Latest news with #LincolnPropertyCo.
Chicago Tribune
22-05-2025
- Business
- Chicago Tribune
Plan for 90 rental row- and townhouses clears Naperville commission
A community of 90 rental townhouses and rowhouses would be built at the corner of Naper Boulevard and Plank Road in Naperville under a proposal that cleared the city's Planning and Zoning Commission Wednesday. Plans for The Residences at Naper & Plank call for 34 townhouses and 56 rowhouses costing roughly $3,900 to $5,000 a month, filling a niche need for 'renters by choice,' say officials with petitioner Gen-Land LLC, a subsidiary of the national real estate firm Lincoln Property Co. Commissioners unanimously recommended approval of all elements of the developer's request, despite concerns from several neighbors, who said they fear traffic congestion and would prefer a development of single-family houses. Requests from the developer include annexing the currently unincorporated land into the city; zoning it R3A for medium-density multifamily residences; approving the community as a planned unit development; recording a plat of subdivision for the 8.2-acre site; allowing the rowhouses to be 38 feet tall instead of the code-permitted 35 feet; and allowing a density of 11 housing units per acre. If these items and plans for the project are approved by the Naperville City Council, construction as soon as this fall and the homes could be fully leased by 2027 or 2028, Zach Grabijas with Lincoln Property Co. said. The developer anticipates two potential groups will have high interest in the homes, which will be between 1,550 and 1,950 square feet and will have two or three stories, two or three bedrooms and 2.5 bathrooms. 'The majority of it is focused on empty-nesters and active adults,' said Bryan Farquhar, senior vice president of multifamily development for Lincoln Property Co., 'but then also your younger demographic — millennials that are reaching life milestones or starting families that don't necessarily want the burden of owning a single-family home.' However, people living near the site said they would prefer more standalone, owner-occupied houses instead of rentals. They said they fear the addition of 90 new units would further tie up traffic in an area already congested by the opening of Naperville's second Costco store and a busy drive-thru coffee shop called 7 Brew. 'The proposed development is far too dense and will bring far too much traffic,' said Elizabeth Baumgart, who lives south of the site off Tuthill Road. 'We moved to Naperville for less congestion, not more congestion.' Commission Vice-chair Whitney Robbins said she lives in the area, drives on Plank Road daily and understands the worries about increased traffic. But she also appreciates that the proposal aligns with the city's 2022 comprehensive plan, which calls for a housing density of 10 to 12 units per acre at the site, she said. 'I think it's a really well thought-out plan,' Robbins said. The proposal includes a public park at the southeast corner of the site in cooperation with the Naperville Park District and constructing sidewalks and a walking path. The development would include more open space than the 30% mandated by city code and would come have 274 parking spaces across garages, driveways and the street, 71 more than the city requires. The developer also would improve and widen streets, including Burlington Avenue and Tuthill Road, to meet city standards, with a 28-foot width, curbs, gutters and storm sewer infrastructure, said Vince Rosanova, attorney for the project. Access to the townhouses and rowhouses would be limited to Tuthill and Burlington, 'which will avoid unnecessary interference with traffic circulation,' the petitioner wrote in documents submitted to the city. 'We're confident in what we're proposing,' Farquhar said.
Los Angeles Times
02-05-2025
- Business
- Los Angeles Times
Lincoln Property Co. Adds Brea-based Unire Portfolio to Create Southern California Management Leader
Lincoln Property Co., a Dallas-based real estate company, made a strategic investment in Unire Real Estate Group which makes it the largest property management firm in Southern California. Brea-based Unire, a third-party commercial real estate property management firm, manages 60 million square feet of industrial and office space across more than 300 properties. Combined, the firm now has 110 million square feet under management across the region. 'Over the last 25 years, we have positioned Unire as the top property management firm in Southern California. This investment from Lincoln signals the next stage for our business, and our team will now have more opportunity to grow our capabilities,' said Mark Harryman, chief executive at Unire, in a statement. Lincoln's portfolio includes more than 562 million square feet of commercial space worldwide. In addition, it has developed 164 million square feet since its inception in 1965 and has $19.5 billion under construction or in the pipeline. Information for this article was sourced from Lincoln Property Co.
Yahoo
01-05-2025
- Business
- Yahoo
What's the tallest tower on Austin's skyline? It's not done growing yet!
Which is the tallest of them all? Andy Smith, senior vice president of Lincoln Property Co. in Austin, says it's now Waterline, a 74-story skyscraper Lincoln is developing in partnership with Kairoi Residential. Waterline, currently under construction at 98 Red River St. in Austin's Rainey Street District, is set to become the tallest building in Texas upon its completion next year. Developers say the tower will surpass the state's current record-holder, the 1,002-foot JPMorgan Chase Tower in downtown Houston. At its pinnacle, Waterline will soar 74 stories into the air, eclipsing the dozens of high-rises that have transformed Austin's skyline over the past couple of decades. Right now, crews are pouring Waterline's 68th story, Smith posted April 22 on LinkedIn. That means Waterline, although a few stories short of reaching its full height of 1,022 feet, has already eclipsed Sixth and Guadalupe. At 66 stories, Sixth and Guadalupe is the tallest completed building on the skyline. More: As it grows in Austin, Facebook's parent company signs big lease in 66-story tower Lincoln teamed with San Antonio-based Kairoi on Sixth and Guadalupe, and the companies also are partners on Waterline. Lincoln Property Co. also is building the Republic, a 48-story office tower that is underway next to Republic Square Park in downtown Austin. Plans for Waterline call for 352 apartments; 700,000 square feet for offices; retail and restaurant space; and a 251-room 1 Hotel Austin, the first 1 brand hotel in Austin. The tower is due to be completed in late summer 2026. More: Facebook/Meta changes plans, won't move into office space in new Austin tower Here's what Smith posted online: "We are now the tallest building in Austin, having surpassed Sixth and Guadalupe. ... The office space is completely enclosed and we are pouring level 68 (of 74) and should be topped out early summer. Also busy putting in the landscape on our 14th floor office amenity level. This project is amazing and a one-of-a-kind for Austin and Texas. The office space will feature 700,000 SF of unobstructed views The three uses (office, residential, and hotel) all have completely separate amenities, entrances and parking making your experience as a tenant, resident or guest uniquely your own." When Waterline broke ground in 2022, the prospect of a recession loomed. More: 1 Hotels is set to join 74-story tower development in Downtown's Rainey district At that time, Michael Lynd Jr., Kairoi's chief executive officer, acknowledged that the economy was "in a period of retraction." But he went on to say: "Downturns and values are points in time. It's easy to lose sight of what makes Austin one of the best markets in the country." More: Despite economic worries, Austin still 'one of the best markets in the country' "It's easy to be uncertain with the economy beginning to contract and the Fed fighting a period of unprecedented inflation for our modern economy," Lynd wrote in an email to the Statesman in November 2022. "We've gone from record-high values, record rent growth and a sustained period of historically low interest rates to a period of uncertainty and macro headwinds. Tech is also coming off a historic and unprecedented period of growth which has fueled the Austin economy." More: Impact on Austin unclear as Facebook's parent company to lay off 11,000 workers But Lynd reiterated Kairoi's belief in Austin at that time. "We are confident in Austin's long-term growth prospects and massive macro tailwind," Lynd said. "Austin still possesses an unparalleled lifestyle, an incredibly educated workforce, and it enjoys the advantages afforded by Texas' tax and regulatory environment. These attributes will continue to be attractive to businesses interested in expanding or relocating." This article originally appeared on Austin American-Statesman: On its ascent to 74 stories, Waterline dominates Austin's skyline
