Investing $56 million for recently approved projects in Boston neighborhoods, the Boston Redevelopment Authority Board of Directors approved a new project in Allston that will be used for residential and commercial space.

Waypoint Companies Manager Ed Champy said the new housing units will be at 61-83 Braintree St. and are designed for young professionals who are looking to live in a modern building, but are not ready to pay the rent of a downtown Boston apartment.

We believe that the clientele would like to no longer be sharing a three-bedroom and would like to live in a well acquainted new building, he said Thats our target audience. Late 20s, early 30s, have their finances in order but at the same time, arent ready to move into downtown Boston and pay the rent that a downtown Boston facility would require.

The 93,000 square foot project, which was approvedThursdayand developed by Waypoint Companies, will include 80 rental units, a 67 space underground garage, three community rooms and 2,277 square feet of commercial and retail space. A total of $17,000 will be spent on the construction of the mixed-use building, and 90-95 construction jobs will be created.

Weve made the commercial space very small and weve made the community space or the amenity space for the building larger than the retail space, said Champy. Activity is very important. We dont want the building to be sterile, and we dont want the environment to be sterile. We want people to meet each other and say hi. Activity creates that.

The developers also worked to create a common area in the front of the building that would promote a community-atmosphere, not only for the residents of the building, but for the entire neighborhood, he said.

With the construction of the three community rooms, Champy said he hopes to attract local artists and encourage them to use the building for recreational and residential purposes.

Were doing our best to engage the art community, and theyve responded quite well so we think our relationship will be excellent, he said. We are going to take the amenity space and allow the art community, as well as civic associations, to use the amenity space for their meetings or a gallery or a showing or something like that.

Several residents said the construction of the multi-use building in Allston would provide the neighborhood with an improved sense of community, especially for young professionals and college students.

Jeremy Fraga, 25, of Allston, said it is important for the BRA to invest money in improving Bostons neighborhoods, but there must also be a focus on keeping the cost of living low, especially for students and young professionals living in the city.

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New apartment project approved in Allston

Hot Properties highlights recently sold or leased commercial properties in the Charleston region. Submissions should be sent to dailyjournal@scbiznews.com.

Peter Harper with Lee & Associates Charleston represented the landlord, Six Ensign Group LLC, in the lease of 3,712 square feet of office space at 1941 Savage Road, Suite 200-B and -D, in Charleston to tenant Stoebich Fire Protection Systems L.P. Carl Michael Harrison of The Beach Co. Beach Commercial represented the tenant.

Edward Robinson of The Beach Co. Beach Commercial represented the landlord, John Gibson Co. Inc., in the lease of 5,000 square feet of warehouse space at 16 Conroy St. in Charleston to the tenant, Xercise Teacher Inc., represented by John Elliott with Howell & Associates.

Leslie Fellabom with Avison Young represented the seller, Island Construction Co. Inc., in the $875,000 sale of an 11,500-square-foot office building at 808 Wappoo Road in Charleston to the buyer, Wappoo Road Ventures LLC. Edward Robinson of The Beach Co. Beach Commercial represented the buyer.

Edward Robinson of The Beach Co. Beach Commercial represented the landlord, John Gibson Co. Inc., in the lease of 2,000 square feet of retail space on the first floor of 183 King St. in Charleston to tenant Vestique LLC. Mills Armstrong with Centennial American Real Estate Ltd represented the tenant.

Chris Fraser and Leslie Fellabom of Avison Young represented seller Island Construction Co. Inc. in the sale of a 12,800-square-foot office building at 808Wappoo Road in Charleston to Wappoo Road Ventures LLC for $875,000. Edward Robinson of The Beach Co. represented the buyer.

Jeremy Willits of Avison Young represented the landlord, 5900 Core Ave. LLC, in the lease of a 3,964-square-foot office at 5900 Core Ave. in North Charleston to tenant D.J. Powers Co. Inc. William Martin of Holcombe, Fair & Lane represented the tenant.

Jeremy Willits of Avison Young represented the landlord, 654 Coleman Blvd. LLC, in the lease renewal of a 1,443-square-foot retail space at 652 Coleman Blvd. in Mount Pleasant to London Hair.

Pete Harper of Lee & Associates Charleston represented the landlord, Six Ensign Group LLC, in the lease of 3,712 square feet of office space at West Charleston Business Center, 1941 Savage Road in Charleston, to tenant Stoebich Fire Protection Systems L.P. Carl Michael Harrison of The Beach Co. represented the tenant.

