A vacation resort in the northwest Cape Coral is pending approval by the city and could arrive by 2025.

The Lake Shadroe Resort will be located at 218 Burnt Store Road and will feature 48 resort-style waterfront units with unobstructed views.

The four-floor resort is being brought to life by Cape Coral based developer White Stone Developments, LLC.

It was a real honor to be able to share our vision for the future of the northwest Cape, stated Robert Knight, Founder and Chief Executive Officer of White Stone. Not only will it bring visitors to this beautiful area of the country, it will bring business and jobs to this quickly growing part of Florida.

The Lake Shadroe Resort also includes a two-floor commercial space with spa facilities, retail stores, coffee shop (Because Coffee Co.), waterfront restaurant, tiki bar, and on-site management offices. The marina will have slips and boat rentals, a fuel pump station, and is conveniently located next to the Burnt Store public boat launch.

There will also be a bait and tackle shop where guests have access to marine supplies, souvenirs, and snacks. The Pool Deck will have a resort style pool and Jacuzzi, plenty of lounging chairs and a small private beach.

Its retail, dining, and waterfront amenities will provide great additions to northwest Cape Coral, Knight continued.

The city accepted permits from White Stone Developments in July, and once approved, construction will begin.

Connect with this reporter on Twitter: @haddad_cj

Originally posted here:
Vacation resort planned for northwest Cape Coral | News, Sports, Jobs - Pineisland Eagle - Pine Island Eagle

Photo courtesy Senator Skinners office

By David M. GreenwaldExecutive Editor

Sacramento, CA This week the state legislature approved two bills that they hope will spur housing development (assuming the governor signs them).

AB 2011 and SB 6 would allow for the development at underutilized commercial and retail spaces such as largely vacant strip malls.

These bills will change the trajectory of Californias housing crisis, said Assemblymember Buffy Wicks. The impact will be historic no longer will lack of land be an issue for housing production.

These are the latest efforts by the legislature to attempt to streamline housing and address the housing crisis where some experts believe around 2.5 million additional homes need to be constructed over the next eight years.

As Smart Cities Dive pointed out this week, Housing experts and real estate industry leaders during the Urban Land Institutes spring meeting in April said retail space is overbuilt in the U.S., and the shift to online shopping has prompted retailers to reduce their square footage.

Thus, Replacing those vacant and underutilized strip malls and shopping centers with developments that mix residential housing with stores, restaurants, hotels and commercial space could help the state address its affordable housing needs.

However, many believe that local laws have prevented residential housing in commercially designated zones.

Naturally, California YIMBY praised the effort. In a tweet, Darrell Owens, policy analyst for California YIMBY, praised AB 2011 noting that it upzones for more than 2.4 million additional homes and offers around a 45 percent reduction in GHG over sprawl.

This bill could result in 400,000 low income subsidized units, many of which may be in my own NIMBY backyard, Owens added.

In a statement, state Sen. Anna Caballero said the Senate bill would spur the creation of housing in existing commercial and retail space, and help make homeownership more attainable for working families.

The assembly bill, meanwhile,would accelerate production of millions of affordable and mixed-income housing along transit-friendly commercial corridors, Caballero added.

But, of course, the bill has attracted complaints.

Livable California for instance, called it the worst bill of 2022 for taking away local control.

Among other things, It requires ministerial approval of construction across a broad category of zones including office, retail, and parking.

They add, AB 2011 is a massive state taking of flexibility needed by local jurisdictions to place housing where it best meets the needs of the community. CEQA is circumvented on these projects. CEQA is an important source of information to the community and developers and helps protect the environment.

On the other hand, the bill comes with affordability requirementsfor infill and mixed-use housing, often affordable requirements fall short.

The Senate Bill analysis points out a housing development project may submit an application for a housing development that shall be a use by right and subject to a streamlined ministerial review in a zone where office, retail, or parking are a principally permitted use but one of the keys to ministerial review is that it must meet the affordability requirements where 100% of the units are affordable to lower income households.

It also offers a path for mixed-income housingwhere it requires the project to meet the 15 percent affordability for lower-income households or 8 percent for very low and 5 percent for extremely low. For owner-occupied units, 30% of the units are required to be affordable to moderate-income or 15% affordable to lower-income households for 45 years.

If people dont want peripheral development, then there has to be a way to build housing that is infill. One of the best places to do so is with antiquated and underutilized commercial parcels.

The problem as we know is that it is difficult and expensive to build infill, and especially to redevelop existing structures. While this bill isnt going to address cost, it will make it easier to gain approvals.

This will allow housing projects to get approved and permitted by staff without further approval from elected officials.

The bill analysis notes, Projects reviewed ministerially, or by-right, require only an administrative review designed to ensure they are consistent with existing general plan and zoning rules, as well as meet standards for building quality, health, and safety. Most large housing projects are not allowed ministerial review. Instead, these projects are vetted through both public hearings and administrative review.

