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NEW YORK CITY-Julien J. Studley Inc. and Lambert Smith Hampton have unveiled the formation of Global Property Alliance, an international consortium of independent commercial real estate firms.

WASHINGTON, DC-Cutting the depreciable life of tenant improvements from 39 to 10 years makes economic sense, according to the national trade association for REITs. The legislation is now before a Congressional committee.

DETROIT-Bank One ranks the Motor City as one of nation's suffering markets for sales and new home construction. The bank's report explains the Motor City is hurt by downsizing in the automotive sector.

CORPUS CHRISTI, TX-SSP Partners has taken over the Tex-Mart Food Store chain amid plans for an expansion. The beef up will come in south Texas. which is perceived as the strongest emerging market.

KANSAS CITY, NORTH, MO-Renovations to the tune of $15 million have been done since last year's purchase for $33.5 million. There still is talk as to whether a 200-room hotel will be built on the site.

DENVER-The Pauls Corp. has struck a deal with First Century to share development duties of an office-loft project in the city's lower Downtown. The deal puts to rest local speculation that the undertaking had died.

PHOENIX-City officials are hoping that a $38-million upgrade to America West Arena will make it one of the best venues of its kind in the nation.

ORANGE COUNTY, CA-Industry experts say the need for affordable, multifamily housing is still outpacing new construction. That's because few large complexes are being built.