In the News—Week of October 28, 2024
Deal of the Week
Brookfield Residential Properties continues to deliver finished lots in Phase 5 of Alamar, its master-planned community in Avondale, Arizona. In its most recent closing, it conveyed 70 lots to a national homebuilder based in Atlanta, Georgia. The $5.7 million transaction was closed by Vice President and Senior Commercial Escrow Officer Sheila Hunter and Underwriting Counsel Chadwick Campbell.
National
San Francisco unveils updated plan for former site of Candlestick Park
Willie Mays, Joe Montana and The Beatles have left. Candlestick Park was demolished nine years ago. But to date, nothing has been built at the former home of the MLB Giants and NFL 49ers that once hosted a concert by the Fab Four. After years of delays, a revised redevelopment plan has emerged for the former Candlestick Park site in San Francisco, CBC New Bay Area reports. The latest proposal includes taller buildings and an “innovation district” focused on biotech and AI, replacing some of the originally planned retail space. This updated vision aims to address the city’s housing goals while adapting to current market needs. Local residents and city officials are hopeful this plan will finally bring much-needed development to the area. If approved, construction could begin as early as next year, marking a significant step forward for this long-awaited project.
National
High-profile high rises in NYC might be available at low, low prices
New York City’s real estate market is experiencing a dramatic shift, with iconic buildings being sold at surprisingly low prices, the New York Post reports. This trend has sparked a buying frenzy among investors looking to capitalize on these bargains. The Chrysler Building, for instance, faces potential eviction of its operators and may be sold for a fraction of its former value. Other notable properties, such as Tower 57, are also changing hands due to financial difficulties. This situation is attributed to various factors, including high ground rents, declining office occupancy and the challenges of converting office spaces to residential use. As a result, the city’s real estate landscape is undergoing a significant transformation, with both risks and opportunities for investors and developers.
National
Chicago firms seek to spice up office space to draw employees
When Urban Innovations revamped a space for Consumers Credit Union in Chicago, about a quarter of the space was dedicated to amenities, RE Journals reports. It’s an example of how office tenants are trying to make workspaces more inviting. As in other areas, the office market in the Windy City continues to be challenging. Many firms are seeking a way to attract talent and get the talent they attract to come into the office — willingly.
National
Five buildings on River Walk in San Antonio go on the market
Five historic buildings along San Antonio’s River Walk, dating back to the late 19th and early 20th centuries, have been put up for sale, The Real Deal reports. The properties, spanning 76,500 square feet at 130 Soledad St., include notable structures such as the Book Building and parts of the Solo Serve Building. While the asking price remains undisclosed, the site’s prime location and rich cultural history make it an attractive prospect for potential buyers. The sale presents an opportunity for redevelopment, with possibilities ranging from mixed-use spaces to hospitality venues. This offering has garnered significant interest from developers nationwide, highlighting the appeal of San Antonio’s downtown area.
Arizona
University of Arizona to transform ag facility into a hub for innovation
The University of Arizona has unveiled plans for a major development project in Maricopa, Connect CRE reports. The initiative aims to transform a 2,100-acre, agricultural research site into what it calls an innovation hub. This project will feature a 300-acre technology park with an education campus and 600 acres of mixed-use commercial buildings, including a town center, hospital, housing, retail, hotels and more. The university estimates the project will have an annual $4 billion economic output. Construction is not set to begin until next spring.
Arizona
Ted’s Hot Dogs to break ground in Gilbert store after years of delays
Ted’s Hot Dogs, a 97-year-old family owned and operated business out of Buffalo, New York, is set to break ground on its second location in Arizona, the Gilbert Independent reports. The company plans to break ground in January in Gilbert. This expansion has been in the works since 2017 but faced delays due to various obstacles, including the COVID-19 pandemic. Ted’s Hot Dogs is known for its “Buffalo-style” hot dogs and other specialty sausages, which are charbroiled to order in front of customers. The new location will be near the Crossroads Towne Center. The first Ted’s in Arizona is in Tempe. It opened in 1983.
