The plan to reshape Chicago’s Chinatown, and why San Jose office buildings are going residential
Jul 10, 2015
Here are the news stories you might have missed this week:
Washington Post: Another hotel is the latest project in the plans to revitalize College Park
Redevelopment in College Park, home of the University of Maryland, has moved at a terrapin’s pace, but no more. Developers are demolishing old auto showrooms on Route 1 and plan to build new hotels, commercial buildings, and retail space in hopes of revitalizing parts of this college town. The region boasts reasonably priced real estate, a growing population, and substantial infrastructure, making it a development hotspot. Visit WashingtonPost.com to read more.
Silicon Valley Business Journal: Why a prominent downtown San Jose office building is going residential
The San Jose office market is abandoning its business route for a homier feel. In some parts of the city’s downtown, developers and investors are seeking approval to transform empty office spaces into new apartments. While parts of San Jose are still attracting office tenants, others are becoming targets for multifamily housing. Developers are planning to convert these properties — some just 30 years old — into new apartment units, assuming the proposals get the greenlight from city officials. To find out more about this office-to-apartment trend in San Jose, go to BizJournals.com.
Next City: Chicago’s Chinatown plans for successful future
Chicago’s Chinatown is growing, as an influx of immigrants from mainland China are moving into the neighborhood. Chicago leaders are embracing this regional rebirth and have launched the Chinatown Community Vision Plan to map out a future for Chinatown. The master plan examines new commercial and residential developments, as well as local partnerships to encourage and steer growth. The plan aims to make Chinatown not just a tourist destination, but a place where Chinese immigrants can call home. Learn more about the plan at NextCity.org.
GlobeSt.com: It’s go time for DC hotels
Why book a hotel when you can buy one? A number of large hotel transactions have placed the Washington D.C. hotel market on the upswing — putting it on the same level as New York City, Los Angeles, and Chicago in the eyes of investors. Investors are especially hungry for these four-star assets, as D.C. hotel cap rates have finally dropped after more than a year and a half of sitting well above similar properties in other major cities. Read more about D.C.’s hotel market at GlobeSt.com.
Posted by: Raymond T. Cirz