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Tag: RXR

  • RXR breaks ground on new Garvies Point apartments | Long Island Business News

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    THE BLUEPRINT:

    • and partner Chuo-Nittochi Group break ground on The Arden at

    • Five-story building will feature 101 luxury rental apartments and space

    • Project includes indoor and outdoor amenities, parking, and EV charging

    • The Arden is scheduled for completion in 2027

     

    RXR is beginning construction on its latest addition to its $1.3 billion Garvies Point development in Glen Cove. 

    Along with its real estate investment partner Chuo-Nittochi Group, RXR will be constructing a five-story, 101-unit luxury rental building called The Arden. 

    Rendering of the inside of The Arden apartments in Glen Cove. / Courtesy of RXR

    The Arden project, which had a groundbreaking ceremony on Monday, will include 2,400 square feet of retail space with outdoor patio seating, 94 covered garage parking spaces, 72 surface spaces, and 7,750 square feet of indoor amenities, including an attended lobby, resident lounge, and wellness lounge, according to an RXR statement. It will also feature 8,300 square feet of outdoor amenity space with a courtyard, swimming pool, grilling stations, bicycle storage, EV charging stations, and walking trail access to Garvies Point Preserve.

    The Arden will join other Garvies Point rental buildings including the 385-unit Harbor Landing, and 55 units of workforce housing in two buildings from Georgica Green Ventures at the 56-acre mixed-use community that began rising in 2016. RXR also developed the 146-unit Village Square apartment complex about a half mile away in downtown Glen Cove. 

    With 167 residences, The Beacon, completed at the end of 2019, offered 800-square-foot to 2,400-square-foot condos at Garvies Point with prices ranging from $800,000 to about $3 million. Amenities at the condo building feature a movie theater, billiards and game room, library, fitness center, yoga studio, event space, outdoor pool and a 24-hour concierge.  

    First pitched in 2002, the redevelopment of the once blighted Garvies Point property, a former EPA Superfund site, has gone through changes in developers, a drawn-out environmental cleanup, a housing market crash and a few lawsuits that collectively delayed the massive project along the way. 

    The City of Glen Cove has had several different mayors since the plan was first presented. The city signed a land development agreement with the project’s original developers in 2003 and initial approvals were granted in 2008, but the start of construction was delayed by the massive clean-up needed to remediate the once-toxic property, changes in the development team and poor market conditions. 

    Though the name of the project, originally known as Glen Isle, and the plan itself has morphed since it was first proposed, Garvies Point was planned to bring a total of 1,100 residences, split between rentals and for-sale residences. RXR was assisted in the development with economic incentives from Glen Cove Industrial Development Agency and Local Economic Assistance Corp. 

    The Arden is scheduled to be completed in 2027. 


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    David Winzelberg

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  • Sneak peek: Renderings show first apartments slated for $3 billion Apex ‘mini-city’

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    RXR

    It’s taken almost 20 years to get off the ground, but Apex’s sprawling new “mini-city” is starting to take shape.

    On Tuesday, New York-based RXR broke ground on the first multifamily residences inside Veridea, a $3 billion mixed-use community coming to roughly 1,100 acres between U.S. Highway 1 and N.C. 540.

    Newly released renderings show two five-story apartment buildings called Summit House. It will bring 291 units, featuring one and two bedrooms from 680 to 1,269 square feet. A 399-car parking lot is also planned. Amenities include pool, fitness center, coworking spaces and outdoor terrace.

    RXR has not yet disclosed price points.

    Summit House is the “first opportunity to be part of Veridea’s vision,” RXR said in its release.

    A rendering of Summit House, a new apartment complex inside Veridea, the $3 billion mixed-use community coming to Apex.
    A rendering of Summit House, a new apartment complex inside Veridea, the $3 billion mixed-use community coming to Apex. RXR

    The Triangle-shaped site sits along N.C. 55, about two miles south of downtown Apex, and about 15 miles southwest of Raleigh. The first phase includes 1,500 multifamily units to be built by RXR and 1,100 single-family houses and townhomes to be developed by Lennar Corp.

