News
Developers Break Ground on $120M Border Project Linking San Diego and Tijuana
After nearly six years of planning a unique project recently broke ground in the San Diego area. Developers have officially started work on the Cross Border Xpress, a $120 million private venture that will build a new elevated, pedestrian bridge for Tijuana International Airport. The project is the first facility in the U.S. that connects directly into a foreign airport terminal. The development company is Otay Tijuana Ventures LLC, an entity supported by shareholders from both America and Mexico.
Las Vegas in the Mix for Pro Soccer’s Next Expansion
Las Vegas is a city aching to get a major sports franchise for a while now, but it seems that the NFL, NBA, MLB and NHL are currently satisfied with the number of teams that they currently allow. The success of the Las Vegas Summer League has galvanized discussion regarding an expansion franchise to the city, but the league is cycling through a number of potential cities in case of an expansion. One sport that has been gaining notoriety with the American public in recent weeks, mainly due to the monster success of the 2014 FIFA World Cup in Brazil, is soccer.
Master-Planned Community’s First Homes at Wendell Falls to Open by Next Spring
The first homes at Wendell Falls, Newland Communities’ 1,115-acre master-planned development in eastern Wake County, are scheduled for completion by next spring.
Cancer Center Completes 1st Phase of $23M Renovation and Expansion Project
Mary Bird Perkins – Our Lady of the Lake Cancer Center started work in June, 2013, on a $23 million renovation and expansion project of its facility in Baton Rouge. The goal of the project is to upgrade building systems and help enhance the services provided to patients throughout their treatment. It reached an important milestone earlier this month, when the center announced the completion and opening of the phase one areas.
Rita’s Italian Ice Restaurant Announces Launch into New Mexico
Rita’s Italian Ice, the popular Italian Ice concept with over 600 stores announced its entrance on the New Mexico market. The starting city will be Albuquerque, with the first location scheduled to open in March 2015.
Seventh Street Breaks Ground on 500 KSF Final Phase of Business Park in Pomona, Calif.
Last chance. Seventh Street Development has broken ground on the fourth and final phase of Mission 71 Business Park, a 2 million-square-foot industrial campus in Pomona, Calif., within the high-demand San Gabriel Valley market.
INTERNATIONAL: LJ Group, Cresco to Develop 552-Unit Student Housing Complex in Berlin
LJ Group has committed a total of $135 million of equity to Cresco Capital Group’s German student housing venture, Cresco Urban Yurt.
CIT to Buy OneWest Bank for $3.4B
Calling it a “transformational transaction,” CIT Group Inc. chairman & CEO John Thain said the New York-based commercial lender would more than double in size if the planned $3.4 billion acquisition of Southern California’s OneWest Bank, N.A. is approved by federal regulators.
Related Fund Management Grabs Fort Lauderdale Condo Hotel for $90M
An affiliate of Related Fund Management, headed by current Miami Dolphins owner Stephen Ross, has acquired the W Fort Lauderdale Hotel, a 346-key hotel in South Florida, from Capri Resorts, for $90 million.
Economy Watch: Existing Home Sales Up in June; Inflation Still Subdued
Total existing-home sales rose in June by 2.6 percent month over month. Inflation experienced another mild uptick in June, with the Consumer Price Index for All Urban Consumers increasing 0.3 percent for the month.