Unlike SB 9 and SB 10, with huge amounts of underutilized commercial centers, this bill has a chance to be the kind of gamechanger that the legislature needs to address the housing shortfall.

Excerpt from:
Commentary: Will Housing Bills Help Address Housing Shortfalls? - The Peoples Vanguard of Davis

FORT LAUDERDALE, Fla. Very little vacant land is left for building homes in South Florida, but just how scarce are the options? As the region struggles with a housing shortage, the amount of vacant land zoned for residences is down to less than 1% in parts of the region.

The South Florida Sun Sentinel requested the amount of all vacant land parcels that are currently zoned vacant residential or vacant commercial from the Palm Beach County and Broward County property appraisers office.

According to an analysis of the data, there are only about 20 square miles, or less than 1%, of land that remains vacant and zoned for residential use. For perspective, Palm Beach County is 2,383 square miles. On top of that, those 20 square miles are fractured into hundreds of lots all over the place.

Its even worse in Broward County. Of the countys 1,323 square miles, only 5 square miles, or less than 1%, remain vacant and zoned for residential use.

Miami-Dade County did not return the request for information.

Much of the vacant land in Palm Beach County is parceled in the western parts of the county, such as Belle Glade, Clewiston and in areas such as Westlake and Loxahatchee. For Broward County, the land is more scattered, with areas of remaining land concentrated in the areas of Southwest Ranches, Davie and west of Sunrise.

Broward County is a sought-after place to live as people from all over the world are making it their home. Although impossible to say for certain, it is my belief that the lack of vacant land is a contributing factor in the increase in value for the existing homes and properties and likely will be for the foreseeable future, said Marty Kiar with the Broward County Property Appraisers Office.

South Florida is in the midst of a real estate boom fueled in part by record low inventory and an influx of new residents. One of the most important factors in the housing shortage, however, is the scarcity of land on which to build. Developers are having a hard time finding vacant land zoned for residential commercial use, as each county is braced by the ocean on one side and the Everglades on the other.

Broward County is one of the most land-constrained markets in the country, said Brent Baker, division president with Pulte Group, who builds homes throughout Palm Beach County and Broward County. Palm Beach County is slightly better.

Many of Pultes projects are reflective of the land constraints that South Florida is facing. Theyve had to turn to land-use conversions, building on areas that were once golf courses or flea markets.

Pulte isnt the only developer turning to outlying areas in a quest to find land.

AKAI Estates turned to Southwest Ranches, out in the western part of Broward County, and Symphony at Jupiter, a new housing community, is built on one of the few remaining parcels of land in Jupiter, that was at one point a nursery.

Land scarcity will drive up land prices, explained Ken H. Johnson, real estate economist with Florida Atlantic University.

It causes the price to be significantly higher. Its pure supply and demand, added Baker. As the availability of land dwindles, that reduces the supply, and that ultimately makes it harder and more expensive for the builder and the developer to get housing on there.

It also motivates developers to build costlier homes. The more expensive land gets, the more value you need to put on it on the land, said Michael Sochaczevski, a developer on the AKAI Estates team.

The AKAI Estates development sells custom homes built on about 2 acres of land ranging from $8 million to $13 million.

All of these factors help fuel South Floridas affordable housing crisis.

Beyond vacant lots, there are other open spaces in South Florida, some held as nature preserves, while other areas consist of agricultural lands, golf courses or industrial lands. These could be rezoned in the future to accommodate residential developments.

Broward County currently has about 19 square miles of land that are golf courses, agricultural properties and other large parcels, while in Palm Beach County, around 684 square miles are zoned as agricultural or agricultural residential.

Were going to be looking for land, said Johnson.

Case in point, former President Donald Trump announced plans to convert the Blue Monster golf course at Trump National Doral, one of four golf courses there, into a luxury housing, retail and commercial space.

And last year, Miami Dade County commissioners voted 10-2 to redevelop the Calusa Country Club into a 550-home development by GL Homes.

The land shortage is happening as population growth in the tri-county area is expected to rise over the next 10 years: Palm Beach County should see the population increase by 14% over the next 10 years, while Broward County should see increases of 12% and Miami-Dade 8.7%, according to numbers provided by Johnson.

Whether and how that land is rezoned remains to be seen.

Golf courses have seen a resurgence in popularity, preventing some of the courses that may have been converted from doing so, said Baker. There is a chance that some of the larger nurseries could be redeveloped. The rezoning process can take anywhere from 18 months to 24 months, Baker said.

2022 South Florida Sun-Sentinel. Distributed by Tribune Content Agency, LLC.

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New Construction? S. Fla. Is Almost Out of Land - | Florida Realtors

TOWN OF NEWBURGH - A New Jersey developer with four warehouses in Orange County is addingtwo more to its stock, across from the Newburgh Mall.

