Saturday, February 7, 2026
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Top Stories

DevelopmentMixed-UseMultifamilyNew YorkNortheastTop Stories

TF Cornerstone Nears Completion on 1.4 MSF Residential Development in Queens

by John Nelson

NEW YORK CITY — New York City-based developer TF Cornerstone is nearing completion on 2-20 and 2-21 Malt Drive, a 1.4 million-square-foot apartment complex in the Long Island City neighborhood of Queens. At full build-out, the project will deliver 1,386 apartments across two buildings, as well as retail space and a public park. 2-20 and 2-21 Malt Drive are situated on Malt Drive, a new city street that was named as a nod to the site’s history as a sugar cane processing facility that later became a beer distribution center. The project is located within the 30-acre Hunter’s Point South mixed-use development. The South building at 2-20 Malt Drive will rise 33 stories and feature 575 units. The adjacent North building will comprise 811 apartments across two towers at 2-21 Malt Drive. Thirty percent of units at both buildings will be set aside as affordable housing, which will be leased at 130 percent of the area median income. The buildings were designed by SLCE Architects. Planned amenities include on-site parking, bicycle storage, co-working space, children’s playrooms, lounges, fitness centers, shared laundry rooms as well as in-unit washers & dryers, roof decks with BBQ grills, sundecks and courtyards. 2-20 Malt Drive will also …

Continue Reading
FacebookTwitterLinkedinEmail
Data CentersDevelopmentIndustrialMidwestTop StoriesWisconsin

Microsoft to Invest $3.3B for Data Center Development in Mount Pleasant, Wisconsin

by Kristin Harlow

MOUNT PLEASANT, WIS. — Microsoft has unveiled plans to invest $3.3 billion between now and the end of 2026 in the development of a data center campus in Mount Pleasant, about 28 miles south of Milwaukee. The tech giant plans to expand its national cloud and artificial intelligence (AI) infrastructure capacity. The project is expected to bring 2,300 unionized construction jobs to the area by 2025, as well as to provide long-term employment opportunities over the next several years. Along with building a physical data center, Microsoft will partner with Gateway Technical College to construct a data center academy. This facility will serve to train and certify more than 1,000 students over the course of five years to work in the new data center and IT sector. U.S. President Joe Biden joined Microsoft President Brad Smith and Wisconsin Gov. Tony Evers at Gateway Technical College on Wednesday for the announcement. “This is a watershed moment for Wisconsin and a critical part of our work to build a 21st-century workforce and economy in the Badger State,” says Evers. Microsoft’s data center is being built where former President Donald Trump had previously announced a $10 billion investment from Taiwanese electronics manufacturer Foxconn. …

Continue Reading
FacebookTwitterLinkedinEmail
Mountain-Point-Medical-Center-Lehi-UT
Company NewsHealthcareTexasTop Stories

Steward Health Care Files for Bankruptcy, Plans to Sell 31 Hospitals

by Hayden Spiess

DALLAS — Steward Health Care has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. The Dallas-based company, which has disclosed $9 billion in total liabilities, plans to sell the entirety of its hospital portfolio, according to Reuters. The portfolio comprises 31 hospitals throughout the U.S. Steward hopes to complete all transactions by the end of this summer, with auctions scheduled for June 28 and July 30.  In a press release, Steward attributes the decision to file for bankruptcy to “challenges created by insufficient reimbursement by government payors as a result of decreasing reimbursement rates while at the same time facing skyrocketing labor costs, increased material and operation costs due to inflation and the continued impacts of the COVID-19 pandemic.” Steward’s total debt includes $6.6 billion in long-term rent obligations, according to media reports. Medical Properties Trust, which owns the real estate occupied by Steward Health Care hospitals, has provided $75 million in debtor-in-possession financing to Steward, with the possibility of an additional $225 million loan as Steward’s bankruptcy process continues. Hospital leases with the landlord include terms until 2041. Steward hospitals occupy the properties on ground leases, with Medical Properties Trust owning the …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentHealthcareMidwestMissouriTop Stories

