REBNY gripes that building costs in rezoned Midtown East would soar above $2,300 psf

Org says it would have to charge tenants an average of $204 psf to make projects feasible

March 03, 2017 09:00AM By Kathryn Brenzel

Midtown East (Credit: Getty Images)

Despite supporting the bulk of the citys plan to rezone Midtown East, the Real Estate Board of New York is concerned that the price tag for building will scare away developers.

The cost for a new office building, even after providing for higher FARs, is prohibitively expensive in Midtown East, Michael Slattery, senior vice president of REBNY, said during a hearing held by the Manhattan Borough Board on Friday. Site acquisition costs on the avenues with the highest FAR, such as Park Avenue, exceed $1,000 per square foot.

He said REBNY estimates total development costs to be around $2,340 per square foot in the district. The estimate includes the cost of acquisition, construction, demolition, air rights, soft costs, loss of revenue during construction and other expenses. The figure was based on a survey of roughly half a dozen REBNY members who are active in Midtown East, Slattery said. The survey focused on what building out a hypothetical Park Avenue office property the priciest in the district would entail. Slattery said this would require landlords to charge average rents of $204 per square foot to make the projects feasible.

He said these costs could be eased by allowing larger as-of-right development on mid-block sites and along Third Avenue (which dont get the same size perks as Park Avenue and areas near Grand Central Terminal).

A major point of contention is the inclusion of the east side of Third Avenue in the rezoning. Kathy Thompson, a member of Community Board 6 and a resident of Turtle Bay, said the rezoning mischaracterizes that area as purely commercial when it includes the west side of Turtle Bay, a thriving residential neighborhood. She urged officials to move the border for the subdistrict to the middle of Third Avenue, from 43rd to 56th Street.

Anything less than this is the willful destruction of a neighborhood by the city of New York, she said.

Slattery said excluding Third Avenue, where acquisition costs are lower than other parts of the district, would be a lost opportunity to revitalize Midtown East. A representative for the Regional Planning Association also noted that she would actually support extending the districts border to Second Avenue to incorporate the Second Avenue subway.

Thursdays hearing was a required step in the Uniform Land Use Review Procedure (ULURP), a seventh-month slog through community boards, the borough board, the City Planning Commission and the city council. The planning commission started ULURP in January. The rezoning is aimed at revitalizing the areas aging office stock, so residential and hotel construction is restricted.

In August, the city released plans to rezone 78 blocks in the subdistrict, calling for the addition of 6.5 million square feet of commercial space over the next 20 years or so. Under the rezoning, developers could build above existing floor-area-ratio (FAR) restrictions by either taking on pre-determined transit improvements or buying from a pool of 3.6 million square feet of air rights from landmarked buildings in the district.

A portion of the proceeds from those sales 20 percent will be contributed to a Public Realm Improvement Fund for additional infrastructure projects. The air rights have a proposed floor price of $393 per square foot, meaning that the city receives a minimum of $78.60 per square foot.

The restrictions surrounding the air rights has been a major source of debate. REBNY, the Archdiocese of New York and others on Thursday again voiced concerns about setting a floor price for the air rights, saying it may discourage deals. A representative for the Archdiocese asked that the city take no more than 20 percent of these sales because a bigger cut could prevent landmarks from paying for necessary repairs.

The rezoning would also allow buildings that are considered overbuilt meaning they exceed current FAR rules would be able to rebuild their excess square footage as of right and would be required to contribute to the public improvement fund.

Councilman Dan Garodnick, who appeared at the hearing briefly, noted that the city is in a much different position than it was four years ago, when the Bloomberg administrations proposal to rezone the district was killed. He said the latest plan is more thoughtful about incorporating public improvements and protecting landmarks.

But its officially just the very beginning of the process, he said.

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REBNY gripes that building costs in rezoned Midtown East would soar above $2300 psf - The Real Deal Magazine

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Hammes Headquarters Construction

Work has begun on a controversial five-story office building in downtown Milwaukee.

Under construction on land cleared by the demolition of the Park East Freeway, the 94,000-square-foot building will be anchored by the Hammes Company,a Brookfield-based real estate firm that is developing the building. Miron Construction is serving as the general contractor.

