Business Specialties Development
Organization Launches $4B Green Initiative for Affordable Housing
Oct 26, 2009
The green movement in commercial real estate has caught on like
wildfire and even with the recession having left most clutching their
pocketbooks, it continues to spread. Now Columbia, Md.-based Enterprise
Community Investment Inc. plans to take the trend to new heights with
the kicking off its $4 billion Green Communities initiative, which is
designed to propel the greening of affordable housing development
across the country.
Consumers Warm to Green Energy, But Questions Remain
Oct 21, 2009
Concerns about energy costs and the environment are driving consumer
behavior as they choose between a growing selection of green energy
initiatives, according to new research from Nielsen Claritas. “Energy
Trends: Highlights on Consumer Energy Usage,” which draws on the
responses of more than 32,000 respondents about their energy use, found
that while some consumers are adopting green habits, many have not been
as quick to jump onboard.
Economy Watch - Mortgage Reforms From Out West
Oct 14, 2009
California Gov. Arnold Schwarzenegger signed green legislation over the weekend, as covered by CPE
on Monday, but also nestled in the raft of bills that he signed were
major overhauls of the rules governing residential mortgages. The
thrust of the reforms was to help prevent some of the mortgage
origination abuses that were rampant in the mid-2000s, and which did
their part to inflate the housing bubble.
Economy Watch - California Incentivizes Green Rooftops
Oct 13, 2009
Gov. Arnold Schwarzenegger was busy over the weekend signing off on
policies that could have an impact on green real estate development.
Among other things, he signed a memorandum of understanding with U.S.
Secretary of the Interior Ken Salazar to expedite the siting of
California renewable energy projects, thus making California the first
state to do so. The memorandum commits the federal government to work
with California to review and approve renewable energy applications in the state.
Charleston Industrial Market Gets Boost with 1.1MSF BTS Deal
Oct 13, 2009
Given that the U.S. recession has left the retail market in shambles
and the global financial meltdown has hindered trade activity, demand
for distribution and warehouse facilities has taken a major hit, so the
big news out of Charleston's industrial market is something that is
heard of quite infrequently these days. Rockefeller Group Development
Corp. and MeadWestvaco Corp., developers of the 400-acre Rockefeller
Group Foreign Trade Zone/Charleston industrial park in Berkeley County,
S.C., have just landed a 1.1 million square-foot build-to-suit deal
with automotive replacement tires marketer TBC Corp.
As Firms Move to Outsource Project Management, CBRE Inks Deal with Cisco
Oct 08, 2009
As companies work to streamline operating efficiencies and cut costs,
the outsourcing of services has become increasingly popular, and real
estate services are high on the priority list. In the latest high
profile outsourcing, CB Richard Ellis Inc. has agreed to a deal to
provide project management services for Cisco Systems.
Economy Watch: Greenspan Sees Recovery, Except for the Part About Jobs
Oct 05, 2009
Former Fed Chairman Alan Greenspan tossed out two more cents on the
economy on Sunday, estimating that the recovery will be a little more
V-shaped than he previously thought, with 3 percent growth in the
quarter just ended instead of 2.5 percent (and “possibly even higher.”)
Q&A: Starwood CEO Sees Upturn Ahead
Oct 05, 2009
Starwood Hotels & Resorts Worldwide CEO Frits van Paasschen on the outlook for business travel, and Starwood'sincreasingly global slant.
Chicago CRE Industry Laments Failed Olympic Bid
Oct 05, 2009
The pain of Chicago's loss of the 2016 Summer Olympic Games to Rio deJaneiro is palpable across the country, especially in the Windy City.Local officials had proposed a bevy of new commercial venues in andaround Chicago to accommodate the various competitions; the developmentactivity would have been a big boost for the city. Now, commercial realestate industry players, still reeling from the rejection, arereflecting on what might have been.
Pew Center Offers Tips from Top Companies on Going Green
Oct 01, 2009
Companies looking to go green now have another resource to consult. This week, the
Pew Center on Global Climate Change unveiled the Corporate Energy
Efficiency Web Portal, which aims to provide research and information for companies
looking to improve their sustainability or learn from others that have.
