Heres the latest on the new mixed-use, transit-oriented development coming to Nubian Square  Boston.com

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Heres the latest on the new mixed-use, transit-oriented development coming to Nubian Square - Boston.com

Historic renovation to begin in downtown OKC in March 2023  KOKH FOX25

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Historic renovation to begin in downtown OKC in March 2023 - KOKH FOX25

STRATUS PROPERTIES INC Management's Discussion and Analysis of Financial Condition and Results of Operations. (form 10-Q)  Marketscreener.com

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STRATUS PROPERTIES INC Management's Discussion and Analysis of Financial Condition and Results of Operations. (form 10-Q) - Marketscreener.com

With more than 1,000 empty parking spaces and do-not-enter signs taped to several locked doors, Prudential's 75-acre office campus in Plymouth feels nearly abandoned.

It's been that way nearly since the beginning of the pandemic when the company sent most of its workers home, leaving the 450,000-square-foot office building nearly empty. And like a lot of large companies, Prudential began re-evaluating its space needs.

Late last month the company sold the property to Jeff Koch and Dan Salzer, a pair of Twin Cities developers who decided that, although the building is only 42 years old, it doesn't have the features and amenities most companies want. Demolition is the only sensible option, they determined.

"It's getting more and more difficult to fill existing [office] space ... and that's a really tough building to repurpose," said Koch, a co-founder of Twin Cities-based Roers Cos. "But it's a perfect site for residential."

Koch and Salzer, a director of development for Scannell Properties, said that over the next five years the team plans to spend $300 million to build 12 to 15 buildings that will include rental apartments, medical offices and retail space in what will become one of the biggest redevelopment projects in the metro.

While there's plenty of demand for housing, demand for traditional office space is weak and the future of the sector remains uncertain, brokers say.

An estimated 18 to 25 % of all office space in the Twin Cities is empty and the situation is likely to worsen as leases expire and companies downsize, leaving vacancy rates elevated for the "foreseeable future," according to a new report from Jones Lang LaSalle (JLL)

The group said the average vacancy rate for offices across the metro has increased slightly since the beginning of the year, rising to 18% during the second quarter.

"Large tenants are still hunkered down and figuring out how and what hybrid work means," said Jon Dahl, a managing director in Minneapolis for JLL.

He said smaller companies are having an easier time determining their future space needs because they have a better handle on what works and what doesn't. Most of the active shoppers are in the market for spaces with 2,000 to 10,000 square feet. A few companies, Dahl said, are on hunt for 30,000 to 40,000 square feet.

"Small tenants are wanting new space and moving into new buildings," he said. "But there's a lot more movement than there normally would be."

Dahl said that in a normal market, there's a 75% probability of a tenant renewing, but those odds are now below 50%. Still, Dahl thinks the vacancy rate in downtown is close to leveling out.

Cushman Wakefield's estimates are even more dour. The company's second-quarter report shows that the average office vacancy rate across the metro was closer to 25% after hovering at around 18% for the three years prior to the pandemic.

The group said that leasing activity across the metro has remained relatively steady over the past several quarters. But for the eighth consecutive quarter, more office space has been vacated than occupied.

Excluding the massive vacancy at City Center after Target Corp. left the building, absorption during the second quarter was slightly positive given that several companies have signed leases and there have been several high-profile move-ins, especially in downtown Minneapolis.

Those recently signed deals included Fox Rothschild, which is taking nearly 40,000 square feet of that former Target space. ESG Architecture & Design said it will take 20,000 square feet at the new North Loop Green. In both cases, however, those new leases are downsizings from previous offices, creating a net increase in available space.

During the second quarter, Agiliti and HelpSystems moved into One Southwest Crossing, and the Pohlad Cos. and JLL moved into their new office space at the RBC Gateway tower.

