The Howard Hughes Corp. (NYSE: HHC), a mixed-use and residential real estate developer and operator with projects across the country, has announced a series of changes. The Dallas-based firm plans to focus on its master-planned communities in Texas, Hawaii, New York, Maryland and Nevada and sell its non-core assets valued at roughly $2 billion over the next 12 to 18 months. HHC expects to net $600 million in cash proceeds from the sales.
American Dream, the most expensive U.S. mall ever built, has opened in New Jersey. The industry is watching closely to see if its entertainment-heavy formula could be the future of the larger shopping malls.
The troubled coworking company is the largest office tenant in New York City. What happens to the city’s commercial real estate market if it goes under? In the near-term— not much. In the longer run it could change the way co-working space is delivered.
Facebook (NASDAQ: FB) has committed $1 billion and will partner with the State of California to build 20,000 affordable workforce- and low-income housing units over the next 10 years. Many of the units will serve first responders and teachers who can’t afford to live in the communities they serve, according to a press release from Facebook.
America’s hotel sector has been operating at peak levels for the past three years as an expanding economy has readily absorbed accelerated supply growth in most markets. Notwithstanding rising salary and wage rates and slowing revenue growth, operators have controlled costs sufficiently to achieve GOP margins at their highest levels since the 1960s. Nonetheless, the near‐term lodging outlook appears choppy and transactions have slowed and the bid/ask gap has widened during the past year.
Organic urbanism supports what people want in their neighborhood and strives to preserve, protect, and rejuvenate the existing housing stock of diverse sizes, styles, and conditions that is conducive to a mix of incomes and lifestyles. In contrast advocates of new urbanism, particularly their allies in the planning profession, oppose such housing and favor density to support public transit.
The cleanest cities provide powerful lessons in how to transition to clean energy, while growing a city economy and providing better services to citizens. All of these cities improved their renewable energy generation, energy-efficient buildings, government, equitable communities and transportation. The success of these cities, and the ranking of all major U.S. cities is detailed by American Council for an Energy-Efficient Economy (ACEEE).