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Midtown 6 developers nab $110M construction loan

Developers paid $28M for the 2.14-acre development site

ByKatherine Kallergis | August 28, 2017 12:15PM

Jim Losik and a rendering of Midtown 6

The developers of Midtown 6, a luxury rental tower planned for Midtown Miami, just closed on a $110.3 million construction loan, according to HFF.

Magellan Development Group,J.P. Morgan Asset Management and Alex Vadia secured the financing from PNC and BMO Harris Bank. PNC is the lead lender. HFFsScott Wadler and Elliott Throne arranged the loan, Wadler told The Real Deal.

Last week, Vadia sold the 2.14-acre development site at 3101 Northeast First Avenue for $28 million to a partnership that included him and Magellan. As planned, Midtown 6 will have 447 luxury apartments and 40,500 square feet of retail space.

Magellan, a Chicago-based residential developer, received approvals earlier this year for Midtown 6 and 7, the latter of which will be another 32-story tower with 838 units. The buildings, designed byChicago-based bKL Architecture, will share a common courtyard and pedestrian plaza. Midtown 6 will also have nearly 74,000 square feet of amenities, including a pool and spa, fitness areas, game room, lounge, office, kitchen and bars, and fireplaces.

Earlier this year, Magellan and Midtown Development opened Midtown Five, a 24-story tower with 400 units, 52,000 square feet of amenity space, along with ground floor retail. According to an apartment guide, rental rates at Midtown Five range from $1,544 a month for a studio to $5,323 a month for a three-bedroom apartment.

Magellan financed Midtown Five, which opened in January, with an$80 million construction loan.

Vadias Midtown Opportunities began acquiring land in Midtown Miami back in 2010, amassing 22 acres of developable land. The company still owns the 2-acre development site of Midtown 8, where Wood Partners plans to build a28-story, 387-unit at2951 Northeast First Avenue.

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Midtown 6 developers nab $110M construction loan - The Real Deal Magazine

The $13.5 million Dillard project is scheduled to break ground in October and be completed in spring 2019, Deb Wendel-Daub, a Kilbourne project manager, said Wednesday, Aug. 23.

The construction site is now a parking lot owned by the Dillard family but had once been home to row houses and a lumberyard, according to Kilbourne. Like many parking lots, it's not appealing to pedestrians and the new building is intended to change that.

The Renaissance Zone Authority on Wednesday recommended tax exemptions for the project worth $967,000 over five years. After the incentives expire, Kilbourne estimates it would pay $202,000 a year in property taxes. The parking lot now pays $2,400 a year. Because the area is also part of a tax-increment financing district paying for a city-owned parking ramp that the developer finished in June, the taxes would go towards the ramp.

Plans call for a 94,000-square-foot, six-story building with 84 apartment units and 13,000 square feet of ground-level retail space. Conceptually, it will be a lot like Roberts Commons with studio and one-bedroom units and retail space facing an alley.

But, unlike Roberts Commons, which faces the publicly owned Roberts Alley, the Dillard project will also face a privately-owned alley south of the neighboring Herald Square building, according to Wendel-Daub. That allows Kilbourne to add features such as canopies or landscaping.

The mix of market-rate apartments include 24 alcove units, a kind of studio with a small sleeping space that can be blocked off by a sliding door; 39 one-bedroom units; 16 two-bedroom units; and five three-bedroom units.

Wendel-Daub said Kilbourne did consider providing affordable housing but the cost of the land and of cleaning contaminated soil made that unfeasible. She said the cost of rents are still under discussion.

Of the retail space, 8,000 square feet will face Roberts Street and could be divided into four separate stores, she said. The remaining 5,000 square feet will face the alleys and could be divided into three stores, she said.

Kilbourne already has interest from two potential tenants, one facing Roberts and one facing an alley, she said.

The Dillard project is actually one phase of a larger project Kilbourne announced in January 2016, when it entered a city competition to develop two city-owned parking lots to the south.

One of those lots now include the adjacent 455-stall parking ramp and the Roberts Commons building under construction around the ramp. The second city lot to the south across Second Avenue North would also be developed into the Kessler Block mixed-use building.

Kilbourne spokeswoman Adrienne Olson said the Kessler Block, which originally was scheduled for construction before the Dillard project, won't be built for a few years because it's needed as a staging area for work on Roberts Commons and the adjacent Black Building, which Kilbourne also owns.

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New building with apartments, retail space planned in downtown ... - INFORUM

The project will take just over two years to complete.

Dallas designer Emily Summers is doing the interiors for the residential units. And HKS architect Eddie Abeyta designed the sleek metal and glass tower.

