1100 Eastern Avenue Apartments

WASHINGTON, D.C., Feb. 20, 2020 (GLOBE NEWSWIRE) -- The District of Columbia Housing Finance Agency (DCHFA) completes its third transaction of February by financing the construction of 1100 Eastern Avenue Apartments, 63 affordable apartments in Ward 7. DCHFA issued $13.9 million in tax exempt bonds and underwrote $9.8 million in low income housing tax credit (LIHTC) equity. The Deanwood neighborhood is seeing a great deal of development and has become a sought after place to live, especially since being designated an Opportunity Zone. It is the Agencys goal to ensure that affordable housing remains a top priority amidst all of this development, stated Christopher E. Donald, Interim Executive Director, DCHFA.

The apartments at 1100 Eastern Avenue will consist of 11 efficiencies, 30 one-bedrooms, 2 two-bedrooms, 16 three-bedrooms and 4 four-bedrooms. Thirteen of those apartments will be reserved for residents earning 30 percent or less area median income (AMI), and the remaining 50 apartments will be reserved for those earning up to 50 percent AMI. Twenty percent of the units will be Permanent Supportive Housing (PSH) accepting Local Rent Supplement Program (LRSP) vouchers. Residents in the PSH apartments will have access to support services through Community Connections DC (CCDC), to include educational and vocational, psychiatric and behavioral, legal concerns, substance abuse and physical health and more.

The five-story $29.6 million building will feature 4,000 square feet of retail space on the ground floor, open-air courtyards, and a green roof. Additional amenities include an advanced security system with an intercom, video surveillance, key FOB access and on-site management. There will be a 16-space parking garage and 21 indoor bicycle storage units. All of the apartments will have new washers and dryers, refrigerators, garbage disposals, dishwashers and central air conditioning.

Additional funding for this project came in the form of an $11.4 million Housing Production Trust Fund (HPTF) loan from the DC Department of Housing and Community Development. This is the Agencys third recent project in the Deanwood neighborhood, having financed the construction of the Strand Residences and Providence Place Apartments in August 2019.

Through its Multifamily Lending and Neighborhood Investment and Capital Markets divisions, DCHFA issues tax-exempt mortgage revenue bonds to lower the developers costs of acquiring, constructing and rehabilitating rental housing. The Agency offers private for-profit and non-profit developers low cost predevelopment, construction and permanent financing that supports the new construction, acquisition, and rehabilitation of affordable rental housing in the District.

The District of Columbia Housing Finance Agency is an S&P A + rated issuer in its 40th year of serving Washington, D.C.s residents. The Agencys mission is to advance the District of Columbias housing priorities; the Agency invests in affordable housing and neighborhood development, which provides pathways for D.C. residents to transform their lives. We accomplish our mission by delivering the most efficient and effective sources of capital available in the market to finance rental housing and to create homeownership opportunities.

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DCHFA Finances Third Affordable Apartment Community of the Month in Ward 7's Deanwood - GlobeNewswire

Cambridge, MA Urban Spaces and StoneRiver Properties, two Cambridge-based commercial real estate development companies that focus on mid-sized, transit-oriented projects, have leased the entire first floor retail space at the Rand to Rock and Roll Daycare.

The daycare center is a music-based, Montessori-inspired school that provides a high-end childcare experience to infant, toddler, and preschool-aged children. The Rand, located adjacent to the Porter Square MBTA Red Line station at 1975 Massachusetts Avenue, is a mixed-use condominium development featuring 19 one and two-bedroom units and a three-bedroom detached single-family townhouse as well as the 3,500 square foot retail space now leased to Rock and Roll Daycare (RRDC).

We have had significant interest and been in talks with a number of retail operators since the space became available, said Paul Ognibene, CEO of Urban Spaces. We ultimately leased to Rock and Roll Daycare which we think is an ideal choice for the neighborhood given the need for high-quality daycare close to public transportation.

