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Monthly ArchiveAugust 2017

How much does it cost to purchase a home in Atlanta near a top school?

Access to good education is among the most important factors taken into consideration for most people looking to buy a home.

In addition to the promise of a strong schooling, homes located near well-rated schools tend to increase in value over time, making it a solid investment.

RE/MAX Georgia Vice President John Rainey said while there are never absolute guarantees, purchasing a home near a highly-rated school is almost always a smart decision.

“Buyers need to think long-term about their purchase…

Source: http://feeds.bizjournals.com/industry_21

Harvey’s wrath: $55B worth of Houston commercial real estate may be under water

Flooded Houston (Credit: Getty Images)

From TRD New York: As much as 27 percent of Houston’s commercial real estate may be impacted by flooding in the wake of Hurricane Harvey, according to a CoStar analysis of flood maps.

The 12,000 potentially affected properties span 433 million square feet and have a combined value of $55 billion, the real estate data company said. They include 167,281 apartments, 73 million square feet of retail space, 60 million square feet of office space and 11 hospitals.

The most heavily flooded part of the city, Southwest Houston, includes 66,000 apartments. CoStar estimates that 30 percent may be impacted by the flood.

In a press release Thursday, Howard Hughes Corporation, which owns more than 4 million square feet of real estate in the Houston area, said its properties are “fully operational and open with only minor damage.”

Risk modeling company RMS previously estimated that Harvey could cause up to $90 billion in damage across the southeastern U.S.

Earlier today the New York Times reported that the fast pace of real estate development in Houston — which was founded by real estate entrepreneurs from New York — over the past decades likely worsened the storm’s damage because it leaves fewer areas for floodwaters to recede to. “There could have been ways to have more green space and more green infrastructure over the years, and it just didn’t work that way, because it was fast and furious,” Rice University civil and environmental engineer Phil Bedient told the Times. “It’s been known for years how to do it, it just costs the developers more money to do it that way.”

The aftereffects of the last hurricane/superstorm to devastate a U.S. metropolis, Sandy, cost New York property owners and their insurers an estimated $8.6 billion in damage. But as The Real Deal reported in November, the industry has been slow to learn its lessons and prepare for future natural disasters.


Source: http://feeds.feedburner.com/trdmiami

Contractor claims it is owed nearly $2 million on East End apartment project

The Florida company says it last worked on the site in June.

Source: http://feeds.bizjournals.com/industry_21

Developer makes its KC debut with some Plaza wow factor [PHOTOS]

City Club Apartments LLC, the company behind the planned $77 million redevelopment of nearly an entire block in the Crossroads Arts District, has just completed another iconic Kansas City project.

The Detroit-area developer has finished the $7 million-plus renovation of the three-tower, 214-unit Country Club Plaza apartment complex previously known as Icon on the Plaza Apartments.

The property, which includes two 10-story towers and a nine-story tower at 4607-4621 Jefferson St. and 609 W. 46th…

Source: http://feeds.bizjournals.com/industry_21

Verzasca scores $6.4M loan for apartment project on Biscayne Boulevard

Renderings of 2000 Biscayne. Inset: Tim Lobanov

Verzasca Group scored a $6.4 million pre-development loan for its 2000 Biscayne apartment tower in Edgewater, property records show.

North Miami Beach-based New Wave Loans provided the loan, records show. Plans for Verzasca’s 36-story, 393-unit apartment tower were approved by the city of Miami’s Urban Development Review Board in June. The Russian development firm originally planned to build condos on the 32,775-square-foot site at 2000 Biscayne Boulevard, which it purchased in March 2016 for $13 million.

Pre-development costs usually cover market and traffic studies, including possible zoning changes among other factors. A spokesperson for Verzasca said the developer plans to break ground on the project during the third quarter of 2018.

Fort Lauderdale-based Dorsky + Yue created the designs for 2000 Biscayne. The project will include 25 studios, 175 one-bedrooms, 181 two-bedrooms, 12 three-bedrooms and an eight-story parking garage.

The site was previously home to the City Hall restaurant, which closed January 2016, as well as several small commercial tenants like CitiMED.

The 2000 Biscayne development would mark the first rental project for Verzasca, which has focused on boutique condo projects in Bay Harbor Islands, such as Pearl House and Le Jardin Residences, and also plans to build the condo Aurora in Sunny Isles Beach.

Other Edgewater rental projects in the pipeline include Modera Edgewater and Biscayne 27.


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107-year-old Minnetonka Beach home sells for $1.7 million (photos)

A Minnetonka Beach home that was built in 1910 has sold for $1.7 million, according to a state certificate of real estate value.

The five-bedroom, cottage-style home on Lake Minnetonka was originally listed for $1.95 million in March of 2016. It was last purchased in 2014 for $1.67 million, according to Hennepin County property records.

The 4,896-square-foot home, at 2109 Lake Road, has 115 feet of lakeshore and a boat dock on Lafayette Bay. It also includes five bathrooms, a six-car garage, four…

Source: http://feeds.bizjournals.com/industry_21

Classic Home of the week: Former tavern turned Brandywine Valley estate

Originally built in 1702, this two-story stone structure began as a tavern and later turned into an inn.

It also was part of the duPont estate at one point, but today is on the market as nine bedroom home with seven full- and three half- bathrooms.

Classic home of the week: Timeless & elegant Rittenhouse Square home

This chateau is located just northwest of the heart of downtown Wilmington, Del. on a little over four acres.

The interior still maintains an 18th century charm while offering modern…

Source: http://feeds.bizjournals.com/industry_21

Neighborhood dive: Coral Gables looks to grow southward beyond Merrick Park and the University of Miami

Clockwise from top left: renderings of Gables Station, Link at Douglas, Merrick Manor, Paseo de la Riviera

An 11.4 square mile area of Coral Gables that includes the Shops at Merrick Park, the University of Miami and the city’s upscale Riviera neighborhood is poised for a new wave of development that will completely alter the southern landscape of the City Beautiful.

