A micro-condo project in the heart of Texas, and why investors love malls again
Nov 9, 2015
Here are the news stories you might have missed last week:
The New York Times: In downtown Los Angeles, a potential anchor for offices
A 1,100-foot tower may be just what downtown Los Angeles needs. When the Wilshire Grand Center opens in a few years (it’s set to be completed in 2017), it will be the tallest building on the West Coast, and the first tower office space built in downtown L.A. in a quarter of a century. The center will hold 400,000 square feet of office space, as well as a hotel, retail, and residential space, and could spur new office development throughout the busy downtown area. New public transportation and a younger population will buoy that trend in upcoming decades, as well. Go to NYTimes.com to read more about this office development.
Houston Business Journal: Exclusive new details revealed for first micro-condo project in Houston
Maybe everything in Texas isn’t bigger. A Houston developer just released plans to build the city’s first “micro-unit” condo project, and the proposed 24-story building would feature 550 micro units. These units – many would be less than 500 square feet – may seem small, but they’re luxury condos and the entire building would have access to many amenities, such as a lounge, rooftop courtyard, pool, and outdoor grills. But luxury comes with a price tag – the developer is asking for six figures, even for these tiny units. Don’t miss this story at BizJournals.com.
GlobeSt.com: Industrial gets big boost from NYC
New York City has gotten away from its manufacturing past, but new measures just announced by the mayor and city council aim to revitalize some of that industrial zeal. Take, for example, the more than $115 million of funding included in the Industrial Action Plan, which aims to boost the city’s manufacturing zones and invest in the city’s core industrial areas. Plenty of details have been laid out, and the city intends to stop residential development in these areas to keep them industrial centers. The goal of all of these reforms is to keep industrial activity in the city, which has gotten away from its manufacturing and industrial past. Visit GlobeSt.com for the whole story about NYC’s actions.
CoStar: As retail finally enters recovery, more investors backing malls, high-end shopping centers
It appears retail is back. Investors both here and abroad are putting their money in U.S. retail, as improving rental rates, strong sales, and tightened supply are making investment attractive again. This is what’s happening in major U.S. malls and high-end shopping centers, where landlords are now able to charge higher rents and are seeing leasing spreads increase. And, a number of malls and shopping centers were sold in Q3 – a healthy sign for the retail segment. Head to CoStar.com to learn how investors feel about these shopping centers.
