Sandusky Register | Questions answered on the new Sandusky City Hall Sandusky Register SANDUSKY Before embarking on an $18.5 million construction project, Sandusky officials reiterated they needed to build trust with community members. We want this process to be as transparent as possible, city manager Eric Wobser said during his ... |
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Questions answered on the new Sandusky City Hall - Sandusky Register
Tall, tiered and towering, a new office building proposed by The Related Cos. along Flagler Drive would punctuate the West Palm Beach skyline and dwarf the First Church of Christ, Scientist that would sit adjacent to it.
The 25-story office tower, proposed for vacant land and a small building owned by the church, would consist of three floor plates incorporated into a design that makes the building looks like steps.
The largest of the floor plates, on the ground floor, would be 17,000 square feet, then the next level would be 12,000 square feet and, finally, a top level at 7,000 square feet.
The towers design was unveiled at a meeting Wednesday of the Economic Forum of Palm Beach County. About 180 attendees came to the luncheon to hear the presentation by Ken Himmel, president of Related Urban, the mixed-use unit of New York-based Related Cos., which built CityPlace and the CityPlace Tower office building.
Also joining Himmel for the presentation to business, government and neighborhood attendees: David Childs, the celebrated New York architect who designed the Freedom Tower at the World Trade Center and the Time Warner office complex in Manhattan.
In an interview, Himmel said the 270,000-square-foot tower would cost roughly $150 million to $160 million to construct, making it the most expensive office building ever built in West Palm Beach. If the project could start soon, the tower could open sometime in the spring of 2020.
But first, Himmel needs to win city approval to build.
Property east of Olive Avenue is zoned for only five stories. Last fall, city staffers and residents shot down an effort to allow the construction of 30-story buildings on the waterfront, including a taller design for this office building.
Now Related is trying to drum up support for a slightly shorter tower that takes up only 17 percent of the land available on the church site. The property is at Flagler Drive and Lakeview Avenue at the gateway to the Royal Park bridge to Palm Beach.
Himmel said the office building would accomplish two goals: Create new space for companies wanting to move to West Palm Beach into luxury waterview offices; and provide the aging church congregation with enough money to preserve their 90-year-old house of worship, built in 1928 in the Classical Revival style of architecture.
An upbeat Himmel said the office tower represents the latest investment in West Palm Beach by Related. The company has poured 20 years and millions of dollars into CityPlace, now battling a foreclosure action, the 18-story CityPlace Tower office next to it, and most recently, the long-awaited Hilton convention center hotel, which just wrapped up a successful first year.
At times, Relateds investments in the city have been a roller coaster, Himmel admitted.
But Himmel said hes not giving up and neither is his partner, Steve Ross, who owns the Miami Dolphins football team.
Now, with the Norton Museum expanding, the convention center pulling in more business and All Aboard Floridas Brightline train station in the works, Himmel said Related wants to continue its investment in the city.
This office building, on land Himmel said hes coveted for ten years, will bring the community to the next level, Himmel said.
Leasing space in the building will be costly, about $50 to $55 per square foot, plus another $15-$20 per square foot in taxes, insurance and maintenance, Himmel estimated. Thats roughly 10 to 15 percent above the highest existing rents in downtown West Palm Beach.
But for that money, Himmel said his office tenants would get they want: Water views in a bespoke building, featuring an Equinox gym (which Related owns), Soulcycle indoor cycling classes, a fine dining restaurant and concierge services.
Childs, who designs projects throughout the world, was captivated by the challenge of creating a thin tower on a tight piece of property next to a historic structure.
This is a special project, Childs said. He stressed that he took care to design a building that would stand beside the church and waltz together.
The towers height, which will be lit at night akin to a lighthouse, gives meaning and reference to the whole landscape around it.
Other features of the design are a reflecting pool, vertical living wall along the garage, and space for a Christian Science Reading room.
Harvey Oyer, a West Palm Beach attorney who represents Related, said Childs took pains to minimize obstructing the water views from other buildings, although top northeast views of the Esperante Corporate Center next door would be affected.
Nancy Pullum, who leads a citizen watchdog group, was noncommittal about the presentation: There are a lot of questions to be asked and answered, she said.
But Kelly Smallridge, president of the Business Development Board, the countys chief business recruiter, was enthusiastic: This building does an excellent job of incorporating the modern style with all the assets that make West Palm Beach unique.
