News
Related Cos., Oxford Unveil Fifty Five Hudson Yards
Related Cos. and Oxford Properties continue planning for the massive $15 billion Hudson Yards development on Manhattan’s West Side by unveiling the design of Fifty Five Hudson Yards, a 51-story, 1.3 million-square-foot office building.
Economy Watch: ADP: Private Sector Hiring Slows in May; Beige Book: Economic Activity Increases; ISM Non-Manufacturing Index Up in May
ADP says hiring slowed down in May. Economic activity expanded recently, with some aspects of real estate growing more strongly than others. The Institute for Supply Management reported that its non-manufacturing index was up 0.8 percent compared to April.
Cleveland City Council Approves $700M Lakefront Development
Cleveland’s lakefront is getting a makeover. The city has recently approved plans to develop over 20 acres of lakefront property close to Cleveland’s central business district.The project is expected to cost $700 million.
Crescent Communities’ 300-Unit Apartment Property in Durham Opens This Month; Franklin Hotel to Carry Hilton’s Curio Boutique Hotel Brand
The Crescent Ninth Street multi-family community in north Durham is scheduled to open this month, the Herald Sun reports.
FirstService Residential to Provide HOA Management for Hill Farm
The Hill Farm community in northeast Tucson has recently selected FirstService Residential to provide HOA management services for the Hill Farm Homeowners Association.
Heritage Hotels and Resorts Acquires Eldorado Hotel & Spa
Eldorado Hotel & Spa, Santa Fe’s 219-room hotel, has been acquired by Heritage Hotels and Resorts in partnership with several co-investors, including insurance executive Randy Talbot. The transaction has been financed by Washington Federal and First National Bank of Santa Fe and Stu Sherman brokered the transaction.
Downtown Summerlin Nears Completion and First Test
There is always a large amount of chatter regarding big developments, new master-planned communities and ambitious redevelopment projects. But it’s the downtown component that is always polarizing. With Summerlin’s downtown area edging closer to reality, specifically the project formerly known as Summerlin Centre, Howard Hughes Corp’s concept for a new style of large scale development in the area is set to get its trial by combat as homebuyers and businesses will mark the latest phase in the master plan as either a success, or another Vegas bust.
Cypress Set to Break Ground in September on Gensler-Designed Market Street Place
Redevelopment is sometimes the best chance a forgotten city block has at resurgence. That’s exactly what Cypress Equities has planned for its Mid-Market San Francisco project, located on Market Street between 5th and 6th. Cypress recently announced that it has decided that it will hold an official ground breaking for the $150-million development project this September.
New Loews Chicago Hotel Joins ALHI
Associated Luxury Hotels International recently expanded its portfolio with the addition of the new Loews Chicago Hotel which is scheduled to open in the beginning of 2015. AHLI will provide Global Sales Organization support, expertise and sales services for the new Chicago Hotel.
Cornerstone Real Estate Advisors, Hammer Ventures Make Big Buys
San Diego’s commercial market is continuing its path of ramped investment activity as Cornerstone Real Estate Advisors LLC and Hammer Ventures partnership recently moved to acquire major properties. Cornerstone is now the new owner of the North County Corporate Center, while the partnership involving Hammer Ventures has acquired the Torbati Building.