No Comments

DoorDash Launches Program To Revive Closed Restaurants Using Ghost Kitchens

Since the pandemic hit, hundreds of restaurants across the U.S. like Krazy Hog Barbecue in Chicago have remained temporarily closed as they figure out the right time to reboot their businesses.

Some won’t ever come back.

Today, DoorDash launched a plan to give these brands a fighting chance by matching them with ghost kitchen facilities through a new program called Reopen for Delivery.

Krazy Hog, a full service restaurant that has been temporarily closed since the onset of the pandemic, will be the first brand to take advantage of the program.

“We couldn’t plan for the pandemic,” Krazy Hog owner Dana Cooksey said in a statement. “The first thing I thought of when I heard the executive order in March was, ‘Who is going to feed our customers? There was a massive fear factor – the future was uncertain and overnight our business came to a halt.”

Krazy Hog plans to reopen a new brick and mortar restaurant soon in Chicago. In the meantime, the barbecue concept has hooked up with DoorDash to reboot the business through a delivery only model.

Krazy Hog will be preparing its menu, known for its pork rib tips, in virtual kitchen facility Á La Couch. The company provides restaurants with kitchen spaces designed for off-premise orders. The ghost kitchen operator, located in the Lincoln Park area of Chicago, also licenses brands.

“Our fully staffed kitchens handle cooking, delivery, and fulfillment on behalf of restaurant partners so they can focus on what they do best,” the company states on its website.

Restaurant brands listed on the company’s site include Wow Bao, Tender Canteen, Mac’d, Momo Noodle, The Bombay Frankie Company and SINI.

Victor Cooksey said DoorDash has stepped in to help his restaurant build an off premise operation until he and his wife can ultimately reopen their new restaurant.

DoorDash, which operates a ghost kitchen facility in Northern California, plans to use this model to revive other closed restaurants. The company, however, has not named any other restaurant partnerships.

Krazy Hog owners Dana and Victor Cooksey are featured in “Southside Magnolia,” a documentary by Rodney Lucas that chronicles how COVID-19 pandemic has impacted the two Black entrepreneurs in Chicago.

“The South Side is the heart of resilience, and we see that through the Cookseys’ story. They’ve never accepted their fate as being closed and fought to reopen,” Rodney Lucas said in a statement. “They have an entrepreneurial spirit that runs generations deep and an unwavering faith. COVID wasn’t going to stop them.”

 

Source:  NREI

No Comments

Growing Number Of Landlords Are Offering Restaurants Percentage-Only Rent

FIP-commercial_homepage_01

A recent survey by the NYC Hospitality Alliance helps illustrate the dire straits of America’s restaurants.

The survey found that 87 percent of New York City’s restaurants, bars and nightlife venues couldn’t pay their full rent in August. The culprit, of course, is pandemic restrictions imposed on these businesses.

Further complicating the situation, 60 percent of the businesses surveyed said their landlords hadn’t waived any of their rent in response to the coronavirus pandemic. But in New York City and across the country, a number of landlords are offering concessions for restaurants and other hospitality businesses in the form of percentage-only rent.

Some restaurant landlords are temporarily switching from fixed-rate rents to rents based only on a share of the tenant’s gross sales or revenue, in an effort to help these businesses survive, says Ken Lamy, founder, president and CEO of The Lamy Group, a Mandeville, La.-based financial management consulting firm. Landlords are then leaving the door open to revisiting the rent structure at a later date, perhaps 12 to 18 months down the road, he notes.

“Rent is a function of revenue, and with restaurant revenue getting decimated in certain types of trade areas, one way to protect the financial stability of a restaurant—and provide a cushion before we recover from COVID-19—is to structure a percentage-only rent deal and fix the restaurant’s rental expense with an acceptable percentage of gross sales,” says Jason Kastner, managing director of the national advisory group at Washington, D.C.-based Dochter & Alexander Retail Advisors, which represents restaurant and retail tenants.

Percentage-only rents are especially helpful in an industry with notoriously thin profit margins of around 3 percent to 6 percent and, now, with slumping sales. In September, sales at U.S. eating and drinking establishments totaled $55.6 billion, compared with the pre-pandemic tally of $65.4 billion in February, according to the National Restaurant Association, an industry trade group.

