Subtext to Bring Elevated Living to University City, MO with “LOCAL on Delmar”

Planned LOCAL on Delmar mixed use community in University City, MO

                                               (Renderings by ESG)

ST. LOUIS, MO – Subtext, a nationwide real estate company, in partnership with Larson Capital Management, a St. Louis private equity firm, recently acquired 1.98 acres at 6650 Delmar Blvd. in University City, MO, for the construction of LOCAL on Delmar.

 The five-story residential community is located in University City’s Delmar Loop entertainment district just north of Washington University in St. Louis. Construction will begin in September 2024 with completion expected in the summer of 2026.

 

LOCAL on Delmar is Subtext’s second project in  University City’s Delmar Loop entertainment district just north of Washington University in St.Louis 

LOCAL on Delmar is Subtext’s second project in the area, after delivering VERVE St. Louis near Saint Louis University in 2021. Headquartered in St. Louis, Subtext has a strong understanding of the local market.

 

The 259-unit, 398,225-square-foot apartment community will offer a mix of studio, one-, two-, and three-bedroom layouts, including townhomes.

 

The building will also host 399 parking spaces in a secure, attached five-story garage, and over 7,000 square feet of vibrant street level retail with an outdoor dining patio, adding to the energy of the Delmar Loop.

 

Featuring approximately 12,000 square feet of shared amenity spaces, LOCAL on Delmar is designed to provide residents with an elevated living experience that will support their holistic health, wellness, work, and social needs.

 Brandt Stiles

Amenity highlights include a work from home hub with plentiful private and collaborative spaces; a wellness suite with sauna and meditation room; a gym with cardio, weights, and outdoor fitness; a yoga and open fitness studio; a pool terrace with grilling, cabanas, and fire pits; and a club room with media wall, game room, vinyl listening station, and entertaining kitchen.

 

All of these spaces are designed to engage residents through a hospitality focus and a deep connection to local culture. Iconic architectural elements and salvaged items will bring in the rich spirit of the neighborhood.

 

Located at the corner of Delmar Blvd. and Leland Ave. in the Loop, LOCAL on Delmar offers residents an unbeatable lifestyle and location just a 12-minute walk away from Washington University and within a short drive to Downtown Clayton, Forest Park, and Central West End St. Louis.

 

“This site has long awaited redevelopment, and we are proud to have worked collaboratively with University City to design a project that not only meets the housing needs of the community but also fits authentically within the context of the Loop,” said Brandt Stiles, Founding Partner, Subtext.

 

“That is what our LOCAL brand is all about – putting residents first, creating spaces where they can truly be a part of the neighborhood and immersed in the local scene. We’re thrilled to be bringing this vision to life and contributing to the vibrancy of U City and the WashU community.”

 Brian Satterthwaite

LOCAL on Delmar was designed by ESG Architecture & Design. Other development team partners include local and regional groups: Brinkmann Constructors, general contractor; civil engineer, Stock and Associates Consulting Engineers, Inc.; and First Mid Bank & Trust as the lender.

 

“We have enjoyed a long and fruitful partnership with Subtext, as our firms share a common vision for how to bring exceptional value to residents,” adds Brian Satterthwaite, CEO of Brinkmann Constructors. “We have delivered premium projects across the country, but it’s particularly rewarding to build together in our home market and add to the development of the greater St. Louis area.”

 

 CONTACT

 

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

 

subtextliving.com

www.larson.com/services/alternatives/real-estate.

www.brinkmannconstructors.com

 

Falcone Group COO Alfonso Costa Jr. Earns ULI Young Leader of the Year Award

 . 

Alfonso Costa Jr.

Boca Raton, FL –Falcone Group is pleased to announce that Chief Operating Officer Alfonso Costa Jr. was named the 2024 Young Leader of the Year by the Urban Land Institute Southeast Florida/Caribbean District Council (ULI).

This prestigious award honors inspiring industry professionals aged 35 or younger whose outstanding achievements and contributions are advancing the industry and positively shaping our region’s communities.

Costa Jr. will receive the Young Leader of the Year Award on Sept. 26 at ULI’s 16th annual Vision Awards event, which brings together the top land use leaders and practitioners throughout Southeast Florida and the Caribbean.

“ULI has been such an important part of my real estate career thus far, and I am humbled by this meaningful recognition,” said Costa Jr. “Our entire team at the Falcone Group—led by real estate titan Art Falcone—continues to make a positive impact on the communities where we invest and develop, which is why this award is truly a reflection of our company as a whole.”

Art Falcone

Prior to joining Falcone Group, Costa Jr. served as Deputy Chief of Staff & Opportunity Zones lead for the U.S. Department of Housing and Urban Development (HUD), where he oversaw policy for the $50 billion annually-budgeted Cabinet agency.

