Doug Atkins’ Post

Mixed-use tower advances near BeltLine A local development firm is hoping to continue the groundswell of new housing around Atlanta’s Blandtown neighborhood with a project that would have steps-away access to the BeltLine and, well, other area attractions. Cassius Coleman, a principal with Atlanta-based Five Points Development, tells Urbanize Atlanta his company closed in January on the land required to build a project called 1283 West. The purchase price wasn’t disclosed. The concept calls for 200 residential units and 7,000 square feet of commercial space rising from what’s currently a vacant lot at 1283 Marietta Boulevard, about two miles west of Atlantic Station.  The land in question is bordered by Elaine Avenue to the north, Marietta Boulevard to the west, a small office complex to the east, and Vivide strip club to the south. According to Coleman, 25 percent of the apartments would rent for prices reserved for residents earning 80 percent of the area median income or less, while 3,000 square feet of the retail and restaurant space would be leased to underserved tenants. Renderings suggest 1283 West would rise 16 stories, with retail and a plaza facing Marietta Boulevard and amenities including a pool situated near the base. Five Points Development lists itself as a co-developer on the project. The company’s previous work includes the Legacy at Vine City project and two under-construction housing ventures near Greenbriar Mall, among other projects. Coleman said 1283 West’s land deal closed with Capital Impact Partners and that design work is continuing now. “Plans will be ready in late August for a possible construction loan closing in the fourth quarter [of 2024],” Coleman wrote via email. https://lnkd.in/gFeGSrt7 near-beltline-strip-club-images-first-look?

🔹 "The Safeway at 1780 E Broadway is owned by Nova Scotia-based Crombie REIT, and they are partnering with Vancouver-based developer Westbank to redevelop the site, with Perkins&Will serving as the architect." 🔹 "When the developers submitted their original rezoning application for the site to the City in June 2019, the plan was for 24-, 27-, and 30-storey towers with a total of 520 market strata units and 160 market rental units, for a total density of 5.53 FSR." 🔹 "By August 2023, the rezoning application was withdrawn altogether ahead of the developers submitting a new rezoning application in November, which was made public earlier this year. That proposal was for 35-, 36-, and 39-storey towers, with a total of 981 residential units, consisting of 882 market rental units and 99 below-market rental units, for a total density of 7.90." 🔹 "Now, the proposal for the site is 36-, 37-, and 43-storey towers, with a total of 1,044 residential units, consisting of 940 market rental units and 104 below-market rental units, for a total density of 8.27 FSR." 🔹 "This 2024 Rezoning resubmission proposes an increase in density from the previously proposed 5.7 FSR to approx. 8.3 FSR," they added. "Although this density is greater than that originally envisioned for this site within the GWCP, it is well within parameters that would be considered reasonable when compared to neighbouring sites within the Broadway Plan Corridor." It remains unclear how the City will handle the proposal. Storeys | Westbank Corp | Crombie REIT | Perkins&Will #Redevelopment #Vancouver #Vancouverrealestate

LFL has been considering options for this #land for a number of years,” Michael Walsh, President and CEO of LFL, tells #STOREYS. “We are now able to proceed with the secondary #plan process that will allow us to work on our master plan with the City of Toronto and the surrounding residents of this #community to determine the mix for the types of #residentialunits to be built. As part of that process, we will assess how we will use the available #governmentincentives." Monday's #pressrelease says that the secondary plan process is expected to be completed by mid-2025. The company also said that the project will unfold in phases, with the first phase of development focussed on building a new flagship retail store and replacing the corporate headquarters that’s already on the site. Residential development will be delivered in subsequent #phases of the #project. At the moment, a mix of mid- and #highrise #buildings and #townhomes are planned. #LEONS #Development #SecondaryPlan #CityOfToronto #ResidentialDevelopment #MidRise