Demand has been especially strong in the North Loop, which is now back to pre-pandemic leasing levels. The buildings in that area, he said, have the kinds of amenities and features that many companies want. Canteen One, for example, announced a move from the suburbs to a more than 40,000-square-foot space in the North Loop.

"Companies are not shying away from quality space," Paul Donovan, executive director at Cushman Wakefield, said. "They just want less of it."

With more than 2.3 million square feet of "active office requirements" (companies looking for space), JLL says leasing activity might increase slightly in the second half of 2022. If so, that could push some new speculative office development forward in downtown Minneapolis and St. Louis Park's West End.

Though the future of the office sector is uncertain, many investors are still shopping for and buying office properties, especially those with the best amenities and in the best locations.

There have been several notable deals this year, including the recent sale of the 1.7 million-square-foot Normandale Lake Office Park to Opal Holdings, its first acquisition in the Minneapolis-St. Paul market.

That property, which was nearly fully leased, quickly found a buyer after being marketed but it closed for slightly less than the $369 million the seller paid in 2014.

Overall, though, investment sales have been relatively slow since the beginning of the pandemic. Higher interest rates have put downward pressure on prices and rising construction costs have only made such deals more challenging.

Still, higher vacancy rates aren't necessarily leading to bargains for redevelopment sites. Koch said that when he first contacted Prudential to see if it would be willing to sell even a portion of its property in Plymouth, he expected a deal. That wasn't the case.

"We thought we'd see a fire sale for office properties," Koch said. "We thought we'd get this for pennies on the dollar."

Koch said that even at market prices it still made sense to do the acquisition. He'd long seen opportunity in the rolling hills and ponds on the Prudential property, which he passed on his daily commute.

So just after the start of the pandemic, thinking the company might be looking to downsize its holdings, he made the call. His timing was perfect. The company said it was willing to sell the entire property.

Since closing at the end of August, the development process has just begun. Land preparation is expected to begin in 2023 and it'll take about five years to fully redevelop the site into retail, medical office buildings, multifamily residential and a business park.

"This is going to be a vibrant new destination for the community," Scannell said. "Where people can live, work, shop, eat and gather."

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Why a 450,000-square-foot office building in Plymouth is about to meet the wrecking ball - Star Tribune

A project six years in the making to build a hotel in downtown Skokie is moving forward, with the site cleared and preparation for construction starting, according to officials.

Chicago-based E&M Strategic Development plans to build the Homewood Suites by Hilton Hotel and Conference Center on the former Sanford Brown College site at 4930 Oakton Street. Mark Meyer, managing partner and founder of E&M, said Thursday the former building has been demolished and cleared, with the majority of building materials destined for recycling or reuse, and excavation of the site is underway.

As part of the hotel project, the village will build a $9.5 million parking garage at 8031 Niles Ave., on Illinois Science + Technology Park land owned by American Landmark Properties.

To that end, the village board on Aug. 15 approved a $10 yearly lease with American Landmark Properties starting Oct.1; a $178,600 architectural design and engineering services contract with Ware Malcomb; and a $450,329 construction contract with Russell Construction.

The first phase of the parking garage will provide 100 public parking spaces and 200 parking spaces for the hotel. Additional floors for tenants of the Illinois Science + Technology Park might be built in future phases. Also, the alley north of the hotel will become a fully improved street named Oakton Terrace. The parking garage which had been part of the Illinois Science +Technology Park master plan from 2005 will be just north of Oakton Terrace.

The hotel will have 143 rooms; 10,000 square feet of meeting/event space indoors and 5,000 square feet outdoors; a rooftop bar on the eighth floor; and 13,000 square feet of retail space on the ground floor.

The project was initially estimated at $55 million, but it will amount to more than $60 million due to inflation and the overall increase in the cost of goods and materials, Meyer said.

The village will contribute up to $13.5 million in tax-increment financing money for eligible project costs, according to the development agreement. TIF funds will be used to build the parking garage, village officials said.

Meyer said it might be difficult to meet the initial goal of opening the downtown hotel in fall or winter 2023.

