Prince William County, Virginia, has ceased its legal defense of a rezoning effort to build over 22 million square feet of data centers near a historic Civil War battlefield after the Virginia Court of Appeals blocked the project. The rezoning aimed to develop 34 buildings with 1.7 gigawatts of capacity, but opposition groups successfully challenged the county's public notice procedures. The county supervisors voted not to appeal further, effectively ending county-funded support for the project, though developers QTS and Compass Datacenters may still appeal. Public opposition to data centers in Virginia has grown significantly, reflecting concerns about local impact and preservation of historic sites.

Developers secured $171.5 million in construction loans for two multifamily apartment projects in Miami, Florida, adding nearly 500 units despite an existing oversupply in the market. Acre received $123 million for the 337-unit Adela II complex, while Evolve Companies obtained $48.5 million for the 141-unit Evolve Wynwood 35 building. Both projects include market-rate apartments with some workforce units and are planned for completion by 2028. The developments reflect careful submarket selection amid slower lease-ups and rent declines in South Florida's apartment market.

Doug Agarwal's Capital Commercial Investments is seeking to sell a 411,000-square-foot office building located at 1900 West Loop South in Houston, Texas, after its loan matured in February. The 21-story building, developed in 1978 and renovated in 2001, is currently about 75% leased but expected to drop to 64% occupancy soon. The property is marketed as a value-add opportunity amid Houston's office market challenges, including a 27% vacancy rate, but benefits from strong investor interest due to rising oil prices and the appeal of owning rather than leasing office space.

Southern Land Co. has begun construction on a $270 million mixed-use development in Houston's Upper Kirby area, featuring a 38-story apartment tower with 331 rental residences and a 10-story office tower with trophy office space. The project aims to command the highest office and multifamily rental rates in Houston, with office rents starting at $55 per square foot. The development includes amenities such as wellness and fitness facilities, outdoor decks, and podium parking, and is expected to be completed in 2028. This project marks one of the few new office buildings breaking ground within Houston's Inner Loop in recent years, amid a low multifamily development pipeline.

Adam America Real Estate, a New York-based multifamily development and investment firm, has appointed David Brickman as its new CEO to lead its growth strategy. The firm, founded in 2009, has developed over 5,750 residential units and manages a $4.2 billion portfolio with 1,600 units in development, focusing on multifamily, condominiums, student housing, and build-to-rent projects. Recent major deals include a $109 million recapitalization in Brooklyn, property sales in Brooklyn, and acquiring a site near the University of Texas at Austin for a $200 million student housing project. Brickman aims to expand the firm's presence in student housing and build-to-rent sectors, capitalizing on strong demand and limited supply in key locations.

U.S. commercial real estate transaction volume declined 13% year-over-year in February to $30.3 billion, mainly due to last year's high entity-level sales in the hotel and retail sectors. Portfolio sales also dropped, with retail and hotel sectors experiencing the largest decreases. Despite fewer transactions, pricing stabilized and even increased in some sectors, with industrial properties leading a 4.2% price gain and apartments showing a slight increase. Data centers saw a significant 239% yearly increase in deal volume over the past 12 months, driven by AI growth. The market remains cautious amid rising interest rates and geopolitical uncertainties.

Investec Bank's research indicates that 40% of investors plan to increase their investment in the coliving sector, which is growing steadily in the UK with over 9,000 operational units. The sector faces challenges such as planning inconsistencies and delivery capabilities but benefits from strong demand driven by housing undersupply and affordability issues. Investec has funded various living sectors including student accommodation, single-family, and multifamily assets, and is actively supporting coliving operators. The future success of coliving depends on pricing transparency, operational excellence, and maintaining high occupancy through amenities and services, with coliving competing strongly in dense urban areas due to income intensity.

A Cook County judge cleared the previous owners of the Poetry Garage, a 10-story parking garage in downtown Chicago, from paying a $9.6 million deficiency judgment after a foreclosure. The judge ruled that the loan agreement's non-recourse clause prohibited personal liability for the borrowers. The property, which includes retail space, was seized by Swiss Re Life and Health America following a default on a $33.2 million loan. The decision leaves the former owners with no further financial liability, and Swiss Re retains ownership after the foreclosure sale.