The neighborhood has long been defined by extravagant single-family homes, one-story shopping plazas, mid-rise office buildings and industrial warehouses. But in recent years, the city’s planning and zoning department and the city commission have relaxed zoning requirements that will allow builders to add a slew of condo towers, hotels, office buildings and retail centers to the neighborhood.

Astor Companies President Henry Torres is among the developers expecting to cash in. His company recently broke ground on Merrick Manor, a 10-story Mediterranean-style building at 301 Altara Avenue. The 227-unit tower is the first major condo development in Coral Gables since the last cycle.

Torres said the neighborhood around Merrick Park is a perfect draw for University of Miami professors and employees, parents who want their children attending the college to live in a nice and safe apartment and empty nesters looking to downsize from their palatial homes in Coral Gables. “There is a need for what we are offering,” he said. “That is what prompted me to build in this part of Coral Gables.”

Signs of Change

Despite vehement opposition from wealthy homeowners in the Riviera section of Coral Gables, the city earlier this year hired architecture and design firm Perkins + Will to develop a master plan for the South Dixie Highway corridor that falls within the city’s boundaries. The master plan will provide developers planning major projects along U.S.1 to incorporate an environment that is welcoming to motorists, transit-users, pedestrians and cyclists.

Transportation

In addition to the Douglas Road and University of Miami Metrorail stations, residents can also catch a ride on one of two free trolleys operated by the city of Coral Gables. Various Miami-Dade County bus routes also service the area. The neighborhood’s main access roads are Ponce de Leon Boulevard, Bird Road and South Dixie Highway.

Commercial broker’s take

“The whole retail and dining experience in Merrick Park is wonderfully successful, leading to a new wave of residential development in that area of Coral Gables,” Allen Morris, founder, chairman and CEO of the Allen Morris Companies.  

Demographics

Population: 14,995

Median age: 23

Median income: $111,838

Priciest residential sale

A two-story, 5,029-square-foot contemporary estate with five bedrooms and five bathrooms at 1415 Robbia Avenue sold for $2.3 million in June.

Most expensive on the market

$2.7 million for a two-story, 5,129-square-foot mansion with six bedrooms and six bathrooms at 1200 Blue Road with its backyard facing Riviera Golf Course.

Least expensive on the market

$470,000 for a 970-square-foot condo with two bedrooms and two bathrooms at the Villages of Merrick Park, 4100 Salzedo Street.

Price trends

Median sales price per square foot:

$355 or 19 percent higher than the rest of Miami-Dade County

Average rent over the last year:

1.5 percent decrease to $1,905 a month for a one-bedroom apartment

New Development

South Dixie Highway has become the focus of several major mixed-use projects that will add close to 2,000 residential units and more than 250,000 square feet of commercial space over the next two to three years in South Coral Gables.

NP International plans to convert the former Holiday Inn site at 1350 South Dixie Highway into Paseo de la Riviera, a $172 million development consisting of a 10-story hotel with 252 rooms, an eight-story residential tower with 224 apartments, 20,000 square feet of commercial space and 838 parking spaces. Located across the street from Metrorail and the proposed Underline linear park, Paseo de la Riviera will also have a pedestrian bridge crossing South Dixie Highway and a half-acre green space incorporating public art installations, restaurants, and retail. It will also connect the project’s buildings with nearby Jaycee Park.

Just a few blocks north, near the Shops of Merrick Park, NP has plans for another massive project on a 4.3 acre site called Gables Station. The developer is proposing three towers with a maximum height of 155 feet with about 168 hotel units, 554 luxury condominium residences and 87,900 square feet of retail space.

On a 7-acre site adjacent to the Douglas Road Metrorail Station, a partnership between the Adler Group and 13th Floor Investments won a 30-year lease from Miami-Dade County to develop Link at Douglas, with 970 residences, a 150-key hotel, 70,000 square feet of retail space and a public plaza. The deal includes setting aside 12.5 percent of the units for workforce housing, $14 million in improvements to the Metrorail station and $600,000 contribution to the Underline.

Across the street from the Shops of Merrick Park, BF Group is planning a 10-story mixed-use office building at 4311 Ponce de Leon Boulevard. The developers paid $ 7 million for the site and plan to spend another $40 million building the tower, which will have 30,000 square feet of ground floor retail space and 50,000 square feet of office space.

Meanwhile, Roger Development Group recently broke ground on Laguna House, a condominium tower at the Shops of Merrick Park. The 10-story boutique project at 4220 Laguna Street features only 12 condo units that range from 3,000 square feet to 6,250 square feet.


Source: http://feeds.feedburner.com/trdmiami

Who's Who in Birmingham Residential Real Estate?

The metro area’s residential market has been on quite the hot streak.

Sales have been on the rise in recent years, while a combination of high demand and short supply have pushed prices to their highest point in at least 17 years.

Behind those trends is a group of talented industry professionals shaping the local residential real estate scene.

In this special feature, we’re helping readers get to know the faces behind the companies. Our Who’s Who in Residential Real Estate includes the top…

Source: http://feeds.bizjournals.com/industry_21

Commentary: LEED gets it right

The Aug. 18 cover story on the LEED green building rating system missed the bigger picture. Green building rates in the St. Louis region may not measure up to the top five LEED national markets, but as your article points out, we are keeping pace with and even outpacing cities of similar size and demographics. By looking at just a single year of data, however, you are discrediting previous years of successful LEED projects in our region. More importantly, you missed the opportunity to recognize the…

Source: http://feeds.bizjournals.com/industry_21

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