Major Hotel Projects Underway Nationwide
A number of hotels are currently in the works across the nation. The Downtown Grand Hotel and Casino has topped out its third tower in Las Vegas, adding more than 250,000 square-feet of hospitality space. Life House and Blue Flag is going to add a location of unspecified size in Nantucket, Mass. Finally, Kimpton Hotels and Restaurants is going to add a boutique hotel in Fort Worth, Texas which will feature 232 rooms, 10,000 square-feet of meeting space, a two-story grand ballroom and a penthouse sky bar.
Permits Filed for Six-Story Mixed-Use Building in Queens
Permits have been filed to construct a six-story mixed-use building in Queens’ Astoria neighborhood. The proposed 60-foot-tall development will contain 20,919 square-feet, with 11,954 square-feet designated as residential space, 1,607 square-feet for commercial space, and 1,317 square-feet for community space. The project’s estimated construction costs and completion date are currently unknown.
Daycare Center in Florida Sells for $1.875 Million
A building in Palmetto Bay, Fla. has recently been sold. The 6,763 square-foot building currently sits on a nearly one-acre lot and is currently being used as a day care center. The buyer was not disclosed, however the property’s purchase price is estimated to be around $1.875 million, a sizeable increase from its previous purchase price of $350,000 in 2002.
Georgetown Company Plans Office Building in Manhattan
Georgetown Company, a NYC-based real estate development firm, is planning to construct a large office building in Manhattan’s Hudson Yards neighborhood. The proposed 25-story development would encompass 1.1 million square-feet of office space. While the project’s estimated completion date is 2024, it’s estimated construction costs are currently unknown.
Swift Real Estate Partners Sells Sacramento Office Building
Swift Real Estate Partners, a San Francisco-based real estate investment firm, has sold an office building in Sacramento, Calif. for $28.1 million. The 87,000 square-foot property contains 62,300 square-feet of rentable Class B office space, as well as 22,700 square-feet of fully leased retail offerings. The new owner is planning to invest a substantial amount of capital to reposition the property for later sale.