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Monthly ArchiveOctober 2017

Forest City scores final approval for $2 billion, 28-acre Pier 70 redevelopment after a decade of planning

After about a decade of planning, developer Forest City Realty Trust Inc. (NYSE: FCE.A) finally scored approval for its massive Pier 70 overhaul that could bring up to 2,150 new homes, 1.75 million square feet of commercial office, and up to 445,000 square feet of retail, light industrial and arts space on 28 acres. The total cost of the project, including infrastructure and public benefits, is estimated at around $2 billion.

The San Francisco Board of Supervisors unanimously approved the project…

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Hines plans first multifamily project in San Antonio

The new development is Hines’ eighth multifamily project in Texas.

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

$60M luxury apartment community opens in south metro Denver; here's a look (Photos)

Solana Lucent Station, a new luxury apartment community, opens for leasing Wednesday in Highlands Ranch.

ReyLenn Properties LLC, a Solana Beach, California-based firm, developed the $60 million project, which includes one-, two- and three-bedroom apartments starting at $1,365 per month.

The 285-unit development is at 8555 Belle Drive, near C-470 and Lucent Boulevard.

> PHOTOS: Click the image for a photo tour of Solana Lucent Station.

“Solana Lucent Station is uniquely designed to suit…

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Southeast Overtown/Park West CRA’s executive director resigns

Clarence Woods and Overtown

The executive director of a city of Miami agency tasked with encouraging redevelopment in one of Miami’s poorest neighborhoods handed in his resignation, The Real Deal has learned.

Clarence Woods’ resignation as executive director of the Southeast Overtown/Park West Community Redevelopment Agency is effective Dec. 1st, according to Cornelius Shiver, assistant director of the Overtown CRA. The Miami City Commission, which acts as the Overtown CRA’s board of directors, unanimously named Shiver as Woods’ replacement.

Shiver said Woods resigned so he could retire as a “full-time employee” and spend more time on his private real estate ventures. “He’s doing a lot of development outside of the CRA boundaries and he’s going to devote more time to that,” Shiver said.

Woods did not return requests for comment from TRD.

Woods served since April 2012 as the executive director of the Southeast Overtown/Park West CRA, an agency that utilizes property taxes collected within its district to promote affordable housing and economic development.  Since 2005, the agency has invested $78.6 million toward affordable housing, according to a CRA report. The CRA also offers incentives to private development projects, including $17.5 million in tax rebates for All Aboard Florida’s MiamiCentral project near downtown Miami and $75 million in tax rebates for a proposed $750 million Marriott Marquis hotel complex in Park West.

The CRA has also issued grants for the renovation of historic buildings within Overtown, including an $850,000 grant for the renovation of the Josephine and Dunn hotels that was the subject of a July 31 Miami Herald article, “Deal and dollars under scrutiny as Overtown hotel projects runs years behind.” The article found that the Odua Group, headed by former city of Miami official Ola Aluko, commenced the renovation job three years ago, but the property “remains vacant and far from completion.”

“At this point, we have no reason to believe there was anything done that was improper. But we are doing an audit and [we’re] reviewing [the project],” Woods told the Herald.


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2 new apartment towers coming to Denver

Two new Denver apartment projects will soon break ground — a 12-story complex near Jefferson Park and a 14-story tower in the Golden Triangle neighborhood south of downtown Denver

The Golden Triangle complex — the 13th & Delaware Street Apartments — is located on a 0.35-acre site and will include 176 studio, one- and two-bedroom options. It will also include ground floor retail, a fitness center, a community center and a wrap-around balcony.

The developer, Austin-based Argyle Residential,…

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Texans love their home state, study shows — and so do folks moving here from Colorado, New Mexico & more places

Texans love their home state, and few are considering leaving, according to a new study by LendingTree.

The report found that 92.54 percent of purchase mortgage requests in the Lone Star state were from Texans looking to move within the state — the highest rate in the country.

Michigan had the second-highest number of residents looking to move within its borders.

Texas is also the most popular destination for residents moving from Colorado, New Mexico, Louisiana, Arkansas and Oklahoma.

For…

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Broker running for Miami Beach commission loses campaign staff amid sexual harassment allegations

Miami Beach City Commission candidate Rafael Velasquez (Credit: Facebook, Rafael Velasquez)

A Miami Beach commission candidate, who is the broker of a boutique brokerage, just lost his campaign staff amid allegations of sexual harrassment.

Rafael Velasquez, president and broker of Sunset Realty Group, was accused of sexual harassment by two women this week, commissioner and congressional candidate Kristen Rosen Gonzalez and publicist Frances Alban, in the wake of the Harvey Weinstein firestorm.

His campaign chairman and field director resigned on Monday, the Miami Herald reported.

On Monday, Rosen Gonzalez told Politico that Velasquez exposed himself while they were alone in the car together. “He had started to say that he thought that I was his soulmate, and I said, ‘Please, can we stay focused on the campaign?’” Rosen Gonzalez told Local 10 News. “By the time we got into the car, he had become abusive. He exposed himself. He was trying to, like, force my hand on him, and it was too much.”

Velasquez called Rosen Gonzalez’s allegations “an insane attack,” and said he “would never, ever, in a million years behave in the way the commissioner describes it.” He apologized on Tuesday “to anyone who was offended in any way by any of my communications.” He’s running in the Nov. 7 commission race. [Miami Herald]Katherine Kallergis


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Report highlights affordable housing problem

As multifamily real estate continues to attract developers and investors, there’s also a growing affordability issue.

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

KC smart-home startup raises $2M

Friday the 13th has earned a reputation for spurring bad luck, but for one Kansas City startup, that day couldn’t have been luckier. It’s when ELUX Homes LLC closed a $2 million Series A round.

ELUX, which stands for energy and luxury, is building the nation’s first single-family, smart-home community at Lenexa City Center. The 3.5 acre development, North Reserve Park, will feature 24 smart homes, plus two custom home lots. ELUX’s vision is to improve the consumer experience during the construction…

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California firm buys Tamarac rental community

Bob Castro and Hidden Harbour Apartments in Tamarac (Credit: Bankers Healthcare Group)

A 371-unit apartment complex in Tamarac just sold for $56 million, property records show.

The community, called Hidden Harbour Apartments, at 8800 Northwest 78th Court and 8900 Northwest 77th Court, traded for about $145,550 a unit.

BH/IGF Hidden Harbour Apartments, an entity of Santa Barbara, California-based Harbour Realty Partners, sold the complex to 10 companies led by Bankers Healthcare Group president and co-founder Robert T. Castro and Sophie C. Castro.

Records show the buyers financed the deal with a $35.1 million loan from Berkeley Point Capital.

BH/IGF Hidden Harbour Apartments, led by Patrick Beach, purchased the rental community in 2004 for $31.5 million, records show.

Hidden Harbour sits on a 21.2-acre site, records show. The community, built in 1988, offers one- and two-bedroom floorplans. Amenities include a clubhouse, pool, tennis court and lakeside views.

Robert T. Castro’s Bankers Healthcare Group is a financial services company that serves medical professionals. The company provides loans to doctors, pharmacists and other medical professionals throughout the nation, according to its website.

Last year, a 222-unit apartment complex in Tamarac sold for $22 million to a New York private equity investor. In June, a Class C apartment complex in Tamarac sold for $12.35 million.


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