The luck is back in Las Vegas, and why building rebranding is boosting profits
Nov 20, 2015
Here are the news stories you might have missed this week:
The New York Times: In Las Vegas, a lucky streak for developers
Investors are heading to Vegas and putting their chips back on the table. Years after the Great Recession dried up investment, Las Vegas is once again on the winning side, especially the 4-mile stretch of Las Vegas Boulevard South. There, new development – including casinos, an arena, and shopping – is slowly being built up, as the city is now seen as a safe bet again thanks to record tourism numbers and overseas investment. But this isn’t the Vegas of old – new casinos are thinking of millennials and including more nightclubs, shops, and restaurants, as well as outdoor cafés and seating. Roll the dice, and go to NYTimes.com to read more about new Vegas development.
Washington Business Journal: The rise of church conversion projects in Washington
Churches in the nation’s capital are at a crossroads. Aging buildings, shifting demographics, and budget woes are forcing congregations to make tough choices. As a result, some Washington, D.C. churches are expanding to include retail, residential, and office space. Often, worship space remains as a small part of the building’s overall footprint, and mixed-use development is added. These conversions seem to benefit both the congregations that want to survive and the businesses that need space as Washington grows. Visit BizJournals.com to read about this church conversion trend.
GlobeSt.com: How building branding drives massive profits
A little rebranding goes a long way. That’s what a Los Angeles developer learned after restoring the Pacific Mutual Building (now known as the PacMutual Building), which at one time was a class B office and barely half occupied. But, restoring the building to its original glory and giving it a new brand has made it one of the hottest properties in the City of Angels. Repositioning the building as a creative office space, as well as its designation as a City of Los Angeles Historic-Cultural Monument, also helped grow its value. Find out more about building branding at GlobeSt.com.
Philly.com: After decades, Ben Franklin Parkway is hot
Ben Franklin is an iconic figure in Philadelphia, but for a century, his namesake street was a bit lackluster. Not anymore. New development, including new and renovated hotel rooms, an apartment tower, and a Whole Foods, is sprouting up on the Ben Franklin Parkway and it’s driven in part by public infrastructure projects. The famous LOVE Park will also be rebuilt, and the entire parkway and surrounding areas, including Fairmount and Logan Square, will see the benefit of a better Parkway — even old Ben would enjoy that. Head to Philly.com to see what’s happening on the Parkway.
Silicon Valley Business Journal: San Mateo’s Bay Meadows revs up for next office building
Silicon Valley thinks big, and sometimes the right thinking produces great results. That’s what’s happening for shovel-ready projects in southern Silicon Valley, where new development can be slow to start. One developer, Bay Meadows, continues to start construction on a speculative basis, but the goal is finding tenants that need space and can see the finish line. Overall, communities like San Mateo are thriving because of this new construction that is the result of a strong local economy and a tech industry that continues to perform. Read the whole story at BizJournals.com.