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Yahoo
15 hours ago
- Business
- Yahoo
New Valley Bank sues Springfield after eminent domain taking at DPW's landlocked warehouse
SPRINGFIELD — The city took an acre-sized parking lot at 90-120 Tapley St. by eminent domain in 2023, so it would have more parking for its public works headquarters next door. The city paid the property's owners $450,000. But that was inadequate compensation, according to a suit against the city filed this week in Hampden Superior Court by New Valley Bank & Trust Co. The bank says the city's eminent domain taking to expand the Richard Neal Municipal Operations Center at 70 Tapley St. made the loading docks at the warehouse for 90-120 Tapley inaccessible, costing its New York City-based owners a tenant and knocking $1.6 million from the property's estimated value. The land and warehouse at 90-120 Tapley was estimated to be worth $4.4 million to $4.7 million, according to the suit. The owners, New York City-headquartered Top Rock Holdings, have been unable to find a new tenant after a business — L & W Supply Co., which needed a showroom and warehouse for building supplies — backed out of its lease. The warehouse remains unrented, according to the suit. It is offered for sale or lease, according to signs posted out front and in an online listing. The prices are not disclosed. Springfield-based New Valley Bank & Trust Co. lent the owners a $3.3 million mortgage on the property in March 2023, according to documents on file at the Hampden County Registry of Deeds. That's about six months before the city filed an order of taking on Sept. 18, 2023. In that document, the city explains its need for more space for vehicles, supplies and its operations center, as well as to maneuver vehicles used in snow removal, trash pickup and other municipal operations. Lawyers for the city and for the bank did not return calls and emails Wednesday. In eminent domain cases, property owners have the opportunity to accept payment under protest, reserving their right to go to court and seek more money. Alliance for Digital Equity pushes for internet access for underserved on namesake day PVTA extends free bus fares through July, August and September Housing and more: Westmass will take over abandoned Monson Developmental Center Read the original article on MassLive.
Yahoo
09-06-2025
- Business
- Yahoo
Infrastructure is a solid bet: Ferrovial exec
This story was originally published on Construction Dive. To receive daily news and insights, subscribe to our free daily Construction Dive newsletter. Even as federal infrastructure dollars have become more uncertain in the U.S., the private sector can step in to help close the public funding gap. That's according to Silvia Ruiz, global head of investor relations at Amsterdam-headquartered civil engineering firm Ferrovial, who noted that urbanization and population growth are driving the need for transportation, data centers and energy projects, making infrastructure an attractive sector for investors. 'From express lanes to smart cities, infrastructure demand is soaring,' Ruiz told Construction Dive. Indeed, infrastructure is a hot item for the likes of New York City-headquartered investment manager BlackRock, according to Infrastructure Investor. In addition, last month, Barings, the Charlotte, North Carolina-based unit of Massachusetts Mutual Life Insurance, collected $950 million for its private equity and infrastructure fund for high-growth energy, digital infrastructure and transportation assets, The Wall Street Journal reported. Here, Ruiz talks with Construction Dive about private infrastructure funding, global trends and which sectors are set to be hot in the coming years. The following has been edited for brevity and clarity. SILVIA RUIZ: We believe infrastructure is an attractive sector from an investment point of view — stable, inflation-resistant and fueled by state spending. Through public-private partnerships, the private sector helps close the funding gap, ensuring industry stability. Consumers interact with major infrastructure daily by driving on highways, passing through airports and witnessing firsthand the surge in travel and tourism. By investing in what they know and use, investors can develop a deeper understanding of how the industry grows over time, like with population influxes to growing cities. Overall, as cities, communities and businesses grow across the U.S., the need for infrastructure projects and improvements increases. For example, we're seeing continued growth in highways and airports, driven by cities' needs to alleviate congestion and airport modernization efforts as populations grow. The necessity of infrastructure creates a steady demand for investments. We remain bullish on the infrastructure sector. The long-term need for modern, resilient infrastructure in the U.S. remains unchanged as the industry supports community growth in America's expanding cities. Ferrovial has a track record of financing, designing, building, operating and maintaining large-scale infrastructure across industries. We