Will Sherrod of Lee & Associates Charleston represented the seller, Corbett-Highway 17 LLC, in the sale of the retail strip center at 1533 Highway 17 in Mount Pleasant to buyer Buck Investments. Benjy Cooke of Oswald Cooke & Associates represented the buyer. Terms were not disclosed.

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Hot Properties for Feb. 17, 2014

HORRY COUNTY, SC (WMBF) The Myrtle Beach Center is set to begin construction on February 24, and completion is expected to be one year later, on February 24.

The indoor tournament facility is being built adjacent to the existing Myrtle Beach Convention Center. When construction is completed it will include hardwood floors for 16 volleyball courts or eight full-sized basketball courts that can be configured for a variety of other indoor sport activities.

The Myrtle Beach Sports Center will also feature a retail area, a caf, a 1,500-seat telescopic bleacher system and an entertainment zone, for visiting teams and players.

The City of Myrtle Beach will sign a contract with Dargan Construction of Myrtle Beach this week, to build the 100,000 square foot facility. This will include a sports center that is valued at approximately $13 million dollars, and 500 additional parking spaces.

"We are excited to get vertical construction underway on this indoor tournament venue," Myrtle Beach Mayor John Rhodes said. "In fact, we are already accepting events for 2015.

Having the sports center next to the convention center nearly doubles the available floor space at that location. And we're especially pleased at how well it complements our outdoor sports venues at Grand Park and elsewhere."

According to officials with the City of Myrtle Beach, several events are already scheduled for March 2015 at the Sports Center. Also, from April 4 through August 1, 2015, 17 additional tournaments are already booked at the Myrtle Beach Sports Center, states officials with the City of Myrtle Beach.

They include:

- A 48-to-64 team volleyball tournament the weekend of March 7, 2015

- A 128-team volleyball tournament the weekend of March 21, 2015

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Construction for the Myrtle Beach Sports Center will start soon, officials say

EAST LYME As the residential portion of the long-stalled Gateway Commons development moves forward, First Selectman Paul Formica has confirmed that the commercial anchor for the project will be a Costco wholesale retail store.

Simon Konover Development Corp. and KGI Properties have planned for years to build a residential and retail development on about 200 acres near I-95 exits 73 and 74.

The project stalled during the economic downturn but appears now to be moving forward. The developers recently began clearing land for 280 residential rental units near Exit 73 and will begin construction in earnest in the spring, said Newton Brainard, vice president of Simon Konover.

The residential component calls for 10 buildings, each with 28 market-rate units, interspersed over 38 acres, he said. Construction is expected to take about a year and a half.

"It will be a luxury, multi-family community," said Brainard, with studios, one- and two-bedroom units, a central clubhouse and a resort-style pool. The developers will also improve East Society Road, which will serve as the entrance for the residences, he said.

Meanwhile, planning continues for the commercial phase on a large tract of commercial land in town. The village allows for up to 425,000 square feet of retail space, including one 140,000-square-foot anchor store and up to five smaller "junior anchor" stores. Costco is slated to be the anchor store, Formica told The Day's editorial board last week.

The commercial and residential village has been in the works for more than a decade. The zoning commission approved a master development plan for Gateway five years ago, after previously rezoning a light-industrial and commercial swath of land into the Gateway Planned Development District years earlier, said Zoning Official Bill Mulholland.

The development stalled during the economic downturn. But last year the developers approached the commission and in June received final site plan approval for 275 residential units. Last fall, the commission granted the developers permission to build five additional units.

Formica said the overall development is anticipated to bring in about $1.7 million to $2 million in property taxes.

Formica said he hopes the development will benefit the community and draw more visitors to the town. "We're the gateway to Mystic coast and country," he said. As people travel up the highway and see the commercial development, he added, they might find their way to downtown Niantic, the boardwalk, shops and the village of Flanders.

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Costco To Anchor East Lyme Complex

Mississippis tourism tax development incentives failed to gain enough legislative support for renewal this week and will expire July 1, ending the states practice of awarding tens of millions of dollars as incentives for development of shopping malls and retail plazas.

Pearls Outlets of Mississippi stands to gain up to $24 million in sales tax rebates from the state.

The Mississippi Development Authority so far has awarded up to $155 million in potential subsidies for three shopping malls since legislators widened the sales tax rebate program last year to include cultural retail attractions, or what are more commonly known as retail centers and shopping malls.

Under the terms of the law, the state returns 80 percent of sales taxes collected at a development over 10 years, until the total collected reaches 30 percent of the construction price.

