In the News—Week of March 17, 2025

A national residential master-planned community (MPC) developer conveyed its inventory of lots and land in four communities to a joint venture entity. In addition to the property in Arizona, the portfolio transaction encompassed three additional MPCs in three other states. Underwriting Counsel Chadwick Campbell and the Thomas Title Builder & Developer Services team spearheaded the title work for the $88 million portion of the transaction in Arizona.

Developers propose 1,600-foot high tower on New York City’s famous Park Avenue

A groundbreaking development project in New York City will create a 1,600-foot supertall tower at 350 Park Avenue, set to become the avenue’s tallest building, the New York Post reports. The $4.5 billion venture, spearheaded by Vornado Realty Trust, Rudin and Ken Griffin, will feature Citadel and Citadel Securities as anchor tenants. Designed by Foster + Partners, the 1.8- million-square-foot environmentally conscious building will incorporate significant public spaces, including a block-long plaza and enhanced sidewalks. The project team is beginning the public review process, with demolition planned for 2026 after current Citadel employees relocate temporarily.

Portland mayor, Oregon governor seek to stimulate apartment construction

Portland Mayor Keith Wilson and Oregon Gov. Tina Kotek announced a joint initiative with private sector partners to address Portland’s housing shortage through increased apartment construction, Oregon Public Broadcasting reports. The effort aims to streamline permitting processes and zoning policies to attract more investment in market-rate housing development, as Portland currently ranks near bottom among U.S. cities for real estate prospects. With a target of building 120,000 new homes by 2045, the initiative focuses primarily on private sector development rather than subsidized affordable housing. The plan comes amid concerns about federal funding cuts and rising construction costs, though officials remain optimistic about potential solutions through local policy changes.

Irvine-based investment firm buys 14-acre facility from Amway for $60M

An Irvine-based investment firm has purchased Amway’s Buena Park facility for $60 million, with plans to transform it into residential development, the Los Angeles Times reports. The current property, which houses Amway’s Nutrilite brand operations, spans approximately 14 acres and is strategically located near the Buena Park train station. Under the agreement, Amway will continue to lease the property while the new owners, in partnership with Lennar Homes, develop their townhome project. This acquisition follows the investment firm’s other major development plans, including a mixed-use project in Huntington Beach featuring homes, affordable housing and hospitality components.