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The NAIOP CRE Sentiment Index for September 2023. The sentiment is based on a 100-point scale. Its current position below 50 indicates that respondents expect unfavorable conditions for commercial real estate over the next 12 months.

Hines and the Tampa Bay Rays announced an agreement with the City of St. Petersburg, Fla., and Pinellas County to develop a new ballpark and mixed-use development by the Hines Historic Gas Plant Partnership on the 86-acre site where the team’s current stadium sits. The project includes nearly 8 million sq ft of mixed-use development and a new $1.3-billion ballpark for the Major League Baseball team.

Overall, Hines estimates the project will invest more than $6.5 billion in St. Petersburg over 20 years and be the largest mixed-use development project in Tampa Bay history.

The project is expected to include 4,800 residential units; 1,200 affordable and workforce residential units; 600 senior living units; 1.4 million sq ft of office, medical and commercial space; 750,000 sq ft of retail; 750 hotel rooms; 100,000 sq ft of entertainment space; 50,000 sq ft of civic space; up to 100,000 sq ft of conference, ballroom and meeting space; and 14 acres of public open space. Construction is expected to begin in late 2024 on the first of two phases. Phase 1 of the development and the new ballpark are projected to be ready by opening day 2028.

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Trammel Crow, CBRE

Life Sciences Development

Trammell Crow Co. and CBRE Investment Management broke ground on a 234,000-sq-ft life sciences development in Redwood City, Calif., in July. The project is slated to deliver during the fourth quarter of 2024. In addition to the five-story facility, the development aims to provide a campus environment with features such as outdoor terraces with water views, a rooftop deck, access to walking and biking trails, 101 Freeway signage and visibility, EV charging stations, and 100% outside air intake for elevated tenant health and wellness. The facility is targeting LEED Gold certification. DGA is the architect of record and Truebeck Construction is the general contractor.

 

Boston Properties

High-rise Seattle Tower

Boston Properties is repositioning its 50-story Safeco Plaza in Seattle. The firm acquired the 800,000-sq-ft tower in 2021. The initial phase of the project is underway and focuses on client amenity spaces, including the buildings’ two lobbies, a boardroom, a library, a fitness club and a bike hub for clients and their guests. Safeco Plaza was the tallest building in Seattle when it opened in 1969 and features panoramic views of the city. The project team includes Aedas (designer), Magnusson Klemencic Associates (engineer) and Lease Crutcher Lewis (general contractor).

 

Rockefeller Group

Mixed-use Atlanta Tower

Rockefeller Group broke ground in July on 1072 West Peachtree in Atlanta. The 60-story mixed-use project in Midtown is expected to be the tallest residential building in Atlanta. At 730 ft high, it would become the fifth-tallest building in the city and the tallest tower built in more than three decades. Designed by TVS of Atlanta, 1072 West Peachtree is planned to feature more than 350 apartments, 224,000 sq ft of class-A office space and 6,300 sq ft of street-level retail. A completion date has not been announced.

 

Gensler

Manhattan Studio Campus

Sunset Pier 94 Studios

Rendering courtesy Sunset Studios

Vornado broke ground on its $350-million Sunset Pier 94 Studios project, slated to be the first purpose-built studio campus in Manhattan when completed in late 2025. The 266,000-sq-ft project includes six soundstages with production facilities and 145,000 sq ft of production support space and offices. The Gensler-designed project will target LEED Gold and Fitwell certifications. The project is expected to be powered by 100% renewable energy.