    It will also feature 50,000 square feet of retail, restaurants and commercial space; 213,000 square feet of industrial; and a new 340,000-square-foot campus for Wake Tech Community College.

    Meanwhile, Duke Health and UNC Health are building a $2 billion children’s hospital inside the development. It will span 230 acres and create 8,000 jobs.

    “This property was absolutely, unequivocally the clear choice,” Duke Health CEO Craig Albanese said in July when he announced the deal.

    A long-awaited milestone

    Veridea has been in the works since 2009. The property’s previous owner, Hudson Realty Capital, began assembling the land 17 years ago. But it hit legal roadblocks and never got its project off the ground.

    RXR started scouting land in 2022 and eventually purchased multiple parcels for $91 million in March 2023, according to property records.

    By 2035, Veridea is expected to offer up to 8,000 residential units; 3.5 million square feet of retail, hospitality and civic space; 12 million square feet of commercial space; and a new public elementary school.

    Overall conceptual plan for Veridea project in Apex.
    Overall conceptual plan for Veridea project in Apex. RXR

    Other amenities include trails, dog parks and bicycle paths. Eventually, four softball fields, six tennis courts and a 22,500-square-foot community center will also be added, the firm has said.

    An aerial rendering of Veridea, a “live-work-play” community planned for roughly 1,100 acres between U.S. Highway 1 and N.C. 540 in Apex.
    An aerial rendering of Veridea, a “live-work-play” community planned for roughly 1,100 acres between U.S. Highway 1 and N.C. 540 in Apex. RXR

    RXR has invested $166 million to improve the town’s sewer infrastructure. It’s also working with the Town of Apex to develop the Big Branch Sewer Basin and improve drinking and waste water.

    As Apex’s population swells to over 72,000, demand for housing remains at an all-time high. The town estimates that by 2030, more than 120,000 people could be living in this satellite town of Raleigh.

    Related Stories from Raleigh News & Observer

    Chantal Allam

    The News & Observer

    Chantal Allam covers real estate for the The News & Observer and The Herald-Sun. She writes about commercial and residential real estate, covering everything from deals, expansions and relocations to major trends and events. She previously covered the Triangle technology sector and has been a journalist on three continents.

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    Chantal Allam

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  • Former RXR exec Michael O’Leary joins Tritec as CFO | Long Island Business News

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    , a former executive with , has joined as its chief financial officer. 

    O’Leary spent 18 years with Uniondale-based RXR, eventually serving as executive vice president and CFO. He helped boost RXR from a $2 billion company with a staff of 80 to a $20 billion business with more than 500 employees, according to a Tritec statement. Appointed as RXR’s CFO in 2020, O’Leary directed financial management, strategic planning and investor relations, establishing the company’s Fund Portfolio Management and leading teams in capital markets, accounting and long-term strategic initiatives. 

    A certified public accountant and member of the American Institute of Certified Public Accountants, O’Leary began his career in the Real Estate Group at Ernst & Young, managing integrated audit engagements for real estate, construction and hospitality companies. At Ronkonkoma-based Tritec, O’Leary will oversee the company’s , planning and operations. 

    “We are thrilled to welcome Michael O’Leary to the Tritec family,” company co-founders and principals Bob Coughlan and Jim Coughlan said in the statement. “His expertise, vision, and proven leadership in guiding companies through growth and transformation will be invaluable as we continue to expand our portfolio and strengthen our position as a leader in real estate development. Michael’s addition reflects our commitment to building a team that can deliver on our mission of creating vibrant, lasting communities.” 

    O’Leary, who holds a Bachelor of Science in Accounting from the State University of New York at Albany and an MBA from Columbia Business School, says he is excited to join Tritec. 

