Commercial real Estate in America is experiencing a great surge. In the coming year, a few of the country's cities are expected to welcome some interesting attractions and changes.
Phoenix climbing higher
The "hoozdo" city, Phoenix is set to climb stories in 2013. The architecture in Phoenix is mostly flat and surfaced. In 2013, a Phoenix developer, Novawest LLC, is expected to build a 420-foot lollipop-shaped building aimed to attract tourists, reported The Wall Street Journal.
"The market was flat for office and retail in Phoenix," Brian Stowell, Managing Director of Novawest told the WSJ. "The idea is to build a transformative, iconic project."
The project is expected to cost around $40 to $50 million. The building will also sport a visiting deck and a posh restaurant and bar. Tourists will be charged a $10 to $12 entrance fee.
The development firm is expected to rope in upcoming architect Bjarke Ingels to design an observation deck with a spiraling staircase. Ingels said that the design would be an inspiration from the sets of the movie "Star Wars", reported WSJ.
The USP of the building will be its unique design that will use aspects of a sphere as well as a spiral form, Ingels told WSJ.
Texas Sheraton to be acquired
Sheraton Fort Worth Hotel is expected to be acquired by Dallas based hotel chain- "Prism Hotels & Resorts" for $55 million.
If the deal is finalized, the hotel would get a new start in the New Year, reported WSJ.
"It's one of those deals that could have a happy ending," Steve Van, CEO of Prism told WSJ.
Prism is expected to purchase the hotel, along with, a private equity firm as a partnership venture, Van told WSJ.
Sheraton's previous owner, Calif was unable to pay back the full mortgage loan to creditor, Dougherty Funding LLC. Dougherty provided a $40 million loan for the hotel's construction initially. Upon failure of payment, Dougherty forfeited the property to Vestin Organizations, a junior lending firm. Vestin had driven the property into bankruptcy which then paved an opportunity for Prism to buy the hotel, reported WSJ.
