The battle for air inflates, and European retail invades Boston
Apr 28, 2014
Here are the news stories you might have missed last week:
The Wall Street Journal: REIT ruling bodes well for converts
Non-traditional real estate companies are making a name for themselves in the REIT business. CBS Outdoor Americas Inc., a company that rents advertising space on billboards, recently received the go-ahead from the IRS to convert into a REIT. This move is a positive sign for other non-traditional real estate companies waiting in the wings to gain approvals, such as Lamar Advertising Co. and Equinix Inc. To hear more about this trend, visit WSJ.com.
GlobeSt.com: Former Filene’s lands retail mega-lease
There’s a European invasion slated to happen in Boston, but this time it won’t end with a harbor full of tea. Primark, a European fashion retailer, is taking over the former site of Filene’s Department Store in the famed Burnham Building in downtown Boston. Primark will lease a total of 112,000 square feet in the eight-story building, signifying one of the most notable retail leases in recent Boston history. Click over to GlobeSt.com to learn how this retail shift could change historic Boston.
The New York Times: Delaware is building a strategy to lift some cities’ economies
The second smallest state is taking some big steps to revitalize its shrinking city centers. Delaware Governor Jack Markell proposed an urban renewal plan that would authorize the state to pay up to 20% of construction costs for builders, investors, nonprofits, and homeowners who develop properties in designated downtown districts. The plan aims to rebuild cities that lost jobs and residents during the recession, yet the proposal still needs approvals from state legislation in order to go into effect. Read more at NYT.com.
The Wall Street Journal: Sky is limit for air rights in Manhattan
The battle for air rights is ballooning in New York City, with the average price in Manhattan for transferred air rights rising 47% in 2013 compared to 2012. As land prices rise, developers are securing air rights — rights to the undeveloped space above a building — to continue Manhattan expansion upward at a discounted rate. To learn more about how New York’s skyward expansion will change the real estate landscape, jump over to NYT.com.