Normally, its 14 to 18 months of construction time, he said. Weather, supply chain issues, labor issues all those things have an effect. If everything goes smoothly, yes, we can open at that time.

E&M Strategic Development first approached the village about the downtown hotel project in 2016. The process included the creation of a tax-increment financing district to help fund the project. The village board voted to enter into a development agreement with E&M Strategic Development in January 2021.

Meyer said the company focuses on Hilton, Marriott and IHG hotels. The company built a Holiday Inn Express and Suites in Elkhorn, Wisconsin, for example. Its not uncommon for projects to take several years, he said.

You think you have everything figured out, and then youre hit with the unforeseen, like the rise in interest rates and the cost associated with that, he said. And COVID, obviously.

Meyer, whos in business with his daughter, Emily Meyer, said they are big believers in downtown Skokie. He lives in Evanston and has frequented Skokie often, he added.

As theres been urban flight (in the wake of the pandemic), it seems like Skokie has become a desirable place where people relocate to, he said. The village has been great to work with. They value finding a partnership that works, not just to see the development but to see it done right.

For example, Skokie selected an environmentally-friendly contractor for the demolition, which resulted in less than 5% of debris ending up in landfills, Meyer said.

He explained that concrete was crushed to become road mix, and steel and other metals were melted for reuse, among other things.

The new parking garage also will have electric vehicle charging stations, Village Manager John T. Lockerby said. We are working with every project to make it sustainable, he said. The garage, however, will not have solar panels or a green roof, he said in response to a question asked by a resident at the Aug. 15 meeting.

Trustee James Johnson, who abstained from voting on the parking garage contracts, said the project is not aligned with the villages sustainability goals. I would really love to see the remaining green space in the Illinois Science + Technology Park be more protected in the future, he said.

According to estimates, the hotel is expected to attract 47,000 guests who will spend $12.5 million annually, with a benefit to local restaurants of up to $2.1 million annually, village officials said.

The hotel also will create 65 to 80 jobs, with the potential of becoming careers, in the hospitality industry, Meyer said.

We (my daughter and I) are excited to bring a family business to the area, he said. Not only to have an impact today, but to have an impact far into the future.

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Skokie hotel expected to boost downtown area; construction starting - Chicago Tribune

The St. Louis regions fourth Costco store will open Oct. 25, a city spokeswoman confirmed.

UNIVERSITY CITY, Mo. The new Costco in University City has an opening date set for this fall.

The St. Louis regions fourth Costco store will open Oct. 25, a city spokeswoman confirmed. The Issaquah, Washington-based retailer operates existing locations in south St. Louis County, Manchester and St. Peters.

The newest Costco anchors the larger $211 million Market at Olive redevelopment at Interstate 170 and Olive Boulevard that willtransform the area on the north and south sides of Olive into a commercial corridor with retail, restaurants, apartments, a hotel and offices. The entire project adds nearly 50 acres of retail space, with 16 acres for Costco.

The Costco will be the first part of the new retail center to open. Construction on the second phase on the south side of Olive is underway, the city said. Over the next couple of months, the remaining buildings there will be demolished, and construction will start on four new buildings.

Two of the buildings will be built this fall, and the other two soon after. Tenants will be announced in the next few months, the city said.

Most buildings in Market at Olive are planned to be under construction by spring 2023, the city said.

Costco owns its property, but the business entity that owns the Market at Olive project, U City LLC, wasacquired last year by developers Larry Chapman, CEO of Seneca Commercial Real Estate, and Bob Clark, CEO of construction firm Clayco and developer CRG. Chapman and Clark are partnering on the project with David Hutkin of real estate firm Hutkin Properties and Caroline Saunders, former general counsel of CRG who is serving as partner and counsel.

The original owner of the project, Novus Development, was approved for $70.5 million in tax-increment financing for the development in 2019 and sold the development last November for an undisclosed amount.

