By: Michael Young 7:30 am on April 4, 2020

YIMBY checked in on141 Willoughby Streetin Downtown Brooklyn, the site of a forthcoming 23-story office building. Demolition has concluded and the land sits awaiting excavation for the360-foot-tall structure, which is being designed by Fogarty Finger Architectswith SLCE Architectsas the architect of record. Gregory Jaffe ofSavannais listed as the owner on the applications that were filed in June 2019.

Photos show the state of the trapezoidal plot, which is bound by Willoughby Street, Gold Street, and the southbound lanes of Flatbush Avenue. The site was formerly occupied by a three-story low-rise building that housed the Institute of Design and Construction.

141 Willoughby Street. Photo by Michael Young

141 Willoughby Street. Photo by Michael Young

141 Willoughby Street. Photo by Michael Young

The proposed development will span 363,336 square feet, with 310,077 square feet designated for offices. The steel superstructure will include retail space on the cellar and ground floors. No official renderings for the upcoming office edifice have been seen, but the property will certainly be conspicuous when exiting the Manhattan Bridge and entering the heart of Downtown Brooklyn. Though far short of the skyscraper status boasted by nearby developments like Brooklyn Point, 141 Willoughby Street would nevertheless bring a wealth of new office space to the expanding neighborhood.

The site is one block away from the DeKalb Avenue subway station, serviced by the B, Q, and R trains. The 2 and 3 trains at the Hoyt Street station are also nearby to the south on Fulton Street.

A start and completion date for 141 Willoughby Street has not been announced.

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141 Willoughby Street Cleared and Ready for Excavation in Downtown Brooklyn - New York YIMBY

Construction is underway for a distribution facility at 2505 Bruckner Blvd., with completion slated for first-quarter 2022. The property is situated nine miles from LaGuardia Airport, 15 miles north of John F. Kennedy International Airport and at the intersections of Interstates 95, 278 and 295.

NEW YORK CITY Innovo Property Group (IPG) and equity partner Square Mile Capital Management LLC have received $305 million in financing for the development of a 1 million-square-foot, two-story industrial facility in New York Citys Bronx borough.The joint venture acquired the land in 2017. Construction is underway with completion slated for first-quarter 2022.

The last-mile distribution property is situated on 20 acres at 2505 Bruckner Blvd., nine miles from LaGuardia Airport, 15 miles north of John F. Kennedy International Airport and at the intersection of Interstates 95, 278 and 295. Additionally, the facility is located within 30 miles of 9.4 million people.

The facility will feature 133 exterior parking spaces for trailers and box trucks as well as 664 interior parking spaces for cars and sprinter vans. The building will offer direct loading on the first and second floors, each with a 130-foot truck court. The first floor will feature 32-foot clear heights, 40-foot-by-40-foot column spacing and cross-docked loading with 74 dock doors and two drive-in doors. The second floor will be accessible to 53-foot tractor-trailers via two double-wide ramps and will feature 28-foot clear heights, 80-foot-by-80-foot column spacing, 37 loading dock doors and two drive-in doors.

As in many U.S. metro areas, New York Citys need for well-located, last-mile distribution facilities has been underserved, says Square Mile Capital CEO Craig Solomon. The current pandemic has certainly exacerbated that need for sufficient supply-chain infrastructure as demand for secure deliveries is threatening to far outstrip our warehouse space supply. This is not just a momentary spike in demand; it will continue to grow. Accordingly, we have established a focused last-mile property investment strategy and will continue to seek more opportunities.

Bank OZK and Denver-based EverWest Real Estate Investors provided the $305 million construction loan to the developers. Adam Spies, Adam Doneger, Steve Kohn and Alex Hernandez of Cushman & Wakefield arranged the financing on behalf of the borrowers. JLL will handle leasing efforts of the property, targeting a variety of users including e-commerce, third-party logistics and omnichannel retail companies.

New York City-based IPG is a privately held real estate investment and operating platform focused on acquiring and managing assets in and around New York City. Andrew Chung founded IPG in 2015, and the company is backed by Nan Fung Group, a Hong Kong-based global conglomerate with core businesses in property development and investment.

