In the News—Week of November 27, 2023
Deal of the Week
An Arizona investor refinanced a property located in South Scottsdale for $5 million. This transaction was closed by Sheila Hunter, Vice President and Senior Commercial Escrow Officer in the Scottsdale office.
Cushman& Wakefield says it will expand its use of Artificial Intelligence
Cushman & Wakefield is upping its artificial intelligence game, offplanpropertyexchange.com reports. The commercial real estate services giant says it will use AI throughout the transaction cycle. Cushman & Wakefield has used AI since 2018, and the company says it has resulted in an 80% reduction “in operational cycle time” and lower costs for clients.
A 41-story mixed-use tower planned for downtown Miami
Developers have unveiled plans for a 41-story, mixed-use condo tower in downtown Miami, South Florida Agent Magazine reports. HUB Miami will offer 306 residential units and 245,000 square feet of office space and will be located near MiamiCentral Station on NW 2nd Avenue. Demolition of the site is set to begin by the end of the year. The John Buck Company, Florida Value Partners, BH Group and PEBB Enterprises are the developers.
New vision revealed for Harborplace in Baltimore
MCB Real Estate and government officials revealed plans for revamping Harborplace in Baltimore, a project that could boost tourism, CBS News reports. The plans call for four new buildings: A residential tower with 900 units, two commercial buildings and an amphitheater. The city gave MCB Real Estate control of the project earlier this year. The city will not charge MCB rent for three years while the firm puts the plan into action.
Google wants to build homes next to campus after developer backs out
Google wants to build a 15,000-house residential campus near its San Francisco headquarters and plans to do so even after a developer backed out of the project, the New York Post reports. Lendlease announced it was dropping the project because of “current market conditions.” Google’s Senior Director of Development Alexa Arena tells The Post: “As we’ve shared before, we’ve been optimizing our real estate investments in the Bay Area, and part of that work is looking at a variety of options to move our development projects forward and deliver on our housing commitment.”
Rents in Phoenix area likely to keep rising faster than inflation rate
Rents in the Phoenix area are going up faster than the rate of inflation for other items and show no signs of slowing, AZ Big Media reports. “Our demand continues to increase because we continue to grow as a place that’s pushing demand and the single-family housing market is highly constrained,” says Mark Stapp, the Fred E. Taylor Professor of Real Estate at Arizona State University. “By either choice or necessity apartments become where you go, and what we’re going to see now is the effect of all these units being absorbed into the market, a lack of significant new inventory added, and you’re going to see prices continue to push upward.”
Landmark bridal shop in Phoenix shutting down after decades-long run
The Azteca Bridal Plaza, located on 10th Street and Washington in downtown Phoenix, is closing, ending an era that spans 70 years, AZ Family reports. The Torrez family has operated a business in the same plaza for 70 years. Kay and Adolfo Torrez operated a bar, furniture store and a flower shop before getting into the wedding industry. “We are part of thousands of family’s special moments,” Raoul Torrez says. Torrez and his siblings decided to retire. The family sold the property to a real estate investor. Plans have not been announced.