Car park demolition could start later this year

A new 38-storey tower could be built in Manchester in a development for 1,000 new student homes.

The scheme is based at the disused Charles Street multi-storey car park, based roughly between Oxford Road and Piccadilly train station and next to the railway viaduct that passes through the city centre.

It sits on what is known as ‘Plot H’ within the wider ‘Sister’ regeneration project based in the area.

Since 2024, the car park and former shop units based on the land have been sitting empty according to planning reports, but now the land could be transformed in the joint plans by RG Real Estate Ltd, ID Manchester Ltd, and the University of Manchester.

Proposals for the land could see it developed with three towers, these would be eight, ten, and 38 stories tall.

A total of 1,041 bedspaces would be part of the scheme, to be used as purpose-built student accommodation.

These would be a mix of studios as well as cluster flats – which is where bedrooms are arranged around communal areas.

According to the planning application, growing the student population in the area could pump an extra £6.7m into the local economy.

Changes could also be made to the surrounding streets too, with a ‘generous pedestrian boulevard along Altrincham Street’, a new square, and with landscaping features along Charles Street itself.

The scheme is set to be a ‘car-free’ development apart from two disabled parking spaces along Charles Street.

A planning report set out the vision: ‘The development will deliver 1,041 purpose-built student bedspaces with outstanding amenities, including a gym, social and study spaces, to support residents’ welfare, and c.612 sq m flexible commercial space at ground floor to help enliven the Sister district.’

During a public consultation, some concerns were raised about the plans.

The planning report stated: ‘Overall, pre-application engagement has been constructive, supporting an effective iterative design process.

‘Key issues raised have included the potential impact of the proposed development on daylight/sunlight, safety and visibility of public realm, and impact of the new student population.’

A separate planning application to demolish the existing multi-storey car park building has already been approved.

Subject to planning permission being granted, construction of the three towers at Charles Street could take around three years in total.

Reports submitted to the council suggest that demolition of the car park could start later this year, with the construction phases continuing until 2030.

Site sits in area earmarked for huge regeneration

Massive changes could soon be on the way in Strangeways with plans for a major new housing development for more than 300 people.

An application has been made to Manchester council to build a part 20-storey building with 189 homes at 24 Dutton Street. It is located close to Strangeways prison.

The proposals fall into an area designated for major regeneration, known as the Strangeways and Cambridge Strategic Regeneration Framework, a joint project from Manchester and Salford councils.

Planning reports suggest that the site at Dutton Street could accommodate up to 328 new residents in total, and pump £1.9m into the local area through spending from future occupiers.

The site is based a short distance from Victoria train station and wider Manchester city centre.

There is a warehouse building currently on the land which is used by Pure Padel under a temporary agreement.

The new proposals could see that building knocked down to make way for the residential tower block, according to planning reports.

If approved, it would create a mix of one and two-bedroom flats, as well as two-bedroom townhouses on the land.

That’s along with plans to make a private ‘woodland garden’ and resident lounges overlooking the open space.

Other features included in the blueprint are a communal roof terrace of level ten, and a ‘productive’ roof terrace on level 14 with growing spaces and rainwater harvesting.

The scheme has been designed to be ‘car free’ apart from some disabled parking along Robert Street.

Surrounding the current building are a mix of light industrial units as well as different shops.

The Strangeways area of Manchester is expected to undergo massive changes in future years thanks to the wider regeneration plans.

Central to the blueprint for the neighbourhood is the future of Strangeways prison, officially known as HMP Manchester.

In 2022, Manchester council wrote to the government arguing that the prison was ‘coming to the end of its natural lifespan’ and was not suitable for the ‘significant remodelling and expansion’ needed to bring it up to modern-day standards.

The Manchester council leader, Coun Bev Craig, said its current location was acting as a ‘barrier to growth and development which could bring new jobs, much-needed houses and green space.’

Recent reports suggested that conversations are taking place with the government about potentially relocating the prison.

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

NEW YORK — Elon Musk’s SpaceX is preparing for what could become the largest initial public offering in history, with the company targeting a $135 per share price to raise approximately $75 billion and secure a valuation near $1.75 trillion upon listing on Nasdaq next week.

The spacecraft manufacturer, officially known as Space Exploration Technologies Corp., plans to sell around 555.6 million shares and begin trading under the ticker symbol SPCX as early as June 12. The move would instantly place SpaceX among the 10 most valuable publicly traded companies in the United States while giving Musk access to substantial new capital for ambitious projects.

SpaceX has transformed from a startup challenging traditional aerospace giants into a leader in reusable rockets, satellite internet through Starlink, and advanced space transportation. The IPO comes as the company expands into artificial intelligence infrastructure and long-term goals such as Mars colonization and asteroid mining.

Details of the Offering

According to regulatory filings and reports, SpaceX aims to price the shares at a fixed $135 level ahead of its roadshow, an unconventional approach that bypasses traditional price discovery. The offering would value the company at roughly $1.75 trillion, positioning it ahead of many established tech firms but behind the largest players like Apple, Microsoft and Alphabet.

Proceeds are expected to fund ongoing operations, including Starship development, Starlink constellation growth, and new ventures such as placing AI data centers in space. The company has a history of significant investment in research and development, which has contributed to past net losses.

Musk is expected to retain dominant voting control, holding more than 80% of voting power after the offering through super-voting shares. This structure ensures he maintains strategic direction over the company even as public shareholders gain economic exposure.

Financial Picture and Risks

SpaceX reported $18.6 billion in revenue last year but posted a net loss of $4.9 billion, reflecting heavy spending on technology and infrastructure. The prospectus highlights ongoing losses and notes that profitability is not guaranteed in the near term.

