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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Carr Starts Spec Office Project In Bethesda
Carr Properties today announced it has broken ground on 4500 East West Highway, the first office property to be built in downtown Bethesda, MD, in 12 years and one of a very few bank-financed speculative office projects in the country.
As reported by CoStar in August, Carr secured a $57 million loan for the project from Wells Fargo, which would be impressive enough even if construction wasn’t moving forward without a major tenant in tow.
The nine-story, 220,400-square-foot office, located just a few hundred feet from the entrance of the Bethesda Metro Station, is pre-certified LEED Platinum and is expected to deliver in June 2014. The building will feature more than 13,000 square feet of street-level retail set above four levels of below-grade parking and a 4,800-square-foot plaza.
The glass box façade building will include 27,700-square-foot floor plates, a 4,500-square-foot rooftop terrace overlooking a green roof, a catering kitchen and views of Bethesda extending toward northwest Washington, D.C. The building will also have a 2,600-square-foot executive fitness facility, a bike storage and repair facility and a 1,900-square-foot conference center.
Transwestern’s Phillip McCarthy and Keith Foery, executive vice presidents, and Jovi McAndrew, senior vice president, are leasing agents for the project.
Chicago Bulls to Build New Practice Facility
The Chicago Bulls announced they will build a new basketball practice facility on a site next to the United Center on Chicago's West Side.
"I am pleased that the Bulls are moving their practice facilities into the City of Chicago and continuing the great work revitalizing the entire neighborhood around the United Center," said Mayor Raum Emanuel. "The Bulls are an iconic championship team and a source of pride for our city. Their future, and the future of the West Side, is bright."
Parking Lot J, which sits east of the United Center across South Wood Street between Monroe and Madison Streets, is the location planned for the new facility, depicted in a preliminary architectural rendering by 360 Architects. Plans remain under development and the project funded fully by the Bulls is scheduled for completion in time for the 2014-2015 season.
Current plans call for the facility is be about 55,000 square feet. McHugh Construction has been named the general contractor.
When the team announced the practice facility relocation earlier this year, Bulls Chairman Jerry Reinsdorf credited the mayor with the idea to move the facility.
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Related Buys High-Rise Development Site in Miami
The Related Group has purchased a 1.3-acre high-rise mixed-use development site in Miami at 1300 South Miami Avenue for $18.5 million.
HFF marketed the property at Coral Way (SW 13th Street) and South Miami Avenue on behalf of the seller, South Miami Ave, LLC. The site is approved for the development of a 556-unit residential tower plus 15,049 square feet of retail space and 38,357 square feet of office space.
The land is close to the Mary Brickell Village and Brickell Citi Centre projects as well as Interstate 95 in the Brickell financial district.
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