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Why he ditched the Bay Area for Colorado – buy a house in 15 minutes

Mike Rothermel


The number of people leaving the Bay Area jumped 21% between March 2020 and September 2021, according to a report by researchers at the University of California. We talk to one. (Thinking of ditching your beloved city too? Find out the lowest mortgage rates you can get now hereand below.)

After 8 years in the Bay Area, web designer Mike Rothermel, who is in his 40s, his wife and 9-year-old daughter realized their time in the tech capital had expired. Fed up with the high prices and tougher lifestyle of the Bay Area, Rothermel yearned for the ease of life and lower costs in Boulder, where he grew up. “Everything costs less and people are less competitive. You don’t have to earn more than your neighbor or drive a better car. We don’t feel that pressure here,” says Rothermel of Boulder.

Thanks to the pandemic, the family bought a house without seeing it – a trend that has increasingly happened over the past year. “I grew up in Boulder so we called our old realtor and watched some houses on video and after seeing one of them for 15 minutes we made an offer. We didn’t even get it. not seen in person until we close and own this,” Rothermel says. When moving to a somewhat competitive market like Boulder County, Rothermel said a short video intro is what’s needed. “Even if it’s not as hot as the California market, there are usually multiple offers within 24 hours of listing a home on MLS and we had to win,” says Rothermel.

Now living and working in Boulder – Rothermel’s employer now allows all employees to work anywhere – he has come to appreciate the slower pace of life. “There are fewer people and the people of Colorado are more relaxed. I can always go to the local hardware store and park right in front. In the Bay Area, you have to drive around the Home Depot parking lot several times before you find a spot, and then you have to worry about your car being broken into,” says Rothermel.

Something that struck him after they moved in was that their new neighbors knocked on their door to say hello and greeted his family with handwritten notes and fresh homemade pastries. “You can assume everyone in Boulder is nice, until you have a reason to think otherwise. There’s a sense of community and longevity, that people are here to live, not just to earn. money in technology,” says Rothermel.

It is also a gesture that saves him money. He now lives in a house three times the size and a third as old for less money than he was paying in the Bay Area. “We had to go buy some furniture because when we unpacked, we realized that not all the cupboards were full to the brim,” says Rothermel. Another bonus, “Everything is cheaper in Colorado,” he says. From real estate to gas, groceries and restaurant meals, the cost of living is lower everywhere.

Rothermel says there are things he misses in the Bay Area, including “friends and a few favorite restaurants.” But he adds: “I don’t miss trafficking, crime or taxes.” (Indeed, Boulder has a lower crime rate than San Francisco and commute times are shorter, according to Sperling’s Best Places, and Colorado’s income tax is significantly lower than top tax rates. of California. That said, the cultural offerings in the Bay Area are the best notch, and it has plenty of other perks too.)

Do you also dream of moving to a less expensive city?
Here are some resources to help you make that decision.

  • Lodging: See what type of mortgage you can qualify for here, and see what you could pay in rent here.
  • Cost of living and other lifestyle factors: Compare the cost of living in a new city with your current city hereas well as such elements as taxes, crime and more.
  • Health care: Watch how US News ranks your new state on health care here.
  • Works: If your current job does not allow you to work remotely, you can search for jobs through sites such as In effect and Glass door.
  • Crime, education and other lifestyle factors: look for them on Niche.
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Parking space

The day – The condominium market remains competitive

Like the balance in the residential real estate market, the condominium segment remains difficult for buyers to navigate, with so few options available. Condominiums are always in high demand, especially along the coast, which appeals to both full-time residents and second home buyers.

Market Realty LLC broker-owner Judi Caracausa said the condominium market in southeast Connecticut — especially in riverside communities like Mystic where her business is based — is “very hot, and especially for life on one level”.

“So many people want the ability to get into an elevator, push a button, and get to their house that’s on one floor. It’s the condos that are in huge demand,” he said. she stated.