New Program Offers $1B for Green Retrofits
Sep 30, 2009
A new program could provide a sizable jolt to the already-popular
practice of retrofitting existing commercial properties to increase
environmental sustainability. The Community Preservation Corp., a
non-profit affordable housing lender, has unveiled a new public-private
partnership that aims to provide $1 billion in funding for energy
efficient upgrades and green retrofits to multi-family properties.
The Year’s Best Infrastructure Projects Announced
Sep 28, 2009
Some of North America’s most promising infrastructure projects were honored last week at the North American Strategic Infrastructure Leadership Forum. The winners, selected by CG/LA Infrastructure LLC, included such large-scale efforts as the Empire State Building retrofitting project, the National Gateway rail route and the ARC Tunnel between New Jersey and New York City.
Owners Increasingly Seeking LEED Certification for Existing Buildings
Sep 25, 2009
Despite the economic challenges of today’s market and economy,
developer interest in the U.S. Green Building Rating System’s
Leadership in Energy and Environmental Design program is on the rise.
Notably, while still not quite as prevalent as LEED certification for
new construction, LEED retrofitting of existing building continues to
grow.
Russian Equity Partner Comes Aboard on $4B Atlantic Yards Project
Sep 24, 2009
The $4 billion Atlantic Yards mixed-use development--the centerpiece of
which will be the Barclays Center sports and entertainment arena,
future home base of the NBA's Nets team--has new financial backing.
Developer Forest City Ratner Cos. Inc. and Nets Sports and
Entertainment have just signed a letter of intent to form a strategic
partnership with an affiliate of Moscow-based international private
investment fund Onexim Group for the development of the 22-acre
project. The multi-faceted deal calls for Onexim to invest $200 million.
$100M JV Eyes Student Housing Sector
Sep 18, 2009
In the midst of the industry-wide downturn, student housing has been
one of the few niches to remain largely healthy. Capitalizing on that,
Landmark Properties, Retreat Holdings and Chicago-based real estate
private equity firm Harrison Street Real Estate Capital have formed a
$100 million joint venture partnership to develop and manage new
student cottage communities throughout the country.
Economy Watch - Multifamily Leads the Way in Housing Starts Increase
Sep 18, 2009
Housing starts and building permits in August were at their highest
level all year, rising 1.5 percent to an annual rate of 598,000 units,
while building permits were up 2.7 percent during the month, according
to the U.S. Department of Commerce. All of the increase was in the
multifamily segment of the housing market: starts spiked up 25.3
percent for multifamily, while single-family home starts dropped 3
percent.
Hundered of Projects Stalled as Downturn Hits Arabian CRE Market
Sep 17, 2009
Real estate growth is slowing down significantly in the Arabian Gulf,
according to a new report from Proleads. The Cityscape Intelligence
Focus On Dubai Report, which reviewed the status of more than 3,000
real estate projects throughout the Arabian Gulf, found the impact of
the global real estate crisis is being felt across the region.
Dallas Prepares for Future Demand with Groundbreaking on $348M Convention Center Hotel
Sep 17, 2009
The credit crunch has put a damper on hotel construction and the
ensuing recession eroded demand, thereby veritably eradicating the need
for new development. But in Dallas, city officials have an eye on the
future. Anticipating a jump in the necessity for additional meeting
facilities in the next few years, the city just broke ground on the
$348 million, 1,000-room Omni Dallas Convention Center Hotel.
Anticipating Demand for Mixed-Use, DC Selects Team for 510,000SF School Redevelopment Project
Sep 16, 2009
The real estate sector in Washington, D.C., has suffered blows from the
economic downturn and credit crunch just as other major cities have,
but that is not preventing District officials from making plans to
capitalize on widely anticipated demand down the road. The city has
just chosen a team involving Stanton Development Corp. and EastBanc
Inc. to spearhead the redevelopment of the former Hine Junior High
School in the Capitol Hill Historic District into a 510,000-square-foot
mixed-use destination.
Study: Green Buildings Boost Employee Productivity
Sep 15, 2009
Businesses looking to get the most out of their workforce may want to
jump on the green bandwagon. A study released by the University of
San Diego's Burnham-Moores Center for Real Estate and CB Richard Ellis
Inc. found evidence that employees who work in LEED-certified or Energy
Star-labeled offices are more productive than staffers at non-green
locations.
