Monthly Archives: July 2016

Singapore is getting way greener thanks to this architectural firm

Parkroyal on Pickering tower in Singapore

From the New York site: Construction goes around the clock in the dense nation state of Singapore. But increasingly, the wealthy island is turning away from the typical trappings of new construction and focusing on developing environmentally conscious architecture. And that is in large part thanks to the firm WOHA.

Singaporean architecture firm WOHA recently designed the Parkroyal on Pickering, a high-end hotel that feature terraces literally dripping foliage. And that isn’t their only sky garden.

Founded in 1994 by Richard Hassell and Wong Mun Summ, WOHA says it is committed to combating the process of global warming in tropical Asian cities.

“Skyscrapers don’t have to be shiny machines,” Hassell told Curbed. “We can introduce other concepts to their design and they can turn out quite differently.”

They are currently working on designing vertical ecosystems and using the Green Plot Ratio, which compares newly planted vegetation with the amount of vegetation present before it was developed.

The firm is currently exhibiting “Garden City, Mega City,” which is open until September 4th at the Skyscraper Museum in New York City. [Curbed] –Christopher Cameron

Source:: The Real Deal

Palm Beach couple downsizes in two multi-million-dollar deals

Palm Beach

Sir Geoffrey and Lady Sylvia Leigh downsized their Palm Beach residence from a five-bedroom midtown house to a lakefront condo and a two deals totaling $14 million.

Geoffrey Leigh, former chairman and managing director of a real estate company called Allied London Properties PLC, and Lady Sylvia sold their house to a land trust for $9.77 million.

The Leighs’ new residence is No. 302 at the Parc Regent condominium, located at 184 Bradley Place in Palm Beach. The couple paid $4.184 million for the three-bedroom apartment, which had been listed for sale since December.

The couple had bought the house at 219 Clark Street a decade ago for $7.9 million, the Palm Beach Daily News reported, citing courthouse records.

Real estate broker Lawrence Moens initially listed the house for sale in November 2014 with an asking price of $13.9 million, which later lowered to $12.8 million. [Palm Beach Daily News] – Mike Seemuth

Source:: The Real Deal

MagicJack inventor’s home listed for $27.5 million

1045 South Ocean Boulevard in Palm Beach (Source: Realtor.com)

The widow of the late inventor of MagicJack, a product that allowed users to make voice calls over the Internet, listed her oceanfront house in Palm Beach for sale for $27.5 million.

The property measures almost one acre and comes with its own soccer field next door an automated window cleaning.

MagicJack inventor Daniel Borislow died in 2014 at age 52 while playing soccer in Jupiter. His interest in the sport was more than just recreational: Borislow bought the Washington Freedom, a team in the Women’s Professional Soccer League, in 2011.

Borislow’s wife Michelle listed the house with agent Traci DeGeorge of brokerage firm Waterfront Properties and Club Communities.

The Palm Beach Daily News reported that the address of the contemporary-style house is 1045 South Ocean Boulevard.

Michelle Borislow told the Wall Street Journal that her late husband wanted to buy the house because it came with a vacant lot large enough for soccer games.

The house also features a wine cellar big enough for 2,400 bottles and a built-in system that automatically cleans the windows daily.

The Borislows bought the house in 2005. It was built in 1970, has four bedrooms and six bathrooms, and spans nearly 10,000 square feet. [Wall Street Journal] — Mike Seemuth

Source:: The Real Deal

Stiles and partner bid to build Nashville high-rise

Stiles Corporation’s chairman and CEO Terry Stiles

Fort Lauderdale-based Stiles Corporation and a partner proposed a $178.8 million residential redevelopment of parking lot property in Nashville, Tennessee.

Stiles and condo developer Ray Hensler submitted a bid to build a residential building as tall as 25 stories plus an urban marketplace for retailers.

Nashville-based Hastings Architecture Associates released rendered images of the Stiles-Hensler project and an alternative project proposed by Nashville-based Eakin Partners.

Stiles-Hensler team and Eakin Partners each submitted a parking-lot redevelopment proposal to Nashville’s Metro Development and Housing Agency.

The Nashville redevelopment sites are located near the banks of the Cumberland River and a complex of offices and retail stores called Trolley Barns. [The Tennessean] — Mike Seemuth

Source:: The Real Deal

Elandis sells Tampa rentals for over $65,359 each

The Grand Pavilion apartment complex in Tampa

Elandis sold two apartment properties in Tampa for more than $20 million or $65,359 per unit.

The two properties, called Grand Pavilion and Oaks at Granada, span 284,250 square feet and have a total of 306 apartments.

Elandis acquired both Grand Pavilion and Oaks at Granada in 2011 and sold them after significant property upgrades.

“We acquired Grand Pavilion and Oaks at Granada during a market low. We worked together with tenants to enhance the living experience through upgrades and improvements to the estate, and re-positioning for full occupancy rates,” Frank Espinosa, CEO of Elandis, said in a written statement.

Elandis, formerly known as FCA Group, is an arm of an international company called Libra Group and operates as Libra’s North American and Latin American arm for real estate investment and property management. Elandis has offices in Coral Gables, Buenos Aires, São Paulo, Panama City, Panama; and Madrid, Spain.

Elandis owns almost 2,500 residential units , 25 hotels and 10 ongoing real estate developments in six countries.

