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Wednesday, 27 February 2002

West Regional Digest (2/28/02): Legacy Partners' plans $282Mln mixed-use project in LA

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February 28, 2002

Legacy Partners' plans $282Mln mixed-use project in LA
Los Angeles Times, February 26

LOS ANGELES – A panel reviewing alternatives for development near the Hollywood and Vine Metro Red Line station has given a preliminary OK to a mixed-use project featuring a 300-unit W Hotel and about 250 residential units. Legacy Partners and Dallas-based Gatehouse Capital Corp. proposed the $282 million project. The proposal also includes 200 apartments, 46 condominiums, 30,000 square feet of ground-level retail space, 732 underground parking spaces and a transit plaza linking the subway to surface transportation.

Plan for project in Anaheim, Calif., hits land snag
The Orange County Register

ANAHEIM, Calif. – Pointe Anaheim, a $600 million mall approved unanimously by the City Council on Tuesday night, may never be built as envisioned. A key slice of land, about one-third of the 29.1-acre project property, has not been acquired by San Diego-based Price Legacy Corp. And the fate of the acquisition now rests with the courts. The land in question is prime real estate across the street from Disneyland that schematics and artist renderings already show as part of Pointe Anaheim. The owner, according to court documents, is Pyrovest, a corporation indirectly owned and controlled by affiliates of Lim Goh Tong of Kuala Lumpur, Malaysia.

Palo Alto, Calif., shopping center renewal
San Jose Mercury News

PALO ALTO, Calif. – The city council will consider at its meeting next week transforming the aging Edgewood Plaza Shopping Center into a modern mix of housing and shops. Declining retail sales, crime and a difficult design are among the reasons the report contends the 1950s-era shopping center is ripe for renewal. The preliminary plan calls for expanding and renovating the cramped grocery store and making space for a pharmacy, a dozen small retail stores and as many as 49 housing units.

Red Rock Canyon for sale again
The Gazette, February 27

COLORADO SPRINGS, Colo. – The owner of the Red Rock Canyon, a popular hiking and sightseeing area, is looking for new buyers for the 787-acre west-side property because a deal fell through with a developer who wanted to build homes and a golf course there. Local real estate broker Tom Kay, who represents canyon owner John Bock, began calling potential investors Monday. Zydeco, a New Mexico-based development company, held an option for a year to buy the property, which has for several years been on the city's list of desired open spaces to buy. The $15 million price tag, which Kay said remains, seemed too large for the city. Kay said he is beginning to set up meetings with interested buyers, most of whom are private developers.

More retail proposed at Factoria project near Seattle
Seattle Post-Intelligencer

BELLEVUE, Wash. – Developers of Factoria TowneSquare, a redevelopment of Factoria Mall, this week proposed tripling the amount of new retail space in the project and slashing the number of apartments. The proposal to the Bellevue City Council left some wondering whether the 41-acre project can still be considered an "urban village," as it was when first introduced three years ago. Factoria Mall, built at the intersection of Interstate 405 and Interstate 90 in 1979, now has 525,000 sf of retail space. The developers originally asked for 51,100 sf of additional retail space – now they want 150,000 sf.

Residents say Miramar Hotel project an eyesore; new owner apologizes
Los Angeles Times

MONTECITO, Calif. – Hotelier Ian Schrager, who in 1998 bought Montecito's landmark Miramar Hotel, apologized at a town meeting to residents who called the 13-acre site, where construction stopped over a year ago, an eye sore. Schrager told the crowd he had stopped the Miramar project for financial reasons. He said he would put a sound wall along the property, shielding it from view until construction is finished. And he would pursue other short-term cosmetic fixes, he vowed. He estimated that he has spent $50 million so far on the property and will need to spend an additional $60million or so to complete the planned 213-room hotel complex.

Agency heads Inland Empire retail center
Los Angeles Times

NEWPORT BEACH, Calif. – Hopkins Real Estate Group of Newport Beach is planning a 200,000-sf retail center that will be part of a 1 million-sf existing complex in the Inland Empire. The Hub, a retail center located off the San Bernardino Freeway near Tippecanoe Avenue and Harrison Street, is scheduled to open in May 2003. Among the stores that will move into the complex are Sam's Club and In-N-Out Burger.

AmeriVest Properties names new leasing director

DENVER – AmeriVest Properties Inc. has appointed Brett Herner as regional leasing director, a position in which he will oversee the marketing, leasing and tenant retention programs of the company's office portfolio. Herner joins AmeriVest Axis Commercial Realty, where he was senior broker associate.

Commercial Real Estate Direct provides links to full stories where available.


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Additional Info

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  • Subject: West Regional Digest (WDIG)
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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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