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.

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?

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.

Clintonville / Old North New Development to Replace Patrick Js and White Castle Site

Columbus Clintonville commercial real estateThe Patrick J’s property at 2711 N High Street has been purchased by Borror Properties a couple of weeks ago. Patrick Js also closed at that time. The developer, Borror Properties, plans to combine the Patricks Js parcel with the old White Castle property to the north at 2725 N High for a larger development.

Doug Borror, at this time isn’t quite sure what he’s going to do with it, but when they do decide, the parcels present some unique challenges.

Working with one group of NIMBYs is difficult enough, but in this instance there will be two. The old White Castle property will be the Clintonville Area Commission and the old Patrick Js will be University Area Commission.

I’m sure it will be another mixed use project like everything else is, with ground floor retail and upper level apartments or condos.  In that ground floor retail, maybe we’ll get a couple restaurant spaces as that would make all of us Columbus commercial real estate agents and brokers very happy.   We sure need the restaurant lease space.

Good luck Doug

New Tax News for 2016 Regarding FIRPTA

FIRPTA increases from 10% to 15%.

Currently if a foreign person sells United States real estate the buyer is required to withhold 10% of the gross sales price and remit this to the IRS. However pursuant to the Protecting Americans from Tax Hikes Act of 2015 closings as of February 16, 2016 the FIRPTA will increase in most instances from 10 to 15%.

Congress created FIRPTA based on reports that foreign investors were purchasing U.S. real estate and then selling it at a profit without paying any U.S. taxes. Consequently, FIRPTA created a requirement forcing buyers to withhold 10 percent of the purchase price and remit it to the Internal Revenue Service at the time of closing, subject to a few exceptions.

The settlement agent is the party that withholds and remits the funds to the IRS, but the buyer is legally responsible.

A few exceptions are noted in the below. First is that at a sales price of $300,000 or less and buyer acquires as a principal residence there is no withholding.  Second is a sales price of $300,000 to $1,000,000 and the buyer acquires as a principal residence the withholding is 10%.

Other exceptions are:

No withholding is required under the following additional circumstances:

•    Seller provides Non-Foreign Affidavit

•    Seller  provides a Withholding Certificate from the IRS which excuses the withholding

•    The amount realized by the seller is zero

•    The property is acquired by the United States or a political subdivision thereof

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.

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.

 

Los Angeles Gets 40 Story Mixed User in Historic Core

Los Angeles net lease retailHellen’s 525 S Spring Street will get a big high rise designed by Steinberg Architects with TSK Architects and seen here http://urbanize.la/post/new-design-and-rendering-stationers-tower-project-historic-core.

Plus, this will include the renovation of three historic theaters on Broadway, LA’s Broadway, the Roxie, Cameo, and Arcade to further the very successful revitalization of the theater district.  http://la.curbed.com/archives/2015/02/stunning_looks_inside_7_of_broadways_rarely_opened_theaters.php

This is the third attempt at building something on this site that started off as a twelve story apartment building in 2012 and morphed into a high rise by 2013 and now this, the third design.

Planned are 9.400 square feet of net lease retail space on the ground floor with six stories of parking on floors two through seven with 360 one through three bedroom apartments on top.  These will be built to condo quality and I presume condo mapped, but initially will be apartments.

Clintonville – North Broadway and High Street Development

Northstar Realty and Mark Ford of Ford and Associates AIA presented a preview of preliminary plans they will eventually take to the Clintonville Area Commission for approval.  The meeting was hosted by Positively Clintonville https://www.facebook.com/pages/Positively-Clintonville/1401958676717564 to allow the developer to get feedback from the community before the plans were submitted for approval from the city.

The proposal shown at the meeting last night is for a five story building with 18,000 square feet of ground floor retail space with 60 apartments above. Additionally, a total of 160 parking spaces with 57 on a ground level lot and 103 in a second floor garage, all accessed from the alley.

Northstar Realty purchased seven of the eight parcels between North Broadway and Brighton Road. The owner of the old Clintonville Electric refused to sell at any price.

Given that I have the listing a few blocks north at 3645 N. High Street, I’m very interested in this project as I could fill ten buildings just like it with net lease retail tenants.

