Latest news with #mixeduse
Khaleej Times
a day ago
- Business
- Khaleej Times
Sharjah's Beeah launches multi-billion dirham freehold Khalid bin Sultan City
Sharjah-based waste management firm Beeah Group entered into the real estate market with the launch of Khalid bin Sultan City — a multi-billion billion dirham freehold project located between Dhaid Road and Khorfakkan Road. 'The project starts from our headquarters, moving south around 1.5 kilometres. Designed by Zaha Hadid, it's a mixed-use development, and it's a sustainable project to be net zero and zero waste. It's built to be the city of the future. We're looking at decentralised digital identities for the residents and people that work and live there,' said Khaled Al Huraimel, group CEO of Beeah Group. 'This city will be freehold, so open to all nationalities. The project will have seven neighbourhoods and will be launched in phases. We have not yet announced the date of the launch of sales, but it will be announced very soon. The price will be extremely competitive for investors or end users,' he said. 'It will also be a LEED-certified master plan. We like to call it a climate, smart, sustainable city.' Beeah Group chief said there is a lot of demand for real estate in Sharjah. 'In the first quarter of this year, sales in Sharjah were up 31 per cent over the previous year. There is a lot of demand in Sharjah for quality developments. Over the last few years, several quality developers have launched different projects in Sharjah because there is much more demand. We had a project launched recently in Sharjah and that was sold out in three hours. So demand is there. And prices are still going up in Sharjah that's because the demand is more than the supply here in Sharjah for quality developments,' he said. Al Huraimel added that GCC, Arabs and UAE nationals dominate the buyers in the emirate, but Asian communities are also growing very fast. 'We have demand from Asian and Arab communities because Sharjah is ideal for its location and has an international airport that's getting busier and now expanding as well,' he added.
Yahoo
a day ago
- Business
- Yahoo
Sales Activity at The Spring District Brings Two Leading Global Investors to the Community
Bellevue's Premier Mixed-Use Development Welcomes Blackstone Real Estate and Drawbridge Realty SAN FRANCISCO, June 18, 2025 /PRNewswire/ -- Shorenstein Investment Advisers ("Shorenstein"), an owner and operator of high-quality office, residential and mixed-use properties across the U.S., today announced two consecutive transactions involving Blocks 5, 6 and 13 (the "Properties") within The Spring District, a dynamic, mixed-use development in Bellevue, Washington. Funds affiliated with Blackstone Real Estate acquired a joint-control interest in Blocks 5 and 6 from Shorenstein. Drawbridge Realty, a KKR partner, acquired Block 13 from Shorenstein and Wright Runstad & Company ("Wright Runstad"). The Properties were each developed as build-to-suit office buildings for Meta, which has a significant presence in The Spring District. Terms of the transactions were not disclosed. Blocks 5 and 6 consist of two, 11-story, trophy office buildings that total 670,000 square feet. While both buildings are leased long-term to Meta, the entirety of Block 6 was recently subleased to Snowflake, which moved into the building in May 2025. Block 13 is a nine-story, trophy office building that totals 200,000 square feet. The Properties sit within The Spring District, a vibrant, mixed-use, transit-oriented neighborhood encompassing two million square feet of office and retail space, 800 apartment units and the new Spring District East Link Light Rail Station. The neighborhood will continue to grow with additional land for over one million square feet of mixed-use development. Shorenstein and Wright Runstad co-developed The Spring District, which was conceptualized in 2007 and has since become the Eastside's premier live-work-play neighborhood. "We're excited to welcome two world-class investors in Blackstone and Drawbridge to the Spring District," said Colby Wick, Managing Director at Shorenstein. "Alongside leading technology companies like Meta and Snowflake, their commitment to The Spring District is a testament to the desirability of the neighborhood and its continued bright future." "The Spring District has firmly established itself as a leading destination for innovative technology companies seeking a vibrant, sustainable and transit-oriented urban environment," said Michael Yoo of Wright Runstad. "The market's strong response reinforces the long-term vision we've pursued in partnership with Shorenstein over the past 18 years. With the recent opening of the Spring District East Link Light Rail Station and continued development momentum, The Spring District is exceptionally well positioned to meet future demand and deliver lasting value in the dynamic Bellevue market." David Levine, Co-Head of Americas Acquisitions for Blackstone Real Estate, said: "We're thrilled to partner with Shorenstein to invest in these 100% leased, Class