Square Mile Capital, also based in New York City, is a privately held, integrated institutional real estate and investment management firm that supplies flexible equity and debt capital solutions.

Alex Tostado

Excerpt from:
Innovo Property, Square Mile Capital Receive $305M Construction Financing for Industrial Facility in the Bronx - REBusinessOnline

BENGALURU :The three-week lockdown to contain the covid-19 pandemic has deeply impacted Indias real estate sector, which was already reeling from a liquidity crunch and weak residential sales.

The impact on discretionary spending may disrupt the retail mall business for a long time, while a sharp drop in home sales will heighten liquidity and cash flow pressures for developers. Affordable housing, which has held up in the five-year-long slowdown, may also get hit by the ongoing crisis.

However, the commercial office business, which has been an outlier of sorts, may face limited impact though this may be determined by how the information technology (IT) sector, one of the largest occupiers of office space, performs in the near future.

Residential sales are down by 70-80% because of the lockdown and distancing, and there is a postponing of decisions by buyers that may take some time to return to normal. However, housing is a necessity and we hope that those who need homes will buy at some point. The situation is critical and the impact on the sector would depend on how the government handles the situation and the incentives it gives," said Niranjan Hiranandani, co-founder and managing director, Hiranandani Group.

Shopping malls would see a 10-12% year-on-year erosion of rental income, given the temporary closure of malls and the risk of reduced footfall and discretionary consumption spends in 2020-21, a 27 March note by India Ratings and Research said. Cash flow gaps could widen in the residential sector, with limited sales in the coming months and debt servicing could be a challenge, especially for non-Grade 1 developers, it said.

The situation has added to the liquidity and cash flow crunch in the sector, said Gautam Chatterjee, chairman, Maharashtra Real Estate Regulatory Authority (RERA).

There is a lot of uncertainty now on how long this crisis will last and what happens after that. How long will construction remain stalled? When will migrant labourers return because it is a labour-intensive sector? Lack of money had stopped construction work in many cases and with this crisis now, its important that the construction cycle resumes soon," Chatterjee said.

On Thursday, Maha-Rera extended the completion deadline of registered projects by three months. However, Hiranandani said the impact could last longer and a one-year moratorium would be better.

Given the impending economic slowdown and job losses, if housing finance companies and banks were to tighten their home loan disbursements criteria, sales or collections could see further pressure especially in the affordable segment, the India Ratings report said.

Bengaluru-based Brigade Groups residential sales were good until the lockdown, said its chief financial officer, Atul Goyal. However, once the lockdown kicked in, customer bookings stalled, though Brigade is now taking bookings online. Payments are still coming but the run rate is down. A lot will also depend on job and salary cuts and how the IT sector performs. It helps that Brigade has a diversified real estate portfolio because those only into residential or retail projects may face challenges. Well-capitalised developers will survive, but many others may go for loan deferments," Goyal said. Brigade has already made interest repayments for March, he said.

Embassy Group chairman Jitu Virwani said fund-raising may be a problem if this continues, but so far, there has been no significant impact on the office leasing business.

The liquidity crisis has been a concern for over a year, with non-banking lenders staying away. The epidemic couldnt have come at a worse time, when the residential sector was expected to slowly recover over the coming months.

Originally posted here:
Realty braces for the worst amid cash flow pressures - Livemint

The coronavirus pandemic has affected every part of business, especially after the UK lockdown was announced on 23 March.

In the first of a series of features, we take a look at how different sectors are coping with with the measures brought in by the UK Government. In the first of a two-part article, we look at how the commercial property sector in the East Midlands is faring.

Bradgate Estates is a family-owned property development company that specialises in student and PRS blocks.

The company has built and sold over 90m worth of property over the last four years, consisting of Private Rented Sector and student blocks in Russell Group university cities such as Leicester, Nottingham and Sheffield.

Joseph Levy, managing director, said: The investment side of our business has been put on ice, with 100m of pipeline projects paused until at least September and maybe beyond.

The developments that are currently in construction are continuing, if maybe a little slower than before. But we are proud of our contractor, J A Ball and his team, who are continuing to stay on site until the supply chain or the Government dictates otherwise. But we are under no illusion that delayed completion will be inevitable.

