Development
AKA Flexible-Stay Apartment Properties to Get $10M Makeover
New York–Korman Communities, owner of the AKA portfolio of flexible-stay apartments, is submitting four of its properties to upgrades at a total cost of $10 million.
U.S. Army and SunCal Ink Development Deal
Dublin, Calif.–The U.S. Army Reserve and private developer SunCal Cos. have signed a Reserve Property Exchange Agreement that will see the developer build new military facilities at Camp Parks Reserve Forces Training Area.
Home Properties Breaks Ground on Fredericksburg Apartments
Fredericksburg, Va.–Home Properties Inc. has broken ground on the Apartments at Cobblestone Square in Fredericksburg, Va. The new property will feature eight four-story buildings totaling 302 one- and two-bedroom apartments and a refurbished 100-year-old rail depot.
Bridge Housing Breaks Ground on Sacramento Affordable Housing
Sacramento–Bridge Housing, a nonprofit affordable housing specialist, has broken ground for Foothill Farms Senior Apartments in Sacramento. The property will feature 138 affordable apartments and community space in four buildings, with a slated completion in July 2012.
DeBartolo Breaks Ground on Luxury Apartment Project in Daytona
Daytona, Fla.–A site in Daytona that was once destined to sprout a retail center is now on its way to becoming home to Andros Isles Apartments, a 360-residence luxury rental property.
Ground Broken for Mixed-Use CityCenterDC in Heart of D.C.
Washington, DC–Hines and Archstone broke ground this week on the CityCenterDC development, a mixed-use project on 10 acres in downtown Washington.
Development of $1B Mixed-Use Project in Northern Virginia Begins
McLean, Va.–Development of One Loudoun, a sprawling 358-acre master-planned community in McLean, Va., has officially gotten underway.
MHN Interview: Pierce-Eislen’s Ronald Brock, Sr.
Ronald Brock, Sr., president and CEO of Pierce-Eislen, Inc., talks to MHN about the economic factors keeping demand ahead of supply in the apartment industry, such as household formations and cost of materials.
Ground Breaks on $14M Upscale Rental Retirement Community in Florida
Melbourne, Fla.–Work has gotten underway on Sonata at Melbourne, a 127-residence rental retirement community that will help fulfill a need for seniors housing.
Extell’s Riverside Center on Track for Late 2010s Completion
New York–The 3 million square-foot mixed-use Riverside Center is on track, and will include 2,500 apartment units and a 250-room hotel.