News
Cutting-Edge System Will Harness Waste Heat at $750M Vancouver Project
The system at the Telus Garden mixed-use development will cut the property’s carbon dioxide emissions by 1 million kilograms annually.
Crescent Resources Starts Construction of $67M M-F Project in Buckhead
The project will add 355 units to the Terminus master-planned development when is complete next spring.
Ramco-Gershenson Buys Clarion Partners’ Stake in 12 Shopping Centers
In a $256.8 million deal, Ramco-Gershenson will gain sole ownership of a dozen assets in Florida and Michigan currently held in joint venture with Clarion Partners.
Guardian Takes Majority Stake in Executive Asset Management
Guardian will merge the firm with its AssetAdvisor division and build on EAM’s experience in disposition strategies, property management and rental solutions for FDIC Loss Share assets.
MIPIM Special Report: Global Healthcare, Seniors Housing Dynamics
A panel of experts at the global real estate conference discusses the robust and widely varied global opportunities in seniors housing and healthcare real estate.
Economy Watch: Healthy Rise for February Retail Sales; HARP Refinancings Topped 1 Million in 2012
Retail and food services sales rose 1.1 percent last month and 4.6 percent compared to February 2012.; nearly 1.1 million refinancings were completed through the federal HARP program last year.
Genting Group Eyes $2B Resort on Former Stardust Site
Projects for mega-resorts or ambitious mixed-use developments were stalled up and down the Strip after the market downturn a few years ago. Since, some residential developments have found new life, with a string of recent acquisitions that have turned things around for some of these projects. MGM is still stuck in a legal battle with Perini over the Harmon tower, but things are pointing towards imploding the building. All of these projects are finding their way as the city is looking to repair its image, and Genting Group is set to further that initiative, as the Malaysian hospitality company has announced the acquisition of the Echelon.
Megahotel Plans Pick Up Steam From State Funding Sources
Salt Lake City’s entrepreneurs and local officials have spotted the need for a convention center and larfe new hospitality property in recent years, a development that would further the convention and meeting space culture in the area. Mostly referred to as the “megahotel project”, the initiative has been gaining traction over past months up to a point where a number of measures were produced to help with the financing for the much-desired development. Those legislative measures were supposed to provide approximately $100 million-worth of public contribution to the process.
Champion Adds 108-Unit Westerville Complex to Growing M-F Portfolio
Champion Property Management, a privately-held, fully-integrated, multi-family investment firm, announced last week its twelfth apartment community acquisition this year. A Champion-sponsored affiliate purchased Caleb’s Creek Apartments, a 108-unit apartment complex in Westerville, Ohio. The price of the transaction has not yet been disclosed.
Hotel, Retail Development Breaks Ground on 6.4-Acre Rezoned Site Near Interstate 40
A joint venture between MJM Group and Griffin Stafford of Charlotte is currently developing a new hotel and retail center in Durham.
According to the NewsObserver, plans call for a 105-room hotel, as well as 30,000 square feet of retail, restaurant and medical office space. The developers have spent several years rezoning the site of the project, a 6.4-acre property on Chapel Hill Boulevard near Interstate 40.
Called Gateway Terrace, the new development will bring a Home2 Suites extended stay hotel , a Mattress Firm outlet, as well as three restaurants: PDQ, Chipotle and Bruegger’s. The cost of the project is between $20 million to $25 million.