- New York Reaches a Deal to Legalize Recreational Marijuana “The deal would allow delivery of the drug and permit club-like lounges or ‘consumption sites’ where marijuana, but not alcohol, could be consumed, according to details obtained by The New York Times. It would also allow a person to cultivate up to six marijuana plants at home, indoors or outdoors, for personal use. If approved, the first sales of legal marijuana are likely more than a year away: Officials must first face the daunting task of writing the complex rules that will control a highly regulated market.” (The New York Times)
- Some Yearn for Their Commutes After a Year of Working from Home “Officials at New York’s Metropolitan Transportation Authority, which runs two commuter railroads as well as New York City’s subways and buses, have noticed that ridership is growing faster on weekends than weekdays. Officials believe the trend indicates that many people feel comfortable boarding buses and trains again, and that the only thing holding them back midweek is the reopening of offices, Abbey Collins, an MTA spokeswoman, said.” (Wall Street Journal)
- Commercial Real Estate Investors Show Increases Appetite for Risk in 2021, CBRE Survey Finds “Commercial real estate investors in the Americas are showing a clear shift in risk tolerance and a preference for secondary markets in 2021, according to the findings of CBRE’s latest Americas Investor Intentions Survey. The survey, which covers all asset types, found that investor sentiment and activity began to improve in the second half of 2020, and should continue to improve this year as widespread vaccination aids the economic recovery.” (CBRE)
- Architectural Firms’ Billings Start to Rise: AIA “The American Institute of Architects’ monthly Architecture Billings Index in February reached its first positive mark since February 2020, indicating a potential turnaround for the profession. The increase followed a bump of nearly three points in January, indicating that positive momentum could be building. The ABI score surged to 53.3 in February, from 44.9 in January; AIA explained that any score above 50 indicates an increase in billings.” (Commercial Property Executive)
- $500M Fund to Help Detroit Neighborhoods, Pay Tax Debt “A $500 million fund aimed at improving Detroit neighborhoods over the next decade is kicking off its efforts by spending $15 million to pay off the property tax debt of 20,000 of the city’s poorest homeowners. Quicken Loans founder Dan Gilbert announced the Detroit Tax Relief Fund on Thursday, with the money coming from two philanthropic organizations connected to him. The fund leverages existing state and local programs that eliminate or reduce property tax bills, then pays off the remaining tax bill.” (Associated Press)
- Broadway Could Open in September as New York Lays Out Plans to Vaccinate Theater Workers “New York City Mayor Bill de Blasio is setting his sights on September as the month that the city’s coveted Broadway theaters will be able to reopen. During a daily briefing Thursday, de Blasio outlined a plan to vaccinate theater workers so that the district and its shows could begin running again this fall. ‘The show must go on,’ he said. ‘And the show will go on.’ In addition to mass vaccinations, de Blasio said the city is working on ways to increase Covid-19 testing near the theaters and create plans to manage crowds before and after a show.” (CNBC)
- COVID-19 Vaccinations, Tests Give Boost to Kroger’s Health Ambitions “Thousands of people recently streamed into an arena in Lexington, Ky., to receive Covid-19 vaccines, but it wasn’t a hospital or health company managing the event. It was Kroger Co., the biggest U.S. supermarket chain. The Cincinnati-based company, which put up signage around the arena, has administered about 28,250 doses at the mass-vaccination site since February. Kroger hopes to boost its health business through its pandemic efforts.” (Wall Street Journal)
- Here’s What Rising Interest Rates Mean for Cap Rates “Rising interest rates are unlikely to push cap rates up this year, counter to what many investors may believe, according to new analysis from Marcus & Millichap. The interest rate on ten-year Treasuries has nearly tripled since the end of July, when it was at an all-time low near 50 basis points. But rates remain near historical lows, a good sign for investors, according to John Chang, Senior Vice President and Director of Research Services at Marcus & Millichap.” (GlobeSt.com)
- L.A.’s Music Center Hopes New UL ‘Healthy Building’ Label Eases COVID-19 Fears “The Music Center in downtown Los Angeles is expected to announce Thursday that it is the first performing arts organization in the country to receive a UL ‘healthy building’ verification, representing high standards for air quality at four venues — Walt Disney Concert Hall, Dorothy Chandler Pavilion, Mark Taper Forum and Ahmanson Theatre. Don’t throw away your mask just yet, though.” (Los Angeles Times)
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