Oyer said a traffic study showed the building, which could employ 1,000, would only add about 300 daily trips. Many tenants are expected to walk from nearby residential properties, ride-share or possibly take All Aboard Floridas Brightline train.
For those who do plan to drive, Related would require office tenants to stagger their workdays so not everyone comes and goes at the same time, Oyer said.
Related also is developing a mobile app that would allow anyone to view cameras along the Lakeview Avenue and Okeechobee Boulevard corridors to check traffic and determine the best route in and out of downtown.
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Tall, tiered and towering Related reveals office building near church - MyPalmBeachPost
Most of the leading U.S. metropolitan areas for commercial and multifamily construction starts showed substantial gains in 2016 compared to the previous year, according to Dodge Data & Analytics. However, New York NY, the top metropolitan market by dollar amount, pulled back 15% to $29.8 billion following its 67% surge to $35.2 billion in 2015. Eight of the next nine metropolitan areas in the top 10 were able to register double-digit gains during 2016. For the top 20 metropolitan areas, 16 were able to show double-digit gains compared to 2015. At the U.S. level, commercial and multifamily construction starts in 2016 were reported at $186.3 billion, up 7% from 2015.
Rounding out the top five metropolitan areas in 2016, with their percent change from 2015, were the following Los Angeles CA, $9.8 billion, up 44%; Chicago IL, $8.3 billion, up 34%; Washington DC, $8.1 billion, up 35%; and Dallas-Ft. Worth TX, $8.0 billion, up 16%. Metropolitan areas ranked 6 through 10 were Miami FL, $7.5 billion, up 14%; Boston MA, $7.1 billion, up 50%; San Francisco CA, $5.0 billion, up 96%; Atlanta GA, $4.8 billion, up 60%; and Seattle WA, $4.3 billion, down 4%.
The commercial and multifamily total is comprised of office buildings, stores, hotels, warehouses, commercial garages, and multifamily housing. At the U.S. level, the 7% increase for the commercial and multifamily total in 2016 was the result of an 11% advance for commercial building and a 3% gain for multifamily housing. Compared to its 7% rise in 2015, commercial building at the U.S. level was able to pick up the pace in 2016, while multifamily housing witnessed substantially slower growth compared to its 22% jump in 2015. A primary reason for the smaller 2016 increase for multifamily housing at the U.S. level was a downturn by multifamily construction starts in the New York NY metropolitan area, which retreated 28% following its exceptionally strong amount in 2015. Excluding the New York NY metropolitan area, multifamily housing for the nation in 2016 would be up 13%, about the same as the corresponding 14% increase in 2015.
What stands out about 2016 is that growth for commercial and multifamily construction starts became broader geographically, stated Robert A. Murray, chief economist for Dodge Data & Analytics. Back in 2015, the New York NY metropolitan area led the upturn by soaring 67%, while the next 9 markets combined grew 8%. In 2016, the 15% downturn in the New York NY market was countered by a 33% hike for the next 9 markets. As a result, the New York NY share of the U.S. total for commercial and multifamily construction starts settled back from 20% in 2015 to 16% in 2016, which was still relatively high compared to the 13% share during the 2010-2014 period.
Both commercial building and multifamily housing have benefitted from a number of positive factors in recent years, Murray continued. These included declining vacancies, rising rents, low interest rates, and some easing of bank lending standards for commercial real estate loans. That supportive environment began to shift during 2016, with vacancies leveling off, interest rates edging up at years end, and bank lending standards for commercial real estate loans beginning to tighten, especially for multifamily projects. Yet, aside from multifamily housing, the levels of construction remain generally low given the hesitant nature of the upturn to date, meaning theres yet to be any widespread signs of overbuilding that typically show up five years into an expansion. While market fundamentals may not be quite as supportive in 2017, its still expected that commercial building will be able to register moderate growth, led by offices and warehouses. As for multifamily housing, the geographically broader participation by metropolitan area that emerged during 2016 is expected to continue this year, which should help the national total stay close to the elevated activity reported during 2015 and 2016. Other factors that could affect commercial and multifamily construction starts in 2017 would be two items proposed by the Trump Administration the reduction in business tax rates to spur investment and the easing of the Dodd-Frank regulations on the banking sector.
