Houston-based developer Hines and the California Public Employees’ Retirement System (CalPERS) are reportedly preparing to create a third fund for investment in Brazilian real estate. All together, the fund could total $800 million. News of the new fund was reported by Bloomberg, quoting Douglas Munro, chief executive of Hines do Brasil Empreendimentos. This morning a representative of Hines confirmed to CPN that the report was accurate, but otherwise declined to comment on the fund, which may be ready by August. Representatives of CalPERS could not be reached for comment. Hines is an experienced player in the Brazilian real estate market,…

The New York City Law Department will renew it lease at 100 Church Street, continuing to occupy six floors of the Downtown New York City building. Terms of the lease were not disclosed. The building is currently undergoing a significant capital improvement program, encompassing structural, building, window replacements, and mechanical upgrades, as well as aesthetic enhancements to the common area spaces. The building, built in 1958, is a 21-story, 1.1-million-square-foot multi-tenant office building. CB Richard Ellis Inc. is the leasing agent and property manager for the building. Lower Manhattan’s office market posted a lower overall availability rate than the Midtown…

The proposed 10000 Santa Monica Boulevard luxury condo project will bring “green” to a whole new level. Courtesy of a design by Jean Nouvel, the high-profile French architect who’s just been tapped by SunCal Cos., the project’s developer, the 45-story, 177-apartment tower in Century City, Los Angeles, will feature “an integration of landscaping beyond the ground-level, horizontal plane into the vertical façades of the building.” In a prepared statement, Nouvel described his semi-transparent design as making the building (pictured) look like “a green blade.” In addition to vertical landscaping, the design includes a private 40,000-square-foot garden at the lobby level….

After a government denial halted the proposed $600 million St. Regis Mohawk Casino at Monticello Raceway, Empire Resorts Inc. has joined forces with Concord Associates L.P. to relocate the development to a 160-acre parcel of land at the site of the closed Concord Hotel. Closing under the agreement is subject to various approvals and closing conditions. Construction is expected to commence later this year, with a grand opening in 2010. Plans for the project include a gaming and entertainment facility at the site. The main feature of the development will be a $700 million entertainment complex consisting of a 100,000-square-foot…

Pinnacle Entertainment Inc., has taken a big step forward with its plans to develop the Riviere, a $250 million gaming entertainment destination in Baton Rouge, La. The company has secured a most necessary endorsement for its first phase–that of the voters of the City of Baton Rouge. Riviere (pictured) will be sited on 550 acres about 80 miles outside of New Orleans. “We tailor each of our properties to the taste of the market and Riviere will be very much for a regional market; it will be a true destination resort,” a Pinnacle spokesperson told CPN today. “We believe there…

It is my hope that this week’s column will serve to help dispel the myth that ideas are inherently good things. Let me state right from the outset that I place little value on ideas. Not only do raw ideas have little intrinsic value, but they are often very costly. While I stipulate to the fact that ideas can sometimes lead to great things, I also submit that it is more frequently the case that ideas lead to disappointment, tragedy, and disaster. Those of you familiar with my work are probably wondering if it is really me authoring this text…if…

Seattle-based senior living provider Emeritus Corporation grew again with the acquisition of 23 communities the firm is already leasing. The price tag of $305 million excludes transaction costs. Emeritus adds 1,672 units across the country to its portfolio with the purchase.In September, Emeritus–a provider of assisted living and Alzheimer’s and related dementia care–completed a merger transaction with Summerville Senior Living Inc. making Emeritus one of the largest national assisted living companies, operating 287 communities in 36 states, comprising 24,712 units with a capacity for 29,474 residents at that time. The addition of the 23 properites provides increased financial flexibility for…

With only hours to go before the deadline for a deal on Macklowe Properties’ $7 billion debt on a portfolio of Manhattan trophy towers, key details apparently still remain unsettled. As reported by CPN last Friday, the firm’s founder, Harry Macklowe, had tentatively agreed to turn over control of the buildings to Deutsche Bank AG. The investment bank provided $5.8 million in short-term debt toward Macklowe’s acquisition of the towers from Equity Office Properties Trust a tear ago. Macklowe also faces a deadline today to repay the other major piece of the debt financing package, a $1.2 billion loan from…

Starwood Hotels & Resorts Worldwide Inc., White Plains, N.Y., announced today that two former Adams Mark Hotels will be reflagged as the Sheraton Dallas Hotel and Sheraton Denver Hotel. And starting in mid-April, both hotels, owned in partnership between Whitehall Funds and The Chartres Lodging Group–known until last month as Oxford Lodging Advisory & Investment Group L.L.C.–will undergo a comprehensive renovation. Each hotel represents a superlative. The Sheraton Dallas Hotel has 1,842 guest rooms and more than 230,000 square feet of meeting space, including the single largest ballroom in Texas. Located in Dallas’s commercial center, it’s attached by a skybridge…