- Can Removing Highways Fix American Cities? “Built in the 1950s to speed suburban commuters to and from downtown, Rochester’s Inner Loop destroyed hundreds of homes and businesses, replacing them with a broad, concrete trench that separated downtown from the rest of the city. Now, the city is looking to repair the damage. It started by filling in a nearly-mile-long section of the sunken road, slowly stitching a neighborhood back together.” (The New York Times)
- Vacated Sears Space to Become Restaurant Gallery in Massachusetts Mall “Craftsman tools and Kenmore refrigerators will be replaced by veal parmigiana and Picanha sirloin at Simon’s Burlington Mall in Massachusetts. Simon Property Group announced two years ago that it would convert part of its vacated Sears anchor into a high-end dining gallery, and it now has announced its lineup.” (Chain Store Age)
- Milton V. Peterson, Developer of National Harbor, Dies at 85 “He was one of the Washington area’s most successful real estate developers.” (The Washington Post)
- Samsung Life to Buy 25% of Savills IM and Commit $1bn of Investment Capital “Samsung Life is to acquire a 25% stake in Savills Investment Management and commit US$1bn (€819m) to the real estate fund manager’s investment strategies over the next four years. The South Korean insurer and its real estate subsidiary Samsung SRA are entering a ‘strategic investment alliance’ with Savills IM to invest in real estate debt and equity in Asia-Pacific and Europe.” (IPE Real Assets)
- Schitt’s Creek, But in Real Life: Owner Tries Selling California Desert Town “In the award-winning television show ‘Schitt’s Creek,’ the owners of the tiny town of the same name try to sell it, with no luck. Roxanne Lang feels like she’s been living that story line on repeat. For more than half a decade now, she has been trying to sell her own town, an 80-acre plot of land on the California side of the Mojave Desert, about an hour away from Las Vegas. It’s now on the market again for $2.75 million.” (The Wall Street Journal)
- A Bright Spot for Manhattan Businesses: Deals on Manhattan Rents “Everyone loves a good bargain, and for the first time in years, ambitious business owners are landing affordable leases with tenant-friendly amendments on Manhattan storefronts. Although Manhattan’s retail landscape is not exactly close to a full-fledged rebound, there have been some positive developments.” (The New York Times)
- Hot Beach Summer Is Coming “A list of this summer’s top destinations for US travelers is basically a rundown of North American beach towns: Miami, Myrtle Beach, Key West, Cancun, San Juan, Honolulu, and Tulum are all on top, according to May data from Tripadvisor. For comparison, 2019’s list was dominated by big international cities such as New York, San Francisco, Chicago, Sydney, and Tokyo. Of course, part of this has to do with ongoing travel restrictions to different countries, making domestic travel an obvious route — but even stateside, many of the top destinations fit the same profile. And at these beach locations, travelers are opting for package deals such as all-inclusive resorts, where there are fewer unknowns.” (Recode)
- Will Post-COVID ‘Return’ Reverse California Exodus? “San Francisco set a single-quarter record for positive net absorption in the first three months of the year. Almost 1,500 units were leased, and vacancy reversed a seven-quarter increase — down to 11.6 percent — as rents rebounded to $4 per square foot. Now, more than halfway through the second quarter, net absorption is on track to match first-quarter numbers.” (Commercial Observer)
- Former WeWork Chief’s Gargantuan Exit Package Gets New Sweetener “Securities filings from earlier this month show WeWork in February gave Mr. Neumann an enhanced stock award worth roughly $245 million, a benefit that wasn’t extended to other early shareholders and hasn’t been previously reported. The deal was part of a renegotiation of the former chief executive’s giant 2019 exit package meant to end a long-running dispute between him and SoftBank and help clear the way for a public listing for WeWork, according to people familiar with the matter.” (The Wall Street Journal)
- An 8th Noose Has Been Found at an Amazon Facility in Connecticut, Forcing Construction to Shut Down “Multiple nooses have been discovered at the Windsor, Connecticut, site since late April. Amazon previously offered a $100,000 reward for information.” (Insider)
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