Development Magazine Summer 2016

Development - Ownership

New & Noteworthy

exterior view of office building

1.6 million sq. ft.

A joint venture known as Smithfield Nashville LLC has proposed a mixed-use development at the southern edge of downtown Nashville. The project would transform a four-acre industrial site by demolishing a warehouse and replacing it with four mid- and high-rise towers containing 1.6 million square feet of office, retail and residential space, including more than 90 workforce housing units for teachers and public employees. The project’s signature structure would be a 40-story, 860,000-square-foot office tower. Smithfield is seeking Metro Planning Department approval for the development.

exterior view of office building

1.1 million sq. ft.

Avison Young is structuring a joint venture for Transit Village, the largest mixed-use development opportunity in downtown West Palm Beach, Florida. The city has approved a total of 1.1 million square feet of residential, office, retail and hospitality uses, with the West Palm Beach Intermodal Transit Center on the ground floor. A master condominium ownership concept will enable each use to operate as a separate element while also creating a cohesive neighborhood.

exterior view of retail plaza

800,000 sq. ft.

RED Development has begun construction of The Union Dallas, an approximately 800,000-square-foot office, residential and retail project in Uptown Dallas that is scheduled to be completed in 2018. The project will include a 60,000-square-foot Tom Thumb grocery store — the first in the area — as well as a 23-story residential tower and a 22-story office tower.

exterior view of office building

452,000 sq. ft.

The Opus Group and AEW Capital Management are building a 452,000-square-foot speculative warehouse in North Aurora, Illinois. Located on 25 acres, the project will feature 48 docks with room for expansion to 88, four drive-in doors, parking for 79 trailers and 263 cars, and 36-foot clear height ceilings. It is the second-largest spec project to be launched in the Chicago area’s I-88 submarket in the past few years. Designed to accommodate one or two distribution and/or light manufacturing tenants, the project is slated for completion in July 2016.

exterior view of office building

330,000 sq. ft.

Uniland Development Co.’s 250 Delaware Avenue project in Buffalo, New York, is nearing completion. The 12-story, 330,000-square-foot mixed-use building features 193,000 square feet of office space, including the new world headquarters of Delaware North, as well as the 120-room Westin Buffalo hotel, 18,000 square feet of retail space, a 7,000-square-foot outdoor courtyard and an adjacent parking structure. Designed to achieve LEED Silver certification, it contains the area’s largest green living wall and a 12th-floor landscaped terrace. The office space is already complete; restaurant and hotel operations are expected to open in summer 2016.

exterior view of office campus

300,000 sq. ft.

Kearny Real Estate Co. plans to redevelop a former Los Angeles Times printing facility in Costa Mesa, California, as “The Press,” a 300,000-square-foot creative office campus. The steel-frame structure with soaring 50-foot clear height ceilings will be transformed into multilevel, high-volume, light-filled tenant spaces. The building spans 700 linear feet along a vacated rail spur, with a canopied loading dock that will be converted into an indoor/outdoor amenity area. Plans for the outdoor space include an amphitheater, yoga lawn, volleyball court and barbecues.

exterior view of logistics center

182,000 sq. ft.

Ridge Development, the industrial development arm of Transwestern Development Co., has broken ground on Airport North Logistics Center, a speculative industrial project in the Miami submarket of Medley, Florida. The 182,000-square-foot distribution center will feature 32-foot clear height ceilings, 54-foot column spacing, a 60-foot speed bay, an early suppression fast response (ESFR) sprinkler system, 46 dock doors, 72 trailer spaces and additional vehicle parking or outdoor storage within an area surrounded by security fencing. It is slated for completion in September 2016.

exterior view of industrial building

111,000 sq. ft.

Panattoni Development Co. expects to complete the 111,000-square-foot Silicon Valley Industrial Center in September 2016. The speculative development is set between two four-way interchanges on Highway 101 in the rapidly growing South San Jose submarket. The project, which is being constructed to LEED standards, will feature 32-foot clear height ceilings, 15 dock doors, an ESFR sprinkler system and 50-by-52-foot column spacing. It will have enough docks and trailer parking for high-throughput distribution as well as ample power and car parking for advanced manufacturing, and is the only facility of its kind currently under construction in the market.

exterior view of office building

23,600 sq. ft.

The Calhoun Health Center in Brookfield, Wisconsin, west of Milwaukee, will feature a more than 15,000-square-foot health clinic to be operated by Froedtert & the Medical College of Wisconsin as well as 8,600 square feet of medical office space for lease by medical and dental service providers. The building, which is being built in the heart of the city center, is scheduled to be completed by December 2016.

interior view of office space

9,700 sq. ft.

Construction was recently completed on the new Vesta corporate headquarters at Arcos Bosques in Bosque de las Lomas in Ciudad de México, Mexico. The 9,700-square-foot project is pursuing LEED ID+C Platinum as well as WELL Building Standard Gold certification; it is the first tenant improvement project in Mexico to be built to the WELL Standard. Designer Ware Malcomb divided the floor plan into four zones — a focus zone, an interactive zone, a quiet zone and a teaming zone — to accommodate different types of office work.

From the Archives: Development Ownership Articles from the Previous Issue

train engine on a lift

The US Manufacturing Renaissance: Driving a Resurgence in Industrial Real Estate 

Developers may be wise to seek out sites and locations that will attract manufacturing uses as well as those that will attract distribution operations.

exterior view of industrial building

Cardinal Health Medical Distribution Center: “Catalyst Converter” in the Motor City 

A massive brownfield redevelopment project begins with a new medical distribution center near downtown Detroit.