Home Builder Developer - Interior Renovation and Design

Coney Islands mini-development boom continues with developer LCOR planning to build a 461-unit residential development on Surf Avenue.

LCOR filed plans with the New York City Department of Buildings last week to build a 16-story development, with 139 affordable units included, at 1515 Surf Avenue between West 15th and West 16th streets, city records show. The development was first reported by Crains New York Business.

The project, which Studio V Architecture is designing, will have an outdoor pool, a gym, tenant lounges, coworking spaces, an indoor basketball court and a parking garage, according to LCOR. It will also have 11,000 square feet of retail on the ground floor.

At LCOR, we pride ourselves on identifying sites for new development that generate opportunities for both our residents and the surrounding neighborhoods at large, and I am confident that our latest project in Coney Island fits this bill, LCOR Executive Vice-President and Principal David Sigman said in a statement. With several new developments underway on Surf Avenue, along with the zoning changes and public infrastructure investment, we are bullish about how much demand there will be to live here, and are excited to be a part of this next chapter for Coney Island.

LCOR acquired a 99-year ground lease for the property from the owners of Gargiulos Restaurant, who have used it as a parking lot, late last year, Crains reported. The developer plans to break ground during the summer of next year and finish construction in 2024, a spokesman said.

Coney Island has experienced a mini-development boom in recent years, after the city passed a rezoning for the neighborhood in 2009 that allowed for more residential developments and high-rise hotels.

Developments include Cammebys International Groups Neptune/Sixth project, which will have a 42-story tower with 576 residential units; and Taconic Investment Partners, BFC Partners and L+M Development Partners mixed-use complex at 1709 Surf Avenue, which will have 1,000 residential units.

John Catsimatidis Red Apple Group started leasing for his pair of 21-story, luxury residential buildings, Ocean Drive, at the start of this year. The development has rents climbing just over $4,000 a month for a three-bedroom unit.

If you cant afford it, work harder and move into the next building we build, Catsimatidis previously told Commercial Observer. Were looking for people that know what its like to live on the beach and dont mind spending the extra few dollars.

Despite the pandemic, Catsimatidis is still confident in the neighborhood and recently told the Brooklyn Paper that he plans to build three more buildings in the Ocean Drive complex in the future.

Originally posted here:
Developer LCOR Plans 461-Unit Apartment Building in Coney Island - Commercial Observer

Dive Brief:

Aldis decision to place a supermarket within a residential project reflects a trend among real estate developers in recent years to include food retailers within mixed-use projects with residential components. The fact that the new store will be among the chains largest locations only underscores the importance grocers and neighborhood planners are placing on offering people the convenience of having a full-fledged supermarket just steps from where they live.

Apartment-dwellers have shown a willingness to pay extra to be able to walk from their homes to a food retailer. According to a study by RCLCO Real Estate Advisors, apartment buildings that contain a Whole Foods or Trader Joes bring in a 5.8% rental premium compared with other multifamily communities located close by. Although including a grocery store in a building can bring added construction costs, the developers have calculated that the extra rent they can collect by offering such an amenity to tenants is likely to compensate for the higher initial expenses.

Other examples of grocery stores within developments with substantial residential space that have opened recently include a Giant Food supermarket in Fairfax, Virginia and a Safeway in the Capitol Hill neighborhood of Washington, D.C.Aldi plans to open another 25,000-square-foot store in the Washington, D.C., area in 2022. It has also built stores abroad that are as small as 6,000 square feet, underscoring the company's focus on flexibility.

The median size of a U.S. supermarket was 41,651 square feet in 2018,statistics compiled by the Food Industry Associationshow.

Continue reading here:
German grocer Aldi working on $5B US expansion plan - Construction Dive

SOMERVILLE, N.J. A Bound Brook man has been indicted by a Somerset County Grand Jury in connection with the Jan. 12 fire that destroyed two apartment buildings under construction on Main Street, Bound Brook and several adjacent buildings.