.Costa Jr. earned his law degree from Harvard University, master’s degree from the University of Oxford, and bachelor’s degree from Yale University, where he played both Division-I basketball and Division-I lacrosse while serving as Chair of the Yale Athletic Department’s Thomas W. Ford Community Outreach Committee.

 

 CONTACT

 

Michelle Griffith

Vice President

mgriffith@boardroompr.com

C 561-706-4585

O 813-534-5251

Web | Facebook | Instagram | LinkedIn

 

KW PROPERTY MANAGEMENT & CONSULTING Continues Central Florida Growth with New Regional Vice President Jeff Lessey

Jeff Lessey 

ORLANDO, FL –– KW PROPERTY MANAGEMENT & CONSULTING, a premier Florida-based association management company, welcomes seasoned professional Jeff Lessey as KWPMC’s new Regional Vice President overseeing the Central Florida market. Lessey is based in Orlando, where KWPMC is experiencing significant portfolio expansion.

Lessey is an accomplished operations executive with more than 20 years of experience in community management. He most recently served as a Vice President at FirstService Residential.

Jorge Lago.

KWPMC recently announced the addition of three new Orlando community assignments totaling nearly 2,000 units. The company now oversees management of Cascades of Groveland Homeowners’ Association, Inc. (a Trilogy-branded community), Solaire at the Plaza and Star Tower.

“Jeff Lessey joins us at an ideal time, given the increased demand for our services in Central Florida,” said KWPMC Chief Operating Officer Jorge Lago.

Mark King

“Jeff’s background in traditional property management, community management and hospitality fit seamlessly with the different residential product types in the region. He will play a critical role in ensuring our continued operational excellence across Central Florida.”

As KWPMC continues to expand its footprint across Florida, KWPMC also added industry veteran Mark King as its new Director of Talent Acquisition. Based in Miami, King has more than two decades of talent acquisition experience in the property management, real estate and hospitality industries.

One of the fastest-growing property management companies in the U.S., KWPMC manages more than 100,000 units and employs 2,600 team members.

 

 

Contact: 

 

Maria Suarez

(786) 363-1935

msuarez@KWPMC.com

 www.kwpmc.com.

 

Comparing home prices and wages worldwide

 

Paul Hoffman

This is Paul from BestBrokers, Chicago, IL: 

As home buyers worldwide are struggling with high property prices and mortgage rates, I am reaching out with our latest report, comparing home prices and wages across 62 different countries. We found that despite the increased cost of living and elevated real estate prices in the United States, homes in the country are among the most affordable around the world, second only to those in South Africa.

The team at BestBrokers checked the average prices of real estate from the price comparison website Numbeo and did extensive research into the net salary employees earn on average in 62 countries.

 We also took the inflation into account and applied the projected inflation percentage for the third quarter of the year to the monthly wage. This allowed us to see the current situation income-wise in these countries and estimate the real affordability of homes. To do the comparison, we then converted all prices and wages into U.S. dollars.

The calculation shows that the United States ranks second in the world in terms of home affordability. To purchase a 1,076.4-sq.ft. home (100 sq. meters), Americans need to save 76 real monthly wages. In South Africa, which ranks first on this list, a home of this size costs only 71 wages.

Here are a few key takeaways from the report:

·                                 Considering the average net salary in the United States is $4,246 per month and the projected inflation for the third quarter of the year is 2.8%, the “real” wage we get is $4,127.11.

·Meanwhile, the average price for a 1,076.4-sq.ft. home stands at $313,240, which means that it costs roughly 76 average real wages. In other words, the price of a home of this size is equivalent to 7 years and 4 months’ worth of salaries.

·                                 With a nominal net wage of $1,362 and a price of $91,582.50 for a property of the same size, South Africa ranks first for home affordability. Homebuyers there need only 71 monthly wages or around 6 years and 11 months' worth of average salaries to afford a purchase.

·                                 Bahrain, Denmark, and Ireland follow with homes costing 99, 114, and 123 monthly wages, respectively.

·                                 According to the data we collected, Nepal is the least affordable country in the world to buy a home on an average income. People there need to save 684 monthly wages or their earnings for exactly 57 years to be able to purchase a home. Other countries where homes are expensive relative to the average salary are Turkey (631 wages), India (578 wages), Indonesia (563 wages), and Armenia (520 wages).

We calculated the “real” mortgage interest rates for 62 countries and found that the cost of borrowing money is surprisingly low in places such as Argentina and Turkey. 

Due to the hyperinflation in the past year, Argentina has the lowest real mortgage rate in the world, -175.89%. The nominal rate, of course, is not negative and is currently 24.11%. 

