National
718-Room Radisson Resort Orlando Trades, Prepares for Immediate Renovation
Radisson Resort Orlando – Celebration is now a member of the Interstate family, as a joint venture between Interstate Hotels & Resorts and Waramaug Hospitality LLC has recently acquired the 718-room hotel for an undisclosed amount.
Palisades Office Park’s Green Efforts Rewarded with LEED Gold Certification
Palisades Office Park, Shorenstein Properties’ Class A complex located in Atlanta’s dynamic Central Perimeter, has recently received LEED certification at the Gold level, Existing Building Operations and Maintenance (EBOM). LEED for Existing Buildings: Operations & Maintenance addresses energy efficiency, whole-building cleaning and maintenance issues (including chemical use), recycling programs, exterior maintenance programs, and systems upgrades.
Woodbridge Capital Partners, Oaktree Capital Management to Redevelop Century Plaza Hotel
The project calls for a two-tower residential complex that will also feature a 100,000 square-foot plaza featuring retail space and dining area. Two acres of land would be transformed into public open space that would feature fountains and courtyards. Pei Cobb Freed’s project designs also include the restoration of Century Plaza Hotel’s iconic arched building, the end result being transformed into a building that would feature 394 hotel rooms and 63 high-end residential units.
St. John Properties will Deliver More Offices to Greater Baltimore
St. John Properties is working hard to bring Class ”A” offices to the Greater Baltimore area. In recent weeks, the Baltimore-based commercial real company has started work on two projects that will deliver over 360,000 square feet of office space.
St. John Properties, Inc. announced on January 15 it is working together with Greenebaum Enterprises on the construction of a four-story, 138,000 square foot Class “A” office building at 8135 Maple Lawn Boulevard. The building is located within Maple Lawn, a 600-acre mixed-use business community located in Howard County, Maryland. Development of this project includes 388,000 square feet of existing office space, as well as the development rights for more than 800,000 of additional square feet of office space.
$16.5M Refinancing Set for The Village of Ballantyne; Library Plans Approved by County
Southwood Realty Company, Inc. a privately owned property management company headquartered in Gastonia, NC has secured first mortgage refinancing of $16.5 million for The Village of Ballantyne, Southwood’s 240-unit multifamily property located in Gastonia.
Pittsburgh Public Schools Unveil Project Bids for Schenley Redevelopment
Officials at Pittsburgh Public Schools have revealed proposals from four bidders interested in purchasing and redeveloping the former Pittsburgh Schenley High School in North Oakland.
The Pittsburgh Post-Gazette reports that in order to qualify, the bids were required to include an acquisition price of at least $4 million. This amount covers the remaining debt on the historic property.
The four bidders and the bid amounts are:
• PMC Property Group, $5.2 million
• AWSVPA/Edward Alexei, $4.1 million
• Ralph A. Falbo Inc., $4 million
• Kossman Development Co., agent for Provident Charter School, $4.6 million.
The candidates intend to convert the property into apartments and/or create a new school. The highest bid came from Philadelphia-based PMC Property Group. The developer is proposing 175 residential units, along with parking and an on-site fitness center. The development will incorporate the existing basketball gym, while the uses of the pool and auditorium will be determined at a later date. The estimated cost of the project is around $37 million.
Recent Transactions in Bay Area and Silicon Valley Cement Area’s Appeal
The 520,000-square foot building located at 1221 Broadway has served as Clorox’ HQ since 1988 and will continue to be used by the household item manufacturer as per the terms of the sale. The company has opted to sell its 24-story office tower due to an ongoing process of moving a large chunk of its workforce to its new office and research campus in Pleasanton. Clorox will stay on as the building’s anchor tenant, a long-term lease being agreed for around 300,000 square feet of space in the 1976-built highrise.
Dave & Buster’s to invest $15M in SA Venue
Dallas-based Dave & Buster’s announced plans for a new dining, arcade and entertainment venue at Rivercenter Mall, in the downtown of the Alamo City. The new Dave & Buster’s will be located in the former Joske’s building and should be open in the summer of 2014.
Rockefeller Group, Sterling Realty Plan Bellevue Office Complex
By Alex Girda, Associate Editor New York-based real estate company The Rockefeller Group is partnering with local entity Sterling Realty Organization on development of a 2.4 million-square-foot mixed-use office-and-retail complex on a 5.5-acre lot owned by Sterling Realty and located in Bellevue’s downtown area. The project will progress in phases, based on demand. Located between […]
Westin Cleveland Downtown to Open in Spring 2014
Optima Ventures partnered with Sage Hospitality to buy and renovate downtown Cleveland’s second-largest hotel, The Crowne Plaza Cleveland City Center. They paid $9 million cash for the hotel and parking garage and invested $64 million to turn it into a luxurious Westin. Now,the joint venture has announced an opening date for The Westin Cleveland Downtown: Spring 2014.
Willoughby, Ohio-based Marous Brothers Construction, the project’s general contractor, started remodeling the property at t 777 E. St. Clair Ave. in December. Upgrades include a complete renovation of all guest rooms, of meeting space and all public spaces. The new exterior façade will feature metal panels and LED lighting that rotates through a range of colors.