Tuesday, March 12, 2013
Raleigh, N.C. - The developer of 5401 NORTH, a unique community being built in North Raleigh, has sold 30 acres of land to the Wake County Board of Education for a new Middle School scheduled to open in 2017. The new middle school site is adjacent to a 25 acre future city park site that was purchased by the City of Raleigh last August.
Commercial Properties Realty Trust of Baton Rouge sold the land for $2.9 million to the Wake County Board of Education. This is the second Wake County Public School Site located within the community. Riverbend Elementary opened in July of 2006 and currently has over 600 students enrolled.
"We are grateful that Wake County Public Schools has chosen 5401 NORTH for their new school site," said George Richards, CPRT Senior Vice President. "This is another important step towards realizing the vision for 5401 NORTH, and for the public school system that is so important to the future of our county," he said.
Designed by Dover, Kohl and Partners of Miami, 5401 NORTH will mix housing, offices and retail on 400 acres, all following a blueprint for living healthy in a community that respects the environment. Located at the intersection of I-540 and Highway 401, the neighborhood will include about 2,250 homes and more than 1 million square feet of office and retail space.
Infrastructure will begin soon on the property and the 28 - mile Neuse River Greenway has just been completed along the east perimeter of the community. 5401 NORTH is in final negotiations with an undisclosed homebuilder that expects to begin construction of homes in late 2013 as well as other technology, medical, and sustainable partners.
For more information please contact George Richards 919.608.7500 or visit 5401North.com
Friday, March 22, 2013
Commercial Properties Realty Trust Announces
New Merchants at Acadian Village
Several Businesses to Become the First for the Baton Rouge Market
Baton Rouge, LA. - Commercial Properties Realty Trust is happy to announce that 9 new merchants have signed leases to join the Acadian Village Shopping Center scheduled to open this fall. Kean's Fine Dry Cleaning, and The Keeping Room are some of the local favorites, while nationally known Trader Joe's, Nadeau - Furniture with a Soul, and Petco also plan to open stores. Newcomers to the market, Smarter Eyewear, and Pei Wei (P.F. Chang's Fast Food Restaurant), and New Orleans originals Baby Bump Maternity, Air Blow Dry Bar, and La Divina Italian Cafe will also join the center.
Galatoire's Bistro opened at Acadian Village in January this year and Acme Oyster House has been open and operating since 2008. "The mix of businesses in Acadian Village will serve the well-established surrounding neighborhoods and draw more shoppers to the thriving Perkins Road Overpass Area," said Carolyn Martin, president and CEO of Commercial Properties Realty Trust.
The main shopping center construction is underway at the corner of Acadian Thruway and Perkins Road and scheduled to open in September. Acadian Village is over 85% leased with additional leases pending on most of the remaining spaces. Commercial Properties Realty Trust is investing over $18 million in the 70,000 square foot shopping center.
CPRT to Build Office & Residential Towers Downtown
Partnership will bring high-tech jobs, residences to Baton Rouge
Baton Rouge, LA. - Commercial Properties Realty Trust will build the first high-rise riverfront residential and office buildings in Downtown Baton Rouge in over half a century. The complex will include an eleven-story residential tower boasting 95 river view apartments, nine luxury town homes, and an office tower that will be the home of a new IBM Domestic Delivery Center.
The software center will rise eight stories and encompass more than 220,000 sq. feet of mixed-use office space. The two towers will be connected by a 24,000 square foot private terrace overlooking the Mississippi River.
The complex is being built on the old Advocate newspaper site bordered by Main, North, Lafayette Street and River Road. Total investment for the combined development is estimated to be $55 million. The office tower is scheduled for completion by spring 2015 with the residential complex following in the summer.
The State of Louisiana, City of Baton Rouge/East Baton Rouge Parish are partnering to build the $30.5 million, eight-story office building. IBM will take up the entire office building with software engineers and related staff. The Wilbur Marvin Foundation will own the building and collect no rent for at least 15 years, only a fee from the state and IBM to cover operating costs. "This partnership is a major piece of the puzzle that is bringing a quality company like IBM to Louisiana" said Stephen Moret, Secretary of Louisiana Economic Development.
CPRT will secure private financing for the residential tower, which will also be an asset of the WMF.
"We have partnered successfully with the state to build The Shaw Center for the Arts in downtown," said John G. Davies, Baton Rouge Area Foundation president and CEO. "This latest collaboration will provide space for more than 800 professional technology jobs, and apartments for hundreds to live in the city center, an important piece of continuing the revival of downtown."