Old Orchard Skokie Development Update. $100 Million Transformation Of Old Orchard Mall Heads To Skokie Plan Commission Phase one includes the demolition of the former Bloomingdale's and the construction of over 400 apartments and 16,000 square feet of retail. SKOKIE, IL — The future of Old Orchard Mall will be the central topic at a Skokie Plan Commission meeting Thursday, with commissioners set to consider whether to recommend that trustees grant approval for redevelopment plans for the shopping center. The two-phase project proposed by mall landlord Unibail-Rodamco-Westfield, URW, in partnership with Chicago-based developer Focus calls for the demolition of northwest and northern portions of the mall, which will be replaced with new apartment buildings, and possibly a hotel, atop redesigned retail space. The first phase of the project includes the construction of up to 425 apartment units and 16,000 square feet of street-level retail in two buildings, one five stories tall and the other seven stories tall, connected by bridges and common areas. https://lnkd.in/gy_WKGQ2

Albany Park Commercial mixed use Development Update. Albany Park To Get Riverside Apartment Building Overlooking Ronan Park The five-story, 40-unit building on Lawrence Avenue will have ground-floor retail, a restaurant and parking for cars and bikes. ALBANY PARK — A five-story apartment building with ground-floor retail is coming to Albany Park near the Chicago River. City Council on Wednesday approved plans for the 40-unit, mixed-use Lawrence Gateway to be built at 2919 W. Lawrence Ave. Developers MAS Ventures LLC and Malek Abdulsamad needed a zoning change to move forward with the project. Apartments would be a mix of studios, one-bedroom and two-bedroom units, with 20 percent of them affordable. The market-rate rents will be finalized when the building is nearing completion, the developers previously said. The building would have a fifth-floor lounge and outdoor deck overlooking Ronan Park and the river, plus 10,000 square feet of retail divided into two parts on the ground floor. https://lnkd.in/gAUp8gre

When Burnaby City Council first approved the master plan for the redevelopment of the old Brentwood Town Centre in 2013, it triggered one of the first major transit-oriented developments of Metro Vancouver’s traditional suburban malls, reported Daily Hive. "The 2013 master plan approval granted SHAPE Properties the ability to pursue up to 7.96 million sq ft of total building area in their redevelopment, now known as The Amazing Brentwood. This included 3.87 million sq ft of commercial uses — retail, restaurants, and offices — and 4.09 million sq ft of residential uses, with the developer primarily planning to build condominiums." "But now, a decade later, the developer is looking to more than double the amount of strict residential uses found on the 28-acre development site next to SkyTrain Brentwood Town Centre Station and the core of the city’s Brentwood district." "The municipal government is currently in the process of seeking Shape Properties’ revised master plan to add 4.67 million sq ft of strict residential uses, with at least 50% — or 2.36 million sq ft — required to be secured purpose-built rental housing." "No changes or additions are proposed for commercial uses, although City policies enable 49% of the commercial density to be used for secured purpose-built market rental housing (“commercial residential rental”) if the remaining 51% of the commercial density is used for traditional commercial uses such as retail, restaurants, offices, and hotels. This potential means the additional overall residential uses could exceed 4.67 million sq ft." https://lnkd.in/gPm8aAxS #burnaby #mixeduse #development

Cincinnati kills apartment proposals for Town Center Garage site, leaving open arena possibility - In a major development decision, the city of Cincinnati will not sell the Town Center Garage in the West End nor approve one of two proposals to redevelop the site with a major residential component, according to a letter signed by City Manager Sheryl Long obtained by the Business Courier. “I have determined that the time is not right to recommend selling this asset or to make an award and the request for proposal that was issued for the site,” Long wrote in an Oct. 13, 2023, memo to stakeholders. “With the forthcoming FCC development and HUD Choice application, the West End neighborhood is facing an immense amount of change. There is no need for the city to sell this asset as a catalyst for development at this time.”  If the city had chosen one of two apartment-centered mixed-use projects that developers had proposed in response to a request for proposal, an arena at the site would be dead. Long’s letter contemplates further “extensive engagement, conversation and evaluation about the site” and how it should serve residents, Music Hall and FC Cincinnati, a process the city manager’s office says is underway. “Therefore, in collaboration with the mayor, I am directing that in 2024, the city lead an intensive community engagement process to listen to the needs of our residents and partners and deeply evaluate all options for future use of this site,” Long’s letter said. Three developers proposed two different mixed-use projects at the site, which sits across Central Parkway from Music Hall. -Hines - proposed a $100 million, 360-unit apartment project along with a 1,000-space garage and an updated home for WCET-TV, Cincinnati’s public television station. -CIG & Model Group - proposed a $186 million, 312-unit project with a 128-room hotel, new office space for WCET and an 855-space parking structure. https://lnkd.in/gpGp9gSq #cincinnati #westend #cre #commercialrealestate #development #visitcincy #hines #cig #modelgroup #construction #apartments #retail #commercial #arena #residentfeedback #residentneeds #communityengagement #FCC #hud #affordablehousing

