The developer says the loan will release existing capital for projects including 900 Haven, a planned 100,000-sf speculative office project that will include what the company describes as "luxury penthouse condominiums" on the top two floors of the six-floor building. The existing building is at the intersection of Concourse Street and Haven Avenue, also the site for 900 Haven, which is slated to begin in the third quarter of this year. It is to be completed within nine months.
Jim Brooks, president of Empire Commercial, says Concourse One has remained 100% leased since its completion in June 2002. Besides serving as the headquarters of Empire Commercial, Concourse One is home to tenants such as Wells Fargo Home Mortgage, Orange Coast Title and home builder K Hovnanian.
Empire, which develops commercial properties in the Southwestern US, has a portfolio of 2.5 million sf of office, retail, self storage and multifamily property.
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