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In The Pipeline: CoStar Development & Construction News for Jan. 13 - 19

News and Notes on Trends, New Projects and Construction In the Commercial Real Estate Development Pipeline Around the U.S.
January 14, 2013
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 commercial real estate project -- and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.

Matthews Southwest Acquires 157 Acres For Mixed-Use Project

Dallas-based development company Matthews Southwest purchased 157 acres on the northwest corner of the Dallas North Tollway and U.S. Highway 380 in the town of Prosper, TX, north of Dallas, where it plans to develop more than 3 million square feet of retail, medical, office, hotel and entertainment space.

The public/private partnership between the town of Prosper and Matthews Southwest is expected to drive more development along the Highway 380 corridor at the intersections of the Dallas North Tollway and Preston Road.

Located 30 miles north of Dallas in Collin and Denton Counties, Prosper is growing rapidly, with a projected build-out population of 70,000 residents.

The land deal is an assemblage of two separate tracts sold by the St. Clair family and Centurion American. Matthews Southwest represented itself in the purchase of the St. Clair land tract, while David Davidson Sr. of Davidson Real Estate Inc. represented Matthews in the purchase of the Centurion American tract.

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Brookfield to Kick Off Construction of $4.5B Manhattan West

Brookfield Office Properties has started the first phase of its Manhattan West development, which will feature two 2-million-square-foot office towers, a residential building and related retail.

The five-acre site at Ninth Avenue and 33rd Street is a block west of Penn Station, putting it at the heart of Manhattan's new West Side, where offices, hotels and residences are planned for surrounding blocks, including redevelopment of the adjacent Farley Post Office as the new Moynihan Station.

The first phase of the work includes the installation of a 120,000-square-foot platform over the railroad tracks that lead to Pennsylvania Station, using post-tension precast segmental bridge technology.

Mayor Michael Bloomberg is scheduled to join Brookfield Office Properties Co-Chairman John Zuccotti and CEO Dennis Friedrich, Patrick Foye, executive director for the Port Authority of New York & New Jersey, and other city and real estate officials.

Trumark To Build Six Condo Properties in San Francisco

Trumark Cos. will make a major push into San Francisco's underserved condominium market with the acquisition of six sites for development of more than 500 units

The new Trumark Urban division of the company will spend more than $300 million to develop the mid- and high-rise condos, with the first project expected to break ground in early 2013.

Urban housing has been in high demand as the economy has rebounded, especially along the coast, but the bulk of the supply created so far has been rental housing, said Trumark principal and co-founder Gregg Nelson.

"We see an exploding opportunity, and an exploding demand, for for-sale housing in core urban areas because there's almost a complete lack of supply," Nelson said.

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Lowe Starts San Diego County Registrar's HQ

Lowe Enterprises has begun construction on the 118,500-square-foot Registrar of Voters headquarters, the third phase of the San Diego County Operations Center and Annex redevelopment in Kearny Mesa.

The $73 million project will include registrar of voters staff offices, election ballot processing capabilities, warehouse production space and public art installation.

The second phase of the 47-acre County Operations Center on Overland Avenue, two 150,000-square-foot, four-story office buildings and a 15,000-square-foot conference center and cafeteria, was completed in August. The conference center was recently awarded LEED Platinum Certification. The first phase of two office buildings was completed in October 2010.

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