Developers find new profits in abandoned hospitals, and CRE’s take on Obama’s budget proposal
Mar 7, 2014
Here are the news stories you might have missed this week:
The New York Times: Repurposing closed hospitals as for-profit medical malls
The closing of more than 26 New Jersey hospitals over the past two decades has left the state smattered with an overwhelming number of big, empty health care structures. Yet developers have recently begun reviving these properties, repurposing them into new private medical complexes that offer a range of services for area residents. While these so-called medical malls might restore health care services to regions in need, critics say that these for-profit centers lack the community-centric mission that their predecessors held. To read more about this new trend, visit NYT.com.
GlobeSt.com: Budget lets GSA invest rent in portfolio
President Obama’s $3.9 trillion budget blueprint has commercial real estate enthusiasts buzzing, with one proposed element holding particular appeal: The reinstatement of the General Services Administration’s ability to reinvest incoming rent funds into its real estate portfolio. If passed, this could result in a more than $1 billion investment toward the maintenance of federal buildings. For more information about how this budget proposal could impact the real estate industry, visit GlobeSt.com.
Atlanta Business Chronicle: Flatiron redevelopment could turn downtown Atlanta into startup hub
Downtown Atlanta’s revival rests in the hands of one structure: the city’s historic Flatiron Building. One real estate developer drafted plans to transform the landmark into an entrepreneurial hub in an effort to help attract novel startups to Atlanta’s struggling office market. Click over to BizJournals.com to read more about the redevelopment plans.
The Wall Street Journal: Former NYPD Commissioner joins Cushman & Wakefield
Best known for serving 12 years as New York City Police Commissioner, Raymond Kelly is making the jump into the private sector. Cushman & Wakefield tapped Kelly to run the firm’s new “risk management services” division, which will help corporations decide where to locate and teach them how to protect their buildings and their data. In his new role, Kelly will advise clients on how to protect their assets from terrorism, crime, and other threats. To read more about Kelly’s career change, visit WSJ.com.
Posted by: Raymond T. Cirz