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DETROIT-"Local and state tax based incentive programs are helping real estate activity moving forward," says CB Richard Ellis' Marianne Evans, as the office and industrial sectors take occupancy and sales hits.
ALAMEDA, CA- The City of Alameda had originally allotted a $2.9 million budget for the project, but the full job will cost double this amount. The work will be completed in three phases.
SOMERVILLE, MA-The city finally reaches an agreement with IKEA, the Swedish home furnishing chain, to develop a mixed-use project including 225,000-sf of office, retail and restaurant space.
NEW YORK CITY-World Trade Center leaseholder Larry Silverstein told an industry crowd yesterday that victory in his legal battle with reinsurer Swiss Re over the World Trade Center bombings is all but assured. "Will there be a shortage of capital to rebuild? It would appear not," the developer informed a packed house at the Waldorf Astoria.
BOSTON-The controversial Community Preservation Act, which would have put a 2% surcharge on property taxes here, was defeated by 10,000 votes. The funds would have been used to develop affordable housing and preserve historic and green space in the city.
HOUSTON-Retail isn't all gloom and doom, says Bill Forrest, president of Revac, a Houston market analyst. The overall retail vacancy is 6.19% with 12 of 17 submarkets posting in the black, he says countering a more dismal report.
MINNEAPOLIS-Diane Kroupa thinks Minnesota cities will be under pressure to raise valuations after passage of historic property tax reform. Her clients will include owners of malls, apartment buildings, business campuses.
FEDERAL WAY, WA-The City Council here is holding a public hearing this evening on a proposal to give developers a 10-year property tax break on the residential portion of Downtown development projects.
ATLANTA-Locally based Pye-Barker's fire and safety division will use the 33,780-sf, one-year-old property at 3800 Cobb International Blvd. as its Southeast sales and distribution center.