Juan Hector Padilla, age 29, of East Second Street facescharges of 2nd Degree Burglary, 2nd Degree Aggravated Arson, 3rd Degree Aggravated Assault (for injury to a firefighter), and 3rd Degree Hindering Apprehension of Oneself, according to Somerset County Prosecutor Michael H. Robertson.

The seven-alarm fire that began at the construction site of the Meridia II building on East Main Street was first reported at 7:53 p.m., and raged throughout the night into the early morning of Jan. 13.The Bound Brook Fire Department, along with thirty-six fire companies from Somerset, Middlesex, Union, Hunterdon and Mercer Counties., as well as the New Jersey State Forestry Service responded.

Sign Up for Hillsborough Newsletter

Our newsletter delivers the local news that you can trust.

You have successfully signed up for the TAPinto Hillsborough Newsletter.

Due to radiant heat and wind, the fire spread quickly throughout the building and to adjacent buildings located on Main Street, according to Robertson.A firefighter was injured, suffering a sprained ankle.

Detectives from the Somerset County Prosecutors Office, the Bound Brook Police Department, the Somerset County Prosecutors Office Fire Investigation Unit, fire officials from Somerset County, and State and Federal investigators collaborated on thefire investigation.

Witnesses told investigators they had seenPadillawalking in the area of the Meridia II building several times leading up to the fire; footage from video surveillance cameras also captured the suspect on film, according to Robertson.

Padilla was arrested Jan. 13and charged on a criminal complaint with 2nd degree Aggravated Arson and 3rd degree Hindering Investigation Apprehension/False Information. Based on subsequent investigation, the defendant was later charged with Burglary and Aggravated Assault.

Padilla has been detained at the Somerset County Jail since his arrest.

The indictment was issued Dec. 2.

See the rest here:
Suspect Indicted for Setting Fire that Destroyed Apartment Buildings - TAPinto.net

Kodulahe O, a subsidiary of Arco Vara AS, has entered into construction and financing contracts for conducting the next residential development project of Kodulahe Kvartal.

In Merimetsa, Tallinn, the joint development of the 4th and 5th apartment building of Kodulahe Kvartal will be started at addresses Pagi 3 and Pagi 5 where 72 apartments will be constructed. On offer will be apartments with 2 to 5 rooms and with a total GSA of 4,777 m2. The buildings were designed by KAMP Arhitektid O, the main contractor of construction is RAMM Ehituse O and the construction is financed by AS LHV Pank. The buildings will be completed in the summer of 2022 and the expected income of the project is approximately 11.7 million euros.

Miko Niineme, the Executive Manager of Arco Vara AS, The interest of the clients in living in Kodulahe and the Merimetsa region is stably high and we think that the continuing the qualitative development of the region is important for the development of the entire city of Tallinn. It is worth to mention that it is the last stage of the planning area of Paldiski mnt 70c which Arco Vara has developed already as of 2014.

Tiina MalmCFOArco Vara ASTel: +372 614 4630tiina.malm@arcovara.com

See the rest here:
Arco Vara begins with the construction of the next Kodulahe stages - GlobeNewswire

The massive, roughly $350 million project to redevelop Tampas West River area is entering a third phase, which will include a market-rate apartment building and a grocery store.

Related Group, the Miami-based company with a leading role in the project, is planning a 325-unit, market-rate apartment building across North Boulevard from Howard W. Blake High School, according to Albert Milo, president of the companys affordable housing division. Rents in the new complex will start around $1,400.

Related also does intend to bring a national/regional grocer to the project, Milo said.

In an interview with the Tampa Bay Business Journal, Related president Jon Paul JP Perez said it would be a Publix. But Thursday, Milo stopped short of naming a company that had been selected, saying Related Group cannot provide any further details on that particular facet of the project at this time.

Publix did not return calls or emails seeking comment.

Milo did say that having a grocery store is important to fulfill the purpose of the project.

