In the News—Week of December 06, 2021
Around the Nation
It doesn’t all spend the same: only Bitcoin accepted for this deal
Three retail condos in New York City are selling for $29 million — but only Bitcoin will be accepted, Forbes reports. Crypto currency for large commercial real estate transaction has been occurring with increasing frequency for several years. But this listing for a total of 9,000 square feet in Manhattan’s Gramercy Park can’t be done will cold hard cash — or even a cashier’s check. If the properties fetch the listed price or more, it will mark the largest crypto transaction for real estate to date.
Energy & Environment
Almost half buildings in NYC fail to meet energy-efficiency standards
Energy efficiency among New York City buildings improved a bit this year, but 48.3% of those received either a D or F grade from the Department of Buildings, The Real Deal reports. D is the worst a building can do of data submitted. Buildings with no data submitted get an F. Buildings getting A grades rose from 15.5% to 19.9%, and the average score increased from 54 to 57 from last year. The law requires each building to post its grade. Beginning in 2024, there will be fines.
Texas
The Shops at Ventana Lakes in Katy expected to break ground this year
Work on The Shops at Ventana Lakes in Katy, is expected to begin next spring, Community Impact newspapers reports. Stores are expected to open in the fall of 2023. “We have created drive-thru-heavy design models for each to create commuter-friendly ways to grab a coffee, donut, (their) laundry (or a) kolache and still have oversized patio reserves on the breezeway for casual in-area weekend [and] night family traffic,” says Jason Gaines, senior vice president at NAI Partners. About 6.000 square feet have been leased to medical tenants.
Texas
20-story luxury apartment tower debuts in Dallas’ ‘East Quarter’
Todd Interests has opened a 20-story apartment and office tower in what is being called the East Quarter of Dallas, The Dallas Morning News Reports. It is the first high-rose building in the area between downtown and Deep Ellum in decades. Three years ago, the Dallas developer bought up more than a dozen old and vacant commercial buildings with idea of turning them into offices and restaurants. Todd Interests decided to open a multifamily tower. “The ground floor is retail, with six floors of office on top of that, then two towers of apartments sit on top of that,” Patrick Todd with Todd Interests tells the newspaper. “We just had our first tenants move in.”
Arizona
There’s gold in them thar hills in Mayer
CHR Revocable Trust, dated September 30, 2018 of Phoenix, paid $165,000 for 34 acres of land in Mayer, Arizona that includes two gold mines, AZ Big Media report. Plans are to build rental cabins, not mine gold, on the land, which is about 15 miles from Prescott and is at an elevation of 6,440 feet. “Having to deal with the impact of the site’s 6,440-foot altitude, a very dense Ponderosa Pine forest, snow-covered access roads (for up to 7 months of the year), and a very remote location, made the close of escrow considerably more difficult than was originally anticipated,” says NAI Horizon Senior Vice President John Fill, who represented the seller Maryland-based LAdventure LLC, “Nonetheless, it is a pristine parcel of land ideal for cabins in the high country.”
Mexico
Guadalajara promises new terminal and runway in five years
Guadalajara airport director Martín Pablo Zazueta says the facility will have a second terminal and runway by 2026, Mexico News Daily reports. Construction on the terminal will begin in 2024 and will double the airport’s capacity. Construction of the second runway has started and will be operational in 2024. The airport has started building a mixed-use development that features a 180-room hotel, offices and commercial spaces. The Pacific Airport Group, which manages the airport, is investing more than $700 million in upgrades.
