Madison Marquette's managing director of investments Eric Hohmann tells GlobeSt.com the estimated $62-million project at 300 Grant St. will replace a three-story building at 300 Grant that Madison Marquette acquired in 1999 and an adjacent property that was acquired last year.
The city is currently considering the redevelopment plans; the company hopes to begin the redevelopment by the end of the year, but the entitlement process could take longer. Vertical construction could be as much as 24 months out, a company source says.
"Union Square is one of the strongest and most exclusive commercial districts in the country," Hohmann says.
The redevelopment site is two blocks from Union Square. Condominium units across the street from the redevelopment site have sold for about $730 per sf. Retail rents for some of the high-end shops in the immediate area are in the high $100s per sf per year.
Washington, DC-based Madison Marquette operates both its 21 retail and mixed-use investment properties and another 130 retail properties on behalf of third-party institutions. Its portfolio includes Gardens on El Paseo in Palm Desert; Bay Street in Emeryville; Bell Tower Shops in Ft. Myers, FL; and Cityline at Tenley in Washington, DC.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.