Development Magazine Spring 2015

Development - Ownership

New & Noteworthy

exterior view of a hig rise office tower

©Related-Oxford-Mitsui Fudosan

1.3 million sq. ft.

Construction of the 1.3 million-square-foot, 51-story 55 Hudson Yards office tower began in January. The newest addition to the collection of buildings at Hudson Yards, the largest private real estate development in the history of the U.S. and the largest development in New York City since Rockefeller Center, is being developed by Related Companies, Oxford Properties Group and Mitsui Fudosan America Inc. Designed by Kohn Pedersen Fox to LEED Gold standards, 55 Hudson Yards will be located adjacent to a new subway station. Construction is expected to be completed in 2017 and tenant move-in should begin in early 2018.

exteior view of industrial building

945,000 sq. ft.

Stream Realty Partners is developing Northport 35 Business Center,  three Class A industrial buildings totaling 945,000 square feet, on a 61-acre site in the Dallas/Fort Worth community of Northlake, Texas. The project, which is near Union Pacific and BNSF rail lines, Alliance Airport, a BNSF Intermodal facility and many logistics and industrial facilities, has been designed to accommodate tenants from 14,000 square feet up to 650,000 square feet or larger. Construction began in early 2015.

exterior view of office tower

916,000 sq. ft.

Trammell Crow Company and its residential subsidiary, High Street Residential, with joint venture partner MetLife Inc. expect to begin construction later this year on Park District, a 916,000-square-foot mixed-use project on a three-acre parcel in Uptown Dallas. Designed by Dallas based HKS Architects, the district will include a 19-story, approximately 502,000-square-foot Class A office tower; a 32-story luxury residential tower; ground-floor retail space; extensive below-grade parking; and a large, walkable plaza. The office building, Park District Tower, will feature multiple outdoor terraces, a state-of-the art fitness facility, conference rooms and a grand, hotel-like lobby.

exterior view of office building

190,000 sq. ft.

Centerplan Development Company of Middletown, Connecticut, held a groundbreaking ceremony in December 2014 for an approximately 190,000-square-foot project that will include a new headquarters for nonprofit Continuum of Care, a provider of mental health care services. The building, which will also contain medical office space, a pharmacy, a restaurant and other retail space, plus a parking garage, is set on an undeveloped 5.5-acre parcel adjacent to downtown New Haven, along the city’s Route 304 connector. Designed by Svigals+Partners, the project is being developed by a joint venture of Centerplan and Continuum that was made possible by a $7.5 million state grant and $13 million in New Market Tax Credits.

exterior view of office tower

70,000 sq. ft.

LGE Design Build began construction in late 2014 on a 70,000-square-foot Class A build-to-suit headquarters for Crown Castle, a wireless infrastructure provider, in Chandler, Arizona. The building was designed to fit into its desert context, connecting to the environment with texture, colors and materials that aim to convey corporate elegance. The entry will feature steel beams and columns accented by sandstone and wood; two balconies with metal trellises will provide shade. The building is expected to be completed this summer.

aerial view of mixed-use project

27 acres

Occupying 27 acres in the heart of downtown Miami, Miami Worldcenter is one of the largest private real estate developments underway in the U.S. The first phase of the 10-block project will include a 765,000-square-foot shopping mall developed by The Forbes Company and Taubman as well as residential towers and a 54-story, 1,800-room JW Marriott Marquis hotel and expo center with 600,000 square feet of meeting and event space. Direct links to the new All Aboard Florida high-speed rail terminal, now under construction, and the existing Miami-Dade Metromover system will encourage transit use. The city approved the project’s zoning package and development agreement in December 2014, and vertical construction is slated to begin in mid-2015.

From the Archives: Development Ownership Articles from the Previous Issue

exterior view of an office building

Repositioning Yesterday’s Buildings for Today’s Changing Workforce 

Major retrofits and the repurposing of older buildings have become leading trends as urbanism and millennials drive transformative change. As 2014 winds down, we find the real estate industry in the throes of transformative change thanks to economic recovery and a fast-evolving workforce that continues to redefine corporate space requirements.

rendering of the exterior view of a cold storage facility

Edge Markets Go Mainstream 

The residential population of San Francisco’s Mid-Market district has spiked by 38.8 percent since 2000. The typical Dumbo household earns $123,675 per year, which is among the highest incomes in Brooklyn. These noncore submarkets have witnessed phenomenal demographic change over the past few years.