Voted Best of Boston by Boston Magazine in 2017, RRDC currently operates five daycare centers in Cambridge and is expanding rapidly, with five more (including the Rand) scheduled to open in 2020. RRDC is now offering franchising opportunities across America. Im thrilled about our new location at the Rand, said Chris Vuk, founder and CEO of RRDC. This is an incredible flagship location for Rock and Roll Daycare, and we are excited to share the magic of music-based learning with the Porter and Davis Square communities.

Designed by the award-winning architectural firm Prellwitz Chilinski Associates, the Rand was built by Urban Spaces Construction using modular technology and was entirely pre-sold prior to completion in 2017. Urban Spaces continues to develop mixed-use multifamily projects including Kendall East, a 136-unit apartment development with 15,000 sf of retail located along the First Street Corridor in East Cambridge, and BRIX, a 61-unit condominium with 3,000 sf of retail in downtown Salem.

We are very excited to have Rock and Roll Day Care coming to The Rand, said George H. Katis, Principal of StoneRiver Properties. RRDCs philosophy and approach to early childhood education will be a great addition to the Porter Square neighborhood.

The Rock and Roll Daycare lease was brokered by the Conviser Property Group and Horizon Capital Realty.

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Urban Spaces and StoneRiver Properties Bring Rock and Roll Daycare to Porter Square - Boston Real Estate Times

Exterior work is moving along at The Dime, a23-story mixed-use buildingin Williamsburg, Brooklyn. Located at 209 Havemeyer Street, the 350,000-square-foot project includes the refurbishment and incorporation of the 112-year-old landmarked Dime Savings Bank of Williamsburgh. The topped-out structure is designed by Fogarty Finger Architectureand developed by Charney Companies (formerly Charney Construction & Development)andTavros Holdings. Douglas Elliman is handling leasing for The Dimes 177 rental units, JLL is the commercial broker, and Ripco is in charge of the retail component. Grain Collectiveis the landscape architect, and1 Oak Contracting is the general contractor.

Photos from the elevated Marcy Avenue subway station and from street level show the white terracotta faade nearly complete, with work mostly concentrated on the western elevation. The paneling, which is manufactured byBoston Valley, features a variety of concave texturing that creates a play of light and shadow as the sun moves through the sky.

The Dime. Photo by Michael Young

The Dime. Photo by Michael Young

The Dime. Photo by Michael Young

The Dime. Photo by Michael Young

A large banner above the roof parapet around the mechanical units displays the name of the project and that leasing is available.

The Dime. Photo by Michael Young

The Dime looking west. Photo by Michael Young

The 19-story residential section rises above the four-story podium, which will feature 50,000 square feet of ground-floor retail space, over 100,000 square feet of commercial office space, and below-grade parking for 300 vehicles. Approximately 23,000 square feet of outdoor seating area for office tenants and future residents sits on top of the podium, along with amenities such as a basketball court, a yoga room and fitness center, a residential lounge, and a roof deck garden.

Leasing is set to begin in the spring with model apartments ready for showings on March 1st. The Dime will be completed by summer.

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White Terracotta Facade Nearly Complete for The Dime in Williamsburg, Brooklyn - New York YIMBY

Rendering of the project

Time Equities released details of its mixed-use project near downtown West Palm Beach.

The New York-based firm began construction of CasaMara, an apartment and retail development at 3111 South Dixie Highway. Its the site of a recently demolished office building.

The project is south of downtown West Palm Beach, in the El Cid neighborhood. As planned, CasaMara will have 300 Class A apartments with a 16,000-square-foot clubhouse and 16,000 square feet of retail space along South Dixie Highway. The retail portion will be called The Plaza at CasaMara, according to a press release.

Records show that a Time Equities affiliate paid $17.5 million for the property in 2006. M&T Bank is financing the project.

The 10-acre property will have seven low-rise buildings designed by MSA Architects with interiors by ID & Design International. The Plaza will have on-street parking, landscaping and a corner park.

Apartments will range from studios to three-bedroom units, and the amenities will include a resort-style pool with cabanas, a pool pavilion building with grilling stations and a water wall, a Jacuzzi, co-working lounge, fitness center, dog park, game room, club room, and childrens amenities.