This is more than just a straightforward affordable housing redevelopment Related is looking to transform West River into a thriving, diverse community, where all residents have access to a home they can be proud of, including all services necessary for modern life and more, he wrote. Having a place where residents can find fresh, nutritious and fairly priced food is a key part of that vision.

Leroy Moore, the chief operating officer of the Tampa Housing Authority, also said he wasnt allowed to say which grocery store would be part of the development, but added: We do have a grocer and I refer to it as Floridas grocer of choice.

Moore said the neighborhood where the store will go is currently a food desert a term for areas without easy access to affordable and high-quality fresh food.

Without a doubt, its a huge need, he said. All too often workforce and affordable communities are left with less healthy food choices, more costly food choices and convenience-type stores as opposed to mainstay grocer stores, so this is a huge accomplishment.

Moore also said the grocery store will provide jobs within walking distance of many of the apartments, helping nearby residents earn income without transportation costs. Other aspects of the West River redevelopment project are also aimed toward that same goal, including the future construction of a multi-tenant office building, and possibly a hotel, south of Main Street, he said.

This newest phase of development follows the rehabilitation of the 150-unit Mary Bethune High Rise Apartments and the ground-breaking of the three Boulevard Towers, which each have at least 80 percent of their units priced for lower-income residents. Those three towers are still under construction, and other residential buildings are scheduled to begin construction within the next three to six months said Milo, of Related Group.

All in all, there are nearly 1800 units that are either under contract, funded completely or will be reasonably funded within the next year, Moore said, including 820 public housing units plus a mix of market-rate and affordable housing.

Much of the new construction is in the space left behind by the now-demolished North Boulevard Homes public housing project that used to occupy the area. Other projects on nearby land owned by the city could add to the total number of new housing units, Moore said.

Times staff writers Sara DiNatale and Christopher ODonnell contributed to this report.

See the original post here:
Is a new Publix part of next phase of Tampas West River project? - Tampa Bay Times

BEVERLY The former McDonald's restaurant on the Beverly waterfront was finally demolished last week to make way for a planned new restaurant. Not far away on the other side of the Beverly-Salem bridge, people are moving into a new apartment complex, which includes a waterfront walkway that gives the public access to that area for the first time.

Those developments mark the most significant signs of progress in decades for an area of the city that hasfailed to live up to its potential. After years of planning and delay, many are hoping the long-sought revitalization of the city's waterfront is starting to become a reality.

"That waterfront is a gem," said Mike Procopio, whose company built the new Sedna apartments on Congress Street. "It's one of the neatest spots on the North Shore. Bringing residents down to the water will lead to a kind of renaissance of that strip."

Marty Bloom, owner of the restaurant that will replace the McDonald's, said the symbolism of the long-vacant McDonald's finally coming down could wake people up to what is happening on the waterfront and eventually lead to more changes.

"Is this the beginning of the beginning?" Bloom said. "Hopefully it spurs on more rethinking. There are a lot of old buildings down there. Maybe this makes it viable for people to look at what they have and reimagine it. There's no reason in the world why Beverly should not have a world-class waterfront."

City officials dating back to former Mayor Bill Scanlon's administration have viewed the McDonald's site, which the city bought in 1995, as the key to unlocking the waterfront's potential. Previous efforts to lease it out for a restaurant ran afoul of zoning regulations, lawsuits and neighborhood opposition, leaving the former fast-food building to sit mostly idle for decades.

Bloom was the only bidder when the city sought another round of proposals two years ago. He secured final approval in October when the state OK'd a waterways license and neighbors who had opposed the project decided not to appeal.

The restaurant on Water Street will have 350 seats and will be called Mission Boathouse. Bloom saidhe plans to start construction next spring and open in the spring of 2022.

'An experience on the waterfront'

On the other side of the bridge, another long-delayed project is nearing completion. The Sedna apartments is a two-story complex on Congress Street with 62 apartments. One of its buildings opened in October and is 25% occupied, said Procopio, of the Lynnfield-based Procopio Companies. The other building will open in January.

