National
MOCAD Redesign Project Wins International Architecture Award
As the real estate world is getting ready for the upcoming MIPIM 2013—the international property market—the winners of the 11th Annual MIPIM Architectural Review Future Project Awards were revealed last week. The contest has been running since 2002 with a focus on fine examples of planned or incomplete architecture projects across the world, covering various categories of residential and commercial designs.
New East Side Transit-Oriented Development Moves Forward
The Mosites Co. is planning to build a new multi-modal transit center, with 54,000 square feet of retail, more than 360 residential units and 595 parking spaces in Pittsburgh’s East End neighborhood. The estimated price tag of the entire project is around $75.2 million.
According to the Pittsburgh Business Times, the city’s Urban Redevelopment Authority (URA) has approved the developer’s request to purchase a small portion of land in this area, clearing the way for the new development. The project will sit on an assembly of 6 acres, stretching from Penn Avenue to the Eastside II retail complex on Penn Circle South.
Downtown Seattle Real Estate Market Set for Two New Deals
The Logan Building offers tenants 108,000 square feet of office space in the city’s downtown area. With a strong occupancy rate of around 93 percent, major names currently residing at the five-decade-old building include the Downtown Seattle Association, as well as retailers Butch Blum and Specialty’s Café & Bakery. The Pike Place public market includes retailers such as Cinnamon Works, Crepe de France, Hands of the World, Johnson Berry Farm, Marakesh Leather and The Great Wind-Up. The anchor tenant is Pike Brewing Co.
Hines Tapped to Manage Three-Building Energy Corridor Portfolio
Franklin Street Properties Corp. has retained international real estate firm Hines to manage its three-building office portfolio in the West Houston Energy Corridor. The multi-tenant office portfolio is comprised of Energy Tower I—a 326,000-square-foot, 14-story building located at 11700 Katy Freeway; Phase I of The Offices at Park 10,
Rock Creek Property Group Buys Properties Gospel Rescue Ministries-Owned Buildings, Plans Redevelopment
Rock Creek Property Group, a commercial real estate investment company founded in 2002, has announced on February 12 the acquisition of two adjacent buildings in the heart of Washington, DC’s Gallery Place/Chinatown neighborhood.
Long-Anticipated Senior Living Center Coming to Staten Island
An almost two-decade effort initiated by the Metropolitan Council on Jewish Poverty (known as the Met Council), the project is backed by $36 million in tax exemptions through the city’s BuildNYC Resource Corporation–a NYCEDC-administered organization whose main goal is to facilitate access to tax-exempt bond financing for non-profit institutions–and a $45.2 million capital grant from the City Council.
Orlando Fashion Square Mall Trades for $35M; Duke Realty Closes Five Notable Leases
By Georgiana Mihaila, Associate Editor Pennsylvania Real Estate Investment Trust is pursuing its previously announced strategy of improving the quality of its portfolio by selling non-core assets. One of the first non-core assets to trade is Orlando Fashion Square Mall, recently sold in a $35 million cash transaction. “The sale of Orlando Fashion Square and […]
Massachusetts Commits to $67 Million for 23 Affordable Housing Developments Across the State
Keeping up with the state’s efforts to support new housing developments, the Pattrick-Murray administration revealed last week it has committed $67 million in affordable housing resources and tax credits that would back 23 developments in 21 communities across Massachusetts.
The Howard Hughes Corporation, Kettler and Orchard Development Corporation Break Ground on $100 Million Metropolitan Downtown Columbia
Shovels broke ground on Monday, February 11, as work started on The Metropolitan Downtown Columbia, a $100 million mixed-use project in downtown Columbia’s Warfield neighborhood. Developers and county officials attended the ceremony.
West End InterContinental Hotel Will Finally Happen
Nashville just can’t get enough of hotels it seems. After years of uncertainty an InterContinental hotel is finally coming to Music City’s West End Summit, the 900,000-square-foot office mega-development helmed by local real estate guru Alek Palmer.