Lincoln Property Company will handle leasing and marketing of the apartments, while Avison Young is the leasing brokerage for the retail. Don DeWoody of Avison Young said in the release that the firm is looking for retailers of wine, furniture, design, coffee and more.

The retail component is expected to open in the spring of next year.

In 2015, Time Equities planned to build five 15-story condominium buildings on the site. But the planned condo development drew opposition, and Time Equities halted work on the project last year before West Palm Beach city commissioners could consider whether to approve or reject it.

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Time Equities plans apartments, retail on former office site in West Palm - The Real Deal

By David Mullen, Staff Writer dmullen@amestrib.com

TuesdayFeb18,2020at2:31PMFeb18,2020at8:16PM

The future of the former Kmart location in Ames is starting to take shape as several retailers have submitted building permits, city officials said Tuesday.

HomeGoods, Ulta Beauty, PetSmart, Five Below and an interior storage facility all submitted building permits to the city prior to the end of 2019, Ames City Planner Julie Gould said.

Even though the interior storage facility has submitted a permit to the city, a name or brand was not listed on the permit.

The Ames City Council approved the final plat in July to divide the deserted building, located at 1405 Buckeye Ave., into a multi-retail space location.

The Kmart location shut its doors for the last time in December of 2014, and since that time there has been a lot of speculation about what the space would be used for due to its proximity to South Duff Avenue, one of the busiest streets in the city.

The building that is owned by a California holdings company submitted a Major Site Development plan for the property and preliminary plat at a city council meeting in 2018.

The City Council approved the plan, but on a condition that the developers would make the building more appealing to the public by adding design features to the sides of the building that face the street.

Although city officials know what the future residents of the building will be, there is currently no estimated date of when construction will be finished.

Were talking to (the developers), so we know that the total project is moving forward, but the timing of it is unknown, Gould said.

Besides adding new retail stores in the building, the construction of multiple new buildings and improvements to the parking lot are also a part of the project, Gould said.

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Multiple retailers have submitted building permits for the former K-Mart location - Ames Tribune

Whitewater Station, the project that will replace Jerrys 27th St. Market in Downtown Boise, looks closer to launching.

The project, also known as The Corner at Whitewater, will replace the Jerrys 27th St. Market, a former Islamic Center and a single-family home on the corner of 27th St. and Stewart Ave.

Four buildings will face Stewart Ave., with a series of 28 three-story townhomes. The homes will feature two and three bedrooms each and include a garage. The condos will also include outside decks and balconies.

A commercial space sits on the corner of 27th & Stewart, with a patio space. Plans indicate a retail or restaurant for the shop space. Blane Harvey with the group developing the site told BoiseDev in 2018 what they hope to see.

We would love to see a little coffee shop theres apatio out there too or maybe a specialty market with deli sandwiches, he said. (We want) something low use, not going to disturb tenants but provide a nice amenity for the neighborhood

Thirty-four parking spots inside the garages and 21 on-street parking spaces meet Boises guidelines. The project will allocate six spaces to the commercial space.

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Whitewater Station to bring condos to 27th St. in Boise, ID - boisedev.com

Downtown Dallas biggest development project the $450 million redo of the landmark First National Bank tower is headed toward completion later this year.

And the skyscraper has landed a high-profile tenant.

Since last year, developer Todd Interests has been working to restore the 52-story high-rise, which dates to 1965.

The iconic central business district building is being turned into a combination of office and retail space, apartments and a luxury hotel.

The ambitious project has been renamed The National.

Economic development group Downtown Dallas Inc. will be the first major tenant, taking space on three floors of the Elm Street building to house its headquarters and other operations.

We have been champions of this project, and it was a unique opportunity to put all of our operations under one roof, said Kourtny Garrett, president and CEO of Downtown Dallas Inc.

The organizations headquarters is now located in the Bank of America Plaza, and Downtown Dallas has other workers and operations housed in locations across the central business district.

Garrett said its office at The National will include a storefront on Pacific Avenue that will serve as an information center for downtown.

Its been one of our dreams to have that kind of a showcase space for downtown, she said.