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Here's when the St. Louis area's newest Costco is set to open - KSDK.com

Several new businesses and renovations are underway or coming to the Conroe area. The following projects have been filed through the Texas Department of Licensing and Regulation, and information may be subject to change.

1. Boba Queen Tea & Sweets: 2107 W. Davis St., Ste. C, Conroe

Type of work: renovation

Timeline: Oct. 24, 2022-April 24, 2023

Estimated cost: $55,000

Square footage: 1,494 square feet

Scope: lease space remodeled for a new tea house

2. Living Spaces: 10900 I-45 S., Conroe

Type of work: new construction

Timeline: Nov. 1, 2022-Nov. 1, 2024

Estimated cost: $24.7 million

Square footage: 148,000 square feet

Scope: construction of a retail center for furniture sales

3. Pure Barre: 4507 W. Davis St., Ste. 160, Conroe

Type of work: renovation

Timeline: Oct. 1-Dec. 10

Estimated cost: $200,000

Square footage: 1,698 square feet

Scope: interior build-out of vacant space for a fitness facility

4. New Conroe ISD north transportation center: 823-809 N. Freeway Service Road, Conroe

Type of work: new construction

Timeline: Aug. 16, 2022-Aug. 31, 2024

Estimated cost: $8.5 million

Square footage: 11,071 square feet

Scope: construction of a new transportation administration facility, renovation of an existing shop and site improvements

5. Walk On's Bistreaux & Bar: 2571 I-45 N., Conroe

Type of work: new construction

Timeline: Oct. 3, 2022-July 7, 2023

Estimated cost: $4.04 million

Square footage: 8,545 square feet

Scope: construction of a a sports-themed restaurant serving Louisiana fare

6. Tico's Kitchen: 3778 FM 1488, Ste. D, Conroe

Type of work: renovation

Timeline: Sept. 15-Nov. 30

Estimated cost: $450,000

Square footage: 2,200 square feet

Scope: renovating an existing building for a new cafe

7. Grand Pines Retreat Wedding Venue: 400 Bryant Road, Conroe

Type of work: new construction

Timeline: Oct. 1, 2022-July 1, 2023

Estimated cost: $5.32 million

Square footage: 17,734 square feet

Scope: construction of three buildings with a wedding chapel, a groom's quarters and a reception hall

8. Horseshoe Bend Medical Offices: 14220 Horseshoe Bend Drive, Conroe

Type of work: new construction

Timeline: Sept. 1, 2022-March 31, 2023

Estimated cost: $2 million

Square footage: 20,018 square feet

Scope: construction of a new office building

9. Plush Nails: 3786 FM 1488, Ste. A, Conroe

Type of work: renovation

Timeline: Sept. 15-Nov. 30

Estimated cost: $450,000

Square footage: 3,200 square feet

Scope: renovation of an existing retail building for a new nail salon

10. Cold Stone Creamery: 449 S. Loop 336 W., Ste. 700, Conroe

Type of work: renovation

Timeline: Sept. 1-Dec. 15

Estimated cost: $130,000

Square footage: 1,364 square feet

Scope: build-out for a Cold Stone Creamery store

11. First Watch: 449 S. Loop 336 W., Ste. 1000, Conroe

Type of work: new construction

Timeline: Oct. 18, 2022-Jan. 22, 2023

Estimated cost: $750,000

Square footage: 4,005 square feet

Scope: build-out for an eatery

12. Feng Cha: 449 S. Loop 336 W., Ste. 900, Conroe

Type of work: new construction

Timeline: Sept. 15, 2022-March 30, 2023

Estimated cost: $150,000

Square footage: 1,680 square feet

Scope: build-out for a tea house

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12 latest commercial permits filed in Conroe, including First Watch and Walk On's Bistreaux & Bar - Community Impact Newspaper

Construction is poised to begin on Lendleases flagship commercial building in North Sydney, Victoria Cross Tower.