Procopio said the company has gotten an "overwhelmingly positive" response from prospective tenants, particularly from older people who are looking to downsize. Rents range from $2,200 per month for a one-bedroom to $3,900 for a two-bedroom with the best views of the water.

Procopio said the new restaurant will be a "huge amenity" for residents of the new apartments and will help tie the waterfront together and make it more walkable.

"It makes it an experience on the waterfront, not just a place where somebody comes if they have a boat," he said. "Beverly has long been very desirable because of its unique location on the water. Yet much of Beverly has been restricted to single-family homes. We think Sedna really complements that. It brings that lifestyle out of the single-family and down to the waterfront."

Ward 2 City Councilor Estelle Rand, who represents the area, said the new apartment buildings have already had an impact on the neighborhood with its new sidewalks and public walkway. The walkway, which was required under the permitting process for the project, runs along the back of the complex and has benches, new landscaping, five public parking spaces, and great views of Beverly Harbor and the Danvers River.

The site, which was once the home of a business that produced uranium metal powder for the first atomic bomb,was previously occupied by shuttered industrial buildings and had been inaccessible for years.

"The walkway is gorgeous," Rand said. "That's an immediate and positive impact."

Rand said the full impact of the apartments on the neighborhood won't be known until they are fully occupied. Residents have expressed concern about traffic increases and parking crunches as a result of the apartments and the restaurant.

"It's important for me to keep my ears and eyes open for any problems that I can help solve when it comes to congestion and safety," Rand said.

Rand said the next step is to continue the effort to connect the public walkways on the waterfront, which as they stand now don't allow for a continuous route along the water. The apartments and the restaurant might not be accessible to all people from a socio-economic perspective, she said, but the public walkways are for everyone.

"Whether you support a restaurant or the apartments is not as important as realizing that these are landmark projects that should help us achieve our goal of connecting the waterfront," Rand said. "The access to the waterfront is just huge, because that's free. We can all enjoy that."

Staff writer Paul Leighton can be reached at 978-338-2535, by email at pleighton@salemnews.com, or on Twitter at @heardinbeverly.

||||

We are making critical coverage of the coronavirus available for free. Please consider subscribing so we can continue to bring you the latest news and information on this developing story.

See the article here:
On the rise: At last, signs of movement on the Beverly waterfront - The Salem News

This5-story, 7-unit congregate residence with 132 sleeping rooms and 4 live-work units is proposed to be built at 5011 15th NW in Ballard. The design has been under development since 2018. A Land Use Application has been filed with the City of Seattle.

Hybrid Architecture image

A Land Use Application has been filed with the Seattle Department of Construction and Inspections to allow a 5-story, 7-unit congregate residence with 132 sleeping rooms and 4 live-work units to be built at 5011 15th NW in Ballard. No parking is proposed. The existing building willbe demolished. Early design guidance is conducted under 3032087-EG

The project has been in process since 2018 and is called PONTE and is being designed by Hybrid Architecture in Seattle.

It's been the subject of public meetings and has been through some design review board changes since the first submission.

Development Objectives

Provide mix of congregate and small efficiency dwelling units for single residents to live in an efficient but communal setting with shared kitchens and amenity lounge areas.

134 units

101 bicycle parking stalls (as req)

0 vehicular parking stalls (none are req)

The site is along a very busy intersection with a high volume of auto traffic at all hours of the day.

The site is located just north of the 15th Ave bridge and just southeast of downtown Ballard, which will provide future residents of this building with a variety of civic, commercial and recreational activities.

This project will activate a site that is currently occupied by a one - two story office / retail building along with an at grade parking lot.

This area is transitioning from industrial to residential and is in the process of establishing a new architectural character. This project aims to both acknowledge some of the industrial charm of the area while helping bring a contemporary architectural nature to the context.