Lawmakers this week declined to extend the tax credits, thus letting them run out on July 1. House Bill 1233, sponsored by Rep. Rita Martinson, R-Madison, would have extended the program by three more years. After a lawmaker questioned the bill last week, it was moved to the bottom of the House calendar, where it remained without a call up.

Martinson said in an interview with The Associated Press she thinks incentives have been helpful, but conceded there was some sentiment to let the lures run out.

We might even think about letting it go, she told AP. It might be at the point to sit back and see what weve done.

State Sen. David Blount, who does commercial leasing for retail space, said he is glad to see the state cease creating an unlevel playing field for retail businesses. Its favoritism of one business over another, the Jackson Democrat said.

Many economists voice doubts about subsidizing retail development as well. Good Jobs First, a nonprofit group that is skeptical of business subsidies, is particularly critical of giving money to retailers, saying they dont pay well or create spinoff jobs, the AP reported.

Building new retail space doesnt grow the economy, it just moves sales and lousy jobs around, the group writes.

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Bills demise ends state pot sweeteners for retail development

Updated: Saturday, February 15 2014, 09:37 PM MST

By: Stacey Welsh

EL PASO, Texas -- The Sun City's first four star hotel could revitalize the El Paso International Airport area. Plans are in the works for a new Westin hotel at the intersection of Airway Boulevard and Boeing Drive.

EPIA Director Monica Lombrana expects the new hotel to have much more in store for El Paso because it's set to have retail space nearby.

"We're looking at it in terms of redeveloping the entire area of the southern industrial park over time. We recently rezoned that to SmartCode. We have a master plan for that entire area," Lombrana said.

"I think that as long as it's going to stimulate the economy, it's a good choice for the area and also for El Paso," central El Paso resident Ruben Ville said.

The plan for more restaurants and retail locations could benefit other hotels in the area.

"There isn't anything aside from two restaurants to go out to at the end of the day," Lombrana said.

However, some are afraid the project would only bring more traffic to the airport area.

"They've got hotels up all over the city. Put them all on Interstate 10. That's where all the competition is anyway. I don't see any reason for building more hotels, especially a hotel that size," East El Paso resident Roger Jernigan said.

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Westin hotel project could revitalize El Paso airport area

Union Storage complex in Fargo

The Union Storage Building, seen Thursday, Feb. 13, 2014, at 1026 NP Ave., Fargo, N.D., may undergo a $9 million renovation. Michael Vosburg / Forum Photo Editor

FARGO The Fargo Renaissance Zone Authority gave its blessing Thursday to a $9 million project that aims to transform the vacant Union Storage and Transfer complex on NP Avenue into upscale apartments, and commercial and retail space.

The application for Renaissance Zone property tax breaks will now go to the City Commission, along with a request from the developers, NP Avenue LLC, for other property tax breaks tied to payments in lieu of taxes, or PILOT incentives.

Developers are also pursuing state and federal income tax credits based on the historical significance of the complex, which is on the National Register of Historic Places.

Jessica Barner Alsop, who is developing the property with business partner John Williams, told Renaissance Zone Authority members the target market for apartments will be individuals and couples who want to live downtown.

The plan involves two buildings.

The Union Storage site, called the west building, has a basement, three upper floors and about 34,000 square feet of space.

The east building, the former Armour Creamery, has a basement, four upper floors and about 45,000 square feet of space.

Alsop said the west building will be retrofitted to accommodate retail and commercial space, while the east building could house 40 or more apartments and 22 underground parking spaces.

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$9 million project aims to revitalize vacant Union Storage and Transfer complex

Senior Housing Properties Trust (SNH) agreed to buy two 15-story medical-office buildings in downtown Bostons Seaport District for about $1.13 billion.

The buildings comprise biomedical research facilities, corporate office space, a parking garage and retail space covering a total of 1.65 million square feet (153,300 square meters), the Newton, Massachusetts-based real estate investment trust said yesterday in a statement.

The properties were completed in December and are 96 percent occupied by Vertex Pharmaceuticals Inc., which is relocating its headquarters from nearby Cambridge to the Seaport District complex. Bostons real estate market is seeing a construction boom, driven in part by the strength of the citys technology and life-sciences industries.

The Seaport District is the hottest real estate market, probably in the nation right now, David Hegarty, president of Senior Housing Properties, said in a telephone interview. The company, which doesnt typically invest in offices, was drawn to the buildings because more than half the space is laboratories and research facilities, he said.

Vertex (VRTX) started moving its 1,300 Boston-area employees into the Seaport District buildings in December and will complete the relocation this month, Hegarty said. The company, with a market value of about $19.2 billion and 2,200 global employees, has 15 years remaining on its lease at the two-building complex, according to the statement.

