Allison Landa
Former Seville Beach Hotel in Miami Sells for $57.5M and Preps for Ian Schrager Makeover
Located at 2901 Collins Avenue, the Seville is a 12-story building that originally opened its doors in 1955. The sellers had acquired the hotel in 2005 for $25 million and joined forces with the Ritz-Carlton Hotel Company L.L.C. in a plan to convert the property into a three-building Ritz-Carlton Club & Residences with fractional- and whole-ownership units. The project never reached fruition. Now a different set of plans is in store.
Economy Watch: Single-Family Housing Starts Edge Down
According to the U.S. Census Bureau and the Department of Housing and Urban Development, residential starts nationwide were down 5 percent in June compared with the pervious month. But by combining the single-family and multifamily statistics, the government puts the wild-card figures of multifamily development (volatile, the economists call it) with the more stable single-family figures, distorting both of them.
Marcus & Millichap Names Kerin President & CEO
Real estate investment services firm Marcus & Millichap has named John Kerin president and chief executive officer effective July 1. A senior vice president and managing director, Kerin oversees 18 offices nationwide.
Check out CPE’s July Issue
CPE‘s July issue is live, with interviews with Peter Roberts and Ric Campo, plus all the timely news and information you need to know. Click here for more.
Toyota to Build $600M Manufacturing Plant in Brazil
Two years ago this month, Tokyo, Japan-headquartered Toyota Motor Corp. acquired a 914-acre parcel of land in the town of Sorocaba in Brazil , and now the automobile company is ready to erect a new plant on the site.
Thor Plans $200M Upgrade of Former Takashimaya Building in NYC
Thor will now embark on a $200 million upgrade of the building. The upgrade includes a transformation of the first eight floors to all retail space and the near-doubling of the 3,500 square feet of retail on the ground floor. The building’s existing granite façade will also be replaced with glass. Floors nine through 20 will not be involved in the renovation.
Economy Watch: Homebuilder Confidence Heads for Basement
Builder confidence in the market for newly built, single-family homes was down again in July to its lowest level since April 2009, according to the National Association of Home Builders/Wells Fargo Housing Market Index released on Monday. The index fell two points to 14 from a downwardly revised number in the previous month.
Media Outlets Relocate to 100,000 SF in 4 New York Plaza
Four New York Plaza has nearly 1.1 million of Class A square footage, located on two acres. The building features floor plates of 50,000 square feet and is 75 percent occupied by JPMorgan Chase.
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