Latest news with #mixeduseddevelopment
Zawya
01-07-2025
- Business
- Zawya
Ras Al Khaimah continues to attract more investors powered by RAK Central's vibrant ecosystem
The new development enhances RAK Central's reputation as a global and regional investment hub Ras Al Khaimah, UAE: Marjan, the master developer of freehold properties in Ras Al Khaimah, has announced a strategic land acquisition deal by Major Developers at RAK Central, its upcoming mixed-use commercial development in the northern emirate. The official signing of the project took place at the Mövenpick Resort Al Marjan Island, marking Major Developers' second venture in Ras Al Khaimah and reinforcing their commitment to the emirate's high-growth commercial and investment ecosystem. Scheduled to be completed by Q4 2028, the high-performance, mixed-use development will span a built-up area of 265000 sq ft further enhancing RAK Central's status as a progressive integrated destination for living and business. Following the successful launch of their flagship project, Manta Bay at Al Marjan Island, this latest venture underscores Major Developers' continued confidence in the emirate's economic vision and its infrastructure-driven approach to sustainable growth. Abdulla Al Abdouli, Chief Executive Officer, Marjan, said: 'With RAK Central, we've created a mega development that is structurally aligned with regional growth, global investment patterns, and national diversification goals. Major Developers' decision to invest in this multi-use destination is testament to Ras Al Khaimah's growing clout as a durable economic engine driving further progress. We welcome their participation in the evolution of RAK Central and look forward to a landmark addition to its evolving identity.' Andrei Charapenak, CEO, Major Developers, added; 'RAK Central represents a uniquely calibrated convergence of foresight, infrastructure, and regional alignment. As such Major Developers is excited to drive Ras Al Khaimah's growth narrative through this multi-dimensional new project that is set to shape one of the UAE's most profitable and forward-thinking economic hubs. We look forward to further driving this visionary project through our landmark architecture, experience, and performance.' RAK Central is a meticulously planned business district designed to be the commercial nucleus of Ras Al Khaimah, offering rare investment fundamentals: 100% foreign ownership, low taxation, and high yield potential. RAK Central's strategic location and smart design make it one of the most compelling investment zones in the region. Grounded in a 'Work–Live–Play' philosophy, the district combines institutional infrastructure with human-centric planning to create a cohesive urban ecosystem. Marjan's strategic partnerships to develop RAK Central, located on Sheikh Mohammed bin Salem Al Qasimi Street, with spectacular views of Al Hamra Golf Club and the Arabian Gulf, is attracting investment from multinational companies in diverse business sectors, including hospitality, leisure, retail, finance, logistics and construction. RAK Central masterplan offers three million square feet of rentable office space, more than 4,000 residential apartments, four hotels with a capacity surpassing 1,000 keys, multiple parks and green spaces, various retail and entertainment facilities, and several interconnected buildings with over 1,000 parking spaces for visitors. Work on RAK Central HQ, which will serve as the main business complex, is currently underway and expected to be completed in the first quarter of 2027. About Marjan Marjan is the master-developer of freehold property in Ras Al Khaimah, responsible for path-breaking developments such as Al Marjan Island aimed at positioning Ras Al Khaimah as one of the region's leading tourism and investment destinations. Mandated with developing waterfront, urban and mountain destinations that will add to the competitiveness of the Emirate, Marjan's strategic master-planning approach is to leverage Ras Al Khaimah's natural assets and lay the foundations of the Emirate's future expansions. Through its world-class master-planned communities in Ras Al Khaimah, Marjan attracts foreign investment as well as international visitors and positions the Emirate as a strong investment and tourism hub.
