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In The Pipeline: CoStar Development & Construction News for March 25 - March 31

News, Notes and Comments on New Projects, Trends and Construction In the Commercial Real Estate Development and Planning Pipeline Around the U.S.
March 26, 2014

Work Starts on Massive Hudson Yards Eastern Platform

Construction is now under way on the gigantic platform being built over railway tracks and tunnels to allow development of the 28-acre Hudson Yards project.

More than 7 million square feet of development will be in progress by year’s end, and 10 Hudson Yards, home to Coach Inc., L’Oreal USA, SAP and Fairway Market, is scheduled for completion in 2015, according to developers Related Companies and Oxford Properties Group.

Construction of Hudson Yards Eastern Platform along with the entire eastern Rail Yards, including 30 Hudson Yards, home to Time Warner Inc., will be complete in 2018.

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.

"The construction industry has come a long way over the last five years," said John Crum, national sales manager for Wells Fargo Equipment Finance. "We see this optimism in responses from across the country and among contractors, dealers, and other stakeholders alike."

The scale and complexity of the Hudson Yards development is reflected in the construction of the 37,000-ton platform which will bridge 30 active Long Island Rail Road train tracks, three subsurface rail tunnels used by Amtrak and New Jersey Transit, and a fourth passageway, the Gateway tunnel, currently under construction.

The finished buildings will extend through and rise above the platforms which will cover about three-fourths of the Eastern and Western Rail Yards.

"This incredible structure will serve as the foundation for office, retail, residential and cultural aspects of the development, as well as public space," said Blake Hutcheson, CEO of Oxford Properties Group.

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TMG, Northwood Announce Architects for First & Mission Tower

joint venture building the First and Mission tower has selected Foster + Partners and Heller Manus Architects to design the 2 million-square-foot mixed-use development in the Transbay area.

TMG Partners, one of the San Francisco Bay Area's largest mixed-use property developers, and privately held Northwood Investors LLC are developing two towers with 1.35 million square feet of office and retail space and 650,000 square feet of residential units.

It's the first residential and mixed-use project in San Francisco for Foster + Partners, which designed the Apple Campus II in Cupertino and the Apple Store on Union Square.

Under the Transbay Plan, a rezoning that was put in place to encourage density around the Transbay Terminal, the seven parcels at First and Mission are now zoned for an 850-foot tower and a 605-foot tower. The project will include a large floor plate office tower with frontage on First Street and a world class condominium portion that will be taller than any residential project on the West Coast.

"The Transbay site will be transformative and will be the last mixed-use development of this scale in this area of downtown," said TMG Partners president and CEO Michael Covarrubias.

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Foundation Work Starts On Greenvue Apts

Embrey Partners, Ltd. has starting pouring concrete on the foundation of GreenVUE, a transit-oriented development on Greenville Avenue in Richardson, TX.

The project at 1350 N. Greenville Ave. in the Telecom Corridor is scheduled for completion in 2015 with leasing starting as early as late summer 2014. San Antonio-based Embrey’s 11.3-acre infill property will include more than 400 luxury one- and two-bedroom urban flats ranging from 650 to 1,450 square feet.

The development is within walking distance of the DART Redline Arapaho Station and is less than three miles from the new State Farm Insurance regional campus. State Farm’s 2-million-square-foot campus, the largest leased office project in Dallas history, will house thousands of employees in four buildings.

One State Farm building is complete and construction has begun on the second, with the insurance company starting to move in at the end of 2014.
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C&W to Market Development Site in Columbus Circle

The American Bible Society (ABS) has tapped Cushman & Wakefield to market a prime development site at 1865 Broadway on the northeast corner of 61st Street and Broadway in Columbus Circle near Central Park.

The 12-story property, which has been occupied by ABS for 48 years, now serves as the corporate headquarters for the charitable organization and includes the Museum of Biblical Art, which exhibits art works inspired by the Bible. Cushman & Wakefield will also be assisting ABS in selecting a new ministry site.

"The 1865 Broadway property has served us well for nearly 50 years. The decision to sell the property was made to unlock the value of the site to further the mission of American Bible Society," said ABS Board chairman Pieter Dearolf.

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Wood Partners Breaks Ground on 281-Units in Pearl District

By Amy Shaw

Wood Partners is building an $80 million, two-building apartment project near Fields Park on land recently acquired from Hoyt Street Properties.

Hoyt Street, developers of the Pearl District in downtown Portland, transferred 0.92 acres to Wood Partners for $7.55 million. Addressed as 1161 NW Overton St., the space was previously used as a parking lot.

Next to the recently built 3.2 acre Fields Park, the land will soon be home to an as-yet unnamed $80 million multifamily project. The development will consist of two buildings, a 5-floor low-rise with 63 units, and a 16-story high-rise with 218 units. The units will be approximately 800 square feet apiece. The total square feet of the buildings is estimated to be 340,000, with 1,055 square feet of retail space.

Wood Partners secured a $51.84 million loan from PNC Bank National Association to finance the project. Having broken ground in February 2014, the project will deliver in two stages. The low-rise apartments will deliver summer 2015 and the high-rise apartments will deliver at the end of 2015.

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