the Editors of Commercial Property Executive
First Affordable Housing for Gay Seniors to Break Ground Next Month
By Veronica Grecu, Associate Editor A $20 million affordable housing community for elderly gay seniors will break ground in October thanks to a grant from the Pennsylvania Housing Finance Authority. According to The Philadelphia Gay News, the $12 million low-income tax credits were purchased by Wells Fargo Bank, while the remaining $8 million is being […]
Detroit Housing Occupancy Level Tightens as Chrysler Opens New Office, Relocates Employees
By Veronica Grecu, Associate Editor More than one year has passed since the U.S. Department of Housing and Urban Development (HUD) removed Detroit from the “troubled designation list” due to improvements in the housing status and added it to the list of standard performing cities. Detroit’s revival plans have been focused around two major incentive […]
FelCor Sheds Nashville Hotel in Package Deal Worth $70M
By Eliza Theiss, Associate Editor FelCor Lodging Trust Incorporated recently announced entering an agreement to sell two hotel properties in the Southern US for a combined price of $70 million. The properties are the 296-key Embassy Suites Nashville—Airport and the 370-key Embassy Suites Hotel New Orleans—Convention Center. Located at 10 Century Blvd. Embassy Suites Nashville—Airport is […]
$70M Luxury Development Green-Lit by City Council
Following almost a year of negotiations and hammering out of details, the New Orleans city council has given its final approval to the development of 1031 Canal St., a 240-unit luxury mixed-use project.
Phase Two of Ward Village Shops Welcomes New Tenants
By Adriana Pop, Associate Editor The Howard Hughes Corp. announced the first tenant for Phase Two of Ward Village Shops, a 57,000-square foot, two-level retail center along Auahi Street in the heart of the Kaka’ako district in Honolulu. Pier 1 Imports will occupy 12,688 square feet at the new retail center, which is scheduled to […]
New NYU Academic Center Opens–in Washington, DC
By Adrian Maties, Associate Editor New York University, the world’s first Global Network University, opened a new academic facility in Washington, D.C., on Sept. 24. It will give NYU students a chance to study “abroad” (or “study away,” as the case may be) in the nation’s capital. NYU president John Sexton and board of trustees […]
World’s Tallest Ferris Wheel to Be Built on Staten Island
Local officials in New York City are aiming big for the ”Big Apple.” Mayor Michael Bloomberg announced last week plans for a new tourist attraction that would reinvent the northeastern side of Staten Island: the world’s tallest Ferris wheel, a 625-foot -tall structure destined to become one of the city’s landmark attractions.
Developers Plan 110-Key Element for Park East Corridor
MRH West L.L.C. plans to develop a 110-key Element hotel on the Park East corridor in Downtown Milwaukee, the Milwaukee Business Journal reports. The investment group is in negotiations with the Milwaukee County Board to purchase a site on Old World Third Street near the recently demolished Sydney Hih complex. The property would be the city’s second extended-stay hotel and would rise across the street from a 160-key Aloft developed by MRH West. The investors are negotiating to have Starwood Hotels and Resorts Worldwide Inc., which also manages the neighboring Aloft, operate the proposed hotel.
280-Unit Luxury Apartment Complex Breaks Ground
A mixed-use luxury apartment complex near Charlotte’s uptown area has recently begun construction
Miami Tower Adds Dramatic LED Lighting to Skyline
Miami Tower is set to establish itself as an iconic symbol of the city by adding an LED Exterior Lighting system meant to both considerably reduce energy use and add a dramatic new look. The advanced system will reduce related lighting energy usage by 92 percent, save tenants and the building’s owner nearly $260,000 per year in energy and related operating costs, and reduce CO2 emissions by more than 1.2 million pounds.