Developers planning to convert a high-vacancy office building near Chicago’s Magnificent Mile retail corridor to 252 apartments have secured more than $90 million in financing, a key step for a property that has encountered multiple financial setbacks in recent years.
Emerging Concepts, a retail real estate brokerage that has helped the likes of Puttshack, Museum of Ice Cream, Flight Club and F1 Arcade expand in the United States and United Kingdom, has a new leader as founder Mathew Focht shifts focus to investing in retail concepts.
Tanger is adding to its portfolio with another retail outlet center, expanding its footprint into Kansas by acquiring an open-air property there for roughly $130 million.
The U.S. Federal Reserve is expected to cut its key interest rate Wednesday, and commercial real estate professionals say that while the move could kick-start some dealmaking, it won’t automatically reshape property investment or project values.
Pharmaceutical giant Eli Lilly and Co. has selected Virginia for the site of a $5 billion manufacturing plant, the first of four new U.S. development sites it plans to announce as it looks to invest $50 billion to ramp up its domestic medicine production.
Pushing ahead with its $13 billion Build Canada Homes project, Prime Minister Mark Carney's Liberal government has appointed Ana Bailão to lead the operation as its first CEO. Bailão most recently had an executive position at Dream Unlimited, and prior to that spent over a decade on Toronto City Council.
The real estate arm of Rice University, in partnership with Lincoln Property Co., has unveiled plans to develop a research, laboratory and office building spanning nearly 200,000 square feet on a site with ties to a former Sears store in Houston's Midtown area.
Electric vehicle maker Rivian held a ceremonial groundbreaking for a planned $5 billion plant near Atlanta, a project that appears set to begin after months of delays and as Hyundai reconsiders its own EV plant elsewhere in Georgia following raids on its employees.
The owner of District Brew Yards, a beer production facility, taproom and food hall that is home to four breweries, plans to shut down and bring new concepts to the buildings on Chicago’s Near West Side and in the northwest suburbs.
Central Perk Coffeehouse, inspired by the hangout on the TV series "Friends," is opening its first New York location in Times Square. Visitors can pretend to be Ross, Rachel, Monica, Phoebe, Joey or Chandler more than three decades after the popular show debuted.
Household incomes in the Atlanta area are rising faster than apartment rents, and that is helping to fuel what is on pace to be a record-setting year for demand in the market.
An analysis of the top 10 largest hotel markets in the Northeast year to date, in terms of room inventory, revealed that most areas had subdued levels of construction through July. In aggregate, the number of rooms under construction as a percentage of supply across the top 10 Northeastern metropolitan areas was 1.5%, well below the national average of 2.4%. New York was the lone exception, as the level of construction in America’s largest city was 5.7% of its existing supply.
According to the most recent data from the Bureau of Labor Statistics, the Twin Cities labor market remains resilient but is showing signs of a late-cycle deceleration, with a clear shift in the growth mix. Total nonfarm payrolls increased by 15,900 jobs, or 0.8% year over year, in July, slightly below the U.S. average of 1%.