Private CRE to Spur Energy Retrofit Market Over Next Few Years
Sep 15, 2009
The government--allotting funds through the American Recovery and
Reinvestment Act of 2009 to upgrade institutional buildings to promote
the reduction of energy consumption--has done its part to keep the
green movement alive. However, it is the private commercial real estate
sector that will keep the energy efficiency retrofit market moving
along at least through 2013, according to a report by Boulder,
Colo.-based Pike Research.
European Shopping Center Development to Hit 8-Year Low in 2011
Sep 14, 2009
The global recession has made its rounds, putting a damper on shopping
center construction around the world, and Europe has been no exception.
According to a new report by real estate services firm Cushman &
Wakefield, the decline in construction has yet to reach its low point.
LePatner: Delays, Disputes, Mar WTC Rebuilding
Sep 11, 2009
Eight years after terrorists destroyed the World Trade Center,
construction is underway on replacing the destroyed Twin Towers. But
what has really been accomplished on the site? Not much, according to
New York City construction lawyer Barry LePatner.
U.S. Architecture Firms Increase International Work, Embrace BIM
Sep 10, 2009
Conducted periodically over the past 20 years, the AIA Firm Survey report includes a wealth of information about firm composition and business trends at AIA member-owned architectural firms. The soon-to-be-released 2009 report, based on 2008 data, is reflective of the boom that the industry experienced prior to the recent downturn.
Expert: U.S. Falling Behind Europe in the Green Race
Sep 04, 2009
While America's green building market will likely continue its rapid
growth over the coming years, architects, developers and contractors in
the U.S. could still learn a lot from their European counterparts,
according to engineer Jerry Yudelson, a green building proponent.
Crane rises on New York's International Gem Tower
Sep 01, 2009
Construction on the International Gem Tower (IGT), a 34-story building
designed as an exclusive property for the jewelry trade, got underway
in New York City's famed Diamond District over the weekend, according
to a press release from Extell Development Co.
ProLogis Continues Risk Reduction Strategy with New Japan Partnership
Sep 01, 2009
A victim of the credit crisis and the global economic downturn,
ProLogis announced nearly 10 months ago that it would take steps to
shore up its balance sheet and reduce risk, and its latest move in
Japan constitutes yet another one of those steps. The Denver-based
global distribution facilities provider has just formed an alliance
with Tokyo-based Japan Logistics Fund Inc. and Mitsui & Co.,
Logistics Partners Ltd. that allows the aforementioned group, JLF, to
acquire assets in ProLogis' development portfolio in Japan.
Turner: Decrease in Construction Costs Largest Since 1929 Crash, But Worst is Over
Aug 31, 2009
The recession has taken a major toll on the U.S. commercial real estate
industry and the damage, in terms of construction costs, can be seen in
black and white in Turner Construction Co.'s Third Quarter 2009
Turner Building Cost Index. Construction costs have plummeted by 10.77
percent since the start of 2009, a decrease not seen since 1930, when
costs dropped 10.8 percent in the months following the stock market
crash of 1929.
For Spec Industrial Projects, Green is Key
Aug 28, 2009
Looking toward the future in speculative building projects going green,
joint venture Stirling Capital Investments has achieved LEED Gold
certification for a 1-million-square-foot industrial distribution
center. And in today's uncertain rental and sales climate, green
certification is becoming ever more vital in securing interest in spec
projects.
USGBC Focuses on Day-to-Day Sustainability with New LEED Initiative
Aug 27, 2009
The U.S. Green Building Council is aiming to help designers and
managers better monitor their green performance. The organization has
just launched the Building Performance Initiative, which will collect
and analyze information about LEED-certified buildings. The data will
be submitted by those overseeing the LEED projects and collected in a
central database where analysts from the USGBC then review it.
Lowe's Sees Australia as Fertile Ground for Expansion; 150 New Stores Planned with JV Partner
Aug 27, 2009
As most retailers fight just to keep their heads above water, Lowe's
Companies Inc. is planning a big expansion--in Australia. The
Mooresville, N.C.-based home improvement chain has formed a joint
venture with Sydney, Australia-headquartered Woolworths Limited to
develop 150 stores over the next five years in a country boasting a
burgeoning $20 billion home improvement market.