"The purpose of a model is to engage the client you don't know," Summers said. "You try to focus on the views. What we try to do for them is offer great options."

The mock up apartment located at Hall's KPMG Plaza tower overlooks the construction site. It includes living and dining areas, a model kitchen and bathroom.

"This is probably one of the most premier sites in the entire country," Abeyta said. "This is a special place for people to actually live here and be part of the heart and soul of the Arts District.

"The architecture is trying to be very simple and sophisticated," he said. "It's not trying to compete and overwhelm what already exists."

Along with the condo tower, the construction includes a 183-room hotel that will front on Ross Avenue.

The condo tower will include restaurant and retail space on the ground floor along Flora.

"Three of the homes have their own swimming pool," said Hall, including the 2-story unit he's taking on the sixth floor.

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Check out the new Hall Arts Residences luxury condo unit in Dallas' Arts District - Dallas News

Davis Mitchell (Jake Gyllenhaal), a successful investment banker, struggles after losing his wife in a tragic car crash. Despite pressure from his father in law, Phil (Chris Cooper), to pull it together, Davis continues to unravel. What starts as a complaint letter to a vending machine company turns into a series of letters revealing startling personal admissions. Davis' letters catch the attention of customer service rep, Karen Mareno (Naomi Watts) and amidst emotional and financial burdens of her own, the two form an unlikely connection. With the help of Karen and her son, Chris (Judah Lewis), Davis starts to rebuild, beginning with the demolition of the life he once knew.

Rating:

R (for language, some sexual references, drug use and disturbing behavior)

Genre:

Directed By:

Written By:

In Theaters:

Apr 8, 2016limited

On Disc/Streaming:

Jul 19, 2016

Box Office:

$1,656,098

Runtime:

100 minutes

Studio:

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Demolition (2016) - Rotten Tomatoes

309 Chihuahua Street in El Paso, Texas. (Credit: Google Earth)

The city is one step closer to demolition to make way for the Multipurpose Performing Arts and Entertainment Center.

On Monday, the city announced it had issued notices to proceed with the demolition of eight privately owned properties within the facilitys footprint.

None of the following eight buildings are owned by the city:

A temporary agreed order to give notice of demolition was issued by Judge William Moody on Aug. 4. The notice has a 14-day expiration period, before demolition can begin.

As previously reported, a total of 42 people lived within the downtown arenas footprint. The city said 39 of the 40 renters have relocated with the assistance packages given to them by the city.

Fire Station 11, located at 331 Santa Fe St. and the building owned by Billy Abraham at 212 W. Overland Ave. are not included in the demolition plan.

An Austin judge ruled earlier this month that the city cannot use the voter-approved bonds to construct, design, improve, renovate or equip the facility to be suitable for a sports arena, nor could the city use outside funding to do so.

The City Council then voted to appeal the portions of the judges decision relating to sports events and how they could be funded.

"There are too many ambiguous things, Mayor Dee Margo said. There's not clarity on the venue. Is that using the analogy, 'So we want to do "Disney on Ice" as a form of entertainment opportunities. Well, does that preclude us then from having a hockey game after "Disney on Ice"?' I mean, it's just not clear. Plus, some of the issues related to funding could have limitations on projects around the city."

The city said general obligation bonds issued by the city for the multipurpose center will not be affected by the citys decision to appeal and said bonds previously sold to pay for part of the project and all other issuance of bonds to pay for it are general obligation bonds of the city.

General obligation bonds are secured by and payable from city property taxes.

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City issues notice of demolition for properties in Union Plaza neighborhood - KFOX El Paso

Arsenal were listless and uninspired for 90 minutes as the attacking prowess of Liverpool hammered the Gunners for four. Craig Burley lambastes Arsenal's display against Liverpool in his player ratings. Mark Ogden recaps Arsenal's dreadful performance at Liverpool and provides an update on Philippe Coutinho's transfer saga. Aaron Ramsey gives a candid, and dejected, account of Arsenal's showing vs. Liverpool, and their need for vast improvement.

LIVERPOOL, England -- Three quick thoughts from Anfield as Liverpool beat Arsenal 4-0 in the Premier League on Sunday.

1. Liverpool blow away sorry Arsenal

For the second time this week, Liverpool's attacking unit made extremely light work of a vulnerable opponent. Liverpool quite simply proved they are everything Arsenal are not. This was an inspired, attacking and resilient performance from Jurgen Klopp's side, similar to their manhandling of Hoffenheim on Wednesday. The way they attack with speed is something to behold, and their hunger to add to the scoreline will lead to further results like this over the course of the season.

Liverpool head into the international break unbeaten, having juggled well with their schedule of European and domestic football.

