Latest Stories In: Real Estate
Orchard Hell Building Pitching to “Stylish” Commercial Tenants
Those rusty, un-oiled gears are creaking back to life behind the scenes at the Orchard Hell Building. This punchline (nay, punching bag) of a development, located at 180 Orchard Street, has been the bane of many in its eight-year existence as a stalled eyesore. Seriously, that’s pretty much a decade of dormancy. Hard to believe.
In May 2011, the joint venture of Brack Capital and InterContinental Hotels Group purchased the beleaguered assets for a hefty sum of $46 million, signaling that change was on the horizon. A 290-room Hotel Indigo, in fact. However, said horizon is not any closer a year on, as little to no work has transpired here in the interim. Unless you count some dumpster action spotted onsite back in February.
While we haven’t spotted any return to construction recently, a new leasing banner just appeared above the front door to the future lodge. CBRE has been tasked with placing tenants in this “prime retail space,” preferably catering to those who “eat, drink, and shop in style.” Not sure where these images were sourced from, but not really looking forward to any of this.
Anyway, according the listing for 180 Orchard Street on the official CBRE website, this 8,406 square-foot retail space carries a hefty price tag. $125 per square-foot per year, which equates to $87,562.50 in monthly rent. Expect no mom-and-pops here. Indeed, what can really afford that rent but a big box establishment or other such corporate franchise with deep pockets?
Brokers seem overly optimistic that the ground level will be ready to rent by second quarter of 2013. Basically buying themselves another year.