Granite Properties is selling Factory Six03, a historic 215,000-square-foot office building in Downtown Dallas, Texas. The seven-story property, originally built in 1903 and redeveloped into Class A office space, is about 78% leased with tenants like Sam's Club and Blue Cross Blue Shield. The building has local and national historic designations and was acquired by Granite in 2015, which invested over $44 million in improvements. The property reflects a rich history, having served various industrial and retail purposes before its current office use.

The industrial real estate sector in the U.S. is showing signs of recovery with vacancy rates stabilizing at 7% after a period of oversupply. Leasing activity remains strong, particularly for new and large industrial spaces designed for automation, while new supply has slowed but is expected to increase. Positive net absorption and increased construction activity indicate a market moving toward balance, with projections suggesting vacancy rates will decline starting in 2027.

A California-based self-storage company, SoCal Self Storage, secured $64 million in refinancing for five properties across Southern California and Sacramento. The portfolio includes 3,643 storage units totaling over 344,000 square feet. Despite strong fundamentals like consistent occupancy and cash flow, the self-storage sector faces challenges such as oversupply, slower migration, and local restrictions, which are increasing the value of existing facilities.

Atlanta's office market showed positive absorption for the first time since 2022, with 215K SF leased in early 2026, signaling a potential post-pandemic normalization. Suburban Class-B office spaces outperformed Class-A and trophy offices, driven by tenants opting for move-in-ready or renovated buildings. Despite job cuts in the tech sector due to AI, overall tenant activity and larger average tenant sizes indicate optimism. Economic and geopolitical concerns remain, but the market shows resilience and pent-up leasing demand is expected to continue.

The Bay Area is experiencing a significant surge in robotics-related commercial real estate leasing, driven by the growth of artificial intelligence. Since 2020, robotics leases have increased fifteenfold, with companies requiring flex office spaces that accommodate both office work and research and development needs. The region holds a dominant share of AI talent in the U.S. and is expected to remain the leading robotics hub, with leases ranging from 13,000 to 50,000 square feet depending on company growth stages.

Oren Alexander and his brothers Alon and Tal were found guilty on federal sex trafficking charges and face up to life in prison. State prosecutors in Florida dropped one sexual battery charge against Oren after the victim was satisfied with the federal conviction, but he still faces two state charges related to alleged assaults at a Miami Beach condo. The brothers are also defendants in multiple civil lawsuits in New York, Miami, and Aspen. Oren and Alon are to be transferred to a Miami jail to await trial on remaining charges after their federal sentencing.

El-Ad National Properties received preliminary approval to increase the height of its planned luxury condo project in North Bay Village, Florida, from 22 to 26 stories. The project will feature 94 units with an average size of 2,600 to 2,700 square feet, including one- to four-bedroom condos, and a six-story parking podium. The development aims to fit well within the community despite concerns about traffic. The site was previously owned by S2 Development, which planned a similar project but never started construction. Additional developments are planned in the area, including branded condo towers by Related Group and Macklowe Properties.

Manhattan's commercial real estate market showed strong growth in the first quarter with $3.7 billion in transactions, a 37% increase year-over-year. Multifamily properties led the surge with $1.07 billion in deals, up 141%, making up nearly half of the total volume. The office sector also performed well with $1.8 billion in sales. Overall, New York City saw $5.68 billion in deals across all boroughs, a 23% increase from the previous quarter. Market experts anticipate continued growth throughout the year, driven by strong investor interest and limited supply, particularly in multifamily assets.

American Eagle Outfitters has leased 14,182 square feet at 600 North Michigan Avenue in Chicago for a three-brand flagship store, marking a significant retail expansion on the city's premier shopping corridor after a period of low demand. The store, set to open in summer 2027, will house American Eagle Outfitters, Aerie, and Offline by Aerie, each with separate entrances but connected internally. This move is part of a broader resurgence in retail activity along Michigan Avenue, with other major brands also establishing or expanding their presence. Despite some closures like Saks Fifth Avenue, the corridor is experiencing increased leasing activity and pedestrian traffic, signaling a retail revival in the area.