Washington University School of Medicine Opens $616M Neuroscience Research Building in St. Louis

by John Nelson

ST. LOUIS — Washington University School of Medicine has opened the new Jeffrey T. Fort Neuroscience Research Building, an 11-story academic building located at 4370 Duncan Ave. in St. Louis. The project represents an investment of $616 million, according to the general contractor, locally based McCarthy Building Cos. Inc. Considered one of the largest neuroscience research buildings in the world, the facility will help accelerate research in areas that include Alzheimer’s disease and brain tumors. The project team, including architectural firms CannonDesign and Perkins+Will, designed the facility to achieve LEED Gold certification. Situated on the eastern edge of campus, the 609,000-square-foot building accommodates 1,000 faculty and staff, including 95 research teams. Additional space could be built out in the future to accommodate another 350 faculty and staff, including about 145 research teams. The building includes an 1,846-space parking structure with bicycle racks and electric vehicle charging stations, as well as an elevated pedestrian connection that links the research building to an existing parking garage. The facility is named after Jeffrey Fort, a philanthropist and longtime donor to the university. The name was revealed at a ceremony held in January. McCarthy and the university broke ground on the research building in …

Continue Reading
FacebookTwitterLinkedinEmail
The-Lexington-Hotel-Manhattan
HospitalityLoansNew YorkNortheastTop StoriesWalker & Dunlop

Walker & Dunlop Arranges $155M Loan for Refinancing of Midtown Manhattan Hotel

by Taylor Williams

NEW YORK CITY — Walker & Dunlop has arranged a $155 million loan for the refinancing of The Lexington Hotel in Midtown Manhattan, which is part of the Marriott Autograph Collection family of brands. Hudson Bay Capital provided the loan. Jordan Casella, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Christopher de Raet of Walker & Dunlop originated the loan on behalf of the borrower, a joint venture between MCR Hotels, Island Capital Group and Three Wall Capital. The joint venture first acquired the property in 2021. The 28-story building was originally constructed in 1929 and houses 725 rooms, including six specialty suites. One of those suites is known as the Norma Jeane Suite and once served as the residence of Marilyn Monroe and her then-husband, New York Yankees legend Joe DiMaggio. (Marilyn Monroe was born Norma Jeane Mortenson.) The hotel’s amenities include 3,000 square feet of meeting and event space and an onsite restaurant and bar. The property also houses retail space that is leased to Crunch Fitness and Starbucks. “This transaction not only underscores the resilience of the New York City hospitality market but also reaffirms the enduring appeal of this city as a major tourist and …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsCaliforniaHealthcareIllinoisMidwestTop StoriesWestern

Remedy, Kayne Anderson Acquire 37-Property Healthcare Portfolio for $252M

by John Nelson

CHICAGO AND LOS ANGELES — A joint venture between Remedy Medical Properties and Kayne Anderson Real Estate has acquired a portfolio of 37 healthcare properties from Broadstone Net Lease (NYSE: BNL), a diversified real estate investment trust with an industrial focus. The properties traded hands for $252 million. JLL served as the broker for the transaction. The 37 properties were selected from a larger collection of healthcare assets designated for sale by Broadstone Net Lease. The properties are being sold as part of the REIT’s plan to focus on core net lease assets in the industrial, retail and restaurant sectors. As of March 31, industrial properties comprised 54.2 percent of the REIT’s portfolio. The portfolio totals more than 708,000 square feet across 13 states. Each property is fully leased. The assets are situated in prominent markets that include: Chicago; Houston; Charlotte, North Carolina; Indianapolis; Seattle; Milwaukee; Tampa, Florida; and Arlington, Texas. The properties are leased by health systems and physician groups such as Advocate, Emerge Ortho, Froedert Health, IU Health, Tampa General, TGH Imaging and USPI. The largest facility included in the portfolio is Ridgeway Medical Campus in Greece, New York, near Rochester. The multi-specialty outpatient medical center comprises 120,000 …

Continue Reading
FacebookTwitterLinkedinEmail
Lakeside
DevelopmentHospitalityMichiganMidwestMixed-UseMultifamilyOfficeRestaurantRetailTop Stories

Lionheart Capital Plans $1B Lakeside Mall Redevelopment in Sterling Heights, Michigan

by Katie Sloan

STERLING HEIGHTS, MICH. — Lionheart Capital has unveiled plans for the $1 billion mixed-use redevelopment of Lakeside Mall in the Detroit suburb of Sterling Heights. The redevelopment process will begin with the demolition of the enclosed regional mall following its closure on July 1. The new development will be anchored by a mixed-use town center and central park featuring shops, offices, coffee houses, restaurants, an area for community gatherings and events, and a two-story community center with recreational amenities including swimming pools, fitness facilities and libraries.  The project is also set to include a hotel and residential space, details of which were not disclosed, as well as 30 acres of public space, parks and infrastructure. Plans include the addition of walking, biking and hiking trails that connect to local trail networks including the Iron Belle Trail, Freedom Trail and Dodge Park Trail.  Groundbreaking on the town center is scheduled for late 2025. The development team includes master architect CallisonRTKL, landscape designer SWA and civil engineer Giffels Webster. A completion timeline was not disclosed. Lakeside Mall originally opened in 1976. The site spans 110 acres and the existing buildings total 1.5 million square feet. Miami-based Lionheart Capital is an investment firm …

