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MINNEAPOLIS-Rising land costs, which already account for about 25% of a single-family home's price, is leading to higher-density multifamily housing, says this year's president of the Builders Association of the Twin Cities.
TUCSON-With a market of just 12.2 million sf, the Tucson office market still manages to close two significant sales in the last six months. Market watchers say it's a signal that Tucson's on its way to becoming an investors' destination spot.
MINNEAPOLIS-The $7.5 million, 75-unit senior housing complex, part of a larger redevelopment project on the north side of Minneapolis, was developed and will be managed by CommonBond Communities.
NEW YORK CITY-Apartment REIT Archstone-Smith completes its acquisition of 101 West End Ave. Parties involved in the deal say it marks the first purchase of a Manhattan multifamily property by a publicly traded real estate trust.
EL SEGUNDO, CA-The battle lines are drawn over a proposed corporate campus to be developed by Thomas Properties on the former Rockwell site on the east side of Sepulveda Blvd. Residents here will be voting in a special election on June 18 on Measures J and L. A yes vote will uphold the City Council's approval of the 2.5-msf development, while a no vote will stop the project.
SAN DIEGO-Construction will resume this month on the 512-room New Omni San Diego Hotel, fresh on the heels of the announcement that the project has secured $104 million in financing. The 32-story four-star hotel, which will sit directly across from the new Ballpark, is scheduled to open in two years.
MIAMI-Judy McDonald, a title insurance professional for five years, joins Weston Title & Escrow, a Broward County firm owned by law firm Oppenheim Pilesky PA.
HOUSTON-Camden Property Trust, like its peers, came through the first quarter with little, if any, gains. And like many in the industry, it too has revised guidance amid a projection for an overall NOI decline as the year continues.