Jaime Lee has stepped down as CEO of Jamison, a family-run commercial real estate company in Los Angeles, with her brother Garrett Lee taking over the role. The company, co-founded by their father David Lee, owns an 18-million-square-foot portfolio including apartments, offices, and retail properties throughout Southern California. Some of their loans on properties in Koreatown and downtown Los Angeles have been in special servicing, reflecting some distress in the market. Jaime Lee remains involved as a senior advisor.

7-Eleven plans to close 645 convenience stores in 2026 in North America, resulting in a net loss of 440 stores despite opening 205 new locations. The closures are part of a strategy to convert some stores to wholesale fuel stores and optimize costs amid declining foot traffic and rising expenses. The company faces competition from chains like Wawa and Buc-ee's, and has been actively managing its portfolio following a failed $47 billion takeover bid. The North American market is the only region where 7-Eleven expects more closures than openings in 2026, with a focus on strengthening proprietary products and digital delivery.

The article discusses New York Governor Kathy Hochul's proposal to impose a pied-à-terre tax on high-value second homes in New York City, arguing that such a tax would discourage ownership, investment, and development by increasing costs and reducing demand. It highlights the economic consequences of taxing second-home owners who contribute significantly to the local economy through spending, and warns that the tax could lead to lower property values, reduced development, job losses, and decreased tax revenues. The author advocates for policies that encourage investment and development rather than penalize them, emphasizing the competitive threat from other states attracting residents and capital.

Asia Capital Real Estate secured $123 million in financing from Canyon Partners to develop Adela II at MiMo Bay, a 337-unit multifamily project in Miami's Upper Eastside neighborhood. The six-story development will include affordable apartments, 510 parking spots, and public parking as part of a city agreement. This follows ACRE's earlier completion of a 236-unit building nearby, which was refinanced last year with $72 million from Nuveen Real Estate.

Raiden Electric, a local union electrical contractor, has signed a 10-year lease for 6,577 square feet on the entire 15th floor of the 16-story office building at 45 West 45th Street in Midtown Manhattan, New York City. The move reflects the company's growth and long-term commitment to the city, relocating from its current office at 11 Broadway in the Financial District. The building, purchased by AFIAA in 2019, has been revitalized with 95 percent occupancy and includes ground-floor bars and other office tenants.

Evolve Companies has obtained $48.5 million in construction financing to develop Evolve Wynwood 35, a new 141-unit mid-rise apartment building in the Wynwood neighborhood of Miami, Florida. The project, expected to be completed in 2028, will feature studios to two-bedroom apartments with amenities such as a resort-style pool, outdoor kitchens, coworking spaces, a gym, yoga studio, dog park, pet spa, and on-site garage parking. The financing was arranged by Northmarq and provided by Genesis Capital.

Compass has rapidly expanded its market share in the residential real estate brokerage sector through major acquisitions, including Chicago-based @properties, Christie's International Real Estate, and Anywhere Real Estate. A study analyzing five cities—Boston, Washington, D.C., Chicago, San Diego, and Austin—found Compass now controls at least 30% of the market in each, with Washington, D.C. seeing its share nearly double to 40%. The brokerage's dominance raises concerns about reduced competition and increased double-ended deals, particularly in Washington, D.C. Compass aims to strengthen its brand and reduce reliance on platforms like Zillow by partnering with Redfin and leveraging its expanded agent network. This growth occurs amid a lax antitrust enforcement environment, allowing Compass to consolidate its market position further.

New York Governor Kathy Hochul is proposing an annual tax surcharge on second homes valued at $5 million and above in New York City to raise $500 million annually and reduce the city's deficit. The proposal, supported by NYC Mayor Zohran Mamdani, aims to ensure wealthy property owners contribute more to the budget, addressing concerns about affordability for working New Yorkers. Similar pied-à-terre tax proposals have been made in the past but were unsuccessful due to real estate industry opposition and concerns about economic impact. Recent data shows a decline in units reserved for seasonal or occasional use in the city.