Transwestern Wins Nearly 500,000-SF Property Management Assignment
Aug 04, 2009
Transwestern has been awarded management of One Central Park East, a 485,720-square- foot office project Mesirow Financial Real Estate is constructing at 50 East Van Buren in Downtown Phoenix. Under construction and scheduled to open in the third quarter of 2009, the 26-story Class A property will also include 9,000 square feet of retail space and an executive fitness center. A recipient of the AIA Western Mountain Region Design Citation Award, it includes an advanced insulated window wall glass system featuring exterior horizontal and vertical shade fins to combat the harsh Phoenix sun.
Sustainability Issue Holds Strong, RICS-CPE Report Finds
Aug 04, 2009
Though the intensity of the economic crisis may be in the process ofdiminishing, it continues to have a vice-like grip on countries aroundthe world. Yet for the commercial real estate industry, investment insustainability remains a priority--although not necessarily for themost altruistic reasons. According to the second quarterly RICS-CPEGlobal Commercial Property Sustainability Survey, despite financialchallenges, real estate industry players remain willing to pay money togo green today, particularly with regard to energy consumption, inorder to benefit from cost savings tomorrow..
NJ Company Breaks Ground on Cold Storage Facility in China
Aug 04, 2009
Ground has broken on a 280,000-square-foot refrigerated warehouse at
Lingang Logistics Park in Shanghai, China, for Newark, N.J.-based
Preferred Freezer Storage. For China, the property will become the
country's largest and most sophisticated single-story cold storage
facility. For PFS, the build-to-suit structure marks the company's
entrée into China, as well as the beginning of its pursuit to
accommodate the burgeoning demand for cold storage facilities across
the country.
Opus Property Services Reported for Sale
Aug 03, 2009
Opus Corp. is seeking to sell its property-management business, according to a report on bizjournals.com, the Web site of American City Business Journals. It quoted a company spokesperson as stating that selling off Opus Property Services would help the company renew its focus on its "core competency," along with its being a good time to sell because property management firms currently have an "appetite ... to grow their (business)." Opus' management portfolio totals about 30 million square feet of office, retail, industrial and corporate space.
McKinsey: Green Building Can Save US $1.2T
Jul 31, 2009
Investing in energy efficient buildings now will lead to as much as
$1.2 trillion in savings by 2020, according to a new study from
McKinsey & Co. In its new report, Unlocking Energy Efficiency in the U.S. Economy,
the management consulting firm forecasted just how valuable aggressive
green construction could prove to be for the United States.
$1B HUD Infusion Could Give Jump to Stalled Affordable Housing Projects
Jul 29, 2009
When the credit markets froze, so did the development of much-needed
affordable housing across the nation, but the U.S. Housing & Urban
Development is making strides in tackling the issue. The agency, acting
through its new $2.25 billion Tax Credit Assistance Program, which is
funded via the American Recovery and Reinvestment Act of 2009, has just
approved the second dispensation of approximately $1.2 billion to state
housing finance agencies in 26 states to finance the resurrection of
various affordable rental housing programs.
Highwoods, USAA Partner to Build FBI Office
Jul 28, 2009
Highwoods Properties Inc. and USAA Real Estate Co. were awarded a build-to-suit lease by the U.S. General Services Administration to develop an approximately $45 million field office for the Federal Bureau of Investigation in Charlotte, N.C. The joint venture is scheduled to begin building the 171,000-square-foot, five-story Class A office building and annex in the first quarter of 2010 and complete it in the second quarter of 2011, with certification sought under the U.S. Green Building Council's Leadership in Energy and Environmental Design program. The project is Highwoods' third for the FBI, which is a repeat client of investor USAA's as well, and both have worked extensively with the GSA overall. Highwoods will retain a 10 percent ownership interest in the joint venture, as well as receiving development fees.
$4.2B Semiconductor Facility in Upstate NY Likely to Spark New Opportunities
Jul 28, 2009
After three years of Silicon Valley-based GlobalFoundries and the State
of New York working together to lay the financial groundwork,
construction of GlobalFoundries' $4.2 billion semiconductor wafer
manufacturing facility at the new 1,400-acre Luther Forest Technology
Campus in Malta, N.Y., has just commenced. Officials expect the
GlobalFoundries development to create 1,400 new manufacturing jobs, and
they are keeping their fingers crossed that the 1.3-million-square-foot
Fab 2 will spur additional investment in the area.
