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OffToMars

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  1. I agree with this. The amount of available office space in town center has surged over the past few months and this isn't including companies that are looking to let go of space, but haven't had a chance to do so yet. Residential and retail have held up pretty well, so I think residential is very likely.
  2. Do we know who the construction company for the project is yet? I wouldn't be surprised if it's Armada Hoffler as they've been partnering with Venture on a couple projects as of late (including the Military Circle proposal) and Armada Hoffler's current project at the oceanfront (27th street apartments) is set to wrap up in the third quarter of the year. That lines up nicely with the proposed starting date of this project, but we'll see. Here's the link to the marketing flyer that Venture put out with the site plan at the bottom: https://drive.google.com/file/d/1BKabq2qoAGsqakekAH
  3. Hopefully the hotel going in will help lease that space across the street in block 9 and block 10. All that space facing Columbus street has had trouble leasing since it doesn't get much foot traffic. Drybar, a salon, just signed a lease for ~2000 SF on the corner of Market and Columbus so we could see some work for that tenant buildout.
  4. Homewood Suites by Hilton will be replacing the Neptune Park Inn on 31st Street which was torn down early last year. Harmony Hospitality's site says that it will be opening in 2022 along with a render of it. https://www.harmonyhospitality.com/portfolio
  5. It's getting close to being done. The crane has come down.
  6. Here's a couple photos I got yesterday.
  7. And it's under construction. If this is still the brand that's taking that spot. Sorry for the poor photo. It was the best I could get at the time.
  8. Well it sounds like we won't be seeing any development at Town Center from AH in the next year. As I said above AH has just too many projects going on for their construction company and they recently announced they'd be building T Rowe Price's new HQ. On the call they stated that they re-leased the space back to Regal for one year, which as an investor in AH it does make sense if it would otherwise just sit there empty for a year. They're leasing it to them for $2 a square foot versus the $19 they were leasing it to them before COVID so I'm sure AH wants to redevelop it, but they just don'
  9. There's a lot that we could get updated on tomorrow. I'll be interested to see if any progress has been made in the effort to move Bed Bath and Beyond.
  10. I don't think that we'll be seeing this tower anytime soon. Around 50,000 SF of office space has come up for lease within town center over the past couple weeks. That's a lot of space for town center and that won't be all. I would bet we'll see the full buildout of Columbus Village into apartments before this gets off the ground.
  11. Not surprisingly, it looks like the Block 2 tower is on hold... again. All mention of it was removed from the latest leasing document, probably since they don't want to lease that space with the Columbus Village II redevelopment likely being completed before Block 2 is.
  12. Yeah. I thought that it was pretty aggressive considering the Regal closure was just announced two weeks ago. Here is the earnings call transcript: https://ir.armadahoffler.com/static-files/3a985d75-3bf7-45ce-8875-d78f6f17123c "These redevelopments, from older retail into new multi-family assets will meaningfully accelerate the rotation we desire into higher quality assets. We are already in the preliminary design phase for these properties and expect to commence construction on both by the end of 2021."
  13. There were a few interesting bits in the AHH conference call today. They stated that construction on the Regal plot of land in Town Center will likely start by the end of 2021. That land will have roughly 250 units and 30,000 sf of street level retail. They are also in negotiations with the city and Bed Bath & Beyond to move them to a new location to free up that land for development. I would assume that this would be referring to where the old Priority Infiniti dealership is. Sources: https://ir.armadahoffler.com/static-files/5094a539-8b79-4909-86c6-7f252049d92e (I will
  14. The Regal is permanently closing. Looks like multifamily (as expected) is what they are looking to redevelop in its space. I would imagine their (AHH's) development will slow down though. They already have four projects with no earlier than start dates of early 2021 and also announced in this press release that their other Regal location is closing and will be redeveloped as well. https://ir.armadahoffler.com/news-releases/news-release-details/armada-hoffler-properties-recaptures-two-prime-sites
  15. Here are some pictures I got yesterday. The last two pictures in show what appears to be the beginnings of the hotel.
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