Boston Redevelopment Authority (BRA) board approved tentative designation to Elma Lewis Partners and FeldCo Development Co. to build Ruggles Place, a $308 million mixed-use project in Boston’s lower Roxbury neighborhood. The developers’ plans for the center include 591,398 square feet of vertical retail space, 43,020 square feet of ground floor retail space, 315,122 square feet of office space, 58,474 square feet of art and education space and a 616,440-square-foot above-ground parking structure.
BRA expects that the project will create 2,938 permanent jobs. Ruggles Place is part of Roxbury Strategic Master Plan, the initiative to bring economic growth to the historic area.
Elma Lewis Partners and FeldCo will have 18 months to secure financing and start construction.
ULI Appoints Rummel as Chairman
Urban Land Institute (ULI) elected Peter S. Rummell as chairman of the organization for a two-year term beginning July 1, 2011. Rummell serves as principal of the Rummell Co. and has been a longtime ULI trustee. In the past, he also served as chairman of the ULI Foundation. Rummell has 40 years of experience in real estate development.
Faris Lee Names Chichester as New COO
Faris Lee Investments appointed Richard Chichester as COO. In his new position, he will help the firm expand into major national markets and oversee its day-to-day operations. Chichester has 29 years of experience in real estate. Previously, he served as chief operating officer of First Team Real Estate.
Belk to Renovate Monroe Crossing Store
Belk will undertake a $5.8 million expansion and renovation of its store at Monroe Crossing in Monroe, N.C. The current 65,000-square-foot store will be expanded to 95,000 square feet and the store interior will be remodeled with new flooring, energy-efficient lighting and new display fixtures. Two of the store’s exterior canopied entrances will be renovated and Belk’s children’s department, which is currently housed in a separate building, will be moved to the main store. Construction is scheduled to be completed in October, 2011.
Salon Republic Signs Lease for Largest U.S. Store
Salon Republic signed a lease for an 18,185-squre-foot store on 8000 Sunset Boulevard in Los Angeles. The location will serve as the salon’s largest U.S. store, scheduled to open in the fall of 2011. Jeff Lipson and Gonzalo Rioja, of Stone Miller, represented the tenant in the transaction. Rob Cohen and Rachel Rosenberg, of Robert K. Futterman & Associates, represented the landlord, a joint venture or private investors and a fund sponsored by Transwestern Investment Company LLC.
Other Notable News
Gap Inc. signed a long-term, 8,800-square-foot lease in the SoHo neighborhood of New York City for its new Gap 1969 brand store. The retailer will occupy 2,800 square feet of ground floor sales space, in addition to a 3,000-square-foot basement space and 3,000 square feet in the sub-basement. Ariel Schuster and Izzy Anthony, of Robert K. Futterman & Associates, represented the tenant in the transaction. The landlord, 513 Broadway Realty LLC, represented itself.
Integrated Builders completed shell and core construction on a 63,000-square-foot retail project at Merchants Plaza in Avon, Mass. The building, being developed by Avon West Associated LLP, will serve as home to the Stockwell Shops. Integrated’s work included window infill, dock door infill, new exterior insulation and new structural steel signage tower, among other things.
Centro Properties Group signed leases totaling 13,172 square feet at centers throughout its U.S. portfolio, with tenants including Liberty Tax, Ellipse Fitness, Shoe City and Quest Diagnostics.
Avison Young hired Suzanne Martinez as principal and senior vice president in its capital markets group. In her new position, Martinez will focus on expanding Avison Young’s regional investment sales and financial advisory capabilities. Previously, she worked in the capital markets group of Jones Lang LaSalle.
Holliday Fenoglio Fowler L.P. hired Steven Golubchik and Nicholas Bicardo. The two brokers will be based in the company’s San Francisco office and will focus on capital markets transactions in the office, industrial and retail sectors throughout Northern California. Previously, both Golubchik and Bicardo served as vice presidents in Grubb & Ellis’ capital markets group.
Colliers International hired Philip Amarante as senior managing director. In his new position, Amarante will provide tenant and landlord representation services throughout New York City. He has 20 years of experience in commercial real estate. Prior to joining Colliers International, Amarante worked for Cushman & Wakefield.
Agree Realty Corp. promoted Jared Gell to director. In his new position, Gell will be responsible for portfolio oversight and implementing new development opportunities. He has been with Agree Realty since 2008.
BHDP Architecture hired Joe Wynn as director of its North Carolina office in Durham. In his new position, Wynn will manage the growth of the office and provide senior project management services for the firm’s clients. Wynn has 25 years of experience in architecture.
Coyote Management L.P. hired Jim Adkins as senior leasing specialist. Adkins has 25 years of experience in retail real estate.