The 15% commercial and multifamily decline for the New York NY metropolitan area in 2016 was due to the 28% slide by multifamily housing after its 53% hike in 2015. At the same time, the commercial building categories as a group grew an additional 4% in 2016, which followed a 95% surge in 2015. Multifamily housing in New York City had been supported by the 421-a program, which provided tax incentives to developers who included affordable housing in their developments. During 2015, the pending expiration of the 421-a program contributed to developers moving up the start date for projects, while the expiration of the program in January 2016 removed the incentives. (In late 2016, an agreement was reached to renew the 421-a program, which still awaits the approval by the New York State legislature.) The New York NY metropolitan area in 2015 had featured 44 multifamily projects valued each at $100 million or more, including five at $500 million or more, led by the $575 million 15 Hudson Yards apartment building. In 2016, the number of multifamily projects valued at $100 million or more was 38, still substantial yet smaller than what took place 2015, and there were no projects in the $500 million plus range. The top three multifamily projects in 2016 were the following the $453 multifamily portion of a $475 million high-rise in Jersey City NJ, a $407 million multifamily high-rise on Manhattans East Side, and the $345 million multifamily portion of a $500 million high-rise near the Hudson River in lower Manhattan.
For the commercial building categories in the New York NY metropolitan area, new office building starts retreated a slight 2% in 2016, staying very close to the robust dollar amount (up 138%) that was reported in 2015 which included the $1.9 billion office portion of the $2.5 billion 30 Hudson Yards office/retail project. The top office projects in 2016 were the $2.0 billion 3 Hudson Boulevard on Manhattans West Side, the $1.5 billion One Vanderbilt Tower near Grand Central Terminal, and the $682 million office portion of the $700 million Gotham Center in Long Island City. Hotel construction climbed 60%, helped by the start of the $205 million Marriott Moxy Hotel in Times Square, and warehouse construction advanced 55% with the lift coming from a $304 million warehouse on Staten Island and a $200 million warehouse in Cranbury NJ. Commercial garage starts increased 27% in 2016, but store construction starts dropped 28%.
The Los Angeles CA metropolitan area in 2016 registered a 44% increase, moving up to the nations second largest market for commercial and multifamily construction starts after ranking number three in 2015. Multifamily housing in 2016 soared 50% while commercial building advanced 36%. There were 14 multifamily projects valued at $100 million or more that reached groundbreaking in 2016, compared to 10 such projects in 2015. The three largest multifamily projects in 2016 were the $493 million multifamily portion of the $600 million Century Plaza mixed-use complex in Century City, the $344 million multifamily portion of the $375 million 1120 South Grand Avenue mixed-use building in Los Angeles, and the $275 million multifamily portion of the $300 million Omni mixed-use building in Los Angeles. Substantial percentage growth was reported for offices, up 67%, with the lift coming from the $178 million office portion of the $390 million Broadcom Research and Development Campus in Irvine. Hotel construction starts were also up considerably, rising 77%, with the lift coming from the $93 million hotel portion of the $135 million Edition hotel and condominiums in West Hollywood. Commercial garages increased 42% in 2016, while warehouses grew 9%. Store construction improved 7% on top of its 96% advance in 2015, boosted by the $500 million renovation of the Beverly Center in Los Angeles.
The 34% increase for Chicago IL in 2016 enabled this metropolitan area to move up to the nations third largest market for commercial and multifamily construction starts, after ranking number 5 in 2015. Multifamily housing jumped 82% in 2016 while commercial building held steady with its 2015 amount. The multifamily gain reflected two very large projects the $780 million multifamily portion of the $900 million Wanda Vista Tower and the $500 million One Bennett Park Tower. There were 10 multifamily projects valued at $100 million or more that reached groundbreaking in 2016, compared to 5 such projects in 2015. Office construction grew 22% in 2016, aided by the start of a $255 million data center in Aurora IL plus two Chicago projects the $250 million McDonalds headquarters and the $225 million CNA Financial headquarters. Warehouse construction increased 63%, boosted by the start of the $95 million M&M/Mars Wrigley Distribution Center in Joliet IL. On the negative side, declines in 2016 were reported for hotels, down 45%; commercial garages, down 34%; and stores, down 3%.
The Washington DC metropolitan area climbed 35% in 2016, with commercial building up 56% and multifamily housing up 20%. Much of the lift for commercial building came from an 87% jump for office construction, which featured 7 projects valued at $100 million or more, led by the $300 million 655 New York Avenue office building. the $220 million Four Constitution Square office building, and the $200 million addition to the Fannie Mae office building. The hotel category advanced 113%, helped by the $140 million CityCenter DC Conrad Hotel (phase 2) and the $106 million hotel portion of the $230 million Columbia Place hotel/multifamily complex. Garage construction rose 44% in 2016, but construction start declines were reported for stores, down 14%; and warehouses, down 41%. The 20% increase for multifamily housing featured 9 projects valued at $100 million or more, including $263 million for phase 1 of The Boro at Tysons in Tysons Corner VA and the $228 million Eisenhower East apartment development in Alexandria VA.