Renovated Historic Building an Example of Condo Developers Thinking Outside the Box
Jul 24, 2009
In today's stalled condo market, many developers are looking for creative ways to attract buyers. To that end, Emanon Equities, a Long Island-based real estate development and construction firm, and Ramsgard Architectural Design have turned The Seitz Building, a collapsing historic building in Downtown Skaneateles, N.Y., into a luxury mixed-use condominium complex.
CAS Launches Green Apartment Measurement Tool
Jul 24, 2009
CAS Financial Advisory Services, the asset management arm of CAS Partners, launched Green Capital Needs Assessment, designed to measure quantitatively the value of incorporating green improvements into multi-family properties. For discussion on another green tool, the Corporate Realty, Design & Management Institute's Model Green Lease, designed for use across commercial properties, log on to CPN Radio later today.
1.2MSF Project on Former Brownfield Site in California Earns LEED Certification
Jul 22, 2009
A 1.2-million-square-foot industrial park touted as the largest
speculative industrial project in the U.S. became one of the largest
overall projects in California to receive LEED certification. Developed
by Dallas-based Hillwood, the project was sold to CB Richard Ellis
Investors a year ago, but Hillwood staff recently completed the Silver
LEED certification process on behalf of the new buyer.
Is East Asia's Vertical Retail Model Wave of Future for U.S.?
Jul 22, 2009
Vertical retailing--building retail destinations higher instead of
wider--has long been a success in cities like Hong Kong and Shanghai,
but the trend has yet to catch on in the United States. However, given
the country's growing population and dwindling pool of developable land
in major cities, the time may be just right for the nation's
metropolises to jump on the bandwagon, or so believes Charles Chan,
president of commercial real estate brokerage firm Harvest
International.
Prepping for a Turnaround, Hyatt Announces Plans for New Hotel in Suburban Houston
Jul 21, 2009
The severely wounded economy and ongoing job losses continue to inhibit
travel among the leisure and business sets, but the lackluster
conditions are not stopping Hyatt Hotels & Resorts from planning a
new 214-room Hyatt Place within the 190-acre mixed-use Lake Pointe
Towne Center in Sugar Land, Texas, about 20 miles southwest of Houston.
Turner to Build $93M Atlanta Office for CDC
Jul 20, 2009
Turner Construction Co. has been selected by the Centers for Disease
Control and Prevention to provide design/build services for a $93
million, 311,000-square-foot office complex.
Carter Alliance Speaks to Growth in Medical Office Investment
Jul 17, 2009
In a prime example of how medical office properties garner investor
demand by exhibiting considerable resistance to the economic downturn,
Atlanta-based commercial real estate firm Carter formed a strategic
alliance with Align Healthcare, which provides planning and program
management services to hospitals and health systems, to develop a slate
of new Healthcare facilities.
Construction Activity to Fall Through 2010, Says AIA
Jul 17, 2009
Nonresidential construction spending is expected to decrease by 16
percent in 2009 and fall another almost 12 percent in 2010, according
to the American Institute of Architects' latest Consensus Construction
Forecast. Commercial projects will see the most significant decrease in
activity.
ProLogis to Develop 554,000-SF BTS Project in the Netherlands
Jul 15, 2009
Like so many real estate companies, ProLogis isn't developing spec
projects these days, but build-to-suits are a different story. The
Denver-based global industrial REIT just agreed to develop a
554,000-square-foot distribution center in The Netherlands for
Hi-Logistics, and if ProLogis has anything to do with it, more
build-to-suit transactions will materialize.
Green Mixed-Use Project in Hawaii Moves Forward
Jul 15, 2009
Architecture firm Stoutenborough Inc. has signed been selected by theKrausz Cos. of San Francisco to handle the design of a320,000-square-foot sustainable, mixed-use community on the island ofMaui, Hawaii.
Harrah's Cherokee Kicks Off Next Phase of $633M Expansion Despite Lackluster Gaming Market
Jul 13, 2009
With the recession in full swing, fewer people are taking chances at
the gaming tables, but that is not stopping the Eastern Band of the
Cherokee Nation from moving forward with its $633 million expansion of
the Cherokee Casino & Hotel in Cherokee, N.C. Tribal leaders just
broke ground on the 532-room hotel segment of the property's massive
upgrade.
