In the News—Week of November 22, 2021
Around the Nation
CRE in suburbs growing while central business districts struggle
Commercial real estate prices have shot up in metro areas all over the world since we started locking down in March of 2020. But the appreciation has been much greater in the suburbs than the central business districts, MarketWatch reports. Figures from Real Capital Analytic show commercial real estate prices grew 7.3% in the third quarter in major metro areas. But city centers in Chicago, New York City and San Francisco have struggled.
Energy & Environment
Connecticut aquarium to invest $2.5 million to lessen carbon footprint
Mystic Aquarium in Stonington, Connecticut plans to spend $2.5 million for energy efficient equipment that will cut its carbon footprint, WSHU radio reports. The aquarium expects to reduce energy use by 650,000-kilowatt hours annually by installing solar panels on its roofs and with HVAC systems throughout the complex. The project will partner with Eversource and Connecticut Green Bank. The changes are expected to save $85,000 a year in energy costs.
Texas
Brookfield announces plan for overhaul of Shops at Houston Center
Brookfield Properties plans to turn The Shops at Houston Center into The Highlight at Houston Center, the Houston Chronicle reports. Brookfield recently finished an overhaul of the Houston Center office complex. The centerpiece of The Highlight will be new tenant Puttshack, a minigolf and dining destination. There will be a multistory entrance facing Discovery Green.
Texas
Plano’s Haggard family gets OK to turn farmland into mixed-used project
It looks like one of the last tracts of farmland along the Dallas North Tollway is about to be developed. Plano’s Haggard family got an OK from the zoning board for mixed-use development, The Dallas Morning News reports. The Plano City Council still must sign off on it. “The Haggard family has been around here a long time,” Rutledge Haggard told the planning commission. “This land we are talking about developing is part of that land settle by my great-great-grandfather in 1856. We can do a development that can be a lot more dense and unattractive. I think we’ll all be proud of what we see on the farm when it is finished.” The project will include residential, retail and office, and parts will have a farm theme.
Arizona
NHL Coyotes say their planned arena will not interfere with Phoenix airport
Arizona Coyotes officials say their planned $1.7-billion arena and entertainment district won’t interfere with Phoenix Sky Harbor International Airport, The Arizona Republic reports. The project would be built on the south bank of Tempe Town Lake near Priest Drive, about 2 miles away from any airport runway. But the airport is already voicing its concerns. An attempt to build a stadium for the NFL Arizona Cardinals near the lake in 2001 was submarined by concerns from the airport.
Mexico
Resort owners fear government will confiscate land for Mayan Train
Hotel owners in Cancun and Tulum with properties near the planned route of the of the Mayan Train say they have been contacted by representatives of the project with none-too-pleasant news, Crónica reports via Mexico Business News. The local representatives are asking for appointments to buy portions of the resort properties or it risks confiscation. The prices offered for the land are about 10% of the market value. Complicating the situation is many hotels have loans that are guaranteed in part by the value of the land.
