National
Olathe’s Mayor Announces Plans for New $51M Embassy Suites Hotel and Conference Center
Olathe’s Mayor Michael Copeland announced, at his State of the City Address at the Holiday Inn Olathe Hotel, plans for a new $51 million Embassy Suites Hotel and Conference Center.
Tangerine Corridor in Tucson Sees Residential Building Boom
Accounting for nearly two thirds of new home construction in northwest Pima County, the Tangerine Road corridor has recently become the “place to be” for homebuilders. Not only will the area dominate Tucson’s residential market this year, but it will also attract even more investors and homebuilders in the next years.
Construction Breaks Ground on 925-unit Multifamily Project in Long Island City
March 4 marked the official groundbreaking of the initial phase of Hunter’s Point South, the biggest affordable housing project in New York City in 40 years. A $332 million joint venture between Phipps Houses, Related Companies, and Monadnock Construction, the project is located on a 30-acre site on the Long Island City waterfront in Queens.
Studio One Apartments Refinanced by $15.66 M Loan from CBRE HMF
Studio One Apartments, a residential building located at 4501 Woodward Avenue in Detroit’s Midtown neighborhood, has received $15.66 million in non-recourse financing from CBRE HMF, CBRE Group’s direct HUD FHA lender. According to a statement for the press, the loan was funded through CBRE’s FHA-insured permanent loan program with a fixed rate, 30-year, fully-amortizing loan.
McCandless Crossing Development in Suburban Pittsburgh Adds New Tenants
AdVenture Development LLC is about to break ground on the fourth phase of the McCandless Crossing 1.2 million-square-foot mixed-use development in Pittsburgh’s suburban North Hills.
$60M Condo and $80M Apartment Projects Stir Up Nashville
Thanks to favorable market conditions, developer LaRawn Scaife Rhea’s 34-unit luxury condominium project The Manning at Belle Meade could soon restart development.
Loews Hotels & Resorts Breaks Ground on 400-Room Hotel
Loews Hotels & Resorts recently held a groundbreaking ceremony on the site where the company will open the Loews Chicago Hotel in 2015. Company officials, including Chairman Jonathan M. Tisch and President and CEO Paul Whetsell, were joined by Donald R. Wilson, Jr., founder and CEO of DRW Trading Group and Mayor of Chicago Rahm Emanuel at the ceremony.
Former Solyndra Factory Given New Life as Seagate Unveils R&D Facility Plan
The old Solyndra site will be given a complete makeover as it morphs into a $180 million state-of-the-art R&D facility. Located on Kato Road, in Fremont, the 411,000-square foot complex was bought by Seagate earlier this year for a fee of $90 million, San Jose Mercury News writes. The rest of the $180 million-budget will be directed towards acquiring and installing the equipment that will turn the former factory into a Seagate facility that would create up to around 600 jobs in the field. According to Mercury News, Seagate shopped around the Bay Area and Silicon Valley looking at around 40 potential locations to house this new project.
Project Touted as “Greenest Commercial Building” Lives Up to Its Name
By Alex Girda, Associate Editor
The green building trend was really embraced by Seattle’s major developers with a number of buildings, chief among which is the new Federal Center South Building built by GSA for the U.S. Army Corps of Engineers, making headlines for the innovative ways in which established or groundbreaking environmentally friendly technologies were employed. The Bullitt Foundation has strived to cut out its own niche on an increasingly sustainable market and the effects are clearly visible.
Two San Antonio Apartment Communities Change Hands
The San Antonio apartment market seems to be very attractive for investors, with two important multifamily properties having changed hands recently. Sierra Ridge, a 230-unit apartment community located on the city’s North Central Side, has a new owner since February 14.