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The 26th post in my "32 days of Case Studies in Retrofitting Suburbia" project. Case Study II.26: The Blairs District, Silver Spring, MD, USA Planners have long understood the value to urbanized areas of ample open space, and northern American suburbs, developed at low densities, have generally had it in abundance. Increasingly, attention is directed to the quality of the open spaces: do people have access, and can they use them? It is one thing to have garden apartment buildings and residential towers set in a park, but what if much of the "park" is *actually* parking, and the remaining green space is largely ornamental and unprogrammed, replete with "keep off the grass" signs? ? Enter the Blairs District in Silver Spring, Maryland. Over a 20-year build-out, a 27-acre superblock site will be gradually retrofitted into a walkable, urbanized node, laced with a network of highly programmed small park and plaza spaces. Longstanding property owner The Tower Companies has pledged that these spaces will be open to the public, providing lively, accessible, direct connections to the nearby commuter rail. ? The plan, approved by Montgomery County in 2014, proposes doubling the overall number of residential units, to 2800, tripling the commercial space, with retail, office, and a hotel, while adding five acres of connected spaces to the walkable public realm—20% of the overall site area. ? In November 2023, the owner announced $188M in refinancing for the next phase. ? Team: The Tower Companies, Sasaki Assoc, Design Collective, Inc. ? #RetrofittingSuburbia #urbandesign #urbandevelopment #regreening #reinhabitation #ImprovePublicHealth #DistruptAutomobileDependence #AddWaterandEnergyResilience ULI Australia Suburban Futures Ellen Dunham-Jones Mike Day Hatch

What's not to love about regreening parking lots into parks and urban farms? And throw in much needed denser, LEED platinum housing with transit access? Case Study #26 does both on the site of a strip mall and aging "garden apartment" buildings (with more parking than gardens.) While retrofits of suburban apartments too often result in gentrification and displacement, the phasing strategy of The Blairs District allows existing tenants to move into newly renovated or constructed units.

A Madison Avenue office tower is slated for demolition as high-profile developer The Related Cos. seeks to radically transform the Midtown block. The prolific firm, which redeveloped Hudson Yards and is now angling for city approval to build a sprawling casino complex there, filed plans with the Department of Buildings last week to raze the 17-story tower at 613 Madison Ave., which shares an address with 625 Madison Ave. Related, which is headquartered in Hudson Yards, was quietly in contract to buy the full-block property, between East 58th and East 59th streets, for $632.5 million late last year from Midtown-based firm SL Green — as part of one of the largest deals of 2023, sources told Crain's at the time. The Stephen Ross-founded firm, which owns about $60 billion worth of property nationwide, was at first identified only as a "global real estate investor," but later disclosed by sources as the buyer. The roughly 530,000-square-foot building was originally erected in 1956 as Nabisco's headquarters. It more recently was home to the nightclub Lavo, which vacated the building in January. The demolition permits come as Related is planning for a ground-up, ultra-luxury, 1,200-foot development that will include retail, a hotel and condos at 625 Madison. Interior demolition has already begun, and the full tear-down is expected to take about nine months, said Natalie Ravitz, a spokeswoman for the company, who declined to provide the total projected development cost. Read more: https://lnkd.in/gBKGBNTj

New value add and conversion #office listing to hit the market this week in #Manhattan presented by Bob Knakal, Ryan Candel and myself with 270,000+ RSF with a potential to achieve 400,000+ ZFA! #BKREA has been retained on an exclusive basis to arrange the sale of 500 8th Avenue and 516 8th Avenue (“The Property”), a remarkable 13-story office building, and adjoining 3-story commercial building. The property has a combined lot area of roughly 22,348 SF and occupies the entire easterly blockfront of 8th Avenue between West 35th and West 36th Street. It is just two blocks north of Penn Station, Madison Square Garden, and the newly renovated Penn District. Constructed in 1922, 500 8th Avenue has a total of 278,910 RSF and features 172.5 feet of frontage along 8th Avenue, 94 feet on West 35th Street, and 24 feet on West 36th Street. 516 8th Avenue was built in 1931 and has a total RSF of 9,000 RSF. The Property is currently in an M1-6 zoning district (in the Special Garment Center District), but is located in the proposed Midtown South Mixed Use (MSMX) rezoning area. If approved, the Property would be rezoned to M1-9A/R10, allowing up to 12 FAR for residential use (inclusive of MIH) and 15 FAR for commercial. At present, 500 8th Avenue has a weighted average lease term of approximately 4.15 years and an occupancy rate of 64%, while 516 8th Avenue has a weighted average lease term of approximately 1.04 years and an occupancy rate of 100% with cancelation clauses built into the leases for 516 8th Avenue. Given the existing vacancy at 500 8th Avenue, a potential investor could add value by renovating and leasing the vacant floors. Furthermore, the Property represents a potential covered land play, where an owner can collect existing cash flow while going through the planning process for a conversion. Due to the 36% vacancy rate of 500 8th Avenue, there is also potential for redevelopment with several possible schemes. We have consulted with esteemed architects and zoning specialists to understand the possibilities for a conversion fully. This resulted in three potential development schemes which is found in the offering memorandum. For more information on the listing, please refer to the link in the comment for the property website.

