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LA JOLLA, CA-With build-out slated for March 2004, Centrex Homes is wrapping up construction on its Montefaro condo development that is rising at 7255 Girard Ave. here. Upon completion, the project will consist of 48 luxury units housed in a total of five buildings.
IRVING, TX-FelCor can now apply gain from hotel sales to debt reduction under a re-crafted plan with a $25-million ceiling. The quid pro quo is InterContinental Hotels Group now holds a double-digit management contract through 2018.
CAMARILLO, CA-Faced with a developer's requirement for tilt-up construction and a city's demand for a well-designed architectural look, the builders of a two building project have come up with a new technique in tilt-up construction. The merger of the two requirements resulted in a Mediterranean-style building without all the boxy tilt construction features.
HAVERHILL, MA- GFI Partners gets a green light from the city to build a 172-unit condominium complex on the former Bradford College campus. The firm purchased the 73-acre campus out of bankruptcy for $10 million.
LA CROSSE, WS-The new 68,000-sf facility will add lab and classroom space for the growing university; TCI Architects/Engineers/Contractors did the construction work.
SECAUCUS, NJ-The deal, which brings Wal-Mart to the very shadows of Manhattan, is part of the developer's apparent effort to beef up Harmon Meadow's retail component, which will face stiffer competition in the years ahead.
ATLANTA-In the largest multifamily deal this year, Goldman Sachs' Whitehall Fund and Korman Communities sold the 412-unit Mt. Vernon Place Apartments and the 396-unit Dunwoody Place Apartments for $110,149 per unit. Both projects are 90% leased.
LONDON-Brewer Scottish & Newcastle has sold its pubs, restaurants and hotels business to the Spirit Amber Bidco consortium. The consortium includes Blackstone and Merrill Lynch among its partners.
MINNEAPOLIS-Multifamily units account for 45% of the 1,624 units planned, but year-to-date accounts for 49% of total units, one of the highest ratios in recent years, according to the Builders Association of the Twin Cities.
ATLANTA-Dewberry Capital Corp. pays the Dallas-based hotel chain $21.75 million, or $113,874 per room, for the 191-room property across the street from the developer's Midtown Square site. Dewberry will manage the hotel under the Wyndham brand.