News
TUI in Next Phase to Build Resort in Tuscan Village
TUI is moving ahead in its plans to revitalize Castelfafli, a sizable 800-year-old village in the heart of Tuscany, lying between Florence, Pisa and Siena, and the largest project of its kind currently being built in Europe.
TriGate Capital Closes Fund Above Target, at $324M
TriGate Property Partners II L.P. has closed at $324.2 million, above its target raise of $300 million.
Economy Watch: Total Existing-Home Sales, California REO Sales Drop; Chicago Fed Economic Activity Index Improves
Total existing-home sales dropped 1.2 percent in June to an annualized rate of 5.08 million units. An estimated 41,027 new and resale residential properties sold statewide in California last month, down 6.9 percent from May. And the Chicago Economic Activity Index increased to –0.13 in June from –0.26 in May.
Hines Commences 300 KSF Spec Office Project in Denver
Who’s afraid of speculative development? Not Hines. The real estate firm has just broken ground on 1601 Wewatta, a 300,000-square-foot office tower that will sprout up in Denver’s burgeoning lower downtown district.
Troubled Apartment Building in Evanston Makes Way for New Homes
A century old building in Evanston was demolished on Wednesday, July 17, to make way for new development and help revitalize the Cincinnati neighborhood. Hundreds of people were present at the event and cheered as machines belonging to the O’Rourke Wrecking Company brought down the mammoth building. Anzora Adkins, President of the Evanston Community Council, Cincinnati City Manager Milton Dohoney Jr. and Vice Mayor Roxanne Qualls were among them.
Bellevue’s Spring District Kickstarts Development with Two Office Buildings
The development process for the Spring District project in Bellevue is now underway after the city’s official records point out permitting approved for two new office structures in the mixed-use neighborhood. Developed by Wright-Runstad, the Spring District will constitute a 36-acre, environmentally sustainable urban area that will replace the old Safeway Distribution Center in the Bel-Red Corridor. The development comes as a consequence of the area’s rising tech market and the growing interest in the Puget Sound area overall. An appeal limit was set for July 25th.
$40M Project to Deliver First New Hotel in Downtown Akron in 40 Years
Downtown Akron is getting ready for a new hotel. Mayor Don Plusquellic, Greystone Partners LLC and Amerimar Realty Company made the announcement last Tuesday, July 16. The project will incorporate the historic Greystone Hall at Mill and High streets and will be the first new hotel construction in the city’s downtown in 40 years.
Brookfield’s Canadian REIT Grabs Bay Adelaide Centre East in Downtown Toronto
Brookfield Canada Office Properties announced plans to buy Bay Adelaide Centre East office tower in downtown Toronto from its parent company, Brookfield Office Properties.
OMA NY Wins Major Design Competitions in Miami Beach, Santa Monica
The city of Miami Beach has awarded its $1 billion redevelopment of the Miami Beach Convention Center to South Beach ACE, a team including OMA, Tishman Realty and UIA Management.
Sales Start Strong for OliverMcMillan’s Symphony Condominiums in Downtown Honolulu
San Diego-based developer OliverMcMillan has announced that 70 percent of the residences at its Symphony Honolulu luxury tower have been sold in the first two days available. Construction is expected to begin at the end of 2013 and be complete in two years.