Daily News – October 7, 2009

Here are the news stories you might find interesting today:

TODs Lack Resources to be Workforce-Affordable

While the market for transit-oriented development is gaining steam, few federal, state or local funds exist to help make TOD units affordable to the workforce.

Smaller Banks are Falling Fast

While the nation’s largest banks have been bolstered by federal bailout funds and equity-raising efforts, many smaller banks are still struggling with balance sheets tainted by bad commercial real estate loans.

InterContinental Capital hiring 40 to 50

InterContinental Capital Group, a New York mortgage lender, is opening a regional office in the Biltmore area as part of its West Coast expansion.

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Colliers International, solar experts team on state-of-industry report

Arizona could become a hub for solar energy businesses in the Southwest, according to experts in a new report compiled by Colliers International.

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Repower Arizona opens Phoenix office

Repower Arizona, part of a national group focused on climate change and alternative energies, will host a reception at its new Phoenix office Thursday.

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Mortenson Construction to build Diamondbacks-Rockies field

Mortenson Construction, well known for developing sports venues around the country, will build the spring training facility for the Arizona Diamondbacks and Colorado Rockies.

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Chandler new home construction surges

Chandler saw more new homes completed last month than in any month over the last year.

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Bankruptcies soar across Arizona, Valley

Bankruptcy filings across Arizona continue to illustrate the depth of the ongoing financial crisis.

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Fry’s shopping center going up in Gilbert

Seemingly overnight, the bones of a new 110,000-square-foot Fry’s Marketplace sprang from the southwest corner of Chandler Heights and Higley roads in Gilbert.

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Florence hospital breaking ground

The new Florence Hospital at Anthem is breaking ground this week at the corner of Franklin Road and Hunt Highway, at the northern edge of the Anthem community.

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Burger King plans futuristic’ remodel of stores

CHICAGO – Burger King Corp . plans to swap its generic fast-food feel and bland tiles and tabletops for a vibe that’s more sit-down than drive-through.

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Apartment REITs Register 38% in Total Returns in 3Q
New York – REITs posted their best-ever quarterly gains since the NAREIT indexes’ inception in 1972.

West Valley Saturn dealership to close

The failed sale of General Motors Co.’s Saturn brand to Penske Automotive Group Inc. will result in the closure of a West Valley dealership and three others in Arizona.

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Foothills panel: Put Loop 202 extension on reservation

Phoenix City Councilman Sal DiCiccio and members of an Ahwatukee Foothills residents’ committee say they have studied state and county plans to link Chandler and west Phoenix with a 22-mile freeway and come to a conclusion: Put the South Mountain Freeway on the Gila River Indian Community.

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Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.