New York and L.A. tourist destinations are slated for redevelopment in 2013, and one community is witnessing the connection between weak schools and commercial real estate. Here?s what you might have missed this week:
New York Times: ?Hectic Times Square Is Keeping the Developers Busy?
The iconic Times Square neighborhood has kicked off 2013 with a resurgence in development that builds on the destination?s 1990s clean up and redevelopment. As rents rise in buildings near the tourist destination, two major retail development projects are eager to break ground within the year. See what?s in store for the area at the New York Times.
Wall Street Journal: ?Hooray for Hollywood!?
Not every mile on Hollywood?s Walk of Fame is thriving, but one developer is aiming to change that, targeting a full city block that formerly housed CBS?s Los Angeles broadcast operations. Almost $300 million will be spent redeveloping the block into luxury apartments and retail and office space. Check out Hollywood?s newest redevelopment and historic restoration project at the Wall Street Journal.
Los Angeles Times: ?Two historic Long Beach buildings to become medical office complex?
Two historic buildings in Long Beach, Calif. will receive makeovers as part of the city?s efforts to revive its downtown area. A vacant office building and the former home of the Long Beach Press-Telegram will be converted into a medical office complex for medical provider Molina Healthcare. Read more about the $60 million development and renovation project at the L.A. Times.
Colorado Springs Business Journal: ?Stretching the market: School district enrollments affect real estate values?
Vacant buildings, low home values, and slipping student levels in Colorado Springs are dragging down the heart of the area?s commercial real estate. New schools, new homes, and new shopping centers to the north and east of the city are pulling the population away from Colorado Springs? residential center, where mature properties are stagnating. Find out more about the connection between schools and surrounding real estate at the Colorado Springs Business Journal.
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Source: http://blog.irr.com/2013/03/15/times-square-and-hollywood-slated-for-redevelopment/
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