Continue Reading
FacebookTwitterLinkedinEmail
Fulton-Park-Campus_Chicago
DevelopmentIllinoisLife SciencesMidwestMixed-UseMultifamilyOfficeTop Stories

Trammell Crow Co. Plans 1.8 MSF Fulton Park Mixed-Use Campus in Chicago

by Hayden Spiess

CHICAGO — Trammell Crow Co. (TCC) has unveiled plans for a 1.8 million-square-foot mixed-use project in Chicago’s Fulton Market neighborhood. Dubbed Fulton Park Campus, the development will include four buildings comprising research and development (R&D), lab, office, residential and retail space.  Among the new buildings will be a 34-story residential tower, known as Flora, which will comprise 368 apartment units. Amenities at Flora will span three floors and include a club room; golf and game simulator room; fitness center and yoga studio; spa; sauna; and a dedicated work-from-home area with a sound recording booth. Additionally, the property will feature an outdoor deck with grilling stations, televisions and fire pits; a private dining space with a chef’s kitchen; and a pet wash and dog run. ESG Architects designed the residential building, which general contractor Power Construction will build. Leasing is scheduled to begin this summer.  At 1105 W. Carroll, TCC will develop a 26-story commercial tower featuring 660,000 square feet of lab and office space. Upon completion, the building will offer floorplates from 19,000 to 40,000 square feet, with 17-foot ceiling heights on select floors, private balconies and advanced technical infrastructure. Amenities will include a fitness center with an indoor pickleball …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentFloridaRestaurantRetailSoutheastTop Stories

Burger King to Invest $300M to Remodel 1,100 US Restaurants by 2028

by John Nelson

MIAMI — Burger King plans to invest $300 million to modernize 1,100 U.S. restaurants by 2028, according to parent company Restaurant Brands International Inc. (NYSE: QSR). Each restaurant will be renovated in a new layout, called Sizzle, that emphasizes flexibility as well as the digital, pick-up and drive-thru experiences. In addition to the planned renovations, the investment will also cover cash incentives for top-performing operators. “We are committed to giving our guests the very best experience in all our restaurants and that includes a modern, exciting restaurant image and digital experience that exceeds their expectations,” says Tom Curtis, president of Burger King North America. “We are working in close partnership with our franchisees to transform our restaurant footprint across the country and reclaim our flame as a leader in the QSR [quick-service restaurant] industry.” The newly announced initiative, dubbed Royal Reset 2.0, is a continuation of its existing Royal Reset program announced in 2022 that included a $250 million investment in overhauling the physical real estate, tech and kitchen equipment at thousands of Burger King locations. The first Royal Reset plan was part of a $400 million campaign, called Fuel the Flame, that also included $150 million in digital and …

Continue Reading
FacebookTwitterLinkedinEmail
Republic-Bank-Cherry-Hil-NJ
Company NewsNortheastPennsylvaniaTop Stories

Fulton Financial Acquires Republic First Bank Following FDIC Auction

by Taylor Williams

PHILADELPHIA AND LANCASTER, PA. — Fulton Financial Corp. (NASDAQ: FULT), a regional lender based in Lancaster, has acquired Philadelphia-based Republic First Bank via an auction overseen by the Federal Deposit Insurance Corp. (FDIC). On Friday, April 26, the Pennsylvania Department of Banking & Securities seized control of Republic First, closing the bank and appointing the FDIC as receivers. The transfer of ownership of “substantially all” of Republic First’s assets and deposits to Fulton Financial represents a move to protect customer funds, according to the FDIC. Some of the driving forces behind the collapse of Republic First appear to mirror those of Silicon Valley Bank and Signature Bank, two regional lenders that went under in March 2023. Those factors include losses on bond holdings that had diminished in value amid rising interest rates, as well as exposure to high-risk loans that are collateralized by commercial and office properties, many of which have struggled to recoup occupancy and cash flows post-pandemic. Relatively speaking, however, Republic First is a much smaller player than Silicon Valley and Signature. At the time of its collapse in late March 2023, Silicon Valley Bank had approximately $110 billion in assets, $56 billion in consumer and business deposits …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts