Andrew Petrozzi’s Post

RioCan has gone back to the drawing board in a big way, doubling the density on a proposed Toronto mixed-use rental development for 3180 Dufferin St. that originally dates back to 2021, reported Storeys. "The substantially revised plans, submitted to the city late last month, propose a total of four purpose-built rental towers across two blocks: 18- and 20-storey buildings linked by a nine-storey base on one, and 23- and 25-storey towers connected by a six-storey podium on the other. The earlier proposal had been for two rental towers ranging in height from seven to nine storeys. “The proposed increase in height and density will also result in approximately 625 additional housing units,” notes a cover letter submitted with the revised application and prepared by planning consultants Bousfields Inc." "RioCan is now hoping to build 1,180 dwellings, up sharply from the original proposal of 555 units. Presumably to accommodate all these new residents, the amount of room dedicated to amenities, both indoor and out, has more than doubled from 1,110 square metres to 2,460 square metres in the latest iteration. Meanwhile, planned retail space at-grade along Dufferin has increased slightly to 1,490 square metres, compared to the two-tower proposal’s 1,464 square metres. At the southwest corner of the property, a new 1,630-square-metre public park would be established, encompassing 11.3% of the overall site." https://lnkd.in/gvMD3JNu #toronto #residential #development

Same potential elsewhere, including Canada, for adding housing to underutilized land. Mall conversion to include housing probably at least as feasible as downtown office building conversion which seems to be having a moment post pandemic. #urban #housing #housingcrisis #affordablehousing #construction

🏗 Exciting Redevelopment at Preston Center Pavilion 🌆 Dallas' Preston Center Pavilion is set for a transformative redevelopment, introducing a multifamily tower and office tower with ground-floor retail into the heart of North Dallas. Ramrock Real Estate LLC aims to enrich the area with a mix of residential, office, and retail spaces, enhancing the urban landscape and pedestrian experience. 🛍 230,000 Square Feet of Retail: The current site, known for its vibrant retail offerings, will see an expansion to include high-rise living and office spaces. 🏢 Mixed-Income Housing Initiative: The project seeks approval for increased floor area and height, tied to providing mixed-income housing, with a proposal to make 5% of units affordable for households earning 81% to 100% of the median family income. 🌳 Enhanced Open Spaces: Responding to feedback, Ramrock has increased the open space in its design, promoting a more engaging and pedestrian-friendly environment. 🔄 A Diverse Urban Mix: The introduction of multifamily units to an area predominantly featuring office and retail uses aims to boost the vitality of Preston Center, maintaining ground-floor retail along the core. https://lnkd.in/gFcdQW7q #landinvestment  #landevelopment #dfwrealestate #cre 

HENRICO, VA - More residential units are in store for Regency. Thalhimer Realty Partners, Inc. and The Rebkee Company, which co-own the western Henrico mall, are planning to break ground by mid-2024 on more than 300 new apartments as part of their ongoing redevelopment of the shopping mall. The upcoming project follows the completion of the Rise at Regency, the center’s first apartment complex, which was built on the site of a now-demolished Sears store. The new apartments project, called Rise II, is slated to take shape on a roughly 2-acre portion of the mall’s parking lot that is located between the Rise at Regency complex and Starling Drive on the western side of the mall. The project is expected to cost $76.2 million, a figure that includes construction, land, permitting and other expenses. The Henrico Board of Supervisors approved a resolution last week in support of Regency’s application to Virginia Housing, the state’s housing authority, to acquire financing for Rise II. That financing program requires 20 percent of the units constructed at the new complex be reserved for people who make less than 80 percent of the area median income. The first phase of the Regency apartments utilized the same program. “We want to ensure we’re supplying housing to that segment of the market,” Rebkee Co. Principal Rob Hargett said in an interview last week, adding that the first phase of apartments are 96 percent leased. The Rise II apartments are expected to be largely comparable to Rise’s 320-unit first phase, and will accordingly feature mostly one- and two-bedroom units with a few three-bedroom apartments. However, the upcoming apartment complex won’t include a parking deck, as had formerly been the plan for the Rise II project. In eliminating the parking structure, there was space available to increase the unit count from a previous plan of about 230 units. The new apartments also will feature different finishes and color schemes than the existing complex, as well as a pool, fitness center and other amenities. “We’re going to take it up a notch because we want to differentiate it,” Hargett said. The developers decided to nix an additional parking structure as part of the second phase because the one that was built along with the first apartments is considered underutilized. Residents at the yet-to-be-built apartments will be directed to share the existing 372-spot parking deck with residents at the existing apartments and utilize surface parking, which current residents already do. Hargett said the hope is to have a building permit in hand by early March in anticipation of breaking ground on the upcoming apartment project no later than June 1. Purcell Construction is the project’s general contractor, and Poole & Poole Architecture is handling design of the apartments. Both firms worked on the first phase of Regency’s apartments. Click on the article below for all the details. #escrowcredirt #newmarktitleservices

