A futuristic park will float on top of the Hudson River, and new proof all malls aren’t dying
Nov 21, 2014
Here are the news stories you might have missed this week:
Curbed: $130 million ‘Pier55′ park looks like something out of Avatar
Move over Central Park, there’s a new green space taking over the New York spotlight. Billionaire Barry Diller and his wife Diane von Furstenberg are donating $130 million to build a 2.7 acre park that will sit on top of the Hudson River. The ameba-like structure, which will be filled with gardens, walking paths, and an amphitheater, will be built on top of 300 concrete pylons and replace Pier 54. If approved, construction on this sci-fi park could begin in 2016. Learn more about these big park plans at Curbed.com.
GlobeSt.com: King Of Prussia Mall unveils major expansion plans
The King of Prussia Mall is the second largest mall in America, but this colossal shopping complex has always stood divided, split between its two sides — The Court and The Plaza. Now this massive mall is finally coming together in a big way. Simon Property Group began construction on a huge renovation project that will connect the mall’s two retail areas, which have been separated by an active roadway since the center opened. The connection will add new retail and restaurant space, as well as upscale amenities like a high-end dining pavilion, lounges, device-charging stations, and a concierge-level guest service center. To find out more about the mall’s expansion, go to GlobeSt.com.
The New York Times: Contrite over failed urban renewal, Washington D.C. refreshes a waterfront
Washington, D.C.’s Southwest Waterfront underwent a failed urban renewal project in the 1940s, but today, city leaders are embarking on a new revitalization project for the downtrodden area. The major redevelopment project, named The Wharf, will transform 25 acres along the Potomac River into a vibrant, mixed-use community. The historic location, which served as the landing spot for Union troops to save the city from the Confederates in 1864, will now feature new hotels, apartment complexes, retail space, and more. Developers and city officials hope this convenient location — positioned near the National Mall — will become a world-class destination for visitors and residents alike. Read the whole story at NYTimes.com.
CoStar: To sell or refinance? In a CRE market flush with capital, owners enjoy luxury of choice
Commercial real estate owners are finally back on top, and they couldn’t be happier. The CRE market has emerged from its Great Recession slump, and commercial real estate has regained its throne as a prized asset. With an abundance of buyers willing to bid on properties and numerous lenders ready to shell out cash for new endeavors, commercial real estate owners have a choice to make: to sell or to refinance? On one hand, demand is pushing property values up, making selling an attractive option. But on the other, refinancing at a lower rate allows owners to reinvest in their properties and receive some tax benefits. To learn more about this trend, visit CoStar.com.
Posted by: Raymond T. Cirz