveiled its $35 million renovation of Morgens Hall on August 15.
Panda Power Funds Plans to Build 859 MW Power Plant in Maryland
Panda Power Funds, a private equity firm headquartered in Dallas, plans to build, own and operate an 859-megawatt combined-cycle power plant in an industrial area of Brandywine, Maryland. Called Panda Mattawoman, the natural gas-fueled plant is expected to be one of the cleanest and most efficient in the nation.
Affordable Rehearsal Space Available for Rent in Long Island City
With such a thriving arts and culture scene, New York City visual and performing artists are constantly on the lookout for new and affordable rehearsal spaces—while trying to stop the demolition of some already established Spaceworks LICartistic sites, such as the world famous 5Pointz which will be replaced by apartments.
New Hotel Proposed in South Boston; Former Four Points Hotel in Leominster Rebranded as DoubleTree by Hilton
Sun Condos LLC, an affiliate of Pappas Enterprises of Boston, is planning to build a 14-story boutique hotel at 6 West Broadway in South Boston, in a highly commercialized area. The site currently serves as a parking lot and, according to data from PropertyShark, measures 0.28 acres.
Van Zandt Hotel Breaks Ground in Austin
Austin’s Rainey District has a new construction site at Red River and Davis Streets. Previously expected to break ground in June, Hotel Van Zandt is being developed by JMI Realty and will be operated by San Francisco’s Kimpton Hotels, a company specialized in chic boutique hotels. Completion date is set for 2015.
SummerHill Appoints Patrick S. Simons as Senior VP of New SoCal Division
The growing multifamily market of Southern California is prompting changes to companies and shifting strategies. To that effect, SummerHill Apartment Communities, a division of SummerHill Housing Group, has enlisted the talents of Patrick S. Simons, an industry veteran, to help with the company’s brand new SoCal division. The professional will become a new Senior Vice President with SummerHill, and will run the developer’s new Irvine office, located at 18401 Von Karman Avenue.
Susquehanna Bank Signs Lease at 11155 Dolfield Boulevard
Pennsylvania-based Susquehanna Bank, the 37th largest commercial bank in the United States, plans to relocate its mortgage division from Hunt Valley to Owings Mills this month. It recently signed a lease for 12,750 square feet of space at 11155 Dolfield Boulevard. The lease increases the overall occupancy of the building owned by St. John Properties, Inc. to 95%.
Cross Properties’ 132-Unit Multifamily Development to Replace Former School in Lower Merion
Steven Rock, a senior director with Marcus & Millichap’s Manhattan office, recently arranged a $23.5 million in financing for a 120,000-square-foot property Lower Merion Township, on behalf of real estate developer Cross Properties of Center City Philadelphia.
Detroit Historical Museum and MOCAD Plan Exhibits Designed Evoke Detroit’s Spirit
Detroit may be facing its own financial crisis but this doesn’t mean Detroiters are giving up on their city. On the contrary, local companies and cultural institutions are asking for their help and engagement in various projects that are meant to bring back Motor City’s lost greatness.