Business Specialties Development
Port of Corpus Christi Opens Trade Lines to Venezuela
Aug. 19, 2008
Establishing a dedicated monthly shipping service between Texas's Port of Corpus Christi and Venezuela opens a two-way trade route that hadn’t existed at the port before. The opening of the trade route comes on the heels of the selection of Federal Development as the master developer of a $400 million project that includes the development of La Quinta Trade Gateway.
Fort Meyers Chooses Acquest for Riverfront Project
Aug. 19, 2008
Downtown Fort Myers, Fla., is undergoing a renaissance and Acquest Realty Advisors Inc. will play a big role in the endeavor, now that the city council has selected the Bloomfield Hills, Mich.-based company to spearhead the development of a waterfront mixed-use project.
Northern Virginia County Gets First LEED Gold Spec Office
Aug. 18, 2008
Construction has wrapped up for the first of two Class A office buildings that will comprise the 230,000-square-foot Atlantic Corporate Park in Sterling, Va., located about 25 miles from Washington, D.C., in Loudoun County.
Indian Firm Buys Land for $100M HQ in Little Rock
Aug. 18, 2008
Man Industries, a pipe-manufacturing firm based in Mumbai, India, has made its first venture into the United States with the purchase of 155 acres of land in Little Rock, Ark., with plans to build a $100 million facility to serve as its North and South American headquarters. Construction will begin later this month in an existing industrial area on Greenfields. No targeted completion date was released.
Deferred Loan Payments Confirm Delay of Plaza Hotel in Las Vegas
Aug. 18, 2008
Groundbreaking on The Plaza Hotel in Las Vegas--would-be sibling to the landmark Manhattan hotel of the same name--has been put off till next year, in conjunction with an agreement by Goldman Sachs Group and Credit Suisse Group to give the project’s developer an additional six months to repay $625 million in loans.
Summer Brings Progress, Challenges for WTC Renewal
Aug. 15, 2008
As Labor Day nears, the effort to revitalize the World Trade Center has experienced significant forward motion as well as a few hitches. In the months to come, the massive rebuilding project is likely to show signs of progress as well as facing a series of difficult choices. Public agencies and private-sector interests swiftly addressed some of the 15 major challenges detailed June 30 by Christopher Ward, the recently appointed executive director of the Port Authority of New York and New Jersey.
$160M Mixed-Use Project in Boston Gets Green Light
Aug. 15, 2008
At a recent Boston Redevelopment Authority Board of Directors meeting, city officials gave Boston Development Group the thumbs-up to move forward with The Merano, a new mixed-use project in the city's Bulfinch Triangle community, a neighborhood that is presently undergoing revitalization.
Work Gets Underway on $150M Wellness Resort in Mexico
Aug. 15, 2008
Construction has commenced on Taheima Wellness Resort & Spa, a project in Nuevo Vallarta, Mexico, spearheaded by Whole In One Nuevo Vallarta S.A. de C.V. To be developed at a cost of $150 million, the upscale condo-hotel will ultimately feature 400 units. Whole In One is targeting the baby boomer set in North America and South America, highlighting the property's wellness-centric attributes.
Cordish, Kansas Speedway Propose Hard Rock Hotel, Casino
Aug. 15, 2008
Kansas Entertainment L.L.C., a joint venture between The Cordish Co. and Kansas Speedway, has just presented its plan for a Hard Rock Hotel & Casino at the Kansas Speedway track in Kansas City, Kan., to the state's Racing and Gaming Commission. The team is proposing the creation of a 1.5 million-square-foot gaming resort with a development price tag of $700 million.
Mixed-Use Project Housing Fireman’s Fund Aims for Carbon Neutrality in 10 Years
Aug. 13, 2008
American Assets Inc. has revealed plans for The Commons at Mount Burdell, a green mixed-use project on a 65-acre site in Novato, Calif., about 30 miles north of San Francisco. According to the San Diego-based real estate company's calculations, the 1.5 million-square-foot development and redevelopment endeavor will be able to achieve carbon neutrality within a 10-year period. The Commons will evolve on the site of a Class A office complex on San Marin Drive. Home to the headquarters of the Fireman's Fund Insurance Co., American Assets acquired the property last year and will incorporate the existing buildings into the project. Ultimately, The Commons will encompass 800,000 square feet of new development that will include a premier hotel, retail space, meeting venues, a fitness facility and daycare accommodations. Additionally, 710,000 square feet of existing space will undergo renovation.