One of the new Matrix Development Group buildings will be 927,041 square feet, andthe other will be 215,200 square feet. Both will be built on a 90-acre property at thecorner of Route 300 and Interstate 84, near Matrix's other warehouse by Stewart Airport.

Developers will use local labor on the construction, which is alreadyunderway.

This new project is one of the latestin a steady stream of warehouse proposals that have come to Orange County since2019.

Currently, some 40 warehouse projects are in the works or in the planning stages, saidAlan Sorensen, the county's planning commissioner.These includenew construction and expansions.Some are undergoing lengthy environmental reviews and approval processes, he noted.

Most of the Orange County warehouse projects are locatedin the village of Goshen, and towns of Wawayanda, Montgomery and Wallkill.

Walgreens is considering leasing the smaller warehouse for a micro-fulfillment centerin one half and subletting the other half, according to a presentation at the Orange County Industrial Development Agency's Jan. 19 meeting.

A determining factor for Walgreens moving in will be if it gets asales tax exemption for the cost of specialized robotics needed at the site, according to paperwork filed with the IDA.

Gary Hans, head of acquisitions at Matrix, based in Cranbury, New Jersey, said in an interview on Jan. 14 he wasn't worried about not immediately having tenants for the project.

"We're confident enough in the market that we think both buildings will probably be leased before we're done constructing them," Hans said.

He expects construction to wrap by the end of the year or early 2023, depending on weather and supply issues.

Matrix estimates the project could produce 300-500 temporary construction jobs and 300-400 permanent jobsonce it is finished.

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Newburgh Supervisor Gil Piaquadio isn't thrilled with the warehouse plans, but is not entirely opposed to them either.

"That particular location on Route 300I always felt would be our retail area," Piaquadio said. "And it pretty much is." He acknowledged that attempts to further the retail landscape have not been successful."So, we'll have to live with the warehouses," he said.

Past efforts to turn the land into another mall have failed. Waterstone Properties Group originally pitcheddevelopingitinto a bustling town center with 700,000 square feet of retail space. It later tweaked its plans by scaling backtheretail to 275,000 square feet, but still could not fulfill the retail leases, Piaquadio said.

"Right now, everybody's buying so much online that it's created such a need for these warehouses and retail stores are really being shorted,"Piaquadiosaid.

In some of Orange County's more rural communities, warehouse development has roused locals.

"The problem I have is that the infrastructure doesn't exist to take care of this business correctly," said Chris Miele,president of Concerned Citizens of the Hudson Valley.

That's true in Hamptonburgh, Miele said, where New Jersey-based Real Deal Management is building warehouses. But Miele said the small hamlet doesn't have the services or facilities to support this industry.

"We don't have parking spaces. We don't have hotels ... We don't have repair shops. When a truck breaks down, we don't even have enough tow trucks that are big enough to tow a tractor-trailer.And we have all these low underpasses," Miele said.

But the Matrix site in Newburgh is"actually not a terrible, horrible location for a warehouse" because the area is already industrial, Miele said.

Matrix, which develops, ownsand operates office, residential, hospitalityand industrial properties, has developedmore than 40 million square feetin New Jersey, Pennsylvania and New York, including 5 million square feet in the past five years in Orange County and Staten Island.

When the Newburgh buildings are finished, Matrix will have about 2.7 million square feet of warehouse space in Orange County, Hans said.

Another New Jersey developer, Real Deal Management (RDM Group), had as many as 19 pending plans for warehouses in Orange County last year.

Development has been steady since before the pandemic, said Sorensen, Orange County's planning commissioner,and he sees that continuing for the foreseeable future.

E-commerce has boosted demand for warehouses, Hans said, but there are many other reasons to develop here.

While some of this growth can be attributed to local stores' need for extra storage, it is perhaps the region's access to major roads (Route 17, the Thruway, Interstate 84) thatis key, according to Hans and Orange County'sSorensen.

"One-day travel time from Orange County, they (drivers) can cover all of New England," Hans said. "They can get to Toronto and Montreal.They can go as far west as Detroit and Indianapolis and as far south as Charlotte."

And while warehouse development is booming, Miele believes that Orange County needs to further diversify economic development.

Miele pointed to the county's growing film industry, noting that it employs various types of local labor, including carpenters, painters, artists,and pumps money into hospitality businesses.

"They (economic develop agencies) are taking advantage of a good, solid roadway system, but they're not taking advantage ofeverything else the area has to offer, which are beautiful rolling hills, beautiful vistas, great tourism potential, smaller or at-home type industries or service industries," Miele said.

lbellamy@th-record.com

Read more:
Newburgh warehouses add to steady development in Orange County - Times Herald-Record

Ocala Mall To Open In March

The Ocala Mall is scheduled to open in March at the old Kmart location on east Silver Springs Blvd. They will have about 120 vendor spots.