We have circa 350 flats in the city [Leicester] and a large part of my business is being a landlord to both students and residential tenants. This is the sector of the business that has been affected the most.

We are trying to make sure our tenants feel as safe as possible, so we have a brave team of dedicated cleaners who constantly patrol all of our properties, ensuring that all the communal areas are continuously disinfected.

Our student tenants are also a concern as we are expecting a fall in rent, particularly from overseas students.

Richard Sutton, managing director of commercial property agent NG Chartered Surveyors, has grown his business on being accessible to clients, something, which for the moment, has been taken away in a

physical sense. He said: At the moment its hard to say how this is affecting our business. Of course, we have been impacted, like all in our sector, but, as yet to what extent, its hard to say.

Our technology, remote working protocol and the quality of our team has made us as if not more resilient and adaptable than other firms.

Were using remote working platforms, keeping in contact via teams and zoom and continuing to deliver the service needed by our clients, above all we are still here for the them.

Haroon Shaikh, director at Obstrat, which offices, residential, retail and leisure space In Leicester, says his firm has stopped work on one of its landmark schemes in Leicester.

He said: We have temporarily paused construction works at Universal Business Park on Humberstone Lane. Although the UK Government have not suspended construction, the health and safety of our workers and supply chain is our primary concern during these unprecedented times. We fully support the recommendations to stay home, protect the NHS and save lives.

With MIPIM 2020 postponed we have had to reschedule meetings and travel arrangements, we look forward to continuing to support Team Leicester when it returns.

But what is the East Midlands property sector doing to try and minimise the disruption brought about by the coronaviurus outbreak.

Stephen Pratt is Group land director at Godwin Developments, and works across both the East and West Midlands. He says that keeping communication flowing is key.

We are deploying technology to keep us all talking, growing and developing relationships, and winning business, he said.

In fact, we are encouraging all our staff to interact via video conference using Microsoft Teams rather than emails and messages, and we are working successfully across platforms with landowners, national and regional agents, planners and all other stakeholders.

Levy said: Like most sensible businesses, we are taking every step we can to minimise the loss of profit during this disruption. And to do this we must be flexible to change, adapt to the ever-changing situation as it unfolds and look for opportunities that may arise out of adversity.

An example being, we now unexpectedly have 250 empty flats for the next three months and we have developed many great ideas which will both fill them and help the community.

The effects will be minimised if we all help each other were we can.

With physical contact all but put on hold then it wouldnt take a great leap of imagination to assume that many property deals have been put on hold.

Wayne Oakes, director at engineering consultancy Dice, is refreshingly candid when he is asked if any deals he was working have fallen through since the lockdown was announced.

He said: In short, yes. A significant portion of our private work with developers has been placed on hold, along with schemes and projects in and around the retail and leisure sectors.

The retail sector has been on life support for a long time and we have grave concerns that COVID-19 could cause British high streets to decline even further as more people become reliant on online food shopping and on-demand orders via retailers like Amazon.

However, said Oakes, even though we have seen some schemes placed on hold, there are still some areas of positivity most notably in the public sector where there appears to be added resilience and a desire to proceed as planned.

He added: Weve also held numerous discussions with longstanding clients regarding innovative procurement measures. We cannot reveal too much of course, but were excited at the prospect of altering our working pattern and procurement routes with certain clientele, so there are definitely still opportunities there if you are prepared to innovate.

Simon Gardiner, managing director at Peter James Homes, told us his company is in a fortune position.

He said: No deals have fallen through. We were in a fortunate position having just completed our 48 housing scheme in Bestwood Village with two larger sites in the design/procurement phase. Our sites have been paid for and consequently with do not have issues on this front.

Fellow housebuilder, Ian Hodgkinson, said he is thankful to his legal team: We havent lost any deals and finances are still in place, there has been a remarkable effort by our legal team and our clients to move the deals on. I expect that this is just in case funding is impacted due to the coronavirus.

Architects and design teams have also been active with regards to still bringing opportunities to us most people are being positive at the moment.