The percentage applied to a restaurant’s rent in a pandemic-era agreement typically ranges from 5 percent to 15 percent, according to Lamy. The figure sometimes includes common-area expenses like property taxes and insurance, but sometimes excludes them, he says. In some cases, the percentage-only rents come on the heels of rent deferrals that went into effect earlier in the pandemic.

Not every restaurant can take advantage of percentage-only rent, though. For instance, some landlords are limiting percentage-only deals to tenants that operate multiple restaurants rather than just a single “mom- and-pop” location.

At the other end of the spectrum, some landlords are being quite generous. For instance, San Francisco-based Presidio Bay Ventures, a commercial real estate investor and developer, has let Merkado, a Mexican restaurant and open-air market in San Francisco’s SOMA neighborhood, operate rent-free since March.

A prime example of the percentage-only approach to rent is New York City’s Grand Central Terminal. The Metropolitan Transportation Authority, which operates the terminals, has proposed percentage-only rents for restaurants at the famed train station that are run by small businesses. The percentage, to be based on gross revenue, hasn’t been revealed. The rents would likely return to fixed rates once business reaches pre-pandemic levels.

Without percentage-only rents in place for some restaurants, vacancy rates would climb even higher, according to Lamy. (In the second quarter, the average vacancy rate in the retail sector, which includes restaurants, jumped to 20 percent, according to Statista.)

“A store that’s empty is not a good situation anytime. It’s even more damaging to the landlord today,” Lamy says. “So, is it better to have some dollars flowing with a store that’s open? Or would you rather have an empty store because you think you can re-lease it at a better rent? But when is that going to happen?”

Some restaurant landlords might even benefit from percentage-only rent if a tenant’s sales numbers happen to rise above the average, says Allan Perales, chief operating officer of Chicago-based Gold Street Partners, which represents commercial real estate landlords and tenants. Still, the most important consideration for a landlord agreeing to percentage-only rent is to simply keep a restaurant space occupied, Perales says.

The National Restaurant Association reports that in the first six months after pandemic shutdowns took effect, nearly 100,000 restaurants closed either permanently or for a long-term period. Thousands more could be on the chopping block.

For the percentage-only rent structure to work from the landlord’s perspective, a restaurant must supply up-to-date sales and revenue data, according to Lamy. This puts landlords in a “trust but verify” position, he says.

“What’s your average sale today? What was it pre-pandemic? Those metrics are critical to understanding what was happening before, what is happening now and what has happened during this time,” he notes.

Kastner believes the percentage-only rent model will remain as a restaurant lifeline for the next year or two before traditional rent structures kick in again. Unfortunately, the percentage-only setup won’t be enough to save some restaurants.

“For already open and operating restaurants, given the enormous impact to sales because of COVID-19, we will continue to see what feels like daily announcements of permanent closures,” he says.

 

Source:  NREI

No Comments

Covid Pummeled Shopping Centers, But Their Parking Lots Are Thriving

While many traditional streams of income for landlords have slowed or dried up due to the pandemic, one has proven to be a surprising earner: parking lots.

Landlords of large parking lots and garages have been renting out those spaces for a variety of activities, including open-air retail, job fairs, polling stations and drive-through COVID-19 testing, the Wall Street Journal reported.

Retailers like Walmart and Target are using their parking lots as makeshift distribution centers, while owners of parking garages are similarly renting out their spaces for storage and distribution to nearby neighborhoods.

Some parking lot owners are turning their spaces over to more creative uses: One at the Rosedale Center in Roseville, Minnesota has been repurposed for a drive-in haunted house. Participants stay in their car and pay $75 to watch a performance from the safety of their vehicles.

The organizer has sold 1,000 tickets so far, and the mall’s landlord hopes that some of those attendees will make their way into the shopping center itself.

That might be a tough sell: A survey this month found only 45 percent of respondents planned to shop in a mall this holiday season. Traffic at the country’s largest malls dropped 51 percent in the first eight months of the year compared to last year.

 

Source:  The Real Deal

No Comments

Co-Sharing Medical Spaces Gain In Popularity During The Pandemic

The co-working concept is evolving, and has now spread to outpatient medical practices, with some companies offering this model for tenants. At least one of them plans to expand nationwide.

MedCoShare, a healthcare shared workspace provider based in Philadelphia, offers a flexible alternative to traditional medical office leasing. The company allows medical practitioners to rent space according to their own schedules based on membership agreements, without requiring long-term lease commitments.

