Gilroy Shelves Sharks Ice Rink at Sports Park After $64MM Cost Estimate Opens $15MM Funding Gap
Why this matters
Commercial real estate continues to digest a multi-year reset in cost of capital. Transaction velocity is below the 2019-2021 trend but improving, cap rates have stabilized across most stabilized property types, and the bid-ask gap has narrowed materially in the past two quarters. Sponsors with permanent capital and operating platforms have an advantage in the current execution environment. The next twelve months will continue to reward underwriting discipline and operational sophistication over balance-sheet aggression.
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Gilroy halts its Sharks ice rink plan after costs climbed to about $64 million, leaving a $15 million gap its bonding capacity couldn't close. The post Gilroy Shelves Sharks Ice Rink at Sports Park After $64MM Cost Es…
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