Kaufman Ten Story Mixed Use Project in Short North at 2nd and High

This is amazing, and exactly where we need to be heading with architecture in Columbus. In my opinion, this is the overall best looking building, proposed or under construction in Columbus.   And congrats to Brian Kent Jones Architects.

We’ll soon see if the design can survive what the Victorian Village Commission will attempt to do to it. Maybe they should have started with 15 stories so that they compromise on ten.  And it’s really a shame that this won’t be facing High Street.  Today, August 11, is the day for its first review by the Victorian Village Commission so we’ll know much more by tomorrow morning.

Anyway, for a few other details: 155,000 square feet of for sale condos.  30,700 Square feet of office space.  Carve up around 7,000 – 10,000 square feet to create a stellar co-work / accelerator / incubator space.   Anyone up for it?   I also hold a California license and we’re doing a bunch of it out there in the Venice area.  Who is going to step up to the table to do the same here?

And last, but not least, 5,000 square feet of ground floor net lease retail space here in the Short North district of Columbus Ohio.

Also included will be 28,000 square feet of rooftop terrace and third floor pool terrace plus a 250 space parking garage.

Preliminary lease up of the office and retail space will begin as soon as they’re sure it will eventually get approved.  As always, if you’re interested, contact me, Scott Harris Realtor at 614-905-6614.

Los Angeles Exposition Park Mixed User – Retail Hotel and Apartments

I think I’ve started hundreds of posts with ‘large Los Angeles retail mixed use’ because I probably have. Well, here’s another one.

Across the street from the future Exposition Park soccer stadium will be a new mixed use complex named the Fig, that will include 55,000 square feet of triple net Los Angeles retail and restaurant space, 20,000 square feet of incubator / accelerator / co work space. Also planned will be a 21 story hotel and two seven story structures, one with 222 student apartments and the other with 186 mixed income apartments. 82 of the units will be moderate income.

The 21 story hotel would include 298 rooms. I haven’t heard anything yet on branding.

Developer, Spectrum Group Real Estate plans to tear down eight multiunit residential buildings on the 4 1/2 acre site.

This will be a great addition to the south side of the USC campus in Los Angeles and the newly available net lease retail / restaurant space with make Los Angeles commercial real estate agents very happy.

It’s probably a little early for lease up, but if you’re interested, feel free to contact me, Scott Harris Realtor at 310-473-4789, and I’ll see what i can do.

Los Angeles Commercial Properties for Sale or Lease

Kaufman Doing Funky Franklinton Five Story Retail office Mixed User

Franklinton Five Story Retail office

Finally, there’s a bunch of action pending for Franklinton including this one. Planned by Brett Kaufman is 241 apartments with 50,000 square feet  of office space plus 30,000 square feet of Columbus nnn retail and restaurant  space. Plus, fitness space, both indoor and outdoor, public art, dog park, food truck court, co-working space. Also planned is a 560 space parking garage on the northwest corner of the site.

The Kaufman development will replace the one story National Office Warehouse at 500 W. Broad and replace it with the five story building designed by the architectural firm NBBJ that’s more contemporary than Kaufman’s buildings downtown . The proposal , to go before the Franklinton Area Commission tomorrow the 21st, reveals a funky and eclectic design sure to be a hit with the artistic and creative communities.

Kaufman plans numerous features that will mix public and private use of space creating a unique live / work experience for residents and office users similar to another area I work with regularly, Venice, California. This development, including the funky architecture, is very similar to the hot new and repurposed live / work space I see in the Venice Beach area for $1,000 to $3,000 per square foot and rents up around $70 per foot.

I expect this to be a catalyst that moves Franklinton long much faster than Short North. Lots of potential here.

If someone wants to take a crack at master leasing a bunch of space to create incubator / accelerator / co working space, this would be an excellent building to do it.

As always, if you’re interested in any of the retail or office space, feel free to contact me, Scott Harris Realtor, at 614-905-6614.

What’s Going to Happen to the Old Ikea Retail Site in Burbank

Big plans are underway for the old site now that the new 458,000 Square feet Ikea retail store is under construction. The new store will be the largest in the United States.  They will leave the old site at the net lease retail site at Burbank Town Center at about this time in 2017. So what’s underway for the old site?