Source:: The Real Deal

Sales office opens for four-home Lauderdale enclave

Rendering of the Beach House development in Fort Lauderdale

North Miami Beach-based Macken Companies opened an on-site sales center for Beach House, an enclave of four high-end houses under construction on Dolphin Isles, a barrier island in Fort Lauderdale.

The residences, with prices starting at $1.375 million, are being built in an enclave between Highway A1A and the Intracoastal Waterway. Construction is scheduled for completion in the second quarter of 2017.

The house addresses are 2512 and 2516 Northeast 32 Avenue, and 3200 and 2310 Northeast 26 Street.

The new sales center at 3200 Northeast 26 Street is open Saturdays from noon to 4 p.m. and Sundays from 1 p.m. to 5 p.m., or by appointment.

Stofft Architects designed Beach House with a contemporary tropical design. Marc-Michaels Interiors is overseeing the finishes.

The project is being constructed by VCM Builders and offered for sale by Macken Realty. Both are affiliates of Macken Companies.

Source:: The Real Deal

Judge: Olive Garden’s parent shortchanged county

Darden Restaurants headquarters in Orlando

A court ruled that the Orlando-based parent company of the Olive Garden restaurant chain must pay $330,373 in additional property tax to Orange County. The ruling overturned Darden Restaurants’ successful appeal of Orange County’s valuations of the company’s tangible personal property, including furniture and computers, in 2013 and 2014.

The ruling by Orange Circuit Court Senior Judge Lawrence Kirkwood settled two lawsuits that Orange County Appraiser Rick Singh filed against Darden after the county’s Valuation Adjustment Board lowered the taxable value of interior items at Darden’s headquarters. The court action retroactively increased the company’s personal property valuation in 2013 and 2014 by $18.7 million. [Orlando Sentinel] — Mike Seemuth

Source:: The Real Deal

Student housing near FSU sells for $22.7 million

A townhouse at The District near Florida State University

CollegePlace Partners, a real estate investment firm, bought a 311-bed student housing complex next to Florida State University in Tallahassee in a $22.7 million off-market transaction.

The complex of townhouses and flat-style buildings, called The District, was completed in 2012 by the seller, Chance Partners of Atlanta.

The District is located at the southeast border of the 483-acre FSU campus in a neighborhood known as College Town, home to the university’s fraternities and sororities.

This is the fourth acquisition by Texas-based CollegePlace Partners since its 2015 startup. Including The District, CollegePlace Partners now owns more than 700 student-housing beds and 60,000 square feet of retail stores serving students near the campuses of Florida State, Illinois State University, the University of South Carolina and Clemson University.

“Florida State has the capacity to house only 20 percent of its undergraduate enrollment of more than 41,000 students,” CollegePlace Partners principal Beau Jaussi said in a written statement.

Jaussi also said CollegePlace Partners plans to acquire three additional properties by year-end for about $100 million.

Andrew Kirsh and Serineh Baghdasarian of Los Angeles-based law firm Sklar Kirsh LLP represented CollegePlace Partners in the acquisition.

The District was marketed by Chris Epp and Chris Bancroft, co-founders of Austin-based Four Point Investments, a full-service commercial real estate brokerage firm focuses exclusively on student housing and conventional multifamily investment sales.

Source:: The Real Deal

Bulk sale of 78 Naples condos fetches $8.55 million

Oasis at Naples

Commercial real estate brokerage Marcus & Millichap handled the $8.55 million sale of 78 condo units in Naples the buyer will rent.

The 78-unit purchase at Oasis at Naples, a garden-style condo community, equaled about $109,615 per unit.

The 78 units sold are among 188 built in 1992 at Oasis at Naples, located at 2110 Arbour Walk Circle in Naples.

The 78 units sold range in size from 648 square feet to 1,022 square feet. They have fully equipped kitchens featuring stainless steel appliances, dishwashers, Formica counter tops, garbage disposals and raised-panel cabinet doors.

Two vice presidents in the Tampa office of Marcus & Millichap, Nicholas Meoli and Michael Donaldson, represented both the seller and the buyer.

Source:: The Real Deal

Amazon set to build 2.3 million-square-foot Jacksonville center

Amazon fulfillment center in Ruskin, Florida

An affiliate of online retail giant Amazon paid $15 million for 155 acres in Jacksonville, where the company plans to build a major distribution and fulfillment center.

The development will bring 1,500 Amazon jobs to the Northside area of Jacksonville, culminating years of quiet negotiations to convince the online retailer to build the distribution center in Jacksonville.

The city government, which code-named the Amazon campaign “Project Rex,” offered $13.4 million to attract the distribution center, mostly $10 million of property tax rebates over 12 years.

Amazon’s distribution center will measure 2.4 million square feet, Jerry Mallot, executive vice president of JAX Chamber, told the St. Augustine Record.

Mallot also told the newspaper that contractors have started preparing the site of the distribution center for construction and may finish it by late 2017.

He said the effort to attract the jumbo-sized Amazon fulfillment center spanned seven years and included officials of the chamber, city and state.

USAA Real Estate, which builds and manages fulfillment centers for Amazon, bought the 155-acre site for the Jacksonville distribution center.

USAA Real Estate also paid $700,000 to SunTrust Bank for another 20 acres. [St. Augustine Record] — Mike Seemuth

Source:: The Real Deal