Rubenstein Partners and Vision Real Estate Partners secured an $80 million loan to refinance the Latitude office complex in Parsippany, New Jersey. The 524,859-square-foot suburban office campus has been significantly improved and repositioned since 2018, increasing occupancy from 32% to over 90%. The property features amenities such as fitness centers, a golf simulator, and a pickleball court, and hosts tenants including Gilead Sciences. The investment included a $47 million capital commitment to enhance the campus, transforming it into a corporate destination with strong leasing activity and tenant commitments.

Billionaire real estate developer Rick Caruso has made a significant seven-figure donation to support San Jose mayor Matt Mahan's gubernatorial campaign in California, contributing $1 million to an independent expenditure committee backing Mahan. Caruso has also made previous donations and maxed out his individual contributions. Other Los Angeles real estate figures have contributed smaller amounts or individual maxes, while some have not increased their support. Mahan's campaign and supporting committees have raised over $26 million, with Caruso indicating more funding to come.

Luxury real estate activity in Palm Beach County, Florida, saw an increase in contracts and asking dollar volume between April 6 and April 12, with 28 contracts signed totaling $203.2 million. The market included 19 single-family homes and nine condos, all priced at $3 million or more. Notable pending sales included a $16.9 million five-bedroom home and a $15 million four-bedroom home, both featuring pools and recent renovations. The report highlights a strong luxury market with significant buyer interest in high-end single-family homes and condos.

The New York City Economic Development Corporation is launching BATWorks, a climate innovation hub at Brooklyn Army Terminal in Sunset Park, New York. The hub, part of the "Harbor of the Future" initiative, aims to support clean energy startups, create 600 jobs, and generate $2.6 billion in economic impact over 10 years. A temporary space opened at 140 58th Street, with a permanent 130,000-square-foot facility under construction, expected to be completed by 2028. The hub will provide specialized equipment and workforce development in partnership with local universities.

Eenhoorn Development, based in Grand Rapids, Michigan, acquired a majority stake in the 23-story 1 Park Row condo building in New York City's Financial District but is now facing a lawsuit from its partner Circle F Capital alleging fraud and misuse of sham buyers to meet New York state condo conversion requirements. The dispute involves accusations of Eenhoorn attempting to force Circle F out of the partnership and violating legal requirements for bona fide purchasers, with the project shifting from apartments and mixed-use plans to condos and rentals amid ongoing litigation.

The trial began for Jared Solomon, a former Vornado Realty Trust executive accused of stealing over $9.5 million through fake brokerages while working in the leasing department. Prosecutors allege he used the money for a lavish lifestyle, including luxury real estate and vehicles, while the defense claims his brokerages were legitimate and the payments were for bona fide work. The trial is taking place in the Southern District of New York and is expected to last two weeks, with witnesses including former supervisors and brokers involved in the case.

Damac Properties, a Dubai-based developer, has not sold any units yet for its planned 37-unit luxury condo project called the Delmore, located on the site of the 2021 Surfside condo collapse in Florida. The project, designed by Zaha Hadid Architects and launched in early 2025, has faced delays and skepticism due to the tragedy's stigma and Damac's lack of U.S. ultra-luxury condo experience. Damac paid $120 million for the 1.8-acre site and is working on relaunching sales later this year while exploring joint venture opportunities and securing permits and contractors.

Avocado Green Mattress, an eco-friendly mattress company based in California, has leased a 12,000-square-foot retail townhouse at 942 Third Avenue in Midtown East, New York City, for a new vertical flagship store. The five-story building offers expansive branding opportunities and includes basement space. This move reflects a trend of brands creating immersive physical retail environments. Avocado already operates locations in Manhattan's Flatiron District and Williamsburg, Brooklyn, and sells mattresses through other furniture retailers.

A study analyzing North Texas real estate data from 2002 to 2022 found that pocket listings, especially for luxury homes, sell at a premium compared to publicly listed homes. The privacy and pricing strategy benefits, combined with Texas' non-disclosure laws and high property taxes, incentivize sellers to use private sales to maximize value and reduce tax liability. The Dallas/Fort Worth market's size and diversity allowed for a robust comparison, revealing that luxury homes in the top 1% can sell for about 8% more as pocket listings. Off-market sales, which are not captured in MLS data, also represent a significant portion of private transactions in the area.