Any questions or interest in retail or office space in the community, feel free to contact me, Scott Harris at 614-905-6614

 

Another Mixed Use High Rise For Los Angeles Core

Los Angeles downtown retail space for leaseThis one at 33 stories in the Los Angeles historic core will contain 320 market rate apartments plus 22 very low income units and 86 workforce housing units. Still not sure what ‘workforce’ means in terms of rent.

TCA Architects did the design work.  Pretty nice for Pershing Square.

The studios range in size from 407 square feet up to 602. The one bedroom run from 607 square feet up to 846 and the two bedroom from 1,085 up to 1,326 square feet. so it sounds like pretty decent sized units. Rents haven’t been released yet.

As always, there will be ground floor Los Angeles net leased retail. I believe it’s going to be right around 28,000 square feet in triple net retail space.

Parking is going to be an 8 story garage with two of that underground.

Developers are hoping for an improvement this year so work can begin in 2016.

Application filed with Los Angeles at the link.

http://dlanc.org/sites/dlancd7.localhost/files/4th%20Hill%20-%20Entitlement%20set.pdf

Redevelopment of Budd Dairy site in Italian Village proposed

A new proposal from Lykens Companies to redevelop what is one of the largest structures in Italian Village is on the table in front of the Italian Village Commission. Lykens plans to not only restore the Budd Dairy building but to add five additional modern mixed use to the site.

The three and four story buildings would create 149 residential units and over 17,000 square feet of commercial office and retail space. The new development would replace parking lots and several single story warehouse and office structures.

For more detail plus architect renderings of the proposal, see:

http://www.columbusunderground.com/transformative-redevelopment-of-budd-dairy-site-proposed-in-italian-village

For questions concerning potentially leasing the commercial space, feel free to contact me, Scott Harris, 614-905-6614

Micro Living in Downtown Columbus

As downtown Columbus multiunit rents get silly and two bedroom flats can run $2,500 per month, there need to be an alternative for those who work downtown.

The solution has been in major high rent coastal cities to more toward micro apartments with just about enough room to inhale and exhale.   That trend is coming to Columbus, but in a slightly larger format of 400 square feet.

Two properties kick the concept off in Columbus. One at 260 S Forth and the other at 39 W Long. Rents at 260 S Forth range from $695 – $895 per month plus options .  Needless to say, the buildings will have ground floor retail like everything else does. Some units are available with a small 80 square foot loft. Also available are semi furnished and corporate units with everything included for a measly $500 additional per month.

Rents are in the $2.10 a foot range which is getting close to LA rents. As many have noticed, rents have risen hugely in Columbus for high end rentals, especially downtown and Short North.

http://microliving.net/properties/ If you have questions, please contact me, Scott Harris at 614-905-6614

Latest Approved Bridge Park Plans for Dublin Ohio

Bridge ParkThe city of Dublin, Ohio approved the basic development plan for the Massive Bridge Park Development.

Once completed The Bridge Park Development is expected to be over one million square feet of residential, 222,000 square feet of office, 120,000 square feet of retail, 136,000 of conference and hotel, 92,000 square feet of restaurant plus a 25,000 square foot fitness center.

The overall Bridge Street corridor plan is to include developments by Edwards, Casto and Crawford Hoying with about 80% of the total to be Crawford Hoying

Last week the city council approved the plan presented by Crawford Hoying to include in the first phase, construction of eight mixed use buildings ranging in height from five to six stories that will house 371 housing units, 170,000 square feet of office, 87,000 square feet of restaurant and retail space and 1,866 garage and on-street parking spaces.

The above will be on the west side of the site along Riverside Drive. Further phases will be constructed north, south and east of phase one.

Basic description of the eight buildings are:

B1 – six story 157,833 square feet with ground floor restaurant, retail and second floor office. Residential units will be floors three through six.

B2 – six story 91,081 square feet and will follow the same format with ground floor retail and restaurant, second floor office with residential on floors three through six.

B3 – Six story 83,961 square feet with ground floor restaurant and retail and residential on floors two through six.

B4 – Five story 280,409 square feet with six floors of parking and five floors of residential.

