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Mexican developer Grupo Concord has formed a joint venture with  Prudential Real Estate Investors to develop the second phase of the CostaBaja Resort & Marina project on the Sea of Cortez (the Gulf of California). PREI, the investment management arm of Prudential Financial Inc., is acting on behalf of institutional investors, and will invest up to $800 million in the project over several years. The project is located about five miles from Downtown La Paz, the state capital of Baja California Sur. Currently, the CostaBaja complex has a marina for 250 boats, a 120-room hotel, retail space and entertainment areas…

The road has been paved for builder and agribusiness concern Limoneira Co. to move forward with its planned $1 billion mixed-use project in Santa Paula, Calif., now that voters have signed off on Measure G, legislation that allows the incorporation of outlying land into the city. Plans to develop the site known as Santa Paula East Area I, located in the Heritage Valley Corridor about 40 miles from Santa Barbara, have been in the works for about five years. In February, Limoneira achieved a significant coup by gaining the unanimous approval of the Santa Paula City Council and Planning Commission…

As a handful of multibillion-dollar mixed-use projects move forward in Las Vegas, one has fallen prey to the crippling lending markets. Joint venture LVTI L.L.C., in which Melbourne, Australia’s Crown Ltd. has a 37.5 percent stake, has decided to nix plans to develop a 27-acre site at the intersection of Las Vegas Blvd. and Sahara Ave. on the Strip. Crown announced that following a strategic review of the planned project, the company and joint venture partners investment management concern York Capital Management and real estate developer IDM Properties had decided to put the kibosh on the endeavor, citing “recent upheavals…

Stamford, Conn., Mayor Dannel Malloy has announced that Harbor Point Development L.L.C. received approval from Stamford’s Board of Representatives for financing of infrastructure improvements and approval from the Zoning Board for buildings and open space plans for Phase I of its transformation of Stamford’s South End. The development has received all necessary approvals to proceed. Harbor Point will file building permits with the city for phase one of this project, comprising approximately 1 million square feet of development, by July 1. The project will transform a long dormant section of Stamford’s industrial past into a mixed-use development consisting of a…

Locating hotels in high profile urban locations and exhibiting room models in highly trafficked locations are two methods hotel companies are using to gain market share for their new brands, according to hotel executives who spoke on Tuesday at the NYU Hospitality Investment Conference in New York. The executives appeared on a panel, providing a status report on these new brands, which have been launched in recent years to attract the large number of Gen X and Gen Y travelers who are spending an ever-increasing amount of the U.S. travel dollar. For one new brand that has many features that…

Austin-based Stratus Properties Inc. and the Canyon-Johnson Urban Fund have obtained a $165 million construction loan for a new development in Austin, W Austin Hotel & Residences. The $295 million mixed-use project (pictured), located in Downtown Austin’s 2nd Street District near Lady Bird Lake, is seeking LEED certification and is slated for completion in early 2011. The construction loan is from Corus Bank, and was arranged by the Dallas office of Holliday Fenoglio Fowler L.P. Though the market for condos has declined nationwide since the beginning of the credit crunch, the W project is nevertheless selling. In the roughly six…

Vornado Realty Trust has revealed plans to redevelop Madison Square Garden and the Hotel Pennsylvania on a smaller scale than what was initially expected. Initially, Vornado planned massive redevelopments in the Pennsylvania Plaza district, including a tower for Merrill Lynch headquarters, moving Madison Square Garden and developing its 5 million square feet of air space. However, lack of government approval and the tightening credit market have dashed these plans for the time being. Merrill Lynch was forced to pull out of the tower project when their weakening financial position prevented the firm from obtaining credit to obtain financing. According to…

Sovereign wealth funds’ assets total approximately $3 trillion, and are expected to quadruple to over $12 trillion in seven years, noted panelists during the NAREIT Week 2008’s “Sovereign Wealth – State Investors” panel discussion, held today at The Waldorf=Astoria in New York City. Forty sovereign wealth funds currently control $3.1 trillion, and are growing rapidly, especially in face of rising energy costs, noted David Marchick, managing director of The Carlyle Group, who moderated the panel. Leading the pack are the United Arab Emirates, Norway and Saudi Arabia. “It’s a new vehicle that finances the global cycle of money,” said Jan…

The opportunity to introduce new brands, re-energize old ones, and to tap into fast-growing global markets present the most fruitful growth opportunities for three major hotel companies, whose chief executives spoke on Monday at the NYU International Hospitality Industry Investment Conference in New York. J. Willard Marriott, chairman and chief executive officer of Marriott International, Inc., said the global hotelier sees significant growth opportunities for its new Editions brand, a partnership with boutique hotel trailblazer Ian Schrager. “We are the odd couple,” Marriott said of his alliance with Schrager. “He is hip, and I am definitely not hip.” But, despite…

In late 2007, NYLO Hotels opened its first location in Plano, Texas. The new chain is designed to attract business travelers who are visiting suburban locations, but its design is urban-style boutique. John Russell, CEO of NYLO Hotels, talked recently about what is ahead for the new hotel chain. CPNHospitality: What are the key features that you feel make NYLO unique?Russell: We are an all-new construction hotel brand, which has loft accommodations. We have brick-paved masonry outside, and the rooms feature 30-square-foot windows, which are large. We also have a 24-hour restaurant. Our NYLO in Plano also has Texas touches,…