Latest news with #TheNelson
Web Release
08-07-2025
- Business
- Web Release
Sweid & Sweid Expands U.S. Presence with Development in Austin, Texas.
Sweid & Sweid, the Dubai-based international real estate development and investment group, has announced completion of its first phase of apartments at The Nelson, a 370-unit multifamily development located in the thriving Austin, Texas submarket. With a presence in both the UAE and U.S. markets, Sweid & Sweid continues to serve as a conduit for delivering regional development expertise and investment capital to the U.S., which has historically been counter-cyclical to the UAE's market. 'Our activity in the U.S. is a long-term strategic diversification play. We currently see great opportunities in both markets, albeit driven by different forces. In the U.S., the tight supply pipeline driven by high interest rates and low construction starts is predicted to create an acute shortage in the coming years,' said Maher Sweid, Managing Partner of Sweid & Sweid. 'In contrast, Dubai is witnessing a significant amount of oncoming supply, but the demand growth has been impressive and unprecedented.' The milestone comes at a pivotal time in Austin's real estate landscape. Following several years of elevated development activity, new construction in the city has slowed significantly, while demand remains resilient. According to CoStar, first-quarter absorption reached 5,470 units—the strongest first-quarter performance on record—while new construction starts dropped to their lowest level since 2011, signalling a substantial tightening in the supply pipeline. For Sweid & Sweid, The Nelson represents the latest chapter in a growing portfolio of UAE and U.S. projects. With a track record of identifying opportunities in high-growth, economically diverse markets, the firm continues to expand its footprint across both countries. 'Ultimately, we believe that disciplined capital, applied at the right moments in the cycle to the right product, will continue to generate outsized returns,' added Sweid.
Yahoo
10-03-2025
- General
- Yahoo
PHOTOS: 132-year-old wreck of ‘one of the safest ships afloat' discovered in Lake Superior
GRAND RAPIDS, Mich. (WOOD) — The Great Lakes Shipwreck Historical Society has announced the discovery of a new wreck on Lake Superior: The SS Western Reserve. The 300-foot steel steamer was first found late last summer about 60 miles northwest of Whitefish Point in Lake Superior. The GLSHS' research vessel, the David Boyd, found the ship using side-scan sonar. Underwater preserves protect thousands of miles of Great Lakes, shipwrecks Subsequent dives with a remotely operated vehicle confirmed the finding, showing that the ship broke in two. The bow rests on top of the stern approximately 600 feet below the surface of the water. The Western Reserve was considered a nautical marvel in its time. It was one of the Great Lakes' first all-steel vessels. '(She was) built to break cargo shipping records and was deemed one of the safest ships afloat,' the GLSHS said in its announcement. The ship was owned by shipping magnate Peter G. Minch. He and several members of his family were on board for the ship's final, fateful journey. According to historians, the Minch family hitched a ride on the ship while it sailed to Two Harbors, Minnesota, with a load of iron ore. The Western Reserve started to sink at approximately 9 p.m. on Aug. 30, 1892. It sank within about 10 minutes, but it was enough time for the crew to launch its two lifeboats. One of them, however, flipped almost immediately. The other one, carrying Minch's family and a handful of crewmen, sailed on. The Nelson: 125 years later, one of Lake Superior's darkest tales retold At one point in the middle of the night, a steamship sailed past the lifeboat, but with no flares, they were not spotted. Roughly 10 hours later, the lifeboat made it to within a mile of the Deer Park Life-Saving Station when it overturned. Of the 28 crew and passengers, only one person, wheelsman Harry Stewart, survived. 'Every shipwreck has its own story, but some are just that much more tragic,' GLSHS Executive Director Bruce Lynn said. 'It is hard to imagine that Captain Peter G. Minch would have foreseen any trouble when he invited his wife, two young children and sister-in-law with her daughter aboard the Western Reserve for a summer cruise up the lakes. It just reinforces how dangerous the Great Lakes can be … any time of year.' Great Lakes' deadliest wreck: What brought down the Eastland What was thought to be the Western Reserve's strength turned out to be a massive weakness. The ship's steel was contaminated with phosphorus and sulfur, causing the metal to weaken and the hull to fail. The sinking of the Western Reserve eventually led to new laws for testing steel used in shipbuilding. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
10-03-2025
- General
- Yahoo
132-year-old shipwreck discovered in Lake Superior
GRAND RAPIDS, Mich. (WOOD) — The has announced the discovery of a new wreck on Lake Superior: The SS Western Reserve. The 300-foot steel steamer was first found late last summer about 60 miles northwest of Whitefish Point in Lake Superior. The GLSHS' research vessel, the David Boyd, found the ship using side-scan sonar. Underwater preserves protect thousands of miles of Great Lakes, shipwrecks Subsequent dives with a remotely operated vehicle confirmed the finding, showing that the ship broke in two. The bow rests on top of the stern approximately 600 feet below the surface of the water. The Western Reserve was considered a nautical marvel in its time. It was one of the Great Lakes' first all-steel vessels. '(She was) built to break cargo shipping records and was deemed one of the safest ships afloat,' the GLSHS . The ship was owned by shipping magnate Peter G. Minch. He and several members of his family were on board for the ship's final, fateful journey. According to historians, the Minch family hitched a ride on the ship while it sailed to Two Harbors, Minnesota, with a load of iron ore. The started to sink at approximately 9 p.m. on Aug. 30, 1892. It sunk within about 10 minutes, but it was enough time for the crew to launch its two lifeboats. One of them, however, flipped almost immediately. The other one, carrying Minch's family and a handful of crewmen, sailed on. The Nelson: 125 years later, one of Lake Superior's darkest tales retold At one point in the middle of the night, a steamship sailed past the lifeboat, but with no flares, they were not spotted. Roughly 10 hours later, the lifeboat made it to within a mile of the Deer Park Life-Saving Station when it overturned. Of the 28 crew and passengers, only one person, wheelsman Harry Stewart, survived. 'Every shipwreck has its own story, but some are just that much more tragic,' GLSHS Executive Director Bruce Lynn said. 'It is hard to imagine that Captain Peter G. Minch would have foreseen any trouble when he invited his wife, two young children and sister-in-law with her daughter aboard the Western Reserve for a summer cruise up the lakes. It just reinforces how dangerous the Great Lakes can be … any time of year.' Great Lakes' deadliest wreck: What brought down the Eastland What was thought to be the Western Reserve's strength turned out to be a massive weakness. The ship's steel was contaminated with phosphorus and sulfur, causing the metal to weaken and the hull to fail. The sinking of the Western Reserve eventually led to new laws for testing steel used in shipbuilding. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
