Real Estate Daily News Buzz is designed to give news snippets to readers that our (yet to be award winning) editors thought you could use to start your day. They come from various business perspectives, real estate, government, the Fed, local news, and the stock markets to save you time. Here you will find the headlines and what the news buzz of the day will be.
Tuesday, the Standard & Poor’s 500 index picked up 10.96 points, or 0.5 percent, to 2,440.35. The Dow Jones industrial average rose 92.80 points, or 0.4 percent, to 21,328.47. The Nasdaq composite, which has a large concentration of technology companies, rose 44.90 points, or 0.7 percent, to 6,220.37. U.S. crude futures added 38 cents to settle at $46.46 a barrel in New York. Brent crude, used to price international oils, picked up 43 cents to $48.72 a barrel in London. Wholesale gasoline rose 1 cent to $1.50 a gallon. Heating oil finished up 2 cents at $1.45 a gallon. Natural gas slumped 6 cents, or 1.9 percent, to $2.97 per 1,000 cubic feet.
U.S. stocks bounce back to records as tech companies rise — After two days of losses, stock indexes recover to set new records as technology companies rebound. Banks and retailers also rise as investors buy companies that could benefit from faster growth in the economy. The Federal Reserve starts its June policy meeting and is expected to raise interest rates again.
Grand Opening of veterans housing developed with support from County bonds — A newly-complete transitional housing complex on Tucson’s Southeast Side will provide greater opportunities to dozens of homeless veterans. Pima County Community Development and Neighborhood Conservation proudly provided about a tenth of the funding for the non-profit group Esperanza En Escalante to build the 44-units, along with a community center, located at 3680 S. Calle Polar, near Wilmot and Stella roads.
WHEN: 9 a.m., Wednesday, June 14, 2017
WHERE: 3680 S. Calle Polar (east of Wilmot Rd., north of Stella Rd.) CONTACT: Marcos Ysmael, Housing Program Manager Office:520.724.2460/Cell:520.247.0248
Hudbay Receives the Final Record of Decision for Rosemont — Hudbay Minerals Inc. (TSX: HBM)(NYSE: HBM) announced that the U.S. Forest Service has issued the Final Record of Decision for Hudbay’s Rosemont Project. Receiving the FROD concludes a thorough process involving 17 co-operating agencies at various levels of government, 16 hearings, over 1,000 studies, and 245 days of public comment resulting in more than 36,000 comments. Having received the FROD, Hudbay will now commence the administrative process working with the USFS to complete the Mine Plan of Operations over the next several months. The other key federal permit outstanding is the Section 404 Water Permit from the U.S. Army Corps of Engineers. “This decision brings us another step closer to being able to build a modern mine that will fulfill the requirements of its permits, create jobs and strengthen the local economy,” said Patrick Merrin, vice president of Hudbay’s Arizona business unit. “The Rosemont team thanks the USFS and all the other co-operating agencies for their hard work and dedication to the public interest over the past 10 years.”
A brighter economic outlook is giving Fed confidence to act — In the United States and around the world, economic strength isn’t what it used to be. The Federal Reserve is set to raise short-term interest rates Wednesday for the third time in six months — a vote of confidence in the American economy and especially in the resilience of the job market. Yet neither the U.S. nor the world economy is likely to regain the robust health that prevailed before the recession struck a decade ago.
Verizon takes over Yahoo to complete $4.5 billion deal — Verizon has taken over Yahoo, completing a $4.5 billion deal that will usher in a new management team to attempt to wring more advertising revenue from one of the internet’s best-known brands. Tuesday’s closure of the sale ends Yahoo’s 21-year history as a publicly traded company. It also ends the nearly five-year reign of Yahoo CEO Marissa Mayer, who isn’t joining Verizon.
