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HANOVER, MD. — The Cordish Company has opened the $500 million, 330,000-square-foot Maryland Live! Casino, located at 7002 Arundel Mills Circle in Hanover. The casino includes 3,200 Las Vegas-style slot machines and electronic table games. Restaurants include Bobby's Burger Palace, The Cheesecake Factory, Phillips Seafood, Live! Market Buffet and Noodles and R Bar. Between July and October, Maryland Live! will also open Rams Head Center Stage, a concert venue, The Prime Rib, the Shop Live! retail store and an additional 1,550 slot machines and games.
LCOR BREAKS GROUND ON $86M AURORA
NORTH BETHESDA, MD. — Bethesda-based LCOR has broken ground on the $86 million, 341-unit Aurora, a luxury apartment tower located in the 32-acre North Bethesda Center, a mixed-use development project in North Bethesda. The 18-story property is the second residential phase in the development. The first is the 312-unit Wentworth House, which opened in 2008. Amenities include a fully equipped business center, roof deck, state-of-the-art fitness center, swimming pool and community gardens. Sovereign/Santander provided a $43 million construction loan for the project, which is expected to begin leasing in early 2014.
CRESCENT RESOURCES BEGINS WORK ON CIRCLE SOUTH PARK
CHARLOTTE, N.C. — Developer Crescent Resources has started construction on the $52 million Circle South Park, a 321-unit luxury apartment community located on Carnegie Boulevard near SouthPark mall in Charlotte. Circle South Park is being financed by an equity investment from Crescent, construction financing from J.P. Morgan and mezzanine financing from Nationwide Real Estate Investments. The project team includes architect The Preston Partnership; landscape architect LandDesign; civil engineer Colejenest & Stone; interior designer Vignette Interior Design; general contractor State Building Group and property management firm Greystar. Circle South Park will feature a cyber lounge, business center, Wi-Fi throughout the amenity areas and a clubroom with a show kitchen and gaming area. The project will also feature a multistory health club; resort-style saltwater swimming pool with aqua sundeck, outdoor kitchen and lounging area; two-acre dog park and a pond with walking trail. The first apartments are expected to be available in summer 2013.
MD. OFFICE PORTFOLIO SELLS FOR $30.2M
COLUMBIA, MD. — The Archon Group has purchased the 215,662-square-foot Lakeview I & II, a four-building office portfolio located at 9801, 9821, 9841 and 9861 Broken Land Parkway in Columbia, for $30.2 million. The portfolio is 79 percent leased. Jonathan Carpenter and James Wellschlager of Cassidy Turley represented the seller, the Goldstar Group, in the transaction.
ARA ARRANGES SALE OF FLORIDA APT. COMPLEX
CASSELBERRY, FLA. — IMT Capital and its affiliate IMT Residential have purchased the 476-unit Newport Colony, a garden-style apartment community located at 1166 Pointe Newport Terrace in Casselberry. Kevin Judd, Patrick Dufour and Matt Wilcox of ARA’s Orlando, Fla., office represented the seller, a real estate investment advisor, in the transaction. Constructed in 1991, Newport Colony has undergone significant capital improvements since 2005, including replacement of all roofs, the addition of new cement board siding, installation of new gutters and an additional 80 balconies on 1BR floor plans.