In the News—Week of May 2, 2022
National
Building owners offer small firms a chance to own space
Most small businesses with offices rent the space. But developers in hot office markets such as Austin or Nashville are pitching the idea of small businesses owning instead of renting their space, Bloomberg reports. This was an idea that was popular before — about 20 years ago. “It’s very much gone out of favor, and you’re starting to see it creep back up, given what’s going on with rental rates, given what’s going on with inflation,” says Jilliene Helman, founder and CEO of RealtyMogul, a crowdfunding platform.
Energy & Efficiency
Michigan nonprofit offers paid training in energy-efficiency field
A Detroit area nonprofit has started a training program to pay workers while they learn skills in the field of energy efficiency, Yale Climate Connections reports. Sitara Govender of the nonprofit Wayne Metropolitan Community Action Agency says many jobs in the field go unfilled. “And, in part, I think that’s because of the lack of paid job training opportunities,” Govender says. Under the agency’s program, participants choose one of five different career paths, take 10 weeks of classes, earn $15 an hour and earn an industry-recognized certification.
Texas
43-story mixed-use project planned near the Galleria
DeisoMoss, a Houston-based firm, plans to break ground in 2023 on a 43-story mixed-use project near the Galleria mall, the Houston Chronicle reports. The 551,905-square-foot project at 2120 Post Oak Blvd. will include residential, retail and office. The residential components is expected to be the first to open. “We love the ‘live, work, play’ model,” Taylor Moss and Andrew Deiso of DeisoMoss wrote in an email. The project does not have a name.
Texas
Lincoln Property plans three towers in Uptown Dallas
Lincoln Property Commercial plans to start construction next year on three towers in Uptown Dallas, The Dallas Morning News reports. The plans call for a 20-story office building and two 30-story residential towers. The block currently is occupied by commercial buildings. About half the site will be open space. “We recognize what a special opportunity it is to be able to plan and develop a 4-acre site in the heart of Uptown,” says John Walter, Lincoln Property executive vice president. Office buildings in the area are commanding higher than expected rents, the newspaper reports.
Arizona
Circle K from ‘Bill and Ted’ movie is closing this month
A Circle K store that was used as a location for “Bill & Ted’s Excellent Adventure” will close sometime this month, the Phoenix New Times reports. The Circle K at Hardy Drive and Southern Avenue is where the characters played by Alex Winter and Keanu Reeves meet their mentor, played by George Carlin, and begin their travel through time. Though the story was set in Southern California, much of the 1989 movie was filmed in Arizona. Employees of the store were informed it would be closing in late April, the paper reports.
Mexico
Cost of putting up a building is going up in Mexico
An official with the Mexican Chamber of the Construction Industry says cement, rebar, steel and other building materials have risen by 15% to 25% since December, Mexico News Daily reports. Quel Galván Pelayo, vice president with the chamber, says budgets for many projects will be too low to be completed. “If you drew up a plan without taking the increase into account, you’re going to take a hit this year,” Galván says. He warns that if the war between Russia and Ukraine continues, it could drive prices up further.
