The Real Deal - New York Real Estate News

Oil-dependent Saudi Arabia is taking literally the concept of economic diversification. The kingdom has announced plans to convert an oil rig in the Arabian Gulf into a 1.6-million-square-foot “extreme park” and resort, according to CNN. The Saudi Arabia Public Investment Fund is behind the project, dubbed “The Rig.” It would include three hotels, 11 restaurants, helipads, rollercoasters and activities such as bungee jumping, skydiving, and aquatic sports spread across a series of platforms. Renderings show

Billionaire John Catsimatidis broke ground on the tallest tower on Florida’s Gulf Coast this week. The 46-story condominium tower in St. Petersburg is also the first residential project outside New York and the first condo project for the developer and businessman’s Red Apple Real Estate. The project totals 1.3 million square feet. The Residences at 400 Central is slated to rise on a full city block in the city’s downtown. Plans call for 301 condo

A small town in the Australian Outback offered free land to draw in new residents. It worked almost too well. Officials in the rural town of Quilpie, Queensland have been overwhelmed by more than 250 inquiries from as far afield as Britain, India, and Hong Kong, although only Australias or permanent residents are eligible, according to the Associated Press. Quil[pie, home to just 800 people, launched the program two weeks ago, The Quilpie Shire Council