As the commercial real estate industry continues to sort through the details of the new Opportunity Zone program, developers and investors are working to figure out the impact on real estate values in the zones and to sift hype from reality. The U.S. Department of the Treasury last month released updated guidelines for the federal Opportunity Zone program. The announcement provided some clarity, although there are still lingering questions. … Read more at BisNow.
RESIDENTIAL REAL ESTATE
SL Green Realty Releases Renderings of Broadway Residential Project
In July, it was revealed that developer SL Green Realty Corp. was planning to build a residential tower in the Financial District, at 185 Broadway, that could rise 35 stories and house as many as 279 apartments. More concrete details have now surfaced, along with a rendering of what the FX Collaborative-designed building will look like. … Read more at Curbed New York.
COMMERCIAL REAL ESTATE
Failed Camden Stadium Continues to Drain City Funds
Add another $16 million to the money pit formerly known as Campbell’s Field on the Camden Waterfront that will soon be demolished. The Camden County Improvement Authority approved a nearly $1 million contract this month to tear down the 17-year-old former “Field of Dreams.” It was built with $21 million in public dollars thrown after a fad of independent minor league baseball stadiums as a draw for foot traffic and economic development. … Read more at NJ.com.
INDUSTRIAL REAL ESTATE
Monmouth Real Estate Acquires Industrial Property in Georgia
Monmouth Real Estate Investment Corp. has acquired a 126,520-square-foot industrial building in Savannah, Ga. The Freehold-based company said it purchased the property at 505 Morgan Lakes Industrial Blvd., which is net-leased to FedEx Ground Packaging System Inc. for the next 10 years, for $27,832,781. … Read more at NJ Biz.