BALTIMORE, MD-The $90-million Spinnaker Bay mixed-use development gets off the ground with a groundbreaking ceremony at the vast Inner Harbor East site. Upon completion, an entire city block of parking lots will have been transformed.
STERLING, VA-A former Wal-Mart Store has been sold to Brighton Columbia Place for $10 million and will soon become home to a Wegmans Food Markets. The 120,000-sf, nine-year-old structure will be upgraded to accommodate 130,000 sf of space before the new market's opening next year.
WASHINGTON, DC-The historic Southern Railway Building at 1500 K St. sells to a Grosvenor USA-sponsored partnership for a reported $85 million. Built in 1928, the 243,000-sf office structure had belonged to the realty division of Teachers Insurance and Annuity Association College Retirement Equities Fund.
WASHINGTON, DC-Marriott International Inc. moves ahead with its Middle East expansion plan with the October opening of the multi-million dollar Jordan Valley Marriott Resort & Spa. The estimated $25 million luxury resort is one of four properties Marriott will open in the Middle East by year's end.
WASHINGTON, DC-The National Multi Housing Council's 2002 National Apartment Management Survey of Compensation and Benefits Practices finds employee turnover is on the decline, dropping 49% from year 2000 numbers. But a sluggish economy means increases in employee compensation will take a hit.
WASHINGTON, DC-A recent survey by the Building Owners and Managers Association International finds that 27% of the respondents are being forced to self-insure or forego insurance all together on some properties, as the attainment of terrorism coverage becomes increasingly more difficult and expensive.
GAINESVILLE, VA-Two multi-million dollar mixed-use developments get an enthusiastic approval from members of Prince William County's Planning Commission. The two developments, Village Place at Gainesville and the Virginia Gateway Addition, provide an aggregate 1.25 million sf of office and retail space, and 475 residential dwellings.
DULLES, VA-The proposed 175-room Residence Inn-Dulles Airport becomes a reality as developers Lerner Enterprises and The Tower Companies announce plans for construction on the hotel to begin late next year.
WASHINGTON, DC-Ownership of the 157,550-sf class A office tower at 325 Seventh St. changes hands in a $55-million deal between buyer Chicago, IL-based Equity Office Properties Trust and seller Teachers Insurance & Annuity Association. Known as Liberty Place, the 12-year-old property is currently 100% leased.
BALTIMORE, MD-The $14 million renovation of the five-building office and retail complex Belvedere Square moves ahead, and is scheduled to wrap by the first of 2003. Upgrades to the 103,000-sf property include the addition of 52,000 sf of office and retail space.