Downtown Dallas, which has about 100 employees, will also have offices on the fourth and fifth floors of the building.

Developer Shawn Todd said Downtown Dallas has been one of the biggest proponents of the project, which stalled twice and faced foreclosure before Todd Interests took over the deal last May. We are excited to be able to have a facility that has the space to accommodate their needs, Todd said. There is no greater ambassador for our city than Downtown Dallas Inc.

Todd said the building will start opening in September and October.

There will be people living in this building in September, he said. The goal is to have the hotel open in the fall.

Its our goal to have everything completed by the end of the year.

The office tower, which sat vacant for more than a decade, will house a 219-room Thompson Hotel, 324 luxury apartment units, restaurants and retail, and offices.

Dallas Merriman Anderson Architects designed the renovations, and Andres Construction is the general contractor.

Todd Interests partnered with investor Moriah Real Estate to acquire the skyscraper after the previous developers couldnt obtain funding to continue the project.

The developers got $100 million in historic tax credits and $50 million in Dallas tax increment financing that made the huge renovation project viable.

Opened in 1965 as the home of First National Bank, the 1401 Elm St. tower was designed by noted Dallas architects George Dahl and Thomas Stanley.

The high-rise closed in 2010 when office occupancy in the building severely declined.

It has been the largest vacant building in North Texas and the last of the citys great skyscrapers to be repurposed.

This is the last vacant building of the 42 that existed 20 years ago, Garrett said.

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Downtown Dallas' $450 million First National Bank redo nears opening with new tenant - The Dallas Morning News

Theres certainly been no cease fire on the horizon in the office amenity war, but the condition of the overall space itself is also vitally important. Whether in the heart of the CBD or out in the suburbs, office users continue to show a proclivity for new or renovated spaces.

According to the latest Cawley Chicago data, compiling statistics for leases, sales and projects under construction in the Chicago metro, its clear that tenants continue to be drawn to high-end office spaces in the CBD. Cawley also compared the downtown Chicago office submarket with those in suburban Schaumburg and the eastern East-West Corridor to get an idea of how the markets perform in relation to one another.

Ubers 463,000 commitment at the Old Post Officebrokered by CBRE, with The Telos Group representing the building owner, 601W Cos.was the largest new lease of the year. The rideshare firm was one of the earliest tenants to sign into the 2.8-million-square-foot behemoth, which is undergoing an $800 million renovation.

The largest transaction, however, was Uniteds renewal of 816,300 feet at the Willis Tower, with plans for refurbishing their space in phases and the addition of a 30,000-square-foot cafeteria and amenity deck. JLL brokered that deal for United and The Telos Group represented the Blackstone Group, which is nearing the completion of a $500 million capital improvement program for the iconic building.

Heading into 2020, we continue to see solid market leasing fundamentals mainly in the Class A and higher-end Class B asset classes, said Rawly Lantz, principal at Cawley Chicago. These underlying fundaments are especially true within those buildings who have recent renovations and more modern updates.

In the past 12 months, there were 5 million square feet of new space delivered to the market. Chicagos office sector had a 12.3 percent vacancy rate in the fourth quarter, up slightly from the 12.0 percent vacancy rate in Q3 2019. Over the past year, according to Cawley Chicago figures, office rents in the metro inched up by 0.9 percent.

There are another 7,140,000 square feet of new office space now under construction, 36.3 percent of which was pre-leased as of Q4 2019. These projects include BMO Tower (co-developed by Riverside Investment & Development and Convexity Properties) and Bank of America Tower (co-developed by Riverside and the Howard Hughes Corporation). Combined, these developments will add over 3 million square feet along the Chicago River.

Development hasnt slowed down in Fulton Market, either. Shapack Partners and Focus are nearing completion of 167 N. Green Street, a 17-story, 645,000-square-foot ground-up project. 800 W. Fulton Street, a joint venture between Thor Equities and QuadReal, isnt slated to open until next spring, but Aspen Dental Management has committed to 197,000 of the buildings 480,490 square feet.

