Annie Ierardi works from home in a Nashville, Tennessee, building thats adding apartments as waves of young workers flock to a city flush with jobs, music and ambition. Amid noise and disruption, she cant imagine leaving.

I love it here, Ierardi, 25, said in a telephone interview, talking over the racket of construction on the floor above. There are so many different neighborhoods so close to each other, the people are friendly and you can go to a show every night. I say yes to everything.

Commercial real estate investors are also saying yes to Nashville, drawn by rising rents in the state capital and longtime hub of the country-music industry. Office and apartment sales in the area soared to records last year, combining for $1.7 billion in transactions and outperforming the U.S. average, according to Real Capital Analytics Inc.

Nashville today is young and vibrant, said Jay Turner, managing director of MarketStreet Enterprises LLC, master developer of the Gulch, a 30-acre (12-hectare) former rail yard thats now a development of loft-style apartments, shops and restaurants just outside of downtown. We predicted the millennial generation wanted to live in an urban setting, and went way out on the risk curve to make that bet.

Last year, Nashville office deals rose 50 percent and apartments gained 35 percent, compared with increases across the U.S. of 22 percent and 14 percent, respectively, said Dan Fasulo, managing director of New York-based Real Capital Analytics. Any time you outpace the national, its significant, he said. Smart money is picking off the best assets in these mid-tier cities.

Nashville, birthplace of the Grand Ole Opry radio broadcasts almost 89 years ago, is booming under the radar with an expanding knowledge-based economy, said Jed Reagan, an analyst at research firm Green Street Advisors Inc. A cluster of health-care companies and spinoffs, related service firms and medical research at Vanderbilt University sit at the center of growth and form the marquee industry in town, he said.

Office vacancies in the city plunged to 10.4 percent in the fourth quarter from 12.3 percent a year earlier, among the 10 biggest declines for U.S. markets, according to CBRE Group Inc. Rents rose 1.7 percent to $20.84 a square foot and are poised for annual gains of 3.3 percent through next year amid a supply shortage, said Arthur Jones, a Boston-based economist with the brokerage.

Acquisitions last year were made by office buyers Shidler Group of Honolulu, Houston-based Lionstone Group and Toronto-based Sun Life Financial; apartment investors Berkshire Property Advisors of Boston and Irvine, California-based Steadfast Cos.; and retail buyers Simon Property Group Inc. (SPG) of Indianapolis and Munich-based GLL Real Estate Partners, Real Capital said.

Nashvilles in-migration of young people and pro-business climate bode well for above-average office-demand growth, Green Street said in a Dec. 4 note on Highwoods Properties Inc. (HIW), whose buying spree boosted its Nashville buildings to a value of $229 a square foot, pricier than any other market among the landlords holdings, including Atlanta at $180 a square foot.

Nashville was among the top three fastest-growing U.S. cities for most of 2013, Labor Department data show. Health cares preeminence includes 220,000 jobs, a $53,000 industry wage that exceeds the $39,000 area average and decades of wealth creation and thought leadership, Janet Miller, chief development officer for the Nashville Area Chamber of Commerce, said in an interview at her downtown office.

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Nashville Leading as Office Deals Beat U.S. Average: Real Estate

BUILDING PERMITS

Building construction permits over $10,000 in value that were approved in Boulder between Feb. 3, 2014 to Feb. 9, 2014. Listed below are: the case number; address; total project valuation; owner name; contractor (if applicable); and description.

PMT2013-03508 2835 16th St.; $350,000; Lucy Chester and Mark Huey; Addition (2,197 square feet) and remodel (1,382 square feet) to existing single-family dwelling. Scope of work includes new crawlspace addition, partial demo of existing structure (see plans), first floor work including remodel of 1,100 square feet (kitchen, powder room and entry) and addition of 217 square feet of kitchen and dining area, and second floor work including 1,200 square feet master suite with bath and walk-in closet and deck, two bedrooms, common hall bath and laundry room, and third floor addition of 175 square feet office with deck. Includes all associated MEPs.

PMT2013-03533 2860 16th St.; $591,039.69; ALR Investment; AGR Building Inc; New single-family detached residence, two stories with finished basement, attached 2-car garage. five bedrooms, five baths.

PMT2013-05008 3805 Birchwood Drive; $62,115; Catriona Dowling and Catherine Davis; Travis Painting & Restoration; Second story addition over existing attached garage. Addition to be connected on second story to existing structure and to contain two new bedrooms and one three-quarter bath.