Pratt says his firm is still actively looking for opportunities. We are actively seeking to hear from landowners and agents who may have brown or greenfield land for development. Because we work across the entire property lifecycle from site identification and acquisition through to development and asset management we are in the best position to advise on the optimum outcome for their assets in the current climate. In addition, we are pleased that all deals that we secured prior to the lockdown are still progressing well and on schedule.

In the next part of this feature, well look to the future and ask: how will the crisis change the property industry?

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Communication is key as commercial property industry fights the coronavirus crisis - The Business Desk

Chances are that the world returns to normal. From SARS to Bird Flu to Ebola, it seems there is always some type of health scare that we are told will alter the course of our existence. Hopefully, a few years from now we are able to put coronavirus into the category of other close calls. But this one feels different. And it is already altering our lifestyle in dramatic ways that prior health scares did not.

Just this week, the NCAA said that it will hold March Madness without crowds, SXWS canceled its annual event, the Coachella Festival announced that it will be postponed, Google told its 100,000+ employees to work from home, countless other companies encouraged their employees to telecommute, and toilet paper has become an unusually hot commodity. While the real estate industry as a whole appears (at least so far) to not be affected to the same degree as the travel and entertainment industries, what impact can we expect the coronavirus to have on the real estate industry over the course of the next few months and years?

The answer, of course, depends on numerous factors, such as how quickly the outbreak spreads, the duration of the outbreak, and the actual impact of the coronavirus on humans once we are able to analyze data from the inevitably larger sample size that we are certain to get. Even if the coronavirus is gone tomorrow, the impact on the real estate industry could be significant.

James Bond is a director at Fennemore Craig.

Telecommuting has certainly gained momentum in the past few years. But with more and more employers now encouraging their employees to work from home during the outbreak, employers are getting an unexpected preview of what a significantly smaller office footprint could look like in the future. Technology companies such as Zoom and Slack are being thrust into the spotlight as businesses try not to skip a beat with their employees working from home. If the technology companies can facilitate a work environment outside the office that delivers results for employers during this outbreak, then expect demand for smaller office footprints to accelerate as a result of the coronavirus.

On the other hand, demand for co-working spaces could decline significantly. As people try to avoid interacting with others in the office environment, the allure of leasing space in a co-working environment could diminish. The operators of co-working spaces will need to innovate in order to retain and attract new tenants.

Any discussion about the coronavirus often includes recommendations about social distancing. In its simplest terms, health experts suggest that avoiding crowded areas can be a helpful tool in avoiding the coronavirus. If the population at large follows this advice, the immediate impact on the retail sector could be significant as people avoid grocery stores, shopping centers, and malls.

But what will this mean long term? People still need food, clothes, and other essentials. And of course, they want other non-necessities. More and more people are already using Amazon and other online services to do their shopping from home. But there is still a large untapped market of people who have never used online shopping. There will be a significant number of these people who try online shopping for the first time as a result of coronavirus fears. This could be a tipping point that forever alters some brick and mortar stores and how they accommodate the online consumer. As at-home and curbside deliveries increase in popularity, retailers will need to consider store sizes, layouts, and pick-up points when they design stores.

The industrial sector will also feel the impact of the coronavirus outbreak, both good and bad. If online shopping becomes more prevalent as a result of the coronavirus, more industrial space will be required to house inventory at distribution centers. However, larger industrial spaces likely will mean more employees in close proximity to each other, so employers will need to be cognizant of how this will impact their operations during future outbreaks of the next major virus.

The coronavirus outbreak has led to a sharp decline in U.S. Treasury rates, which has driven down the interest rates on real estate loans. Many borrowers who were already in the process of refinancing existing loans will reap the benefits of these lower rates. If rates continue to stay low, more borrowers will rush to refinance and lock in rates that are at historically low levels.

While the coronavirus may not seem like it will have a major impact on the real estate industry, a closer examination suggests that it actually may have a far-reaching impact. From office to retail to industrial, expect that the real estate industry could see major changes regardless of whether the coronavirus is short-lived or is here to stay.

James Bond is a director at Fennemore Craig.