After soaring 56% in 2015, the Dallas-Ft. Worth TX metropolitan area registered an additional 16% gain for commercial and multifamily construction starts in 2016, with commercial building up 13% and multifamily housing up 22%. Office construction increased 31%, reflecting $293 million for the office portion of the $500 million Toyota Corporate Campus project in Plano, $194 million for the office portion of the $300 million JP Morgan Chase operations center in Plano, and $133 million for the office portion of a $300 million mixed-use development in Dallas. Hotel construction climbed 33%, helped by the $85 million Texas Live! convention center hotel, while garage construction advanced 37% with $106 million for the garage portion of the JP Morgan Chase operations center and $87 million for the garage portion of the Toyota Corporate Campus project. Store construction starts grew a moderate 6% in 2016, but warehouse starts fell 34%. As for multifamily housing, there were 5 projects valued at $100 million or more that reached groundbreaking in 2016, including the $160 million multifamily portion of the $240 million Drever mixed-use project in Dallas.
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Commercial and Multifamily Construction Starts in 2016 Rise in Most ... - ForConstructionPros.com
Highwoods working deal with Raleigh law firm to kick off $22M office building Triangle Business Journal Also under construction in the west Raleigh submarket is the 104,071-square-foot Wade IV office building off of Edwards Mills Road, a project by Raleigh-based Dominion Realty Partners. Southern First bank will occupy part of Wade IV. Highwoods also ... |
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Highwoods working deal with Raleigh law firm to kick off $22M office building - Triangle Business Journal
 Charlotte Business Journal | Origin Investments finishes multimillion-dollar renovation at office ... Charlotte Business Journal After acquiring One University Place in late 2015, Chicago-based Origin Investments embarked on a multimillion-dollar renovation of the office building, a project ... |
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Origin Investments finishes multimillion-dollar renovation at office ... - Charlotte Business Journal
Nashville Business Journal | Bellevue getting new medical office building Nashville Business Journal Saint Thomas Health will be the sole tenant in a new three-story medical office building under construction in Bellevue. According to a news release, Mt. Juliet-based Commercial Realty Services broke ground this week on the approximately ... |
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Bellevue getting new medical office building - Nashville Business Journal
The commercial and multifamily total is comprised of office buildings, stores, hotels, warehouses, commercial garages, and multifamily housing.At the U.S. level, the 7% increase for the commercial and multifamily total in 2016 was the result of an 11% advance for commercial building and a 3% gain for multifamily housing.Compared to its 7% rise in 2015, commercial building at the U.S. level was able to pick up the pace in 2016, while multifamily housing witnessed substantially slower growth compared to its 22% jump in 2015.A primary reason for the smaller 2016 increase for multifamily housing at the U.S. level was a downturn by multifamily construction starts in the New York NY metropolitan area, which retreated 28% following its exceptionally strong amount in 2015. Excluding the New York NY metropolitan area, multifamily housing for the nation in 2016 would be up 13%, about the same as the corresponding 14% increase in 2015.
"What stands out about 2016 is that growth for commercial and multifamily construction starts became broader geographically," stated Robert A. Murray, chief economist for Dodge Data & Analytics. "Back in 2015, the New York NY metropolitan area led the upturn by soaring 67%, while the next 9 markets combined grew 8%. In 2016, the 15% downturn in the New York NY market was countered by a 33% hike for the next 9 markets. As a result, the New York NY share of the U.S. total for commercial and multifamily construction starts settled back from 20% in 2015 to 16% in 2016, which was still relatively high compared to the 13% share during the 2010-2014 period."