Developer, Crown Realty and Development and CAPREF LLC have big plans: http://www.iheartburbank.com/  .  The plans are to add 765 apartments at 600 N San Fernando Blvd. and 70 condos for sale at 800 N San Fernando Blvd to the Burbank net lease retail center.  The center will also feature an open air plaza and 40,000 square feet of net retail space for lease for fresh retail tenants and maybe a farmer’s market.

No new Burbank residential multiunit housing has been permitted or built in the last 15 years, which added to the housing availability crisis. Not that it’s not the same all over Southern California.  I’ll wager that all of these new apartment and condo units will be sold or rented long before the construction is complete.

Looks like another solid project and we sure need the housing and new Burbank triple net retail space. The new net leased reatil space will sure make Los Angeles commercial real estate agents and brokers happy.

We’re still a ways off, but if you’re looking for nnn retail or restaurant space for lease, I’ll do my best to help.  Contact me, Scott Harris Realtor at 310-473-4789

25 Story Millennial Tower With 40,000 sq. ft. of Triple Net Retail Space Will Complete Columbus’ River South

Columbus developer, Arshot Investment Corporation, is proposing a 25 story mixed use ‘vertical city’ for Scioto Mile Park along the Scioto River. Arshot principal, Bill Schottenstein, say that the $35 million Scioto park is a major catalyst for the development.

Millennial Tower will incorporate retail, office, residential and entertainment uses in 400,000 square feet towering above Scioto Mile riverfront park. Important to Columbus commercial real estate agents is the 40,000 square feet of nnn triple net retail and restaurant space. We have quite a bit of supply coming online in 2017 and 2018 and it’s needed. Although we have plenty downtown, there will be another 180,000 square feet of office space.

In a press release, Bill Schottenstein said: “We have experienced a paradigmatic shift in the market. Young professionals are actively seeking ‘live-work-play’ environments,” Speaking for myself, there are some much older, still working professionals who would be interested in such an arraignment.

Schottenstien also said: “These creative minded professionals are gravitating towards urban, walkable environments that are active and transit-friendly, with open and collaborative work spaces and residences in close proximity to great parks and restaurants”.

The building will occupy the entire block of South Ludlow, Front, and West Rich and Cherry and will feature :

  • 2 floors of retail, 6 floors of office space and 10 floors of apartments and condominiums.
  • Ceiling heights of up to 18 feet with floor to ceiling glass.
  • 360-degree views of downtown and the Scioto Mile.
  • 180,000 square feet of office space composed of six, 30,000-square-foot open floorplates with possible Columbus coworking space
  • A 40,000-square-foot retail space likely to feature a grocery.
  • Parking for more than 600 vehicles.
  • 24-hour fitness center.
  • Pool and dog park.

Naming rights will be available for the building so it won’t likely remain Millennial Tower. Although that might be a dumb name in my opinion, the concept certainly isn’t. This is a very LAish progressive looking building that nails its intent of attracting and keeping a younger, more creative and collaborative work force to and in Columbus.

I hate to paraphrase The Donald, but this is a terrific project for River South and I hope that NIMBYs and area commissions don’t do terrible things to it like cut it down to about seven stories. If we’re going to have three million by 2050 as is predicted, we need more density downtown and that means building taller.

It’s probably a longs ways out to inquire about leasing retail or office space, but contact me, Scott Harris Realtor at 614-905-6614 if you want to get started.  Speaking of that, who would be willing to master lease a floor to create some new coworking / incubator space in the tower?

Gallery Approval of Ohio State University Retail and Residential Development at 16th and High

The first major segment of the long awaited renewal of the east side of High Street across from the OSU main campus entrance received approval from the University Area Review Board. The new development encompass the entire block bordered by 16th on the south and 17th on the north with Pearl Street on the east and will require the demolition of eight existing buildings. The building that housed the former Bernie’s Bagels & Deli and Johnny Go’s House of Music (The Wellington Building) will be one of them. The Sigma Nu building at 22 East 16th is another.

The much revised plan got unanimous approval of the University Area Review Board and board members were satisfied with the architectural changes made over many months of meetings.