For Arsenal, well, they should already be pondering the decision to hand manager Arsene Wenger a two-year contract extension. Without the late show against Leicester City to open the Premier League season, the Gunners would be without a win after three games.

Results like this one are far too common, and the lethargic nature of Arsenal's performance should raise alarm bells about the players' commitment to a sorry cause.

There were four different goal-scorers for Liverpool -- Roberto Firmino, Sadio Mane, Mohamed Salah and second-half substitute Daniel Sturridge -- and there could, and probably should, have been many more.

Anfield is not a place Arsenal having enjoyed visiting recently. They last won here in September 2012 and have conceded 17 goals since that last win.

Arsenal came into the affair fresher after Liverpool's midweek routing of Hoffenheim, but it did not show at all.

Liverpool were having joy out wide, exploiting the gaps in Arsenal's back three. Ten minutes in, Petr Cech denied Salah brilliantly from close range following Emre Can's cross.

Their next chance, again, came from a wide position, but this time Arsenal were made to pay. Joe Gomez, starting ahead of Trent Alexander-Arnold at right-back, accurately crossed for Firmino, who headed past Cech to put the hosts into the lead.

The domination continued as Arsenal were torn apart when Liverpool made it 2-0 from a simple counter-attack. A pass from Firmino to Mane saw the Senegalese winger square up Aaron Ramsey inside the penalty before curling a low shot into the far corner.

The reality is that Arsenal were fortunate to be heading into the half-time break just two goals down.

When Liverpool made it 3-0, only then did it truly reflect this limp Arsenal display. After clearing a Gunners corner, all Salah had to do was beat Hector Bellerin to the ball, sprint freely towards goal from deep within his own half and then keep his composure to beat Cech.

The fourth was just as simple and had the intensity of a training session, even though there were 13 minutes left to play. Liverpool easily worked possession out from the back before Salah turned provider and crossed for the sub Sturridge to nod it home.

2. Karius shaky as Liverpool record another shutout

Hours before the teamsheets for the match were released, speculation was rife about Klopp's decision to "rest" Simon Mignolet in favour of Loris Karius. There wasn't even a place on the bench for the Belgian, with Danny Ward taking a place on the substitutes' bench as Liverpool's backup goalkeeper.

The explanation from the Liverpool manager was questionable, given the international break follows and Mignolet serves as deputy to Thibaut Courtois for Belgium.

The sudden installation of Karius brought extra attention and scrutiny on his performance. Even during his warm-up, the television's spidercam, used at Anfield for the first time, fixated heavily on the German's movements.

Karius was relatively untroubled, as Arsenal failed to record a single shot on target. His distribution -- which is said to be one of his strengths -- however, was causing plenty of restlessness among the home crowd. In the first half, he was guilty of dawdling with the ball at his feet, but escaped despite Danny Welbeck's best efforts in charging him down. A similar incident occurred again, only for Karius to catch another break. He could have been on back pages for his errors on another day.

His uncertainty did little to put faith within Liverpool's defence, which has come under intense criticism this season. The defenders in red, however, were rarely threatened on Sunday, and what they had to do, they did well. Critics aside, it's back-to-back clean sheets in the league for Liverpool now. If they do bring in an elite centre-half, as Klopp so desires, then there's no limit to how devastating Liverpool can be this season.

3. Wenger gets it wrong at Anfield again

Wenger returned to the scene of his very own crime after he left Alexis Sanchez out of his starting XI at Anfield for the 3-1 defeat back in March, only to bring on the Chilean at half-time and watch him pull Arsenal back into contention in a matter of moments.

He, again, left out one significant player out of his XI in the form of Alexandre Lacazette. As Sanchez returned from an abdominal strain, Lacazette, who has scored twice since his summer arrival from Lyon, made way, leaving the travelling Arsenal supporters inside Anfield astonished for the second consecutive time.

There was only one real chance for Lacazette's replacement, Welbeck, in a quiet first half from an Arsenal attacking perspective. Questions needed to be asked at the break why Arsenal managed just one real opportunity against a shaky defence. Perhaps a world-class striker who costs north of 50 million would have helped though?

Lacazette and Olivier Giroud did appear after the hour mark, but the damage was done, and it was far too little far too late.

Some of the travelling support started to head for the exits after Salah's goal, while a section of those that stayed voiced their displeasure towards the Arsenal manager. Both decisions were entirely understandable.

Glenn is ESPN FC's Liverpool correspondent. You can follow him on Twitter: @GlennPrice94.

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Liverpool make extremely light work of vulnerable Arsenal in 4-0 demolition - ESPN FC (blog)

The SECs once-famed championship cathedral is coming down.

If there were any questions about whether or not Mercedes-Benz Stadium would be ready to go for college football in Week 1, those have pretty much been answered.