A+ properties in Bellevue. We are strong believers in the quality of the Spring District campus and look forward to continuing to invest in the Puget Sound region." "Our thanks to both Shorenstein and Wright Runstad for their partnership on this transaction. We are delighted to add Block 13, an office asset of the highest quality, to our growing national portfolio," said Charlie McEachron, CEO, Drawbridge Realty. These transactions are emblematic of The Spring District's remarkable and ongoing redevelopment from a former industrial campus into a thriving mixed-use community. In 2020 and 2021, Brookfield acquired three trophy office buildings totaling 650,000 square feet from Shorenstein and Wright Runstad. Two of the properties are fully leased by Meta, and the third by the Global Innovation Exchange, a post-graduate program between Microsoft, the University of Washington and Tsinghua University. To learn more about The Spring District's offerings, investors and long-term tenants, please visit: About ShorensteinShorenstein is a privately-owned investment adviser that, through affiliated entities, owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein and its affiliates have acquired $19.6 billion in assets (as of March 31, 2025). Using their integrated investment and operating capabilities, the firm seeks to take advantage of opportunities that, at the particular time in the investment cycle, offer attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. More information is available at About Wright Runstad & CompanySeattle-based Wright Runstad & Company is a leading real estate firm with a five-decade track record of developing, acquiring, managing and leasing institutional-quality commercial office and mixed use buildings located primarily in the Pacific Northwest. Recognized as one of the regions' premier real estate operators, the company consistently delivers strong property performance and superior investment returns. Wright Runstad & Company maintains an exceptional reputation among tenants and institutional investors for its demonstrated commitment to integrity and high levels of quality and service. For additional information visit: Contacts For Shorenstein:Sarah Salky / Madeline JonesJoele Frank, Wilkinson Brimmer Katcher212.355.4449 For Wright Runstad:contact@ View original content: SOURCE Shorenstein Properties LLC Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Former Sycamore Grove developer reacts to Petersburg pulling contract: 'City simply walked away'
The group contracted to develop the Sycamore Grove mixed-use community in Petersburg has pushed back against the city's claims that it was they who forced the contracts to be rescinded. In a lengthy statement June 10 to The Progress-Index, the Virginia Development Consortium said it was Petersburg who dropped the ball on Sycamore Grove and its affiliated Adams North project in Old Towne. The group said it repeatedly nudged the city administration to move the process forward, but those nudges were not successful. 'These were shovel-ready projects,' Harold Johnson, VDC's managing partner, said in the statement. 'We had agreements in place, a grocery partner secured, and the Governor and Mayor publicly celebrating the groundbreaking. Then, after months of shifting excuses, the city simply walked away.' VDC and the city were going to turn the now-vacant former Southside Regional Medical Center site off South Sycamore Street into a mix of retail, office and residential space. The project, a cog of Gov. Glenn Youngkin's 'Partnership for Petersburg' initiative, was supposed to bring a long-awaited grocery store to central Petersburg and ease the 'food desert' status of the city. On May 20, City Council voted to rescind its agreement with VDC, saying that the developer had not met deadlines or responded to any inquiries about development. At a ceremony with Youngkin in Petersburg June 3, Mayor Sam Parham said the project was still a go as Petersburg was looking for a new contractor, and blamed the contract revocation on a main water line beneath the property that he said VDC was unwilling to either work around or work with Petersburg on the $25 million cost to move it. In its statement, VDC said the delay was all on Petersburg. The group said Sycamore Grove and Adams North were structured 'under signed agreements' where Petersburg would transfer the property to VDC, negotiate contracts to sub-developers and issue a Virginia Industrial Revitalization Fund-backed loan of $3.5 million. It also noted that Petersburg City Council had passed binding resolutions acknowledging the project and the city's obligations. 'Despite repeated efforts by VDC to move the projects forward, the city took none of these actions,' the VDC statement read. Instead, VDC said it was forced to pay $2 million out of its own pocket relying on Petersburg's good faith. 'Every time our legal counsel pressed the City for action or clarity on why the projects weren't moving, the reason changed,' Johnson said in the statement. 