The property has 50,000 square feet of ground-floor retail space that Senior Housing Properties is looking for tenants to fill, Hegarty said.

The REIT received a term-loan commitment for $800 million, according to the statement.

Senior Housing Properties, with a market value of about $4.14 billion, owns independent- and assisted-living communities, medical-office buildings, nursing homes and wellness centers in the U.S.

To contact the reporter on this story: Craig Giammona in New York at cgiammona@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net

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Senior Housing Properties to Buy Boston Medical Offices

Rendering of the retail space at 935 Madison Avenue

Renderings have been unveiled for a roughly 14,000-square-foot Madison Avenue retail space next to the Whitney Museum of American Art.

The project, still under construction at 935 Madison Avenue, is part of a renovation of a historical 1876 property on 74th Street. The retail portion includes roughly 7,200 square feet on ground floor and 7,100 on the lower level, said Isaacs & Co.sJoel Isaacs, who is marketing the retail space with colleagueJosh Lewin. Itwill have over 100 feet of frontage on Madison Avenue.

The whole project is being developed by real estate investor and health care entrepreneurDaniel E. Straus.

Each of the ground-floor spaces will have a lower-level space which can be used for selling and storage, Mr. Isaacs said. On the ground floor, asking retail rents are $1,200 a foot on the corner and $1,000 a foot inline and on the lower level they are $50 a foot, he said. Ceiling heights can reach 18 feet on the ground floor and 10 feet on the lower level.

Rendering of the interior of the retail space at 935 Madison Avenue

The area is expected to generate more foot traffic after theMetropolitan Museum of Art takes event and exhibition space at the WhitneysMarcel Breuerbuilding, at945 Madison Avenuenext year.

Mr. Isaacs said there has been considerable interest in the retail space.

We are talking to a broad range of high-end brands, he said.

Upstairs, 10 new residential units, with an address of 33 East 74th Street, are under construction. Home prices will range fromabout $15 million to in excess of $30 million, a spokesperson for the project said. Douglas EllimansKatherine Gauthier and Karen Mansour are marketing the residential space.

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Revealed: Images, Prices of Retail Space Next to Whitney

FREMONT -- A thriving outdoor mall could expand to meet one of the area's biggest retail needs, if the City Council approves its plan to open the city's largest sporting goods retailer and other storefronts.

The Block at Pacific Commons' proposal to add Dick's Sporting Goods in a 50,000-square-foot store and Buffalo Wild Wings, a restaurant in a 6,500-square-foot building, will be considered Feb. 18 by the council. The Planning Commission last month unanimously recommended approval.

Fremont has coveted a large sports equipment retailer since Tri-City Sporting Goods closed in 2006, city leaders said. "Right now, a lot of people step outside Fremont to buy a ball or other basic sporting goods," said Christina Briggs, the city's economic development manager. "We're filling key voids in our retail, and it speaks to The Block's existing success that it is adding to it."

The 27-acre shopping hot spot -- bounded by Boscell Road, Bunche Drive and Curie and Christy streets -- opened two years ago next to Pacific Commons, an 80-acre outdoor shopping center that opened in 2004.

Catellus, which developed both retail zones next to Interstate 880, sold Pacific Commons two months ago to Heitman, a Chicago investment company.

But Catellus still owns The Block, envisioning it as a food and entertainment mecca when it built a cinema multiplex and several restaurants there in 2012. Its first phase landed stores such as Target, Men's Warehouse, Ulta and Sleep Number, as well as The Habit Burger Grill, Which Wich and other eateries. Now on the verge of adding two large retail spaces in its second phase, The Block also might include another store in a 3,000-square-foot building, said Catellus spokesman Sean Whiskeman. "We're in pretty active discussions to find a tenant for that third space," he said. "We've had great interest from restaurants for it."

The Block originally was meant to be what the developer calls a lifestyle center, where a cluster of small retailers would encourage customers to walk within the mall, staying for food, entertainment and shopping.

That specific goal was a casualty of the 2008 recession, Whiskeman said, saying the economic downturn made it "difficult to bring in the right critical mass of those small-shop retailers."

The Block vision has not been abandoned -- Catellus still aims to build a promenade linking the sporting goods store and the restaurant.

"There still will be beautiful plaza spaces and great opportunities for outdoor dining," Whiskeman said. "We still have elements of the original plan; it's still intended as a lifestyle center."

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Fremont's biggest sporting goods store, restaurant may come to The Block shopping center