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The coronavirus impact on the real estate industry - AZ Big Media

Living Space Housing has secured a 6.3-acre site off Majestic Way in Telford, with the disposal being managed by Telford & Wrekin Council as part of the Telford Land Deal.

Living Space will develop a scheme of 39 affordable homes, following approval of a Reserved Matters application.

The Majestic Way in Telford scheme will be developed on behalf of a Registered Provider and Living Space is currently in discussions with a number of regional and national interested parties.

Living Space is a development-led residential planning, design and construction services solution for Registered Providers, PRS Funds, the NHS, Universities and Defence Estates. Having launched to the market last year, the company is already on-site at its first three developments.

Steve Davies, managing director of Living Space Housing, said: It is rewarding to be working with Homes England and Telford & Wrekin Council to bring forward this residential development site, which is within easy reach of Telford town centre.

While the coronavirus pandemic has led to construction work pausing on many development sites to keep everyone safe, our land team is working hard to secure many more projects like this one.

We are actively seeking immediate and longer-term development opportunities and have the funding in place to progress these deals. We would be delighted for agents, developers and landowners to get in touch and explore how Living Space Housing can offer a safe and viable alternative for your residential land.

The newly secured Majestic Way site is located within the established residential area of Aqueduct, less than two miles south west of Telford town centre. Aqueduct forms part of Telfords urban area and benefits from convenient access to a wide range of educational, retail and leisure services and amenities.

Living Spaces first three live development sites comprise 26 homes located off Britannia Way in central Telford, 51 homes at Pixiefields in Cradley, on the outskirts of Malvern, Herefordshire and 48 homes at the former Victoria Carpets Sports Ground on the outskirts of Kidderminster town centre in Worcestershire.

Continue reading here:
Living Space Housing to build new affordable homes in Telford - Planning, BIM & Construction Today

The official list of essential services in Ontario just got shorter. After widespread criticism over the length of the initial list released ten day ago, the government has come back with a slightly revised, shorter list.

Grocery stores, the LCBO and restaurants doing takeout and delivery still all made the cut but some construction is being shut down among other revisions.

Businesses no longer deemed essential will be required to shut down by 11:59 p.m. this Saturday April 4. The closure will be in effect for at least 14 days before the list is re-evaluated.

Here's the list as written by the government of Ontario.

1. Businesses that supply other essential businesses or essential services within Ontario, or that supply businesses or services that have been declared essential in a jurisdiction outside of Ontario, with the support, products, supplies, systems, or services, including processing, packaging, warehousing, distribution, delivery, and maintenance necessary to operate.

2.Businesses that primarily sell food, beverages and consumer products necessary to maintain households and businesses including:

3. Pharmacies.

4. Gas stations and other fuel suppliers.

5. Laundromats and drycleaners.

6.Security services for residences, businesses and other properties.

7. Vehicle and equipment repair and essential maintenance and vehicle and equipment rental services.

8.Courier, postal, shipping, moving and delivery services.

9.Funeral and related services.

10.Staffing services including providing temporary help.

11.Veterinary services (urgent care only) and other businesses that provide for the health and welfare of animals, including farms, boarding kennels, stables, animal shelters, zoos, aquariums and research facilities.

12.Home child care services of up to six children as permitted under the Child Care and Early Years Act, 2014, and child care centres for essential workers authorized to operate in accordance with Ontario Regulation 51/20 (Order Under Subsection 7.0.2 (4) of the Act - Closure of Establishments) made under the Act.

13.Hotels, motels, other shared rental accommodation including student residences, except for seasonal campgrounds and any pools, fitness centres, meeting rooms and other recreational facilities that may be part of the operations of these businesses.

14.Cheque cashing services.

15. Stores that sell any of the following items and provide them to the customer only through an alternative method of sale such as curb side pick-up or delivery, except in exceptional circumstances:

16. Businesses that provide the following financial services:

17. Information Technology (IT) services, including online services, software products and the facilities necessary for their operation and delivery.

18.Telecommunications providers and services (phone, internet, radio, cell phones etc.) and facilities necessary for their operation and delivery.

19.Newspapers, radio and television broadcasting.

