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10 Must Reads for the CRE Industry Today (February 13, 2018)

MarketWatch details President Trump’s long-awaited infrastructure plan. Wynn Resorts hired a new law firm to run an investigation into the alleged sexual misconduct of ex-CEO Steve Wynn, reports the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. Here’s Where the Money Goes in Trump’s Infrastructure Plan “President Donald Trump unveiled his long-awaited infrastructure plan Monday, in which the administration aims to spend $200 billion in federal funds to spur at least $1.5 trillion in infrastructure investments with state, local and private partners.” (MarketWatch)
  2. Wynn Resorts Board Hires New Law Firm to Run Investigation of Ex-CEO Steve Wynns “Days after canceling an outside law firm’s investigation into alleged sexual misconduct involving former Chairman and Chief Executive Steve Wynn, a special committee of the Wynn Resorts WYNN -0.20% board has given that assignment to a new law firm with longstanding connections to the casino company.” (Wall Street Journal, subscription required)
  3. Quicken Loans Overtakes Wells Fargo as America’s Largest Mortgage Lender “Quicken Loans' well-reviewed Super Bowl ad features comedian Keegan-Michael Key swooping in to simplify the complicated. He translates rap lyrics, dating profiles, abstract art and, of course, mortgage mumbo-jumbo. The big news in the 60-second spot, slipped into a tagline at the end, however, was easy to miss: Quicken Loans is now America's largest mortgage lender.” (Forbes)
  4. Trump Administration Proposes $4.4 Trillion Budget for Fiscal 2019 “The White House on Monday requested a $4.4 trillion fiscal 2019 budget that calls for more spending for the military and border security and cuts to federal health-care programs like Medicare and Medicaid.” (Wall Street Journal, subscription required)
  5. Amazon Laying Off Corporate Employees in Rare Cutback “Amazon is cutting several hundred jobs in Seattle, and hundreds elsewhere, a rare layoff that appears to fall predominantly on its established consumer retail business. The company continues to hire aggressively in other areas.” (The Seattle Times)
  6. As Sears Shutters More Stores, These Retailers Could See Gains “As Sears Holdings shutters more of its department stores under the Sears and Kmart banners, three retailers are poised to gain the most of those lost sales, according to UBS analyst Michael Lasser.” (CNBC)
  7. Firms Move Away from Generalists in Lieu of Specialization “During the last three years, valuation and advisory has evolved into something full-service companies see as a critical part of offerings as firms gravitate to specialization in property sectors and geographic regions.” (GlobeSt.com)
  8. Land of Nod Closes All Stores “Land of Nod, the upscale children’s furnishing line owned by Crate & Barrel, closed its retail stores Jan. 29, the company confirmed.” (Crain’s Chicago Business)
  9. Barnes & Noble Confirms Job Cuts, Expects $40 Million in Annual Savings CostsBarnes & Noble confirmed Tuesday that a new labor model in its stores will result in job cuts, but this will help the company save roughly $40 million annually.” (CNBC)
  10. City Holds on to Thousands of Vacant Properties that Could Ease Housing Crisis “The de Blasio administration has been sitting on hundreds of parcels of vacant land that could sprout 50,000 units of affordable housing, City Comptroller Scott Stringer said Monday.” (Crain’s New York Business, subscription required)
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