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NEW YORK CITY-"Herculean" financial challenges face Downtown, Insignia/ESG's John Powers commented at the firm's Market Forecast breakfast yesterday. Keynoter Rudy Giuliani said we can learn from the city's efforts a decade ago. Powers also proposed a specific mix of new development and memorial space for the WTC site.
DALLAS-Area brokers are pushing the market, closing seven leases for nearly 36,000 sf around the Dallas-Fort Worth metroplex. And that's just a part of the new deals that have rolled in as late to keep optimism high and the market moving.
FREMONT, CA-Level 3 Communications may have gotten out of its Pacific Commons lease but it was a costly exit. The technology firm paid a multi-million early termination fee in addition to the $30 million in tenant improvements it made.
DENVER-Developer John Shaw of Opus Northwest offers "Stay Alive to 2005" as the catch phrase during the University of Colorado Real Estate Council's annual conference, where the outlook was decidedly gloomy.
CHANDLER, AZ-The 46-unit Aspen Springs Apartments in Chandler is the next property in line for a condo conversion. Two specialists in the field have just bought the complex from a Denver-based investment group.
NEWARK-Panelists agree that the Garden State is still a good place to be if you're in real estate, but point to some very deep concerns before the market--and the economy--right themselves.
BUENA PARK, CA-The owner of dining establishments such as Chili's Grill & Bar and Romano's Macaroni Grill inks a lease for retail space at 8303 On The Mall. The 10-month lease is valued at $892,500.
DETROIT-The F.W. Dodge Division of The McGraw-Hill Cos. says dollar figure for nonresidential construction is about $318.6 million lower than 2001, even though residential home building is booming.
FORT LAUDERDALE, FL-The city commission has approved the final site plan for the five-building, 25-story, 4.2-acre oceanfront redevelopment venture which will comprise 346 hotel rooms, 171 timeshare units, 33,015 sf of retail and 25,000 sf of banquet/meeting space.
ORLANDO-Seven projects totaling 844,000 sf are all that is in the development pipeline for this year even though projected demand is for 1.2 million sf, St. Joe Commercial president Frank W. Herring Jr. tells GlobeSt.com.