'First it was a lack of legislative authority, then dissatisfaction with the grocery partner, then cost, and finally vague infrastructure concerns. None of it lined up with the agreements or the city's own public statements. 'The justifications were never consistent and did not withstand scrutiny.' Of umbrage to VDC, the group said, were Petersburg's concerns over infrastructure, which came to the group as a surprise. VDC said Petersburg never mentioned the water-line issue to the group in any of its conversations until Petersburg invited VDC to take part in a May 20 council closed-session via telephone to discuss progress – a move VDC said it now sees as 'bait-and-switch.' 'It was during this meeting that [City Attorney Tony Williams], for the first time, conveyed a $20 million price tag for the infrastructure challenge,' VDC claimed in the statement. 'The figure came as a surprise. Up to that point, infrastructure concerns had only been raised in vague and general terms.' Despite promises on the phone call to send the materials, VDC said it received nothing and later learned that council voted during the open session of that May 20 meeting to rescind the contracts. 'Ironically, that vote stripped the very legislative authority the city had previously claimed it didn't have,' VDC said. VDC also took issue with what it said were optics in Petersburg's satisfaction with the selection of West Virginia-based Grant's Supermarket as the grocery store to anchor Sycamore Grove. 'At the October 2024 groundbreaking ceremony, Mayor Sam Parham stood alongside the governor and proudly unveiled Grant's Supermarket as the anchor retail partner, touting its arrival as a major step toward addressing food insecurity in the area,' the statement read. 'The grocer was publicly celebrated as a solution to long standing access challenges and a key piece of the redevelopment vision. Yet that same partner later became one of the primary reasons the city cited for halting the projects. The contrast between the public celebration and the private blame is stark and difficult to reconcile.' Ron Martin, co-owner of the Grant's chain, told The Progress-Index earlier that he was 'unaware' there were any issues with the contracts for Sycamore Grove. Since the grand opening, Martin said he had not heard from anyone associated with the city about the chain's presence. VDC said the statement was not issued in order to regain the contract. Instead, it wanted to show commitment 'to public transparency' and to share its side of the story. The group accused Petersburg of grandstanding on the projects just to curry favor. In the process of doing so, VDC said Petersburg's assessment of the fallout is 'grossly misleading. 'Despite the public ceremonies and political fanfare, the city never followed through. It signed agreements, held a closed-door meeting under the guise of cooperation, and then quietly killed the projects,' it read. 'While the city may have scored political points with a groundbreaking and a podium, there was little substance behind the show.' It concluded with, 'What could have been a transformative investment for Petersburg is now a missed opportunity, and it is VDC and the city's residents who will unfortunately pay the price.' Bill Atkinson (he/him/his) is an award-winning journalist who covers breaking news, government and politics. Reach him at batkinson@ or on X (formerly known as Twitter) at @BAtkinson_PI. This article originally appeared on The Progress-Index: Former developers react to end of Sycamore Grove contract
Yahoo
12-06-2025
- Business
- Yahoo
Planners approve part of Brickworks project with 231 townhomes
A developer received combined preliminary plat and final site plan approval from the city of Frederick's Planning Commission on Monday for a lot in the Brickworks project that would include 231 townhomes. The site — Lot 5 — received planner approval to develop the 18.31 acres with the townhome lots, 4.48 acres of roadway and .89 acres of private parkland within four pocket parks, according to city documents. The commission unanimously approved the combined preliminary plat and final site plan. Overall, developers of the Brickworks project seek to turn 64.61 acres on the east side of Frederick into 1,260 housing units and 130,000 square feet of retail space, according to city documents. The mixed-use development gets its name from the Frederick Brick Works that used to produce, at that site, mulch, gravel, sand and other construction materials that give the city and surrounding area much of its distinctive look. The owner of the site is Brick Works Development LLC, which has a P.O. Box in Carlsbad, California, according to the documents. The developer is NVR Inc., based in Frederick. Lot 5 is due east of Lots 4 and 6 that received final site plan approval from the Planning Commission in May. Lot 6 received approval to turn a 4.52-acre site into a three- to five-story residential building containing 340 multi-family units, according to the documents. Lot 4 received approval to construct 73,571 square feet of retail in three separate multi-tenant buildings on a total of 