Doug Engle, Ocala Star-Banner

Right now, the old Kmart building at 3711 E. Silver Springs Blvd. in Ocala doesn't look like much. Piles of wooden planks are scattered around the unfinished floor. Stray chairs, trash cans and ladders dot the 83,000 square feet of show floor that has been vacant since the department store closed in April 2018.

Despite the appearance of the abandoned space, Greg Park and around 40 vendors who have signed up for spaces in the Ocala Mall see its potential to be a bustling market with a unique variety of offerings once doors open in March.

Though the mallhas been labeled as an "indoor flea market,"those associated with the operation hesitate at the term and consider it more of a miniature mall.

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I think people, when they first heard that we're opening up the flea market here, were kind of nervous. They don't want a flea market here in town, Park, owner of the new mall, said. It's not your traditional used sneakers and T-shirts. It's going to be majority all brand new items at half the price that you're going to pay anywhere else.

Park also operates the Tampa Mall, which he says has been very successful and sold out for the past two years. He initially passed on the opportunity to open the mall in Ocala a few years ago but came back to it last year after another owner tried to start the operation and ran out of money, leaving many expectant vendors without a location.

Due to fire code, Park is able to use only around 63,000 square feet of the space for 100 to 120 or so vendors. About 10 will be restaurants, and there is space outside for five food trucks. A garage will offer space for automotive service vendors, and there will be new air conditioning and bathrooms in the building.

Permanent booths vary in size but start at 10 feet by 10 feet for $400 a month. Some anchor stores are as big as 5,000 square feet. Vendors can also sell outdoors in the garden center for free. Park plans to sell produce at wholesale prices to attract customers too.

That's going to give opportunities to our vendors to make sales, and I can only be successful here if my vendors are successful, he said. These vendors that I met here are really great people, and I want all of us to be successful together.

Katherine Zuniga, owner of LuZunika, was one of the vendors who had previously paid a deposit and prepared to open under the last owner. She plans to sell various hand-crafted productsincluding soaps, creams, bath bombs, bath salts, candles, resin art and crochet items.

It's all about hoping, she said of opening a business and putting faith in the new space. It's important to Ocala to have small businesses, and right now with what's been happening around with COVID and everything, a lot of people are opening small businesses and they need that outlet.

For Zuniga, its a way to evolve her side business, which she considers her passion, and begin to pursue a dream of having a physical location rather than only selling at events and online.

Audra Caffrey, owner of The Ice Queen, also sees the Ocala Mall as a way to maintain a brick-and-mortar presence without the cost of going it alone. She recently sold her mobile Italian ice truck, opting for a 10 feet by 15 feet space at the mall.

We're just really excited that this is an opportunity that's going to help a lot of vendors who can't get out to events for whatever reason, and the prices are within reason. How can you pass it up? she asked. You can tell (Greg is) somebody who cares about the vendors that are going to be in here, and that is really important.

Caffrey will sell homemade Italian ice, shakes, real fruit smoothies, floats, gourmet sundaes, hot pretzels and popcorn.

This is going to be something new and fresh, and I think a lot of people are excited that this has been vacant for so long to have something to regenerate this area over here, she said, noting that Marion Countys other flea markets have been around a while.

Melanie Henson, who refurbishes furniture under Mels Marvelous Finds, is also pleased about expanding into a bigger space in the air-conditioned Ocala Mall.

This gives me an air conditioning type of environment so that my furniture doesn't get ruined, because when you deal with natural wood, the weather kind of warps it, she said. To bring it into an environment like this, it'll give me a better opportunity, and at my age, the air conditioning is good for me too. When I move in here, I'll be 70 years old."

Henson describes her business as taking old furniture and bringing it back to life. She creates one-of-a-kind pieces of various themes, including steampunk, Victorian, coastal and country.

She also hesitates to call it a flea market, instead opting for a mall of exceptionally different kinds of eclectic things.

This is an opportunity for the neighborhood, she said. This is something that gives everybody in the city of Ocala something different to look forward to. It gives them a place to go. It gives them a variety of things to look at.

Married couple Rocky Newman and Tressa Sanchez own RTS Liquidations in Anthony and will be expanding their business to a second location with a 2,000-square-foot anchor store at the Ocala Mall.

We do a little bit of everything from tools to housewares to small appliances, furniture, Sanchez said. We do a lot of liquidations, which is overstocks, customer returns, things like that, but we also do furniture restorations.

They aim to keep their prices around 50% of retail stores.

We're very particular about who we buy from and how much we'll pay for it so we can keep that margin where we want it to be, which is low, Newman said. Were all in it to make money, but the whole idea is to save people money.

Newman and Sanchez are also excited to be part of a community of vendors rather than another standalone building.

I think its absolutely great that theyre going to do something with this instead of just let it sit here and be dormant, Newman said. It'll bring a little bit more commerce back to this side of town.

