News and Notes on Trends, New Projects and Construction In the Commercial Real Estate Development Pipeline Around the U.S.
In The Pipeline
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Atlantic Yards' B2 Residential Tower Breaks Ground
B2, slated to be the tallest prefabricated building in the world when completed, is breaking ground in Brooklyn.
Mayor Michael Bloomberg was scheduled to join Brooklyn Borough President Marty Markowitz, Forest City Enterprises President and Chief Executive Officer David LaRue, Forest City Ratner Companies Chairman and CEO Bruce Ratner and other business leaders at the ground-breaking ceremony at 461 Dean St.
The 32-story residential tower is the first residential tower to break ground in Atlantic Yards development in Brooklyn. The building is expected to be available for occupancy in summer 2014.
Forest City Ratner Companies (FCRC) will display one of the 930 modular chassis that will be used to create the 363 apartments.
Forest City announced last month they will partner with Skanska USA to create a new company called FC + Skanska Modular, LLC, or FCS Modular, which will build the modular components in a 100,000-square-foot space in the Brooklyn Navy Yard.
Modular construction is in use in various forms around the world but is rarely used for high-rise development, even though it is perfectly suited for conditions where space is tight and land values are high, FCRC said.
"With modular, we are also transforming how housing is built in New York City and, potentially, around the world," Bruce Ratner said.
Koch Industries to Expand Wichita HQ
Koch Industries, Inc. announced plans today to move forward with expansion of its Wichita, KS, campus on 37th Street North between Oliver and Hillside.
The project will include construction of a new 210,000-square-foot office building
ton the northwest side of the campus. The new building will have three stories plus a lower level and the capacity to accommodate 745 employees.
More than 2,800 people are employed by Koch companies in Wichita and that number will be significantly increasing, the company said.
The free-standing building will connect to other buildings on the campus via walkways and tunnels. The project is the first phase of a long-term master plan to handle potential future growth.
AMF Development Tops Out 'Gen Y' Glendale Apt Project
Elevé Lofts & Skydeck, a new 208-unit multifamily project targeting "Generation Y" tenants between 20 and 34 years old, is on track for delivery in early spring.
AMF Development, LLC, the development arm of American Multifamily, Inc., a Huntington Beach, CA-based design-build firm, recently topped out the 170,000-square-foot mixed-use project on the corner of Maryland Avenue and Broadway in Glendale, CA’s Arts & Entertainment District.
"This concept is designed specifically to appeal to young professionals who would rather live in a smaller, yet well-designed apartment set in a vibrant, hip and social community," said Alan Dibartolomeo, chief development officer of AMFD. "Given the pent-up demand for this type of housing in Glendale as well as many other urban areas, the timing is right."
The firm is targeting the Gen Y demographic in part based on a research project completed for AMFD by The Futures Company indicating that 62% of the respondents would rather live in a studio apartment alone rather than in a larger space with a roommate.
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) in a deal valued at $14.84 million.
Transwestern brokered the sale of the three-city portfolio totaling 54.02 acres, including a 22.69-acre site in Houston; a 12.7-acre site in Dallas and an 18.63-acre site adjacent to Baltimore-Washington International Airport in the Baltimore, MD area.
The Baltimore site is one of the first non-distressed raw land transactions since the financial collapse of 2008. Liberty Property Trust intends to begin speculative development at the Baltimore property, a first in that market for several years.
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