CHICAGOThe downtown multifamily market continues to set records. Related has just sold OneEleven, its 60-story apartment tower at 111 W. Wacker Dr. to Heitman for over $328 million. At $651,000 per unit, Related officials say it is the highest amount ever paid for a Chicago apartment building.

The previous owner of the site at Clark St. and Wacker Dr. had already begun construction on the proposed 90-story Shangri-La hotel and condominium tower when the onset of the recession halted construction. Related took over the site just a little over three years ago after the partially constructed base of the building had sat untouched for several years. Related redesigned the site as 504 units of luxury rental housing, redeveloped the property and began leasing last spring.

The acquisition of OneEleven in 2011 came at a significant discount to replacement cost making it an ideal fit for our fund management platform, skill set and our fully integrated execution strategy, says Justin Metz, managing principal of Related Fund Management, an investment adviser. In just three years, we were able to bring new resources, develop a marquee core asset and maximize value for our partners and investors.

By assembling a world-class design and construction team, we were able to take a distressed property along Chicagos riverfront that for years was symbolic of the recession and transform it into a luxury apartment tower that helped put the Loop on the map as one of Chicagos top residential neighborhoods, says Curt Bailey, president of Related Midwest.

New York-based Handel Architects designed the glass-sheathed tower and Kara Mann Design did its interiors. It opened in July 2014 and features a mix of studio, convertible and one-, two- and three-bedroom residences and more than 30,000-square-feet of amenity space. The property has proven popular and tenants now occupy more than 80% of the units.

The remarkable response, reflected first by the quick pace of leasing and, now, the record-setting sale of the building, validates our vision for this site and the Loop as a whole, where a number of new apartment developments are following in the footsteps of pioneering projects like OneEleven, Bailey adds.

Related Midwest will soon break ground on a 67-story residential tower at 451 E. Grand Ave. and also plans to develop 400 Lake Shore Dr., the site of the former Chicago Spire project.

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Related Sells OneEleven Tower for $328M

CONCORD, N.C. -- Construction crews are working to convert an old furniture store in downtown Concord to an apartment complex, but developers say the end of state historic tax credits is keeping them from pursuing other potential projects.

Rehab Builders LLC has cleared out the former Heilig-Myers furniture building on the corner of Cabarrus Avenue and Church Street. Workers have erected the framing for 26 apartments on the two upper floors.

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Apartments taking shape, reviving heritage downtown

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INDIANAPOLIS (WISH) The investigation continues after a big fire destroyed a luxury apartment building in Fishers.

Investigators believe it could take months before theyknow the exact cause.The fire happened at The Flats in Fishers Marketplace early Tuesday morning. The building was under construction and vacant at the time. Two other buildings, including a clubhouse onsite were not affected.

Several construction workers scoped out the fire damage Thursday afternoon, just two days after a massive fire broke out at the Flats.

I see a building thats unsafe, said John Mehling, Fishers Fire Department. Due to the weight thats on the building now.

The multi-million dollar building is one of three buildings on The Flats property. It has been under construction since last year, and was scheduled to open April.

This could be one of those situations to where the investigators just dont have enough evidence to say one way or another that this is the cause, said Mehling.

The building still stands, but investigators said the freezing temperature is turning everything inside the structure into ice.

The problem with the ice right now aside from what its doing to the structure itself, is that its incasing whatever evidence thats in there, said Mehling. So to protect the evidence, we have to be very careful removing that ice from around it.

Mehling said it could take months to find out the cause of the fire because of the extensive damage, but theres a possibility, that the cause could be undetermined.

Read the original here:
Investigators battle cold to determine cause of Fishers fire

Apartment owner Peter Davis has been locked in battles with hisbuilding's developers for years and warns new laws that come into force on Thursday will cause an "even worse hell for home owners than we've been through".

Mr Davis and his wife bought an apartment in a new block on Sydney's upper north shore seven years ago, only to pay tens of thousands in legal fees to fix construction defects that required replastering the pool, a new ventilation system, as well as fireproofing issues discovered only last year.

Legal changes are "draconian", Sydney home owners say. Photo: Louie Douvis

"We [the owners' corporation] have paid millions in legal fees and expert reports that would stand up in court. Under the new laws, we would have had to pay for the repairs ourselves. These new laws are completely inappropriate," Mr Davis said.

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Owners of new apartments will now have only two rather than six years to get developers to foot the bill for building defects, once the Home Building Amendment Act takes effect.

A spokesman for Fair Trading NSW said the new laws, passed in September last year, were designed to strengthen the consumer protections and address issues in construction industry by changing the licensing system for tradespeople.