PMT2013-06414 2885 E. Aurora Ave.; $2,644,876; 2885 Boulder; Student housing containing 40 units (one one-bed, one two-bed, and 38 three-bed units), or a total of 117 beds. New 248-square-foot laundry facility. (CASE NOTE: laundry removed from scope of work) See LUR2013-00038 for supplemental information.

PMT2013-06713 3220 Arnett St.; $48,198.15; David Sloan; Construction of new one-story, 455-square-foot detached studio in rear yard. Includes relocated electrical panel to studio, associated wiring and electric baseboard heat; plumbing for sink and toilet. See ADR2013-00170 for easement vacation.

PMT2013-06872 2305 Pine St.; $291,996.05; Hugo Matheson; Remodel and addition to an existing single-family dwelling home (2285 square feet). the addition (1614 square feet) includes a new basement under the existing house. Main floor addition will increase the living and kitchen area. Upper level will be remodeled to create three bedroom areas, two additional bathrooms and a laundry room. Remodel will include a full mechanical system and buried electrical lines from the alley. Reference HIS2013-00282 for historic approval.

PMT2013-06874 1922 20th St.; $250,000; Annah and Benjamin Worland; Addition and remodel of single-family residence including second story additions totalling 984 square feet, 446-square-foot uncovered rooftop deck, remodel of 706 square feet of existing first floor, and conversion of 280 square feet of first floor into an attached one-car garage. Scope of work includes associated electrical, mechanical and plumbing work. Setbacks approved per BOZ2013-00006

PMT2013-06895 702 Pine St.; $200,000; Ivor and Susan Walter; Smiley Inc.; Addition to south side of house. 1,120 square feet finished and 335-square-foot unfinished/conditioned basement. Reference HIS2013-00211 for historic approval.

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Boulder building permits: Feb. 17, 2014

TRAVERSE CITY Leelanau Countys wealth of waterfront property is making a splash with potential homeowners.

Construction in the county is up as the local economy continues to recover from the housing market crash.

People are building homes again and the projects are larger, said Marty Easling, owner of Easling Construction Company in Leland. In 09 it dropped and we had maybe one home going and the rest were small remodeling projects. Now were building homes for spring.

The shift reflects the growing number of inspections performed by county building personnel.

Theres been a tremendous upswing in construction in Leelanau County, said county Administrator Chet Janik. Theres a need to hire an additional staff person.

Steven Haugen, the building official at the countys Construction Code Authority, said he conducted 525 more inspections in 2013 than in 2012. Now, the county is looking to contract a full-time plan reviewer/building inspector to handle the increased volume.

The economys getting a little better and people are putting up buildings, Haugen said. It doesnt necessarily have to do with the population of the county.

Janik suspects the recession prompted people to veer from remodeling and construction projects, but economic recovery means property owners are spending more freely.

Haugen said personnel from his office conducted about 7,000 inspections in the last year, jobs that can range from checking a buildings foundation to its insulation.

With plan reviews and everything office-wise, we had a really hard time during the busy times last year keeping up, Haugen said.

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Construction building in Leelanau

By JACK MURTHA

Staff Writer

MARLBORO The Route 9 corridor is slated to continue to grow as a stronghold for business in Marlboro.

During its Jan. 15 meeting, the Marlboro Planning Board granted preliminary and final approval for the construction of a 3,409-square-foot bank at 133 Route 9 South, near the Route 520 intersection. The board also granted preliminary approval for a one-story, 6,750-square-foot office building on the 1.6-acre site.

The site is clearly in a state of disrepair. It was developed some time ago and is in need of rehabilitation, said engineer and planner John Palus, who testified on behalf of the applicant, Garibo LLC.

The property is in the vicinity of the location where a Whole Foods supermarket is under construction, and near the Marlboro Motor Lodge, a spa and wooded land, he said.

The first phase of the project includes the construction of a Columbia Bank with two drive-up lanes, Palus said. He said the site plan calls for additional sidewalks, landscaping, lighting, a freestanding sign, and the establishment of 25 parking spaces.

As of now, the parcels access point from Route 9 is not up to par with state Department of Transportation (DOT) standards, he said.

It creates a very unsafe condition when you are entering the site, Palus said.

Garibo obtained a permit from the DOT that will permit upgrades to the driveway to be made, he said.

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Bank, office building OKd

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Any delay in a decision to fund a new office building for Minnesota State Senators and their staff members could result in cost overruns on the entire State Capitol renovation project, the official in charge of the project warned Monday.

House Democrats haven't yet held a hearing on funding for the proposed $63 million Senate Office Building and a $27 million parking garage.

