News and Notes on Trends, New Projects and Construction In the Commercial Real Estate Development Pipeline Around the U.S.
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project -- and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.Hike! L.A. Planning Commission Approves NFL Stadium
The Los Angeles Planning Commission unanimously approved the plan by Anschutz Entertainment Group (AEG) to build Farmers Field football stadium and a new convention center in downtown L.A.
The Sept. 14 milestone vote sets the stage for a Sept. 28 hearing before the Los Angeles City Council, which could cast a final vote on the environmental impact report which could clear the way to break ground on the $1.2 billion project in 2013.
The City Council last year voted 15-0 to approve the memorandum of understanding for the project.
"Today's unanimous votes taken by the Planning Commission support a transformative project that will create thousands of good, local jobs, generate millions of dollars of economic impact and investment for our City and will bring conventions and the NFL to Los Angeles," AEG said in a statement.
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Here's the Tip: Barclays Center Arena Set to Open In Brooklyn
Forest City Ratner Companies Chairman and CEO Bruce Ratner, New York Mayor Michael Bloomberg, Brooklyn Nets Owner Mikhail Prokhorov and other officials and community leaders on Friday will officially unveil Barclays Center, the first building in the Atlantic Yards development in Brooklyn. The facility designed by SHoP Architects and AECOM will open to the public on Sept. 28 with the first of eight sold-out concerts by Jay-Z.
A new subway exit at the Atlantic Avenue station opened this week to serve the arena that will be home to the NBA's Brooklyn Nets, which moved from New Jersey and will play at Barclays in the upcoming 2012-13 season.
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The arena is part of a nearly $5 billion sports and entertainment and broke ground in March 2010 after a Brooklyn judge struck down a legal challenge by property owners opposed to the state's use of eminent domain to condemn the private property for the project.
Other officials scheduled at the ribbon cutting include Brooklyn Borough President Marty Markowitz, Barclays Executive Chairman of the Americas Thomas L. Kalaris and Barclays Center and Brooklyn Nets CEO Brett Yormark.
NAI Hunneman Tapped to Sell Lewis Wharf Site
The DeNormandie Companies has hired NAI Hunneman as the exclusive agent for a 9-acre waterfront development parcel on Lewis Wharf, along with 30,000 square feet of existing condominium space in the Granite Building in Boston?s North End. The NAI Hunneman investment sales team of Senior Vice Presidents Scott Dragos and Doug Jacoby, along with associates Sean Ryan and Mitch Levey, will market the parcel. Lewis Wharf, originally built in the 1800s, was once the center of Boston?s shipping and trading industry.
Lewis Wharf, previously Hancock's Wharf, was built in 1840 at the site of Paul Revere?s original blacksmith shop by Thomas Hancock, uncle of John Hancock.
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Milestone V Office and Manufacturing Floor Finished In Germantown
Trammell Crow Co. and Multi-Employer Property Trust (MEPT) announce the completion of Milestone V, a 162,000 square foot building at Milestone Business Park in Germantown, MD.
The building will house the office and manufacturing operations of Digital Receiver Technology Inc., a Boeing subsidiary that develops hardware and software products for wireless surveillance and tracking equipment for the federal government and law enforcement customers.
The $50 million project features four stories of office space above a 54,000-square-foot manufacturing floor.
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Phillips 66 to Build New Global HQ In West Houston
Phillips 66, recently spun off from ConocoPhillips, is acquiring 14 acres off Beltway 8 West between Westheimer Road and Briar Forest Drive in Houston?s Westchase submarket for development of a new global headquarters campus. The Houston-based oil and energy company searched for several months before settling on the site at 2101 CityWest Blvd. to be acquired from Thomas Properties Group, Inc. (NASDAQ: TPGI), said Greg C. Garland, chairman and chief executive officer of Phillips 66, which employs 14,000 people worldwide.
The company is working on a design and will begin construction when plans are finalized and permitting in place for the campus.
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$45M TOD Under Construction Near Salt Lake City
Parley?s Partners of Salt Lake City is expected to complete construction on the $17 million first phase of Birkhill on Main, a new transit-oriented apartment community in Murray, UT, eight miles south of Salt Lake City.
The project designed by Irvine, CA-based KTGY Group, Inc. on 6.2 acres is a multi-phase $45 million that will include a total of 311 apartments plus a three-story office building at build-out.
Phase I will feature 137 apartments ranging from one to three bedrooms and include 41 market rate and 96 affordable housing units in a five-story building at 4255 S. Main St. The eco-friendly project transforms a former brownfield infill site into a high density, high quality residential development.
Parley?s Partners plans to begin construction on the second phase in June 2013, which will add 65 more apartments. Phase III will include 109 additional apartments and the fourth phase will include a three-story 35,400-square-foot office building. Phases two and three are expected to be completed by 2016, with timing for the office building based upon pre-leasing.
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