Create welcoming courtyard environment

- a place for residents and guests to engage with outdoors

Provide a variety of efficient units

- maximize height and light / bright colors and tall ceilings

Establish sense of enclosure and privacy within busy context

- try to block noise from car wash & traffic from 15th Ave NW

Ecological & Sustainable

- harness rainwater in bio planters, use efficient and durable materials

PUBLIC COMMENT

The following public comments were offered at this meeting:

Concerned that parking is not proposed and resulting impacts to on-street parking in the surrounding area.

Concerned with the design and location of bicycle storage.

Questioned the timeline for approval and construction.

Concerned regarding the setback from the west property line and relationship to the adjacent structure.

1. Massing:

a. The Board expressed disappointment that massing options 1 and 2 were not developed to the same level as option 3. However, the Board agreed that option 3 best responds to the character of the three frontages and supported this option as the basis for further refinement. (CS2-C-1 Corner Sites, CS2-D-1 Existing

Development and Zoning)

b. The Board felt the L-shaped volumes were too boxy and gave guidance to further articulate the massing. (DC2-A-2 Reducing Perceived Mass)

c.The Board agreed that the massing volumes should be perceived as two separate structures. This could potentially be accomplished by differentiating the height of the L-shaped forms. (DC2-A-2 Reducing Perceived Mass, CS2-C-1 Corner Sites, CS2-D-1 Existing Development and Zoning)

d. The Board discussed the horizontal modulation along the alley faade which is driven by the alley dedication requirement. Modulation of the alley faade should be developed as a cohesive element of the overall design concept. (CS2-C-1 Corner Sites, CS2-D-1 Existing Development and Zoning)

2. Courtyard & Amenity Area:

a. The Board discussed the size of the courtyard and noted that the precedent image provided in the EDG packet (pg. 29) showed a courtyard approximately 18 wide. The Board agreed that the proposed 10 width did not provide adequate privacy and access to natural light and air for units facing the courtyard. (CS2-B Sunlight and Natural Ventilation)

b. Noting the communal aspect of the building, the Board emphasized the importance of amenity area for small residential units and strongly agreed that the amount of amenity area provided should be adequate for the number of users. (PL1-C Outdoor Uses and Activities, DC3-B-1 Meeting User Needs, DC3-C-2 Amenities/Features, PL1- A-1 Network of Open Spaces)

3. Arrangement of Ground Floor Uses & Street Level Activation:

a. The Board noted that the structure will be precedent setting for new development along 15th Ave NW and agreed that the proposal should consider the future character of the street rather than responding to the current context. Therefore, the Board requested active uses be located along 15th Ave NW to interact with the street frontage. (CS2-B-2 Connection to the Street, CS3-A-4 Evolving Neighborhoods, PL1-B Walkways and Connections)

b. In addition to the lack of activation of the street, the Board was also concerned with privacy, noise and air quality impacts for ground level residential units along 15th Ave NW and the alley. The Board provided guidance to resolve the ground plane design to mitigate these impacts for ground level residential units. (PL3-B-1 Security and Privacy, Pl3-B-2 Ground-level Residential)

c. The Board supported the location of the residential entry on NW 51st street. (PL3-A Entries)

d. The Board discussed the high number of move-ins anticipated and recommended consideration of how and where loading will occur. (PL1-B Walkways and Connections)

4. Facade Composition

a. The Board noted the severe wall condition proposed on 15th Ave NW as well as the high visibility of the faade and gave guidance to break down the boxy character and further articulate the mass, which could include lowering the height. (DC2-A-2

Reducing Perceived Mass, DC2-B-1 Faade Composition)

b. The Board observed that the signage feels applied to the faade and provided guidance to integrate the signage with the design concept and create a cohesive faade composition. (DC2-B-1 Faade Composition, DC4-B Signage)

c. The Board discussed the material cladding strategy described on pg. 26 of the EDG packet and questioned whether the materials for each L-shaped volume should be more related. The cladding relationship of the two masses should be further studied. At the Recommendation phase the Board expects to review a fully developed concept for the exterior cladding. (DC4-B-1 Exterior Finish Materials, DC2-B-1 Faade Composition)