The article discusses the inefficiencies and delays in New York City's Housing Connect lottery system, which manages applications for affordable housing units. Despite high demand, the system's outdated processes cause long wait times, financial strain on housing projects, and frustration for applicants and property owners. The author advocates for comprehensive reforms including digital infrastructure upgrades, streamlined documentation, better coordination among city agencies, and simplified application requirements to improve fairness, efficiency, and speed in leasing affordable housing in New York City.

Several high-value real estate transactions occurred in Florida, including a $40 million sale of a 16-key hotel and adjacent vacant lot in Palm Beach Gardens, and multiple luxury residential home sales in Coral Gables and Lantana, with prices ranging from $11.1 million to $36 million. These deals highlight significant activity in both commercial hospitality and upscale residential markets in South Florida.

The article discusses the impact of New York's Multiple Dwelling Law (MDL) on housing, highlighting how stringent regulations on buildings with three or more units incentivize owners to convert them into two-family homes, exacerbating the housing shortage. It also touches on apartment combinations in co-ops and condos, the cost comparison of co-living spaces versus shelters, and recent residential and commercial real estate transactions in New York City. Additionally, it addresses a misinformation incident regarding New York's Medicaid personal care services usage.

In New York City, 135 real estate transactions totaling $280 million were recorded within 24 hours on April 14, 2026. The most expensive commercial deal was a six-story apartment complex with 83 units in Jackson Heights sold for $10.4 million. Residential sales included a $7 million brownstone in Carroll Gardens, a $6.9 million co-op penthouse in Tribeca, and a $6.8 million townhouse in Boerum Hill. These transactions highlight significant activity in both commercial and residential real estate sectors in New York City.

Brixmor Property Group is suing the Village of Tinley Park, Illinois, over a zoning freeze that prevents leasing a 38,000-square-foot retail space formerly occupied by Amazon Fresh. The dispute involves a moratorium on new grocery store licenses, which Brixmor claims violates a 2020 Tax Increment Financing agreement and their vested rights. The moratorium is set to expire in May, but the future of the space remains uncertain amid ongoing legal and municipal challenges.

Several new building applications, alterations, and demolitions were filed recently in New York City neighborhoods including Jamaica, Queens; University Heights in the Bronx; Bay Ridge; Cobble Hill; Hunters Point; Manhattan; East Williamsburg-Bushwick; and East Elmont. Projects include large residential buildings with multiple apartments, alterations of existing multi-story properties, and demolition of smaller structures. The developments primarily involve residential apartment complexes and mixed-use buildings.

Green-Wood Cemetery in Brooklyn, New York, has opened a new education and welcome center called the Green-House, which includes the restored Victorian-era Weir Greenhouse and a modern building designed to complement it. The center serves as a visitor information hub, gallery, event space, classroom, research center, and archive, enhancing the visitor experience for the cemetery's over 500,000 annual guests. The project focused on preserving the historic greenhouse while adding functional modern space.

The article discusses the financial challenges facing small liberal arts colleges and larger universities in Massachusetts, including closures, declining enrollment, and funding cuts. Institutions like Hampshire College are closing due to debt and enrollment declines, while others like Berklee College of Music, Harvard University, Tufts University, and Simmons University are adapting by reassessing and expanding their real estate footprints through acquisitions, renovations, and public-private partnerships. These efforts aim to improve campus attractiveness and sustainability amid demographic shifts and economic pressures.

The article discusses the impact of the 21st Century Road to Housing Act passed by the Senate, which includes a provision requiring large build-to-rent (BTR) developers to sell properties to homeowners after seven years. This has caused a freeze in the BTR market, with investors and lenders halting purchases and financing due to uncertainty. The legislation threatens the development of new single-family rental homes, which had been growing steadily, and has led to increased borrowing costs and stalled projects. The bill also contains other housing development incentives, but the BTR restriction has overshadowed these benefits. The future of the bill remains uncertain amid political challenges, prolonging the market paralysis and potentially increasing rents due to reduced housing supply.

