Construction firm Lendlease and L+M have roped in Daiwa House Texas as a new joint venture partner to deliver a mixed-use project at 100 Claremont Avenue in New York, US.
Lendlease and L+M, the two development partners, will receive a substantial equity investment from Daiwa House Texas for the project.
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Daiwa House Texas is a wholly-owned subsidiary of Japan-based Daiwa House Industry, a homebuilder in Japan.
Daiwa House Texas executive vice president Greg Taketa said: “We are proud to be partnering with Lendlease and L+M on this important mixed-use project.
“This development partnership has been years in the making and we are thrilled to see it come to fruition with the recent closing of construction financing and continuation of construction of 100 Claremont Avenue.”
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Designed by US-based architecture firm Robert A.M. Stern Architects, the 354,000ft² mixed-use building features residential and academic components.
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By GlobalDataFoundation work for a mixed-use academic and residential building has commenced and the project is expected to be completed in spring 2023.
Upon completion, 100 Claremont will be combined with the larger campus and surrounding neighbourhood. It will offer about 54,000ft² of modern classrooms, academic offices and faculty-designated apartments.
The remaining portion of the building will include about 165 condominium residences, which will be available in one-, two-, three- and four-bedroom options.
The new building will meet the LEED Gold Certification of the U.S. Green Building Council standards and V2 of the WELL Building Standard.
Lendlease executive general manager Melissa Román Burch said: “With the addition of Daiwa House we have solidified a world-class partnership for the development of 100 Claremont Avenue, which will allow us to deliver much needed new classroom facilities and high-quality housing for the academic community and neighbourhood of Morningside Heights.
“We’re proud to combine Lendlease and L+M Development Partners’ extensive New York City and US expertise with Daiwa House’s added global perspective to bring this important project to life.
In June this year, the JV has secured a $250m construction loan from Barings, an investment management firm owned by Massachusetts Mutual Life Insurance Company.
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The mixed-use project is expected to be completed in spring 2023. (Credit: Lendlease Corporation)
