The rebirth of Downtown Columbus, and why investors are bullish on Puerto Rico
Jul 31, 2015
Here are the news stories you might have missed this week:
The Wall Street Journal: Some investors bet on Puerto Rico hotels
Summer is here, and investors are feeling the Caribbean vibe. Famed hedge-fund manager John Paulson and other investment groups have recently gobbled up Puerto Rican hotels, as they believe some could draw in big bucks from wealthy travelers. These investors are taking properties, and spending millions of dollars to transform them into luxury hotels with higher RevPAR. Though the island’s finances have been in the news recently, Puerto Rico hotels saw incomes grow last year, and growth in the luxury market in particular is making investors big believers in the island’s tourism industry. Visit WSJ.com to see why investors are booking trips to Puerto Rico.
The Columbus Dispatch: Columbus continues march toward 10,000 Downtown residents
Columbus once had a 5-to-9 problem – after workers left, Downtown was a ghost town. But that’s the past: Today, more people are calling Downtown Columbus home thanks to new housing developments and millions of dollars in investments. Hundreds of new apartment units will come online in the next few years, and more development could be on the horizon because of the area’s vacant land and possible areas of redevelopment. Still, the Downtown area lacks retail businesses, which presents another challenge for Downtown Columbus. To find out more about this Midwest population gain, go to Dispatch.com.
GlobeSt.com: Downtown Detroit MF market tightens
Detroit continues to surprise us: The city’s central business district (CBD) is booming with new residents and employment opportunities. Developers are renovating or refurbishing existing multifamily units and office spaces in Downtown Detroit, and some buildings are nearing 100 percent occupancy. These successes could be a positive for other parts of the city, as growing demand has to go somewhere, and nearby neighborhoods could gain from this influx of jobs and residents. Head to GlobeSt.com to learn more about Detroit’s current outlook.
Curbed: Big tech on the boardwalk: How resiliency could redefine Atlantic City
Could Atlantic City’s next big bet be on something other than gambling? An urban designer laid out a plan that would transform this gambling hub into a cluster of research labs, testing facilities, and other spaces dedicated to high-tech industries. Yet, this vision for Atlantic City only exists on paper. The designer believes the city must embrace the idea of resiliency, which can reposition and redefine this coastal economy tainted by an increasing threat of storms and loss in gambling revenues. The question is: Will Atlantic City become a case study for resiliency? To read more, visit Curbed.com.
Author: Raymond T. Cirz