HINES SECURES LAND TO DEVELOP OFFICE TOWER AND RETAIL IN SHANGHAI LOCATION
Hines, the international real estate firm, announced today that it was chosen as the successful bidder for a site in Shanghai’s prestigious Jing An business district. The firm announced plans to develop a 54-story mixed-use project on the 17,940-square-meter (193,034-square-foot) parcel, called “Site #60”. The development will comprise approximately 156,000 square meters (1,678,560 square feet) in total – including 134,000 square meters (1,441,840 square feet) of office and 22,000 square meters (236,720 square feet) of retail, and will include four below-grade levels. The transit-oriented project will sit directly adjacent to a new subway station along METRO Line 13, which is currently under construction.
Site #60 is bordered by Xin Zha Lu to the north, Datian Lu to the east, Shanhaiguan Lu to the south and Cixi Lu to the west. It is approximately 200 meters north of Beijing Road West. The project will anchor a new mixed-use development area, called the Suzhou Creek Riverfront Modern Service Industry Hub, which borders Suzhou Creek on the north, a new public park and natural history museum to the south, the major North/South Elevated Expressway to the east and an established high-end residential district to the west.
Hines entered the Chinese real estate market in 1996. The firm has completed or has under construction more than eight million square feet in China – two million of which is in Shanghai and includes the 50-story 21st Century Tower in Pudong, which houses Shanghai’s newest Four Seasons Hotel.
Source : Company