National
132-Key Hotel Indigo New Orleans Garden District Opens
Hotel Indigo, the first global boutique hotel brand has announced opening its two newest locations: Hotel Indigo London Kensington-Earl’s Court and Hotel Indigo New Orleans Garden District, thus passing the 50th property milestone.
Amazon’s Denny Triangle Campus Phase One Gets General Contractor in Sellen
By Alex Girda, Associate Editor
Amazon.com has recently announced the developer that will be taking charge of its first phase Seattle campus in the downtown area of Denny Triangle. The tech giant has named local company Sellen Construction as the contractor for the much talked about development in downtown Seattle, the Puget Sound Business Journal wrote. Sellen has handled a number of high profile Seattle developments in the past, including the redevelopment of the PacMed Tower, which interestingly enough became Amazon’s headquarters at the time it was finished, as well as the green tech-laden Federal Way South redevelopment. That last project, previously referenced on this page, was handled for the U.S. Army Corps of Engineers.
The phase that Sellen Construction was hired to handle will include a Seventh Avenue 37-story office tower, as well as a 2,000-seat gathering space. Plans filed by the developer indicate that a retail component is also part of phase one, as well as an underground parking facility that will be able to hold around 1,000 cars. A ground breaking won’t be held soon, although reports this summer placed the start of the construction process sometime during 2013. Now that most of the planning approvals are in place and a general contractor is selected, there should be no major stalls to keep Sellen from building phase one of the three-block, NBBJ-designed Amazon campus.
Cleveland Metropolitan School District to Auction Off Headquarters in March
The Cleveland Metropolitan School District’s headquarters building will go up for auction next year.
State Agency Green-Lights $200M Condo Project in Downtown Honolulu
The Hawaii Community Development Authority has unanimously approved the construction of a $200 million condominium skyscraper on the site of the former Honolulu Advertiser building. The 46-story tower proposed at 801 South St. will be the first high-rise condo project in Kakaako in which all of its 635 units are designated “workforce housing.” Construction and sales are expected to begin by mid-2013. Upon completion in 2015, the project will offer a mix of studio, one- and two-bedroom units priced between $250,000 and $550,000. According to the Pacific Business News, Honolulu-based Downtown Capital L.L.C. will develop the all-affordable condo high-rise. The team working on the project also includes general contractor Hawaiian Dredging Construction Co., architect Kazu Yato AIA & Associates Inc. and the real estate brokerage firm Marcus & Associates Inc.
CBRE Arranges $212M in Financing for Virginia Office Complex
CBRE Capital Markets announced it arranged $212 million in financing for Metro Park, a trophy-class office portfolio in Alexandria, Va. CBRE worked exclusively on behalf of Clarion Partners, a leading U.S. real estate investment manager based in New York. SunTrust Bank and HSBC Credit Corp. have provided the funding for the seven-year loan. It has a fixed rate of roughly 3 percent and a 50 percent loan-to-value ratio.Metro Park is a 37-acre office park, strategically located at the crossroads of Northern Virginia’s major roadways and extensive public transportation network. It comprises 1.2 million rentable square feet within seven office buildings. Clarion Partners acquired it in 2006 for $214 million.
USGBC Awards LEED Platinum to South Boston’s Castle Square Apartments
The U.S. Green Building Council (USGBC) has awarded LEED Platinum Certification, which is its highest green building rating, to a 540,000-square-foot mixed-use property in Boston’s vibrant community of South End.
Dual-Branded Hilton Opens in Midtown; Imperial Hotel Renovation Eyes LEED Gold Certification
Midtown Atlanta is now home to Georgia’s first dual-branded hotel, as Hilton Worldwide has recently celebrated the opening of its newest hotel, Hilton Garden Inn® and Homewood Suites by Hilton.
Austin Apartment Community Changes Hands in $35M Deal
The Dayton-based Connor Group recently purchased 290-unit River Oaks—a 40-acre gated apartment community located at 6607 Brodie Ln.—for $34.6 million. Built in 1997, the property includes amenities like a pool, spa, volleyball court and basketball court. The multifamily deal marks the second acquisition in Austin by the real estate investment firm.
Pittsburgh Glass Center to Develop Affordable In-Residence Housing in Garfield
The Pittsburgh Glass Center has purchased a former coffeehouse in Pittsburgh’s Garfield neighborhood, with plans to repurpose the facility as student and artist-in-residence housing. Construction will begin as soon as funding is secured. According to the Pittsburgh Business Times, Bloomfield-Garfield Corp. and Friendship Development Association facilitated the acquisition and will also support the property’s redevelopment. Located at 5447 Penn Ave., the former Kim’s Coffee Shop will provide affordable housing for the center’s visiting artists, students and guests of other arts and community organizations. Plans may also include a retail portion for glass art and supplies.
Foxwood Apartments and Kensington Manor Apartments Sold in Memphis
The Greater Memphis Area’s multifamily experienced a fair amount of activity recently with two apartment communities trading in just a few days’ time.