“We see [the pandemic] creating more of a need than what we anticipated from certain parties,” says Anthony Khan, co-founder and chief financial officer at MedCoShare. “Some of the hospitals have been cutting back hours for their physicians and healthcare practitioners, so there are more who are looking for other sources of income and practice outside of the hospital system. So, it’s created more of a demand than what we’ve seen before the pandemic.”

For example, nurse practitioner Marybell Rodriguez, who specializes in medical grade skincare such as Boton, has signed up for space with MedCoShare.

“It provides me security. I have a month-to-month flex pass,” she says. “I don’t have any long-term contracts or leases or anything, and it helps me build my clientele with the comfort of knowing that if the pandemic flares up and I have to shut down, I won’t have to pay for leasing without even generating revenue. So, starting off, just to build my clientele, it works perfectly for me.”

There are only a handful of co-sharing space providers in the healthcare sector, with a concentration in states including New York, Arizona, Maryland and Pennsylvania. But Ronak Vyas, a commercial real estate broker and co-founder of ARA Group LLC, an investment holding company with more than 25 rental units in two states, says the trend should “start opening up in other cities.” Corinna Bowser, MD, owner of Suburban Allergy Consultants who subleases her space through HealCo, a platform similar to Airbnb but for medical space, says the trend is becoming more prominent because it helps medical practitioners cut down on operating costs while building up a steady clientele, which is especially beneficial in today’s pandemic environment.

Office tenants reconsidering their space needs also means more vacant spaces might become available in commercial buildings going forward, according to Vyas. This could open up opportunities to partner with landlords to expand these short-term alternatives to traditional medical office space leasing, he notes.

“With leases you generally have to do personal guarantees and deposits,” says Vyas. “[MedCoShare] don’t do any of that… There’s really no commitment from the practitioner side.”

While medical practitioners are expected to bring their own specialized equipment to the co-sharing spaces, according to Vyas, MedCoShare does provide basic equipment, including AED, BP cuff, scales, spirometer, otoscopes and ophthalmoscopes. The provider currently operates in the Fishtown neighborhood in Philadelphia, with plans to open two more locations next year.

 

Source:  NREI

No Comments

‘There’s A Lot Of Money To Be Made’: IRS Target Foreign Real Estate Investors

In the past month, the Internal Revenue Service has announced two new audit campaigns targeting overseas investors who own or hold interests in U.S. property.

The campaigns focus on foreign investors selling their interests in U.S. real estate and those who receive rental income from their American properties.

The IRS generally expects to collect 15 percent of the amount a foreign seller realizes off a transaction, though exceptions can be made if the property is sold at a loss or the price is under $300,000, among other factors. The taxes the IRS collects from foreign investors earning rental income ranges depending on how the property is owned, but can go up to 30 percent annually.

Audit campaigns began in 2017 as a way for the IRS to target issues it determines to be at a high-risk of noncompliance. The campaign issues also represent areas where the federal agency believes it has a good chance of recovering unpaid taxes.

When the IRS debuted the strategy, it announced 13 campaigns, a number that has since ballooned to nearly 60. Though the number and focus of the audit campaigns fluctuate over time, tax professionals take heed because once a target is announced, businesses and clients operating within that area have a higher likelihood of having the IRS dig through their returns.

The IRS declined to comment on the new campaigns or its expectations for funds recovered from foreign investors.

William Kambas, a tax partner at Withers, said the agency’s new property investor-focused campaigns are a factor of the pandemic.

“The restraints and constraints on the government now financially has put a new focus on collecting whatever is due,” Kambas said. “Now is the time that the IRS has decided to pursue more rigorous audits.”

The IRS’ aggressive strategy will likely hit the mid-market institutional, private equity investors the hardest, said Kenneth Dettman, a managing director at tax firm Alvarez & Marsal.

Another group that may particularly feel the crunch is foreign investors who own second homes in markets where property values have soared during the pandemic, such as South Florida.

In recent months, Dettman said he’s seen an influx of overseas clients looking to sell their U.S. homes in such markets — and many aren’t aware the IRS levies a tax on the sale, which is indicative of a larger problem.

“From the perspective of foreign persons investing in the U.S., there is a general sentiment that they’re foreign and they’re not subject to the U.S. tax net,” he said. “Their fear of enforcement activity is not very high and therefore they’re very quick to turn a blind eye to it.”

He said the new audit campaigns will likely work hand-in-hand with the IRS investigating the history of a property being sold by a foreign investor to ascertain whether they collected rent.