Caracausa currently represents the sellers of two condos in downtown Mystic, each with their own compelling list of attributes.

Unit 302 at 3 Water Street in Mystic is for sale. This is a two bedroom condo in a building known as “The Standard”. This particular downtown unit is “in new condition, ready to move in,” according to the listing broker. It features a number of updates, including new custom closets, quartz countertops in the kitchen, and new shutters.

“At Standard there are places to store bicycles, and the owner has a covered parking space in the private garage,” Caracausa said. Additionally, this property has a shared rooftop terrace with some of the best views in Mystic around.

In less than a week, this property went “under contract”, but relief offers can still be accepted. The asking price is $899,900.

This week, the listing broker also launched the 11 unit at 15 Water Street on the market. The seller is asking for $949,000. This third floor corner unit is in The Power House building in downtown Mystic, a secure building with an elevator. The two-bedroom home features views of the Mystic River, a 14-foot private balcony, and 1,306 square feet of living space. Interiors are “light, bright and open,” Caracausa said.

“It has exquisite craftsmanship by an experienced local builder,” she said, citing the kitchen as an example. It is designed with Adura branded flooring, granite surfaces and custom cabinetry.

She also pointed to the fixtures installed by the vendors, calling them “exquisite.”

Residents of this building share a common area are along the waterfront. The owner of this unit has one parking space in the parking garage, with additional spaces available in a private parking lot. And, of course, they enjoy walking access to all that downtown Mystic has to offer: an array of restaurants and culinary shops, a favorite local bookstore, boutiques, art galleries and a busy calendar of community events. For potential buyers who enjoy sailing/boating, there are several marinas in the area, including one adjacent to this property.

Northeast Property Group estate agent Kristin Pettazzoni is representing the seller of Unit 502 at 461 Bank Street, a pet-friendly condominium in the Harbor Towers association, right in the central business district of New London.

“This condominium offers both city living and water views,” noted the listing agent. “This unit offers an open floor plan, with a spacious kitchen – featuring a granite breakfast bar, shaker cabinets, stainless steel appliances – tray ceilings and a gas fireplace, and a deck with sea views. the Thames River and Long Island Sound.”

This home has two bedrooms, both with custom closets. The full bathroom is equipped with a triple vanity and a whirlpool tub.

The HOA fee, which Pettazzoni says is $296/month, covers maintenance of common areas and storage areas, gated parking, building elevators, landscaping and snow removal. Residents also enjoy an association-maintained swimming pool, rooftop terrace, theater, and fitness center, among other amenities.

The condo’s location is particularly appealing to buyers who want to enjoy a walkable community and downtown lifestyle. The Library, Town Hall, restaurants and pubs, Fiddleheads Food Co-op and The Watch Theater are all within walking distance. “[It’s] a healthy walk to the station, with access to New York, Boston, Providence and New Haven,” Pettazzoni said. “The Cross Sound Ferry operates daily, providing transportation to Long Island and its fine wineries. The Block Island Ferry runs all summer, making several trips a day to Block Island. The property is within biking distance of the E-Boat, Conn College, or Lawrence & Memorial Yale New Haven Hospital.”

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Parking facilities

The downtown development mess | Mail boxes

Glenn Stewart, Livermore

In a July 7, 2016 letter to The Independent, former Mayor Marchand said: “Our greatest successes come when we work together.

In 2016, the city council chose Lennar Multifamily and Presidio to develop 8.2 acres of land without inviting the community.

The city council had already decided to build a hotel to the east (Presidio) and high-rise condominiums (Lennar) next to Blacksmith Square on the 8 acres of prime real estate without input from residents of Livermore.

The City was moving forward without a master plan and, for most of us, without consultation with planners. I assume that our former and current members of the city council have experience in urban planning.

Council member Bob Woerner proposed in June 2017 to the Town Center Development Steering Committee that a hotel and its parking lot be separated from the planning of the rest of the Town Center development site.

