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10 Must Reads for the CRE Industry Today (Jan. 17, 2019)

Hudson Yards developer was considering a wall, but later backtracked those plans, reports The New York Times. Harrah’s Reno Hotel and Casino sale shows growing challenges for traditional gambling operators, according to the Wall Street Journal. These are today’s must reads from around the commercial real estate industry.

  1. They Were Going to Build a Wall at Hudson Yards. Then Came the Backlash. “When news emerged last week that the developer building Hudson Yards was considering the wall, the backlash was intense. “This is the worst sort of planning,” said Gale Brewer, the Manhattan borough president.” (The New York Times)
  2. Zaha Hadid’s Miami Tower is an Architectural Feat. Is It Designed to Sell? “It took seven years and nearly $300 million to build the late architect’s futuristic tower. Now, the developer is trying to sell the building’s remaining units amid a softening condo market and oversupply of luxury product.” (Wall Street Journal, subscription required)
  3. Harrah’s Casino in Reno to Be Sold, Closed After 82 Years “Harrah’s Reno Hotel and Casino will close after Caesars Entertainment Corp. said it agreed to sell the property for $50 million to a real-estate developer, which will turn it into a nongambling resort. The change of business plan highlights the growing challenges facing traditional gambling operators.” (Wall Street Journal, subscription required)
  4. Payless ShoeSource Emerges from Bankruptcy — Again “Payless ShoeSource said Thursday it has emerged from Chapter 11 bankruptcy protection for a second time, with a renewed focus on its international operations.” (CNBC)
  5. Procrastinators Abounded This Christmas. And More Retailers Pushed People to Stores to Pick Up Online Orders “More people are turning to stores to pick up their last-minute online purchases. The option, when utilized by customers, is a way for retailers to make their online orders more profitable.” (CNBC)
  6. Krieg DeVault's Adams: Plenty of Good Happening in Indy ... and its Suburbs “David Adams knows the Indianapolis market. He’s a partner with the Real Estate and Environmental and Commercial Real Estate Lending practice groups at the Indianapolis office of law firm Krieg DeVault. Because of this, he knows how busy Indianapolis and its suburbs are today, and he understands just how high the demand is for multifamily and industrial real estate here.” (RE Journals)
  7. Workforce Shortage Among Factors Affecting Maine's Real Estate Market, Says Trade Group Head “Maine, like the nation, has now seen economic growth that's gone on unbroken for over a decade. That growth has been reflected in real estate development around the state. Will it continue?” (Maine Public)
  8. CRE Opinion: E-commerce is Chipping Away at Traditional Retail Sales “When it comes to retail, Venture Commercial's John Zikos says properties that are neither convenient nor compelling cannot compete.” (D Magazine)
  9. With Glitzy New Buildings Well Under Way, Charlottesville's Office Space is Moving on Up “From food courts and beer taps to onsite living quarters and Blue Ridge Mountain views with private parking, Charlottesville’s current crop of soon-to-be-finished office buildings are displaying a lot of class. And that class is Class A.” (The Daily Progress)
  10. Avison Young’s Top CRE Trends for 2020 “From cobots and climate change to placemaking, Avison Young takes a look at top trends for the year ahead.” (Commercial Property Executive)
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