"Both commercial building and multifamily housing have benefitted from a number of positive factors in recent years," Murray continued. "These included declining vacancies, rising rents, low interest rates, and some easing of bank lending standards for commercial real estate loans. That supportive environment began to shift during 2016, with vacancies leveling off, interest rates edging up at year's end, and bank lending standards for commercial real estate loans beginning to tighten, especially for multifamily projects.Yet, aside from multifamily housing, the levels of construction remain generally low given the hesitant nature of the upturn to date, meaning there's yet to be any widespread signs of overbuilding that typically show up five years into an expansion. While market fundamentals may not be quite as supportive in 2017, it's still expected that commercial building will be able to register moderate growth, led by offices and warehouses. As for multifamily housing, the geographically broader participation by metropolitan area that emerged during 2016 is expected to continue this year, which should help the national total stay close to the elevated activity reported during 2015 and 2016. Other factors that could affect commercial and multifamily construction starts in 2017 would be two items proposed by the Trump Administration the reduction in business tax rates to spur investment and the easing of the Dodd-Frank regulations on the banking sector."
The 15% commercial and multifamily decline for the New York NY metropolitan area in 2016 was due to the 28% slide by multifamily housing after its 53% hike in 2015. At the same time, the commercial building categories as a group grew an additional 4% in 2016, which followed a 95% surge in 2015.Multifamily housing in New York City had been supported by the 421-a program, which provided tax incentives to developers who included affordable housing in their developments. During 2015, the pending expiration of the 421-a program contributed to developers moving up the start date for projects, while the expiration of the program in January 2016 removed the incentives. (In late 2016, an agreement was reached to renew the 421-a program, which still awaits the approval by the New York State legislature.)The New York NY metropolitan area in 2015 had featured 44 multifamily projects valued each at $100 million or more, including five at $500 million or more, led by the $575 million 15 Hudson Yards apartment building. In 2016, the number of multifamily projects valued at $100 million or more was 38, still substantial yet smaller than what took place 2015, and there were no projects in the $500 million plus range.The top three multifamily projects in 2016 were the following the $453 multifamily portion of a $475 million high-rise in Jersey City NJ, a $407 million multifamily high-rise on Manhattan's East Side, and the $345 million multifamily portion of a $500 million high-rise near the Hudson River in lower Manhattan.
For the commercial building categories in the New York NY metropolitan area, new office building starts retreated a slight 2% in 2016, staying very close to the robust dollar amount (up 138%) that was reported in 2015 which included the $1.9 billion office portion of the $2.5 billion 30 Hudson Yards office/retail project.The top office projects in 2016 were the $2.0 billion 3 Hudson Boulevard on Manhattan's West Side, the $1.5 billion One Vanderbilt Tower near Grand Central Terminal, and the $682 million office portion of the $700 million Gotham Center in Long Island City.Hotel construction climbed 60%, helped by the start of the $205 million Marriott Moxy Hotel in Times Square, and warehouse construction advanced 55% with the lift coming from a $304 million warehouse on Staten Island and a $200 million warehouse in Cranbury NJ.Commercial garage starts increased 27% in 2016, but store construction starts dropped 28%.
The Los Angeles CA metropolitan area in 2016 registered a 44% increase, moving up to the nation's second largest market for commercial and multifamily construction starts after ranking number three in 2015.Multifamily housing in 2016 soared 50% while commercial building advanced 36%.There were 14 multifamily projects valued at $100 million or more that reached groundbreaking in 2016, compared to 10 such projects in 2015. The three largest multifamily projects in 2016 were the $493 million multifamily portion of the $600 million Century Plaza mixed-use complex in Century City, the $344 million multifamily portion of the $375 million 1120 South Grand Avenue mixed-use building in Los Angeles, and the $275 million multifamily portion of the $300 million Omni mixed-use building in Los Angeles. Substantial percentage growth was reported for offices, up 67%, with the lift coming from the $178 million office portion of the $390 million Broadcom Research and Development Campus in Irvine. Hotel construction starts were also up considerably, rising 77%, with the lift coming from the $93 million hotel portion of the $135 million Edition hotel and condominiums in West Hollywood. Commercial garages increased 42% in 2016, while warehouses grew 9%. Store construction improved 7% on top of its 96% advance in 2015, boosted by the $500 million renovation of the Beverly Center in Los Angeles.
The 34% increase for Chicago IL in 2016 enabled this metropolitan area to move up to the nation's third largest market for commercial and multifamily construction starts, after ranking number 5 in 2015. Multifamily housing jumped 82% in 2016 while commercial building held steady with its 2015 amount.The multifamily gain reflected two very large projects the $780 million multifamily portion of the $900 million Wanda Vista Tower and the $500 million One Bennett Park Tower. There were 10 multifamily projects valued at $100 million or more that reached groundbreaking in 2016, compared to 5 such projects in 2015. Office construction grew 22% in 2016, aided by the start of a $255 million data center in Aurora IL plus two Chicago projects the $250 million McDonalds headquarters and the $225 million CNA Financial headquarters.Warehouse construction increased 63%, boosted by the start of the $95 million M&M/Mars Wrigley Distribution Center in Joliet IL. On the negative side, declines in 2016 were reported for hotels, down 45%; commercial garages, down 34%; and stores, down 3%.
