Los Angeles–Los Angeles officials announced Thursday that the majority of downtown industrial land being considered for development would be preserved to protect blue-collar jobs, allotting just a portion for residential and commercial use.Despite protest from local business owners and developers who had hoped to build in the area, Mayor Antonio Villaraigosa supported the planning department and redevelopment agency joint directive, which would preserve roughly 2,633 acres of land zoned for industry and mark 261 acres for residential development, The Los Angeles Timesreports.Many developers and locals had hoped the city would begin rezoning larger amounts of industrial land to create growing…

Chicago–The American Dialect Society chose “subprime” as 2007’s word of the year at an early January voting session in Chicago, The BBC reports.The risky-loan banking term made headlines–literally–last year as the U.S. home loan market collapse spurred a global credit crisis.Subprime, which is defined as “less than ideal,” beat out Facebook, water-boarding and Googleganger for the title.The linguist society notes words or phrases that have become popular in a given year. “When you have investment companies losing billions of dollars over something like bundled subprime loans, then you have to consider whether it’s important,” said American Dialect Society spokesman Wayne…

Zurich–Shares of Swiss bank Credit Suisse–previously thought to be safe from the U.S. subprime mortgage crisis–dropped by approximately 3 percent Monday after a Swiss newspaper said the bank faced commercial mortgage and leveraged-finance writedowns.Credit Suisse, known for coordinating leveraged loans to fund investor buyouts of companies, frequently arranges commercial mortgage-backed securities (CMBS). The bank has declined to publicly state its CMBS exposure but has said it is manageable, The New York Times reported Monday. In addition, the European commercial property market is not at risk as the U.S. subprime mortgage market was, Credit Suisse said.A Credit Suisse spokesman declined to…

By Keat Foong, Executive Editor Santa Ana, Calif.—Grubb & Ellis Co. announced it has entered into an affiliation with Real Estate III Commercial Properties.Real Estate III is a newly formed commercial real estate firm in Charlottesville, Va., that Grubb & Ellis says includes four of that market’s most seasoned brokerage professionals. Grubb & Ellis says the affiliation expands its already extensive presence in the country’s Mid-Atlantic region. “With our strong presence throughout the Washington, D.C. metropolitan market and Richmond, Va., this affiliation adds to our ability to service our clients needs throughout the entire Mid-Atlantic market,” says Pat Hurley, senior…

New York–The Rev. Jesse Jackson, joined by members of Congress and the City Council, advised the Bush administration to address the subprime crisis during a packed meeting at City Hall Sunday, Newsday reports.Jackson, who was joined by Rep. John Conyers of Michigan and Rep. Sheila Jackson Lee of Texas, lead the forum, which was part of the Wall Street Project’s 11th annual Economic Summit. The equal opportunity organization’s conference lasts until Jan. 9 in New York.The Bush administration needs to pursue unscrupulous lenders more forcefully, Jackson said. He also predicted that the issue would be an important factor in the…

By Teresa O’Dea Hein, Managing EditorIrvine, Calif.–Scot Cool (pictured) has joined Keystone Pacific Property Management Inc., a southern California-based property management firm, as a community association manager. Cool will be based in the company’s Irvine, Calif. office. As a community association manager, Cool will be managing a portfolio of existing association communities located throughout Orange County. He will work closely with the board of directors to oversee the day-to-day operation of the associations; prepare and manage association budgets; and monitor maintenance vendors’ performance and compliance with contracts.

By Matthew Marin, Associate EditorAtlanta–VISTA, an Atlanta-based real estate investment company, in partnership with Real Estate Capital Partners, has broken ground for Marquis Vista, an upscale 225-unit, mid-rise apartment community in Atlanta. The partnership provided financing for the development. The project will be one of the latest multifamily additions to the rapidly growing Downtown market. The $35.6-million project was financed by a $29.9-million construction loan from Compass Bank, with Charles Markley acting as loan officer. “Marquis Vista is a unique, ultra-luxury multifamily community, offering unique living spaces to residents and workers in the downtown Atlanta area, a market that has…

Blackwood, N.J.– Fountainview Village LP has sold a 980-unit apartment building in Blackwood, N.J. to a joint venture group that includes Philadelphia-based Empire Realty for $51 million.Autumn Ridge Apartments sits on 52 acres and has a rentable building area of approximately 800,000 square feet.The 25-year-old complex features a fitness center, clubhouse, Olympic-sized swimming pool and two tennis courts. Empire Realty Investments Inc., has acquired and managed approximately 3,500 units, 4 million square feet and 1,000 acres of retail, office, multi-family and residential properties throughout the metropolitan Philadelphia area and in 15 states across the U.S.