Futuristic Commercial Real Estate
October 22nd, 2013 by Diane Moore
During the pinnacle of the economic downturn, an excess of 700 construction projects were kept in the backburner across New York City, as reported by the city’s Department of Buildings. Several properties faced foreclosure while others devised ways and means of utilizing their vacant space.
After three years, construction work has made a massive surge and along with this the development work of those stalled properties has begun. The city reported around $ 20.5 billion worth of fresh construction projects that began in 2012. The first five months of 2013 witnessed an additional $ 8.5 billion of the starting of new construction projects, which was a 16% jump compared to the same period in 2012.
Below are some of the major commercial real estate projects that are currently undergoing construction throughout the US.
- Hollywood Millennium Project
The Los Angeles City Council has given approval to a project that would change the Hollywood skyline drastically despite repeated warning from officials about the plan’s closeness to a critical earthquake fault line. Millennium Partners, a developer from New York, will construct two skyscrapers and an excess of 1 million square feet of retail, hotel and office space on numerous vacant parking areas surrounding the historic Capital Records building.
Mitch O’ Farrell, the newly elected councilman, said the project will lead to the creation of jobs and pull in tourists and residents to the eastern edge of Hollywood. The $ 664 million project will consist of two commercial real estate buildings-the first one will be of 35 stories, and the second will be of 39.
- Wilshire Grand
The Wilshire Grand is a 1100 feet skyscraper to be constructed in the financial district of Los Angeles. This commercial real estate property in Los Angeles will be erected in the place of the former Wilshire Grand Hotel, which is at present being deconstructed. The property is set to become the tallest structure in Los Angeles, the Western United States, the West Coast of the United States and also the tallest structure outside Chicago and New York City when it undergoes completion.
The commercial real estate building will be a mixed-use property with a hotel of 900 rooms and the remaining as office and retail space. The present design of the structure was designed by AC Martin Architects. A unique feature of the property is the crown which is shaped in the form of a sail. The property will be illuminated at night with LED lighting.
The skyscraper will be a unique feature of the skyline in Los Angeles. David Martin, lead designer of the project, said that the exterior of the tire, and the spire will be filled with LED lightning that can be programmed. This commercial real estate property which will cost around $ 1 billion is scheduled for a grand opening on 2017.
- Prudential Financial Office Tower
Insurance giant, Prudential Financial has plans to set up an office tower of 20 stories in downtown Newark. The project which is estimated to cost $ 444 million will be integrated into the neighboring blocks, which will include corridors, such as New Streets and Hasley that will connect Broad Street to the University Heights portion of the city.
Richard Hummers, vice president for financial management of the company, said that the plan includes wrapping a parking garage of 55 feet with art displays and retail in order to enhance the volume of pedestrians around it.
The development team is renovating and preserving several retail spaces located at the southern end of the site. The commercial real estate tower is being developed by SJP Properties and is being financed with the assistance of a tax credit valued at $ 211 million under the Urban Transit Hub policy.
- Transbay Tower
The Transbay Tower, also referred to as the Transby Transit Tower, is a tall skyscraper which is currently undergoing construction in downtown San Francisco. The skyscraper standing at 1070 feet is based at the corner of Mission Street and First Street, adjacent to the site of the San Francisco Transby Terminal.
The commercial real estate property which will possibly undergo completion by 2017 will have a total of 61 floors and will be the tallest skyscraper in San Francisco by outdoing the Transamerica Pyramid by an excess of 200 feet. It’ll be the seventh tallest property in the US but will be a little shorter compared to the Wilshire Grand. The property was designed by architect Cesar Pelli and is currently being developed by Boston Properties.
- Alta South Bay
Woodpartners has commenced construction work on Alta South Bay, which is a luxury apartment building of 246 units. The property is spread on an area of four acres between Carson and Torrance in Los Angeles County. The commercial real estate property of 300,000 square foot valued at $ 55 million is situated five miles from the ocean, close to three important hospitals, retail centers, and corporate headquarters, and is anticipated for leasing in the summer of 2015.
This property, which has been constructed by Wood Partners and designed by California-based Architects Orange, will have a total of 143 single-bedroom units, 96 double bedrooms and 7 triple bedroom apartments. Some important features of this property will include wood laminate flooring, granite countertops and full-size dryers and washers. Residents can have access to an affluent pool deck in the style of a resort, business center, an internet café, spa and a fitness center.
Alta South Bay will be near to Herbalife headquarters and also the US headquarters for Porsche, Honda and Toyota and even the Port of Long Beach and Port of Los Angeles which are at present in an expansion mode.
- 108 North State Street
108 North State Street is a commercial real estate property undergoing developmental work as an urban hub located in the Loop community region of downtown Chicago. The property is being developed by Joseph Freed & Associates LLC. In 2011, the property was foreclosed by Bank of America who sold it to CIM Group the following year.