The Washington DC metropolitan area climbed 35% in 2016, with commercial building up 56% and multifamily housing up 20%. Much of the lift for commercial building came from an 87% jump for office construction, which featured 7 projects valued at $100 million or more, led by the $300 million 655 New York Avenue office building. the $220 million Four Constitution Square office building, and the $200 million addition to the Fannie Mae office building.The hotel category advanced 113%, helped by the $140 million CityCenter DC Conrad Hotel (phase 2) and the $106 million hotel portion of the $230 million Columbia Place hotel/multifamily complex.Garage construction rose 44% in 2016, but construction start declines were reported for stores, down 14%; and warehouses, down 41%. The 20% increase for multifamily housing featured 9 projects valued at $100 million or more, including $263 million for phase 1 of The Boro at Tysons in Tysons Corner VA and the $228 million Eisenhower East apartment development in Alexandria VA.
After soaring 56% in 2015, the Dallas-Ft. Worth TX metropolitan area registered an additional 16% gain for commercial and multifamily construction starts in 2016, with commercial building up 13% and multifamily housing up 22%.Office construction increased 31%, reflecting $293 million for the office portion of the $500 million Toyota Corporate Campus project in Plano, $194 million for the office portion of the $300 million JP Morgan Chase operations center in Plano, and $133 million for the office portion of a $300 million mixed-use development in Dallas. Hotel construction climbed 33%, helped by the $85 million Texas Live! convention center hotel, while garage construction advanced 37% with $106 million for the garage portion of the JP Morgan Chase operations center and $87 million for the garage portion of the Toyota Corporate Campus project. Store construction starts grew a moderate 6% in 2016, but warehouse starts fell 34%. As for multifamily housing, there were 5 projects valued at $100 million or more that reached groundbreaking in 2016, including the $160 million multifamily portion of the $240 million Drever mixed-use project in Dallas.
Top 20 Metropolitan Areas - Full Year 2016
Commercial Building and Multifamily Housing Construction Starts
Millions of Dollars
Percent
Change
2014
2015
2016
2016/2015
1.
New York-Northern New Jersey-Long Island, NY-NJ-PA
21,116
35,205
29,775
-15
2.
Los Angeles-Long Beach-Santa Ana, CA
5,428
6,825
9,820
+44
3.
Chicago-Naperville-Joliet, IL-IN-WI
5,139
6,231
8,327
+34
4.
Washington-Arlington-Alexandria, DC-VA-MD-WV
6,261
6,037
8,147
+35
5.
Dallas-Fort Worth-Arlington, TX
4,405
6,856
7,966
+16
6.
Miami-Fort Lauderdale-Miami Beach, FL
6,824
6,552
7,450
+14
7.
Boston-Cambridge-Quincy, MA-NH
4,726
4,700
7,058
+50
8.
San Francisco-Oakland-Fremont, CA
3,173
2,574
5,047
+96
9.
Atlanta-Sandy Springs-Marietta, GA
2,775
2,998
4,803
+60
10.
Seattle-Tacoma-Bellevue, WA
4,386
4,498
4,296
-4
11.
Denver-Aurora, CO
2,526
2,963
3,939
+33
12.
Houston-Baytown-Sugar Land, TX
5,466
4,477
3,225
-28
13.
Austin-Round Rock, TX
2,126
2,651
2,995
+13
14.
Phoenix-Mesa-Scottsdale, AZ
2,328
2,098
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Commercial and Multifamily Construction Starts in 2016 - PR Newswire (press release)
CALUMET, Mich. (WLUC) - Construction of the 12,000 square feet Calumet Medical Office building is almost complete.
U.P. Health System and Upper Great Lakes Family Health will be caring for patients together.
The facility will act as a walk-in clinic that provides therapy and outreach services from both health care providers.
Currently they're hiring staff and planning to bring medical equipment inside the facility.
The Calumet Medical Office Building is being constructed with a predominantly local labor force led by Moyle construction,
RC Mechanical, and Erico Electric; plus contributions from bay electric, mcgrath roofing, and others.