These will increase penalties for practitioners and companies with a track record of issues, as well as changing payment structures to ensure fewer major defects.

Home owners will be able to access the previous six-year warranty only in relation to flaws that put the building or property at risk of falling down or becoming uninhabitable.The definition for "major defect" is new in the act.

But the peakbody representing strata owners has described the new defect rules as "draconian" and told Fairfax Media the changes would have serious and far-reaching consequences because many issues take years to emerge.

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Home Building Amendment Act: Sydney apartment owners say law changes are 'draconian'

Published on January 14, 2015

NEW GLASGOW Construction of The Willow apartment complex in New Glasgow should be complete in April, with tenants hopefully moving in the first of May.

Owner Bruce Margeson stands outside The Willow apartments, which are under construction on the West Side of New Glasgow. Carol Dunn The News

Owner Bruce Margeson said things are going well on the project, which he estimates will cost around $8 million.

I own older apartment buildings in town and wanted to build something newer, he

said.

Margeson, a lifelong New Glasgow resident. said his brother built similar units in Halifax, so he capitalized on that knowledge for his own project.

Its the twin of his in Halifax.

Margeson said crews are now working on the inside of the building, with about half of the wiring and plumbing completed. Workers will soon start installing insulation and drywall.

Most of the workers come from the area. We try to use as many local people as possible, he said.

Read this article:
West side apartment complex expected to be complete by April

Buildings taller than any others currently finished in downtown Boca will be allowed on smaller lots, the City Council decided Tuesday.

In a 3-2 vote, the City Council decided that parcels must be at least 1.2 acres to qualify for downtown high-rises that reach 140 feet, plus 20 feet for decorative elements. Before the decision, the pieces of land eligible for high-rises needed to be larger: At least 2 acres.

Tuesday's decision means that six new parcels in the downtown area are eligible to have buildings that rise to the maximum height, according to Jim Bell, acting deputy development director for the city.

The council held meetings Monday and Tuesday where many residents stepped forward to urge the city to reject allowing bigger buildings on smaller lots. Residents raised concerns about traffic and parking and said they feared construction-related problems.

Barbara Stone, a downtown resident for the past 3 1/2 years, said she prefers the current skyline. "I came here to enjoy the sky, the trees," she said.

But City Council members said they believed the residents' concern grew out of a fundamental misunderstanding of what dropping the minimum acreage for taller buildings would mean.

Councilman Mike Mullaugh said dropping the acreage requirement down to a 1.2-acre-minimum will allow buildings to rise higher. But that will come with other required features, such as bigger sidewalks and beautiful architectural details.

He cited an opinion from the city's design consultants, Urban Design Associates, that other requirements for the taller buildings also would prevent inappropriately large buildings on small lots. "I personally accept ... what UDA said, and we don't need" any acreage requirement, Mullaugh said.

The new code approved Tuesday represents a compromise from what Urban Design Associates suggested: It said the city should have no minimum parcel size for taller buildings.

That suggestion was considered Monday by the City Council, meeting as the Community Redevelopment Agency. But the council ultimately agreed that parcels must be at least 1.2 acres for the taller buildings.

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Boca allows taller buildings on smaller lots downtown

FISHERS, Ind. - Fourteen fire companies have been on the scene of a fire at the Flats at Fishers apartments at 131st and Cumberland Road in Fishers since about 5 a.m. Tuesday.

131st Street was closed at Cumberland Road for much of the morning.

The complex, a $35 million development by Ackerman Group in Cincinnati, is a cluster of three buildings that were under construction. No one lived there.

Despite frigid and challenging weather conditions for crews, no injuries have been reported.

Hamilton Southeastern Schools said at 6 a.m. that the road closure would not impact school schedules.

Firefighters say the building is C-shaped and there are a lot of factors that are making the fire difficult to combat.

"One is getting access to the fire," Capt. John Mehling with the Fishers Fire Department explained. "The building was under construction, so we're working around some things within the floors. And, we do have some wind going. It's burning and just kind of pushing the fire across.Because of the construction and the openness of it, and since all the walls were not built yet, the fire just kind of ran along the top floor and into the attic space."

For miles around, the bright orange glow of fire light up the night sky, coupled with thick clouds of smoke blanketing the area.

Nearly five dozen firefighters battled the blaze, using ladder trucks to fight the flames.

In the daylight, Chopper 13 HD shows the hollowed shell of what was to be luxury apartments with a move in date later this month.