What qualifies a building as a 'trophy' in the world of commercial real estate? Is the 'trophy' label a sign of guaranteed success, or do these buildings need to offer more than just a famous name to prove their worth? From stunning vistas to undeniable prestige, 'trophy' buildings have always been the prized assets of commercial real estate. But, in a post-pandemic world, even these highly coveted buildings face challenges. With record concessions and a rush for renovations, are these architectural marvels still worth their exorbitant rents? Read more about the conversation around these landmark giants as they try to meet changing demands. https://lnkd.in/gyu8yZSB #TrophyBuildings #CommercialRealEstate #OfficeMarket #Architecture #LuxuryRealEstate #LuxuryOffice

Office to multifamily conversion...very cool historical example... Joseph Pell Lombardi's conversion of Liberty Tower in the 1970s was a pioneering project that transformed an economically unviable office building into a residential landmark. Originally built in 1910 and known as the Bryant Building, Liberty Tower faced severe vacancy and deterioration issues by the late 1970s. Lombardi identified its small floor size and historic Gothic architecture as assets rather than liabilities for residential use. He implemented a novel approach by selling whole and partial floors as "raw space," allowing tenants to design their own apartments. This resulted in each of the 89 units being unique. The economics of this conversion were shaped by the building's constraints and the broader context of New York City's real estate market during a recession. The building's limited floor area was unattractive to large corporate tenants but ideal for residential units with multiple exposures. Additionally, the zoning laws at the time made constructing a new building on the site less feasible economically, thereby enhancing the viability of a residential conversion. Lombardi's success with Liberty Tower set a precedent for converting office buildings in New York's Financial District to residential use, a trend that has continued to gain momentum over the decades (Armour-Stiner Octagon House). We created a back-of-envelope worksheet for office to multifamily conversions - please comment below or DM me for a copy! https://lnkd.in/eeVhv44Y https://lnkd.in/eKh6PaCb https://lnkd.in/eF-qRHT8 #office #multifamily Shannon M.

What's Happening in #Tampa / #StPete: There have been alot of great new developments announced in #YborCity. Here are 3 projects that are changing the face of Ybor City, from the historic district itself to the urban neighborhoods between Ybor and the Channel district. - #Gasworx ?At completion, Gasworx will be more than 5.9 million square feet across 34 acres: north of Adamo Drive, west of North 15th Street, south of East Fifth Avenue and east of East Scott Street. It will be improved with Office Space (Suffolk Construction), Apartments with Retail (Juneau Construction Company), and Adaptive Reuses as MOSS CONSTRUCTION has been working on ways to revitalize warehouse space into retail space for the future residents. - Casa Marti and Casa Gomez On the western edge of the Ybor historic district, Shaw has two adjacent projects that are about to bring new life to the area. Casa Marti, developed in partnership with DDA Development, has 127 market-rate #apartments and 6,500 square feet of street-level #retail space at 1212 E Seventh Ave. Casa Gomez, at 1229 E Eighth Ave., is a 22,000-square-foot building with a 3,192-square-foot street-level restaurant space for lease and a 3,853-square-foot rooftop for lease. GNP Development Partners, LLC of Tampa is marketing the rooftop and ground-level restaurant for lease. Ellison Construction Ltd is the general contractor on Casa Gomez; Chancey Design is the architect and interior designer. Some office tenants have already begun moving into Casa Gomez. https://lnkd.in/erP95BRk Tampa Bay Business Journal #redevelopment #construction #office #development

Many commercial building landlords are looking for fresh ways to encourage potential tenants to select their properties when making leasing decisions. As that competition between buildings intensifies, landlords are leaning on architecture and design partners to help them develop public spaces and amenity areas that will drive interest.

Gone will be the days of hallways, like in the homes many of us grew up in. According to the?latest trend report?from?John Burns Research and Consulting, a firm specializing in the real estate and home building sectors, hallways are being phased out of some new construction floor plans: #realestate #trends #newconstruction

?? Featured Property of the Week: Prime Commercial Opportunity at 15535 Cortez Boulevard, Brooksville, FL 34613, listed at $549,900. Discover the perfect blend of visibility and versatility with our latest commercial listing at 15535 Cortez Boulevard in Brooksville, FL. This exceptional property, boasting a brand-new roof with a transferrable warranty, is designed to cater to a variety of business needs, ensuring your venture stands out and thrives. Key Features: ? Strategic Location: Situated on a bustling highway, this property guarantees maximum exposure to drive your business's success. ? Mixed-Use Zoning (C-2): The versatility of C-2 zoning supports a wide range of commercial activities, from retail to services, offering unparalleled flexibility. ? Comprehensive Renovations: Enjoy peace of mind with a suite of recent upgrades, including a new HVAC system, electrical updates with energy-efficient LED lighting, modern plumbing, a fresh hot water heater, and professional paintwork. ? Ample Space & Facilities: The property encompasses two buildings on a fenced 3/4-acre lot. The main building features a fully renovated interior with an office, bathroom, kitchenette, storage, and a spacious open area suitable for desks or a conference room. The secondary building includes an office with a closet and bath, two additional rooms, and a large storage space, ideal for inventory. ? Parking Galore: Ample parking space ensures convenience for both your employees and clients, enhancing the accessibility and appeal of your business. Whether you're looking to establish a new business or expand an existing one, these buildings offer the infrastructure and location to achieve your goals. With significant improvements and a prime highway frontage, your business is set to capture the attention it deserves. Don't miss out on this unparalleled commercial opportunity in Brooksville, FL. Schedule your visit today and envision the future of your business at 15535 Cortez Boulevard. Let this property's prime location and top-notch facilities drive your business forward. For more information about this listing, you may visit the link: https://lnkd.in/eANEB38e #CommercialRealEstate #ForSale #BrooksvilleFL #BusinessOpportunity #HighVisibility #Renovated #MixedUseProperty #InvestInSuccess