Yahoo
27-06-2025
- Business
- Yahoo
FaverGray Breaks Ground on N4 - Gateway Jax Multifamily Development in Downtown Jacksonville
JACKSONVILLE, Fla., June 27, 2025 /PRNewswire/ -- FaverGray, a leading general contractor specializing in multifamily and mixed-use developments, is proud to announce the groundbreaking of N4, a new luxury apartment community located at 715 Clay Street in downtown Jacksonville, Florida. Developed in partnership with Gateway Jax, N4 marks the second phase of development in the Pearl Square district, following the successful start of N11, located directly across the street and currently under construction. This project also represents FaverGray's second collaboration with Gateway Jax, reinforcing a strong partnership and shared vision for the transformation of downtown Jacksonville. The N4 project will transform a 1.27-acre site into a seven-story mixed-use development featuring 286 luxury apartment units and approximately 20,000 square feet of ground-floor retail space across five bays. "This project represents a pivotal moment in the continued revitalization of downtown Jacksonville," said Ben Hinson, Executive Vice President at FaverGray. "We're proud to be building our second project for Gateway Jax and to support their long-term vision by bringing new housing and retail to this growing district. It's a meaningful opportunity to contribute to the city's forward momentum." John Kitchens, Division Leader at FaverGray, added: "Our team is honored to be part of Gateway Jax's ongoing development efforts. With each project, we continue to build not just structures, but lasting relationships and impactful contributions to Jacksonville's future." Located within the vibrant Pearl Square neighborhood, the N4 community is surrounded by green space, bike trails, a revitalized waterfront, and festival-ready streets. Planned resident amenities include: A modern fitness center A multi-use club room with a theater, lounge, and venue A two-level integrated parking garage N4 will feature concrete podium construction for flood resiliency, transitioning to wood framing on upper levels. The first two floors will be constructed of post-tensioned concrete, and the building exterior will be finished with fiber cement siding and stone accents for a sleek, urban appearance. The site development scope includes utility connections, hardscape, landscaping, irrigation, asphalt paving, concrete sidewalks, and public realm enhancements that reflect Pearl Square's long-term urban design plan. About FaverGrayFaverGray is a premier general contractor specializing in multifamily, student housing, and senior living projects throughout the Southeast. With a reputation for delivering high-quality construction and building lasting partnerships, FaverGray continues to shape communities with a focus on collaboration, value, and precision execution. For media inquiries or more information, please contact:Paige RosenbergerDirector of MarketingFaverGrayprosenberger@ View original content to download multimedia: SOURCE FaverGray Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
BBC News
20-06-2025
- Business
- BBC News
Crown Estate urged to add more homes to Cambridge Business Park
Concerns have been raised that the redevelopment of a business park would not include enough houses for a city with "a housing crisis".The Crown Estate wants to transform Cambridge Business Park, on Milton Road, Cambridge, into a mixed-use district, including at least 350 homes and a high street. Councillors from Cambridge City Council and South Cambridgeshire District Council told the developer the area action plan for the site included an expectation of 500 homes. Matt Sampson, development director at The Crown Estate, said the ambition was to go above 350 homes, but he did not want to overcommit at this stage. The business park owner outlined its plans at the council's joint development management committee meeting on Wednesday, as reported by the Local Democracy Reporting Service. Councillors heard the Crown Estate was taking an "experimental approach to the masterplan", and heard about proposals to turn an empty office block in the park into an innovation hub with a rooftop farm and to turn a car park into a modular laboratory building. The councillors supported the Crown Estate's plans to site more accessible and the amount of green space proposed. Katie Thornburrow, a Labour councillor on Cambridge City Council, said: "We have a housing crisis in Cambridge and if you are not going to provide [500 homes], I would like to know why."Mr Sampson said more details on house numbers will be included in pre-application meetings, before an outline application for the redevelopment is formally submitted next Crown Estate is an independent company that belongs to the monarch for the duration of their reign, with a £16bn portfolio of property that spans the profit is delivered to the Treasury, which decides the annual payment to the King, known as the Sovereign Grant. Follow Cambridgeshire news on BBC Sounds, Facebook, Instagram and X.
