In the News—Week of May 13, 2024

 In The Title Trove

Deal of the Week

An Arizona based retail company sold a parcel of land in Clark Count, NV to PKL Ventures for 3,700,000. The transaction was closed by Shelia Hunter, Vice President, Senior Commercial Escrow officer in our Scottsdale, Arizona office.

National

Colorado landlords go to court to stop greenhouse gas reduction regulations

A group of Colorado’s largest building owners and managers have lodged a lawsuit against the state and Denver authorities, opposing their greenhouse gas reduction regulations, The Colorado Sun reports. The plaintiffs argue that these rules, which demand extensive building renovations, exceed federal guidelines and will lead to heightened rental costs, thereby exacerbating the shortage of affordable housing in the state. The lawsuit also contends that the new regulations are so stringent that landlords will have to replace natural gas appliances with costly clean electric models to meet the reduction targets. Environmental groups have counter-argued that the building owners and oil and gas trade groups are obstructing environmental progress.

National

Once neglected motel properties are being brought back to life

Across the United States, vintage motels are being renovated and transformed into modern, boutique accommodations, Smithsonian Magazine reports. These refurbished lodgings often maintain their historic charm while offering updated amenities and design elements. The trend has brought new life to many properties that had fallen into disrepair. “Many people began thinking of motels as low-tier, dingy and old,” says Daniel Elder, who manages a revamped motel in Oregon. “But the reality is, over the last five or 10 years motels have really taken on a new life form.”

National

Omaha office market bucks national trend; vacancy rate 9.3%

Despite the negative trends in office markets across the U.S., Omaha’s office market is thriving, with a vacancy rate of only 9.3%, RE Business Online reports. This resilience is attributed to the city’s diverse and robust economy, which has consistently outperformed other metropolitan areas. The demand for high-quality, amenity-rich Class A office space is particularly high, despite an overall slowdown in office space demand. However, experts are closely monitoring the amount of sublease space in the market.

National

Billionaire thinks his tower can lure workers back to office, Manhattan

Billionaire Ken Griffin, CEO of Citadel, is spearheading the development of a 62-story skyscraper at 350 Park Ave., seeking to revitalize the area and to attract remote workers back to Midtown Manhattan, the New York Post reports. The project is a collaboration with Vornado Realty Trust and Rudin, with Citadel and Citadel Securities anchoring the development. The tower was designed by Foster + Partner and is scheduled for completion by 2032. Griffin, who has previously suggested Miami could rival New York as a financial center, says he remains committed to enhancing New York’s status as a leading global business hub.

Arizona

Tempe council approves plans for residential complex near light rail

The Tempe City Council has given a green light for the construction of a seven-story residential complex near the city’s light rail route, 12 News reports. The plans submitted by Beus Gilbert McGroder call for retail space for small businesses and up to 275 housing units. The 8,400-square-foot project would replace a gas station and some shops near Apache Boulevard and McClintock Drive.

Arizona

829-bed student housing development coming near Arizona State campus

LV Collective, Kayne Anderson Real Estate and Pacific Life are partnering to build a student housing development near Arizona State University in Tempe, Student Housing Business reports. The Rambler Tempe at 1020 E. Apache Blvd. will provide 829 beds for students and is expected to be ready by fall 2026. The 552,380-square-foot project will feature a café, study rooms, swimming pools and a fitness area. Construction on the project began in March.

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