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September 11, 2020

With Congress Unable To Pass A Stimulus Bill, Multifamily Industry Warns Of Collapse

[Webinar] The Age Of Unstaffed Data Centers: Strategic Network Management, Remote Infrastructure & Disrupting Operational Strategy Sept. 15

After the “skinny” relief bill proposed by Republicans failed in a vote on the Senate floor on Thursday, there is no clear path to a meaningful economic stimulus package before Election Day.

With Congress' Latest Failure To Pass A Stimulus Bill, Multifamily Industry Warns Of Collapse

Though Democratic leadership criticized the bill as woefully inadequate and cynical, the $300 per week in extra federal unemployment aid it contained could possibly have shored up rent payments for some tenants. Without a stimulus bill, any further sliding by the economy could leave millions of…

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Children's National Health System has acquired the new facility it opened in Prince George's County this summer.Heritage Partners, which developed the health center at the Woodmore Towne Centre retail complex, sold it in a $39M, three-party transaction that resulted in Children's National taking ownership of the property.Municipal Acquisitions was…

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PGP Lands Japanese Food Hall At Capitol Crossing

PGP Lands Japanese Food Hall At Capitol Crossing  

The developer behind Capitol Crossing has inked a deal for a Japanese food hall, the first retail tenant at the massive project that has experienced a slower-than-expected lease-up.  Property Group Partners signed a 9K SF lease with a team featuring chef…

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Endless Summer: Beach Businesses Prepare, Hope For A Season With No End Date

MONTAUK, N.Y. — Were it a normal summer, the staff at Duryea's Lobster Deck here at Long Island's eastern point would this week be starting to wrap up the season. But this is no normal year, and the restaurant isn't changing out of its summer whites just yet.

The dining deck, which was reconfigured to serve people in a socially distanced manner, is now staying open until the end of September. The ramped-up takeout menu, not previously a big part of the business, will still be running until Columbus Day — something it has never done before.

“We’re expecting to maintain steady business … We do feel people are staying out east longer than the typical season, and we’d like to be available for them,” said Emily Corso, the events and marketing director for Montauk Asset Holdings, which owns the restaurant, as well as Lulu Kitchen & Bar in Sag Harbor and a second Duryea's on the North Fork.

“It’s a combination of things — we’ve assessed the traffic is still going, we’ve been talking to regular guests and they are staying in their homes through September and talking to other local business owners that have sensed the same thing,” she said.

Labor Day is usually the unofficial close of business in Long Island’s beach towns as holidayers flood back to school and work for the fall. But this year, with workers remotecolleges online and school reopenings uncertain, everyone from restaurant owners to fitness instructors to real estate brokers are rushing to adjust businesses to try and make hay — even if the sun isn’t shining as much.

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All The Details On Durst's Plan For Penn's Landing

 

PHILADELPHIA — The Philadelphia 76ers will have to look somewhere other than Penn's Landing if they want to build a new arena for themselves.

The Delaware River Waterfront Corp., the nonprofit that controls long stretches of publicly owned land along Philadelphia's eastern riverfront, announced on Wednesday that it has selected The Durst Organization as lead developer for acres of land between Market and Lombard streets. The DRWC's board of directors unanimously voted for the Durst plan over three other finalists, according to the organization's press release.

Now that the selection process is complete, DRWC and Durst will negotiate further over the specifics of a development deal. After that, Durst has promised a robust community input process.

Durst has committed to bringing in a minority-owned firm for at least a 20% equity stake in the project, with an emphasis on trying to find a local partner. The company has also committed to using at least 20% minority- or woman-owned businesses and labor for construction, maintenance and ongoing operations contracts, promising to hire a third-party firm to keep it accountable.

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