Development Magazine Winter 2015/2016

Development - Ownership

New & Noteworthy

exterior view of a mixed-use development

$120 million

GroundFloor Development and Prescott Group have announced plans for a $120 million mixed-use development in South Austin, Texas. Designed by Andersson-Wise Architects, Saint Elmo will feature 225,000 square feet of new creative office space as well as a 40,000-square-foot indoor-outdoor public market set in a redeveloped warehouse structure. The office space will be tailored to companies in the music, entertainment, media, technology and other innovative industries. Saint Elmo will offer free office space to some of the city’s most prominent music nonprofit organizations. Construction is slated to begin in mid-2016, with the opening set for the first quarter of 2018.

exterior view of an industrial building

1.8 million sq. ft.

Trammell Crow Company and joint venture partner Clarion Partners are planning to build Jefferson Mill Business Park, a new Class A industrial development, in two phases on 122 acres in Atlanta’s I-85 Northeast industrial submarket. When complete, the park will comprise three buildings totaling nearly 1.8 million square feet. Phase I will consist of an 822,000-square-foot bulk cross-dock warehouse and a 251,000-square-foot rear load distribution center. Construction will begin by the end of 2015 and is expected to be completed in 2016. Phase II will be a 721,000-square-foot spec or build-to-suit bulk cross-dock warehouse.

exterior view of a building

1.2 million sq. ft.

Matan Companies has received preliminary planning approval to transform the existing Milestone Business Park into a vibrant mixed-use town center. The Germantown, Maryland, project will comprise 1.2 million square feet of development, including 656,000 square feet of existing office space in four buildings, three new six-story mixed-use buildings with 485 apartments, 28,250 square feet of new street-level retail space and 3,160 parking spaces.

exterior view of a logistics center

899,000 sq. ft.

Joint venture partners Dermody Properties and Hillwood Investment Properties broke ground in October on LogistiCenter at 275, an almost 899,000-square-foot fulfillment center for Wayfair Inc., one of the world’s largest online sellers of home furnishings and decor. Set on a 52-acre site in Erlanger, Kentucky, adjacent to the Cincinnati/Northern Kentucky International Airport, the project will be among the largest developments in the region when it is completed in the second quarter of 2016. It will feature 36-foot clear height ceilings and energy-efficient lighting.

exterior view of an office tower

750,000 sq. ft.

Joint venture partners The John Buck Co., Golub & Co. and MetLife Real Estate Investments have broken ground on a 43-story office tower that has received LEED-CS (Core & Shell) precertification. Park Tower at Transbay’s design aims to “bring the outside inside,” with panoramic views from 70 percent of the floor space. The Class A office tower in San Francisco’s booming Transbay submarket will feature more than 50,000 square feet of outdoor and open space, including a ground-floor park, 17,000 square feet of open space on floors 12 and 28, and 14 private sky decks. The 750,000-square-foot building will also contain 10,000 square feet of high-end retail space. Completion is targeted for spring 2018.

exterior view of a building

703,000 sq. ft.

Centurion American Development Group and Hill & Wilkinson General Contractors have broken ground on the $175 million redevelopment of downtown Dallas’ historic Statler Hilton Hotel and the adjacent Old Dallas Central Library. The two structures will be transformed into a nearly 703,000-square-foot mixed-use property with 229 luxury residential units on the top 11 floors, 164 boutique hotel rooms on the middle five stories, and two lower floors of ballrooms, meeting rooms, hotel services, lobbies, restaurants and retail space. Centurion American plans to apply for historic tax credits and the city has provided $43.5 million in tax increment financing for the project, which is expected to be completed in December 2016.

aerial view of a business park

225,000 sq. ft.

The S. Hekemian Group has broken ground for The Shoppes at DePiero Farm, a 225,000-square-foot lifestyle retail marketplace in Montvale, New Jersey. The walkable town center is rising on the site of the iconic 28-acre DePiero farm. Its architecture and landscaping are inspired by the region’s farming and equestrian heritage. A 140,000-square-foot Wegmans supermarket will anchor the center, which will feature six electric vehicle charging stations, walking and biking paths, dark sky-friendly exterior lighting and a green vegetative roof.

exterior view of a building

118,000 sq. ft.

Cresset has broken ground on renovations to 65 Grove Street in Watertown, Massachusetts, to appeal to creative office and R&D tenants. The 118,000-square-foot building, which was originally constructed in 1945 as a three-story office, R&D and manufacturing facility, is being updated to LEED-certifiable standards with a new roof, state-of-the-art mechanical and electrical systems and a new 300-car garage. The existing masonry exterior is being replaced with a glass curtain wall. All base building renovations are expected to be complete by spring 2016.

exterior view of a building

44,000 sq. ft.

LGE Design Build recently completed a 44,000-square-foot repair and service center for Metso, a company that provides services to firms in the mining and aggregate industries. The Mesa, Arizona, facility features 50-foot clear height ceilings and houses two 60-ton bridge cranes as well as welding and machining bays that enable Metso to service and repair large-scale mining equipment. It also contains office space for 65 employees, which could be expanded to hold up to an additional 40.

exterior view of a building

95 units

The Georgian Lakeside, a 95-unit assisted living and memory care community under construction in Roswell, Georgia, will feature state-of-the-art technology to keep residents, including those with advancing dementia, safe, healthy and engaged in meaningful activities. Griffin Real Estate Management and Canyon Partners Real Estate LLC are developing the project, which will be operated by Thrive Senior Living of Atlanta and is scheduled to open in spring 2016. The luxury senior housing project will also feature a beauty salon, theater room, elevated lakeshore sidewalk, dining room, physical therapy and doctors’ examination rooms and a “senior safe” fitness center.

From the Archives: Development Ownership Articles from the Previous Issue

guy standing in front of an industrial building

Majestic Realty Co.: Making the Deal and Making a Difference 

This year’s award winner credits its six-plus decades of success in commercial real estate to being strategically patient, precise and persistent.

garden on a building roof

Up on the Roof, Cities Grow Green 

Urban farms bring new life to commercial buildings and local communities.