📣 Melbourne's Top Real Estate Stories of 2023! 🏙️ 2023 was a dynamic year for Melbourne's property market, driven by high migration numbers and demand that outpaced supply. Here are the top five articles that captured the industry's attention: Richmond's Victoria Shopping Centre Redevelopment: A $900 million project by Vicinity Centres and Salta Properties aimed to transform Richmond's Victoria Gardens Shopping Centre into a vibrant urban village, featuring 1,679 new homes, a fresh food Market Hall, and extensive open spaces. The project is set to create jobs and redefine the area. Multiplex's $2 Billion STH BNK by Beulah Towers: Multiplex was chosen to build the iconic STH BNK by BEULAH development, which includes Australia's first 5-minute vertical city, complete with twisting towers, a world-class retail precinct, wellness facilities, and more. High-profile sales and a five-year construction timeline garnered significant attention. South Yarra House Apartments: South Yarra House, a $190 million project, addressed the demand for quality owner-occupier and downsizer apartments in South Yarra. The joint venture between Wattletree and Dorman Capital offered around 60 apartments inspired by New York's architectural styles. STH BNK by Beulah Breaks Melbourne Apartment Record: Beulah set a new Melbourne apartment record with a $38 million sale, topping the previous $35 million record. The luxurious sub-penthouse above level 75 offered customization, 360-degree city views, and world-class amenities, reflecting strong demand for luxury apartments. Andrews Labor Government's Apartment Approval Reforms: In response to a dwelling approval decline, the Andrews Labor Government announced reforms to clear approval backlogs and facilitate the construction of more homes. The goal is to build homes with high design standards, addressing the housing challenge in Melbourne. #MelbourneRealEstate #PropertyTrends #RealEstateNews Author: Joel Robinson ------------ 📣 Was this update of interest to you?🔥 Join 14,000+ of your residential property development colleagues who follow Urban on LinkedIn. We regularly post free insights about: 💡  New project launches and updates 💡  What buyers are searching for on AU’s largest off the plan buyer platform 💡  Weekly interviews with industry leaders Follow Urban.com.au or connect with our CEO Mike Bird to keep your finger on the pulse of the apartment and townhouse market. 

We need to have answers as to why Masterplans or Communty Development plans are simply swept aside. If Masterplans are approved after public hearings, should the community not expect what was approved to be built no more and no less? Even If a comprehensive development rezoning takes 10 years to complete, should the public not expect what was approved and not have anything more added with another amendment? If that is not the case, what was presented to the public literally means nothing, and cannot be trusted. It begs the question why the yet to be built towers cannot be amended for below market housing. It is also sadly suspicious why the newly built Brentwood mall did not include any renovations to the existing mall - was the intent all along to add two more towers at the end of the project and bypassing any opposition to what was capped at 13 towers? The proposal calls for adding two towers in the middle of the original Brentwood shopping mall. I would argue that with 13 towers, the residents and surrounding community need the mall, but it has to be brought up to the same level as the new build. Adding 2 more towers is an mistake. It is a radical departure from the original plan. After all, it has been very carefully vetted. There are already 13 towers , all of the same height, with no variance in design. The whole site will be surrounded by a wall of glass up to 800 feet high with no relief. At certain angle, where all the towers line up, you see a blank wall of glass 60-80 storeys tall and.city blocks wide, adding 2 more towers will make this into a complete reality.

Coconut Creek is set to undergo a transformative development with the approval of MainStreet, a new downtown area that will feature over 2,000 homes, parks, and commercial spaces. After two decades of planning, the City Commission has given initial approval through land rezoning, marking a significant milestone in the project. Situated between Lyons Road and State Road 7, and between Wiles Road and Sample Road, MainStreet aims to create a sustainable, mixed-use downtown environment, serving as a local and regional destination for residents and neighboring communities. The MainStreet project, conceptualized in 2003 and approved by county commissioners in 2005, envisions 16 development blocks with diverse housing options. These include townhomes with front yards, villas, four-story condos, and rental apartments reaching up to eight stories. The development will also feature a lakefront park, bicycle lanes, and a public recreation center. Approximately 225,000 square feet of commercial space along Lyons Road is expected to house restaurants, retail shops, and a grocery store. One notable aspect of the plan is the inclusion of Johns Park, named in honor of the Johns family, who owned the land for two generations. The proposal estimates the addition of around 300 school-aged children to the area, prompting consideration for a privately operated K-8 charter school on 5 acres. The development timeline suggests a seven-year buildout period, with Scott Backman, the attorney for the developer team, expressing openness to the idea of a charter school. The project's roots trace back to a farm owned by Eva and Joseph Johns, who moved to the area in the early 20th century. Despite several attempts by developers to purchase the land, it remained in the Johns family until 2009 when it was eventually sold for the MainStreet project. Multiple entities are involved in the MainStreet project, with GSR RE Partners LLC serving as the contract purchaser and 13th Floor Acquisitions LLC, Rosemurgy Properties LLC, Schmier Property Group Inc., and Giles Capital Group LLC proposed as developers focusing on different aspects of the project. While the closing date for the land is expected to be a year away, the city anticipates a gradual development process. Initial steps involve digging lakes and laying roads, followed by site-plan approvals for each of the 16 blocks. Mayor Josh Rydell expressed excitement about bringing a modern downtown area to Coconut Creek, emphasizing the significant amenities that MainStreet will offer to residents. The first batch of buildings is projected to open within two years, contingent on the project staying on track. Overall, MainStreet represents a long-envisioned development piece for Coconut Creek, promising an exciting future for the city. https://lnkd.in/edn3Jhb5