Weighing the Costs, Benefits of Green Building
Jul 10, 2009
Sustainability is a buzzword for today’s consumers and likely a
requirement for them tomorrow, noted Bobby Bowling, president of
Tropicana Building Corp. and moderator for a National Association of
Home Builders multifamily webinar, entitled “Green Building: A
Cost/Benefit Analysis.”
With Robust Retail Demand on the Horizon, Work Begins on $100M Shopping Center at Fort Bliss
Jul 09, 2009
Development in the retail sector, which began its nosedive with the
collapse of the housing and credit markets, is hardly booming. However,
the situation is quite different at Fort Bliss in El Paso County,
Texas, where the Base Realignment and Closure Act of 2005 will bring an
estimated 127,000 new military personnel and family members to the area
by 2012.
In Struggling Hospitality Market, Arizona Resort Moving Forward with $600M Renovation Plan
Jul 06, 2009
The currently anemic state of the hospitality sector has been well documented for some time now. Doubly stung by a sharp slowdown in both business travel and tourism—as well as the financing problems that have plagued the commercial property sector as a whole—it seems clear that the sector is in the midst of one of its toughest periods ever. The struggling state of the market, though, is apparently not discouraging the owners of the Arizona Biltmore Resort & Spa from moving ahead with a planned $600 million renovation project. Also undeterred is the Phoenix City Council, which okayed the plan late last week.
HUD Awards Over $1B in Recovery Act Funds to Jump Start Affordable Housing Construction
Jul 02, 2009
The U.S. Department of Housing and Urban Development is approving plans submitted by state housing finance agencies for $1 billion to jump start affordable housing programs in states throughout the country that are currently stalled due to the economic recession. Funded through the American Recovery and Reinvestment Act of 2009, HUD's new Tax Credit Assistance Program will allow 26 state housing finance agencies to resume funding of affordable rental housing projects across the nation while stimulating employment in the hard-hit construction trades.
Houston Mixed-Use Opens Amid Uncertain Economy
Jun 29, 2009
While Texas struggled later and possibly not as much as the rest of the country when the bottom fell out late last year, Houston’s office market continued to thrive until just recently with rising vacancies and more projects under construction. Recent delivery of projects like Citycentre’s mammoth 425,000 square feet of mixed use space right now might not be ideal timing, but developer Midway Cos. hopes to weather the difficult market.
Downtown Miami Condo Market Showing Signs of Life--Contrary to Popular Opinion
Jun 29, 2009
Rumors of the Downtown Miami condominium market's death have beengreatly exaggerated. The Miami Downtown Development Authority recentlycommissioned the Residential Closings & Occupancy Study, whichindicates that industry talk about the area's stock of new condos beingcovered in cobwebs--or predominantly empty--may not be totallyaccurate.
Green Building Council Steps Up LEED Requirements
Jun 29, 2009
With an eye toward maintaining long-term sustainability, as opposed torewarding good intentions, the U.S. Green Building Council has justadded a new requirement for owners pursuing LEED Certified status fortheir properties.
UN Moves Forward with Next Phase of $1B Renovation of NYC Headquarters
Jun 25, 2009
With the country well ensconced in a recession and debilitated by the
credit crunch, the clatter of construction equipment on the streets is
not an oft-heard sound--unless you are at the site of the United
Nations headquarters in New York City. In the face of a global economic
meltdown, the international organization has not missed a beat with its
$1 billion Capital Master Plan for the sweeping renovation of the 2.6
million-square-foot complex. And now that Skanska USA Building Inc. has
kicked off the next phase of the project, the comforting buzz of
building activity is not going to stop anytime soon.
Angling to Capitalize on Future Apartment Market Changes, Industry Vets Form New Firm
Jun 24, 2009
The apartment market held up relatively well during the early stages of the economy's descent--but even it is now in decline. And while many investors are shying away, industry veterans Jim Butz and Greg Lamb are jumping in with both feet. The two former principals of leading multi-family developer JPI East have teamed with office and mixed-use developer Akridge to launch Jefferson Apartment Group with the intention of acquiring--and eventually--developing apartment properties in the Mid-Atlantic and Northeast regions.