The Antelope Valley Commerce Center in Palmdale, California, has received entitlements to develop 9.4 million square feet of warehouse space across 510 acres, with a total investment exceeding $1.2 billion. The industrial park, benefiting from infrastructure upgrades along State Route 14, aims to become a premier logistics hub with large-scale buildings and build-to-suit configurations. Nearby developments include a 1-million-square-foot Trader Joe's distribution facility. The project faces competition from other industrial centers in North Los Angeles County but is poised for growth amid evolving supply chain dynamics.

The Edgewater Park Plaza office complex near Oakland International Airport in California is heading to a foreclosure auction due to rising vacancies, weakening office demand, and increased finance costs. HP Investors, which acquired the property in 2022, has faced significant financial difficulties, including owing nearly $1 million in rent payments. This distress reflects a broader correction in the East Bay office market, where vacancy rates have risen above 15% and rents have declined amid slow return-to-office trends. Similar financial troubles have affected other Oakland office properties owned by HP Investors and other mid-tier office owners in the Bay Area.

Cushman & Wakefield has filed a lawsuit against Sotheby’s in New York State Supreme Court, claiming Sotheby’s failed to pay a $10.2 million commission related to the sale of its former New York City headquarters. Cushman brokered a 30-year lease to Weill Cornell Medicine and had an agreement for a sales commission if the building was sold before the lease ended. Sotheby’s paid the lease commission but not the sales commission, allegedly breaching the agreement. Sotheby’s denies the claims and plans to defend itself in court.

Eagle Real Estate Partners and TriPost Capital Partners have formed a co-investment partnership to acquire multifamily properties, starting with two apartment complexes in California: the Hendrix and Hadley Apartments in Escondido and The Hills at Hacienda Heights in Los Angeles County. Both properties will be converted into affordable housing for residents earning up to 80% of the area median income, focusing on active-adult and workforce housing. The partnership aims to acquire up to $1.5 billion in multifamily assets across the West Coast and select U.S. markets, leveraging institutional interest in affordable housing conversions.

Allstate is seeking to re-annex its former 67-acre headquarters site in South Barrington, Illinois, after disconnecting it in 2023. The move supports a pending sale to Opus, which plans to develop a light-industrial complex with three buildings on the site. Annexation would allow South Barrington to oversee the project, align it with local planning, and capture tax revenue. This development reflects changing suburban dynamics and a renewed interest in growth for the village.

Icon Technology, an Austin-based proptech firm specializing in 3D printing construction, is expanding its business to include military and space construction through its new division, Icon Prime. The company has secured significant contracts with the U.S. Army to build barracks at Fort Bliss, Texas, and Fort Polk, Louisiana, using 3D printing technology. Additionally, Icon is collaborating with NASA on lunar construction projects, aiming to use lunar soil for building infrastructure on the moon by 2028. The firm is also commercializing its technology for terrestrial use, offering its Titan 3D printers to other builders.

Golub & Co. acquired full ownership of the 293-unit Century Tower apartment building in downtown Chicago by buying out Affinius Capital's stake, marking a $64 million transaction that reflects modest appreciation since 2018. This deal highlights Golub's continued focus on the multifamily apartment market in Chicago amid challenges in office investments and a trend of condo deconversions to rental apartments. The Chicago apartment market shows strong rent growth and limited new supply, with suburban areas outside Cook County attracting institutional investors due to more stable property taxes.

The U.S. Bank Tower in downtown Los Angeles secured two major lease deals totaling 53,146 square feet with King & Spalding and Zurich Insurance, highlighting the building's appeal to professional service firms. Owned by Silverstein Properties, the 72-story skyscraper has been repositioned as a luxury office address with upgraded amenities to attract top tenants. These leases follow a previous full-floor deal with another law firm, Wilson Elser, underscoring the tower's growing prominence in the city's office market as tenants seek premium spaces.