The redeveloped block will include 50,000 square feet of net lease retail and restaurant space, which will make potential tenants who have been looking for space for years and Columbus commercial real estate agents very happy. We’ve had virtually nothing new come on the market for years in the OSU retail and restaurant areas.

There will be 164 new apartments with a total of 448 new beds and a 171 space parking garage.

There will be existing tenants who will want to relocate into the new building so no one is certain at this time how much truly new space will be available for additional new net lease retail and restaurant tenants. I’m staying closely in touch with all involved so if you have interest, give me, Scott Harris Realtor a call at 614-905-6614.

I expect the process to be quite competitive so it’s best to start early. Occupancy will be the start of fall semester 2018 so you have plenty of time to prepare, but the triple net retail and restaurant spaces will long be leased up. So again, start now.Columbus OSU retail restaurant development

Top Ten US Markets for Apartment Development – Columbus # 1

Top Ten US Markets

According to Zillow, the real estate database company, this “college town” is booming with regards to new apartment construction and fast lease up with rapidly rising rents. Some of  us would consider Columbus a bit more than just a college town, given that there’s over 2 million folks in the metro.   True though, that around 110,000 are college students.

It’s not just OSU undergrads that are driving this market. The outer ring suburbs of Dublin, Powell, Worthington, Westerville and New Albany are also doing well.  The newest most expensive class-A units are doing the best with the downtown, which is almost all new, with a 96% occupancy rate.

The unfortunate factor for the Columbus commercial real estate agents is that there’s virtually nothing for sale.   The acquisition costs are so low and rents so high that no one sells.  The good is that the residential demand also bring more NNN triple net lease retail and restaurant demand.  That just happens to be what I do.  Net lease retail and restaurant leasing, and NNN triple net retail single tenant investment property for sale, mostly for 1031 exchange uplegs.

As always, if you have any questions, call your nnn, Columbus triple net retail specialist, Scott Harris, 614-905-6614.

http://www.zillow.com/blog/columbus-hottest-rental-market-195204/

Los Angeles Convention Center to Get Redesign of the Redesign.

Los Angeles retail restaurant for leaseThe current Los Angeles Convention Center. although not that old compared to many in the country, is badly out of date. The convention business is big money and very competitive.

Plans to update the current convention center never seemed to work out in the past. The latest was an plan for LA Live developer, AEG, to do a massive remodel and expansion as part of the NFL stadium that was to built nearby.  When that failed, Los Angeles decided to hold a design competition to do it themselves.  They selected a design team headed by HMC Architects and Populous.  LA also approved a $470 Million bond funding plan.

Now they’re considering shelving that plan and going much bigger through a public / private partnership. The City of Los Angeles will hand over the project to a well qualified private developer to finish it off.

This will breed more Los Angeles downtown net lease retail and restaurant development. That’s where we Los Angeles commercial real estate agents and brokers come in.  It also means even more hotels and high rise multi unit development as if LA doesn’t have plenty of that in the pipeline already.

Los Angeles has turned into one great development after another. This is exciting stuff.

Downtown Los Angeles South Park Car Wash to be 60 Story Mixed Use Tower

Los Angeles commercial real estate agentsLos Angeles South Park | 60 Story Mixed Use Tower

We’ve been hearing rumors for a very long time, and now that plans have been filed with the City of Los Angeles, we’re seeing the first illustrations of the planned 60 story mixed use monster. It’s to be built on the old car wash site across from LA Live and will include hotel, residential condos, office, retail and restaurants.

Although the building looks so thin that a good wind could blow it over, it will house 374 residential units, 373 hotel rooms, 33,000 square feet of office space and more than 65,000 square feet of downtown Los Angeles retail and restaurant space. Could there be a floor for some Los Angeles coworking space? Once again, making Los Angeles commercial real estate agents very happy to have new inventory available.

Car wash owner, Robert Bush, sold for $25 million in 2014 to developer Ben Neman who was the buyer and is the developer. Car wash owner paid $515,000 for the site back in the 80s.

Plans were just filed with the City of Los Angeles by architectural firm Nardi Associates.  Illustrations show how this is going to look.  Nardi describes it as a giant urban tree with its diagonal grid like design complete with open air atrium, LED signs and live plantings.

