Drones soar their way into commercial real estate, and millennials flock to the Mile High City
Jan 9, 2015
Here are the news stories you might have missed this week:
International Business Times: FAA awards commercial use drone exemptions for companies in real estate and agriculture
Drones have made it legally to commercial real estate. The Federal Aviation Administration (FAA) recently issued a commercial drone use permit to an Arizona-based real estate firm. The device will allow the company to gain aerial views of its properties, and use those images for sales collateral and property appraisals. Commercial drone use is scarcely permitted, with the FAA handing out only a few exceptions at a time, but new rules could open the doors to more drone use by commercial entities. Read the whole story at IBTimes.com
Real Estate Weekly: $300M Starwood plan for hospital site enters review process
An old hospital is being brought back to life in Port Chester, N.Y. The redevelopment project has been a decade in the making, and it took a major step forward after the site’s owner, Starwood Capital Group, submitted an environmental impact plan to the city for review. The project will transform an old area hospital into a vibrant mixed-use property that will include new retail capacities, restaurants, office space, and open space accessible to the public. The $300 million plan also contains more than 700 residential units, designated for young professionals and seniors. Find out more about the monumental redevelopment plan at REW-Online.com.
Realty Biz News: Millennial entrepreneurs take over Mile High City
Denver is a top destination for millennials, according to a new study, and commercial real estate could be the beneficiary of the city’s youthful population overhaul. Young adults are envisioning Denver as the next live, work, and play community due to its pro-startup environment, while a plethora of new redevelopment projects are adding retail space, restaurants, and apartments. CRE professionals see Denver as a hot market, and its youthful draw should add to its reputation as a good investment. Read more about why millennials are moving to Denver and what it means for CRE at RealtyBizNews.com.
The New York Times: Long a college town, Worcester now looks the part
Worcester is certainly not thought of as a quintessential college town, but with nine higher education institutions within the city limits, the region is finally embracing its scholastic vibe and partaking in substantial redevelopment. The city’s latest project is CitySquare, which is adding market-rate apartments, new retail space, offices, and a hotel to the area. Worcester, now the second largest city in New England, is seeing its population grow, jobs flourish, and wages climb thanks to this city-wide rebirth. Study up on the real estate transformation of Worcester at NYTimes.com.
Author: Raymond T. Cirz