Pittsburgh says goodbye to Macy’s and hello to mixed use, plus three other CRE headlines
Feb 22, 2016
Here are the news stories you might have missed last week:
The New York Times: Pittsburgh exchanges Macy’s for mixed-use giant
The transformation of Pittsburgh in recent years is nothing short of amazing, and now there’s another conversion that’s hard to believe. The 12-story Macy’s building, at Fifth Avenue and Smithfield Street, is being converted into a mixed-use building that will feature office space, apartments, retail and entertainment. Core Realty of Philadelphia is putting $100 million into the conversion, and it’s another feather in Pittsburgh’s cap as a city that’s being reborn. Downtown Pittsburgh has seen billions of dollars of investment in recent years, and new business opportunities continue to pop up. This conversion is another testament to that, as the space will transform the newly vacant building into a bustling center of commerce and living. Visit NYTimes.com to read more about this historic conversion.
GlobeSt.com: Kushner wagering half a billion on Monmouth Mall redevelopment
Eatontown, New Jersey is about to see green. Kushner Cos. is set to put $500 million into the redevelopment of the Monmouth Mall, which is the largest single private investment in the town’s history. This influx of cash will transform the mall into a true destination center, complete with state-of-the-art retail, residences, an outdoor plaza, and a dining and entertainment area. Less than 10 miles from Asbury Park, Eatontown will now be home to the first mall-to-town center conversion in New Jersey, and there’s hope this trend continues up and down the shore and throughout the Garden State. Read more about this redevelopment project at GlobeSt.com.
National Real Estate Investor: Apartment rents expected to keep rising in 2016
It’s still a good time to be in the multifamily segment, but beware: growth may be slowing a bit. That’s because more new construction is coming online and the availability of these new units may keep rent growth at smaller levels than landlords have experienced in the past few years. Vacancy rates in top U.S. markets are at very healthy levels, and while there is risk, the demand for apartments is still strong. Go to NREIOnline.com to take a deeper dive into the story.
Los Angeles Times: Former L.A. Times plant in Costa Mesa may become creative office space
From a newsroom to the cool conference room – a developer plans to spend more than $100 million to convert a former Los Angeles Times office into creative office space. This trend just won’t slow down in Southern California, since office space in general is in short supply in Orange County. But there’s another reason, too: developers believe they can command higher rents from these trendy spaces, which are slowly taking over in Hollywood, downtown LA, and now the greater Orange County area. Plus, more “traditional” businesses are interested in these creative spaces. Swing by LATimes.com to learn more about this continuing trend.
Posted by: Michael Welch