Most overseas landlords and their stateside tenants deal in all-cash transactions without any rental platform as a middleman, Dettman said, so the IRS has no visibility into the rental income generated off a foreign-owned U.S. property unless it undertakes a major audit.

Vasiliki Yiannoulis-Riva, a real estate partner at Withers, agreed. “There’s a lot of money to be made,” she said. “They’re not actually collecting what they could be collecting.”

According to CBRE, investment in U.S. commercial real estate accounted for nearly half of the global volume in 2019, despite more than half of foreign investors pulling back on pouring money into the U.S.

Not everyone’s concerned, however. Michael Kosnitzky, a partner and co-leader of Pillsbury Winthrop Shaw Pittman’s private wealth group, said the IRS campaigns confounded him.

“I’m just surprised that there’s such a gross lack of compliance,” he said. Kosnitzky’s clientele includes institutional investors and ultra-wealthy individuals, who he said come with a phalanx of lawyers and accountants hired to ensure compliance.

There are also doubts about the agency’s ability to execute. In recent years, the number of audits conducted by the agency have fallen. Of the audits that were conducted by the large business division, only about half closed without the agency collecting any additional revenue, according to a report released earlier this year.

If the IRS can follow through, however, Dettman believes the audits have the potential to change attitudes among mid-level property investors.

“The results of bad audits find their way into social circles in clusters in foreign countries,” he said. “[If there are] audits that come out with very harsh results, I do think it could instill a bit more fear.”

 

Source:  The Real Deal

No Comments

Is CRE’s Rebound Gaining Traction?

When COVID-19 hit the US, it triggered an unprecedented lockdown, unabated mixed-to-grim forecasts, and delayed many commercial real estate projects.

Those concerns may be easing, according to SIOR’s monthly Snapshot Sentiment Survey. GlobeSt.com reached out to SIOR global president Mark Duclos, SIOR, president of Sentry Commercial in Hartford, CT, and SIOR board member Cathy Jones, SIOR, president of Sun Commercial in Las Vegas, to discuss improving transaction volumes and overall confidence six months into the pandemic.

“The results of the September survey indicate that the CRE industry is in better shape than many would have thought when the pandemic began,” said Duclos. “When SIOR started surveying in March, there were projects on hold or canceled and a lack of third-party execution on deals. Early on, people were seeing a lot of unprecedented things and just not knowing what the future was going to look like. Now there is definitely more clarity and optimism.”

SIOR member transaction volume reached the highest level since the pandemic began, and broker confidence bounced back after a dip in July. Brokers report that 56.7 percent of deals are completing on time, up from 26.1 percent in April. Meanwhile, on-hold transactions, third-party delays and cancellations continue to decrease.

Both SIOR leaders pointed to regional disparities as a surprising aspect of the Snapshot Sentiment Survey. Duclos said it’s understandable to see Las Vegas struggle with its heavy hospitality base versus, for example, a Dallas market, but negative sentiments on New England were less easy to explain. Jones noted that office numbers in the Southwest had perked up quite a bit. Also, she reported that Canadian industrial firms are showing keen interest in Vegas.

Duclos provided three key takeaways from SIOR’s unique month-to-month sentiment survey: how the rapid news cycle drove short-term sentiment early on, the strength of the industrial sector and the relative calmness of the office sector. Office specialists registered a 5.9 (out of 10) confidence score versus 7.0 for industrial, but both sectors show increases.

“While we understand the office sector would be affected, I thought their sentiments would’ve been much lower,” Duclos said.

Jones concluded: “I feel the SIOR survey results demonstrate that CRE is still a really solid investment choice. We’re going to have to work through the adversity and think creatively as we’ve done many times in the past, but a big advantage with SIOR is that you’re working with professionals who are highly informed and able to adapt to market changes. Collaboration between owners/tenants/lenders didn’t happen in 2008. It’s a very different approach this time around.”

 

Source: GlobeSt.

No Comments

Two Fast Casual Restaurants Ink Lease Deals For New Locations In Miami, Both Seek To Open Additional South Florida Locations

Carrot Express will be opening a new 2,083-square-foot location on Brickell Avenue at Sabadell Financial Center, located at 1111 Brickell Avenue in Miami, Florida, and Chicken Kitchen will be opening a new 1,441-square-foot location at 18515 NE 18th Avenue in North Miami Beach, Florida.

