News
Time Equities Gets $398M to Start Manhattan High-Rise
Time Equities, of New York, has secured $288 million in construction financing for 50 West St., a 63-story residential condominium tower that will start construction in Lower Manhattan this fall.
Hyatt Buys Peabody Orlando for $717M
Hyatt Hotels Corp. has acquired The Peabody Orlando, a 1,641-key hotel, from UST Hotel Joint Venture for $717 million and will rebrand it as the Hyatt Regency Orlando Convention Center.
Economy Watch: Pending Home Sales Dip; Oil Prices Spike Due to International Jitters
According to NAR, Pending Home Sales Index dropped from 110.9 in June to 109.5 in July, though it’s still higher than a year ago. And the crisis in Syria, and especially the prospect of U.S. military force being brought into the situation, seems to be pushing the price of crude oil upward.
Pizzuti Cos., Starwood Hotels Break Ground on 135-Key Le Meridien in Short North District
By Adrian Maties, Associate Editor Officials broke ground Aug. 22 on Le Meridien Columbus, The Joseph, a 135-key hotel in Columbus’ Short North Art District. Developed by Pizzuti Cos. and Starwood Hotels & Resorts Worldwide, the property will be owned by Pizzuti and operated by Wischermann Partners. Mayor Michael Coleman, Pizzuti Cos. chairman Ron Pizzuti […]
Third Tower at Marriott’s Grand Chateau Tops Out; Court Approves Harmon Tower Demolition
One of Las Vegas’ most high-profile luxury developments of the year is undoubtedly Marriott’s Grand Chateau project. The three-tower complex that would offer residents a wide range of amenities and villa-style accommodations has only recently reached an important milestone. The general contractor of the project, the Tutor Perini Building Corporation, has topped-out the third tower of the complex, a mere 13 months after breaking ground at the site. The third tower of Marriot Vacation Club’s ambitious project will complete the overall appeal of the development, complementing the other towers that comprise the Grand Chateau.
Utah State University Expands With New Athletics Facility, Extension to Its Business School
Utah State University has had a full summer, with development projects to expand the institution’s facilities breaking ground for a total of around $50 million. Earlier this summer, USU held a ground-breaking ceremony for a new, $9.5 million athletics facility, dubbed the Estes Center. With the prospect of a brand new basketball practice facility and volleyball competition venue, the university has recently announced another groundbreaking ceremony for a new extension to its Jon M. Huntsman School of Business.
CBRE Tapped to Manage London’s Gherkin
CBRE Group is taking over management of the 516,668-square-foot, 40-story skyscraper in central London known as The Gherkin. One of the world’s most iconic commercial buildings, the mixed-use high-rise is nearing its 10th anniversary.
Hines-Managed Coca-Cola Building in Rio de Janeiro Receives Brazil’s First LEED-EB Silver Certification
The 19-story office building that has housed the soft drink manufacturer’s Brazilian administrative HQ, since 2003 has become the first building in the country to obtain LEED-EB Silver certification.
Beech Street Closes $55M in FHA Loans for Indiana Skilled Nursing Portfolio
Infinity Healthcare Management wanted to refinance an 808-bed portfolio of skilled nursing facilities in Indiana, and Beech Street Capital has made it happen with the closing of $55.3 million in FHA 232/223(a)(7) loans.
Economy Watch: Case-Shiller Indices Still Going Up; Consumer Confidence Edges Up Too
The Case-Shiller Home Price Indices continued to increase in June. And the Conference Board’s Consumer Confidence Index, which had declined in July, surprised on the upside by increasing slightly in August.