5. Bike Storage

a. The Board stated concern with the security of the exterior bike storage and encouraged internal storage areas. Further development of the design should create secure bike storage. (PL4-B-2 Bike Facilities, PL4-B-1 Early Planning)

6. Universal Access

a. As concerns regarding the amenity area are resolved, one Board member recommended consideration of including an elevator to provide universal access throughout the structure. (PL2-A Accessibility)

Follow this link:
Five story 132 "sleeping room" apartment coming to 15th NW in Ballard - Westside Seattle

This is Scheme 3, the preferred massing scheme for the 77 unit, 5 story apartment building proposed for 9208 20th SW. No parking is proposed.

Image by Atelier Drome

A Land Use Application has been filed with the Seattle Department of Construction and Inspectionsto allow a 5-story, 77-unit apartment building with 73 apartments, 4 small efficiency dwelling units, and office at 9208 20th Ave SW.

No parking is proposed. The existing building wouldbe demolished. Early Design Guidance conducted under 3036618- EG.

The project is being designed by architectural firm Atelier Drome.

CONTEXT + SITE

The project is located in the Westwood Highland Park residential urban village, a neighborhood currently in transition since much of it was up-zoned through recent HALA legislation. A mixed area, comprised of primarily single family and low rise zones served by pockets of commercial zoning clustered along Delridge Way SW and also Westwood Village Shopping Mall to the west; the urban village serves as both an anchor for the Westwood Highland park neighborhood, and an intersection point for much of the expanding public and bicycle transit planning in the area. New development in response to the increased height and density potential of the rezoning has begun and is expected to continue at a larger scale. With a full block of frontage along the north end of the parcel, and located at the intersection of the Delridge Way SW arterial and two neighborhood access roads, the project has the opportunity to be a foothold for the larger scale commercial development to come. At present, there is low-scale commercial activity along both sides of Delridge Way SW in the form of single-story, stand-alone buildings as well as a mix of older single-family homes with newer townhouse and 3-4 story apartment building developments (the project is located kitty-corner to the larger developments to the NW including Bluestone and Livingstone apartments). On the west side of the site is an existing single-family residential neighborhood that was recently up-zoned to LR3(M) from LR3 and RSL(M) from SF5000. The parcel immediately to the south is zoned NC3-55(M) and is developed with a cell phone tower as well as smaller scale accessory structures. Beyond that parcel are LR1(M) lots which were rezoned from SF5000. The site has good solar access throughout the day and year as most of the nearby buildings to the south are of a smaller scale. For now, the future building will provide views towards the Puget Sound and downtown at the upper levels.

The site is well served by public transit along Delridge Way SW, with multiple bus routes providing connections to downtown Seattle, Georgetown, Tukwila and Southcenter. The planned H line Rapid Ride line will provide transit stops at SW Henderson Street and SW Barton Street within easy walking distance of the proposed building site. Pedestrian sidewalks and main vehicular access are provided on all three street fronts of the parcel. The closest cycling routes are the neighborhood greenways along 16th Avenue SW and 30th Ave SW, and Delridge Way SW is currently hosts a sharrow with future bike lanes planned.

See original here:
5 story 77 unit apartment bldg. proposed for 9200 block of 20th SW; No parking - Westside Seattle

PERI, the German distributor of COBODs 3D construction printers, revealed the project in Germany (Wallenhausen) at a press conference on November 17, 2020.

The three floors building in Germany follows only 2 months after PERI revealed the first 3D printed building in Germany, a two floor building (link) and a few months after COBODs Belgian customer, Kamp C, revealed Europes first 3D printed two floors building in Belgium. The video (see link here) from the 3D printing of the Belgian building has gone viral and has been seen more than 400,000 times as a testament to the growing popularity of the technology.

