News and Notes on Trends, New Projects and Construction In the Commercial Real Estate Development Pipeline Around the U.S.
In The Pipeline is a column on significant acquisitions of commercial
land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new
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Brooklyn Tower Expected to Break Ground Late This Year
The Hub, a residential tower rising more than 50 stories in Brooklyn, NY, to be developed by Douglas C. Steiner, is expected to break ground in the fourth quarter.
The tower will be located at 333 Schermerhorn St., at the intersection of Third Avenue and Flatbush Avenue, the nexus of the BAM Cultural District, Boerum Hill, Park Slope, Fort Greene, Cobble Hill, Carroll Gardens and Prospect Heights. The Hub, expected to complement the will include
retail space and parking for more than 250 vehicles in addition to the residences.
The project, designed by Dattner Architects and Goldstein, Hill and West Architects, will have about 720 units, of which 144 will be affordable rental units. The building will include 24-hour concierge service, a common outdoor terrace with sundeck, a fitness center, yoga studio, locker rooms and dog run.
Steiner, who also serves as chairman of development company Steiner NYC, also built Steiner Studios at the Brooklyn Navy Yard.
Houston Suburb Sees Fruits of Economic Development
Pearland, TX, a suburb less than 20 miles from Houston, continues a decade long growth spurt that has catapulted it to among the nation's fastest growing cities.
Sam’s Club chose Shadow Creek Ranch/Reserve at Shadow Creek for a 136,000-square-foot facility in an acquisition that closed in December and was part of a larger purchase of 32.1 acres. Construction is expected to begin this spring with a planned October opening. In conjunction with the sale to Sam’s Club, TGB Crosswell will be developing a 16,000-square foot retail center.
Allen Crosswell of TGB Crosswell and Brendan Lynch of CBRE brokered the transaction. TGB Crosswell is also in negotiations with developers for various uses, including a possible assisted living complex, medical and office developments, several national multi-family unit developers, hotel developers, numerous mixed retail uses and restaurant pad users.
Also, health care provider Kelsey-Seybold recently chose a nearly 13 acre site in Pearland for its new corporate headquarters, one of several medical-related facilities recently moving to the city. The 170,000-square-foot, four-story office building will be in Shadow Creek Ranch on the northeast corner of Kirby Drive and Shadow Creek Parkway, just west of State Highway 288. Current plans have the facility opening in about 18 months.
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Developer Begins First Playa del Rey Office Project in 20 Years
Private developer Cove Spring Partners LP is moving forward with The Strand Offices at Playa del Rey, the beach community’s first new commercial office property in 20 years.
The two gated three-story buildings totaling about 10,000 square feet, slated for completion in spring 2013, will be located at 311 and 315 Culver Blvd., three blocks from the beach and near the Ballona Creek Wetlands Preserve.
The first floor of each building will include covered parking stalls and a lobby entry with elevators. The second and third floors will feature floor plates of about 2,500 square feet.
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USAA to Develop Inland Empire Warehouse
San Antonio-based USAA Real Estate Co. has acquired 26 acres in Moreno Valley, CA, for development of Centerpointe Logistics Center, a 522,772-square-foot distribution center.
Southern California-based Overton Moore Properties will act as developer for the project at the northwest corner of Cactus Avenue and Frederick Street. Millie and Severson, Inc. will serve as contractor and the architect on the project is HPA, Inc.
Centerpointe Logistics Center will feature 32-foot-clear concrete tilt construction, cross-dock configuration and 113 dock positions and 126 trailer storage spaces. The site has ready access to I-215 and 60 freeways and is expected to benefit from the demand created by strong activity at the Ports of Los Angeles and Long Beach, USAA said in a release.
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Noble Moves to Redevelop and Rebrand Hotels In Atlanta, Memphis
Noble Investment Group is repositioning and rebranding two of its latest opportunistic acquisitions as the Hyatt Atlanta Midtown and the Marriott Memphis East.
The 191-room Hyatt Atlanta Midtown, located at Peachtree Street and 10th Street in Atlanta’s Midtown Mile, will open in early 2013 after a $21 million redevelopment that includes a renovation of guest rooms and public spaces with a design focused on a contemporary style.
Midtown Atlanta is home to Georgia Tech University, Emory University Hospital Midtown and the corporate headquarters for organizations such as The Coca-Cola Co., Equifax and Invesco. The hotel is located directly across from the Atlanta Federal Reserve Bank and is near headquarter offices for several law firms and the center of the city's music, arts and cultural scene.
The 243-room Marriott Memphis East, located along Memphis’s eastern corridor perimeter beltway at the intersection of I-240 and Poplar Avenue, will open in the fourth quarter of 2012 after a $19 million dollar comprehensive repositioning of the asset.
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HealthSouth Buys Land For New Hospital
Birmingham, AL-based HealthSouth Corp. announced it has acquired land and plans to develop a new 48,000-square-foot rehabilitation hospital in southwest Phoenix.
HealthSouth, the nation’s largest owner and operator of inpatient rehabilitation hospitals, purchased 6.87 acres at the northwest corner of North 91st and Pinchot avenues for the project, with construction expected to begin in the fourth quarter of this year. The hospital should be operational by third-quarter 2013.
This will be HealthSouth's seventh hospital in the state, joining facilities in Mesa, Scottsdale, Glendale, Tucson and Yuma. Plans for the southwest Phoenix facility include 40 private rooms with services that include specialized rehabilitation programs using advanced technology to help patients recover from a major illness, injury or surgery.
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