Hines Seals Land Deal to Develop 54-story Mixed-Use Project in Shanghai
- Aug 02, 2013
Shanghai—Hines recently announced it has won the bid for a site in Shanghai’s Jing An business district. The international real estate firm revealed plans to develop a 54-story mixed-use project on the 17,940-square-meter (193,034-square-foot) parcel, called Site #60.
According to the plan, the development is set to feature a total of around 156,000 square meters (1,678,560 square feet), out of which 134,000 square meters (1,441,840 square feet) will be dedicated to office space and 22,000 square meters (236,720 square feet) will be allocated to retail. The construction is also planned to include four below-grade levels.
Located directly adjacent to a new subway station along METRO Line 13, which is currently under construction, the transit-oriented development is approximately 650 feet north of Beijing Road West and is bordered by Xin Zha Lu to the north, Datian Lu to the east, Shanhaiguan Lu to the south and Cixi Lu to the west. The development project will become the anchor of a new mixed-use development area, dubbed as the Suzhou Creek Riverfront Modern Service Industry Hub.
The mixed-use development area borders Suzhou Creek on the north, a new public park and natural history museum to the south, the major North/South Elevated Expressway to the east and a high-end residential district to the west.
“We are pleased to be acquiring this excellent site in the Jing An District, and we look forward to contributing a new, high-quality office project to Shanghai’s already impressive skyline,” Hines Senior Managing Director James Morrison says.
After entering the Chinese real estate market back in 1996, Hines has completed or has under construction over 8 million square feet in China. In Shanghai, the firm has approximately 2 million square feet with the 50-story 21st Century Tower in Pudong, which is home to Shanghau’s newest Four Seasons Hotel, standing out.