Preliminary lease up will begin as soon as they get final approval so if you’re interested in the retail or restaurant space, feel free to give me a call, Scott Harris Realtor, 310-473-4789.

http://urbanize.la/post/first-look-60-story-dtla-car-wash-killer

Massive Mixed Use Project Coming for Olympic and Bundy in West Los Angeles.

new west los angeles triple net retail restaurant space for leaseThe five acre Martin Cadillac GMC dealer that’s been on the corner of Olympic and Bundy for 40 years will soon be replaced by a big new seven story 516 residential unit, apartment and or condo complex, and 10 story office with 81,000 square feet of net lease retail restaurant space plus three levels of underground parking for 1,876 parking spaces.

Los Angeles and Santa Monica commercial real estate agents will be happy to have some new net leased retail and restaurant space for lease.

The south side of the property along Olympic will see a new ten story office tower with 192,000 square feet of office space and 26,000 square feet of retail at street level.

This will be one block from the Expo Line extension in West Los Angeles.

Current owner, Dana Martin and family, will be the developer.

The new Cadillac GMC dealer will occupy the southeast corner of the ten story office tower.   I bought five cars from them over the years so I’m happy to see that they’re continuing in the new building.

If you have interest, I’ll be happy to help. Call me, Scott Harris Realtor, 310-473-4789.

Columbus Commercial Construction Update

The Columbus commercial construction update, brought to you by Walker Evans at Columbus underground, highlights both existing and new projects in and around downtown Columbus.

Columbus commercial real estate agents / commercial Realtors will be very happy to see this new product coming online. Although it means new commercial construction, but in many instances, not new as in additional retail space. We need additional retail and restaurant space for Short North, OSU area and Clintonville.

Anyway, back to the update. Notice that the Nationwide Insurance building is well on its way for completion and occupancy for March on 2016.

The Edwards Communities develop between eighth and ninth south of campus is coming along nicely helped by the very mild weather we’ve had so far this winter.

What’s nice with this one is that there’s going to be 23,000 square feet of new, additional, net leased retail space with two or three restaurants.

Below are the links to Columbus Underground’s commercial construction update

http://www.columbusunderground.com/construction-update-south-campus-gateway-expansion

http://www.columbusunderground.com/construction-roundup-november-2015-part-1

http://www.columbusunderground.com/construction-roundup-november-2015-part-2

If you’re looking for Columbus retail or restaurant space, please feel free to contact me, Scott Harris at 614-905-6614.

 

Los Angeles Apartment Occupancy Rates Driving Rent Increases

Los Angeles commercial real estate agentNot that it isn’t obvious enough already, but take a look at the article that I found today in Curb LA regarding Los Angeles metro apartment rent increases versus vacancy rates.

This is a big boom to Los Angeles commercial real estate agents and landlords and not so good for tenants.

Citywide, rents are up an average of 7.8% over last year to an average of $1,873 per month.  Northeast San Fernando Valley prices are up 15.1%.   Los Angeles single family homes prices have increased 5.2% and incomes 2.9%.

Take a look at vacancy rates.  That explains everything.  When you see vacancy rates down to the 1% and 2% range, the sky’s the limit on rent increases.

In spite of all the new multiunit residential construction, and there’s a bunch, we need more and denser.   Los Angeles has over 15,000 units under construction right now with half of all new supply is coming online downtown.  Notice that downtown has the second highest vacancy rates and one of the slower rates of rent growth so there’s obviously a connection there.  We’re going to need to out build the population increases to keep a lid on rents.

Great thing is that all of the new mixed use high rises that are going downtown, and along the Wilshire corridor, will include street level net leased retail and that’s where I come in.  Los Angeles and Santa Monica commercial realtors are happy folks right now.

http://la.curbed.com/archives/2015/11/los_angeles_rents_2015.php

As always, if anyone is looking for triple net retail or restaurant space to buy or lease, feel free to contact me, Scott Harris at 310-473-4789.

Columbus Multiunit Residential Market Ranked 10th Nationally

columbus commercial realtorA  report by All Property Management http://www.allpropertymanagement.com/ , who is the largest group of property management companies in the United States,  ranked Columbus and Central Ohio as the best market for landlords in the Midwest, and the 10th best in the country.