20. Maintenance, repair and property management services strictly necessary to manage and maintain the safety, security, sanitation and essential operation of institutional, commercial, industrial and residential properties and buildings.

21.Businesses and facilities that provide transportation services, including,

22. Businesses that provide and support online retail, including by providing warehousing, storage and distribution of goods that are ordered online.

23. Businesses that extract, manufacture, process and distribute goods, products, equipment and materials, including businesses that manufacture inputs to other manufacturers, (e.g. primary metal/ steel, blow molding, component manufacturers, chemicals, etc. that feed the end-product manufacturer), regardless of whether those other manufacturers are inside or outside of Ontario, together with businesses that support and facilitate the movement of goods within integrated North American and global supply chains.

24. Businesses that produce food and beverages, and agricultural products including plants, including by farming, harvesting, aquaculture, hunting and fishing.

25.Businesses that process, manufacture or distribute food, beverages, crops, agricultural products, animal products and by-products.

26. Businesses that support the food or agricultural products supply chains and the health and safety of food, animals and plants.

27. Construction projects and services associated with the healthcare sector, including new facilities, expansions, renovations and conversion of spaces that could be repurposed for health care space.

28. Construction projects and services required to ensure safe and reliable operations of, or to provide new capacity in, critical provincial infrastructure, including transit, transportation, energy and justice sectors beyond the day-to-day maintenance.

28. Critical industrial construction activities required for,

31. Construction and maintenance activities necessary to temporarily close construction sites that have paused or are not active and to ensure ongoing public safety.

32.Businesses that provide and ensure the domestic and global continuity of supply of resources, including mining, forestry, aggregates, petroleum, petroleum by-products and chemicals.

33.Electricity generation, transmission, distribution and storage and natural gas distribution, transmission and storage.

34. Businesses that deliver or support the delivery of services including:

35. Businesses and organizations that maintain research facilities and engage in research, including medical research and other research and development activities.

36. Organizations and providers that deliver home care services or personal support services to seniors and persons with disabilities.

37. Businesses that sell, rent or repair assistive/mobility/medical devices, aids and/or supplies.

38.Regulated health professionals (urgent care only) including dentists, optometrists, chiropractic services, ophthalmologists, physical and occupational therapists and podiatrists.

39.Organizations that provide health care including retirement homes, hospitals, clinics, long-term care facilities, independent health facilities and mental health and addictions counselling supports.

40. Laboratories and specimen collection centres.

41.Manufacturers, wholesalers, distributors and retailers of pharmaceutical products and medical supplies, including medications, medical isotopes, vaccines and antivirals, medical devices and medical supplies.

42.Manufacturers, distributors and businesses that provide logistical support of or for products and/or services that support the delivery of health care in all locations.

43.Not-for-profit organizations that provide critical personal support services in home or residential services for individuals with physical disabilities.

44.Not-for profit organizations that support the provision of food, shelter, safety or protection, and/or social services and other necessities of life to economically disadvantaged and other vulnerable individuals.

See the original post:
Here's the new list of essential services in Ontario - blogTO

KEARNEY A 230-unit apartment complex, with 5,000 square feet of retail space, will be the first privately funded addition to University of Nebraska at Kearneys University Village.

Millennium Development and UNK jointly announced the development at a news conference this morning. The project is a public-private partnership between the two entities, with UNK leasing the land to Millennium Development, which is funding the project.

Scott Rief, a Grand Island real estate developer and the project investor, said the complex hopefully will attract graduate students, young professionals and the wider Kearney community.

This is a place we want you to come and enjoy and really have that walkability aspect. With the amenities that the university is coming up with currently and in the future, its going to be a destination where youre going to want to come multiple times and hopefully not leave, Reif said during the conference.

In addition to the one- and two-bedroom apartment units and townhomes, the complex will feature a clubhouse, outdoor heated swimming pool, a gym, carriage house, attached garages and a courtyard.

The first phase of the project, expected to start in August, will include five buildings with a mix of apartments and townhomesand two 10-plex units. The $14 million initial phase also includes the retail space, with a restaurant planned as the anchor business.

Full construction on the 230-unit complex will take approximately five years, but the first units are scheduled for completion in June 2021. It will be constructed southwest of the central green space of University Village.