The project, in the planning stages since fall of 2012, began with a generous gift of a parcel of land to the Baton Rouge Area Foundation from the Manship Family. Antunovich Associates, which has a history with IBM and has collaborated with CPRT on other projects, designed the buildings and will be the project's architect.
All apartments will have balconies overlooking the Mississippi River and will range in size from approximately 500-1000 square feet. Rents have not been set. There will be a private fitness center for IBM employees and the residents. For More information visit 525Lafayette.com
About Commercial Properties Realty Trust: CPRT is a real estate investment trust that manages and develops property holdings of the Baton Rouge Area Foundation. Because of this relationship with a community foundation, a portion of the profits are shared for improving the quality of life in areas where CPRT operates. CPRT manages shopping centers and mixed-use properties in North Carolina, Louisiana and Texas. For more, visit CPRT.com For more about the Baton Rouge Area Foundation, visit BRAF.org
Baton Rouge, LA. - Groundbreaking ceremonies were held today in downtown Baton Rouge for the much anticipated IBM Services Center and 525 Lafayette Residential tower. Surrounded by dozens of new IBM employees, Governor Bobby Jindal, LED Secretary Stephen Moret, Colleen Arnold, IBM Senior Vice President, BRAF President John Davies and CPRT CEO, Carolyn Martin broke ground with several other leaders in a ceremonial dig of blue mulch today in the ballroom of the Hilton Capitol Center.
Site preparation and anticipating large crowds caused an indoor ceremony, however it did not dampen the spirit or enthusiasm for such a game changing project to the city of Baton Rouge. "This groundbreaking event is a reminder of the great things happening in our city and we thank IBM for being part of the push to make our city even better" said Mayor President Kip Holden.
CPRT selected Antunovich Associates as the project architect and The Lemoine Company as general contractor in a competitive bid process. The center and residential tower is expected to be completed by the summer of 2015. Click here for more information on 525 Lafayette.
New Residential Coming to Downtown
Onyx Building to Become 28 apartments with First Floor Commercial Space
Commercial Properties Realty Trust will begin redeveloping the Onyx Building in downtown Baton Rouge this fall, replacing a shuttered building with a combination of commercial space and apartments on Third Street that will be known as The Onyx Residences.
The new five-story building will have 28 one and two-bedroom apartments built above 5,600 square feet of commercial space. It will be located at the corner of Third and Convention streets. Apartments will range from 600 to 1,100 square feet and rents have not been determined. Each unit will have a balcony or terrace overlooking Third Street, Convention Street or the Shaw Center for the Arts. Reserved parking will be available across the street in the state parking garage at prevailing rates.
Commercial Properties expects to invest $6.2 million in the redevelopment with the building ready for occupancy in fall of 2014. The exterior of the building has more than 100 marble panels that will be reused on the new building.
Commercial Properties manages and develops real estate assets of the Baton Rouge Area Foundation. Thirteen years ago, the Foundation underwrote Plan Baton Rouge, a revival strategy for downtown that has drawn more than $2.5 billion in investments from the public and private sector.
"We thank all the people who have come together to create a common gathering place for everyone in the parish," said John G. Davies, CEO and president of the Baton Rouge Area Foundation. "Downtown has more than a dozen new restaurants, more class-A office space, a new Town Square, hotels, the Shaw Center for the Arts and its Manship Theatre. With this development, more people will be able to live downtown, which is vital to continuing the area's transformation."
Before this project, Commercial Properties and the Foundation rehabbed the abandoned Capitol House into a Hilton, built restaurant spaces on the Art Block and put up One Eleven Lofts, which are 12 fully-rented apartments on Third Street at the Shaw Center.
The Onyx Building originally opened in the 1950's and was the home of Rider's Jewelry store until the late 1970's. It sat empty for more than three decades until City Year, a nonprofit, occupied it for a brief time in the last decade.
The Arts Block was formed as a unique partnership between the City of Baton Rouge, the State of Louisiana, Louisiana State University, the Arts Council of Greater Baton Rouge and the Baton Rouge Area Foundation. Bounded by North Boulevard and Lafayette, Convention and Third streets, the Arts Block includes the Shaw Center for the Arts, the LSU Museum of Art, The Manship Theatre complex, several restaurants, a coffee shop, and One Eleven Lofts.