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Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aH-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomVictor Sigoura picks up site of failed West Chelsea condo for $87MVictor Sigoura picks up site of failed West Chelsea condo for $87MMarty Burger’s new venture sputters on takeoffMarty Burger’s new venture sputters on takeoff
South Florida

Investors’ urban shopping spree

The Crown Building in New York command steep rents. (General Growth Properties' CEO Sandeep Mathrani)
The Crown Building in New York command steep rents. (General Growth Properties' CEO Sandeep Mathrani)

From the National Market Report: When the developers of Miami Worldcenter scrapped plans earlier this year for a 765,000-square-foot enclosed mall in downtown Miami, opting instead to create an open-air shopping promenade à la Miami Beach’s Lincoln Road, they joined a cadre of developers and real estate investment trusts making bets on street retail.

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REITs such as Vornado Realty Trust, SL Green Realty and Realty Trust have been savvy street-retail players for years, but others such as General Growth Properties and private developers have jumped into the game recently. They are buying up retail properties and helping to drive up prices across the country from New York and Chicago to Miami and San Francisco, as well as in smaller cities like Boston, Seattle and Savannah, Georgia. [more]