The country where banks have the highest interest rates on home loans is currently Russia. There, mortgage rates are 12.3% on average but are expected to increase even more in the coming months.

More information about the mortgage rates, prices and salaries can be found in the full report here. It also includes the full methodology we used in calculating the so-called "real" interest rates, whereas the complete data on all 62 countries is available in Google Drive via this link. Feel free to use any data or graphics from the report by providing a link attribution to the original work.

 

JLL represents Aerospacelab in new 34,734 SF industrial lease in Torrance, CA

  

Tina Ghataore

LOS ANGELES, CA – Confirming continued manufacturing growth in Los Angeles’ South Bay area, JLL announced it has represented Aerospacelab in a new lease for a 34,734 square-foot industrial building located at 20000 South Vermont Avenue, Torrance, California.  The building also includes 6,700 square feet of office space. 

 

Caroline Bethel

This will be Aerospacelab’s first factory in the U.S. to ramp up satellite bus production with full builds and satellite operations for U.S. customers, while buildingtheir own units in-house.

Kamil Agha

“This was an ideal location for Aerospacelab because of greater Los Angeles' serving as a booming aerospace hub for start-ups in close proximity to the U.S. Space Force Base, Space Force Space Systems Command offices, major contractors, and other aerospace companies” said Tina Ghataore, group chief strategy and revenue officer at Aerospacelab and its CEO for North America. 

 

 “This facility will be used to build world-class spacecraft and be surrounded by like-minded companies with similar goals and ideas.  We look forward to our continued growth in this region and throughout the world.”

Gary Horwitz

JLL’s Caroline Bethel, Kamil Agha and Gary Horwitz represented Aerospacelab in the lease. The landlord, Park and Lauren, LLC, was represented by James Kong and Kevin Kim of Coldwell Banker Commercial.

 

“Demand for manufacturing space in the South Bay is on the rise as new startups in aerospace, defense and hard tech continue to emerge and companies are capitalizing on the rich labor pool in the market,” said Bethel, a senior associate with JLL.

 

 

 

About JLL

James Kong 

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties.

 

 A Fortune 500 company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise.

 

Kevin Kim

Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. 

 

 

CONTACT:

 

 David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

JLL Capital Markets led the financing for the development of Durham Logistics Center, a 351,000 SF industrial property in Durham, NC

Durham Logistics Center, a 351,030-square-foot
 Class A industrial property in Durham, NC

 

CHARLOTTE, NC, Sept. 23, 2024 –  JLL Capital Markets has arranged the construction financing for Durham Logistics Center, a 351,030-square-foot Class A industrial property in Durham, North Carolina. 

Financial details were not disclosed. JLL worked on behalf of Lovett Industrial to arrange the loan through Comerica Inc.

Taylor Allison

The rare infill 27.8-acre logistics and distribution development site will feature 36-foot clear heights, 84 dock-high doors, 185-foot truck court and 86 trailer parking spaces. Construction kicked off in August 2024, with delivery planned for early Q4 2025.

Located at 1716 Camden Ave., the property is positioned at an irreplaceable location, fronting I-85 and I-885 intersection with immediate access to the vital transportation and logistics corridor that has fueled the rise of the Sun Belt.

Moreover, the project boasts unparalleled access to the entirety of the booming Raleigh-Durham MSA and its core demand drivers – including the world-renowned Research Triangle Park (RTP), situated just ten miles away.

Bobby Norwood 

The JLL Debt Advisory team was led by Bobby Norwood and Taylor Allison along with Hamp Gibbs and Nick Thornton.

“Durham Logistics Center is a testament to the Raleigh-Durham market's strong fundamentals,” said Norwood. “We are seeing continued investor and lender interest in markets with diverse economic drivers, skilled labor pools and robust population growth – all hallmarks of the Triangle area."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

Hamp Gibbs

For more news, videos and research resources, please visit JLL’s newsroom. 

 

About Lovett Industrial

 

Founded in 2020 and based in Houston, Texas, Lovett Industrial is a privately held vertically integrated logistics real estate investment platform that seeks to develop and acquire industrial real estate assets that are differentiated by their quality, location, and functionality. 

Currently active in over 15 markets across the United States, Lovett Industrial’s portfolio comprises approximately 16 million square feet of completed, acquired, and under-construction warehouses and over 10 million square feet of warehouses planned for future development.

 Lovett Industrial’s founders have combined over 60+ years of experience in the commercial and industrial real estate sectors. For more information, please see our website at 

 

 

 

 

CONTACT:

 

 Grace Lewis, JLL PR

Phone: +1 903 520 3478  

Email: grace.lewis@jll.com

 

jll.com.

www.comerica.com,

https://lovettindustrial.com/.