Business Specialties Development
Vegas CityCenter Delays Hotel, Axes Condo Portion
Jan. 08, 2009
CityCenter Holdings L.L.C., a joint venture between MGM MIRAGE and Infinity World Development Corp., announced some changes related to The Harmon Hotel & Spa that include postponing the opening of the hotel to late 2010 and cancelling The Harmon residential condominium component.
Construction Industry Faces Hard 2009
Jan. 06, 2009
The equity markets dropped considerably Monday morning, but then yo-yoed around for the rest of the day--small fluctuations, really--and ended up slightly down, for the first time in four trading sessions and the first time this year. The Dow Jones index dropped 76.7 points, or 0.85 percent, while the S&P 500 dropped 0.35 percent and the Nasdaq lost 0.49 percent.
Bibby Takes Over as Grosvenor CEO
Jan. 06, 2009
Andrew Bibby has assumed the role of CEO for Grosvenor Americas, the U.S. and Canadian operations are of private property development, investment and fund management firm Grosvenor Group. Bibby previously served as the firm’s chief development officer.
As Phoenix Light Rail Debuts, Will T.O.D. Get on Track?
Jan. 05, 2009
Phoenix's $1.4 billion, 20-mile light rail system carried its first passengers on Dec. 27th, and real estate professionals believe that development opportunities around the line’s 20 stations are significant; Valley Metro, which operates the system, projects the system will initially carry 26,000 passengers a day.
$48M First Phase of Brooklyn Bridge Park Project Breaks Ground
Dec. 31, 2008
Reusing and revitalizing Brooklyn’s deteriorated East River waterfront began with a groundbreaking in February on the piers area and now a $48 million contract was awarded to Skanska for Phase I of the Brooklyn Bridge Park project in New York City.
International Groups to Tackle Affordable Housing as Global Real Estate Challenge
Dec. 29, 2008
On a global level, there are no geographical boundaries when it comes to affordable housing shortages. And with that topic in mind the United Nations Economic Commission for Europe recently held a seminar in New York City along with its Real Estate Market Advisory Group and the International Real Estate Federation to address the affordable housing issue and the role it can play in rebuilding the real estate market.
Port of Houston Planning $283M in Projects
Dec. 29, 2008
With more than $283 million in construction planned, the Port Commission of the Port of Houston Authority is working to assure Houston’s emergence as the nation’s busiest port is met with cutting edge facilities.
'Edge Cities' Set to Move to Forefront
Dec. 24, 2008
At first glance, it may appear that the country’s largest cities will reap the biggest benefits under President-elect Barack Obama’s planned infrastructure initiatives, partially due to his connections to metropolitan areas like Chicago. But according to urban planner Douglas McCoach, vice president of planning and urban design for global design firm RTKL Associates Inc., perimeter suburban and exurban areas surrounding large U.S. cities--locations he describes as "edge cities"--may gain the most from new infrastructure funding.
Clark Opens Pioneering Military Singles Property in San Diego
Dec. 23, 2008
At Naval Base San Diego, Clark Realty Capital and the Department of the Navy opened the doors of Pacific Beacon (pictured), the first of three 18-story luxury apartment buildings in the country's first large-scale housing privatization initiative for unmarried military personnel.
GenCorp’s Mixed-Use Project Takes Next Big Steps
Dec. 23, 2008
Sacramento County’s supervisory board has unanimously approved the final environmental impact report for GenCorp Inc.’s 1,400-acre mixed-use project and amendments to the county’s general plan for the project.
$87M Casino Gets Under Way in Historic Dodge City
Dec. 19, 2008
Ground will officially be broken on Monday for the $87.5 million Boot Hill Casino and Resort in Dodge City, Kan., although construction is already under way. The developer is Butler National Service Corp., a subsidiary of Butler National Corp., in conjunction with BCH Development.
Next Century Plans $2B Mixed-Use Project in Los Angeles
Dec. 19, 2008
Next Century Associates has unveiled a proposal to build a $2 billion mixed-use property in Los Angeles' Century Plaza, on the current site of the Century Plaza Hotel. The redevelopment proposal entails razing the 19-story hotel and replacing it with a pair of towers.
Signet Solar to Build $840M Plant in New Mexico
Dec. 18, 2008
Signet Solar Inc., a manufacturer of thin film silicon photovoltaic modules based in Menlo Park, Calif., plans to build an $840 million manufacturing facility in Belen, N.M., about 30 minutes south of Albuquerque.
Developers Break Ground on $210M Residential, Retail Project in Jersey City
Dec. 17, 2008
Construction has begun on a $210 million development in Jersey City, N.J., that will feature two 47-story towers with a total of 524 rental apartments and 11,000 square feet of ground-floor retail space. Monaco Towers, developed jointly by Roseland Properties of Short Hills, N.J., and Garden State Developers of Jersey City, had originally been planned as a condominium property but will now offer rental apartments.
Hilton Garden Inns to Debut in Saudi Arabia
Dec. 16, 2008
Hilton Hotels Corp. has unveiled plans to develop 13 Hilton Garden Inns, comprising a total of 2,500 rooms, in Saudi Arabia. The plan will mark the Garden Inn brand’s entry into the Saudi market.
Lynd Breaks Ground on First Chicago Property
Dec. 16, 2008
San Antonio, Texas-based developer Lynd Development Partners is making its first move into the Chicago market with a 300,000-square-foot, 249-unit apartment tower.
Silverstein Wins Arbiter’s Nod in WTC Construction Dispute
Dec. 12, 2008
Settling a dispute over construction conditions at Manhattan’s World Trade Center, an arbitration panel has ruled that the public agency that owns the site has not finished preparatory work necessary for construction of two office towers. The decision will require the Port Authority of New York and New Jersey to pay developer Silverstein Properties Inc. millions of dollars in additional penalties because progress on the towers is being hampered. But both the agency and the developer also won high marks from the panel for their willingness to work together.
St. Regis Breaks Ground on $172M Puerto Rico Resort
Dec. 11, 2008
More than two years after it was initially proposed, St. Regis Hotels & Resorts and a Puerto Rico-based developer are moving forward with the construction of a $172 million luxury resort at Bahia Beach, Puerto Rico.
Serota Properties Proposes $300M Mixed-Use Project
Dec. 11, 2008
Serota Properties has submitted a proposal to develop a $300 million mixed-use community on 136 acres at the corner of Sunrise Highway and Veterans Memorial Highway in New York’s Islip, Long Island.
Holliday Fenoglio Seals Deal for Redevelopment of GM Plant in New Jersey
Dec. 10, 2008
The Indianapolis office of Holliday Fenoglio Fowler arranged $70 million in financing for Duke Realty Corp. to redevelop a former General Motors manufacturing plant in Linden, N.J. The redevelopment project will receive a two-year adjustable rate loan with HSBC Bank USA, with US Bank and The Private Bank as participants.
MGM Mirage Creates Global Gaming Division
Dec. 09, 2008
MGM Mirage Hospitality has formed MGM Mirage Global Gaming Development, a new division that will focus on expanding MGM Mirage Hospitality into new markets internationally with luxury resorts, both with and without gaming. The division’s president will be Lloyd Nathan, who has been with the company since 2002.
Duke Sells D.C.-Area Parcel to Army for $105M
Dec. 09, 2008
Duke Realty Corp. has completed the sale of a 16-acre parcel in its Mark Center business park in Alexandria, Va., to the U.S. Army Corps of Engineers, which will develop the land as a two-building office complex that will house 6,400 Department of Defense employees. The sale price was $105 million.
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