Boston’s new pencil tower, why Cleveland is growing, and more CRE stories from this week
Apr 8, 2016
Here are the news stories you might have missed this week:
Commercial Observer: After years of ultra-luxury condo development, lenders are tightening the purse strings
The flow of cash available to New York City’s luxury condo developers is beginning to dry up. Just a few years ago, these ultra-luxury condos were being bought up fast, but times have changed as the global economy shifts and demand from overseas has waned. Lenders are very cautious as a result, and won’t back a project unless they think it will achieve a certain level of success. But, there is still money available from domestic and international banks, as well as non-bank lenders. In fact, many developers are investing more in their own projects. Find out more about this trend at CommercialObserver.com.
Boston Herald: Downtown tower to rise tall and thin
Boston’s skyline will soon see another tall tower, but this one is unique. This “pencil tower” will extend 300 feet up in the city’s Downtown Crossing neighborhood, and it sits on a tiny parcel – about 3,000 square feet. However, its skinny size won’t stop it from packing a lot of punch – the tower will have apartments, restaurants, and non-profit incubator space. The tower also signals the continued transformation of Downtown Crossing into a living and working neighborhood. Visit BostonHerald.com to learn about this skinny tower.
The News Tribune: More development coming to University Place’s town center
More retail is on the way for Seattle’s University Place on Bridgeport Way. Verus Partners is slated to build a 25,000-square-foot commercial building, its second project on the street, and is planning to bring more retail to this growing area. This is another marker of success for University Place, which continues to be a commercial hub and living destination. No tenants have been named for the new building. Go to TheNewsTribune.com for more about the new development.
Curbed: Millennial influx helps Cleveland shake Rust Belt reputation
It seems that millennials are transforming Cleveland from punchline to primetime. The city’s mix of tax credits and population growth (after years of decline) is resulting in developers buying up land and vacant buildings to build new retail, housing, and office space. There are some huge, multi-million dollar projects still being developed, too. Overall, Cleveland is seen as less risky and has great potential compared to cities like Detroit, which are still in the rebirth mode. To understand why millennials are landing in Cleveland, head to Curbed.com.
