In the News—Week of October 04 2021
Around the Nation
Bear market: Pro football team’s possible move excites developers
The Chicago Bears of the NFL have agreed to buy a horse racing track in a suburb with intentions to build a football stadium there. The team has not completed the deal with owner Churchill Downs for the 326-acre property, the Real Deal reports. Many Chicago residents are angry about the team’s possible move to Arlington Heights from Soldier Field, where the Bears have played home games since 1971. CRE brokers in the area are excited. “I think the real domino effect is going to be the spurring of entertainment districts — lots of bars, restaurants. It’s going to attract a lot of nightlife and opportunity,’’ says Jason Wurtz, executive vice president at commercial real estate firm NAI Hiffman. About 2 million square feet of commercial property is located within a 1-mile radius of the track. A number of NFL teams, including the Dallas Cowboys, play outside the main city of the metro area they represent.
Energy & Environment
NYC landlords vow to buy technology to cut millions in energy costs
Thirteen property owners in New York City have agreed to join the NYC Carbon Challenge, Environmental Leader reports. The landlords agreed to invest in technology, solar panels and other efficiency solutions. The buildings’ efforts will save $175 million in energy costs. Google, Barclays and Deutsche Bank already are part of the challenge. The challenge hopes to cut $700 million in energy costs and reduce 1.5 metric tons of carbon emissions.
French investment company buys apartment complex in Houston area
Paris-based AXA IM Alts bought the 271-unit Grand at LaCenterra apartments in Katy through a joint venture with RPM Living, the Houston Chronicle reports. “This latest addition to our U.S. multi-family portfolio underlines our belief in the strength of the Houston market, supported by the city’s growing population and the defensiveness of residential assets that hold a prime location with good transport connectivity, both of which underpin the potential for us to generate stable income and long-term value creation on behalf of our clients,” says Andrew Piekarski, director of U.S. acquisitions for the French company. This is the company’s second property in the Houston area.
Austin, Dallas workers top nation in returning to the office
Austin and Dallas workers are returning to the office ahead of the rest of the country, The Dallas Morning News reports. A survey by Cushman & Wakefield showed that just under 50% of Austin worker were back the office, while 45% of Dallas workers had returned. “It’s important to remember that pre-pandemic, office buildings were never 100% occupied on any given day; 60% was generally the norm,” Cushman & Wakefield’s chief economist, Kevin Thorpe, says. He predicts we will see about 60% back by next year.
Embry begins works on 5-story multifamily complex in central Phoenix
Embrey is building a 332-unit apartment complex in central Phoenix, PR wire reports. The five-story complex called Seven Oaks is located on 7th street between McDowell and Thomas roads. The property will feature quartz countertops, stainless steel appliances, custom cabinetry, a fitness studio and a dog park. Seven Oaks is expected to be finished by second quarter of 2024.
3-D printer providing material for a small town in state of Tabasco
A 500-home community in Mexico is coming out of a 11-foot tall 3-D printer, The New York Times reports via the South Florida Sun Sentinel. New Story, a San Francisco nonprofit, Échale, a “social housing” company in Mexico, and a construction technology company from Austin called Icon are behind the project. “We know that being able to build more quickly, without sacrificing quality, is something that we have to make huge leaps on if we’re going to even make a dent on the issue of housing in our lifetime,” New Story’s CEO Brett Hagler tells the Times.