The hope for a slam dunk arena in San Francisco, and why lenders love storage units
Sep 11, 2015
Here are the news stories you might have missed this week:
The New York Times: A basketball arena battles for San Francisco’s heart
It sounds like a slam dunk: The Warriors are coming off an NBA championship, and the team’s owners are proposing a $1.4 billion entertainment complex and office towers. But, some in San Francisco aren’t too sure, and say the area in question – a 12-acre vacant port plot – would better serve the city as a biotech hub or more office space (this is San Francisco, after all). Proponents of the arena argue it’ll bring in new revenue, and it is privately financed, but opponents say new life sciences development, for example, would benefit the city more. The score isn’t settled quite yet, and plans for this undeveloped plot are still being decided. Read more about the Warrior’s plan and its opposition at NYTimes.com.
Columbus CEO: As downtown Columbus grows more residential, the future of Capitol Square is uncertain
Columbus has serious potential, and at its heart is Capitol Square, an area that could be transformed by new development opportunities that recently opened up. The move of The Columbus Dispatch and Columbus CEO headquarters will present a new opportunity for commercial development in the city’s downtown. There’s plenty of discussion about how to transform the area, including new residential and retail business construction to attract more residents, but also office space to score new businesses. Columbus lags behind other Midwest cities in terms of new commercial projects, so the downtown activity is welcomed in the city. Visit ColumbusCEO.com to learn what’s happening in Capitol Square.
Orlando Business Journal: Developer to build huge industrial park near Disney
Central Florida is known for its tourism – everywhere you go, you’ll see mouse ears. But a speculative warehouse building is signaling that industrial development is now a force in Central Florida. McCraney Property Co. and Northwestern Mutual will build Park27, a new 33-acre business park near Interstate 4 and U.S. Highway 27, and this speculative development represents the next big addition to the area’s industrial sector. Central Florida has seen 2 million square feet of absorption this year, and its proximity to Orlando, Tampa Bay, and Miami has become the perfect crossroads for this changing sector. See what’s happening along I-4 at BizJournals.com.
GlobeSt.com: Self-storage owners gaining access to loans
The self-storage sector continues its quiet successes – occupancy and revenue continues to trend upwards, and new lending opportunities are opening up for self-storage owners and operators. Aries Capital and the Self Storage Association have teamed up to give self-storage property owners increased access to institutional debt and bridge loans. Lenders seems to love these properties – there’s more demand and tight supply for storage units – and these non-recourse and bridge loans can provide owners with new methods of financing beyond traditional bank loans. Learn more about lending for self-storage businesses at GlobeSt.com.