Approximately 80 Hammes employees, including founder and CEO Jon Hammes, will occupy 36,000 square feet on the top two floors of the building. The remaining space, including street-level commercial space, is available for lease. The firm will relocate from their Brookfield office to the building at 210 E. Knapp St. when construction is complete in 2018.

Hammes acquired the 1.5-acre parcel in 2015 from BMO Harris Bank for $1 million. The triangular-shaped lot is bordered by E. Knapp St., N. Market. St. and N. Water St.

The design of the complex has sparked an extensive debate about new classical architecture and its role in an urban area. That hasnt stopped Mayor Tom Barrett and area Alderman Nik Kovac from endorsing the privately-financed project. The city approved the projects design with little objection. Hammes himself has noted the design was inspired by founding father Thomas Jefferson. The building is being designed by DGP Architects of Virginia, who specialize in classical architecture, with Eppstein Uhen Architects serving as architect of record.

A second phase is planned immediately north of the building.The second building, planned as another office building, will range anywhere from five to eight floors according to Hammes, with 90,000 to 100,000 square-feet, depending on market demand. Hammes told Urban Milwaukee in October that he anticipates building the second building within three years.

The firm is one of many moving from the suburbs to the city. Immediately north of the Hammes project crews are putting the finishing touches on a new office building dubbed 1433 Water that will be anchored by Brookfield-based marketing firm Bader Rutter.

The real estate firm is still pursuing a minor modification to the buildings design that would lower the domes height.

For more information on the project, see our extensive past coverage.

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Charlotte Observer (blog)

Check out this new office building planned for Charlotte Charlotte Observer (blog) Charlotte real estate firm New Forum is marketing a new office building in the Ayrsley area of southwest Charlotte, next to doormaker Jeld-Wen's new headquarters development. Named Two ... Jeld-Wen's new building is under construction. The 120,000 ...

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Check out this new office building planned for Charlotte - Charlotte Observer (blog)

Photo: Brian A. Pounds / ST

The office building at 1000 Lafayette Blvd. in Bridgeport.

The office building at 1000 Lafayette Blvd. in Bridgeport.

The commercial building at 112 Quarry Road, in Trumbull.

The commercial building at 112 Quarry Road, in Trumbull.

Stamford, Conn. on Monday, Feb. 27, 2017.

Stamford, Conn. on Monday, Feb. 27, 2017.

Stamford, Conn. on Monday, Feb. 27, 2017.

Stamford, Conn. on Monday, Feb. 27, 2017.

Stamford, Conn. on Monday, Feb. 27, 2017.

Stamford, Conn. on Monday, Feb. 27, 2017.

Stamford, Conn. on Monday, Feb. 27, 2017.

Stamford, Conn. on Monday, Feb. 27, 2017.

Property Rounds: Area unlikely to see office-building boom

Area workers dont have to look beyond the buildings they see every day to envision the future of local office space. The landscape probably wont change much in the next few years.

Almost eight years after the end of the last recession, the region still grapples with swathes of vacancies. Given the persistence of the empty spaces, developers and realtors are focused on filling those gaps, while expanding the office inventory represents a longer-term proposition.

My view is that the office market does not justify new construction at the moment, said Jim Fagan, Stamford-based market leader for commercial real estate firm Cushman & Wakefield. Its very soft. But were starting to see a demographic shift in the population, which could cause the office market to become vibrant and healthy again.

Lots of capacity

Fairfield County posted a 24.2 percent vacancy rate in the fourth quarter of 2016, compared with 21.5 percent during the same period in 2015, according to data from commercial real estate firm Newmark Grubb Knight Frank.

In Norwalk, the figurative line in the dirt on new office construction was drawn in 2013, after Spinnaker Real Estate Partners abandoned its long-standing 95/7 proposal to build an office complex totaling 600,000 square feet at the intersection of Interstate 95 and Route 7. Spinnaker sold the property to General Growth Properties, with GGP moving ahead with plans for an upscale mall for the site.

More recently, the former headquarters of U.S. Surgical was demolished to make way for the Grist Mill Village apartments of developer Building and Land Technology. BLT chose to invest in a residential project rather than new offices despite its success with The Towers complex just down Glover Avenue, which General Electric last year made the center of its operations in southwestern Connecticut.

