National
World’s Tallest Ferris Wheel to Be Built on Staten Island
Local officials in New York City are aiming big for the ”Big Apple.” Mayor Michael Bloomberg announced last week plans for a new tourist attraction that would reinvent the northeastern side of Staten Island: the world’s tallest Ferris wheel, a 625-foot -tall structure destined to become one of the city’s landmark attractions.
Construction Begins on $12M Regal Cinema at Winrock Town Center Redevelopment
Construction on the Regal IMAX Cinema at Winrock Town Center has begun after nearly 18 month of delay. The 71,156-square-foot, 16-screen cinema is expected to open in the fall of 2013. According to the New Mexico Business Weekly, the $12 million cinema is the first phase of the major Winrock Town Center’s redevelopment, which broke ground in May with the demolition of the Winrock Inn motel.
HDR Architecture Selected as Architect of Chicago’s Mixed-Use Focal Point Community Campus
Omaha, Neb.-based HDR Architecture Inc. has been selected as the architect for Chicago’s mixed-use Focal Point community campus. Abbie Clary, HDR project principal, said: “This is an incredibly meaningful project, one that most architecture firms get few opportunities to design.”
M&G Finalizes Land Purchase for PET, PTA Plants in Corpus Christi
Italy-based M&G Group has purchased land in Corpus Christi on which to build the world’s largest integrated polyethylene terephthalate (PET) plant.
Washington Trust Provides $4.8M Financing for Historic Property
The Washington Trust’s commercial real estate group recently provided $4.8 million in commercial mortgage financing to Emanon Associations L.P. The funds will be used to refinance, capitalize and improve The Gardner Building in Providence. Located at 40 Fountain St., the eight-story, 75,000-square-foot office property has been owned by Emanon Associations for more than 20 years. “The Gardner Building is located in an area of Providence, R.I., that’s currently being revitalized, which is a nice story for our capital city,” said Joseph MarcAurele, Washington Trust’s chairman, president & CEO.
Seattle Property Sales Promise New Prices Records
By Alex Girda, Associate Editor The sale of Seattle’s Russell Investments Center earlier this year scored a $480 million jackpot, but the city is already expecting that record to be blown out of the water. One of the city’s most iconic skyscrapers is now on the market and ready to charge a premium around the […]
Two Briar Lake Plaza to Be Anchored by Samsung Engineering
After landing Samsung Engineering as anchor tenant, Behringer Harvard REIT I is now ready to develop the final phase of Houston’s BriarLake Plaza: a 332,000-square-foot, Class A office building.
Balboa Mesa Shopping Center Trades Hands in $59M Deal
Regency Centers Corp. completed a deal to own San Diego’s Balboa Mesa Shopping Center. The real estate company paid a premium of $59.5 million to Balboa Realty L.L.C. Regency is currently on track to acquire a number of retail properties boasting high occupancy rates and representing good value for money. The 189,321 square feet of space the shopping complex offers are leased by a number of high-quality tenants.
Insight Buys Site Near Huntington Metro with Plans for Work $52M Apartment Project
By Adrian Maties, Associate Editor Insight Property Group L.L.C., a multifamily developer founded by longtime multifamily industry veterans Richard Hausler and Michael Blum in late 2009, on Sept. 11 announced the acquisition of 3.4 acres of land in the Alexandria section of Fairfax County, Va. It plans to use the site for a new metro-oriented luxury […]
BRA Green-lights Multi-Million Construction Projects
Almost two months after filing a notice of project change for the long-stalled Millennium Tower and Burnham Building project, the development team has won approval from the BRA. With a $615 million private investment and encompassing 1.2 million square feet, the revised mixed-use project will be located at the partially vacant site of the former Filene’s Department Store on a parcel delimited by Washington, Franklin, Hawley and Summer Streets.