work proactively to maintain compliance, minimize risks and ensure that our projects contribute to shared objectives such as improving transportation, fostering economic growth and enhancing safety. Since we invest equity in developing these projects, public funds can be allocated to address other local needs. We expect to see strong growth in transportation, data centers and energy. Developing efficient highways and modernizing aging airports will continue to be essential. We're optimistic that public-private collaboration will continue to be a growing trend as demand increases and budgets are limited, and the private sector can help to close that gap. We've also seen energy demand rise exponentially to help power AI processing through data centers and expect continued growth to help power technology demand increase. Globally, infrastructure investments are increasing particularly in rail, energy and digital infrastructure sectors, driven by the trend of more people moving to fast-growing cities. Infrastructure, particularly for the highway and airport sectors, has rebounded significantly following COVID-19 with most nations reporting travel figures higher than pre-pandemic numbers in 2024, showing the industry's resilience. In the first quarter of this year, Ferrovial's highways division delivered 14.1% year-over-year revenue growth. Notably, 407 Express Toll Route in Canada delivered double-digit EBITDA growth despite adverse weather conditions. These mobility solutions are essential assets, indicating just how resilient infrastructure is as an investment due to its continuous operation. And the need for these projects only increases to meet growing community demands. First and foremost, population influxes to cities and increases in travel due to that movement continually drive infrastructure investment. Public-private partnerships continue to be a successful focus in delivering essential transportation needs, from efficient highways to modernizing airports. We're tracking the rise in energy demand alongside the growth of data centers and sustainable AI cloud solutions. While our current investment is modest, we've established new divisions to explore the opportunity. For now, our primary focus remains on U.S. express lanes. Ultimately, the future of infrastructure lies in how well we adapt to new technologies, to global challenges and to the evolving needs of the communities we serve. We see that as both a responsibility and an opportunity. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
USA Today
23-04-2025
- Entertainment
- USA Today
Max wants you to stop sharing your password: Their plan to crackdown with a new feature
Max wants you to stop sharing your password: Their plan to crackdown with a new feature Netflix, Hulu and Disney+ have similar features that charge users an additional fee to share their subscriptions with people outside of their homes. Show Caption Hide Caption Disney+, Hulu, Max launch streaming service bundle with up to 38% discount The bundle brings together the worlds of Marvel, DC, Harry Potter, Disney princesses and reality TV. Scripps News Max is following suit by introducing a feature that the streaming service's competitors have already implemented to crack down on password sharing. On Tuesday, Max announced that new U.S. product updates will include the introduction of an "Extra Member Add-On" feature. According to Warner Bros. Discovery, which owns Max, the feature will allow primary account owners across all tiers to share their account with a friend or family member outside their home for $7.99. The friend or family member will essentially have a separate and standalone account under the same subscription as the primary account owner. 'Extra Member Add-On and Profile Transfer are two key Max advancements, designed to help viewers with a new way to enjoy our best-in-class content at an exceptional value, and offer subscribers greater flexibility in managing their accounts,' JB Perrette, CEO and president of global streaming and games at Warner Bros. Discovery, said in a news release. 'These updates provide a simple way for subscribers to add-on a new member to their account, or for existing subscribers who have users outside of their household to smoothly, and in an uninterrupted fashion, transition their profile so that extra member can continue to access Max.' According to Warner Bros. Discovery, extra members will have their own login credentials. The feature is limited to one add-on per account and will only allow the extra members to stream from one profile on one device at a time, the New York City-headquartered company added. Who is eligible for the 'Extra Member Add-On' feature? The add-on feature is currently available to anyone subscribed directly to Max, excluding bundle subscribers. More tech news: Duolingo adds chess to educational offers. Here's what to know about new, free course How do you purchase the 'Extra Member Add-On' feature? The new feature can be bought directly from the Max subscription settings, and once purchased, account owners can invite and manage their