DAILY READS: Dec. 30, 2019

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Hong Kong Protesters Target Shopping Centers, Mainland Chinese

“At least 14 people were detained at a mall in the Sheung Shui district near the Chinese border, government-backed broadcaster RTHK reported. The anti-government protesters singled out mainland Chinese shoppers, who locals blame for shortages after buying up goods to resell in China, driving up prices.”
—Bloomberg

Bidding War Set for 1,300 Acres of Prime Real Estate in South Philadelphia

“One interested party, Philadelphia Energy Industries, wants to restart the refinery, produce renewable diesel, and place solar cells on site. That could face opposition from nearby residents, who blame the refinery for elevated levels of asthma and other illnesses in surrounding communities.”
—The Real Deal

South Station Tower Advances—Again

“If the South Station project does advance, one of its towers will stretch to 678 feet—which would place it among Boston’s tallest buildings. For now, though, we’re predicting these 10 will be the city’s tallest by 2025.”
—Curbed Boston

MI6 Could Scrap Refurbishment of HQ After Loss of Secret Plans

“The planning documents were created by Balfour Beatty and access to them was supposed to be restricted to a small group of supervisors in charge of the refurbishment.”
—Forbes

Rockrose Pulls in $255M Wells Fargo Loan for Hudson Yards-Area Resi Construction

“The San Francisco-based lender originated a $218.7 million building loan and a $36.3 million project loan on Rockrose’s rental project, at 555 West 38th Street, in a deal that closed a week before Christmas and was filed with the city yesterday. Plans for the building, drawn up by Pelli Clarke Pelli Architects, call for a 52-story glass tower at the site, between Tenth and Eleventh Avenues.”
—Commercial Observer

He Donated Olympia Theater to Miami Decades Ago. Now His Family Wants it Back

“Specifically, the lawsuit says Gusman’s deed with the city required that the Miami Parking Authority manage the property, which was built in 1926. When the parking authority gave up management of the theater in 2011, the complaint says, the city violated the deed and thereby gave up its right to maintain ownership.”

—Miami Herald
 

Homebuilders, Lenders Are ‘Being More Conservative’ to Prevent Repeat of 2008: Marcus & Millichap CEO

“There were about 1.66 million homes on the market at the end of November, which the National Association of Realtors says is the lowest on record for the month. Supply is down 5.7% from the year prior. When low supply meets high demand, prices surge. The median sales price for existing homes came in at $271,300 last month, which is also a record-high reading by the realtors association.”
—CNBC

California Is Booming. Why Are So Many Californians Unhappy?

“California is at a crossroads. The state has a thriving $3 trillion economy with record low unemployment, a surplus of well-paying jobs, and several of the world’s most valuable corporations, including Apple, Google and Facebook. Its median household income has grown about 17 percent since 2011, compared with about 10 percent nationally, adjusted for inflation.”
—MSN

 

Video: NYC Company With Local-Roots Plans Return to Houston Real Estate Market

“Now, plans for expansion have (Jonathan) Wasserstrum focused on coming home. “‘With Houston, Dallas, Austin, we have three of the top 10 or 11 markets in the country, all of which have really nice growth and potential going forward,'” says Wasserstrum, “‘We think about where we want to plant a flag, going forward: markets like that are really interesting for us.'”
—Fox26 Houston

2019 Another Record Year for Supertalls

“In its annual Tall Trends Report, the Council on Tall Buildings and Urban Habitat (CTBUH) found that 126 buildings of 656 ft. or greater were completed in 2019, including 26 “supertalls” of at least 984 ft., a new record.”
—Real Estate Weekly