C1 – Five story 88,557 square feet with ground floor restaurant and retail and residential on floors two through five

C2 – Five story 94,440 square feet and same as above

C3 – Six story 89,173 square feet with ground floor restaurant and retail, second floor office and residential on floors three through six

C4 – Five story335,086 sqaure feet building with six floors of parking and five of residential units.

http://www.crawfordhoying.com/development/bridge-park-dublin/

The Casto and Edwards developments are detailed in the following links:

 324-unit residential project from Edwards Communities and a 392-unit residential project from Casto.

Anyone who is interested in the retail, restaurant or office component of the development can contact me, Scott Harris at 614-905-6614 for additional information on leasing. It’s not too early to reserve your space.

Developers Chosen For Old Columbus Municipal Power Plant On Nationwide Blvd

The City of Columbus announced that they have chosen Brad DeHays and Schiff Capital to redevelop the three buildings that comprise the long closed Columbus Municipal Power Plant property at 555 West Nationwide Blvd.

The three buildings mentioned above are all on the north side of Nationwide Blvd.

The plan is to add retail, office and multifamily residential and turn this area into an extension of the Arena District. They’re looking at as much as 33,000 square feet of office space in addition to an auction house and event space.

On the south side of the street is the Columbus Central Outpost Center that will be moving to a new McKinley Ave. facility. This 5 1/2 acres will be developed by Borror Properties with a 60,000 square foot office building with multi unit residential on the north side of the office building.

Nationwide Realty controls the 25 acres that sits between the Central Outpost and the railroad tracks. At this time it hasn’t be determined exactly what will happen to this parcel, but I would expect more of the same with net leased retail, office and multiunit residential.

Completion is expected to be late 2017. If you have interest or questions, feel free to contact me, Scott Harris at 614-905-6614.

Campus Partners Picks Edwards for South Campus Gateway

It was announced today that it was local developer, Edwards Communities that was picked to develop Ohio State University’s South Campus Gateway.

The retail, office and residential development will be one step closer to connecting the short North with OSU and Weinland Park.

The seven acre development is mostly east of high Street in the vicinity of Eight and Ninth.  The project has been in the works for many years as Campus Partners slowly bought the land and had it rezoned.  The rezoning allowed by the City of Columbus will allow a maximum height of 72′ facing high street and 45′ to 60′ on Eight and Ninth.

Nothing firm has been proposed yet as Campus Partners and Edwards will be meeting with the neighborhood before making the proposal to University Area Review Board.   This process is expected to be completed by year end.

 

Downtown Los Angeles Commercial Development Recap

Downtown Los Angeles News (DTNews) just recapped the truly mega number of commercial developments underway or in planning stages for downtown for a total of 94 today with 14 of those added since late spring.

Plans are for at least 3,000 new residential units, Condos and apartments, in just the 14 new projects announced since May 2014.  Additionally,  420,000 square feet of Los Angeles net leased retail and polished casual restaurant space is underway in just the 14 new projects.

Downtown LA has long needed street level triple net retail space plus fast and polished casual restaurants to support the rapid gentrification of downtown south and the Arts District. They are getting it and at a much faster pass than I thought possible.

I’m going to link to the update in Downtown News instead of doing the summary myself.

The new projects reviewed are:

1200 FIG: Two 35-story condominium towers of 648 units with 50,000 square feet of Los Angeles net leased retail.

1400 S. FIGUEROA ST.: Seven-story building with 106 residential units and 4,750 square feet of street level retail. .

AMP LOFTS: 320 units of live / work loft type apartments plus 20,000 square feet of retail space in the Arts District.

ARTS DISTRICT RETAIL CENTER: With 125,000 square feet of triple net retail space in the Arts District.

CHINATOWN PARK: Multi level urban park.

COLLEGE STATION: two residential towers of up to 20 stories with a yet unknown number of residential apartments plus 40,000 square feet of street level net leased retail.

FOREMAN & CLARK BUILDING: The 13-story Foreman & Clark building to be converted into 165 apartments. Ground floor to be a couple of restaurants and a lunge.