In northern Fairfield County, major office properties have experienced mixed fortunes. Lee Farm Corporate Park, with five floors and 216,000 square feet, is full. Building owner Felix Charney, of Summit Development, said he has to turn away companies.

There is positive activity in the area, Charney said. We have buildings all over Fairfield County, New Haven County and Hartford, and the overall leasing market is slow. But in certain spots the leasing is up. Its very local. It depends where your buildings are.

Danburys Matrix Corporate Center looms as a 1.2 million-square-foot behemoth with huge tracts of vacant space. It is undergoing foreclosure proceedings, adding to questions surrounding the future of the property.

The Matrix was rattled by the recent departures of large tenants Praxair and Boehringer Ingelheim. But it scored a win when transportation company Odyssey recently signed a 10-year extension.

Growth potential?

Developers have shown little interest in building new office developments in the area anytime soon.

We have no regrets about not proceeding with (the 95/7) office project, Spinnaker CEO Clay Fowler said in an email. Although the older buildings have maintained high occupancy, our cost basis on a new office at 95/7 would have been significantly higher 30 (percent) or more thereby putting us in an untenable market position in a weak market largely dominated then and still today by small tenants.

In Greenwich, the office market has fared better than its neighbors. But even with a vacancy rate of about 10 percent, the inventory likely will not expand by much soon.

Few new companies are moving in, and few are looking to increase in their size and space,said Ron Brien, of Alliance Commercial Property.

Meanwhile, the owners of some of Greenwichs most desirable office spaces are working to maintain their grasp on the market by investing in renovations and updates. The Pickwick Plaza at the top of Greenwich Avenue is undergoing the final stages of overhauls of its lobbies, restrooms and corridors, according to Marilyn Cafone, of Kensico Properties, which owns the property.

In Stamford, BLT owns a 14-acre peninsula off Bateman Way in the South End. On that site, hedge fund Bridgewater Associates proposed several years ago a new headquarters. It would later scrap that plan after it attracted intense opposition.

BLT officials have not said how they plan to develop the peninsula. They were not available to comment for this article.

An influx of millennials could eventually increase the local workforce and fuel demand for more office space, said Cushman & Wakefield. That trend is already underway in growing cities such as Stamford, Norwalk and Danbury. Fagan said he expects the migration to accelerate.

Youre going to see these millennials streaming out of the cities into the suburbs, and our market will be the beneficiary of that population shift, Fagan said. As they start having kids, theyre going to move to the suburbs.

Macaela Bennett, Chris Bosak and Alexander Soule contributed reporting to this article.

pschott@scni.com; 203-964-2236; twitter: @paulschott

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Property Rounds: Area unlikely to see office-building boom - The Advocate

Not one, but two construction projects are expected to be up and going by early 2018 in the area around the Interstate-95 interchange at Taylorsville Road in Lower Makefield.

Both projects will be financed by the Delaware River Joint Toll Bridge Commission.

The first is the previously announced construction of a new, dual-span $430 million Scudder Falls Bridge, which carries I-95 over the Delaware River into Ewing, New Jersey. The project, which also includes improvements to adjacent roadways, is expected to begin this spring and be completed at some point in 2021. The 56-year-old current Scudder Falls Bridge, which serves about 59,000 vehicles a day, will remain in use until the first of the new dual replacement spans is finished and open to traffic in 2019, DRJTBC spokesman Joseph Donnelly said.

The second project in the Taylorsville Road/I-95 area, which will begin in early 2018, will be the construction of a new office building that will serve as the transportation agency's administrative headquarters.

The commission plans to build the approximate 25,000-square-foot building on a 10-acre tract off Woodside and Taylorsville roads that it bought from Lower Makefield last year for $800,000.

The commission hired USA Architects, Planners & Interior Designers during its regular monthly meeting on Monday to provide architectural, engineering, landscape architecture and interior design consulting, as well as preliminary, final and post design services on the new one- or two-story building. The headquarters is expected "to include energy-efficient features such as daylighting, sustainable materials and systems, and other life-cycle cost features," Donnelly said.

The Easton-based architectural firm was hired at a cost not to exceed $1,376,451 to provide the design services, agency representatives said.

The new facility, expected to be completed in mid-2019, will replace the commissions current headquarters off Route 1 in Morrisville.