Henrik Lund-Nielsen, Founder and General Manager of COBOD commented: We are incredibly pleased, that we are beginning to see the fruits of the many 3D construction printers we have sold. The actual building projects have been delayed by the Coronavirus, but now they start to be revealed. This new German project is really a great milestone as the commercial nature of the building proves the competitiveness of the 3D construction printing technology for three floors buildings and apartment buildings. This, again, opens entirely new markets for our printers.

PERI globally is one of the leading suppliers of formwork equipment for manual casting of concrete. PERIs involvement in automated 3D construction printing is noticeable and a sign that the conventional construction sector has realised that automation and digitalisation of the construction industry is the future, including using 3D construction printers.

Thomas Imbacher, Innovation and Marketing Director at PERI GmbH, explained: We are very confident, that 3D construction printing will become increasingly important in certain market segments over the coming years and has considerable potential. By printing the first apartment building on-site, we are demonstrating that this new technology can also be used to print large scale dwellings units. In terms of 3D construction printing, we are opening up additional areas of application on an entirely new level.

Sebastian Rupp, future managing director at the family owned Michael Rupp Bauunternehmung added: We believe that this new technology has enormous potential for the future, and we want to help shape that future. Despite the traditional nature of our craft, we are also innovative and do not shy away from new challenges quite the opposite in fact.

PERI is printing the apartment building with the help of COBODs BOD2 printer. The BOD2 has a modular build and can be extended in any direction with modules of 2,5 metres. For the new building PERI is using a BOD2 of 12.5m (W) * 20m (L) * 7,5m (H). The BOD2 printer has a maximum speed of 100 cm/sec, equivalent to printing or casting 10 tons of concrete per hour with only 2 operators of the printer required. The BOD2 has also been used to make large concrete structures like the worlds first 3D printed windmill tower of 10 metres, that COBOD did under a long term cooperation with GE Renewable Energy, which was also revealed just prior to this summer. See link here.

Henrik Lund-Nielsen concluded: The BOD2 is a very flexible printer. For this print PERI has chosen to use a long printer, whereas we used a much shorter but taller printer for printing of the 10m tower for GE. This was the whole idea behind the modular design of the BDO2 printer it is always possible to find a size that meets the customers need.

Read the original post:
World's first on-site 3D printed apartment building on 3 floors begun with COBOD printer - BIM Ireland.ie

Kolleen OP Cobb and 591 Evernia Street (FECI, Google Maps)

New York Lifes real estate investment arm paid $114.8 million for the apartment tower next to Brightlines West Palm Beach station.

Brightline parent Florida East Coast Industries, one of Floridas oldest and largest real estate and infrastructure holding companies, sold the 24-story, 290-unit Park-Line Palm Beaches building at 591 Evernia Street, according to property records.

FECI General Counsel and Chief Administrative Officer Kolleen Cobb signed the deed.

Coral Gables-based FECI is also the parent of Flagler Global Logistics, an integrated logistics company, and Flagler, a full service commercial real estate company. FECI is part of Fortress Investment Group, which is owned by Japans SoftBank Group.

FECI developed the West Palm apartment building in partnership with Lincoln Property Company, and completed construction in 2018.

Rents at Park-Line start at $1,625 a month, according to the propertys website. Amenities include a gym, game room, lounge and pool.

In January, Brightline launched leasing of Park-Line Miami apartment towers at Virgin MiamiCentral.

Last month, the Miami-Dade County Commission unanimously approved a resolution authorizing further discussions with Brightline, Florida East Coast Railway and the county to create a commuter rail. Under the resolution, the county would pay Brightline a lump sum of up to $50 million and an annual track access fee of up to $12 million a year for 30 years, in exchange for providing access to an affordable commuter rail train system.

Brightline suspended service in March and laid off 250 employees due to the pandemic. In August, Brightline and Virgin Trains ended their partnership agreement in South Florida.

Contact the author

Follow this link:
New York Life buys Brightline West Palm apartments for $115M - The Real Deal