Construction started in April of 2016.
"In this partnership together we're going to be able to deliver one stop shopping for all the healthcare needs for our community and our patients," said UGL Family Health CEO, Don Simila.
"You come from 18 to 24 months worth of planning and to now see a building and to be planning to take care of patients. It's really a special time," said Jeff Lang, CEO of U.P Health Systems Portage.
The Calumet Medical Office Building is tentatively scheduled to open on March 20th of 2017.
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Calumet Medical Office building set for opening this spring - UpperMichigansSource.com
Urban Nashville seemingly needs new office space.
Or so the experts say.
Developers are listening, with two Chicago-based Monroe Investment Partners and The Mainland Companies (co-based in Nashville and Portland, Oregon) having recently announced major office projects.
Monroe said in early January work will begin this year on the ambitious River North. Mainland said two weeks ago it wants to develop a 30-story tower on SoBros Korean Veterans Boulevard Roundabout.
And others want a piece of the office building action.
For example, Eakin Partners, which recently completed 1201 Demonbreun in The Gulch, is seeking to undertake mid-rise office buildings within both Rolling Mill Hill and the West End corridor.
Also, office space is a component of the mixed-use oneC1TY development on Midtowns fringe, the Germantown Union mixed-use project Atlanta-based TPA Group has announced and Spectrum | Emerys planned mixed-use Fifth + Broadway.
But at 125 acres, River North represents a much larger scale (picture Portlands South Waterfront) than the aforementioned developments. The site straddles the east bank of the Cumberland River, stretching from Jefferson Street on the south to the Interstate 65/24 split on the north. The segment scheduled to begin construction this year, to be called The Landings, is projected to span 40 acres, with office, retail, residential and hospitality buildings eyed.
Indeed, the River North land mass dwarfs the 15-acre LifeWay campus site soon to be reinvented within the central business district and the 32-acre land mass on which the Capitol View mixed-use development is underway in North Gulch. (Both to offer office space, no less.)
Not surprisingly, some wonder if the city can absorb such robust development in general and office building construction specifically. Could Monroes proposed venture, they ask, mark a new level of growth or a potential oversaturation?
While the citys capacity to effectively handle such new development may seem limited even strained these days, the general Nashville market actually is experiencing a period of relatively meager office building addition.
From about 1996 to 2000, 72 buildings totaling 6.5 million square feet were constructed in the overall Nashville market, according to Rob Lowe, senior managing director at Cushman & Wakefield.
In 2001 and 2002, the market witnessed the construction of 28 buildings with office space, totaling 2.86 million square feet, according to Katie Barton, the director of research for Colliers Internationals Nashville office. Cool Springs and Brentwood led the market in the collective square footage added then.
The boom of the mid-2000s saw the construction start, continuation or conclusion of 37 buildings for a collective 3.57 million square feet, according to the Colliers figures, with Cool Springs accounting for 60 percent of that number.
During this latest boom from 2013 to 2016 just 20 buildings with office space were constructed, accounting for 2.93 million new square feet. This comparatively light influx, however, was spread evenly throughout various Nashville submarkets. For example, a significant number of projects were undertaken in Cool Springs, Brentwood, Green Hills, Music Row and West End last year, an indicator that demand is still widespread and healthy.
With the size and variety of companies relocating to Nashville and even companies moving from place to place that are already located within the region there seem to be markets for so many different types of commercial and office spaces and in a variety of different locations, said Gary Gaston, executive director of the Nashville Civic Design Center. A company that wants to be downtown is going to be different from a company that wants to be in Cool Springs. It is all about offering a variety of office types spread throughout the region, which allows us to be most competitive [with peer cities].
Lowe said office construction projects expected to start over the next two years will yield about 4 million square feet, with the potential for an additional 5 million to start in 2019 and 2020. Based on those projections, he thinks the next eight years could bring yet another major boom in office space development.
But caution is warranted if you look at the total list of announced projects, which if built out to capacity, the maximum amount of office space could surpass 14 million square feet over 80-plus buildings, he said.
Lowe does believes that if previous booms are any indication, River North, the LifeWay campus and Capitol View all have the chance to be successful over time.
If you look at the historical absorption, the net amount of leasing activity, over each growth cycle, it is reasonable to predict that each of these developments will win their fair share, he said. But implicit in that assumption is that its unlikely that any of these larger, currently undeveloped projects will be completely build out simply due to the sheer amount of square footage each can deliver. Of course, there will be one that is more successful than the others and that is much harder to predict.