A joint venture is planning to redevelop a Fort Lauderdale hotel into a 15-story condominium tower called Pillars Club & Residences, featuring 43 units including penthouses, a pool, spa, and fitness centers. The project is part of a growing condo development trend in Fort Lauderdale, seen as a more affordable alternative to Miami and West Palm Beach, with several other large condo projects underway in the area.

Nut Bar, a Toronto-based health food brand, is opening its first U.S. location in New York City this fall by signing a 10-year lease for a 2,500-square-foot retail space at 28 Greenwich Avenue in Greenwich Village. The space, part of a six-story residential building with ground-floor retail, was previously occupied by bakery Mah-Ze-Dahr. The location aims to attract a strong daytime and residential customer base in an established neighborhood with high foot traffic.

Jonathan Frey has joined Fisher Brothers as managing director of capital markets to advance the firm's capital markets strategy and support portfolio growth. Fisher Brothers owns and operates commercial, residential, and retail assets in New York City, Miami, Las Vegas, and Washington, D.C., with a portfolio including over 1,500 multifamily units and $6.1 billion in assets under management. The firm recently refinanced a multifamily building in Miami's Wynwood neighborhood. Kent Williams will also join as chief accounting officer to oversee accounting and financial reporting. Both hires aim to strengthen Fisher Brothers' team and expand its capabilities.

Ken Mattson, former CEO of LeFever Mattson, pleaded guilty to wire fraud in a $100M Ponzi scheme involving over 200 commercial and residential properties in California. The scheme, spanning 15 years, involved selling fake interests, moving properties between shell entities, and misusing investor funds, particularly in multifamily property investments. Both his companies have filed for bankruptcy, and financial restitution is expected as part of the plea deal. Community groups criticized the leniency of the charges given the disruption caused.

The City of Edinburgh Council has paused its plan to impose a 300 percent council tax premium on second-home owners, reverting to a 200 percent rate while it consults on the policy and potential exemptions. This move follows a housing emergency declaration and aims to increase primary residences on the market. Additionally, revenue from a new 5 percent tourist tax on overnight stays in hotels, B&Bs, and self-catering accommodations will fund approximately 500 affordable homes, with the tax effective from July 24.

The City of Edinburgh Council has paused its plan to impose a 300 percent council tax premium on second-home owners, reverting to a 200 percent rate while it consults on the policy and potential exemptions. This delay comes amid a declared housing emergency and efforts to increase affordable housing, funded partly by a new 5 percent tourist tax on overnight stays in hotels, B&Bs, and self-catering accommodations. The council aims to use the revenue to finance approximately 500 affordable homes, with discussions on the tax policy expected to continue over six months.

Florentino Antonio Diaz, former interim executive director of the Wynwood Business Improvement District (BID) in Miami, Florida, was charged with stealing over $192,000 from the BID by diverting funds from its bank accounts to his personal accounts and concealing the theft through forged documents and doctored bank statements. The BID, which represents property owners in the Wynwood Arts District and collects assessments for neighborhood improvements, discovered the theft during a bank transition and subsequent investigation. Diaz faces multiple counts of grand theft, fraud, and forgery related to the scheme.

Terra Nova is a $3 billion, 1,500-acre master-planned community development east of Dallas in Kaufman County, Texas. The project, approved by the Terrell City Council, will include 3,600 single-family homes, 1,200 apartments, and 145 acres of parks and trails, with construction phased over two decades. The initial phase covers 159 acres with 423 residential lots and 26 non-residential parcels, featuring new infrastructure and amenities. The development aims to meet growing housing demand in the fast-expanding Dallas-Fort Worth metro outskirts, offering more affordable options on the metro's edge.

Chicago is seeking a court order to evict tenants from Ford City Mall due to a long-standing failure of the mall's fire suppression system, which poses significant safety risks including potential flooding and structural instability. The mall, owned by Namdar Realty Group, is largely vacant and deteriorating. Kurv Industrial plans to acquire the property and redevelop it into warehouses, pending rezoning approval. Legal and safety issues have delayed the redevelopment process, with ongoing concerns about leaks and possible sinkhole formation. The situation highlights challenges faced by distressed retail properties in Chicago.