The two suburban submarkets that Cawley Chicago highlighted in their report, the eastern portion of the East-West corridor and Schaumburg, saw their absorption dip into the red last year, with -645,000 and -502,000 square feet of net absorption, respectively. Rents shrank slightly in the Schaumburg area by -0.3 percent, though the eastern East-West corridor managed to eke out positive rent growth of 1.5 percent in the 12 months ending in Q4 2019.

For building owners, there is a clearly a positive rental rate advantage for those suburban markets closer to interstate infrastructure, train system and the city. We continue to see small and large companies alike wanting and needing a suburban presence but looking for the amenities they might see within the downtown Chicago market, Lantz said. This is true both within their leased premises, within the building common areas and in nearby restaurant and retail developments.

The only commercial office building under construction in the East-West corridor is a 135,000-square-foot build-to-suit for the expanding Hub Group. However, Hines has approval to begin work on Oak Brook Commonsa mixed-use development on a former McDonalds office site in Oak Brookthat will include more than 200,000 square feet of office space in addition to retail, multifamily and hotel.

Antunovich Associates is collaborating with Hines to develop the master plan for Oak Brook Commons. The 17.5-acre project is betting that amenities inside and outside will be a draw to office tenants; the plan calls for 250 apartments, 104 condos, a 252-room hotel, three restaurants, retail and park space, in addition to office space.

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Downtown and in the suburbs, new office space continues to draw tenants - REjournals.com

Residents of south Fayette County, along with those from the Senoia area, will soon have another option for grocery shopping. The Senoia City Council on Feb. 17 approved a new shopping center at Ga. highways 85 and 16 that will be the location of a Publix grocery store and a number of additional retail stores.

Variances for four parcels totaling approximately 13 acres on the north corner of the intersection were approved by council members, with the shopping center wrapping around Marathon Gas and Isabel Mexican Grill located on the corner.

The shopping center will be accessed from both Hwy. 85 and Hwy. 16.

Site plans for the 10.33-acre grocery parcel included a 48,387 sq. ft. grocery store and approximately 14,700 sq. ft. of adjacent retail space for 10 retail store fronts.

Parking will accommodate more than 300 vehicles, the site plan noted.

Plans also included three outparcels, of approximately one acre each, fronting Hwy. 16.

There was no mention of anticipated construction or opening dates, said City Community Development Director Dina Rimi.

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Publix coming to Senoia's 85-16 intersection - The Citizen.com

Progressive CasualtyInsurance Companyhas signed a lease for 18,089 square feet of office space at The Offices at Victory Ridge, the first Class A speculative office development in Colorado Springs in over a decade.

Brad T. Bird with CBREsColorado Springs office and John Marold with CBREs Denver office represented the landlord, Mission Hill Capital.

Securing a commitment of this caliber pre-delivery is a major winfor the project and the market overall. The leasing of this space to a high-profile tenant provesthere is demand for new, quality product, stated Mr. Bird.

The Offices at Victory Ridge is located at 10855 Hidden Pool Heights, off Interstate 25 and Interquest Parkway in northColorado Springs, surrounded by retail and entertainment offerings. The property includes onefour-story office tower and two two-story buildings to the east and west of Icon Cinema, a luxurytheater brand that opened in November 2017 at Victory Ridge and is home to Colorados largestmovie screen. Victory Ridge is also the site of In-N-Out Burgers first Colorado retail locationand new distribution facility, currently under construction. In addition to its office space, thelarger complex is slated to include 221 townhomes, medical office space, at least one hotel andnumerous other restaurants and retailers.

Upon completion, The Offices at Victory Ridge will total 145,053 square feet of office and retail spacewith flexible suites ranging from 1,330 square feet to over 100,000 square feet of contiguous space. Designfeatures include dedicated garage parking, expansive windows with front range views, third andfourth floor balconies, and first floor patio spaces.

Headquartered in Mayfield Village, Ohio, Progressive is a national insurance company and hasadditional office space located in North Colorado Springs.The new Progressive office space will be built out over the next several months with occupancytentatively scheduled for August 2020.

Photo courtesy of CBRE

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Progressive Insurance Joins The Offices at Victory Ridge - milehighcre.com