Rief said there is not yet a tenant established for the restaurant space, but hopes that it will be a place the tenants, and other Kearneyites, could enjoy multiple times a week.

For young professionals, grad students, you want them to be able to come down and get a salad. It will be a place to gather not just once a month, he said.

In addition to the walkable mix of housing and retail spaces, Rief also anticipates young people will enjoy the many planned social areas of the development. He said the space has several green spaces built throughout for gathering, as well as a pleasant view from the units windows.

The housing development is designed by Weaver Sherman Design out of Indianapolis, which was involved with a project at Purdue University similar to UNKs University Village. Lincoln-based engineering and design firm Olsson also is involved.

According to Reif, the interior of the units will be finished with hardwood floors and modern touches, like matte black fixtures, grey and white paint on the walls and stainless steel appliances. Each unit will also have its own washer and dryer.

The two bedroom units will also have two bathrooms, with the thought of accommodating young professionals or students with a roommate.

Reif anticipates the rent for the units to be market rate. According to a study he said Millennium Development had done by an Arizona firm, thats about $1.15 to $1.25 per square foot.

With the units to be approximately 650-1100 square feet, mathematically that makes the rental cost anywhere from $747 a month to $1,375.

However, Rief said the rent would be really depending upon the market.

In addition to being the first public-private building at University Village, the apartment project will also be the largest private investment on a construction project in the universitys history, according to a press release.

UNK Chancellor Doug Kristensen initially revealed plans for the University Village project at a press conference in April 2014. He said Monday the university had been patiently waiting for the right development idea to present itself.

We spent a great time studying what will be successful here and being patient, Kristensen said. We had a lot of people (say), Im going to put this in. I want to put a fast food place in. Weve said no to all of that because it needs to be organized and planned. I think this (Millennium Development project) fits into the plan perfectly. I think this is exactly how we envisioned it would happen.

Kristensen said he anticipates that the project will draw both existing Kearney community members and new ones, in addition to new development.

Nebraska University President Ted Carter called the project a game changer.

Quoting Field of Dreams, Nebraska University President Ted Carter said of the project that, If you build it, they will come.

Once we have rooftops here, other things will follow, Kristensen echoed. But you have to build it around people, and thats what were doing.

University Village currently features the 99-unit University Flats building, which is open to UNK students, staff and faculty, and the LaVonne Kopecky Plambeck Early Childhood Education Center. Plans for an indoor tennis complex and Regional Engagement and Alumni Center are also in the works.

Excerpt from:
Apartment complex, retail space will be next addition to University Village - Kearney Hub

Plan for coffee shop plus other retail spaces submitted.

Developers submitted a site plan to build 9,900 square feet of retail including a Starbucks in two buildings facing the new Market Basket and Homesense buildings on Central Street in Salems Tuscan Village.

One building will include a 2,400-square-foot Starbucks cafe and another 1,850 square feet of attached retail space. The other 5,650-square-foot building will be broken up into four equally sized retail units.

The Starbucks will have 66 seats and a drive-thru, according to Town Planner Ross Moldoff.

The property, owned by Demoulas Super Markets, Inc., already includes an 80,000-square-foot Market Basket attached to a 26,000-square-foot Homesense and three other retail spaces. The 15,000-square-foot space next to Homesense will be a Sierra Trading Post. Moldoff said signage is up, and construction crews are working on the interior right now.

Homesense and Sierra Trading Post are both owned by TJX Companies, based in Framingham, Mass.

Developers met with the planning board Thursday night to discuss the site plan for the two new buildings. The board has yet to approve the site plan.

There were relatively minor concerns, Moldoff said.

Moldoff said the police department had concerns about traffic, particularly with drivers still unfamiliar with the new roadways inside Tuscan Village running the stop signs at the intersection of Village Way and Central Street. Moldoff said some recommendations were made to improve safety.

Additionally, consultants will be reviewing traffic, drainage, signage and other matters in the weeks ahead. Moldoff expects the Demoulas project will come back before the planning board by its 14 meeting if all goes as planned.

