News
Plans Unveiled for Student Housing Project Next to Rowan University
By Anuradha Kher, Online News EditorGlassboro, N.J.–Harkins Builders has unveiled its plans with SORA Housing LLC to build new student housing for Rowan University in Glassboro, N.J. The $21.5 million Glassboro Student Housing is part of the Rowan Boulevard development partnership between Rowan University and the Borough of Glassboro, N.J., which is also being developed by Harkins Developers.The 154-unit student housing component will be four-story wood frame construction with slab-on-grade, comprising mostly four-bed, two-bath units, each with a kitchen and living area. Construction is planned in two phases, with Phase I featuring 568 beds.The building wraps around the site, creating…
Developer Completes $14M Renovation of Historic Warehouse
By Erika Schnitzer, Associate EditorSt. Louis, Mo.–The $14 million renovation of G.W. Lofts, a six-building, 60-unit rental community in St. Louis, has been completed. The development was originally a warehouse for the Edwin F. Guth Lighting Co.“The original aesthetic was maintained as much as possible,” says Gary Rogowski, the project architect for Rosemann & Associates, the architecture and interior design firm that worked on the project. “The floor plans are generally very open and we were able to maintain that character. Each building still has its individual aesthetic and character to it.”Developed by St. Louis, Mo.-based Blue Urban (formerly McGowan…
MCZ Takes Advantage of Weak U.S. Dollar to Sell its Florida Properties to International Buyers
By Anuradha Kher, Online News EditorMiami, Fla.–MCZ Development Corp. is betting on the weak U.S dollar to sell its remaining units in Florida to overseas buyers. “The South Americans have been interested in this market for nearly a decade now,” Michael Lerner, president of MCZ, tells MHN. “In recent years, we have seen a lot of interest from Europeans, the British, Italians and French, in particular.”International buyers, says Lerner, are mostly interested in Florida, in specific in South Beach, Aventura, Orlando and Sarasota. “They either want it as an investment or as a holiday home in many cases,” says Lerner.To…
Wind Crest Introduces Energy-Efficient Induction Cooktops
Induction cooktops are reportedly more energy efficient than traditional electric cooktops because they heat up quickly and the pan or pot conducts the energy. Whereas traditional electric coil elements are 50 to 55 percent energy efficient, induction cooktops by comparison are 90 percent efficient on average.Wind Crest has introduced an Induction Cooktop that offers 11 temperature settings, allowing residents to effectively control the heat distribution. Additionally, the product’s AutoPanSizing feature is designed to sense the diameter of a pan and adjust its power accordingly.The cooktop also includes an AutoOff feature, which turns off a cooking zone within 30 seconds of…
How Top CEOs Are Dealing With Rising Energy Costs, Other Challenges
By Teresa O’Dea Hein, Managing EditorOrlando, Fla.–What Keeps You Up at Night? might seem like a personal question but five leading multifamily CEOs were willing to share their industry concerns at a general session held during the 2008 National Apartment Association (NAA) Education Conference & Expo at the end of June in Orlando, Fla. in the Gaylord Palms Resort & Conference Center.“One of the things I think about daily is the high cost of energy,” said Steven D. Bell (pictured at far right), chairman & CEO of Steven D. Bell & Co., noting that he is concerned about Congress’ inability…
Profile: ‘Amateur Hour Is Over,’ Says IREM President
By Teresa O’Dea Hein, Managing EditorProfessional management is key in tough economic times, believes Regina (Reggie) T. Mullins, CPM. With more than 24 years of industry experience, Mullins brings a lot of expertise to her role as the 2008 president of the Institute of Real Estate Management (IREM). This year marks IREM’s 75th anniversary. In Mullins’ nine months as IREM’s 2008 president, she has reached out to real estate professionals all over the U.S. and overseas as well through speaking engagements and meetings. Her travels have taken her from Des Moines, Iowa to El Paso, Texas, to Japan, Korea and…
DEAL OF THE DAY: Siegel Group Acquires 330-Unit Bankrupt Apartment Complex for $19.10M
By Anuradha Kher, Online News EditorLas Vegas–The Siegel Group Nevada Inc. and Great American Capital together recently completed the acquisition of the Deer Creek Apartments, a 330-unit bankrupt apartment complex in Las Vegas, for $19.10 million.Deer Creek Apartments is situated on approximately 6.68 acres of land adjacent to the corner of Flamingo and Swenson.In late June 2007, the Siegel Group had been negotiating the purchase of Deer Creek with the prior owner of the property, Atherton Newport Investments, which acquired the property in February of 2006 with the intention of demolishing and constructing a condominium development. In early 2008, the…
Hakatai’s New Collection of Mixed-Media Mosaic Tiles
The Horizon series from Hakatai features mixed-media mosaic blends, offering blends of glass, glass and metal, and glass and stone. The random blends offer versatility and color options of glass mosaic tile, combined with the diversity of textures presented by polished stone, stainless steel or copper mosaics.The Horizon series of 7/8-in. by 7/8-in. tiles comes in a range of attractive colors, finishes and materials, offering a wealth of choices. The Horizon glass blends combine glossy and matte finish tile for a modern look. The contrasting finishes create depth and dimension, bringing surfaces to life. The Horizon glass and metal blends…
Miami’s Second-Tallest Building Tops Off
By Erika Schnitzer, Associate EditorMiami–Marquis, a 67-story condominium and hotel tower, which is expected to be the second-tallest building in Miami, was recently topped off. Designed by Miami-based Arquitectonica for New York-based Leviev-Boymelgreen Marquis Developers, the tower is comprised of 305 loft-style condominiums and a 56-key boutique hotel.The L-shaped building, located at 1100 Biscayne Blvd., is wrapped in blue tinted glass and reflects the surrounding water and sunlight. It is composed of interlocking parallelograms. Glass-railed balconies are visible on the east and north sides of the project.“The building will appear to be a sparkling crystal stalagmite formation in the skyline,”…
Ground Broken on 83-Unit Affordable Seniors Housing Project in Bronx
By Anuradha Kher, Online News Editor New York–The Ursuline Bedford Park Community, Fordham Bedford Housing Corp. and Enterprise, along with the U.S. Department of Housing and Urban Development (HUD) and the New York City Department of Housing Preservation and Development (HPD), recently broke ground on Serviam Gardens, an 83-unit affordable housing project for medium- to low-income senior citizens. The project, located in Bedford Park in the Bronx, New York, is part of Mayor Bloomberg’s New Housing Marketplace plan to build or preserve 165,000 units of affordable housing over 10 years. It will be ready in 2009.The land for Serviam Gardens was…