A forgotten NYC port hopes to get a makeover, and hotels will stay hot in 2015
Feb 16, 2015
Here are the news stories you might have missed last week:
Commercial Observer: South Street Seaport approaches its moment of truth
New York City’s not often praised for its pristine coastline, but new development efforts are finally taking advantage of the city’s underutilized waterways. South Street Seaport, a forgotten port in lower Manhattan, is hoping to gain new life through a massive redevelopment project. The plan would bring hundreds of millions of dollars of public infrastructure upgrades to the Seaport, in addition to a luxury housing tower and new retail space. The massive revitalization could take years to complete, but the outcome would bring new commerce and excitement to South Street Seaport — something it hasn’t seen since the Great Recession. Learn more about this NYC overhaul at CommercialObserver.com.
CoStar: For commercial real estate price growth, it was a very good year
2014 was a positive year for the commercial real estate industry, as prices rose in tandem with occupancies and vacancies continued to fall. According to data from CoStar, investors continued funneling money into commercial properties, and demand remained high for core assets throughout the year. Still, there might be room for growth in secondary markets, where sales still haven’t hit their peak. Learn more about regional trends and the state of the office, multifamily, retail, industrial, and hotel markets at CoStar.com.
National Real Estate Investor: Hotel sales in the Americas expected to reach $34.5B this year
Hotels across the nation continue to reign a solid investment for buyers, and an attractive cash-out for sellers, especially as the tourism industry continues to grow. Strong demand and low interest rates are driving sales, and high occupancy rates are pushing up average daily rates and thus increasing profitability. Plus, there’s currently little new hotel development, a trend that will continue throughout the rest of 2015. Read more about the hotel segment’s growth at NREIonline.com.
GlobeSt.com: Long-range changes ahead for Bayfront
San Diego’s Bayfront is going through a rebirth, and new development plans could strengthen the city’s downtown economy for decades to come. Local officials have crafted a master plan that will give the Port of San Diego a modern upgrade, which includes better public access and new flexibility for hotel and retail developers. By adopting a new master plan, the city can plan decades into the future, and attract new development that will reward investors and city residents alike. Read an interview with the masterminds of the plan at GlobeSt.com.