Park is working with the city to approve construction plans and hopes to hold a grand opening forthe Ocala Mall in March. He plans for it to be open 10 a.m. to 7 p.m. Wednesdays through Sundays and 10 a.m. to 8 p.m. on Fridays and Saturdays.

Contact reporter Danielle Johnson at djohnson@gannett.com.

Link:
Retail vendors, restaurants, food trucks: New Ocala Mall will be housed in old Ocala Kmart - Ocala

Multifamily developer Northland on Monday announced it has acquired a four-parcel 0.76-acre high-rise development site located at the corner of 17th and Spring streets in Midtown. Northland paid $19 million, according to property records held in Fulton County.

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17th and Spring represents the most compelling multifamily development site in Midtown Atlanta today, according to a press release. The site is in the heart of Midtown, surrounded by nearly 30 million square feet of office space that is either existing, under construction or proposed. 17th and Spring is also directly adjacent to Midtown Union, a mixed-use project currently under construction that will bring 32,000 square feet of retail to the developments front door.

Northland will design, entitle, capitalize, and develop the project without joint venture partners, and its vision for the site is a generational multifamily-anchored high-rise tower, activated by engaging street level retail.

This site represents one of the few generational opportunities nationally to create an iconic example of thoughtful urban placemaking through a dynamic housing and retail mixed-use development, Santo Dettore, Director of Development at Northland, who will lead the upcoming 17th and Spring development project, said. Atlantas incredibly exciting North Midtown neighborhood exemplifies the perfect ecosystem to execute on this vision.

Northland also acquired SLX Atlanta, a 306-unit luxury mid-rise apartment community located in Chamblee, complete with 24,189 square feet of wellness-focused retail space, at 5211 Peachtree Blvd.

We are excited to welcome SLX into our portfolio and to have secured the most compelling remaining development site in Midtown Atlanta, Matthew Gottesdiener, Northlands Chief Executive Officer, said. Our investing horizon at Northland is fifty years, and we believe Atlantas current nation-leading growth trajectory is just getting started. In only thirteen months during a challenging investment climate, we are grateful to have solidified one of the highest quality multifamily portfolios in the city, with anchor assets in Sandy Springs, Chamblee, and Buckhead, and a Midtown site that will enable Northlands development platform to deliver much-needed housing to the city.

These acquisitions come one year after Northland Chairman Larry Gottesdiener and President and COO Suzanne Abair furthered the organizations commitment to Atlanta by teaming up with former All-Star Renee Montgomery to become the new owners of the WNBAs Atlanta Dream.

Together, Larry, Suzanne and Renee have cultivated a new chapter for the franchise, which was awarded ESPNs Humanitarian Team of the Year award for their heroic social justice work in 2020.

Northland owns and operates a multifamily portfolio that includes more than 26,000 units across the U.S. These acquisitions add to Northlands portfolio of long-term markets within New England, Austin, and Southwestern and Southeastern United States.

See the original post:
Northland Acquires Land at Corner of 17th and Spring Streets For Multifamily Project - What Now Atlanta

The largest residential development in the U.S. one thats been decades in the making is officially ready to rise.

Post Brothers and Tower Investments have closed $400 million in financing for their 1.9 million-square-foot mixed-use project at Broad Street and Washington Avenue in Philadelphia, Commercial Observer has learned, and have now broken ground on the mega-development.

Bank OZK and Starwood Property Trust provided the debt, with the lenders providing $250 million and $110 million in senior and mezzanine financing respectively, and the remaining $40 million being invested by sponsorship.

The development called Broad and Washington for now will be constructed over several phases, with Bank OZK and Starwoods loan funding the first phase.

Ackman-Ziffs Russell Schildkraut and Christine Zivkovic negotiated the financing, which acts as a construction and project recapitalization loan.

When completed in 2026, the $750 million project will span 1.9 million square feet and include 1,457 apartments, more than 65,000 square feet of retail space on the ground floor, and a parking garage. The first phase scheduled for completion in 2024 will see the building of 600 apartments across four interconnected structures plus 50,000 square feet of ground-floor commercial space.

Broad and Washington, at 1001 South Broad Street in South Philadelphia, nicknamed South Philly, is the largest project in the U.S. to be built to date using prefabricated load-bearing wall panels, allowing the developers to save 25 percent on hard costs versus traditional concrete and steel construction while producing Class A housing.

Bart Blatstein, founder and CEO of Tower Investments and a native Philadelphian, has long proposed a residential complex at the site, and now, with Post Brothers as a joint-venture development partner, construction is finally underway. Post Brothers and Tower Investments plans for a 15-story structure were approved by Philadelphias Department of Licenses and Inspections in August 2021, per the Philly Voice.