BBC News
05-06-2025
- Business
- BBC News
Crumlin Road Gaol and courthouse: Contrasting fortunes of two listed Belfast buildings
On a street in north Belfast, two Victorian buildings with colourful histories sit facing each other. The Crumlin Road Courthouse and the Crumlin Road Gaol have had very contrasting fortunes since they both closed in the jail, which is owned by the Department for Infrastructure, has been transformed into a popular tourist attraction, a conference and wedding venue and is also now home to a whiskey on the other side of the road the courthouse lies empty and derelict. It has suffered numerous arson attacks and is a shell of its former self, with weeds and trees growing where its roof once new plans have now been submitted for a mixed-use development which could turn it into a hospitality, tourism, educational and commercial space. Both buildings were constructed in the mid-19th Century and designed by the architect Sir Charles courthouse has changed hands a number of times since it closed in 1998 but various development plans have failed to get off the new owners are hoping their proposals will prove more plans include the restoration of the Victorian front of the building and the recreation of one of its courtrooms.A tunnel beneath the road, which connected the courthouse to the jail, would be reinstated and there would be a partial demolition and new build to the rear. Sustainability Johann Muldoon, from Manor Architects, is involved in the new scheme."For most of our heritage in Northern Ireland, we see all these proposals, but they really struggle to find a sustainable use that is economically viable," she said. "That is why I think a lot of our heritage seems to degrade."She hopes the mixed use plan for the site might improve its chances. "Why we have those proposed uses is to balance what we've got in terms of heritage offering, in terms of a tourism, against the commercial viability and the sustainability of it all." The sorry state of the courthouse stands in contrast to Crumlin Road Gaol on the other side of the former inmates included the likes of former Irish taoiseach (prime minister) Eamon De Valera, former Northern Ireland first minister Ian Paisley and IRA hunger striker Bobby Sands. It closed as a working prison in 1996 and is now a popular tourist attraction where the public can visit the cells and learn about its history. Local historian Tom Liggett, who used to give tours of the jail, thinks it is essential that its past is never forgotten."While there are people who take a stance that all this should be destroyed and you should forget about it, I wouldn't agree with that," he said."I think local history is told from our perspective - a working-class perspective - and it's hidden and it shouldn't be hidden." Last year a whiskey distillery opened in one of the Kelly, chief executive of McConnell's Irish Whisky Distillery, was among those behind the development. "A wing lay derelict for many, many years, and we saw the opportunity of bringing the McConnell's story, dating back to 1776, into a wonderful heritage listed building," he said. "For us, it's three parts of the business: it's the brand, it's the distillery and it's a wonderful tourist attraction." Storytelling So can the courthouse learn anything from its opposite neighbour and should we as a society do more to protect our built heritage?Rita Harkin, the Architectural Heritage Fund's development manager for Northern Ireland, said: "We have to be able to use these buildings to tell our stories. "And that's a reflection of a city and a place that it's grown in confidence, to be able to look honestly at our past to use that to move forward."You can hear more on this story by listening to the latest episode of Red Lines.
Mail & Guardian
25-05-2025
- Business
- Mail & Guardian
Social housing is essential, but should it be rental-only?
Housing: Leeuloop Precinct Development in Cape Town, along with two other proposed mixed-use projects, will provide much needed affordable rental accommodation in the innter city. Photo: Supplied Protesting for social housing across South Africa has been a long-standing, contentious issue. I recently wrote about the first inner-city affordable housing development announced by the Western Cape government in Cape Town's city centre. The Leeuloop Precinct Development will have about 840 residential units and consist of two towers on a 3 000m2 erf owned by the city. The towers will have 18 to 20 storeys with retail on the ground floor. Tower One will consist of 490 open market units, while Tower Two will have about 350 social housing units. Funding for this project is a mix between private and public. Completion of this project is expected to be in 2027-28. As far as sustainability goes, the plan is to have a four star green building, and level one (construction waste) net zero carbon certification from the Green Building Council of South Africa. Leeuloop is one of three mixed-use developments that will tackle the issue of affordable housing in Cape Town. The other two are Founders Garden and Prestwich Precinct. With more than 7 000 apartments and 3 300 businesses in the inner city, these developments, with an almost 50/50 split of social housing units, should make quite an impact. This got me thinking about a thought-provoking question I was recently asked: 'What's your opinion on the fact that social housing is rental only?' It's a simple question on the surface, but the answer digs deep into issues of policy, economics, empowerment and our