The key to success in real estate has always come down to location. Monroe Investment Partners expects River North to expand what we think of as downtown, the company said in a press release upon announcing the project.
As they eye office, retail, hotel and residential space, the developers of Capitol View (Boyle Nashville and Northwestern Mutual), the LifeWay site (Southwest Value Partners) and River North likely are banking on the opportunity, to an extent, of establishing new urban nodes within the greater downtown area.
But could the competitive creation of urban districts result in none of the nodes reaching maximum build-out?
If all the office projects get built out to their projected numbers, then the central business district will just about triple its current size, said Barry Smith, president of Eakins Partners, which is possible, but I cant imagine it happening any time soon.
River Norths location may be the deciding factor for its place among the others in a potential next up-cycle. Its hard to say if that bodes well for the project or not.
River North is a bit of a crapshoot, said Smith. When you look at the map, its north of Jefferson Street [and east of Germantown] and not just across the river from downtown. So, its more of a new submarket than just being directly across the river [and near Nissan Stadium].
Its difficult to predict where, or if, the form and function of the proposed urban nodes ringing the CBD. If one does, indeed, fully evolve, it could certainly mark a substantial new era of prosperity for the city as a whole.
The larger scope of these office developments is in line with many companies that are looking on a national basis for headquarters and regional headquarters, said Harrison Johnson, senior vice president for brokerage services with the local CBRE office. Nashville has traditionally only seen a smaller segment of this form of economic development in shared services and smaller headquarters. So, it is imperative that we have these interesting areas for larger relocating companies to consider.
It could well be River North that welcomes a major corporate headquarters. Ultimately, the viability of any new office development will be decided by demand from prospective tenants, those interviewed for this story said.
I truly dont see a single submarket being vastly better than another, and we are forecasting the development growth across virtually all submarkets, Cushman & Wakefields Lowe said. The key to understand is that each submarket presents its own value proposition to employers.
That being said, there is reason to believe that River Norths prospective location is set up for success, as long as the development delivers on its promise.
One only needs to look at other cities that have successfully developed both sides of their river Cincinnati and Austin for example to understand that the key element isnt one side versus the other but [rather] the concentration of amenities that office tenants demand, said Lowe.
River North will need these amenities to deliver successfully initially, he added. But in scanning the developers vision, it appears River North is planned for a broad delivery of uses and amenities.
Post Managing Editor William Williams contributed to this story.
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Is bar being raised, or boom to loom, for office projects? | Nashville ... - Nashville Post (subscription)
A vintage office building in Wicker Park that just opened after an extensive renovation was burglarized early Sunday. View Full Caption
DNAinfo/Alisa Hauser
WICKER PARK A company that designs college dormitories was burglarized only a month after opening itsoffices in the rehabbed Polish Alma Mater building just north of the Milwaukee, Damen and North avenues intersection.
"We all live in the neighborhood and love the neighborhood. It's a total slap in the face. [The thieves] busted in the back door," Mitch Dalton, director of development for Wicker Park-based Core Spaces, said Monday.
The burglary, which occurred sometime between 2:30 a.m. and 2:45 a.m. Sunday, resulted in seven laptops and a few monitors stolen from the fourth floor of the office building at 1643 N. Milwaukee Ave. where the 17-employee Core Campus is located.
"They took all the Apple products they could find. They didn't vandalize anything. They also took all of our personal bags to carry it out ... gym bags, laptop bags. No one got hurt; everything else is replaceable," Dalton said.
Officer Nicole Trainor, a Chicago Police Department spokeswoman, confirmed the burglary report.
Trainor said police, who were on the scene at 7:15 a.m. Sunday, "observed signs of forced entry."
Dalton said motion sensors alerted him to the time of the theft.
Foundedin 2011, Core Campus shared an office with nearby LG Construction and Development Group at 2234 W. North Ave. before moving to the Milwaukee Avenue location.
Marc Lifshin, who owns Core Spaces, also is a managing partner at LG Construction, which is rehabbing the interior of the 1890s-era building.
Dalton said that the entire office, including himself, "rallied" on Sunday.
"We came into the office, ordered food, and spent 13 hours getting up and and running [again]," he said.
Video cameras were installed Sunday.
Last month, LG Construction tweeted photos of the nearly finished Core Campus offices.
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7 Laptops Stolen From New Wicker Park Office Building - DNAinfo