Rising above North Sydneys new Metro station, the 42-storey office tower will be the lynchpin for a new commercial and retail precinct as the regions resurgence continues. Work will start before the end of the year.

Lendlease said the tower would represent the latest global thinking in place creation and workplace experience, offering a modern and sustainable space that promotes collaboration, flexibility, and innovation.

A part of the Sydney Metro integrated station development, Victoria Cross Tower will be a net zero carbon structure, powered by 100 per cent renewables and is targeting a Platinum WELL and 6-Star Green Star rating.

Designed by Bates Smart, the premium-grade tower features an expansive lobby and multipurpose hub space, and outdoor balconies and green spaces.

On the ground level, the lobby opens to a retail-activated laneway with more than 20 retail and hospitality outlets planned to cater for workers, locals and visitors.

Victoria Cross Station has been tipped to transform North Sydneys CBD into one of the most accessible business districts in the city, cutting transit times to places such as Barangaroo and Martin Place to mere minutes.

Victoria Cross Tower is 25 per cent owned by Lendlease's flagship Australian office fund, APPF Commercial. A spokesperson said the fund would continue its market-leading sustainability focus with the tower the first building in its portfolio to be fully electric.

Constructing the $1.2-billion precinct will see the building rise approximately one floor each week, they said.

The project will support around 5000 jobs with 90 per cent of the workforce local to the Sydney area.

Once completed, Victoria Cross Tower will accommodate up to 7000 workers across about 58,000sq m of office and retail space.

It is due to be completed in 2024. The new train services, Sydney Metro City and Southwest, are due to start the same year.

Lendlease managing director of development Tom MacKellar said North Sydneys CBD was on a path of transformation and that connectivity will be key with the introduction of Sydney Metros new Victoria Cross Station.

Victoria Cross Tower will stand at the centre of this transformation, in what will be a thriving new round-the-clock precinct, breathing new life into North Sydney, he said.

Development in North Sydney has ramped up in recent months including, in June, Sydney-based developer Stockland Corporation winning approval for a $1.4 billion, 51-storey office tower in North Sydney.

North Sydney Council approved the development application for Affinity Place. It will be the tallest building in the lower north shore.

Meanwhile, Deicorp expects to start work within a month on its $445-million mixed-use project to be built above a recently completed Metro station in Sydneys north-west.

The Independent Planning Commission greenlit the four 20-storey residential towersin the Hills Showground Station Precinct, about 35km north-west of the Sydney CBD, earlier this month.

It is part of the Sydney Metro Northwest line, joining the Sydney Metro North line at Chatswood.

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Construction Poised to Begin on $1.2b North Sydney Tower - The Urban Developer

Watertown, MA Ayr Wellness, a growing U.S. multi-state cannabis operator, celebrated the grand opening of its new store located at 48 North Beacon St. on Friday, August 12th. Ayrs prominent brands include Kynd premium whole flower, LIT premium whole flower, Levia cannabis-infused beverages, Wicked Edibles, Entourage and Secret Orchard vapes, Origyn Extracts, and Stix Preroll Co., among others. The new store was built by Connolly Brothers Inc., a construction management firm serving private commercial, industrial, and institutional clients in New England.

Were incredibly excited to welcome our customers and patients into this beautiful space, said Gretchen McCarthy, vice president of retail for the Northeast at Ayr. The design of the store is welcoming and curates a great experience for all guests. Were thrilled to be members of the Watertown community and will maintain our commitment to being a great neighbor and community partner.

The new store, which was previously a floral shop, was designed by Scott/Griffin Architects, and features silver composite panels, energy-efficient windows, and mid-century modern architectural details. The interior of the dispensary building is divided between a commercial retail space on the first floor as well as a mezzanine for office and storage space. The first-floor dispensary is split between medical and retail functions, and interior design touches include a modern metal baffle ceiling, terrazzo floors, high-finish cabinetry and display cases, and contemporary lighting.

