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DENVER-AIMCO sets the stage for heightened fiscal flexibility by finalizing a $97.6 million stock conversion of preferred securities to Class A common stock. The apartment REIT's shares previously have been included in its count of full diluted shares so the action does not affect that total.
SAN FRANCISCO-Under a resolution brought by Board of Supervisors president Tom Ammiano, Home Depot would be forced to reduce the size of a store it plans to build in the Visitacion Valley area.
AUSTIN-The city's hot real estate market has brokers playing musical chairs with affiliations. The latest move places veteran Mark Milstead at NAI/Commerical Industrial Properties in a move from CB Richard Ellis.
ORLANDO-The 900-room Grand Floridian Resort & Spa, Walt Disney World's flagship destination, is undergoing an estimated $9 million makeover. Completion is scheduled by year end. Room prices are $304 to $1,200 per night.
HOUSTON-The Michigan Employees Retirement System is pulling the rug on a proposed sale of the 1.2 million-sf Texaco Heritage Plaza in the city's downtown sector. No takers appear willing to pay the expected price of $200 million or more.
CHARLOTTE-Local developers Terry Birch and David Young plan to develop the property on a half acre at 2623 Cranbrook Lane in the city's Elizabeth district.