Real Estate & Construction News Roundup (10/18/23) – Zillow’s New Pilot Program, Production Begins at Solar Panel Plant in Georgia, and More Diversity on Contracts for Buffalo Bills Stadium
In our latest roundup, Netflix announces plans to open brick-and-mortar locations, NYU develops a way to examine buildings using drones, robots and AI, distressed U.S. commercial real estate hits a 10-year high, and more!
- Zillow is piloting a new program in Arizona offering new home buyers thousands of dollars to help them with their down payments. (Oliver Staley, TIME)
- After an initial backlash regarding workforce diversity, a Gilbane-Turner joint venture has given 40% of contracts on the new Buffalo Bills’ stadium to minority-, women- or service-disabled veteran-owned companies. (Joe Bousquin, Construction Dive)
- To ensure easier compliance with New York City’s Local Law 97, researchers at NYU are developing a method using drones, robots and AI to examine building exteriors for leaks. (Nish Amarnath, Construction Dive)
- Netflix aims to open a network of stores offering retail, dining and live entertainment leveraging its TV shows and movies. (Chloe Veltman, NPR)
- A South Korean company has begun production at a new solar panel factory in Georgia even as industry leaders say surging Asian imports could dampen efforts to make more solar components in the United States. (Jeff Amy, AP via ABC)
- A joint venture tied to a Pacific Investment Management Co. fund surrendered a portfolio of 20 hotels with a $240 million mortgage. (John Gittelsohn, Bloomberg via Yahoo)
- As interest rates rise and office demand remains low, the value of distressed US commercial real estate neared $80 billion in the third quarter, its highest level in a decade. (John Gittelsohn, Bloomberg via Yahoo)