First Industrial, CalSTRS Break Ground in Master-Planned Minneapolis Industrial Park
Aug. 13, 2008
First Park Lakeville, First Industrial Realty Trust Inc.'s 1.4 million-square-foot master-planned industrial park in suburban Minneapolis, will soon get a new tenant, now that the developer has broken ground on a 285,000-square-foot distribution center for Uponor North America. Located in Lakeville, Minn., about 25 miles from Minneapolis, the 140-acre First Park is a project of First Industrial's development and repositioning joint venture with public pension fund California State Teachers' Retirement System.
HFF Arranges $56M Funding for $80M SFO Logistics Center Buy, Development
Aug. 13, 2008
Centrum Properties Inc. and Angelo, Gordon & Co. have secured $56.3 million in financing to acquire and reposition the SFO Logistics Center, a 572,000-square-foot warehouse-distribution center and adjacent 5.2-acre land parcel in south San Francisco that had been owned by the federal government for decades. An HFF executive who arranged the financing told CPN today the entire deal is worth $80 million.
Former St. Joe Exec Rummell to Head Nicklaus Cos.
Aug. 12, 2008
Peter Rummell, former CEO of Jacksonville, Fla.-based The St. Joe Co., Florida's largest private landowner, has been chosen as the new CEO of the North Palm Beach, Fla.-based Nicklaus Cos. Rummell, 62, retired from St. Joe in May and will take over his new position in mid-August, according to the Nicklaus Cos. In addition, Rummell will head the NicklausMilstein Fund, which was formed to capitalize on real estate development and investment opportunities that arise from the Nicklaus golf course design business. Nicklaus Design currently has more than 55 courses under construction and projects under development in 44 countries.
Pinnacle Picks Contractor for $375M St. Louis Casino Project
Aug. 12, 2008
Pinnacle Entertainment Inc. takes a big step forward with the development of River City, its planned casino project in suburban St. Louis, Mo., as it taps Yates/Paric to serve as general contractor. Yates/Paric, a joint venture involving W.G. Yates & Sons Construction and Paric Corp., will operate under a contact valued at approximately $149 million for River City, the first phase of which carries a development price tag of $375 million.
Chicago Development Patriarch Alter Dies at 78
Aug. 11, 2008
William Alter, founder of the Alter Group, one of the largest development firms in the nation, died Friday of complications from pneumonia. Alter, who was 78, also suffered from Alzheimer's for several years before his death. Though in the 1990s he turned over the day to day operations of the Alter Group to his son, Michael Alter, the senior Alter retained the titles of chairman & CEO of the Skokie, Ill.-based firm.
SLS Hotel at Beverly Hills Gets $33M in Preferred Equity from Lowe Enterprises Investors
Aug. 11, 2008
As it nears the November opening of its luxury SLS Hotel at Beverly Hills, SBE has received $33 million in preferred equity from the Lowe Structured Investment Fund, a discretionary investment fund managed by Lowe Enterprises Investors. A source close to the deal told CPN that the total price tag is roughly $229 million, including acquisition and renovations.
Rockefeller Plans 1MSF Industrial Park in Florida
Aug. 11, 2008
Rockefeller Group Development Corp. has purchased 113 acres in Lakeland, Fla., with plans to develop an industrial park on the site. RGDC plans to build an industrial park of over 1 million square feet on the site, targeting specifically large-scale tenants. The company intends to begin development on the site in early 2009.
New Pavilion Heralds $1.7B Mixed-Use Project in D.C.
Aug. 08, 2008
Construction of The Yards, a 5.5 million-square-foot redevelopment endeavor in southeast Washington, D.C., by Forest City Washington, is in the works, and the company has just opened The Yards Pavilion (pictured) to give a peak at what is to come when the first phase of the project delivers late next year. An outdoor marketing gallery, The Yards Pavilion features exhibit panels and kiosks detailing the multi-faceted $1.7 billion project, the first structure of which will debut late next year as the 170-unit Foundry Lofts apartment building.
Construction Kicks Off on Tech Firm's Office Building in Loveland
Aug. 08, 2008
Ground has broken on Waltham, Mass.-based Constant Contact Inc.'s new 50,000-square-foot office building in Loveland, Colo. Located near the intersection of Rocky Mountain Ave. and Test Dr. in Precision Office Park at Centerra, the build-to-suit facility will mark the e-mail marketing provider's first foray beyond its corporate headquarters home in Massachusetts. McWhinney is on board to oversee development activity, and Dohn Construction is serving as general contractor. Work is scheduled to reach completion in early 2009.
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