Joseph Freed && Associates LLC undertook the responsibilities of retail development. Construction started on the project on the 31st July 2006. The first of the total of three structures and the shopping hub was launched in November 2009. Reports indicated that the property was only 26% occupied on account of unwanted leasing space in proceedings of bankruptcy.
Based on plans, the property will be composed of three combined structures-a residential condominium tower of 21 stories which will be known as 108 North State Condominium Tower at West Randolph Street and North State Street, a hotel tower of 21 stories called 108 North State Hotel Tower at North Dearborn Street and West Randolph Street and finally a tower of 17 stories called CBS Broadcast Center at Washington Street and North State Street.
The multiple structures will approximately have 4000,000 square feet of space of entertainment, retail and dining space. It’ll also have an office space of 42,000 square meters, a hotel of 354 rooms and a residential tower of 200-300 units.
During the phase of construction, delays and cost overruns pressurized the Chicago Transit Authority and the city of Chicago to make up for a deficit of approximately $ 100 million.
Click here to know more about this commercial real estate property.
- 1812 N Moore
This is an office building which is currently undergoing construction in Virginia. It’s being developed by Monday Properties who’s also the owner. The commercial real estate building which will stand at a height of 390 feet is set to be the tallest structure in Washington Metropolitan Area and will surpass the adjacent Rosslyn Twin Towers.
The plan was proposed in the year 2005 and was supposed to have a height of 484 feet and a total of 39 floors. It was also planned to have a tapering design, closely resembling Tokyo- based Atago Green Hills Mori Tower. In the process, the design was cut off to a height of 390 feet with a pyramid right on the top. The height of this structure drew a lot of controversies on account of the challenges it offered to the close by Washington Monument and being in the path of Washington National Airport.
Agencies like the US Commission of Fine Arts, the Federal Aviation Agency and the National Capital Planning Commission have objected to the erection of tall structures in Maryland and Virginia. However, they have failed to stop the construction of such structures because they don’t have jurisdiction in those regions.
- 350 Mission Street
350 Mission Street is a skyscraper in San Francisco which is currently undergoing construction. The tower which will stand at 455 feet above street level will have 30 stories and is expected to cost $ 250 million. The commercial real estate building is set to achieve Leadership in Energy and Environmental Design (LEED) upon completion in 2015. The structure is based at the north eastern corner of Mission Street and Fermont Street It’s surrounded by several other attractive skyscrapers, which includes the nearby 45 Fermont Street and Blue Shield of California Building was proposed at a height of 850 feet.
The initial version of this magnificent property was proposed at a height of 850 feet of 93,000 square meter office space. However, the project height was reduced by the developer, Kilroy Realty Corporation by 300 feet and the area by approximately 55,700 square meters.
- 45 Lansing Street
45 Lansing Street is a residential tower currently undergoing construction in San Francisco, California. The skyscraper which will stand at a height of 430 feet will have 320 residential units built on 39 floors.
Jackson Pacific Ventures set up a proposal for constructing a residential tower of 400 feet with 227 units in the year 2006. Following this, Turberrry Associates bought the entitlements from Jackson Pacific for $ 30 million. The financial crunch in 2008 put off the actualization process of the project after which Crescent Height bought the property for $ 13 million in 2010.
The commercial real estate property was re-entitled by Crescent Heights in 2011, making an alteration in the number of units to 320 from 227, while maintaining the original height of the building. In order to create space for the new proposal, the number of studios was enhanced to 99 from 3, one bedroom units went down to 93 from 111, double bedrooms were increased to 128 from 77, and the plan of triple bedrooms was dropped.
Crescent Heights got the building permits in 2012, and construction commenced in 2013. The property is estimated to undergo completion by 2015.
T5 Data Centers LLC from Atlanta purchased a land measuring 16 acres besides its recently developed data center measuring 150,000 square feet in Legacy Business Park in Plano. The company is slated to build a project called T5@Dallas here. According to real estate sources, the site will house a data center measuring 150,000-200,000 square feet. The center is scheduled to cost a bit higher than $ 59 million.
The developer of the commercial real estate project paid $ 6.8 million to secure the parcel, which is confined by Spring Creek Parkway, Parkwood Boulevard and Windhaven Parkway, according to records from county deed. Acres Sunshine Limited from Arlington was the seller.
Peter Marin, president of T5 said that the construction of the second phase of the project has begun to accommodate the incredible inclination towards multi-tenant data hubs. He said that the site will be able to accommodate an extra 12 megawatts of data center.
Sounds like a lot of new construction in the making! The New York Metro area heads the list with respect to the number of new construction for the second consecutive year. However, other cities are not far behind. Dallas has roped in $ 5.2 billion worth of new construction projects this year while Houston has around $ 4.8 billion of construction projects under its belt. Let’s wait and watch for other commercial real estate projects breaking ground soon.
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