Howard Hughes Corp. Unveils Master Planned Community
- Oct 11, 2012
Honolulu—The Howard Hughes Corporation has announced plans to create an urban master planned community in the Kaka’ako district of Honolulu, Hawaii. The project involves transforming Ward Center into Ward Village, a neighborhood with residences, affordable housing and retail all arranged on pedestrian friendly streets.
“Ward Village is one of the most significant assets in our portfolio, offering an unparalleled opportunity to be part of the renaissance of Kaka’ako,” says David Weinred, chief executive officer of The Howard Hughes Corp. “We are pleased to continue working with local leaders and other partners on the next chapter of this unique district, creating a thriving community in the heart of Honolulu.”
The Howard Hughes Corp. is the largest private land owner in Kaka’ako. In January 2011 the corporation entered into a development agreement with the Hawaiian Community Development Authority, which allowed for up to 9.3 million square feet of mixed-use development that will include more than 4,000 units and over one million square feet of retail and other commercial space. Now details are starting to solidify. The Howard Hughes Corp. plans to break ground on the first phase in 2014 with an expected completion in 2016.
The village will include high-rise residential towers with a ‘mauka-makai’ (mountain-ocean) orientation which will preserve view corridors and showcase views. Smaller towers will have fewer units per floor and thus a more community feel. The village will implement a ‘complete street’ principle, an active approach that encourages people to bike or walk. The revitalization will also double the retail, dining and entertainment space.
The first phase of development represents more than $1.25 billion in local economic impact and almost 9,000 direct and indirect jobs throughout the island of O‘ahu, according to a study by ALH Urban & Regional Economics. Full build-out will generate $7.5 billion in economic impact and create 53,000 direct and indirect jobs. There will be significant tax revenues to the City and County of Honolulu and the State of Hawaii from both construction and ongoing operations. Construction activity in the first phase will generate more than $22 million in one-time tax revenues to the State and County. Full build-out will yield $138 million over an estimated 15-year period. After full build-out, the property will generate more than $38 million in annual recurring revenues to the City and Country and the Stat
Ginkgo Residential appointed receiver of Maryland asset
Oxon Hill, Md.—Ginkgo Residential has been appointed as receiver for Oaks at Park South Apartments, a 510-unit asset located in Oxon Hill, Md., by the circuit court in Prince George’s County.
“We are pleased to have been selected to help the residents of this distressed community,” states Philip Payne, chief executive of Ginkgo Residential. “We are confident that by utilizing our expertise and proven platform that we will be able to improve residents’ quality of life and create value for all stakeholders.”
Centerline provides $5.2M Fannie Mae acquisition loan
Chicago—Centerline Capital Group announced it has provided a $5.2 million Fannie Mae fixed rate loan to facilitate the acquisition of the Lunt Apartments in Chicago.
The property is located in the Rogers Park neighborhood of Chicago’s north side, approximately 8.5 miles north of the Chicago central business district. The Lunt Apartments consists of two, non-contiguous mid-rise apartment buildings that are located across the street from one another on Lunt Avenue. The property is comprised of a total of 110 units. The first building is a 54-unit, four-story building that was constructed in 1930. The second facility was built in 1932 and is a six-story building with 56 apartments.
Both buildings are currently 100 percent occupied, and the borrower is Ansonia Properties LLC. Centerline was able to meet tight purchase timeframes, closing the loan in 47 days.
“The Lunt Apartments is well located in Rogers Park, one of the most diverse neighborhoods in Chicago in terms of age, income, and ethnicity,” noted Adam Klingher, senior vice president at Centerline. “Several major roads provide access to the neighborhood, and multiple near-by options for public transportation provide residents easy access to the “Loop,” Chicago’s central business district, as well as local parks, beaches and shopping areas.”
The neighborhood is also greatly influenced by the presence of Loyola University which is located in Rogers Park. Loyola’s lakeshore campus serves as the main residential undergraduate campus with more than 3,200 students. In addition, Rogers Park has over 30 beaches and parks.
“The area has enormous draw. There are constantly new renovation and rehabilitation projects going on in the neighborhood, and the Rogers Park submarket enjoys a vacancy rate under 5 percent,” continued Klingher, Senior Vice President at Centerline. “These factors, combined with the borrower’s solid track record in the industry, made this an attractive deal for Centerline.”
“Centerline, specifically Adam, exceeded our expectations, effectively managing timing, third party vendors and structure. We look forward to working with them in the near future,” commented Barclay Welsh, principal at Ansonia Properties.
The loan was closed by a team in Centerline’s Chicago office. The Mortgage Banking Group at Centerline provides mortgage financing for conventional multifamily properties throughout the U.S. Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider and source for other forms of alternative capital.