Regions

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,”…

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…

By Anuradha Kher, Online News EditorDallas–JPI recently broke ground on Jefferson, a 228-unit luxury rental community in the Arts District in downtown Dallas.Located at the northeast corner of Ross Avenue and Routh Street in Dallas, Jefferson at the Arts District will be a part of the city’s 68-acre urban cultural district featuring the Dallas Museum of Art, the Nasher Sculpture Center, the Morton H. Meyerson Symphony Center, the Margot and Bill Winspear Opera House (currently under construction), and the Dee and Charles Wyly Theatre (also currently under construction).The community is situated five blocks from the city’s planned Woodall Rodgers Park,…

By Anuradha Kher, Online News EditorChicago–The Institute of Real Estate Management (IREM) and the U.S. Green Building Council (USGBC) recently signed a Memorandum of Intent outlining collaborative efforts to promote green building development, energy efficiency and environmentally responsible building operations across all property types.The memorandum establishes a cooperative working relationship between IREM and the USGBC that will include educational webinars and conferences available to IREM’s members for a discounted price, as well as a research publication. Also, through this memorandum, IREM will be able to offer Leadership in Energy and Environmental Design (LEED) certification to its members.IREM has 18,000 members…

By Lisa Iannucci, Green Building Corresspondent New York–According to the Environmental Protection Agency (EPA), a “brownfield” is a property where the expansion, redevelopment or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant or contaminant. Although some developers are hesitant to work with brownfields, especially because of the costs, other developers, such as the New York City-based The Arker Cos., are transforming brownfields into high-quality, affordable housing. The Arker Cos. transformed one Bronx brownfield that was formerly occupied by a shuttered gas station into the White Plains Courtyard. The Courtyard is a 100-unit,…

By Anuradha Kher, Online News EditorWest Toluca Lake, Calif.–Hendricks & Partners recently arranged the sale of Toluca City Place, a multifamily development site located at 11022 Camarillo St. in West Toluca Lake, Calif., for $1,850,000. A 15-unit condominium or rental project will be built on the fully entitled 14,500-sq.-ft. vacant lot. The sale price equates to $127 per sq. ft. of land and $123,333 per unit.The sellers – developer Hugh Finkle, engineer Eric Lieberman and architect Stanley Brent – spent more than two years gaining approvals for a four-story building featuring two- and three-bedroom units ranging from 1,425 to 1,613…

By Erika Schnitzer, Associate EditorNew York–The first U.S. development by Barcelona-based Espais Promocions Immobiliàries will open in New York later this summer. The property is currently 60 percent sold.”We have a very diversified demographic,” says Andres Hogg, general manager of Espais. “We have singles, married couples and small families.”The 142-unit Twenty9th Park Madison will offer studios, one- and two-bedroom residences, ranging from the low $600,000s to $2.4 million, as well as 10 two-bedroom penthouses, two of which have been sold. The penthouses range in size from 1,255 to 2,070 sq. ft. and are priced from $2.3 million to $4.5 million.Each…

By Rachel Block, ReporterLivingston, N.J.–SureDeposit, which offers a security deposit system, has recently integrated with Resident Data to combine the two companies’ product services for their customers.SureDeposit offers a residents opportunity for paying a lower priced “surety bond,” rather than an expensive security deposit, which both improves a property owner’s risk management and lowers a resident’s move-in cost. SureDeposit is now going one step further by integrating with Resident Data, ChoicePoint’s resident screening service, to help their clients utilize both services. SureDeposit will automatically be offered to prospective residents during Resident Data’s resident screening process. The integration will be advantageous…

Jack Kern is the managing director of Germantown, Md.-based Kern Investment Research Counselors. He talks to MHN’s Online News Editor, Anuradha Kher about when Florida’s skyline is likely to return to normal, the oil crisis and its effects on housing and how he believes transit-oriented developments will become commonplace–not anytime soon.MHN: What is the likely impact of foreclosures in South Florida on the existing condo inventory? Kern: At least initially, the foreclosures in South Florida are proceeding along at a fairly orderly pace. Because there are a large number of unsold condo units, the foreclosure actions will ultimately add to…

By Anuradha Kher, Online News EditorNorman, Okla.–Quantum First Capital has closed a $1,583,000 loan to finance the Chateau of Normandy Apartments in Norman, Okla. The loan was funded through Quantum First Capital’s correspondent relationship with Green Park Financial through the Fannie Mae DUS program.The loan was structured with a 10-year term with two years interest-only payments at a sub 6.50 percent interest rate. Jason Rice of Dallas¬-based Quantum First Capital originated the financing on this transaction on behalf of Chateau Normandy LLC.The eight-building, 65-unit garden-style apartment community is located south of Main Street at 515 24th Ave., N.W. in Norman.Spread…