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Daily News: Sunday 3/22/20

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Lamar University to Open New $3.5 Million Welcome Center

Lamar University, a public university based in Beaumont, Texas, will soon have a new welcome center. The new 6,300 square-foot facility will feature a gallery of university memorabilia, a workroom, a 40-seat theater, and outdoor gathering areas. The $3.5 million building will be completed in 2022.


Charlottesville Mulling $32.5 Million Mixed-Use Project

New Hill Development Corp., a Charlottesville-based real estate development corporation, has been working with city officials in Charlottesville to draft a design for a new community within the city. The firm is intending to build 685,000 square-feet of commercial and residential space, and will include rooftop venues for restaurants and entertainment. The project will cost an estimated $32.5 million to construct.

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Connecticut Retail Center Lands $29 Million UBS Loan

UBS has closed $29 million in financing for a retail asset in Connecticut. The Naugatuck Valley Shopping Center in Waterbury, Conn. features 383,000 square-feet of retail space, and is anchored by a grocery store. The request for financing is not believed to be related to any effects felt as an externality of the coronavirus.


$8 Million Mixed-Use Project Underway in Rochester

Chinburg Properties, a New Hampshire-based home builder, has acquired a vacant property in Rochester, N.Y. as part of an upcoming project. Their plan calls for the construction of 52 market-rate apartments and two commercial spaces, at a total proposed cost of $8 million. The project, dubbed Scenic Salinger, is planned for completion by 2021.


$12 Million Conversion Will Net 51 Apartments

A project is underway to transform an old elementary school building into a residential building in Richmond, Va. The proposed $12 million project would see the conversion of the dilapidated structure into a space with room for 51 apartments. The project’s estimated completion date is currently unknown.

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