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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Plaza Group To Develop $400M Luxury Condo Towers
Affiliates of The DevStar Group and The Plaza Group have announced Marina Palms Yacht Club & Residences in North Miami Beach, two residential towers that will each have 25 floors with a combined 468 condo units.
The project is the first luxury condominium and marina/yacht club development in Miami-Dade County in more than 20 years.
Marina Palms Yacht Club & Residences will cater to an emerging market, just as the condo recovery gains momentum. The $400 million waterfront development on 14 acres at 172nd Street and Biscayne Boulevard will include a total of 1 million square feet of residential space and a full-service, 112-slip marina and yacht club.
"The South Florida condominium market's continued recovery has set the stage for broad acceptance and quick absorption of this unique project," said Neil Fairman, president of The Plaza Group, whose affiliate is developing Marina Palms in partnership with The DevStar Group.
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STL Cardinals, Cordish Begin $100M First Phase of Ballpark Village
After years of stops and starts during the economic downturn and recovery, the St. Louis Cardinals and the Cordish Companies have broken ground on Ballpark Village, a development on 10 acres next to Busch Stadium.
The $100-million first phase will include more than 100,000 square feet of retail and entertainment space, including the 30,000-square-foot, three-level Cardinals Nation restaurant, museum and retail store; the Budweiser Brew House restaurant, and the Live! At Ballpark Village marketplace.
The project will be ready by opening day of the 2014 season, said Bill DeWitt Jr., chairman and CEO of the St. Louis Cardinals.
The team opened the rebuilt $411 Busch Stadium in 2006. The first phase of Ballpark Village is on the site of the former Busch Memorial Stadium, which was demolished in late 2005.
Cardinals Nation will include a two-story restaurant, a store, the Cardinals Hall of Fame and Museum, a special events space, and a 300-plus seat, ticketed rooftop deck with views into Busch Stadium.
A second building will house the 20,000-square-foot, three-story Budweiser Brew House, also with a rooftop deck offering views into Busch Stadium.
"Live! At Ballpark Village," an indoor marketplace with a retractable canopy covering the event space will connect the Brewhouse and Cardinals Nation buildings.
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Developer Begins Student Housing Project At UNC Charlotte
Crescent Resources has begun construction on Circle University City, a 187-unit, 546-bedroom student housing project slated to open in summer 2014 at the University of North Carolina, Charlotte.
The project at 9010 University City Blvd. is directly opposite the main entrance of UNC Charlotte, which enrolled the largest freshman class in its history this year. The development includes a structured parking deck on the 4.7-acre site between Mark Twain and Suther roads.
The units include configurations of one, two and four bedrooms. Amenities include individual study areas with iMacs and printer, a group study room with SmartBoard and media room, a fitness center, game room, pool and stand-up tanning bed.
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Washington, D.C., Awards Library Redevelopment Rights to Fundrise
By Mark Heschmeyer
Rise Developments, affiliates and creators of Fundrise and Popularise, and the H Street Community Development Corp. (HSCDC) were awarded proposal rights to redevelop the former site of the R.L. Christian Library at 1300H St. NE in Washington, DC, by the Office of the Deputy Mayor for Planning and Economic Development.
By utilizing the Fundrise platform, the awarded proposal for R.L Christian is the first government-owned land nationwide that would allow local residents to invest directly in real estate development. Through its online crowd-equity platform, Fundrise, the developers will be able to provide local residents the opportunity to invest in local real estate.
"We are very excited about partnering with the District," said Ben Miller, Fundrise co-founder. "We believe we won this development proposal in part because with Fundrise we were the only company that could allow D.C. residents the ability to invest with us in a city-owned property sale, which was an opportunity previously only available to developers and investment funds."
The project will also give the community the power to engage in conversations about the development process, through Popularise, the online crowdsourcing platform.
The Rise Development proposal includes a plan to build a world-class, mixed-use project that creates a new model of community development including affordable arts housing, a local market, as well as access for local public ownership.
Fundrise was one of six companies that bid on the R.L. Christian site.
Developer To Reposition, Expand Sunkist Property in Sherman Oaks
Private-equity firm IMT Capital LLC and its apartment operating affiliate have acquired the Sunkist building in Sherman Oaks, CA, and intend to reposition the multi-tenant office building
at the site and develop a mixed-use residential and retail project on the remainder of the site.
The sale price was not disclosed. For over 41 years, the structure on 8.5 acres at 14130 Riverside Drive next to the Ventura (101) Freeway in the San Fernando Valley community of Sherman Oaks has served as headquarters for Sunkist Growers, Inc., a cooperative of family growers and is one of the world's oldest and largest citrus marketing cooperatives.
The current office building has an above-market vacancy rate, representing an opportunity to preserve and reposition the architecturally significant building designed by A.C. Martin, Jr. IMT Capital and its apartment affiliate, IMT Residential intend to develop the remainder of the large infill property with a mixed-use project containing multifamily and retail, while preserving the original office building.
Sherman Oaks-based IMT Residential manages over 21,000 residential units with an additional 1,044 units under construction or in the development pipeline.