    “Tritec has an extraordinary legacy of building communities and creating value,” O’Leary said in the statement. “I’m honored to join Tritec at this exciting moment in its growth. I look forward to leveraging my experience to help scale the company’s financial infrastructure and support its long-term vision.” 


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    David Winzelberg

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  • SIOR to host Power Broker Summit in Uniondale | Long Island Business News

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    Commercial real estate pros will be featured at the SIOR Power Broker Summit in Uniondale on Sept. 17.

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    David Winzelberg

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  • New York City Residential Rooftops Seek To Ensure Hives Thrive

    New York City Residential Rooftops Seek To Ensure Hives Thrive

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    It hasn’t been too long since the world reeled at the first news of existential threats to bees and other pollinators.

    Addressing the problem by cultivating bees and beehives started as a pandemic-era passion, and has since generated a lot of buzz across North America, from major corporate employers in Denver to residential high-rise rooftops in New York City, to the upper reaches of the Metro Toronto Convention Centre.

    But how many people guessed at the start that beekeeping would be an activity to bring colleagues, residents, visitors and others together? Given humankind’s keen interest in nature, it wasn’t a big leap to see people pulling together to ensure hives thrive, helping delay the day the world’s food supply would be placed in peril by bees’ demise.

    In select sustainability-focused New York City residential high rises, cultivation of bees and other pollinators seems yet another way to embrace biophilia, the incorporation of nature into the built environment. Manhattan bees and butterflies are now kept busy pollinating flowers, crops and trees, helping spur biodiversity, strengthen the ecosystem and as a side benefit, spurring honey production.

    The Solaire, Battery Park City

    Some 20,000 bees inhabit a pair of beehives on the roof of The Solaire. Overlooking the Hudson Riverfront with direct access to two parks, The Solaire was the first LEED gold high-rise residence in the U.S. Last year, the bees generated 56.2 pounds of honey, much of which was packed in jars, and given to prospective building condominium buyers.

    The building’s commitment to the environment couldn’t have hurt in The Solaire etching its place among the best-selling new Manhattan developments of this year.

    “The Solaire is committed to fostering sustainable practices in the building,” says Aaron Goed, director of sales for the building’s exclusive marketing and sales representative, Corcoran Sunshine.

    “And the introduction of a rooftop apiary five years ago has been a fun and creative way to interact with our Battery Park ecosystem. Best Bees manages and harvests honey from the handcrafted rooftop apiary so we can give jars of our own honey to prospective buyers at the building, who appreciate the personal touch and the unique connection to our surrounding green spaces in the neighborhood.”

    The Starrett-Lehigh Building, West Chelsea

    The RXR-owned structure offers a rooftop urban farm where bees flit among perennial flowers and bushes that include echinacea, Buddleia and Joe Pye weed. The farm’s beehives are maintained by a team of volunteers drawn from the building’s tenants. The volunteers monitor their bees through a portal created by beekeeping firm Alveole, which claims a “bee portfolio” of more than 116 million bees.

    The program’s success at The Starrett-Lehigh Building has swayed RXR to expand its New York City beekeeping operations to its properties at Pier57, 230 Park, 32 Old Slip and 75 Rockefeller.

    11 Hoyt, Brooklyn

    This Jeanne Gang-designed property features an elevated, 27,000-square-foot private park with multiple flower gardens that attract not only bees, but other vital pollinators. Among the latter are Monarch butterflies, which are lured during their annual migration across New York City, and are celebrated in a butterfly-theme children’s playground.

    Helena 57 West, Manhattan

    New York City’s first LEED Gold residential building, Helena 57 West lives up to its stature in areas ranging from air quality and filtration to the near elimination of material chemical emissions. Among the other sustainability-focused initiatives of the Dunst Organization luxury property is a 5,000-square-foot rooftop park that is home to seven hives. Harvested honey is bottled in jars and given to new residents in Helena 57 West and the adjoining Dunst property, VIA 57 West, where the work of the proximate busy bees has become a resident bragging right.

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    Jeffrey Steele, Contributor

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