Published on Business Observer, FL – Sep. 11, 2020
Core Development’s 18-story residential project contains 49 luxury units and ground-floor retail. BLVD, an 18-story tower on the edge of downtown at 540 N. Tamiami Trail, commenced construction in late June 2018. The tower’s 49 units are priced from $1.7 million to $6.4 million. Of the total, seven remain unsold.
Published on Forbes.com – Feb. 26, 2019
If you’ve built up a nice nest egg yourself and are wondering what to do when the next crash comes, how to position yourself for a boom or a bust or where to look to find a solid real estate investment deal, remember to keep it simple and pay close attention to these three basic concepts.
PROMANAS IN THE NEWS
The 18-story BLVD Sarasota condominium has topped off, a construction milestone that signals the $89 million project is closer to completion.
These new condominiums are coming to life in the heart of the new Downtown Sarasota and bringing with them a buzz like no other. The area’s most exciting luxury condominium tower is scheduled for final completion and resident move-in in Spring 2020.
Total Prestige Magazine
Totalprestige Magazine recently caught up with Bogdasarian while on vacation in California to pick his brain and discuss his career.
Crain’s Detroit Business
Real Estate Insider: Developer unplugging from former TV studio building rehab in New Center … trying to sell the 30,000-square-foot building at 7441 Second Ave. at Bethune Street in the New Center area for $3.5 …
DETROIT—Morning Calm Management of Boca Raton, FL has acquired a nine-property industrial portfolio in Metro Detroit from the Promanas Group …
The portfolio was sold by Promanas Group. Totaling approximately 1.5 million square feet, the portfolio comprises nine industrial assets located in the …
From The Herald Tribune – Jan. 7, 2019
SARASOTA, Florida — Beach Bistro will be opening a location at BLVD Sarasota, a 49-unit luxury condominium project under construction on the southeast corner of Boulevard of the Arts and Tamiami Trail in the Rosemary District. The 7,000-plus-square-foot Beach Bistro will be on the first and second floor, with the bar and dining area featuring 25-foot ceilings. The second floor is planned to house a “Wine Attic” of approximately 15,000 bottles.
/PRNewswire-iReach/ – Sept. 20, 2018
ANN ARBOR, Mich. — John Bogdasarian Founder | President & CEO of Promanas, a private equity firm serving accredited investors, has been accepted into Forbes Real Estate Council, an invitation-only community for executives in the real estate industry.
From MLive.com – August 15, 2018
Drone photos give bird’s-eye view of developments rising in Ann Arbor – MLive.com takes another look at the 51-unit Kingsley Condominiums development rising on the old Beal property between Kingsley and Felch streets.
From Yahoo! News – June 28, 2018
More construction activity begins downtown as CORE Development is finishing the site work and will begin construction on its landmark project, BLVD Sarasota. The 18-story BLVD Sarasota luxury tower will feature 47 three-bedroom residences that rival single family home sizes, two incredible two-story penthouse residences of over 5,200 square feet, both of which are sold; secure indoor parking, hobby rooms and completely unique amenities.
From the Colorado Real Estate Journal – February 2, 2018
The Promanas Group, which is working with H&H Hotels and Alliance Investments, has begun excavation for the Element by Westin Hotel. The 157-room hotel, located at 1314 Elati St., is scheduled to open in the Spring of 2019.
From Mile High CRE – January 22, 2018
The Promanas Group, which is working with Elati Hotel LLC, broke ground on a new Element by Westin hotel in Denver’s historic Golden Triangle Neighborhood. The hotel is scheduled to open in the Spring of 2019.
From Denverite – September 7, 2017
The Promanas Group is pushing for a seven-story hotel at the northeast corner of Elati Street and West 13th Avenue. The Ann Arbor, Michigan-based private equity firm hopes to start construction this month and have the hotel open late next year or early 2019, the president of the company said.
From MLive – August 23, 2017
Increased demand for Ann Arbor office space has prompted Promanas to undertake the Park Place Five development project. When completed, Park Place Five will be a 60,000-square-foot office space with wetland views and space for other area businesses.
From MLive – July 15, 2017
The Promanas Group, which is working with JC Beal Construction on the Kingsley Condominiums development in Ann Arbor, has released new renderings showing what the condos are expected to look like.
From MLive – July 13, 2017
Fred Beal shepherded the Kingsley Condominiums project through the approval process before handing it off to the Promanas Group, a private equity real estate investment firm that’s now carrying out the development and marketing it at KingsleyCondos.com. Promanas will be the owner and seller of the condos, while JC Beal Construction is the contractor. It’s a five-story, single-building project.
From MLive – July 7, 2017
The pre-construction prices listed on the development website show the condos are being offered for sale for anywhere from $420,000 for a 950-square-foot unit on the second floor to more than $1 million for units on the upper floors measuring more than 2,000 square feet.
From Ann Arbor Observer – June 1, 2017
It was hard to know when was the right time to buy.” Bogdasarian’s firm is organized similarly to a real estate investment trust, or REIT, where investors buy into a company’s portfolio of properties. While many REITs’ share values plummeted by 50 percent or more in the late 2000s, Bogdasarian managed to grow his business.
From BusinessDen – May 30, 2017
Edwards declined to mention the bank that financed the project, but said Dublin’s equity investor is Michigan-based Promanas Group. With a location near DU, Edwards said, one customer segment will be parents buying for their children attending the university, and he also plans to pursue young professionals who want to live in that area.
From Denver Urban Review – May 5, 2017
We are excited to delve into condo development to fill the growing need for more affordable housing options in the City of Denver. The population influx coupled with the risk of defect litigation the past few years has made finding appropriate housing challenging for those seeking condos.
From MLive – September 1, 2016
The developer, John Bogdasarian of the Promanas Group, is proposing the project for a six-acre parcel on the north side of Oak Valley Drive just east the Ann Arbor District Library and ice arena. He said the $12 million building, called Park Place Five, will house a dental group and Promanas, which now operates in the nearby Oak Valley Office Center. Around 45,000 square feet is still available.
LOOKING TO INVEST? DENVER’S MARKET HAS A MICHIGAN-BASED EQUITY FIRM WITH A $100 MILLION PORTFOLIO, SEEKING MILE HI PROJECTS
Written by Mark Samuelson – July 5, 2016
As private equity investors, Bogdasarian says Promanas is a good fit for someone who doesn’t want to be in the construction business, but who is nonetheless focused on outcomes. He launched Promanas after having been Michigan’s top-selling Realtor for seven of eight years; and started his sizable portfolio with 16 single-family homes he acquired in 1998.
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