- Dollar General Tested a Store for Wealthier Shoppers. Now, It Will Grow to 1,000 Locations “Dollar General debuted a new store called Popshelf about a year ago, aimed at wealthier, suburban shoppers who enjoy the hunt for a good deal. The Tennessee-based discounter said Thursday that it now plans to have approximately 1,000 of the stores by the end of the 2025 fiscal year — including about 100 more locations that will open next fiscal year. It has 30 Popshelf stores in six states as of Oct. 29. It plans to open its first stores in Texas in the early spring.” (CNBC)
- WeWork Says It Must Revise Financial Statements “WeWork’s life as a public company is off to a rough start. The coworking firm said Wednesday it has to revise its financial statements for three quarters after finding that it misclassified some of its public shares. WeWork disclosed that it previously counted certain shares as permanent equity, but those shares should have been called temporary equity.” (The Real Deal)
- In a Multifamily Minute: Perspective from Lument’s Chad Musgrove “It is well documented that affordable housing supply issues are exacerbated in communities of color and under-invested/underserved communities. Historically, the GSEs have aimed to address housing challenges at a macro level. As the market evolves and the landscape becomes ever more complex, the agency’s strategy more noticeably recognizes the opportunity to achieve positive outcomes from a grassroots approach.” (Mortgage Bankers Association)
- BRT Developers Compete with Homebuilders for Available Land “Homebuilders have a new contender to compete with: build-to-rent developers. There is an infamous dearth of developable land for housing development, and now new demand from build-to-rent investors—with a much different business plan to justify land costs—are buying dirt. ‘We have seen increasing interest from a significant number of developers in search of land for the build to rent market,’ Noah Breakstone, CEO at BTI Partners, tells GlobeSt.com.” (GlobeSt.com)
- Will Bank of America’s Former Landlord Walk Away from LaSalle Street Tower? “The LaSalle Street landlord that recently lost Bank of America to a new tower on Wacker Drive is on the brink of losing control of the bank's former downtown home, lining up what stands to be another big example of downtown office distress as the COVID-19 pandemic wreaks havoc on leasing.” (Crain’s Chicago Business)
- Inside Texas’ Hot SFR Market “Single-family rentals or built-to-rent communities seem to be the answer to a housing demand that has been rising extraordinarily over the past 18 months, bolstered by the new lifestyle brought on by the pandemic. The sector is booming, outpacing even multifamily, and Texas is particularly attractive to this growing niche, with Austin, Houston and San Antonio among the most sought-after markets. Expectedly, the investment community started shoving billions of dollars into this newfound opportunity. Among them is Wan Bridge, a Houston-based company that has been building and operating SFR communities across the state since 2016.” (Multi-Housing News)
- Holiday Crowds Flock Back to New York City “The heart of New York City is once again bustling with holiday crowds a year after a spike in Covid-19 infections kept visitors away. Foot traffic and sales over the Black Friday weekend met or exceeded pre-pandemic benchmarks set in 2019, retailers said. Many drivers of tourism that were canceled or reduced last year are operating at full strength. Broadway theaters, which reopened in June, were more than 80% full during Thanksgiving week. The Christmas Spectacular at Radio City Music Hall is running four shows a day, and a crowd gathered Wednesday evening as the Christmas tree at Rockefeller Center was illuminated.” (The Wall Street Journal)
- What Does It Mean to Save a Neighborhood? “Nine years after Hurricane Sandy, residents of Lower Manhattan are still vulnerable to rising seas. The fight over a plan to protect them reveals why progress on our most critical challenges is so hard.” (The New York Times)
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