Plans for a new hotel in downtown Chapel Hill appear to have fallen through as a new ownership group has acquired the property with future plans for the site yet to be determined.
A pair of developers are teaming up yet again on a project in the Triangle, this time with plans to convert a century-old building in Raleigh’s Glenwood South into a mixed-use development.
The Gateway Plaza project will be Northpond’s 12th investment in the Triangle. Most recently, the company repositioned and sold the historic Creamery property in downtown Raleigh. New York-based Turnbridge Equities paid $34.7 million for the property in late March.
New York City-based Turnbridge Equities paid $34.7 million for the nearly-century-old Creamery building and two adjacent parcels in downtown Raleigh’s Glenwood South neighborhood earlier this week. The seller was Chicago-based Northpond Partners.
Chicago-based Northpond Partners last week acquired the two-story building, which serves as a home to several retailers, for $7.5 million
Northpond Partners, the Chicago real estate firm that bought Uptown’s Calhoun Square last fall, is considering a significant renovation that would slice the high-profile property in half and create an open-air pedestrian walkway through its midsection.
“We are super cognizant and understand that Calhoun Square has not been working,” Ankin said, in an interview Thursday morning. “We really believe that’s not because of the location or the neighborhood. That’s because of the mix of the building and the wrong tenants.”
WakeMed announced Tuesday that it would be redeveloping the mid-century building at 505 Oberlin Road into a medical office building.
St. Louis Park, Minnesota-based Paster Properties has partnered with Chicago-based Northpond Partners to acquire The Broadway in Northeast Minneapolis and Icehouse Plaza in South Minneapolis. The purchase closed Dec. 19.
In every generation there are those who strive to make a difference. And surely, the retail real estate industry teems with opportunities for talented people. The recipients of ICSC’s third annual 4 Under 40 Awards can be said to have embraced the possibilities with gusto. This year’s honorees are Sam Ankin, co-founder and a managing principal of Northpond Partners . . .
