Saying office is not a viable option at the location, American Asset Corporation is looking to change the permitted uses for a property it owns on 18 acres between Brier Creek Corporate Center (shown) and Brier Creek Commons Shopping Center. The Triangle Business Journal reports the amendment would allow for removing office uses, reducing the commercial entitlement, and adding 186 hotel rooms and 24 multifamily units.
The vacant six parcels would be developed into hotels and apartment buildings. The current zoning allows for up to 20 stories, which American Asset is not asking to change.
The rezoning encompasses 8034 and 8040 Arco Corporate Drive and 3900, 3901, 3911 and 3921 Macaw St. The parcels are partially forested and are assessed at $9.38 million.
American Asset has developed over 6.0 million square feet of commercial property.
The development team behind One Beverly Hills (1BH) said construction on the $10-billion luxury mixed-use project is proceeding ahead of schedule. The Beverly Hilton expansion structure topped out approximately 10 weeks ahead of schedule and one of the residential towers is progressing six weeks ahead. “This was accomplished while significant operations were maintained at The...
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Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments. Loan proceeds...
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Rental housing affordability declined in 82% of U.S. metropolitan areas between 2014 and 2023, with renters experiencing the equivalent of an average $256 annual reduction in income after accounting for changes in housing quality. That’s according to a new report released Tuesday by the Mortgage Bankers Association’s Research Institute for Housing America. The report, Housing...
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