"Our Morrisville building is 65 years old and has serious space and operational issues," DRJTBC Executive Director Joseph J. Resta said in a statement. "It has reached the end of its functional life."

Once the new headquarters is completed, the old DRJTBC facility will be converted into a regional maintenance hub by the agency that oversees seven toll bridges and 13 toll-supported bridges along the Delaware River from Bucks County north to the New Jersey/New York border.

The agency, in its land acquisition from Lower Makefield, assumed ownership of the park-and-ride lot on the parcel near the I-95 interchange. The DRJTBC plans to reduce the parking spaces in the under-utilized area from the current 170 to 103 while constructing the new administration building on a portion of the tract.

The commission also plans, as part of the construction project, to build a connector path to link the park-and-ride lot with the nearby Delaware Canal towpath and an access ramp to the pedestrian/bicycle walkway that is part of the bridge replacement project, the spokesman said.

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Delaware River Joint Toll Bridge Commission plans two construction projects in Lower Makefield - Bucks County Courier Times

Chicago Sun-Times

MJ statue centerpiece of new United Center office building Chicago Sun-Times The MJ statue that has long been a tourist attraction unto itself is now located in the atrium of the new, five-story office building that officially opened with a ribbon-cutting ceremony Wednesday. I would look out here in January and see some of ... and more »

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MJ statue centerpiece of new United Center office building - Chicago Sun-Times

It's that time of the year again for fastnachts. Wochit

On Fastnacht Day, Mark D. Story, director of development for the Franklin County Library System, and Bernice Crouse, director of Franklin County Library System, took doughnuts from Doh-nuh t, a downtown Chambersburg specialty doughnut shop, to workers at the Coyle Free Library construction site as a way of thanking them for their hard work this winter to renovate the original part of the building, which once housed the town's U.S. Post Office, and add an addition to the east side of the building. When completed next November, the expansion will more than double the amount of space available at the library. Because of the mild winter this year, construction crews have been able to work almost uninterrupted almost all winter.(Photo: Markell DeLoatch, Public Opinion)Buy Photo

CHAMBERSBURG -Coyle Free Library officials took donuts to construction workers Tuesday to say thanks for their progress this winter on an expansion project that will more than double the size of the downtown library.

"It's our way of thanking the construction crew for their hard work this winter," said Mark Story, director of development for Franklin County Library System, which operates Coyle and other public libraries in the county.

He and Bernice Crouse, FCLS director,took advantage of the Pennsylvania Dutch Fastnacht Day tradition of eating doughnuts on Shrove Tuesday, or Fat Tuesday, to celebrate the progress at the library's construction site

Story and Crouse brought the crew two dozen specialty donuts from Do-Nuh t, a downtown businessthat makes its sweet treatsfresh daily using a special-recipe cake dough.

Story ordered the doughnuts with a variety of toppings --including bacon, which proved to be a favorite among the construction workers.

"We thank you for what you are doing," he said as the crew gathered around inside the historic old Chambersburg Post Office building that has been Coyle's home for 53 years.

Doughnuts from Doh-nuh t, a downtown Chambersburg specialty donut shop, set ready to be picked up and eaten by workers at the construction site of Coyle Free Library on Tuesday, Fastnacht Day.(Photo: Markell DeLoatch, Public Opinion)

A tale of two libraries, expanding

Although a 1980saddition to the historic building was torn down to make way for a new addition on the East King Street sideof the post office building, the original 1911 structureis being renovated and restored, according to Story and Crouse.

Given the age of the building and the changes in technology and lifestyles since Coyle moved into the historic building in 1964, Story said the renovation and expansion was "long overdue."

"It will be a blending of the old and the new," he said. "The original post office building will be restored to its original splendor, and the new addition will provide much needed space for expanded programs."

Construction worker Chris Mills enjoys a doughnut break on Fastnacht Day, at the Coyle Free Library renovation site Tuesday in Chambersburg. Officials with Franklin County Library System provided the doughnuts to thank the construction workers for their work renovating and expanding the library.(Photo: Markell DeLoatch, Public Opinion)

The $5.5 million renovation and expansion project at Coyle began in May 2016 and is expected to be completed this fall. Story and Crouse estimate an early November move in date.

The renovation and new construction will more than double the current library 's 12,000 square feet (including the basement) to approximately 29,000 square feet.