Both lease deals were negotiated by Brandee Goldstein, Tenant/Landlord Representative with FIP Commercial Realty.

Carrot Express, a fast casual health food restaurant, was founded over 30 years ago when Mario Laufer decided to venture into the restaurant business, focusing on what he was really passionate about: cooking simple and healthy dishes but with a lot of taste. According to its website, after a few hit and misses, Carrot Express was born on the inside of a gas station on Alton Road in South Beach. The restaurant offers a creative and extensive menu based around natural, high quality ingredients combined with a fun, comfortable and relaxed environment. The company now has 7 locations and is looking to double the number of locations in the next 6 months. Goldstein represented Carrot Express in the deal. The landlord, BRICKELL OWNER LLC, was represented by Colliers International South Florida.

Chicken Kitchen is a grilled chicken restaurant chain with the tagline “your healthy addiction.” The franchise features America’s favorite poultry served in healthy, delicious dishes. The menu features salads, pita pocket sandwiches, wrapitos, and rotisserie chicken, plus a host of side items ranging from rice, beans, coleslaw, potatoes, corn, and hummus. In addition to Chicken Kitchen’s on-site sales, the restaurant also does a good portion of its business catering events like business meetings, parties, banquets, and holiday gatherings. The recent deals mark 19 locations in South Florida, with plans to open additional locations. Goldstein represented both the tenant and the landlord in the lease deal.

Goldstein is one of FIP Commercial’s top commercial retail leasing and residential real estate agents. Born and raised on Miami Beach, Brandee is a true native of South Florida and is well educated as she has an undergraduate degree from the University of Michigan in Ann Arbor and a Master’s Degree from Nova Southeastern University in Davie.

Brandee was born with a true real estate spoon in her mouth.  Her father is a famous architect on Miami Beach, having just built the tallest tower south of New York on Brickell, Panorama.  Her mother and many relatives have been selling homes and commercial properties for over 30 years. Brandee’s clients include State Farm, Asian Foot Massage, Stop N Play, ADT, Alarm.com in addition to Carrot Express and Chicken Kitchen.

“Both Carrot Express and Chicken Kitchen are continuing to expand without fear,” commented Goldstein.  “Strong, reputable and established restaurants that can offer outdoor seating, take-out and delivery service, as well as safe indoor seating will continue to do well. We are seeing more and more fast casuals replacing the more traditional retail tenants as a trend.

“Landlords like to have strong tenants to drive more foot traffic to their plazas and more careful in selecting the right tenant,” Goldstein continued. “In both these transactions, the Landlord will have two very strong operators with a big following.”

 

No Comments

Retail Rent Collection Has Nearly Returned To Pre-Pandemic Levels

While national chains still face financial woes, there are some signs of recovery within the retail sector — particularly in categories such as gyms and clothing stores.

National retailers paid 86 percent of their September rent, according to the latest Datex Property Solutions report. That’s about 10 percent below what they paid in 2019, but slightly above last month’s 83 percent.

“Month by month, we’ve been digging ourselves out of this hole we found ourselves in in April,” Datex Property Solutions CEO Mark Sigal said.

The major chains included in the survey all have a minimum gross monthly rent of $250,000, or lease 10 or more locations. The report does not account for any rent relief provided to the retailers by their landlords.

Among the categories making a comeback are apparel, where retailers were able to pay 77 percent of rent, and fitness, where retailers paid 65 percent. Those categories have lagged behind in prior reports.

Gold’s Gym paid 53 percent of its September rent, which was a 137 percent increase over what it paid in August. Men’s Wearhouse paid 82 percent of its September rent, a 355 percent increase from what it was able to pay in August, when its parent company filed for bankruptcy.

While the majority of retailers increased rent payments, a few floundered. Regal Cinemas stopped paying rent completely after paying 37 percent of August rent. The chain recently announced that it would temporarily suspend its U.S. operations.

On the whole, movie theaters paid under 10 percent of their September rent, compared to 43 percent in August.

Pier One also dropped 27 percent, from 90 to 66 percent. The home furnishing and decor company announced in May that it would liquidate its assets.

The latest report also includes a breakdown of sales per square foot. Although many retailers have struggled to return to pre-pandemic levels, some are seeing sales surpass that of a normal year. HomeGoods, for example, surged 128 percent from $248 to $564 in that category. Sporting goods stores are also up 52 percent, from $167 to $255.