During the same meeting, the board heard conceptual plans for Blue Sky Towers of North Reading, Mass., to construct a 150-foot-tall cell tower on about 2,000-square-feet of land leased at 350 North Broadway.

Moldoff said the 4-acre parcel is owned by the Bien Soigne salon and spa at that location.

The board discussed some issues with the plan as it was proposed. Moldoff said the height of the tower exceeds the ordinance limits for the area, which is a maximum of 120 feet, and it does not provide the required fall zone radius which is required to be equal to the height of the structure.

If it goes forward, theyll have to get a waiver, Moldoff said.

Moldoff said there were also concerns about the towers ability to comply with the visual guidelines. The tower would be relatively close to Route 28 and would not be screened by trees.

The rest is here:
Starbucks and other retail spaces to be built in Demoulas-owned section of Tuscan Village - The Union Leader

Two new inter-connected projects will bring additional downtown apartments at different income levels. Construction will start on the two buildings on Grove St. between 5th St. and 6th St. will start this spring. The two buildings will also add new retail options, as well as office space and public amenities.

On the 6th and Grove side, immediately behind Strange Love (formerly China Blue), Carley will team with deChase Miksis and the Galena Fund on a seven-story mixed-use building. Carley and deChase previously partnered on The Gibson a few blocks away.

The ground floor will host two retail spaces, including a large 4,000 square foot space on the corner of 6th and Grove, adjacent to the Basque Block. A leasing office and bike storage room will also sit on the ground floor.

On the second story, a 7,310 square foot office space will take up the entire floor plate.

Levels three through seven will host 60 apartment units. The majority of units in this building will welcome tenants who make 60% of the area median income and below. The project earned tax credits in association with the City of Boise and Idaho Housing and Finance Association.

Rents will range from as low as $350 per month to $2,300 per month. The range depends on size of the unit, and includes some units in the building that will not have rent rate restrictions. Heres how the number of units breaks down by configuration:

Two of the three partners will work together on this project Carleys Capitol Partners and deChase Miksis.

The ground floor of this, larger, building includes nearly 8,000 square feet of retail space, fronting the entire Grove St. and 5th St. sides of the project. Two large bike storage rooms and storage space round out the first floor. Ten surface parking spots sit behind the building along the alley.

The second through sixth floors include 114 apartments. Rents will range from $975 per month to $2,200. The Capital City Development Corp. said the developers committed to keeping at least fifty of the units at 120% of area median income or below. The apartments will range in size from 400 to 900 square feet, including micro, studio, one-, and two-bedroom layouts:

A rooftop patio and garden space will sit on the top floor of the building.

Between the two buildings at mid-block, developers plan a small plaza space.

Along Grove Street at the building (sic) southeast corner, were proposing an urban courtyard with outdoor seating to connect the residential lobby and retail spaces between this building and the adjacent building, John King with Pivot North wrote in an application letter. This courtyard is open to the sidewalk to further activate the urban space.

Renderings show festoon lighting and seating open to Grove St.

CCDC approved reimbursement of costs associated with both projects this week. The 6th and Grove building will get reimbursement for up to $600,000 in costs, while the 5th and Grove project will get as much as $1.1 million.

The money will reimburse the developers for improvements they will make in the public right-of-way, including upgrading streetscapes, relocating overhead utilities underground, repaving the alley and adding new pavers.

The dollars will come from the agencys tax increment financing funding model and will be paid for from future tax collections on the projects.

A portion of the reimbursements may not happen if CCDC moves forward with a planned revamp of Grove St. as it planned in its capital improvement plan. The agency plans or is building out nearly $11 million in improvements along the Grove St. corridor.

Parking

Outside of ten ground-level spaces, the projects will not include parking for vehicles. Residents will be able to rent space in the new, large parking garage that will open next month at 6th and Front. That garage includes space for 600 cars far more than needed for the 140-room hotel.

A sign on the site notes that folks who currently have a parking space on the lot will lose their spot at the end of April, but they can also rent a space at the Home2 Suites by Hilton Downtown Boise garage.

The rest is here:
Grove St. apartments, office and retail coming to Downtown Boise, ID - boisedev.com