Meanwhile, the library moved to temporary quarters in the old Jennings auto dealership building last year, a move Crouse said has worked out well.

Construction workers choose doughnuts on Tuesday at the Coyle Free Library construction site. Mark D. Story and Bernice Crouse of the Franklin County Library System provided the doughnuts to thank the workers for the progress made this winter on the renovation and expansion project at the library.(Photo: Markell DeLoatch, Public Opinion)

Coyle library celebrates new temporary location

Chambersburg Borough Manager Jeffrey Stonehill has said the library expansion, with its eco-friendly features and expanded facilities,promises to be a downtown "anchor," and will make the librarya town center, focal point and gathering space for the entire community.

Story and Crouse agree.

"From a community perspective, this (project) and the work these guys are doing has been so valuable," Story said. "The library is a very important asset to the community."

Vicky Taylor, 717-881-5373

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Coyle library rewards construction workers with fastnachts - Chambersburg Public Opinion

Kenneth Fosag of Des Moines works on the Confluence on Third apartment project in downtown Des Moines on Tuesday, June 21, 2016.(Photo: Rachel Mummey/The Register)Buy Photo

Des Moines' commercial real estate industry is still basking in healthy growth, with another strong year ahead, according to a leading market survey.

Rental rates for office and retail space are increasing, while apartment and warehouse construction continues to boom, the 2017 CBRE/Hubbell Commercial Market Survey reports.

"We're firing on all cylinders," said Kyle Gamble, senior vice president and managing director at CBRE/Hubbell Commercial. "We may be closer to the plateau than we were a year ago, but I think 2017 will be a lot like 2016."

The report provides anannual measuring stick for the local real estate industry. Here's a look at three trends highlighted in the report:

The office market has been characterized by slow and steady growth, said Bill Wright, a senior vice president with CBRE Hubbell Commercial.

Much growth is being driven by owner-occupied office expansions. EMC Insurance Cos., IMT Group, Holmes Murphy, Kum & Go, Hy-Vee, KeminIndustriesand Two Rivers Bank are all building or planning office expansions.

But the metro has seen some speculative office construction. R&R Realty is buildingan 180,000-square-footoffice at Country Club Plaza in West Des Moines, and new office buildings are planned in downtown's Gray's Landing area and in Ankeny's Prairie Trail.

Employee recruitment and retention are the biggest factors driving office development, Wright said.

"Right now, it's about creating an office culturewhere their employees are excited to come to work and will want to stay, so they can retain those employees," he said.

Rental rates for office space have been steadily increasing, and landlords have begun requiring annual escalators, or yearly increases in rental rates for tenants, Wright said. Annual escalators make Des Moines-area office space more attractive to outside investors and, as aresult, have driven up the value of local office space.

"It's been a huge change for our market," he said.

MORE:Des Moines-area renters may finally be getting a break

Small retail centers and strip malls have been popping up around the metro, too. Tyler Dingel, a first vice president with CBRE/Hubbell Commercial, says there are at least 36 of such retail projects under construction or being planned.

"I don't expect all of those to be built. In fact, if 50 percent of them get built, that would be a lot of space to add to our market at one time," he said.

Much of the growth is being driven by demand for quick-serve restaurants (think Chipotle, Five Guys Burgers, Potbelly Sandwich Shop), fitness centers and experience-related retailers like golf simulators and painting studios, Dingel said.

Owners of retail space are also charging higher rents than ever seen in the metro area, he said.

The development of neighborhood retail centersisevidence that the Des Moines real estate market is in a growth cycle, Gamble said.

"Retailers are aware that the consumer is very active and confident today and that drives retail tenants to want to expand," he said.

Gamble said the sector with the most room for growth is the warehouse market.

Developers have added nearly 2 million square feet of warehouse space in the past two years, according to the report, and Gamble said there is demand for more.

"The supply has been fairly conservative and, for the most part, has been absorbed," he said.

Nearly 1 million square feet of warehouse space will be under construction in 2017, according to the report. The projects are concentrated in Ankeny and around Highway 141, near Grimes.

E-commerce is indirectly driving the demand for warehouse space, Gamble said. While Amazon and other online retailers have not opened facilities in Iowa, the growth of e-commerce affects the entire supply chain, creating demand for suppliers, distributors and third-party logistics companies, he said.

