In the News—Week of January 02, 2022
Around the Nation
Baseball legend hits big in real estate; moving to flipping house
Former Yankee, Mariner and Ranger player Alex Rodriguez was a big star in baseball and is now a successful real estate investor and entrepreneur, Bloomberg reports. His business career began when [he] bought a duplex in Miami 20 years ago. He has expanded to millions in commercial real estate to venture capital and now to flipping houses. “We think we’re still in the early innings of single family,” Rodriguez said. “And once we find something, then — and this I learned from Warren Buffett — be disciplined. But when you find your pitch, don’t go for a single or a double, go big.”
Energy & Environment
Denver will require commercial buildings to cut emissions
The City of Denver approved an ordinance mandating all commercial and multifamily buildings to cut greenhouse gas emissions, Environmental Leader reports. The city says the ordinance will cut emissions from buildings 80% by 2040. About half of the city’s greenhouse gas emissions come from buildings.
Texas
Hines partnership opens senior-living building near River Oaks
Houston developer Hines in partnership with Denver-based MorningStar Senior Living is opening a 112-unit apartment building in the Upper Kirby area, the Houston Chronicle reports. MorningStar at River Oaks will give senior citizens who need assisted living or other care levels the chance to stay close to their neighborhoods such as River Oaks. The building includes 85 assisted living units and 27 memory care units. The project is Hines’ first foray into senior living in the Houston area and MorningStar’s entry to Texas.
Texas
North Texas closes the year with surge of CRE construction
Home-building started to slow, but nonresidential building starts in the Dallas-Fort Worth area were up 60% in November 2021 from November 2020 levels, The Dallas Morning News reports. Figures from Dodge Data & Analytics show residential building starts were down 19% in November 2021 from November 2020. Overall, construction in the metroplex rose 16% in first 11 months of 2021.
Arizona
Mayo Clinic buys 228-acre parcel with goal of creating biotech corridor
Mayo Clinic has acquired 228 acres of land next to its campus in north Phoenix, paving the way to develop a biotechnology corridor, AZ Big Media reports. The parcel, which went for $139 million, wraps around the Mayo Clinic Hospital campus and the Arizona State University Health Futures Center. The idea will be to invite biotechnology collaborators to locate there. This part of the “Discovery Oasis” biotechnology corridor has been a long-standing goal of Mayo Clinic, the City of Phoenix, the state of Arizona and ASU.
Mexico
Mexico’s datacenter market poised for major growth in next few years
Mexico is attracting attention from datacenter players because of its proximity to the United States and its advanced industrial parks, Bnamericas reports. According to figures from market research group Aritzon, Mexico is expected to attract almost $1 billion investment by 2026. Oracle plans to set up its first cloud operations in Mexico next year. Microsoft and Amazon Web Services are also showing interest in the country. Brazil’s Ascenty plans to open two datacenters in the country next year.
