Construction Maison

CLEVELAND, Ohio - Forest City Realty Trust , Inc., passed the torch at Tower City Center on Thursday, selling off its final pieces of the mixed-use complex in the heart of downtown. With the sale of the Post Office Plaza and a nearby parking lot , Forest City - once downtown Cleveland's dominant landlord - finished a six-year-long exit from property ownership in the center city. The publicly traded company will stick around as a tenant, moving its headquarters and hundreds of workers from Terminal Tower to Key Tower in the spring. The K&D Group paid $15 million for Post Office Plaza , a 477,000-square- foot office building that is 55 percent vacant. In a separate transaction, K&D paid $1 million for a triangular parking lot next to the Renaissance Cleveland Hotel , west of Public Square. Doug Price, K&D's chief executive officer , confirmed the details during an interview late Thursday . "We think it's a real strategic purchase ," he said of Post...

Local investors beware: Central Pennsylvania is on the map for outside groups looking for higher returns. Last month, The Solomon Organization , a New Jersey-based operator of multifamily properties, closed on a $25.7 million purchase of the newly built Ivy Ridge Apartments in Swatara Township . That price — $117,913 per unit — is the highest in the Harrisburg market this year. It also marked the company's first foray into the Harrisburg area after landing in Lancaster County six years ago. It owns six communities in Lancaster County and more than 1,200 units. "Two years ago, you said 'Harrisburg' and people would just hang up the phone," said Zachary Pierce, director of the National Multi Housing Group in Philadelphia for Marcus & Millichap Real Estate Investment Services . Outside investors were interested only in primary markets such as New York City and Washington, D.C., and maybe Philadelphia, he said. But as prices have shot up in those prime areas, th...

Cathy Czerniak, community development director for Lake Forest, has proposed calling 2017 "the year of the crane." "One morning when I looked at the skyline, I saw four different cranes piercing the skyline from the central business district ," Czerniak said. The Lake Forester recently spoke with Czerniak about the state of various ongoing construction projects in town. Lake Forest Hospital The hospital is still on target to open its outpatient clinics this fall with the rest of the almost $400 million hospital to open in the first quarter of 2018. Final work on the interior of the buildings is being completed, a temporary parking lot is being removed and the height of a berm on the south side of the property is being increased. Kelmscott Park (formerly Laurel and Western) Three apartment buildings with a total of 111 units are expected to open in January, February and March 2018. Pre-leasing of apartments is scheduled to start this October. One single family ho...

The River City Company has sold the office section of the building at 2 Aquarium Way by the Tennessee Aquarium to Marquis Apartment Investors . Kim White of River City said the buyers are the operators of the nearby High Point Climbing and Fitness facility. She said they were in need of office space. The sales price was $890,000. River City Company had bought the building back from the now- defunct Chattanooga History Center in 2016 for $2.2 million. The History Center , under former director Daryl Black , had planned a history museum on the second floor, but it never opened. A group is currently raising funds to put the former Medal of Honor Museum into that location as the Charles Coolidge Medal of Honor Heritage Center . Ms. White said the Coolidge group was not interested in the office space.  She said the office area has a separate entrance. Pucketts Restaurant is on the first floor of the building.

It was only four years ago that Africa’s richest square mile became the destination of choice for SA’s major financial firms , sparking the largest commercial property development boom of the decade. Corporates including Investec , Nedbank, RMB and the JSE were the early movers into Sandton during the 2000s, and several firms have since followed suit. Sasol, Webber Wentzel, Alexander Forbes, EY, and Bowman Gilfillan have anchored their main offices in Sandton in recent years while Discovery and Old Mutual Emerging Markets will soon pile into the area. Property developers believe the catalyst for Sandton was the advent of rapid rail system Gautrain in 2010, which unleashed billions of rands in office, retail and residential property developments . Over the last three years, developers launched high - rise luxury apartments , piggy-backing on the relocation of corporates into the area that would, in theory, create demand from buyers who desired to live closer to work. However, the s...

MONTEBELLO >> While the world watches the threatening maneuvers North Korea is making — and President Donald Trump ’s tweets about that country’s nuclear capabilities — business is perking up for a local businessman who sells a rare product in these post- Cold War times : bomb shelters. Ron Hubbard, no relation to Scientology’s founder who started Atlas Survivor Shelters in 2010 after years in the steel manufacturing business , said interest in his product has risen the past few days from potential customers wanting to know how and when they can purchase a shelter — not to mention all the calls he’s been fielding from national and international media outlets . • Photos: Go inside bomb shelters built in Montebello On Friday, he handily navigated in-person interview after interview inside his cramped office at 7407 Telegraph Road. “I’ve had calls from people who think they need a shelter like yesterday,” Hubbard said. Yesterday isn’t going to happen. Neither is tomorrow. Order...

House-flipping hit its highest levels last year since before the recession as investors seek to capitalize on rising home prices and a seller’s market with tight inventory. But the process is nothing like what you see on TV, where it looks like a home can be bought, gutted, renovated and resold in less than an hour – not including commercial breaks . The truth is often much messier, real estate professionals in Charlotte said. “It’s a lot easier to lose money in this business than it is to make it,” said Jeff Johnson, owner of NewPath Properties , which specializes in buying and rehabbing distressed properties . Still, that’s not deterring people from giving it a try in Charlotte. First-quarter figures from Attom Data Solutions show flips – defined as the same property selling twice in a 12-month period same year – made up more than 6 percent of sales in the Charlotte region, or 540 sales. House-flipping increased almost 4 percent from a year ago, though it remains well below the cit...

House-flipping hit its highest levels last year since before the recession as investors seek to capitalize on rising home prices and a seller’s market with tight inventory. But the process is nothing like what you see on TV, where it looks like a home can be bought, gutted, renovated and resold in less than an hour – not including commercial breaks . The truth is often much messier, real estate professionals in Charlotte said. “It’s a lot easier to lose money in this business than it is to make it,” said Jeff Johnson, owner of NewPath Properties , which specializes in buying and rehabbing distressed properties . Still, that’s not deterring people from giving it a try in Charlotte. First-quarter figures from Attom Data Solutions show flips – defined as the same property selling twice in a 12-month period same year – made up more than 6 percent of sales in the Charlotte region, or 540 sales. House-flipping increased almost 4 percent from a year ago, though it remains well below the cit...

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1. If you can make it here… New York has long been the ultimate testing ground for businesses. But the city’s population density also makes it an important laboratory for startups, especially in today’s on-demand economy. Food- delivery pioneer Seamless survived the dot-com crash, paving the way for the arrival of meal-kit services such as Blue Apron and Plated a decade later. Related View this story in its original print layout Density has also been instrumental to the growth of ride-hailing and car-sharing companies. Most of them, including Uber and Lyft first gained their footing in smaller cities, then made New York their biggest market. Via, the on-demand ride-pooling service, launched here in 2013, is the exception: Its founders chose New York, figuring riders packed together on subways and buses wouldn’t need much persuading to share a car with strangers, especially when it cost just $5. article continues below advertisement App- based transportation startups have flocked t...