That should be evidenced by the fact that the Georgia Dome in Atlanta was being prepared for demolition on Monday.

And thats a sad sentence to read for anyone who loves SEC football. The Georgia Dome has housed the SEC Championship Game since 1994, as well as the Peach Bowl since it first opened in 1992.

The Georgia Dome also has been home to the NFLs Atlanta Falcons and the Georgia State Panthers.

Officials are expecting a million or so people to walk through the doors of Mercedes-Benz Stadium over the next two months, according to a report from WSB-TV in Atlanta.

The Georgia Dome was once the largest covered stadium in the world. Now, it will soon be nonexistent.

Insert sad face emoji.

Cody McClure is an SEC Football Writer for Saturday Down South. He lives in Knoxville, Tennessee, where he also hosts a sports radio show. Cody previously worked for Athlon Sports and The Oak Ridger.

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LOOK: Old Georgia Dome set for demolition as young, hip Mercedes-Benz Stadium opens - Saturday Down South

Published: 08/27/17 07:24 pm EDT.

Updated: 08/27/17 07:25 pm EDT.

LIMBURG, Germany (WTHR) - It took two tries to take down all the pillars of a bridge set for demolition in Germany.

The well-traveled bridge was built in the 1960s as part of Germanys Autobahn, but officials said it was no longer able to cope with the strain of heavy traffic.

So demolition experts were taking it down.

Sunday, they started to demolish the last six pillars.

They used 176 pounds of dynamite, and the first four pillars went down on the first try.

But scattered rock fragments from the first blasts were said to have damaged the other detonators.

That forced the team to make some repairs and have a second go at the explosion.

The second time was the charm, and the last two pillars tumbled down with big bangs and a cloud of dust.

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WATCH: German bridge comes down in planned demolition - WTHR

OAKLAND COUNTY, MI Once a sports and entertainment mecca, demolition of the now dilapidated Silverdome in Oakland County will start next month. After a few snags and weeks worth of environmental remediation, the Adamo Group will begin bringing the stadium down in sections and expects to just about finished by January, according to an Oakland Press report.

For more, go to the Oakland Press.

(For more local news, click here to sign up for real-time news alerts and newsletters from Rochester Patch, click here to find your local Michigan Patch. Also, follow us on Facebook, and if you have an iPhone, click here to get the free Patch iPhone app.)

Photo by Tom Pidgeon / Stringer / Getty Images Sports / Getty Images

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Originally published August 28, 2017.

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Silverdome Demolition To Start In September - Patch.com

The German midfielder has fired a shot across the bows of all fellow title chasers after an easy dismantling of the Gunners

Emre Can has sent out a warning to Liverpool's Premier League title rivals, claiming that The Reds' 4-0 demolition of Arsenal is 'just the start' for the Anfield club.

Jurgen Klopp's side struggled to a 3-3 draw in their opening league clash with Watford but have won every match since, with their latest victory over the Gunners one of the greatest performances fans have seen from the club in recent times.

Reds to beat City & O2.5 goals 4/1

Sitting second in the table heading into the international break, Can believes he and his team-matescan't play much better, but has promised consistent hard work in order to maintain Liverpool's seemingly free-scoring current form.

It was a big, big performance, Can told reporters after the match. Everyone did great I don't think you can play much better.

Don't forget that it was Arsenal we were playing when was the last time Liverpool won 4-0 against Arsenal? It was just great.

It gives us confidence going into the international break and everyone's happy, but we have to keep working. Out performance was good but we need to keep it up. It's just the start.

Plaudits were mainly directed at the goal-scoring front three of Mohamed Salah, Roberto Firmino and Sadio Mane, but Can himself, alongside Jordan Henderson and Gini Wijnaldum, all played key roles in pinning Arsenal back with their high-tempo pressing.

Can realises that intensity may not be possible every match depending on fitness levels, but admits it's what manager Klopp expects from his starting XI every time they take to the field.

He expects that from his midfield players, the Germany international went on, Of course I can't do it every time but I'm trying to do it more often than last year. It's working well so far.

I think you could see on Wednesday [vs Hoffenheim] that we played at a high tempo then again here [today]. Everybody feels food, in good shape and that's very important.

Whether Liverpool will be able to keep up with Klopp's demands for the entirety of the season remains a topic of hot debate, but the potential arrival of Thomas Lemar from Monaco will add additional options for the demanding coach.

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Meanwhile, the Anfield outfit have also reached an agreement to sign RB Leipzig Naby Keita, though the Guinean midfielder will not join up with Liverpool until the 2018-19 season.

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Arsenal demolition 'just the start' for Liverpool, says Can - Goal.com