The design challenge was to adaptively reuse the original floral shop and related workroom and transform it into a contemporary cannabis dispensary, said Thomas Scott, principal of Scott/Griffin Architects.

The construction and renovation work on the 4,500 s/f structure involved significant site and foundation upgrades, as well as major electrical and HVAC work to bring the 1945 building up to code, enabling it to serve as a contemporary dispensary. The project also included tearing down an adjacent building to allow room for parking atop a new porous pavement driveway to keep water on site. Limited demolition work on the previous structure not only enabled the parking area but also decreased the size and shadow impact on surrounding neighbors while introducing new bicycle parking and landscape buffer features.

A decrease in architectural scale, the addition of open space, and a full integration of the project into the surrounding terrain had an overall beneficial impact on the neighborhood, Scott said.

Connollys work also included the implementation of an intensive security system for the dispensary to ensure adherence with all Massachusetts Cannabis Control Commission requirements.

We appreciated the opportunity to foster Ayr Wellness growth with the construction of this beautiful new facility in Watertown, said Jay Connolly, president of Connolly Brothers.

Ayr Wellness also recently opened a dispensary in Bostons Back Bay at 827 Boylston St., and has received state approval for adult-use sales at Sira Naturals in Somerville, Mass., pending local approval.

Ayr has made serving as a force for good a priority throughout Massachusetts, and our team looks forward to furthering this commitment and continuing to enact positive change throughout Massachusetts and every place where Ayr operates, said Ayr CEO Jonathan Sandelman.

The rapidly expanding companys products are now available in more than 500 dispensaries, with Ayr operating more than 75 dispensaries across eight U.S. states.

Ayr is an expanding vertically integrated, U.S. multi-state cannabis operator, focused on delivering the highest quality cannabis products and customer experience throughout its footprint. Based on the belief that everything starts with the quality of the plant, the company is focused on superior cultivation to grow superior branded cannabis products. Ayr strives to enrich consumers experience every day through the wellness and wonder of cannabis. More at ayrwellness.com.

Connolly Brothers Inc. is a construction management firm serving private commercial, industrial, and institutional clients. A five-generation family business established in 1880, Connolly is based in Beverly, Mass. and operates throughout the New England region. For more than a century, clients have turned to Connolly for all aspects of their construction projects, from planning and design to real estate development. More at connollybrothers.com.

Based in Waltham, Massachusetts, Scott/Griffin Architects is considered among the most energetic and experienced retail architectural firms in the Commonwealth of Massachusetts. Our retail clients extend throughout the northeastern United States. A full-service firm offering architecture and engineering, SGA builds long-lasting relationships with clients based upon careful listening and strong communication. More at sga-architects.com.

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Project of the Month: Ayr Wellness opens dispensary in Watertown - built by Connolly Brothers; designed by Scott/Griffin Architects - New England Real...

After years of back-and-forth with neighbors and the city, developers behind the $2 billion Brookridge project in Overland Park say they are expecting to break ground this fall.

Driving the news: Overland Park-based developer Curtin Property presented an update about the 200-acre, mixed-use development near the Brookridge Golf & Fitness club at Antioch Road and 103rd Street to the Overland Park Finance, Administration and Economic Development Committee earlier this month, outlining the projects latest timeline.

The timeline: In order for construction to begin, Messer said a stipulation on the project plan regarding the rights-of-way at 103rd Street must first be discussed and approved by the Overland Park City Council in November.

Background: The project to develop part of the Brookridge golf course property at the southeast corner of Antioch Road and 103rd Street was intensely disliked by residential neighbors. It took about five years from its inception before a development agreement on the financing package was reached in 2019.

The stipulation modification will be discussed by the Overland Park Planning Commission Monday, Oct. 10, before being voted on by the council in November.

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Brookridge project could break ground in Overland Park this fall - Shawnee Mission Post