real estate development

16 Stories

Land Trust Group Makes Deal to Save Hollywood Sign

Land behind icon will be off-limits to development

(Newser) - An environmental group has a deal in the works to protect the land around the “Hollywood” sign from being turned into luxury homes, and will cover up the iconic sign Thursday to draw attention to the scheme. "The Hollywood sign cannot be separated from its untrammeled setting of... More »

Judge Quashes Trump's Suit Against Author

The Donald took issue with being called mere multi-millionaire

(Newser) - Donald Trump will have to live with being regarded as somewhat less astronomically wealthy, the Philadelphia Inquirer reports, after a judge today dismissed his defamation suit against Timothy O’Brien, author of TrumpNation. O’Brien estimated that Trump is worth $150-$250 million; Trump says he’s worth billions, and claimed... More »

Developer Gives $100M to Habitat For Humanity

(Newser) - Habitat for Humanity has received a $100 million gift from a developer in the largest contribution in the charity’s history, the AP reports. J. Ronald Terwilliger said he hoped the gift would “inspire others to make the commitment to support affordable housing.” Habitat says the money will... More »

Real-Estate Pioneer Crow Dead at 94

Turned single Dallas warehouse into international empire

(Newser) - Visionary real-estate developer Trammell Crow, who pioneered strategies that helped him become one of the world’s largest landlords, has died, the Dallas Morning News reports. He was 94 and suffered from Alzheimer’s disease. Crow, who helped popularize the concept of building on spec—erecting structures before they were... More »

As Bills Loom, Developers Cry Bailout

Some $530B in commercial mortgages will need refinancing—and credit is tight

(Newser) - Developers worried about the health of the commercial real estate market want a piece of the bailout action, the Wall Street Journal reports. They say $530 billion in commercial mortgages will be up for refinancing in the next 3 years, but credit “simply is not available.” Without government... More »

'Vati-Con' Agrees to Pay $3.6M

Ann Hathaway's ex says he wants to repay fraud victims, but may be too broke

(Newser) - Raffaello Follieri, the jailed ex-boyfriend of actress Anne Hathaway who used alleged connections to the pope to scam investors, has agreed to return $3.6 million to victims, including two priests and celeb-billionaire Ron Burkle. It’s a small chunk of the $13 million the “Vati-Con” is accused of... More »

Developers Use Auctions to Move Condos

When it's tough to set prices, these sales let buyers do it

(Newser) - With buyers scarce and prices in Florida's condo market plunging, sellers are increasingly turning to auctions to move units in new developments. No longer just a means of unloading foreclosed homes, the auctions also keep agents from having to guess what the public is willing to shell out, the New ... More »

Trump Gets His Scottish Golf Resort

Environmental groups fume over government's decision

(Newser) - Donald Trump got the green light for his $1.6 billion Aberdeenshire golf resort yesterday, much to the chagrin of environmental groups, the Times of London reports. Though it was rejected by the Aberdeenshire council last year, First Minister Alex Salmond approved the project after a public inquiry. Salmond said... More »

Trump in Trouble on Chicago Tower

Bleak outloook makes financing a tall order for 92-story skyscraper

(Newser) - Donald Trump's 92-story Chicago tower has been hit by a triple-whammy of the credit crunch, the housing slump, and sagging retail sales, making foreclosure a real danger, the Wall Street Journal reports. Trump, who developed the tower without partners, owes $1 billion on the project but has so far sold... More »

Hathaway's Ex Considers Copping Plea

High-living Follieri weighs deal with feds on fraud charges

(Newser) - Italian entrepreneur Raffaello Follieri may plead guilty as soon as today to fraud and money-laundering, the Wall Street Journal reports. Anne Hathaway's ex could still opt for a trial. He faces federal charges that carry a sentence of up to 5 years, even with the plea deal, but the government's... More »

Rent-to-Own Leases Help Fill Up Condos

In slow market, some developers offer test drives to renters

(Newser) - The credit crisis landed the housing market on shaky ground, but condo developers are attracting cash-strapped buyers by offering them rent-to-own leases, the Boston Globe reports. The deal allows would-be homeowners to rebuild their credit and test out conditions, while developers make money on properties that otherwise would be empty.... More »

Rat's Nest of Urban Politics Behind Philly's 'Big Stall'

Many demolitions, huge budget, no benefits

(Newser) - Lamenting the lack of progress in another urban redevelopment project, Karen Heller takes aim at the Pennsylvania Convention Center expansion in the Philadelphia Inquirer. The Center expansion has been in the works since 1993, spurring numerous building demolitions, but few new constructions: in short, North Broad Street, advertised as a... More »

Chicago Transit Explores Groceries in Train Stations

Agency hopes to reap $100M over 5 years with new developments

(Newser) - The Chicago Transit Authority is looking make more money from the real estate it owns, and is investigating installing grocery stores and restaurants inside “L” (elevated train) stations, the Tribune reports—with the agency hoping to generate $100 million over the next 5 years from such commercial development. "... More »

Dubai High Rise Would Add Novel Twists

Revolving floors just one of 80-story tower's planned innovations

(Newser) - If heights make your head spin, a planned 80-story tower in Dubai might not be the place for you. Set to be the "world's first building in motion," David Fisher's design features doughnut-shape floors that rotate 360 degrees around a fixed cement core, the AP reports. It would... More »

Condo-Hotel Bubble Pops, Splatters Many

As more rooms go empty, buyers target developers

(Newser) - Condo-hotel rooms were a hot buy at the height of the housing boom, but marketing them as investments that would pay out every time they were occupied could come back to haunt developers, the Wall Street Journal reports. As business sours, buyers who find themselves making mortgage payments on empty... More »

Coney Island on Track for Ritzy Makeover

Fans grumble at cyclone-speed gentrification

(Newser) - Landmark Brooklyn amusement park Coney Island is set to undergo a major makeover as an upscale techno-theme park with ritzy retail space and timeshare towers, the Washington Post reports. Thor Equities bought much of the six-block thrill park and officials hope to launch the $1.5B renovation in 18 months—... More »

16 Stories