Columbus commercial real estate agents, me included, couldn’t be happier at the new level of activity and the net leased retail opportunities we’ll see in the future.  The development in downtown is all mixed use so that means ground floor triple net retail.

Columbus area developers have added thousands of units over the last few years, which is driving much additional mixed use, triple net retail and restaurant space for lease in the Columbus area.  We sure need it.

In spite of the new apartment supply coming online,  there’s still a drop in Columbus vacancy rates into the range of 5.5%.  Plus the Columbus multiunit market has seen a 25% rise in rents over the last four years and a 9.9% rise in the last year.   It can’t get much better than this.

From personal experience, however, my advice to an investor, especially an out of town buyer would be to stick to class A and good class B units and complexes.  Tenants here in class C buildings can be a major nightmare. If you buy class C you need to be local.

If you’re interested in becoming an owner, contact your favorite Columbus commercial Realtor or commercial real estate agent.  I’m happy to help.  Contact me, Scott Harris, Realtor at 614-905-6614

Big Retail and Apartment Development for Hollywood’s Donut Time District

Developer, AvalonBay, spent $100 million to buy six acres of land around Santa Monica and Las Palmas for a huge 695 unit apartment complex complete with another 25,000 square feet of ground floor net leased retail space according to Los Angeles Business Journal.

Los Angeles commercial real estate agents will be pleased to have some new triple net retail and restaurant space coming on market.

Expect the choice of tenants to create a bit of a self-contained community with the selection of retail and restaurant tenants. Plus a development this size should spur the gentrification of the Highland and Santa Monica area. It could use it.

Colliers International will be the landlord leasing agent for the triple net retail and restaurant space.

The project will be built on the site of two old Hollywood Nightclubs, Arena and Circus Disco. The owner, Gene La Pietra tried to develop the property himself, but couldn’t get the financing necessary to put it all together. I talked to him about this ten plus years ago. He did get the city approvals though so that will hugely reduce the amount of time it will take AvalonBay to get permits and start construction.

No one that I’m aware of has seen any architectural renderings yet, but I have little doubt that this will be a great project. Expect completion sometime in 2017.

Columbus Commercial Construction Update for September 2015

At the link is an update from Walker Evans of Columbus Underground regarding commercial construction progress in and around Columbus Ohio for September 2015. There’s a bunch of it, both already underway and just beginning.  Columbus commercial real estate agents will rejoice that we’re getting new restaurant, retail or office product to lease in many or most of these developments.

1055 N High http://www.columbusunderground.com/apartment-building-with-smart-car-only-parking-pushes-the-envelope-in-short-north for example pushed the envelope locally with micro car parking only. Also in the short north, the Jerome has begun. In Grandview Yard, the Wagenbrenner project, Pullman Way http://www.columbusunderground.com/new-homes-and-townhomes-planned-for-grandview-heights is also in the oven. Neighborhood Launch http://www.columbusunderground.com/the-neilston-apartment-building-to-break-ground-in-spring is getting started.  We have over 1,000 Columbus commercial Realtors and this is great new to all of us for very obvious reasons

Take a look at the following link to take a tour of Columbus commercial construction with Walker Evans

http://www.columbusunderground.com/construction-roundup-september-2015

Of course, if you need a Columbus Commercial real estate agent for a triple net retail or restaurant space or to purchase a building, I would be happy to talk with you.  Call me, Scott Harris at 614-905-6614.

Clintonville – Olympic Swim Club Mixed Use Project Approved

The slightly downsized project for the old Olympic Swim Club site at 3450 Indianola finally got its final zoning approval by Columbus City Council.

Initially, the project was slated for 152 apartments and 18,000 square feet of retail and restaurant, but that brought quite a bit of resistance from local residents concerned about traffic as these kind of projects always do.

The 3450 Indianola project was finally reduced to  114 apartments and 5,000 square feet of net leased retail or restaurant space.   Construction should begin in November, presumably, this year and will be named The Olympic.

The developer, Kyle Katz of Katz Development LLC and Crawford Hoying Development Partners LLC hope to find a polished casual restaurant and a coffee shop for the retail space.