PRICE REDUCED: 12028-12032 W. Venice Blvd., Los Angeles, CA 90066 Sale Price: $3,295,000 Building Sq.Ft.: 6,194 Land Sq.Ft.: 8,248 Price Per Sq.Ft. (Building): $532.00 Zoning: LAC2 Located one block from the Mar Vista Farmer's Market is this rare Venice Blvd retail and residential building with an easy cap rate of 6.7% without relocating any residential tenants. The property currently has six residential 1-bedroom apartments, two retail stores, four office suites, and two single car garages.  All of the retail and commercial tenants are on month-to-month leases allowing the opportunity to raise commercial rents to a reasonable pro forma income of $187,560 net and bringing your total building NOI to $221,773 or a 6.7% cap rate. Relocating residential tenants adds an ADDITIONAL 20% upside in rents. The front building is two stories and features approximately 2,442 square feet of ground floor retail and commercial space and four 1 bedroom/1-bathroom apartments on the second floor. The second building is a two-story duplex, each unit of which is a 1 bedroom/1 bath that occupies one floor. In between the two buildings are two free-standing parking garages and one assigned parking spaces for each tenant. The property has a generous 8,248 square foot lot zoned C2 that can be combined with additional square footage of approximately 374 square feet given the abutting alley for a total buildable lot size of 8,619 square feet. By right, a developer can build a mixed-use 21-unit development site with retail on the ground floor. Alternatively, using the A25 section 12.22 Density Bonus Rules, a developer can build 29 units by providing between 11%-20% affordable units, with ground floor retail. Finally, using AB2334, as a 100% affordable project, a developer can build potentially up to 32 units. The subject site sits just one block from the Mar Vista Farmers Market, and two doors down from the Mar Vista Branch Library. The neighborhood is surrounded by high-end restaurants, bars, retail, a bowling alley, and many newly constructed residential units. This stretch of Venice Blvd falls within the newer Venice Blvd Safety and Mobility Project which includes protected bike lanes, and new metro lines. In August 2023, Eater named Mar Vista the "Westside's Hottest Dining Destination. Contact Oron Maher For More Information. #maherrealty #mahercommercialrealty #commercialrealestate #losangeles #losangelescommercialrealestate #DTLA #realestate #la #tradedla #cre #pricereduced

We need more retail construction in our marketplace. I am happy to see this, but also concerned about repeating the past and overbuilding. At the moment, the threat of overbuild is still kept in check due to high construction costs and lack of available land with suitable zoning. This article notes that developers need to average $35-40 pf NNN rents to make these centers pencil. I just don't see that happening in some areas of the country. But I still worry once improvement in financing and spending is realized in the second half of the year/next year which will likely ease those pressures on building.

Value Add / End User Opportunity with Redevelopment Upside Unique opportunity to purchase a 11,867 square foot mixed-use retail building located near the intersection of Canada Way and Edmonds St in Burnaby’s Edmonds neighborhood. The property is in close proximity to Edmonds School Park and Community Centre in addition to transit hubs, restaurants and other community amenities. The 2 storey building currently has 13 units (3 commercial retail units (CRUs) and 10 office units). The 10,012 square foot lot also has a OCP designation allowing for a 4+ storey mixed-use development. At present, there are 10 parking stalls at the rear with one point of ingress and egress in addition to streetside parking at the front. Recent lease transactions support market rates of $25/SF/YR + in the Edmonds neighborhood. From a repositioning standpoint, one has an exceptional opportunity to increase market rents/rental income in order to add significant value. Lease provisions also allow for end-users to occupy a substantial percentage of the building, while benefiting from holding income/appreciation. $25/SF/YR + for retail & office in the Burnaby Submarket https://lnkd.in/dcVHjYHC