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December 14, 2022

Unibail-Rodamco-Westfield Bets $100M 'City-Making' Is The Future For Aging Mall Properties

Uncertain About What The Future Of Chicago CRE Holds? Hear What Top Industry Experts Have To Say Jan. 25

A $100M redevelopment project at a suburban Chicago mall will mark a "landmark vision" for the future of flagging shopping centers.

That’s the promise from Unibail-Rodamco-Westfield, which last week announced plans to reimagine the upscale but aging Westfield Old Orchard shopping center in Skokie, Illinois. The mall operator says the mixed-use miniature city marks the path forward for its mall assets everywhere.

Unibail-Rodamco-Westfield Bets $100M 'City-Making' Is The Future For Aging Mall Properties

“This is not the case of a dying mall, somewhere that’s a good piece of dirt but it shouldn’t be a mall anymore. Not the case with Old Orchard,” URW Senior Vice President of Development Stephen Fluhr told Bisnow.“Old Orchard is a flagship of the North Shore. We continue to…

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‘You’re Not Going To See Us Make Mistakes’: Why Big Banks Are Pulling Back From CRE Financing

 

A lack of available debt is one of the biggest issues slowing commercial real estate development today, but institutional lenders say their pullback is rational given the risks in the market. 

"You can sit there and say the lender is the boogeyman, but one of the mantras in our hallway is, ‘The best way to make money in fixed income is not to lose it,'" Northwestern Mutual Regional Director Eric Ekeroth said at a Bisnow event last week. "So we’re not going to take risks until it feels like we understand it.”

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As Rents Spike, So Does The Push For Rent Control

With housing costs hiking steadily upward throughout 2022 and little relief in sight, the age-old rent control debate resurfaced in markets as far-flung and politically disparate as California and Florida, and the idea is expected to gain momentum in the new year.

Though rent control has gained only spotty traction throughout the years, renewed efforts could find purchase in states and municipalities across the country, setting in motion changes for the multifamily property sector that has seen exponential growth in the last decade.

As Rents Spike, So Does The Push For Rent Control

"We're going to see a lot more efforts to pass rent control next year," said Jim LapidesNational Multifamily Housing Council vice president of advocacy and strategic communications. "The momentum is there."Though rent increases have moderated in recent months, they remain…

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Twitter Isn't Paying Its Landlords Or Vendors, Prepping For Legal Battle

Twitter Isn't Paying Its Landlords Or Vendors, Prepping For Legal Battle  

Social media platform Twitter has reportedly quit paying rent on its headquarters building in San Francisco and an unspecified number of other leases. The nonpayment is part of a wider move by Twitter, which was acquired by Elon Musk in…

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