country's painful history of inequality. It brings into sharp focus the delicate balance between accessibility and opportunity, between preservation and progression. First things first: social housing in South Africa is intentionally rental-based. It's part of the policy framework designed to address a huge and ongoing housing shortage for low- to middle-income households. People who qualify for social housing subsidies live in households that earn R3 000 to R22 000 a month. They are too 'rich' to qualify for RDP housing but are not earning enough to qualify for bonds in the traditional property market. This group has long been squeezed out of ownership opportunities and quality rentals. Social housing aims to fill that gap, providing safe, dignified, well-located accommodation at below-market rentals. And here's the key: if these units were made available for purchase, they'd probably be flipped. Imagine someone buys a unit at a subsidised rate, holds it for a short period and then sells it at market value. This is great for the seller, but it's not so for the next buyer, who now has to fork out more for what was meant to be an affordable unit. Especially in areas such as Cape Town's inner city, where property prices offer potential capital growth and promising yields that will soar far beyond the stipulated social housing rates. This is what's known as the 'honeymoon period problem'. Ownership might be the dream, but without strong controls in place, it opens the door to speculation and profit-making. Before long, what was meant to serve the working class becomes unaffordable again. We have also observed that when people receive their RDP houses, many choose not to move in. Instead, they live in more affordable accommodations and rent out the property. I don't have an issue with this entrepreneurial approach to creating an income stream — the money is still circulating in the South African economy — but I do have concerns about this flaw in the RDP housing system. So, yes, when it comes to social housing, rental-only keeps the asset in the social housing ecosystem. It ensures long-term affordability. It allows the units to cycle through tenants who need them, instead of disappearing into private hands. But here's the catch. Ownership equals empowerment. As much as I understand the logic behind rental-only housing, I can't ignore what ownership represents, especially in South Africa. It is still one of the most powerful tools for wealth creation. It allows people to build equity, borrow against their assets, and leave something behind for the next generation. It's also psychological. Owning property gives people a sense of stability, control and dignity that renting doesn't always offer. And, more importantly, it helps people move out of the social housing system. If we want social housing to be transitional and not permanent, we need to give people a pathway to progress. That path usually includes ownership. So now we've got a problem: on one hand, we need to protect affordable stock. On the other, we need to create a system that doesn't just house people, but also uplifts them. Is there a middle ground? Yes, this doesn't have to be an 'either-or' debate, but it's tricky. What we need is a tiered model — a more nuanced approach that accommodates both access and advancement. Over the years, I have familiarised myself with a few ideas that have been floated in policy circles, and that I believe deserve more airtime. Rent-to-buy schemes allow tenants to rent a unit for a fixed number of years, with the option to buy after that period, often at a discounted rate. This gives them time to build financial stability while creating a clear pathway to ownership. Then there is the shared equity ownership model. This is when a housing institution retains part ownership of the property, while the resident buys a share. This limits resale profits and keeps the unit partially in the public domain, while still allowing residents to build some equity. We could also look at the concept of capping resale prices. This solution is slightly more controversial, but worth exploring. Some developments internationally allow owners to sell — but only at a capped return (linked to inflation or a fixed formula). That way, people benefit from ownership, but can't exploit the system. Last, maybe the core of social housing stock stays rental-only, but adjacent units or pilot schemes within a development are made available for sale under stricter rules. Essentially, this would be ownership of non-core units. This creates a dual system that caters to both short-term needs and long-term growth. The goal with social housing should always be to give people the tools to move forward, not to keep them stuck in a system that only meets their basic needs. We have to think long-term when it comes to social housing. We have to find ways to protect affordability and create opportunity, to keep the public good intact, and to support private growth. It's not easy, but it's not impossible either. I understand why social housing is rental-only. It makes sense. But we also need to keep asking the tough questions: are we just housing people, or are we helping them build a future? If it's the latter, then ownership — even if limited, delayed or carefully managed — has to be part of the conversation. Because real transformation isn't just about where people live, it's about what they can build from there. Ask Ash examines South Africa's property, architecture and living spaces. Continue the conversation with her on email (
