Neighbors Construction Company, Inc.’s Post

Newark Approves Scaled Back Summit Tower Skyscraper By Chris Fry The skyline of the Brick City continues to evolve at a pace not seen in generations and the latest development slated for a prominent block of Downtown has been given the full green light. The approved tower is slated to rise at 200-206 Market Street, properties that are currently home to older structures that have sat vacant for at least two decades. Jersey Digs broke the news about the project last October after Newark’s Landmark & Historic Preservation Commission signed off on the application. The properties are located within the Four Corner Historic District, which is listed on both state and federal designations. The approvals from the historic commission last year came with a catch, as the board wished to slightly downsize the proposed 46-story development to be shorter than the National Newark building. 514 residential units are included in the approved plan, down a bit from the initially proposed 579. 20 percent of the units will be reserved for affordable housing, and the development will include 142 parking spaces in a garage for future residents. Amenities for residents in the future Summit Tower will include a gym, lounge spaces, a foosball area, a golf simulator and a children’s room. #newark #njrealestate #brickcity #marketstreet #fourcornerhistoricdistrict #summittower

SPIRE Completes City Place Renovation Read the full article below..

The latest version of the Roxborough proposal expands the amount of first-floor commercial space and the number of apartments. To read the full article, head to:  https://lnkd.in/exZcx8RU For more Mid-Atlantic commercial real estate news, follow us on LinkedIn. To learn more about Philadelphia Real Estate Council visit https://precouncil.org/  #realestatenews  #PREC  #realestate  #philadelphiarealestate  #CommercialRealEstate  #CRE  #RealEstateInvesting  #IndustrialProperty  #PropertyManagement  #InvestmentProperty  #CommercialProperty  #AssetManagement  #CommercialBrokerage  #PropertyInvestment  #PropertyPortfolio  #CREIndustry  #PropertyValues  #CommercialRealtor  #RealEstateMarket

“…seeking approval to add 65 apartments to the existing 16-story tower, which replaced a surface parking lot not far east of San Vicente Boulevard and Beverly Hills city limits. The tower, branded as Central Beverly Hills, currently features 112 residential units, and would contain 177 apartments at completion. Rents for the building start at more than $3,500 per month… …Per project findings, the new density would be achieved by reconfiguring larger units with multiple bedrooms into smaller units, resulting in a total of 16 studios, 78 one-bedroom units, 67 two-bedroom units, and 16 three-bedroom units at completion. Existing parking for 252 vehicles and more than 5,100 square feet of ground-floor retail space would be retained” #realestate #realestatedevelopment #mixedusedevelopment #adaptivereuse #multifamily https://lnkd.in/g6XJkBFU

What's the new building going up? Who's breaking ground and where? (And if we don't know, tell us!) https://ow.ly/yACi50QEk9v #ConstructionUpdate #BuildingProgress #NewConstruction #GroundBreaking #UrbanDevelopment #Cityscape #ArchitectureDesign #RealEstateNews #CommunityGrowth #PropertyDevelopment

Veteran Housing Corp is still trying to wrap its head around the numbers. 273 units at a cost of $150 million, or $549, 450.55 per unit? Can someone explain why this makes any sense? What are the proposed rents for a studio, 1 bedroom and 2 bedroom apartment? Affordable Housing? If the project is using government grants, tax credits or incentives, or other types of government financing, what is the affordability period for this project? Does this project accept HUD/VASH or Section 8 vouchers?

What's Happening in #Tampa / #StPete: The Miami group behind Edge Collective, a mixed-use project in St. Petersburg’s Edge district, has paid $14.75 million for an assemblage of parcels for the development’s second phase! PTM Partners closed on several parcels in the 1100 block of Central Avenue on Jan. 31. The sellers were Tricera Capital and Eastman Equity. The first phase of Edge Collective includes the Moxy Hotel and the renovation of a historic #office and #commercial building. Phase two will include 350 #residential units via a 20-story tower and a seven-story building. The project will also include 20,000 square feet of #retail space and 350 #parking spaces. Construction on the Moxy Hotel is expected to be completed in the next five to six weeks. The hotel team will then need six to eight weeks to officially open the hotel. The group plans to begin #construction on phase two by the end of 2024 or early 2025. https://lnkd.in/gkCNMYJk Nicholas Pantuliano Michael Tillman Thomas Strand, CFA #multifamily #apartment #mixeduse #development #redevelopment #DTSP #stpeterealestate #tamparealestate #cre #realestate

Announced Projects I am looking forward to in #Tampa / #StPete: The Miami group behind Edge Collective, a mixed-use project in St. Petersburg’s Edge district, has paid $14.75 million for an assemblage of parcels for the development’s second phase! PTM Partners closed on several parcels in the 1100 block of Central Avenue on Jan. 31. The sellers were Tricera Capital and Eastman Equity. The first phase of Edge Collective includes the Moxy Hotel and the renovation of a historic #office and #commercial building. Phase two will include 350 #residential units via a 20-story tower and a seven-story building. The project will also include 20,000 square feet of #retail space and 350 #parking spaces. Construction on the Moxy Hotel is expected to be completed in the next five to six weeks. The hotel team will then need six to eight weeks to officially open the hotel. The group plans to begin #construction on phase two by the end of 2024 or early 2025. https://lnkd.in/gkCNMYJk Nicholas Pantuliano Michael Tillman Thomas Strand, CFA #multifamily #apartment #mixeduse #development #redevelopment #DTSP #stpeterealestate #tamparealestate #cre #realestate

Lone Star Capital is pleased to present Grand Riviera, a 206-unit, 1972-built apartment complex in DFW’s Irving Submarket! Grand Riviera beckons with its promising potential and strategic location in Irving, Texas. Here's why we're particularly excited about this opportunity: Property Details: • Year Built: 1972 • Unit Count: 206 • Occupancy: 89.8% (Current), 95.0% (Stabilized), 78.0% (Breakeven) • Rent: $1,451 (In-Place), $1,607 (Pro Forma) LSC plans to renovate the interiors of the apartment complex, including installing new appliances, granite countertops, modern cabinet fronts, and backsplashes. These upgrades are projected to result in rent premiums of approximately $155 per unit. • Income Initiatives: Introduce new revenue streams like bulk Wi-Fi and carports. • Exterior Enhancements: Refresh amenities and tackle maintenance. Financial Details: • Purchase Price: $30M • Senior Loan: $24M (70.5% LTC) • Total Capitalization: $39.1M • Projected Net IRR / EM: 17.5% / 1.59x (3-year hold) • Avg. Cash on Cash: 6.5% Market and Location: • Ideal location amidst Irving-Las Colinas' thriving landscape. • Strategic proximity to DFW Airport and major corporate hubs. This is a 506c offering available exclusively to accredited investors. To access due diligence and subscribe to this investment, please visit our investor portal linked below.

We have heard of the growing popularity for #microunits. Looks like Trademark Property Company is implementing these in their impressive Dallas development. It makes sense that people driven to more urban cities and affordability concerns are creating an environment conducive for this demand. The last decade we’ve seen a lot of ‘more is more’ but are wondering if the shift towards minimalism is finally taking form. The downsizing of our square footage may suggest a trend towards smaller footprints in the future! 🌟 #urbanization #affordability #multifamily #realestatedevelopment #interiordesigner What are other trends that have caught your attention in the multifamily market rate, student housing, active adult arenas?