July 2010

  • Jul

Residences at Midtown Now Sells Out

July 16, 2010

Palm Beach Gardens, Fla., July 16, 2010 — Ram Realty Services, the developers of The Residences at Midtown in Palm Beach Gardens, announced today that they have sold the final condominium in that community, a Regent floor plan two bedroom with den, from an inventory of 225 homes.

Caught in the severe real estate downturn that intensified with the near collapse of the financial markets in last quarter of 2008 and first quarter of 2009, Ram chose to adjust pricing in April 2009 to match current market conditions. The strategy quickly attracted mostly cash buyers who were unaffected by the tightening of the credit market. Ram initially posted sales of 42 homes in 42 days, and sold 90 homes in five months, relying heavily on traditional advertising and the support of the local brokerage community. As a result of increased sales, Midtown earned Fannie Mae approval several months later, which offered new buyers more lending options. In the ensuing months the community was able to inch prices upward and to stay above the fray as a community with no foreclosures or short sales and a solid homeowners association.

“Midtown achieved the enviable position of being the ‘fastest selling community in Palm Beach County’ through a successful combination of quality product, excellent location and realistic pricing,” said Mike Hammon, Ram’s Chief Development Officer. “In so doing we were able to give homeowners real value.”

Midtown is a new village-like community in the heart of the PGA corridor, offering a walk-to-everything lifestyle including extensive dining choices, sophisticated boutiques, and a 500-seat cultural center. Midtown is also recognized for its arts and entertainment programming. A new concept fresh grocer called Sweet Greens Farmers Market is currently under construction and slated to open Fall 2010.

Midtown’s ideal location on the north side of PGA Boulevard at Military Trail provides easy access to I-95, Florida’s Turnpike, and the airport. Visit www.midtownPGA.com, on Facebook and twitter.com at Midtownpga.

  • Jul

Balfour Beatty Construction Moving Carolinas Division Headquarters to Charlotte’s Historic South End

July 15, 2010

CHARLOTTE, N.C.–(BUSINESS WIRE)–Balfour Beatty Construction, North Carolina’s largest construction manager, announced today it is moving its Carolinas Division headquarters to The Design Center of the Carolinas at 1930 Camden Rd. in Charlotte’s Historic South End.

“This is the beginning of a new chapter for South End as it continues its transformation from the city’s warehouse district to a design and entrepreneurial district and now becoming a major employment center.”

The move optimizes the integration of Balfour Beatty Construction and its Charlotte-based subsidiary RT Dooley, which was acquired in February 2009. The Design Center will be home to the consolidated operations of Balfour Beatty Construction and RT Dooley that are currently housed in separate locations.

“This is an important milestone that will enable us to even more effectively bring our combined capabilities and talent to bear on behalf of our clients,” said John Woodcock, president of Balfour Beatty Construction’s Carolinas Division. “We are excited by the prospect of being in South End, which has been an important part of Charlotte’s economy in the past and has an even more promising future.”

“We are pleased to welcome Balfour Beatty to Historic South End and believe the decision of this global business to locate in the district is a strong indicator of the vibrant business climate that has matured in South End,” said Michael J. Smith, president and CEO of Charlotte Center City Partners. “This is the beginning of a new chapter for South End as it continues its transformation from the city’s warehouse district to a design and entrepreneurial district and now becoming a major employment center.”

Balfour Beatty will become the largest office user in the historic district, occupying nearly 30,000 square feet in the Design Center, which comprises three buildings featuring historic brick, expansive windows, and vintage architectural detail. Balfour Beatty chose the Historic South End location for several reasons, including the adaptive reuse of a historic site, easy access to Charlotte’s Center City via the Lynx Light Rail Blue Line, the convenience of the location for Balfour Beatty clients and other business partners, and the wide range of nearby amenities.

“Being located in Charlotte’s center city fulfills Balfour Beatty’s priority to provide additional service and convenience for our corporate, professional services and public sector clients and enhances our ongoing community engagement focus,” Woodcock said.

“The Design Center is a unique work environment of forward-thinking businesses in an historic and architecturally compelling community that inspires people to do their best,” said Ivy Greaner, chief operating officer of Ram, owner of the Design Center. “We are delighted that Balfour Beatty has selected it as their Charlotte headquarters. We believe that one of the strengths of the Design Center is in what it adds to the quality of life for those who work here.”

About 90 Balfour Beatty and RT Dooley employees will relocate to the new headquarters after the interior upfit of the space is completed.

Balfour Beatty entered the North Carolina market via acquisition of the commercial construction division of Centex, which began its Charlotte operations in 2001. The acquisition of Charlotte-based RT Dooley in February 2009 created the ability for Balfour Beatty Construction to deliver integrated facilities, interiors and mission critical solutions to its clients.

About Balfour Beatty Construction

Balfour Beatty Construction, with Carolinas Division headquarters in Charlotte, has been a leader in the U.S. commercial construction industry for 77 years, providing general contracting, at-risk construction management, design-build, preconstruction, public/private and turnkey services for clients nationwide. Balfour Beatty is the largest provider of at-risk construction management services in North Carolina. Serving corporate, government, education and institutional clients, Balfour Beatty is dedicated to delivering a signature experience to its customers on every project. For more information, please visit www.balfourbeattyus.com.

About Design Center of the Carolinas

The Design Center of the Carolinas is ideally located between Camden Road, West Tremont and Worthington Avenues in the Historic South End of Charlotte, NC, along the LYNX Light Rail at East/West Blvd. A signature example of adaptive reuse of historic buildings, DCC is comprised of three distinct buildings featuring exposed brick, expansive windows and compelling architectural details, giving a vintage vibe to contemporary workspace. Its trademark water tower is also a landmark of Historic South End and a symbol of its urban redevelopment. This unique workspace is designed to bring life to a progressive mix of showrooms, studios, offices and event spaces, resulting in a one-of-a-kind gathering place for creativity and forward-thinking businesses. For more information, please visit www.designcentercarolinas.com.

About RAM

Founded in 1978, Palm Beach Gardens, Florida-based Ram is a family-owned, affiliated group of companies comprised of Ram Development Company, a leader in retail, residential and mixed-use development and acquisition, and Ram Realty Services, a provider of residential and retail management and leasing services. In addition to the Palm Beach Gardens office, Ram has offices in Chapel Hill, N.C., and Atlanta, Ga., Fort Lauderdale and Tampa, Fla. Currently, the company manages approximately 2.9 million square feet of commercial property and 1,900 apartments. Ram is committed to making developments that are socially responsible, economically vibrant and environmentally sustainable. For more information, visit www.ramrealestate.com.