Anticipating Future Demand, Dallas Approves $514M Bond Sale for Convention Center Hotel
Jun 23, 2009
For the most part, banks still aren't lending and business and leisure travelers--inhibited by economic decline and job losses--have not exactly been escalating their travel plans, but such conditions are not stopping the City of Dallas from moving forward with its plan to develop a large luxury hotel. In a unanimous vote, the Dallas City Council has green-lighted an ordinance that paves the way for the sale of $514 million in municipal revenue bonds for the development of the $346 million Omni Dallas Convention Center Hotel, which is now scheduled to deliver in 2012.
The Green Mandate for Commercial Real Estate
Jun 19, 2009
Green building standards may not seem to be on the front burner of commercial real estate as much this year as last, simply because very little new development is breaking ground these days. Yet planning and policy shifts regarding sustainable real estate go on, anticipating the day when development will begin again.
While Other Projects Languish, $500M Suburban Boston Film Studio Takes Next Step
Jun 18, 2009
The frozen credit market and shattered economy have caused the interruption or outright cancellation of development project after development project across the country, but such is not the case for an unlikely 1.8 million-square-foot mixed-use endeavor in Plymouth, Mass., about 40 miles south of Boston. Having just secured the Plymouth Planning Board's approval of a master site plan, developers of Plymouth Rock Studios can now proceed with on- and off-site activities for the fully funded, $500 million film and television studio compound.
With Little Opportunity in Domestic Hotel Market, MGM Eyes Cairo
Jun 17, 2009
As the U.S. hotel market continues to tumble hand-in-hand with the flailing economy, many hotel concerns are finding opportunities for projects in less hindered travel destinations abroad, and MGM Mirage is no exception. The Las Vegas-based gaming and hospitality company has just announced a partnership with Egypt's New Giza for Real Estate Development to develop a new resort just outside of Cairo, Egypt.
In Stalled Development Market, New Firm Aims to Help Banks with Non-Performing Loans
Jun 17, 2009
With development projects stalled across sectors, the need to deal with loans that have gone bad is one of the few growing niches of the commercial property industry. To that end, Diversified Properties has formed a partnership with industry veteran Jonathan Stein to form Diversified Realty Advisors, a real estate advisory and turnaround group providing lenders with interim portfolio or individual asset management services during the workout or foreclosure stage, as well as long-term strategies such as asset and construction management, acquisition support and disposition services.
New Airport Puts Panama City on Track for Long-Term Growth
Jun 12, 2009
Most of the country is waiting for the economy to turn, or even for the federal stimulus to have some measurable effect on local economies, but at least one part of the country has a third option. In the Florida panhandle, in particular the Panama City area, a new international airport--under construction, scheduled for completion next year--promises economic stimulation, both in terms of business growth and real estate development.
Redevelopment of Former Auto Dealerships a Tough Prospect
Jun 11, 2009
In May, both Chrysler and General Motors cut loose thousands of dealerships --
some 789 by Chrysler as part of its bankruptcy proceedings, and then about
another 1,100 by GM even before its bankruptcy. The moves were part of the
aggressive scaling back by both companies to meet the stipulations of the
federal government's Auto Task Force.
Houston Marks a Green Milestone
May 20, 2009
As green development continues to thrive across the country, Houston’s
First City Tower has earned LEED Gold certification for an existing
building from the U.S. Green Building Council, marking a milestone for
sustainable development in the market.
Economic Update - Legacy CMBS Now Under TALF
May 20, 2009
In a major expansion of the Term Asset Backed Securities Loan Facility (TALF), the Federal Reserve said on Tuesday that investors will be able to buy existing securities backed by commercial real estate loans--so-called "legacy" CMBS. The commercial real estate industry has been pushing for this for some time, and it will at last be possible starting in July.
Philadelphia: Soon to be America's Greenest City?
May 14, 2009
If Philadelphia mayor Michael Nutter meets his goal, the City of Brotherly Love could soon be called the City of Sustainability instead. He plans to make the nation’s first capital the greenest city in America. And he has set out 15 targets to achieve that goal by 2015, before his term is up.
U.S. Infrastructure at Crossroads: Report
Apr 21, 2009
With $132 billion having been set aside in the stimulus package for road, highway and various other transit related projects across the United States, the issue of the country's outdated infrastructure is at the forefront. The Urban Land Institute and Ernst & Young note in a new report that while the funding will certainly boost the job market, what is of even more vital importance is a long-term infrastructure plan for digging the nation out of an economic slump and shoring up the country to be competitive on an international level in the future.
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