Original post:
Vacant apartment building burns in Fishers

VACANT APARTMENT BUILDING BURNS IN FISHERS: Firefighters are on the scene of an apartment fire at 131st and Cumberland Road in Fishers. 131st Street is closed at Cumberland Road. The complex is a cluster of three buildings that were under construction. No one lived there, and no injuries have been reported. More details here.

COLD MORNINGS HOLD THROUGH MID-WEEK: Despite the chill this morning, we're entering a pretty cold but quiet weather pattern for the next week. But keep in mind - we will be cold. There will be a mix of clouds and sun today and mostly sunny skies on Wednesday. The sunshine won't help the temperatures, as highs are only forecast in the teens through mid-week. Watch Chuck's full forecast. ?Check school delays here.?

CLERK SHOOTS SUSPECT IN NORTH INDIANAPOLIS ARMED ROBBERY: A store clerk shot an armed robbery suspect on the near north side of Indianapolis Monday night.The suspect was taken to Eskenazi Health in critical condition. No customers were in the store at the time of the robbery and shooting. Learn more here.

HOUSE FIRE INJURES TWO, CLOSES EMERSON AVENUE BRIEFLY: An early morning house fire in the 3400 block of Emerson Avenue sent two people to the hospital and created a traffic issue for drivers in the area. More details here.

1 SHOT, KILLED ON CITY'S EAST SIDE: A person was shot and killed on the city's east side Monday night. Police were first called to the 800 block of Belhaven Drive around 8:20 p.m. When police arrived they found a man shot several times inside one of the apartments. He was pronounced dead at the scene. Three children were found at the residence, according to police - two under the age of 13 and one older teenager. Learn more here.

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5 Things You Need to Know this Tuesday morning

Construction of the River Gate apartment building being planned near Ohio University's South Green is moving forward while the city of Athens seeks dismissal of an administrative appeal of a zoning variance for the project.

Attorneys for the Summit at Coates Run apartment complex, which is located off of Richland Avenue, have appealed the variance in Athens County Common Pleas Court.

The variance in question was granted by the city's Board of Zoning Appeals in September for the proposed $15 million, 3.5-story apartment building that is slated to replace the building that now contains the New Life Assembly of God church at 10 S. Green Drive.

Homestead U, LLC, of Columbus, which owns River Gate LLC, originally requested a variance allowing a 4.5-story building, with 82 percent lot coverage, which refers to the footprint a building makes on its property site. Maximum lot coverage allowed by city code is 60 percent.

That variance was rejected. After redrawing plans, Homestead U brought the proposed building down to 3.5-stories, matching code requirements, and requested a variance for 77.5 percent lot coverage. That variance was granted by the Board of Zoning Appeals.

City Prosecutor Lisa Eliason filed a motion to dismiss the Coates Run appeal last month, stating that the company lacks standing to make such an appeal.

The standard for having standing, Eliason argued, is that the third-party property owner must have participated in the zoning board hearing and be directly affected by the board's decision.

Coates Run maintains that representative Pam Wells did attend the September hearing and objected to the variance, but Eliason said that the only person to speak against it was attorney Kenneth Ryan.

With regard to being directly affected, in the appeal of the variance, the Coats Run attorney argued that his client's Summit property is "located in close proximity to the subject property and is directly aggrieved by the (zoning board's) approval of the applicant's second variance request."

He called the board's decision "arbitrary, capricious, unsupported by the preponderance of substantial, reliable and probative evidence on the whole record, an abuse of discretion and contrary to law," and said it should be reversed by the court.

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River Gate moving forward; city asks for appeal dismissal

Photo by: Provided by Chris Saunders

A rendering of the five-story apartment complex envisioned for the southwest corner of Third Street and University Avenue in Champaign. The building would have commercial space available for lease on the first floor and a two-story parking structure at the rear.

Image

Multistory complexes near campus will also have commercial space

Two new apartment complexes have been added to the growing list of residential projects near the University of Illinois.

One is a five-story apartment building planned for the southwest corner of Third Street and University Avenue in Champaign, where the Proctor's Restaurant Equipment and Supply Co. building was recently demolished.

That project, which will include 18,000 square feet of commercial space on the first floor and 160 studio apartments on the four upper floors, is being developed by Chinese investors, said Chris Saunders of Green Street Realty, which is managing the development for the investors.

One of the partners is a doctoral student who has lived in the Champaign-Urbana area the past five years, Saunders said.

Saunders said several local development deals are in the works with Chinese investors, and this is "the first group that's actually doing it."

The emphasis on studio apartments sets this project apart from other recent apartment developments, most of which have multibedroom units.

Original post:
It's Your Business: More apartments coming near UI