Bank OZK and Starwood have previously provided construction financing within the Post Brothers portfolio, for projects including The Atlantic, Presidential Cityand Piazza Alta.

Lot of lenders were interested [in the financing], Matt Pestronk, co-founder of Post Brothers, told CO. We had transacted with both of these lenders multiple times. Its a big project, especially for outside New York City where there are more projects of this size being built. We found there was a lot of competition for the deal, but we ultimately went with lenders we were comfortable with.

Due to the size and complexity of the project a capital stack was required that included the most sophisticated capital providers in the marketplace today, Schildkraut said. All parties including the sponsor, senior and subordinate lenders, their legal and closing teams, and Ackman-Ziff worked cohesively to effectuate this transformative project.

And it wasnt an overnight accomplishment, by any means.

Pestronk joked that the deal came together in three weeks, but in actuality it was more than four years in the making. Post Brothers had a long relationship with Blatstein, and the site was already on the firms radar, even before it entered the Broad and Washington partnership in 2017.

The site was something lots of people were very aware of for a long time, Pestronk said. Every person in development in Philadelphia, and in the northeast, was aware of the site and its prominence.

Ultimately, getting to the construction stage required patience, plus the ability to work closely with the community and the City Planning Commission in order to get their full backing, Pestronk said.

It took the project four years to come together from when we first shook hands with Bart on it, he said. The site had sat vacant for four decades at the time. At one point, the city of Philadelphia owned it and implemented restrictions around what could be built, meaning there were various zoning complications to surmount.

But now, the developers are ready to roll.

The anticipation of the transformative nature has been extensively discussed in the civic and development domain, and the execution of the project itself will greatly exceed all expectations, Pestronk said. The project is now financed to go forward and we are excited to deliver what people have been waiting to see.

Post Brothers also teamed up with Blatstein in the past, on the expansion of the Piazza Alta apartments in Phillys Northern Liberties neighborhood.

Its an honor to work with Post Brothers in developing such a monumental community in our own backyard that will not only set a record for mixed-use housing in Philadelphia, but also the entire country, Blatstein said. Post Brothers is known for offering the most exceptional apartment living in only the most desirable neighborhoods, and the Broad and Washington development will set a new national standard.

BKV Group is the projects architect while Post General Contracting Is the general contractor.

A spokesperson for Bank OZK declined to comment. Starwood officials werent immediately available for comment.

Cathy Cunningham can be reached at ccunningham@commercialobserver.com.

See the original post here:
Post Brothers Closes $400M Construction Loan for Philly Megaproject - Commercial Observer

The Beechwood Organization, one of Long Islands most prolific residential developers, is embarking on some major projects down south.

Jericho-based Beechwood plans to break ground shortly on 319 luxury homes in four different communities in the Charlotte, N.C. metropolitan area.

Were going to the Carolinas because we see strong demand for our quality of home construction and design, said Steven Dubb, a Beechwood principal. We are also following our buyers. While most love living on Long Island, and in their Beechwood home here, there are many who have decided to make a move south for the easy climate and attractive cost of living.

Rendering of homes to be built at Weddington Glen. / Courtesy of 505Design/The Beechwood Organization

In Weddington, an upscale suburb to the southeast of Charlotte, Beechwood is building 35 estate homes in a 48-acre subdivision called Weddington Glen. The homes, to be built in a mix of wooded and meadow homesites, will be priced in the $900,000s with custom homes selling for $1.2 million and up.

In Marvin, known as one of the wealthiest towns in the state, Beechwood will be building 62 custom homes on 86 acres. The new residential community, called Broadmoor at Marvin, will feature homes priced from $1 million to $1.5 million.

Beechwood closed on the Weddington and Marvin properties in December and site development of both are expected to begin soon, with home construction underway in the spring.

A third community for Beechwood is called Ferncliff at Cotswold, where the developer will build five townhomes priced from $750,000 to $1.2 million. Located in Charlottes Cotswold neighborhood, not far from the SouthPark residential and business district, the location of the townhomes provides a convenient commute to downtown Charlotte. Construction on the Ferncliff at Cotswold development is expected to start in the summer.

Site plan for Lakeside Pointe on Lake Norman. / Courtesy of Shook Kelley/The Beechwood Organization

The largest of Beechwoodsfour Charlotte-area projects is Lakeside Pointe on Lake Norman, a mixed-use development of 217 residences that include cottage homes, townhomes and single-family homes and 68,000 square feet of commercial space. The homes at Lakeside Pointe, many with frontage on the lake or water views,will be priced from the $300,000s to $1 million or more.

Amenities at Lakeside Pointe feature 26 acres of natural open space, parks and walking trails and a community center overlooking the lake that will have an outdoor pool, clubhouse, outdoor recreational activities and a privatemarina for residents.