Analysts have pointed to both the enormous potential and substantial risks. The company operates in a capital-intensive industry with technical, regulatory and geopolitical challenges. Rocket launch failures, satellite deployment issues and competition from firms like Blue Origin and international players could impact performance.

High valuation multiples have drawn skepticism. Some market observers question whether current pricing fully accounts for execution risks in unproven areas such as large-scale Mars missions or orbital data centers. However, supporters highlight Musk’s track record of delivering on seemingly impossible timelines with reusable Falcon rockets and rapid Starlink growth.

Who Can Invest

Institutional investors are expected to dominate initial allocations, but retail investors will have opportunities through brokerage platforms and certain investment apps. Indirect exposure may also come through pension funds, mutual funds or index trackers that add the stock upon listing.

SpaceX has reserved a portion of shares for employees and select individuals, a common practice in tech IPOs to reward early contributors. Trading on Nasdaq is anticipated to bring heightened volatility, typical for high-profile debuts with strong retail interest.

Strategic Vision

The IPO prospectus outlines an expansive future. Musk has long emphasized making humanity multi-planetary to safeguard against existential risks on Earth. Initiatives include advancing Starship for crewed Mars missions and expanding satellite networks for global connectivity.

Integration possibilities with Musk’s other ventures, including Tesla and xAI, have been discussed in market commentary, though no formal merger plans have been confirmed. The company’s dual focus on space exploration and AI infrastructure positions it at the intersection of two transformative industries.

Market Context

The timing aligns with renewed investor enthusiasm for technology and space-related themes. If successful, the IPO could pave the way for additional large offerings in AI and related sectors later this year. It also reflects broader trends of private companies seeking public capital to fund ambitious growth after years of elevated private valuations.

Wall Street banks, led by Goldman Sachs, are supporting the transaction. The accelerated timeline — with confidential filing in April and public details emerging in May — demonstrates efficient regulatory navigation.

Potential Impact

A successful debut would significantly boost Musk’s wealth on paper and provide SpaceX with resources to compete at a new scale. It could also influence talent attraction, supplier relationships and government contracting dynamics in the aerospace sector.

For investors, the stock represents a high-risk, high-reward bet on Musk’s execution capabilities. Historical comparisons to Tesla’s volatile but ultimately rewarding public journey are common, though SpaceX operates in a different regulatory and technical environment.

As the June 12 listing approaches, attention will focus on final pricing adjustments, demand indications and early trading performance. The offering marks a pivotal moment for commercial spaceflight, potentially democratizing investment in what was once the domain of governments and a handful of billionaires.

Market participants will closely monitor how SpaceX balances its visionary goals with the quarterly performance expectations of public company life. The coming weeks promise intense scrutiny as one of the most anticipated debuts in market history gets underway.

A shifting economic landscape has culminated in Texas, dethroning California as the nation’s premier hub for Fortune 500 companies.

Data from the 2026 Fortune 500 list show Texas leading with 57 headquarters, compared with California’s 56, marking a reversal from two years ago, when California held the lead.

Additionally, corporations in Texas generated $2.8 trillion in revenue, while those in California reported $2.7 trillion in revenue.

“Texas is the undisputed headquarters of headquarters,” Texas Gov. Greg Abbott said in a press release reacting to the news. “The world’s leading businesses invest with confidence in Texas because of our welcoming business climate, predictable regulatory environment, and skilled and growing workforce. People and businesses are choosing Texas because Texas works.”

FLEEING FOR THEIR FUTURES, A CALIFORNIA EXODUS UNLEASHES A FLORIDA ‘GOLD RUSH’

In the past year alone, companies including ExxonMobil, Chevron, Samsung Electronics America, SpaceX and X have either moved their headquarters or their legal incorporation to Texas — mostly from California, with two moving from New Jersey.

California has lost its title of most Fortune 500 companies to Texas for the first time in two years. (Getty Images)

Company relocations have also been accompanied by billionaires and public figures moving their homes and personal portfolios to the Lone Star State. Most recently, Uber co-founder Travis Kalanick revealed his move to Austin, while Elon Musk, Mark Cuban, Palantir co-founder Joe Lonsdale and David Sacks have made their mark on Texas in recent years.

“Americans are voting with their feet. They want places that are livable. They want places that are workable. They want places that are sustainable and affordable,” Texas REALTORS Chair Jennifer Wauhob previously told Fox News Digital. “And so I think this migration, as we call it, is really turning into a long-term shift.”

The migration of major corporations and prominent business figures comes amid mounting concern over California’s proposed tax policies, including a controversial one-time 5% wealth tax on the state’s wealthiest residents.

The Service Employees International Union–United Healthcare Workers West (SEIU-UHW) said it has collected more than 1.55 million signatures, according to a press release, nearly double the 875,000-signature requirement — to place a one-time tax on billionaire assets on the California ballot.

The California Billionaire Tax Act would target the net worth of roughly 200 residents and impose a one-time 5% tax on the net worth of California residents with assets exceeding $1 billion. The tax would be due in 2027, and taxpayers could spread payments over five years, with interest, according to the Legislative Analyst’s Office.

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If the measure is approved by voters in November, anyone who was a California resident on Jan. 1, 2026, would owe the tax, according to the proposal. In practical terms, a resident with $20 billion in net worth on that date would owe a one-time tax of $1 billion, payable over five years.

Supporters argue the billionaire tax is a direct response to “cuts to Medicaid and other federal health insurance programs by the Trump administration last year,” while opponents of the measure have warned the tax could kill an estimated 108,000 high-paying jobs over the next 20 years.

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SpaceX shares will be traded on the New York technology-focused Nasdaq market, and some of the big global investment institutions are likely to buy shares. But individuals, including in the UK, will also get a chance to buy via certain investment platforms and brokers.