Bain’s Gymboree Sees to Slash a Billion in Debt in Latest Retail Bankruptcy “Kids’ clothing retailer Gymboree has turned to bankruptcy for a chance to reorganize and keep open most of its 1,300 stores. Gymboree is new to Chapter 11, but the story behind its financial woes is not. Payless ShoeSource entered bankruptcy in April, blaming the shift away from brick-and-mortar retailers for its discount shoe sales drying up in recent years. rue21, the teen specialty fashion retailer, filed its own petition last month with plans to close nearly a third of its 1,179 stores amid low sales.” (Forbes)
Pima Board of Supervisors OK cooperative agreement with Friends of PACC — The Pima County Board of Supervisors unanimously approved a cooperative agreement between the County and Friends of PACC to further the community support for Pima Animal Care Center and the pets it cares for each year. “Friends of PACC is delighted to be the fundraising partner for Pima Animal Care Center,” said Tammi Barrick, Friends of PACC chair. “We see the wonderful work they do daily to save the companion pets of Pima County and appreciate the support of the community to strengthen the live-saving programs being implemented through donations.” As part of this agreement, which goes through June 5, 2018, Friends of PACC and the County will work together to raise funds for the benefit of PACC’s lifesaving programs, such as its medical, spay and neuter, and adoptions program. In addition, the non-profit organization will help develop fundraising campaigns to support any additional shelter needs. To learn more about the animal care services provided by PACC, visit pima.gov/animalcare.
The 15 Hottest Housing Markets in the U.S. “Markets in Colorado and the Carolinas are drawing the most potential home buyers, according to data released recently by ATTOM Data Solutions. The property data company analyzed mortgage applications to create its “Pre-Mover Housing Index,” a measure of the proportion of homes likely to sell in a market. The index is based on the ratio of mortgage applications that include an estimated loan settlement date to the number of homes in a given market.” (MarketWatch)
Two Financial Firms Close Massive Real Estate Deals “Two large financial-firm leases that were in the works have just been signed — and in the year’s biggest non-surprise, neither was in East Midtown. While the Grand Central and Plaza districts wait on East Midtown rezoning, brand-new towers and redeveloped older ones to the west continue to snap up large tenants. (The rezoning measure, which would allow larger, modern new buildings to go up in the mostly stagnating district, was cleared by the City Planning Commission last week.)” (New York Post)
Hudson’s Bay Real Estate Monetization May Be Inevitable, But Market Tepid “Hudson’s Bay could face investor pressure to monetize a portion of its $10 billion-plus global real estate portfolio at the Canadian retailer’s annual shareholder meeting on Tuesday amid skepticism that last week’s restructuring plans aimed at saving $350 million will be insufficient to battle a tough real estate market. The 347-year-old company, also known as HBC, announced job cuts across North America on Thursday.” (CNBC)
Amazon Brings 855 KSF Fulfillment Center to CT “Amazon is bringing a new 855,000-square-foot fulfillment center to North Haven, Conn., upping its total to three sites in the state, joining those in Wallingford and Windsor. Those working at the new North Haven facility will be tasked with picking, packing and shipping items including electronics, books and toys. The facility will feature innovative technology such as Amazon Robotics that will assist employees in fulfilling customer orders.” (Commercial Property Executive)
U.S. Needs 4.6 Million New Apartments by 2030 “According to a new study commissioned by the National Multifamily Housing Council and the National Apartment Association, delayed marriages, an aging population and international immigration are increasing a pressing need for new apartments in the U.S., to the tune of 4.6 million by 2030. It’s important to note that: Currently, nearly 39 million people live in apartments, and the apartment industry is quickly exceeding capacity; In the past five years, an average of one million new renter households were formed every year, which is a record amount.” (World Property Journal)
Update on Walgreens-Rite Aid Merger “There’s been another development in the planned Walgreens Boot Alliance and Rite Aid merger. Even as media reports circulated Friday that the Federal Trade Commission was preparing to block the merger between Walgreens Boots Alliance and Rite Aid, one of the merger’s key players took steps to help strengthen the case to approve it. According to a Securities and Exchange Commission filing, Fred’s Pharmacy secured additional financing Friday to meet its obligation of acquiring as many as 1,200 Rite Aid stores that are expected to be divested as part of the merger.” (Chain Store Age)
New Hotline Allows NYC Tenants to Report Illegal Airbnb Rentals “An anti-Airbnb coalition is creating a hotline for New York City tenants to blow the whistle on illegal short-term rentals on the home-sharing service, the Daily News has learned. ShareBetter, a coalition of politicians, housing and tenant groups, and unions, says the hotline is designed to assist New Yorkers in filing “actionable complaints” against Airbnb illegal short-term rentals.” (New York Daily News)