As we grow our presence in the Carolinas, Beechwood explored Weddington, and each additional site under development, as the locations where we could thoughtfully expand our portfolio, said Robert Kardos, Beechwoods regional president for the Carolinas. We are excited to introduce our style of estate and custom homes befitting of these incredible locations and their residents to enjoy for years to come.

Still in the planning stages is Beechwood biggest project yet in the Tar Heel state, a proposed new mixed-use development on 120 acres in Chapel Hill called South Creek by Beechwood. The developer is currently working with the Town of Chapel Hill and local stakeholders to help shape the project, which could include mid-rise condominium buildings, townhomes and duplex homes. Public trails through the large nature preserve on the back portion of the property will likely be part of the plan.

In Chapel Hill, Beechwood is in close consultation about its South Creek proposal with the Town of Chapel Hill and is proposing approximately 600 middle-income townhomes and condos, Dubb said. The housing would sit on 40 acres with an additional 80 acres preserved for green space plus 42,000 square feetfor commercial and retail space.

Beechwood closed on the Chapel Hilldevelopment site last August. The seller, Obey Creek Ventures, had proposed to buildabout 1.6 million square feet of retail, offices and apartments with an 85-acre public park, but the plan never advanced.

Beechwood is hoping to complete the zoning application process with the town and begin site construction soon after, with its first homes at South Creek to be completed in 2024.

And while the developer is making a big investment in North Carolina, Beechwood continues to be busy here on Long Island. The company is in the final phases of 55 and over condo communities with 400 homes in Yaphank and 750 homes plus 118,450 square feet of retail in Plainview. Beechwood is also building 156 condos in East Meadow and a new 237-unit apartment complex in Westbury.

Link:
Beechwood going big with multiple projects in North Carolina - Long Island Business News

A development team is proposing converting the vacant Varsity Theater building into a 35-unit apartment building with nearly 10,000 square feet of ground retail space that would wrap around the alley to the adjacent Bookmans Alley property.

Steve Rogin, the longtime owner of the property, teaming up with developer Campbell Coyle, presented details of the project at a virtual 1st Ward meeting Jan. 13.

Chris Dillion, President of Campbell Coyle Real Estate, said the plan calls for ground-floor retail to wind from the Varsity building on the 1700 block of Sherman Avenue to Bookmans Alley.

Obviously this is a beloved place and we really have a vision of enhancing and celebrating the space, Dillion said.

The developers are proposing what they term a readaptive reuse of the Varsity building. The ground floor of the building has had a number of retail shops, including The Gap clothing store, which closed shortly before the pandemic.

The theater, meanwhile, with its bowl-like auditorium theater, has sat vacant atop the building overlooking the street since closing in August 1984.

The 35 apartments will include studios, one-bedroom, two-bedroom and three-bedroom units, Dillion said.

Three units would be affordable housing, in conformance with Evanstons Inclusionary Housing Ordinance.

And the one thing Id say that I think is important about this project, given the size of the Varsity Theater in general, these units will tend to be a little bit larger than a lot of the other comparable bed-count units in the market, Dillion said.

Dillion said the project is expected to generate a significant increase in real estate taxes. And, were so excited about this opportunity to reimagine and enhance Bookmans Alley, he said, and really think about that as a destination for downtown Evanston obviously, as we are emerging from the pandemic thinking about the wonderful experiences that everybody can share in that space.

Some residents at the virtual meeting expressed regret about the loss of the Varsity movie theater under the plan and wondered if there were any steps that could be taken to save it.

When it opened Dec. 24, 1926, the 2,500-seat theater was one of the largest suburban Chicago movie palaces ever built and was also one of the most spectacular, according to the website cinematreasures.org.

It was designed as a French royal chateau of the era of Francois I, and no expense was spared on luxury by its original owner, Clyde Elliot, an Evanston native who had worked in Hollywood for many years.

First Ward Council member Clare Kelly, moderating the meeting, and a lifelong Evanston resident, recalled that she used to go to movies at the theater and remembered the stars in the ceiling and the castle. So of course, many of us would love if that could stay, she said.

In 2018, Landmarks Illinois named the Varsity Theater block as one of its most Endangered Historic Places in Illinois.

The preservation group noted that the 1700 block of Sherman is one of the last remaining historically intact blocks in Evanstons downtown.

A survey of historic buildings in the downtown district was conducted in 2007 by the Evanston Preservation Commission, the group reported. This survey identified the former Varsity Theater, a 1926 J.E.O. Pridmore-designed building located at 1706-10 Sherman Avenue, as possessing historical and/or architectural merit, making their landmark potential a topic for future discussion. These buildings are important contributors to the desired physical context and character of downtown Evanston.

Several community members at the meeting submitted questions, asking whether historic tax credits could be used to save the theater.

Rogin, the property owner, said tax credits apply only if the original use of the space is maintained. That is not an economic model that works, he said.