The current schedule for the Capitol renovation depends on the new Senate building. Construction is expected to start this spring with a goal of completing it by 2015. The plan is for about 16 senators, staffers and others to move from offices in the Capitol into the new building across the street. That move would then free up space for the renovation of the Capitol.

"To achieve a December 2016 opening for completion for Capitol restoration, you really have to keep moving with the current plan," said Wayne Waslaski, who is in charge of Capitol renovation. "If you have to step back and do redesign work then you're changing both the schedule and the cost for the Capitol restoration."

Waslaski said even a delay of one month would be costly, but couldn't say exactly how much it would cost taxpayers if the funding is delayed.

DFL Senate Majority Leader Tom Bakk said he's unwilling to give up any space in the Capitol if the Senate office building is not finished on schedule.

"If that falls apart because the new building falls apart, I predict there will be tens of millions of dollars of cost overruns in the Capitol renovations because the two projects are so closely linked," Bakk said. "They really will have to go back to the drawing board of what the new Capitol is going to look like based on the current space allocation agreement."

Bakk said during Monday's Capitol Preservation Committee meeting that he wished Republicans would stop making the new building a partisan issue. But that may prove difficult. Governor Dayton signed the tax bill into law last year that included funding for the new building.

Since then, Republicans have characterized the building as a palace for politicians. They also questioned why the new building is even needed.

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Senate building delay could prove costly

Albany

An Albany construction firm responsible for projects across the region worth tens of millions of dollars suddenly ceased work last week.

Eastern Building & Restoration of Albany walked off jobs in Warrensburg, Saratoga Springs and in Albany, according to the company's clients.

One clients was the state Office of General Services, which oversees the state's property, from jails to office buildings.

OGS spokeswoman Heather Groll said Eastern Building's projects included work at Building 17 at the Harriman State Office Building Campus; duct and plumbing work at Green Haven Correctional Facility in Dutchess County, and work on the locker rooms at the Utica Armory, a building used by the National Guard.

"On Monday, OGS was informed by Eastern Building & Restoration that they would not be able to continue working on a number of state projects at the present time," Groll said.

Officials from Eastern Building could not be reached for comment. It did not appear as of Wednesday afternoon that the company had filed for bankruptcy protection.

Eastern Building was also doing renovation of the Saratoga Springs Police Department and was the general contractor for the $9.5 million Warrensburg Health Center, a project undertaken by Hudson Headwaters Health Network of Queensbury.

Howard Nelson, a spokesman for Hudson Headwaters Health Network, said workers for Eastern Building walked off the job on Friday at noon. He said that although Eastern Building was the general contractor, it won't hurt the project that much because nothing more than a hole has been dug. The project is also bonded, which provides insurance in such cases. The building, which will replace the Warrensburg Health Center, a primary care center, is still on schedule to be completed by this time next year.

"We don't expect this to slow it down much," Nelson said.

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Albany construction firm walks away from jobs

Todays release from the Central Statistics Office (KSH) focuses on the construction industry, with the latest round of figures showing an increase of 11.4% year-on-year in December. For 2013 as a whole, KSH reports that a 9.6% y.o.y. upswing was seen.

Building construction and civil-engineering projects increased over 2013 by 10.4% and 8.6%, respectively, while the volume of new contracts signed by construction enterprises was 29.5% higher y.o.y.

In December 2013, a month-on-month decrease of 1.3% in the seasonally- and workday-adjusted production was observed.

Output rose y.o.y. in both main groups of constructions, i.e. in the construction of buildings and civilengineering works by 12.8% and 9.3% respectively. Based on seasonally adjusted indices, the construction of buildings was down by 1.0% while that of civil engineering works rose by 0.2% m.o.m.

At the end of December 2013, the stock of orders of construction enterprises was 64.9% higher than a year ago. The stock of orders for buildings was 9.0% higher than one year before, while that for civil engineering works increased 85.0%.

Construction producer prices rose by 2.3% y.o.y. for the fourth quarter.

Excerpt from:
KSH: Construction output up 11.4% in 2013

One of the tallest office buildings in downtown Los Angeles has been acquired by a major Hollywood real estate investor, CIM Group, in an unusual portfolio sale that included a regional shopping center in Montclair, a high-rise in Anaheim and a hotel in Bakersfield.

The crown jewel of the seven properties acquired by CIM Group is Two California Plaza, a prestigious but troubled skyscraper on Bunker Hill where gleaming office towers erected during the last building boom decades ago are having a tough time attracting tenants.

In recent years, the center of gravity for downtown development has shifted a few blocks south, where new housing, bars and restaurants have transformed the financial district all within walking distance of Staples Center and the emerging South Park neighborhood.