Warehouse owners are also seeing demand from less conventional users. Recreation businesses, such as gymnastic studios, trampolinecentersand batting cages, are leasing warehouse space.

Office tenants also arefindingusesfor warehouse space. Hy-Vee is leasing 130,000 square feet in Grimes to create a hip office for its technology and creative staffs.

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Des Moines real estate 'firing on all cylinders,' survey says - DesMoinesRegister.com

Indianapolis Mayor Joe Hogsett has selected the site of the former Citizens Energy coke plant at 2950 Prospect St. for a new criminal justice center.(Photo: James Briggs / IndyStar)Buy Photo

Construction of Mayor Joe Hogsett's proposed criminal justice center could cost up to $575 million, according to figures released by the city.

Hogsett'scriminal justice task force on Tuesday recommended a four-building campus, includingan assessment and intervention facility, a consolidated county jail, a courts building and an office building. The campus is slated to be builtat the former Citizens Energy coke factory siteat 2950 Prospect St. on the east side.

The estimated construction price tag for Hogsett's plan ismore than $160 million higher than a similar proposal from former Mayor Greg Ballard. Ballard in 2014 called for a criminal justice center at the former General Motors stamping plant site that would have cost $408 million to build. Ballard's plan had an overall price of $1.75 billion thatincludedthe price ofinterest, maintenance and day-to-day operations.

Democrats on the City-County Council criticized Ballard's plan as unaffordable, and itdied in 2015. Joey Fox, executive director of the Marion County Republican Party, said the county will end up paying morefor a new jail because of rising interest rates.

"Once the mayor provides enough details, the taxpayers can do an honest analysis," Fox said. "There's a lack of transparency in the numbers he's providing because they're not an apples-to-apples comparison."

But Andy Mallon, corporation counsel for the city,emphasized that Hogsett's plan is still forming.

"We're at fundamentally different stages in the process," Mallon said. "We're talking about estimates. They got all the way down to bids. We anticipate, once we get this project out on the street and bid, it willbe a different project."

The latest proposal is more comprehensive than Ballard's, Mallon added. Hogsett's plan includes a 70 percent larger courthouse, including civil, criminal and juvenile courts, he said.

"They didn't have any sort of estimates for what it would cost to move the crime lab or coroner," Mallon said.

City-County Council President Maggie Lewis, a Democrat, said in a statement that the council is "continuing to examine our processes for managing our criminal justice system."

"I support the work being done by the task force and look forward to our discussions about their recommendations of how we finance and construct the new justice center," Lewis said. "There is still a lot of work to be done.This is a lengthy process, but I am confident that we will create a campus that will meet the needs of our community."

The Hogsett administration has yet to say how the county would pay for a new criminal justice center. The county is scheduled to release financing details by the end of March.

The task force estimatesa new criminal justice center would save county offices at least$35 million a year that could be used to pay for development and construction of the campus over 30 years.

Under Ballard, the county spent more than $16 million on studies and planning in an effort to move the countyjail out of Downtown. The county might reap at least some benefits from that spending. The Hogsett administration has retained HOK, an architecture and engineering firm that worked on the Ballard plan.

"HOK drafted the original (requests for proposals) for that project and gained a great deal of familiarity with project cost estimates, as well as space and other requirements of the project," the criminal justice task force said in a memo.

The construction estimate does notinclude an office building for the prosecutor or public defender, which eventuallycould be part of the campus. The price tag also excludes an estimated $74 million cost for "off-site renovation projects for other agencies," according to the memo.

Judges in the Marion County court system have yet to announce whether they would move their operations to the proposedcriminal justice center. Judges have until May 1 to decide whether they want to move from Downtown to theTwin Aireneighborhood.

Call IndyStar reporter James Briggs at (317) 444-6307. Follow him on Twitter:@JamesEBriggs.

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New Marion County jail could cost $575M - Indianapolis Star

Fresno Bee (blog)

Fresno-area office building sales and leasing hit highest volume in a decade Fresno Bee (blog) Not included in the total are government-owned and occupied office buildings which would push the total office market space to nearly 25.5 million square feet. The market has seen little new construction just a few buildings in the Palm Bluffs area ...

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Fresno-area office building sales and leasing hit highest volume in a decade - Fresno Bee (blog)