WDG’s Post

The failed plan for a $300M redevelopment of St. Louis' largest office building highlights our region's abandonment of public light rail 60 years ago when we were the 8th largest city in the U.S. In the early 20th Century, St. Louis City had one of the largest urban rail line systems in the country with 1,650 street cars and 485 miles of track. The automobile and suburbs provided the death knell to this form of public transit which caused light rail to cease operations in the City in May 1966. As a result, the viability of urban developments was now solely reliant on access to....PARKING!! The AT&T Tower was constructed in 1986. This 1.4M sq ft. building was surprisingly built without any dedicated secured parking as part of the structure. In 2006, the building sold for $204M and was later purchased in a foreclosure sale this past year for $4.05M ( 98% drop in value!). As a real estate developer, I can tell you it is very difficult for a project lacking secure parking options to succeed in a less densely populated city like St. Louis without light rail. St. Louis needs to follow the example set by Kansas City by installing light rail throughout our downtown and surrounding neighborhoods. The ridership for KC's downtown light rail has gone from 1.4M to 11M in just 6 years since its inception! If we had a sufficient light rail system throughout our City, there is a good chance projects like the redevelopment of the AT&T Building would be moving forward. This all comes down to leadership folks. Who has the vision to make it happen? L. Jared Boyd Neal Richardson, MBA Megan-Ellyia Green Cara Spencer SomeraRoad Inc. Advantes Group #realestate #development #innovation #technology

Exciting News! This week's blog post is out now! Explore the latest on Aimco's Brickell Office and Apartment Towers hitting the market for $650M. Discover insights into this redevelopment opportunity and how it could shape Miami's real estate landscape. Read the full article here #RealEstateNews #BrickellMarket #RedevelopmentOpportunity #MiamiOportunidades

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The latest issue of The SIOR Report from SIOR Global: Society of Industrial and Office Realtors has a piece on the Industrial Outdoor Storage space that we've been part of for a couple of decades. It provides a good overview, with perspectives from Bo Hargrove, SIOR (Rich Commercial Realty), Scott Hensley, CCIM, SIOR (Piedmont Properties/CORFAC International) and Pete Richardson (Primera). Perhaps one great piece of advice is that despite the increasing popularity of this asset, there is a learning curve to owning and operating ISO facilities. https://lnkd.in/ec8NhaXz

M&S is using the High Court to challenge Michael Gove's decision to block their plans to rebuild their Marble Arch store in London. Gove rejected plans as campaigners argued the building should be refurbished because of the amount of embedded carbon it contains. M&S wants to demolish the current store and, in its place, develop a modern and sustainable building. What do you think of M&S's plans? Are you for refurbishment (due to the embedded carbon) or for redevelopment (to create a sustainable building)? #Construction #Regeneration #ConstructionJobs

Exciting Progress on Downtown Las Vegas Industrial Space Renovation We’re thrilled to share an update on our ongoing renovation project in the heart of downtown Las Vegas. Our vision to revitalize this industrial space is coming to fruition, with construction nearing completion. This project represents not just a transformation of space but an opportunity for businesses to thrive in a dynamic environment. As we approach the final stages, we have a limited number of spaces available, ranging from 600 to 3,000 square feet. These spaces are designed to cater to a variety of needs, from innovative startups looking for their first office to established companies seeking a creative and vibrant environment. This renovation is a testament to the potential that lies in thoughtful urban redevelopment and the role it plays in community and economic growth. We’re looking forward to welcoming businesses that share our vision for a revitalized downtown Las Vegas. Stay tuned for more updates as we prepare to unveil these unique spaces. We believe they offer an exceptional opportunity for businesses to grow and connect in one of the city’s most promising areas. Justen Kruse AREI COMMERCIAL NVRE: S.0196453 www.Vegasindustrialhub.com #LasVegasBusiness #UrbanRedevelopment #CommercialRealEstate #InnovationHub #ProfessionalGrowth #industrial #warehouse

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

Hines' New Venture in Dallas' Victory Park Hines, a renowned Houston-based developer, is planning a significant addition to the Victory Park area. Here's a sneak peek into what's brewing: A New High-Rise: Hines is considering a 23-story apartment tower and an 8-story mid-rise building, promising to enhance the Dallas skyline with innovative architecture and design. Strategic Location: Positioned next to the One Victory Park office tower, this project, known as Aire, is set to offer stunning views of the Dallas skyline and the Trinity River Park open space corridor. Building on Success: Following the success of The Victor, Hines' 40-story luxury apartment in Victory Park, Aire is expected to be another landmark project, contributing to the vibrancy and growth of the district. https://lnkd.in/gCpXkY68 #landsales #landinvestment #dfwrealestate #DFWRealEstate #CREInvestment #MarketLeadership #RealEstateTrends

Flatiron Building Converting to Condos - The Flatiron Building, a 120-year-old landmark, is set for a transformation into luxury condominiums. - This 22 story, 255,000sf, triangular-shaped building will begin the approval process beginning of 2024. Why is this an exciting project? As one of 🏢 NYC's oldest landmarks, living here adds a 🌟 layer of prestige that few properties can match. Owning a unit here means 🗺️joining a rich legacy. It's not just a home; it's a piece of NYC history. The building's unique structure presents some 🛠️intriguing challenges in its conversion. These challenges are not setbacks but opportunities .The conversion of the Flatiron Building offer the 🌍 best of both worlds: old-world charm and modern amenities. #NYCRealEstate #RealEstateDevelopment #RealEstate #manhattanrealestate #commercialrealestate #renovation #NewYorkCityCondos Gotham Building

Construction Update: $7B Hall Park Redevelopment In October 2021, construction on the first phase of the $7 Billion and 9.5 Million sqft Hall Park redevelopment began. HALL Group expects completion of the $500 million first phase by the end of the year. The first phase will include a hotel with over 14,000 sqft of event space, 60 suites, an outdoor pool, fitness center and more. It will also encompass an office tower with 410,000 sqft of office space, fitness center and garage. The $7 billion redevelopment is expected to be complete in 15 years. Developer: HALL Group Architects: Merriman Anderson Architects, Inc. & HKS, Inc. Award: Mixed use Phase 1 Value: $500 Million Total Value: 7 Billion Location: Frisco, Texas #construction #skyscraper #hospitality #dallastx #redevelopment