9.27 acres. The lot would be anchored by a 36,908-square-foot grocery store, according to city documents. Lot 5 will have six public local streets internally and connect to Lots 4 and 6 via Brickworks Street. Additionally, the plan is for six-foot-wide sidewalks throughout the development. One modification sought by the developers concerned the street tree planting density. The plan is for 83 street trees on a site that requires 75 along the public local streets, according to city documents. Chris Smariga, president and CEO of Harris, Smariga and Associates, a civil engineering firm, said, on behalf of the project, that the modification was not in an effort to get around the code, but to allow the design to place the trees in different spots on site. The new locations throughout the site would accommodate utilities and other critical infrastructure, according to Smariga. The city staff found that this modification fits the intent of the code in the report. In addition to the combined preliminary plat and final site plan, Lot 5 received unanimous approval of its preliminary forest conservation plan on Monday. All of the townhomes will have garages in the backside of the house accessible by alleys, according to the documents. Smariga said that while the design team considered other orientations, they settled on this arrangement for a 'pedestrian friendly network' that drew inspiration from the city's planned form-based code. Another modification seeks to allow homes to front private open spaces that will be owned by the homeowners' association on three areas at the site. 'By doing this we save on impervious surface — that you would normally build a street in front of these units,' Smariga said. 'It also allows us the ability to create these pocket parks that are optimally laid out within the rest of the neighborhood to be used by not just the neighbors adjoining them, but then also up and down the blocks.'
Yahoo
07-06-2025
- Business
- Yahoo
Dakota Commercial planning 150-unit apartment development near Icon Sports Center
Jun. 7—GRAND FORKS — Dakota Commercial is planning a $42 million, five-acre development of apartments off 47th Avenue South across from the Icon Sports Center. The development is working its way through the Grand Forks Planning and Zoning Commission and City Council this summer, with plans to begin construction in the spring of 2027 and be complete in 2029. Dakota Commercial President Kevin Ritterman said the second of three phases is planned for the vacant land between 47th Avenue South and the south-end drainway. "It's something we've been working on for a couple of years, trying to make it work with construction costs and interest rates," Ritterman said. "This was a good opportunity, a good location to take a look at trying to get this done." The plans include approximately 150 units and 10,000 square feet of commercial space in the mixed-use structure that will be five stories. The first phase in 2014 consisted of 44 townhomes that back onto a residential development south of Optimist Park. The apartments had been planned as part of the final buildout of the 26-acre site, but has evolved to have more units and less commercial space than originally planned. "There's just so much commercial in town that you could never fill it," Craig Tweten, president of Community Contractors, told the Planning and Zoning Commission on June 4. The mixed-use structure will face 47th Avenue and toward South Washington Street, with commercial on the first floor facing the thoroughfares and residential units facing the townhomes. In the future, there will likely be additional commercial development to the south of the site. Residents near the development have largely been positive about the development, Ritterman and Tweten said. "Some are curious when they could move in," Ritterman said. At the Planning and Zoning Commission, Tweten added that the concerns raised weren't so much about the building, but the impacts to traffic and the potential future commercial development on the rest of the site. As part of the development, Dakota Commercial is in the process of seeking a property tax incentive. On April 21, the City Council approved having Dakota Commercial applying to begin the financial review process. Dakota Commercial is proposing to have the incentive to exceed five years, which means the request will go before the Grand Forks County Commission and the Grand Forks School District for consideration. There has been debate at the City Council about whether developments should go through the planning and zoning process before being allowed to apply for tax incentives. The tax incentive review and planning and zoning process are occurring simultaneously, which likely will mean a quicker review process, according to city staff. The development requires a zoning amendment to the planned unit development to increase the allowed density. The Planning and Zoning Commission unanimously moved forward with preliminary approval of the amendment on June 4. The City Council will review the request at its next meeting.
