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AvalonBay plans pop-up hotel in Seattle; Lennar to build 770 homes in Florida

Commercial real estate

* AvalonBay Communities Inc. is seeking permission from Seattle's City Hall to convert up to 130 apartments at its 24-story, 274-unit Avalon Belltown project into hotel rooms for up to six months in what would be the first pop-up hotel in Seattle, the Puget Sound Business Journal reported, citing the city's land-use bulletin. The project is slated to open in May, the publication added, citing AvalonBay Vice President Derek Bottles.

* WeWork Cos. Inc.'s parent company, The We Co., is teaming up with OpenAI and the World Economic Forum for a potential $200 million redevelopment project in San Francisco, the San Francisco Business Times reported. The plan involves the 22 barracks and buildings of the Fort Scott campus in Presidio.

The We Co. plans to lease and design roughly 135,000 square feet of collaborative office space in the project and OpenAI plans to occupy roughly 107,000 square feet for its offices and labs.

* The price tag for Hines' recent acquisition of the Oakmead West campus in Sunnyvale, Calif., was $188 million, the Silicon Valley Business Journal reported. Hines considers the 96% occupied property to be a value-add opportunity, the publication added.

* Naftali Group is under contract to acquire a development site comprising six low-rise buildings in New York City for $167 million, The Real Deal reported, citing unnamed sources.

Muss Development and the Aryeh family own the site, which offers more than 250,000 buildable square feet. The development parcels are at 1461-1469 Third Ave. and 204 E. 83rd St., with additional air rights coming from two buildings at 1453-1455 and 1459 Third Ave., according to the report.

* Kinship Capital received an $85 million refinancing from Heitman Capital Management for the 484,000-square-foot building at 225 W. Washington St. in Chicago's Loop, The Real Deal reported. The company, which also occupies space in the 28-story property, had been looking to sell it for $120 million.

Kinship paid $69 million for the tower in 2010 and refinanced it for $50 million in 2011, the publication added, citing Cook County records.

* Hunt Cos. and Imagine Group filed plans for a 482-unit mixed-income residential complex on Chicago's Near North Side, The Real Deal reported. The project would comprise a 21-story tower, an eight-story building and two clusters of townhomes, the publication noted, citing a zoning application submitted to the City Council.


* Lennar Corp. plans to build 770 homes on 85 acres of farmland it has under contract in Homestead, Fla., the South Florida Business Journal reported, citing a pending application to the city. The project would comprise 304 villas, 349 townhomes and 117 single-family homes along with 31 acres of open and recreational space with a five-acre lake.

* A planned annual tax on wealthy owners with part-time homes in New York City is facing criticism from the real estate industry, The Wall Street Journal reported. The long-proposed tax would be imposed on owners of homes with a value of $5 million or more. New York state could adopt the measure as part of its new fiscal budget in upcoming weeks, according to the publication.

The day ahead

Early morning futures indicators pointed to a mixed opening for the U.S. market.

In Asia, the Hang Seng rose 1.37% to 29,409.01, while the Nikkei 225 gained 0.62% to 21,584.50.

In Europe, around midday, the FTSE 100 increased 0.59% to 7,271.06, and the Euronext 100 lifted 0.10% to 1,048.25.

On the macro front

The Housing Market Index is due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

Now featured on S&P Global Market Intelligence

Hudson Yards raises curtain, and the drama is just beginning: The massive, mixed-use commercial development finally opened in New York, and while lease-up has been an overwhelming success, some question the long-term viability of the location and format.

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