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NEW YORK CITY-Seven architectural teams are assembled Downtown this morning to unveil their proposals to redevelop the 16-acre World Trade Center site and surrounding neighborhoods. GlobeSt.com managing editor Diana Rodriguez will provide ongoing reports from the scene.
AGOURA HILLS, CA-Developer J.H. Snyder Co. breaks ground on the Oak Creek mixed-use project, which will include a 104-room hotel, retail stores and restaurants in addition to 336 townhouse-style apartments.
BILLERICA, MA- Millipore Corp. is moving its corporate headquarters to 100,000 sf at 290 Concord Rd. The biotech company will use its old location in Bedford, MA to house two of its divisions and to expand its research and development labs.
ENCINITAS, CA-Aetna Life Insurance Co. sells the shopping center to CDMPY El Camino LLC, which plans to hold the property as an investment. Located at 141-215 S. El Camino Real, the complex encompasses 89,243 sf.
FORT WORTH-The purchase of a historic building in Fort Worth's CBD and a $17-million sale of tax-exempt bonds to a single buyer will close in mid-January, now that council has signed off on tax abatements. Construction will start in February 2003.
CAMBRIDGE, MA-The city is slowly becoming a tenant's market with rents that will continue to drop slightly and vacancy rates remaining at about 20%. As funding for biotech start-ups becomes scarcer that market could become more vulnerable as well.
PHOENIX-The investor gets a long-term tenant and prime piece of property at 3433 W. Earl Dr. on Phoenix's west side to add to his metro portfolio. Seller Starwood Capital gets all-cash for the asset.
SAN ANTONIO-The cafeteria-style restaurant chain has made changes to offset the losses, but still comes up short in balancing the books. Luby's first-quarter count is still in the red by $3.1 million. A year ago, the loss was $8 million.
SEATTLE-King County multifamily permits decreased to 895 units in the third quarter from 1,545 units during the same 2001 period. Occupancies and rents also took a dive, while apartment values rose thanks to new, upscale construction.