extra members through the service's settings on mobile or its website. What is Profile Transfer? If the primary Max account user wants to transfer a single adult profile and bring over that individual's watch history, they can do so when they invite an extra member to create an account, Warner Bros. Discovery said. Is the 'Extra Member Add-On' feature new? While Max is just now integrating this add-on feature, other streaming services have had it in place for a while now, including Netflix, Disney+ and Hulu. The feature on the other streaming apps is identical in that it allows primary account users to share their subscriptions with people outside of their residence for an additional fee. Netflix Extra Members: Charges $6.99 for a plan with ads or $8.99 for an ad-free plan. Disney+ Extra Members: Charges $6.99 per month for Disney+ Basic (Includes Ads) and $9.99 per month for Disney+ Premium (No Ads). Hulu Extra Member: Charges $6.99 per month for plan with ads and $9.99 per month for plan with no ads. Jonathan Limehouse covers breaking and trending news for USA TODAY. Reach him at JLimehouse@
Yahoo
27-03-2025
- Business
- Yahoo
JLL acquires renewable energy banking firm Javelin Capital
This story was originally published on ESG Dive. To receive daily news and insights, subscribe to our free daily ESG Dive newsletter. Global real estate services company JLL has completed an acquisition of renewable energy banking firm Javelin Capital, JLL announced Monday. The details of the acquisition were not immediately disclosed, but JLL expects the transaction 'to close shortly' after it obtains regulatory approval, according to the press release. Javelin Capital offers mergers and acquisition, restructuring, capital raising, debt and corporate finance services for the clean energy sector. The renewable energy investment bank will join JLL's capital markets division for the Americas, under Mark Gibson, the March 24 release said. JLL said it was acquiring Javelin Capital because it sees 'unprecedented growth' in the clean energy sector and the acquisition will 'significantly enhance' the company's capabilities in the U.S. energy and infrastructure markets and complement its expertise in Europe and Asia. JLL, a Fortune 500 real estate and investment management company, has previously executed more than 150 deals and has participated in transactions worth $20 billion in Europe and Asia's energy and infrastructure capital markets, according to the release. The commercial real estate firm said the new deal positions the company 'to serve as a globally connected capital advisor in energy and infrastructure' and service large infrastructure investors. JLL said its research arm has found that clean energy is becoming the 'most cost-effective choice of fuel' as regions around the world are deploying more renewable energy. This 'surge in activity' has created the right equation for JLL to expand its offerings in the energy and infrastructure markets, according to the company. 'Welcoming Javelin Capital to the JLL team expands our ability to guide clients with end-to-end support through the clean energy transition,' JLL Capital Markets CEO Richard Bloxam said in the release. 'This acquisition allows us to help clients realize the advantages of renewable, clean energy.' The growth in the renewable energy sector has been fueled by 'increasing demand, tightening regulations, technological advancements and the compelling economics of renewable energy,' JLL said in the release. Because of the sector's growth, the firm sees opportunity in the market for companies like Javelin Capital, with expertise in raising capital and providing advisory services for project financing and companies on the buy-side and sell-side. The New York City-headquartered Javelin Capital was founded in 2017 and has 16 employees and a Chicago office. The investment firm focuses on renewable energy, storage and green chemistry projects, as well as the energy transition more broadly, according to its website. Javelin Capital has since acquired a solar and storage portfolio with 2.4 gigawatts of capacity through a bankruptcy sale and a 27 megawatt solar project so far in the first quarter of this year. Javelin Capital Founder and Managing Partner Jason Segal said the company is looking forward to joining JLL to collectively expand the companies' reach in the sectors. Javelin Capital CEO and Managing Director Matt Eastwick added that the firm 'will be able to provide clients with our domain expertise in the energy transition, driving to shape a greener future of spaces for the built environment." The acquisition is JLL's first of this year, according to the company's acquisition history, and comes a few months after the real estate firm established an U.S. energy advisory and sustainability practice in January. This practice provides engineering, finance and procurement, energy modeling, project and program management advising, to help companies meet their sustainability goals. Recommended Reading JLL establishes energy advisory and sustainability practice Sign in to access your portfolio