But Bunker Hill is poised for a comeback as new owners bring millions to invest in property improvements near Walt Disney Concert Hall and additions including the $130-million Broad Museum come to life, said Shaul Kuba, a principal at CIM Group.

"Bunker Hill already has a phenomenal collection of real estate," including US Bank Tower, the tallest building in the West, he said. "With all the renovation and repositioning that is happening, you will start seeing some serious tenant moves."

As part of the move, CIM plans to jazz up the restaurants and shops in the already-popular courtyard, which lies at the foot of two office towers and the 17-story Omni Los Angeles Hotel.

The encompassing development, called California Plaza, whose courtyard includes elaborate dancing-water fountains, is at the top of the funicular railway Angels Flight. The plaza is also linked to the Museum of Contemporary Art and an apartment tower.

Two California Plaza, 52 stories tall and housing nearly 1.3 million square feet, is considered one of the region's premier office buildings and is home to lawyers, accountants, bankers and other professionals. It is, however, only about 60% occupied.

Office vacancies also trouble US Bank Tower, which is also about 60% leased, and other Bunker Hill skyscrapers that once belonged to MPG Office Trust. MPG was downtown's largest office landlord for many years, but the Los Angeles company went out of business in 2013.

New York landlord Brookfield Office Properties Inc. bought the bulk of MPG's downtown office portfolio, though US Bank Tower was acquired by Singapore investor Overseas Union Enterprise. Now Two California Plaza belongs to CIM Group after it passed through the hands of a Maryland-based manager of distressed properties.

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With sale of Two California Plaza, Bunker Hill is poised for comeback

Photo by Atlantic Archives

Project team erected the Savannah, Ga., building atop an existing underground parking garage.

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Initiated by the General Services Administration's need for new space for the Office of the United States Attorney, Southern District, the biggest challenge facing the contractors erecting Savannah's Cay Building was to overcome the downtown site's development history.

Prior to this project, the owners of the site, John Cay and Whitaker Street Associates, had granted the city of Savannah the right to construct and operate a 1,000-space, below-ground parking garage, with the requirement the structure be engineered to support a future building.

Despite that requirement, the garage presented weight limitations to the team building the six-story, 65,000-sq-ft office facility. Since the new building could not bear on the garage, the new structure rests on 32 columns extending into the subterranean parking vault. A series of steel angles and large cantilevered sections of slab support the building veneer, transferring structural load to the columns.

In an effort to keep weight off the slab, crews with New South Construction Co. installed structural foamsometimes 2 ft thickbelow the slabs. Construction of one 30-ft x 30-ft bay required that its slab span four columns on its corners and not sit on the slab just inches below. To achieve that goal, crews formed the slab atop a bed of sand, and, after the concrete hardened, pressure-washed the sand out.

Additionally, the team worked closely with the Savannah Historic Board of Review to ensure the project complied with the city's historic preservation guidelines. The building meets federal standards and includes blast-resistant windows. The building's coastal location mandated that the windows comply with hurricane specifications.

Project Team

Project Developer: Holder Properties, Atlanta

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Office: Savannah's Cay Building Rises Above Existing ...

LIBERTY TWP.

The mega retail center slated for Liberty Twp. along Interstate 75 has yet to be issued a building permit, and the developer now anticipates starting construction by the end of February.

Columbus-based developer Steiner + Associates plans to build an approximately 1.4 million-square-foot mixed-used shopping, office and residential complex in Liberty Twp. at the intersection of Ohio 129, Interstate 75 and Liberty Way. The projects first phase is expected to be a more than $300 million investment encompassing 65 acres. Site work has already begun.

Liberty Center, as the development is named, has been described as a city within a township.

Construction equipment and crews on site have been preparing for the start of construction, clearing trees and leveling ground. Several vacant houses acquired on the property were demolished at the end of 2013.

However, not until this week have the developer or subcontractors received necessary approvals to start any building or infrastructure construction, the Journal-News has learned.

Butler County Commissioners approved on Monday an extension of the countys water and sewer lines to the property. Commissioners also approved the county water and sewer department to offer services to Liberty Centers future business tenants and residents.

The latest approval allows the developer to begin underground work of the pipelines, storm sewers and water lines, said Bob Leventry, director of the countys water and sewer department.

Meanwhile, the Journal-News has also learned that a parking garage will be the first building constructed at Liberty Center, based on county records.

Butler Countys development department is currently reviewing the projects first building permit for the footer and foundation of the first of three parking garages as proposed in the projects layout, said David Fehr, Butler County development director.

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Parking garage to mark start of mega Liberty Twp. retail center construction