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CHICAGO- Real estate titan continues to predict massive consolidation for the real estate industry, saying the upcoming changes will be akin to the "oligopolization" of steel and autos early last century. Zell says the two REITs he launched and in which he remains the largest shareholder, Equity Office REIT and Equity Residential REIT, will increasingly focus on offering services to their huge client base. Sees Equity Residential offering insurance and mortgages to renters who are leaving to buy homes.
DENVER-In line with a recent merger, Cresa and Mohr Partners have combined their Denver offices, creating one of the city's largest corporate management firms. The move nearly doubles Cresa's Denver operation.
MIAMI-This city's airport, recently rated by passengers as one of the country's worst, will be completely overhauled by 2007 in the most expensive single construction project ever undertaken in Florida. The work is under way.
ATLANTA-The developer is building townhomes, condos and lofts above commercial space at the 26-acre, mixed-use site in the Smyrna area of Cobb County, about 15 miles northwest of the center city.
SAN FRANCISCO- The state Court of Appeal on Friday rejects a bid by allies of Mayor Willie Brown's growth-control initiative to block a second growth-control initiative from appearing on the Nov. 7 ballot.
CHARLOTTE-Five projects totaling 1.47 million sf with an estimated construction cost of $354 million are under way. Leading the pack is the $240 million redevelopment of the old convention center, plagued with delays since the city put it on the market in 1995. Now owner LCOR of Berwyn, PA is pushing to complete the three-acre uptown site.
CHARLOTTE-This Durham, NC company didn't have to put out bids for a materials contractor to build its new $3.2 million, 4,240-sf plant at 325 E. Hebron St. here. Unicon Concrete is using its own product.