In the News—Week of June 14 2021
Around the Nation
CRE deals make a comeback in NYC; confidence is growing
Commercial real estate deals are being completed again, and optimism is sweeping the industry in New York City, the New York Post reports. “There is a real sense that things are heading in the right direction,” Real Estate Board of New York President James Whelan says. Colliers reported that in Manhattan, office leasing in May increased by 56.1% compared to April and 8.2% year-over-year.
Energy & Environment
California will apply ‘total system benefit’ to energy savings
The California Public Utilities Commission passed rules that change the state’s approach to energy efficiency, Utility Dive reports. The Commission will now look at “total system benefit” instead of just economic savings. Among considerations will be resource acquisition, market support, or equity. The Natural Resources Defense Council’s climate helped develop the metric. The full shift will take place in 2024.
Texas
Texas high court upholds Houston’s rules for historic preservation
Houston is the only major city in the United States without extensive zoning laws. And, in fact, any zoning ordinance must be approved by voters. But in the mid-1990s the city adopted an ordinance to preserves its historic districts. Two homeowners in the Heights challenged it. Texas Supreme Court sided with the city, the Houston Chronicle reports. “In sum, the ordinance does not regulate the purposes for which land can be used, lacks geographic comprehensiveness, impacts each site differently in order to preserve and ensure the historic character of building exteriors, and does not adopt the enforcement and penalty provisions.
Fort Worth project near medical district will use metal Quonset huts
A Fort Worth residential and commercial development will use metal Quonset huts for its exteriors, The Dallas Morning News reports. Prince Concepts, a Detroit-based developer, plans to construct eight residential units, three offices and two retail spaces. Quonset huts, arch-shaped prefabricated metal structures, were widely used by the United States military in World War II for barracks and other purposes. The name comes from Quonset Point in Rhode Island, where the structures were first manufactured. Prince Concepts has used Quonset huts in developments in Michigan.
Arizona
HGTV star El Moussa, partners invest in two Phoenix multifamily properties
HGTV star and real estate expert Tarek El Moussa and his commercial real estate investment partners with TEM Investments bought two multifamily properties, 3TV reports. The Scottsdale-based company purchased a 36-unit building and a 45-unit building and is looking at more Arizona properties. “The demand for Arizona is through the roof, I feel like it is hotter than the coastal California market. People are moving to Arizona and rents are going up,” El Moussa tells the TV station.
Mexico
Rosewood to operate hotel in Polanco district of Mexico City
Real estate development firm Grupo Sordo Madaleno has chosen Rosewood Hotels & Resorts to operate a new hotel in the Polanco district of Mexico City, PR Newswire reports. Rosewood Mexico City is expected to open in 2024. The hotel will have 133 rooms, with 35 suites, four food and beverage outlets and two swimming pools. Rosewood has properties across Mexico, including Los Cabos, Riviera Maya and San Miguel de Allende.