FREEHAND HOTEL: The 1924 Commercial Exchange Building converted to create approximately 200 rooms in the 13-story Beaux Arts

GLASS TOWER: 24 story tower with 151 condos

GLOBE THEATRE RENOVATION: 101 year old theater to be renovated into high end nightclub

GRAND PARK PLAYGROUND:

HAUSER WIRTH & SCHIMMEL ART CENTER:  100,000 square foot former flour mill will be transformed into the Hauser Wirth & Schimmel arts complex.

LA PLAZA HISTORIC WALK: 345 residential units, with 20% set aside for low-income tenants plus 55,000 square ft of retail and or restaurant space..

SIXTH AND BIXEL: 606 residential units whether it be apartments or condos with 25,000 sq ft of ground floor Los Angeles net leased retail.

UNION STATION MAKEOVER: plans to upgrade the 75-year-old transit hub. A final plan is slated for completion in October.

For much more detail on the new projects plus updates on those previously announced , see below:

http://www.ladowntownnews.com/development/downtown-development-a-rundown-on-projects/article_772339f2-3dd9-11e4-b43b-2b2ab7a43593.html

And if there are any questions that I might be able to answer I can bet contacted, Scott Harris Realtor at 310-473-4789.

Eight major changes coming to the streets of LA.

culver city commercial real estate for sale or leaseI read this one today on Curbed LA.

The primary reason I’m posting it is this: ” A crackdown on the jerks who misuse disabled placards to park for free at meters”

I don’t know how they’re going to do this, but I really really hope it works.

Second reason is: “No more insane towering parking signs.  Great Streets is looking to “develop a clearer parking sign system for easier interpretation by motorists” that will also include standardization of signage”

This will be one of those times when a picture is worth a thousand words. And a ‘thousand words’ is still probably less than the total on this sign.

The article is a little off topic given the Los Angeles commercial real estate for sale and lease plus new development focus of this blog.   But who on earth (West Los Angeles) wouldn’t be happy with a few of these changes.

Anyway, below is the link.

http://la.curbed.com/archives/2014/09/eight_amazing_changes_on_the_way_to_the_streets_of_la.php

Columbus Ranked 8th for Economic Growth

The U.S. Bureau of Economic Analysis ranked Columbus, Ohio eighth for economic growth according to new data that takes a fresh look at economic output generated by individual U.S. metro areas.

Columbus came in at nearly double the national average of 1.7 percent with 3.2 percent GDP growth since 2012

“The metros where economic output grew the most are clustered along the tech hubs of California and the West, the energy centers of Texas and the Gulf Coast, and the shale gas industry hot spots of West Virginia and Ohio,” said Richard Florida in his analysis of the data on Citylab.com. ”The regions where economic growth declined (in orange) are concentrated in the South, Midwest, and Mid-Atlantic.”

As always it’s Indianapolis and Columbus bucking the trend in the Midwest with steady stable growth.  Notice all of the new net leased retail and higher end residential under construction in and around Columbus recently?

Houston topped the ranking with San Jose in second. Cleveland was near the bottom of the list at 42nd, but still grew at 1/2 percent.

See below for the complete report published by www.citylab.com

http://www.citylab.com/work/2014/09/houston-and-san-jose-are-leading-us-economic-output-growth/380360/

Downtown Los Angeles – 20 Percent of all New LA Housing

I find this a little hard to believe, but according to Curbed LA, downtown LA with 1 percent of the land area has had 20 percent of the new housing since passage of the Adaptive Reuse Ordinance in 1999.

The Adaptive Reuse Ordinance is largely responsible for the huge downtown gentrification we’ve seen over the last decade or so. Since 1999 approximately 20,000 new housing units, whether it be single family or multiunit residential, have been built downtown and only 98,000 city wide in the same time frame.

True, downtown is open to density whereas in most of the city NIMBYs will fight you to the death to build anything with some density or really, anything at all.

I’d like to see the numbers for net leased retail and office. I have a hunch that they’re are not nearly so high as downtown still needs a bunch more retail space and net leased retailers to fill it.

http://la.curbed.com/archives/2014/09/downtown_has_onefifth_of_all_recent_housing_built_in_la.php