The Next Big Thing? These two areas in Charlotte, NC are changing in a big way and you’ll want to know about them! Both of these areas are in the 28208 zip code and the avg sales price has increased 21% in the past 3 years. That’s saying a lot since much of what you’ll see today has been developed more recently. Clanton Park/Roseland: Located less than 4 miles Southwest of uptown Charlotte between Clanton Rd and Billy Graham Pkwy, and is also very close to Interstate 77. This neighborhood benefits from the proximity to major employers, all of the shopping, dining, entertainment, and nightlife amenities of the LoSo, SouthEnd areas, and immediate access to the light rail. All you have to do is walk or drive a couple hundred feet in any direction down Clanton Rd or S. Tryon and you will see massive development. There has already been a lot of mix used residential, multifamily retail, office, and restaurant space developed in the past 2-3 years with so much more underway or scheduled.    Here’s a little nugget of info…just over a year ago (Nov 2022) a large developer out of FL purchased the 36 acre parcel on the corner of Clanton Rd and S. Tryon. They are currently developing a master plan with plans “it will be a true mixed-use (project), with office, hotel, residential, retail and green space.” Freemore: This area is named after the intersection of 2 main thoroughfares Morehead St and Freedom Dr) and encompasses 3 smaller neighborhoods Wesley Heights, Seversville, Ashley Park. It’s known for its historic character and in recent years has undergone significant revitalization efforts with more development in the pipeline. Along with the location and amenities there’s been significant real estate development with single family rehabs and new construction, multifamily residences, and luxury apartment options. Check out the Bryant Park subdivision full of single family homes and townhomes built less than 10 years ago, or head down Grandin Rd and feel the historic charm of Wesley Heights, and then take in the modern development of the duets, townhomes, and revitalized ranch and bungalow style homes in Seversville. Cat's out of the bag! Whether it’s that first home, next home, or an investment property with upside…these areas have you covered. If you’d like more information on these or any other neighborhoods in the Greater Charlotte Area don’t hesitate to reach out. #charlottenc #realestate #relocation #relocationspecialist #realestateadvisor #realtor

“Costco is tackling the affordable housing crisis with a new mixed-use project in South Los Angeles. Partnering with developers Thrive Living and architects AO, the plan includes an 800-unit apartment complex, of which 184 units will be dedicated to affordable housing.. …Announced last year, the project will be located in Baldwin Village on a vacant five-acre lot that used to be a hospital. Thrive Living confirmed the project is still awaiting permits, and the construction start date remains unknown… …The complex will feature a gym, multi-purpose spaces, gardens, a rooftop pool, landscaping, and a large parking lot. However, Cohen likened its design to an "old school prison" due to the long hallways and compact units. The building method involves pre-manufactured apartment modules to expedite construction and reduce costs” #costco #realestate #realestatedevelopment #development #mixeduse #retail https://lnkd.in/gmYqwU3p

One of the largest secured purpose-built rental housing proposals within the City of Vancouver’s Broadway Plan is for the site of 22-55 East 12th Avenue, reported Daily Hive. "A new rezoning application JTA Development Consultants — on behalf of property owners Five Mile Holdings and TKT Holdings — calls for the redevelopment of most of the city block at the northwest corner of the intersection of Quebec Street and East 12th Avenue." "With a walking distance of seven minutes to SkyTrain’s future Mount Pleasant Station (just to the north at the corner of East Broadway and Main Street), and its practical adjacency to Main Street’s bus stops, this is a prime transit-oriented development site." "Currently, the site is occupied by two low-rise apartment buildings, built in the late 1950s and early 1960s, with a combined total of 77 units. The redevelopment proposal calls for a 19-storey east tower and a 21-storey west tower, including a shared seven-storey base podium between the towers." https://lnkd.in/gbXfV6Nv #vancouver #residential #development #mountpleasant