City in Texas Awards $86 Million Construction Contract
The City of Conroe, Texas has awarded an $86 million construction contract to California-based DPR construction. The project will yield a hotel and convention center with 250 guest rooms and suites, 31,000 square-feet of ballroom and meeting space, and other amenities like a restaurant, bar, lounge, club lounge, business center, fitness center, and a swimming pool. The project is expected to be complete by 2022.
City in Indiana Considers Bonds to Fund New Projects
The City Council of Carmel, Ind. is being asked by the Carmel Redevelopment Commission to approve nearly $27 million in bonds for four projects, including the redevelopment and revitalization of a grocery store. The other three projects include a mixed-use office and residential development, a townhome and condominium project that would yield 57 residential units, and a commercial development.
Argent Group of Chicago Chosen to Lead Redevelopment
Argent Group of Chicago, a Chicago-based real estate development firm, has been chosen to redevelop a city-owned property in Lincoln, Neb. The firm is proposing the construction of a 15-story, mixed-use building with first-floor residential amenities, two floors of parking, and 12 stories of residential space. The building will yield a total of 300,000 square-feet. The second phase of development would involve the renovation of a 16-story office building. Finally, the firm would overhaul a city-owned parking garage with ground-floor commercial space. The project is expected to cost $100 million, though its estimated completion timeline is currently unknown.
Development is Booming in a California Town
There is a high level of development going on in Carlsbad, Calif. Residential projects underway include a $300 million four-plex apartment complex, a 96-acre residential-commercial development, and more than four projects which would individually yield more than 100 residential units. Commercial projects include a new Hilton-brand hotel, two new bank buildings (each with construction costs valued over $500,000), and a commercial subdivision with nine commercial lots.
CBRE Brokers Sale of Retail Building for $9.2 Million
CBRE has brokered the sale of a retail building in Newark, N.J. for $9.2 million. The single-tenant property boasts 165,499 square-feet of retail space and has been fully leased to Walmart since 1992. The seller was a private investor and an undisclosed institutional investor was the buyer in this transaction.