Weve had many conversations with professionals knee-deep into that, he added. So unfortunately, both from a financial standpoint for the development as well as other things in terms of use of the space, weve yet to find anybody that says thats a viable option.

Fielding another question about the possibility of an establishment like the Music Box movie theater moving into the space, Rogin said he has had conversations with theater architects and others to explore the possibilities.

This is an incredibly large space, he said. When it opened in the mid-20s, it was the largest theater outside of the City of Chicago. And today that model is not viable. The way audiences congregate and the size of space, it just isnt a viable model in Evanston anymore, or in any small community.

Ive scratched my head many times over the years, long before I bought this theater, about Why dont these theaters get repurposed, reused? Rogin continued.

If there is a reason, he said, its the economic model. Unless you have a super-big donor or a huge check from a municipality, its just not feasible, he said.

Carl Klein, a resident and historic preservation specialist, pointed to the blocks status as one the last blocks in downtown Evanston with historic buildings intact.

Weve been waiting since 1980 when the Varsity Theater closed, to develop this space, he said. Whats another two years to find a use that could generate a lot more income than housing and help spark the revitalization of our downtown?

Rogin challenged that statement. Specifically, what is it that you would propose that would spark that vitality? he asked.

Klein observed that Evanston already had many housing developments downtown.

Im not asking that, said Rogin, who has spent a number of years seeking city backing for a renovation of the theater space. What specifically would you propose? he asked.

The development group will next go in front of the citys Land Use Commission, seeking at least one major variation: permission to use only the current three on-site parking stalls when the citys zoning code would require a minimum of 28 spaces. In similar situations, such as with the Northlight Theatre project, a developer has agreed to make up the difference by leasing spaces at a nearby lot or at one of the city garages.

Were working through, obviously, the zoning process, Dillion said. This [Ward meeting] marks kind of the beginning of that process. And so were looking to work with the city and the community to navigate that process.

He said the hope is that construction could start this summer, leading to a late 2023 completion.

Continue reading here:
Some arent ready to close curtain on Varsity Theater for proposed apartment development - Evanston RoundTable

Dubai Multi Commodities Centre (DMCC) has announced that the centrepiece of the Uptown Dubai District, Uptown Tower, has topped out at 329m. The final concrete pour for the buildings roof on level 79 has also been completed by the project team. The steel crown of Uptown Tower will be completed in Q1 2022, which will take the final height of the tower to 340m.

Uptown Tower is expected to be fully complete in Q3 2022.

More than 23,000 trucks delivered approximately 140,000m3 of concrete to the project, with around 30,000 tonnes of steel used as reinforcement to achieve this project milestone.

Since the project began in July 2019, over 13 million manhours have been completed on-site, which will become the first supertall tower in the Uptown Dubai District. This was achieved without any time lost due to injury.

The buildings faade works are 90% complete and proceeding at pace in tandem with structural works the project team are taking just two days to complete the faade for each floor. The buildings outer faade consists of over 8,500 glass panels with installation works completed to level 70.

Commenting on this, Ahmed Bin Sulayem, executive chairman and chief executive officer, DMCC, said:With the topping out of Uptown Tower, we are about to see one of the most exciting urban districts in Dubai come to life. From the very start of the project, we set out to build Uptown Tower using the very latest smart and sustainable construction practices, which has enabled us to build an exceptional tower without any disruptions during what has been an incredibly challenging period for the global economy.

Paul Ashton, executive director property, DMCC,added:The Uptown Dubai District will serve a diverse community of businesses, residents and visitors with premium office and residential spaces as well as a carefully curated mix of retail and lifestyle destinations. At the heart of the district will be the iconic Uptown Tower, which has already seen nearly a quarter of its commercial space preleased with strong interest in the remaining space. We are delighted to have reached this important milestone in the development of Uptown Tower.

The Uptown Dubai district is set to become one of the most dynamic and sought-after mixed-use communities in the emirate. There has been strong interest in the tower so far, with 22% of office space already leased. Tenants that commit to space early benefit from priority fit-out access and a wider choice of space and floor layouts.

David De Visscher, resident manager UAE, BESIX,said:BESIX is extremely proud to be part of this project and very pleased that we are now reaching structural topping out as well as 90% of faade completion which is demonstrating once again our companys engineering and construction management expertise.

Designed by Adrian Smith + Gordon Gill Architecture, the design of Uptown Tower replicates the brilliance of diamonds through its faceted glass faade that illuminates the interior spaces with natural light while filtering out harsh glare.

The 340m-tall tower is set to be a LEED Gold certified building and will be home to a state-of-the-art DMCC Headquarters. It will also feature a 188-key 5-star luxury hotel SO/ Uptown Dubai exclusive restaurants, extensive conference facilities, Grade A offices and 229 signature SO/ branded residences.

Excerpt from:
DMCC's Uptown Tower tops out at 329m, steel crown to complete in Q1 2022 - Construction Week Online