in Small Scoops
By Amy Wolff
In boom times, it’s often said that states’ official bird is the Climbing Crane, and with good reason. During times of economic growth, construction grows as well, with an increasing number of those state birds dotting skylines
across the country.
The Great Recession and the global economic meltdown
forced the Climbing Crane into hiding as uncertainties and
political wrangling put the brakes on development and lending
for construction. Three years later, the crane is again spreading
its steel wings, albeit reluctantly and only in a few regions.
Speculative building in all sectors is on hold for the foreseeable
future, while development of multifamily and medical-related
assets is on the rise nationwide.
In Northern California, Sares-Regis Group began construction
last month on the Plaza, a 307-unit development of workforce apartments in Foster City. Chicago saw its own groundbreaking, as Related
Cos. and AFL-CIO Building Investment Trust began pushing dirt in
preparation for a 500-unit apartment building near Navy Pier. In
Texas, PM Realty Group and INDURE Fund of Washington, DC are
building the 314-unit 1400 Hi Line in Dallas and have targeted
Houston and Denver for similar luxury apartment developments.
On the medical office side, Duke Realty recently broke ground
on a 43,145-square-foot facility in Escanaba, MI, while in late summer, Sanders Trust launched construction on a 60,000-square foot
med office in Valparaiso, IN. Meanwhile, Ciminelli Real Estate Co.
is collaborating with Kaleida Health to build an $80-million prop-
Rockefeller Group and TDC Development and Construction Corp. are developing the five-acre, mixed-use Flushing Commons in Queens, which
will offer 600 residential units, 185,000 square feet of office space, 235,000 feet of retail and 98,000 square feet of community/facility space.