I’ll say it again, for my readers who are still looking for Clintonville restaurant space, don’t wait too long.  Contact me, Scott Harris at 614-905-6614, and let’s get rolling on this if you’re interested.

Columbus City Council votes 7 – 0 for Hamilton Road 161 Project, Hamilton Crossing

Finally, after a decade of the fights with the Army Corps of Engineers over wetlands and then the real estate downturn, something is finally going to happen with this big empty field I drive by every day.

Monday night, Columbus City Council approved by a vote of 7 – 0 the 330 acre, $250 million project that’s a joint venture with Casto, Daimler, and New Albany Company. Casto’s website still refers to it as Albany Park.

As these type of project always go, it’ll be mixed use with a bunch of everything other than industrial. Included will be 1 million square feet of net leased retail, 800 multifamily units, 125 senior units, and eventually, 700,000 square feet of office space for lease.

A bunch of work remains to be engineered and underway before any building take place. First, is the realignment of Hamilton Road south of Dublin Granville Road into the six lane spur of Hamilton Road south of 161.

Expect to see much progress in 2016.

To my many Columbus restaurant clients, expect this project, as with everything else the last couple of years, to lease up quickly so if this is of interest, give me a call , Scott Harris Realtor at 614-905-6614.

The Short North White Castle Project Gets an Update

Columbus Short North retail and officeAs was just reported by Walker Evens of Columbus Underground, and just about everyone else, Borror Properties revealed its latest design update for the 11 story proposed replacement for the old pre WWII White Castle located at second and HN High Street.

After feedback from the Victorian Village Commission in April, Borror made some very visible design changes and some not so visible.

The commissioners asked Borror to break up the facade so it would look like several buildings instead one huge facade facing High Street.

The changes were to setback the building a bit more from the sidewalk and to tier the north end of the building so it blends better with the three story existing buildings to the north. Then, in my opinion, the building was modernized substantially to provide a nice contrast between all of the surrounding historic buildings and this one.

Then, not as visible, going from 11 stories with 150 apartments and 10,000 square feet of badly needed net leased Columbus retail and restaurant space plus the obligatory White Castle on the corner to 140 units with third floor office for a combined total of 24,000 square feet of office .  Still though, with the White Castle on the corner.

If you compare what I have pictured, rendering by Berradi+Partners, versus last month, you’ll see that the design was changed substantially, and in my opinion, now looks much better.

We certainly need more net leased restaurant and retail space in the Short North, but also need some new office space as the supply has gotten really tight.  This helps plus looks a bit better than the old White Castle.

Anyone for 11 story sliders?

Another huge project for Los Angeles’ South Park

shenzhen%201This is just amazing. Another mega project for LA’s south Park with a newly announced multi tower project with high rises up to 42 stories to be located at Olympic and Figueroa all the way to Eleventh and Flower.

China’s developer, Shenzhen Hazens Real Estate Groupis currently in the ntotlement process on the Gensler designed project, which they estimate will take a year to 18 months.

The first phase of the project will be the 30 story, 250 room hotel, plus another 30 story condo building. They anticipate that construction should begin in 2017.

The second phase will start immediately after with a 42 story condo tower plus an 80,000 square foot shopping plaza complete with Los Angeles net leased high end retail boutique shops.

Total cost of the project is expected to be in the range of $700mil.

Although it’s probably a little early to inquire about leasing some of the retail space, feel free to contact me, Scott Harris Realtor at 310-473-4789 with any questions.

 

 

 

 

Los Angeles’ South Park New Developments in Progress

In my 30 years in LA, never did I think I would see something like the following happening.

South Park, roughly defined as southwest of the Arts District, south of downtown Los Angeles, east of the 110 and north of the 10, has 28 new developments in progress.

Historically, what is now known as South Park got its start after the opening of Staples Arena 15 years ago at Figueroa and Eleventh, but most of the this got started less than five years ago.

This is remarkable in what used to be parking lots and run down 80 year old warehouses.  Take a look at the following link:

http://la.curbed.com/archives/2015/04/south_park_development_map.php

And remember, any questions regarding leasing some of that ground floor retail space, please call, Scott Harris Realtor at 310-473-4789.