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Originally Posted by The ATX
Maybe we'll finally start seeing some new construction soon. Finish out permits were filed for the 12-story Block A apartment building today. The site plan was approved a while back. The Block A 14-story office building didn't seem to get approved as part of the approved Block A site plan. But a plan review for the office building was included with the finish out permits filed today.
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Brandywine had their earnings call today. It looks like they will be starting the apartments this year, but won't start the office building until they have a pre-leased tenant. Source:
https://seekingalpha.com/symbol/BDN/...gs/transcripts
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On Broadmoor, we are advancing Block A in the first stage of Block F that aggregates 350,000 square feet of office and 613 apartment units at a total cost about $360 million. As we mentioned on the previous call we are looking for a partner on that project. We have received excellent responses from very high quality institutions and we'll make a selection in the next week or so and then proceed through documentation and debt financing shortly thereafter.
Our plan remains to start the residential component of Block A which is 341 units at a cost of about $119 million by Q3 2021. And the office start of 351,000 square feet is targeted to commence upon achieving a pre-lease and we have decent activity that we’re focused on there.
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Also, one of the 7 IBM buildings at Broadmoor has been shut down and they are planning on demolishing it. I think 905 is the building in the back closest to Top Golf. There's an aerial somewhere that shows it but I'm too lazy to search for it.
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905 Broadmoor with the expiration of the IBM lease we have taken this building out of service and it will be demolished at a future date as part of our overall Broadmoor master plan. As a result of that we did have Broadmoor taken out of our same store and leasing statistics as of 1/1 of this year.
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