Friday, August 25, 2017

Hyatt Centric Hotel Will be Tallest Building in Ft. Lauderdale

Kolter Group announced that Hyatt Centric would be the hotel brand for 100 Las Olas, which is slated to become the tallest tower in Fort Lauderdale.

The project at 100 East Las Olas Blvd. will rise 46 stories with the 238 hotel rooms occupying the first 15 floors. The tower will also have 121 condos on the upper floors and 8,500 square feet of retail and restaurant space on the ground level.

West Palm Beach-based Kolter said the Hyatt Centric will be created for millennial-minded travelers, featuring a lounge designed as a “launch pad” with information about food, nightlife and other activities in the city.

"The Hyatt Centric brand is a perfect fit for 100 Las Olas, particularly for those interested in exploring the multitude of activities and venues in downtown Fort Lauderdale,” said Scott Webb, president of Kolter Hospitality.

"The hotel design, location, services and amenities will cater to the urban traveler. The condominium residents will also enjoy the benefit and perks of having this incredible hotel that will offer a vibrant atmosphere with dining and creative event and meeting spaces just below them.”

The hotel will include a bar and restaurant, 6,000 square feet of meeting and banquet space, and a pool deck on the eighth floor.

Known as the heart and soul of downtown Fort Lauderdale, Las Olas will be the perfect location for the Hyatt Centric.
The price tag for construction of 100 Las Olas is estimated at $152 million. The developer acquired the 38,325-square-foot site in 2015 for $17.25 million.

The hotel, designed by SB Architects, is expected to open in early 2020.

Friday, August 18, 2017

Developer Preparing to Build 25-Story Atlanta Tower

Charlotte-based Crescent Communities is adding to Atlanta's development wave with a 25-story residential tower named Crescent Lenox that it is preparing build at 3387 Lenox Road, across from Lenox Square Mall.

The 352-unit glass and stucco tower will rise 385 feet tall between Oak Valley Road and Wright Avenue, on a piece of property that has been vacant for years.

The building’s primary resident entrance will be on Oak Valley Road; but the primary vehicle entrance and likely address will be on Wright Avenue, just a block from the Lenox MARTA rail station.

The apartment tower will have 56 studio apartments and the remainder will be one- and two-bedroom apartments. They will rent for $2-plus a square foot.

So far, Atlanta's apartment boom has been quite impressive, but not for the total number of projects.

It’s where the projects are clustering that’s unique — mostly within the in-town Atlanta neighborhoods or near MARTA stations in Sandy Springs and Dunwoody, Chamblee and Brookhaven.

In other words, more apartment developers are focusing on walkable areas close to transit.

It may be getting late in the multifamily cycle, but Atlanta developers continue rolling out plans for new apartments.

Last year, developers had begun construction on 1,799 new apartments units in Buckhead and Brookhaven.

Although more Atlanta projects are preparing to enter the construction phase, nationally the fundamentals that sustained the apartment surge may be weakening.

Construction outpaced net absorption of by more than 5,000 units during the third quarter.

Even without the tsunami of new supply hitting the market, vacancy is on the way up. This does not portend good things for the next couple of years as new completions increase and flood the market.

Friday, August 11, 2017

42-Story Luxury Hotel/Condo Tower Planned In Midtown Atlanta

Developer Trillist and Los Angeles-based lifestyle hospitality company SBE are preparing to build SLS Atlanta Hotel & Residences, a new 42-story structure that would stand at 1122 Crescent Avenue in Midtown.

The development will consist of 213 hotel rooms and 56 condominiums (not apartments, as has been the case with most recent Midtown residential construction).

Condo units will range between 1,600 square feet and 4,000 square feet, and contain a mix of two-, three- and four-bedroom units.

SLS Atlanta marks the 14th property in the growing line-up of SLS Hotel & Residences, and by 2019, the brand is expected to boast over 3,900 hotel rooms and 1,600 residences worldwide.

The first launch of this new concept will be SLS Brickell Hotel & Residences set to debut in June 2016 in Miami, followed by projects in The Bahamas, Philadelphia, Washington D.C., and Argentina.

“This project will be the achievement of a shared vision to create a personal and intimate experience that incorporates leading edge design with outstanding services that reflect the best of the cultural life of Atlanta,” added Scott Leventhal, co-founder, president & CEO of Thrillist.

“Midtown Atlanta is already home to arts, culture, commerce and superior infrastructure to any other region in the metropolitan Atlanta area, and the addition of this premier mixed-use development will further shine the spotlight on Midtown as an internationally recognized destination.

SLS Atlanta is located in the center of the arts and cultural district of Atlanta, which includes the Woodruff Arts Center and High Museum of Art, the proposed new home of the Atlanta Symphony. The property is also one block from Midtown Mile, an approximately one mile stretch of Peachtree Street.

SLS Atlanta Hotel & Residences will break ground this Spring, with completion anticipated by early 2019.

Friday, August 4, 2017

42-Story Luxury Hotel/Condo Tower Planned In Midtown Atlanta

The American Dream is alive and well in the minds of mega-developer Triple Five Group. The family-owned conglomerate, is preparing to build the nation’s largest shopping mall and entertainment complex on more than 200 acres of former cow pasture by Interstate 75 and Florida’s Turnpike, near Hialeah in northwestern Miami-Dade County. 

The massive $4 billion project is being backed by the developer of the Mall of America in Minnesota, presently the largest entertainment and retail complex in the United States.

Some of the components include a 16-story indoor ski slope, a 20-slide water park, a submarine ride in a man-made salt water lake with an artificial reef, a climate-controlled theme park, a 14-screen 3-D movie theater, a performing arts center, a 2,000-room hotel and much, much more.

The mall would also have 3.5 million square feet of retail space. In contrast, Aventura Mall, the third-largest mall in the U.S. and Florida’s biggest, has 2.7 million square feet of retail.

When completed, American Dream Miami encompass 6.2 million square feet, making it the largest shopping mall and entertainment complex in the United States.

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The project is expected to create some 25,000 construction jobs, 9,500 permanent jobs, and will provide a historic boost to the county’s economy.

The mega-mall would add $1.36 billion in taxable value and generate $1.6 billion in annual sales of goods, services and leases. That would generate $48.5 million in revenue for local taxing authorities, such as the county and the school board, and $93.6 million in sales tax for the state.

Triple Five Group hopes to break ground in early 2017 and complete the project in late 2019.

The Canadian-based development company is controlled by the billionaire Ghermezian family, which has ventures in real estate development, solar energy, oil drilling, vehicle manufacturing and mining.

This will not be the family’s first super-mall. In 1981, Triple Five built the 5.3 million-square-foot West Edmonton Mall in Alberta. Now the largest mall in North America, West Edmonton Mall has a giant water park, carnival rides, a casino and other forms of amusement.

In 1992 the Ghermezians had co–developed the 4.2 million-square-foot Mall of America in Minnesota, with an aquarium and the Nickelodeon Universe theme park among its features.

The Mall of America is the largest shopping mall in the United States; Triple Five recently broke ground on a $325 million project to expand it further.

Triple Five is also constructing American Dream Meadowlands in East Rutherford, New Jersey, a 4.8-million-square-foot retail and entertainment facility near MetLife Stadium.

Using $2.5 billion in private bond money and $1 billion from the state of New Jersey, Triple Five will be building hundreds of stores, dozens of restaurants, a 12-story-tall ski slope, a 200-foot drop ride, a giant aquarium and a water park.