Additionally, the report includes occupancy costs for each category, nearly all of which have seen increases. Department stores in particular have suffered, with costs rising from nearly 4 percent in 2019 to 17 percent in September — a change of 375 percent.

“Rent ends up eating up your gross margins,” Sigal said. “And so when you bring in occupancy costs, [it] reveals real instances where operators are seeing fundamental changes in their business.”

Even though retailers have been doing better, the coming months will heavily impact rent collections, according to Sigal. The results will be dependent on a few factors: another federal stimulus package, rent relief expiration, potential lockdowns throughout the country and the seasonal impact on outdoor activities.

“We keep turning over the next card, the next card and so far, the cards have been generally better each month than the prior month,” Sigal said. “But there are multiple variables that introduce risk.”

 

Source:  The Real Deal

No Comments

FIP Commercial’s Roy Faith Reps ShareMD In Purchase Of Three-Building Medical Office Campus In Miami

ShareMD, a healthcare real estate and physician practice solution company with corporate offices in Alpharetta, Georgia, has closed escrow on a three-building, 177,358-square-foot medical office campus situated on ten acres in Miami.

ShareMD was represented by FIP Commercial President/Broker Roy Faith. The seller was a private ownership entity.

The purchase marks ShareMD’s second purchase of a healthcare portfolio in South Florida, following its purchase in November 2019 of a two building, 104,000-square-foot portfolio in Miami. Earlier, in February of this year, ShareMD purchased a 20-story, 498,000 square foot medical/professional tower in Jacksonville. ShareMD has acquired a dozen healthcare and medical/professional properties in the past two years totaling 750,000 square feet in Florida alone, separate from its 170,000-square-foot California healthcare portfolio. ShareMD is funded by private equity firm Martis Capital.

“We’re excited to continue ShareMD’s growth in the healthcare facility sector with this acquisition,” said ShareMD’s Chairman and CEO, John Bardis. Bardis, the former Assistant Secretary of the US Department of Health & Human Services as well as the founder and former head of MedAssets, continued, “ShareMD provides a range of healthcare space and technology solutions, and this addition to our portfolio provides for additional capabilities in the South Florida marketplace.”

 

“We were attracted to this opportunity to further expand our portfolio in South Florida,” said ShareMD founder and Chief Investment Officer, George Scopetta. “And, our team’s private equity backing and our track record of nearly a million square feet of properties purchased over the past two years provided the seller with confidence that we could close quickly, and with certainty.”

 

“This completion of this deal shows the strength of the medical sector,” added Faith. “Even during a pandemic, we managed to successfully close in a timely and efficient manner. Both the Buyer and Seller understood the current climate and managed to close before the expected closing date, which really is a credit to all involved. The healthcare sector continues to be a very sought-after type of asset class especially given where we are today. We have been seeing a lot of interest in MOBs –  not just recently, but for a number of years.”

FIP Commercial’s parent company, The Faith Group, recently developed developed a 105,000-square-foot medical office building. Aventura Medical Tower is a Class A medical condo building and some purchase and lease opportunities remain. Aventura’s first medical condo project is located in the Aventura Hospital District at 2801 NE 213th Street in Aventura, Florida. The Group  also owns seven additional medical office buildings in South Florida, including Venture Center I and II, International City Building I and II, Medical and Executive Center of Aventura, Olympic Professional Offices, Parcel Square Offices.

 

No Comments

JDS Development Unveils Plan For 2.5M-Square-Foot Project In Miami’s Brickell

JDS Development Group unveiled plans for 1 Southside Park, a major redevelopment of a city of Miami fire stations into a mixed-use project in the booming Brickell neighborhood.

A zoning application was filed with Miami-Dade County officials by 191 SW 12 Owner, an affiliate of New York-based JDS Development Group, led by Michael Stern, for 1 Southside Park. The project would total 2.48 million square feet in 64 stories.

Under its new plans, JDS Development would build 1,175 multifamily units in about 1 million square feet, a 110,000-square-foot hotel with 200 rooms and 6,000 square feet of meeting space, 200,000 square feet of offices, 100,000 square feet of health and wellness, 11,000 square feet of restaurants, and about 1,000 parking spaces. The fire station would total 32,000 square feet.

 

Source: SFBJ

 

© 2023 FIP Commercial. All rights reserved. | Site Designed by CRE-sources, Inc.