This is exactly what the city council approved 5 years ago.

The City has hired three consultants regarding the feasibility of a downtown hotel. Consultant #1 said they work with a hotel developer on parking needs. Consultant #2 said a hotel should engage and activate the community, have character and a fit that reflects community consensus. Consultant #3 said a 125-room hotel would need a 2,000 square foot conference room, as meeting space to fill the rooms. Rakesh Patel of Presidio said a hotel in the west or east is doable. He was asked if timing (to build a hotel quickly) was not an issue, if a hotel on the west side would work. He said yes.”

At several council meetings, residents urged the council to increase public participation through workshops. Community workshops for the downtown redevelopment began in September 2017.

The results of the workshops indicated that the majority of residents preferred a hotel on the west side, were concerned about increased traffic congestion, lack of parking, community character, open spaces, new commercial uses, facilities cultural with housing last.

In 2018, the City Council approved a massive 5-level L-Street conventional parking lot, 4.5-story Eden Housing on the west side, and a 4.5-story boutique hotel on the east side of Livermore Ave.

Did you know that openness and accountability go hand in hand with local government transparency?

How many of you reading this letter think there has been transparency from our past and present city councils?

Residents should put in place public servants, who work in the best interests of the community.

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Parking facilities

Adams must not let New York council derail promising Queens development

Astoria, Queens is a charming, historically rich, multilingual community known for its human scale, great food, and concentration of artistic talent. That is, except for a small section at the south end of Steinway Street which is mostly given over to parking lots, empty lots, and old, underutilized industrial buildings.

Nothing could be less in tune with the environment. But a proposal called QNS Innovation by a partnership of three developers — Silverstein Properties, Kaufman-Astoria Studios and Bedrock Real Estate — would bring the backwater to life with a $2 billion mixed-use resort.

But, hey, progress is hard to come by in “progressive” New York City. Mayor Eric Adams, who has yet to address the plan, must speak out strongly in favor of it. Otherwise, its stated commitment to enlightened new development will be exposed as a scam.

As is the standard form, QNS Innovation faces resistance from local eccentrics worried about “gentrification” (in an area that was gentrified long ago), “off-scale” (a pair of 26-storey buildings might as well be Billionaires’ Row cloudbusters, right?) And other evils that inhabit the minds of diehard NIMBY types.

The word “complex” suggests gigantic companies like Hudson Yards and Manhattan West. QNS innovation is a pygmy in comparison. It would consist of 12 mostly low-rise buildings spread over five sprawling blocks, with apartments, shops, cafes and cultural facilities.

It would also bring more than two acres of new public open spaces to a neighborhood that, for all its pleasures, has some of the least open spaces in the city.

Mayor Eric Adams must stand up to the city council if they try to stop QNS Innovation from being built.
Mayor Eric Adams must stand up to the city council if they try to stop QNS Innovation from being built.
GNMiller/NYPost

Out of 2,845 apartments, an impressive 25% would be permanently affordable. A sensible complement to Astoria’s vibrant urban mix and requiring no public subsidies or evictions, the project should be a no-brainer to bless and build.

But in New York, what’s a boon to anyone with eyes and brains is anathema to reactionary “progressives.”

Since the plan requires rezoning for buildings larger than what is currently allowed under outdated age of manufacture rules, it must go through the torturous process of uniform land use review. from the city. The seven-month public hazing, which is expected to begin in March, will be a barometer of City Hall’s vision.

It will mostly be a test of the city council, some of whose far-left, defund-the-cops members are obviously bonkers. Unfortunately, a tradition known as “member deference” gives the council member who represents a district the ability to single-handedly torpedo a sound proposal that would benefit the city as a whole.

It happened in 2020 when far-left councilman Carlos Menchaca’s pledge to vote against a microscopic rezoning of Brooklyn’s Industry City prompted developers to pull the plug.

Councilman Carlos Menchaca was able to prevent the rezoning of Industry City to Brooklyn in 2020.
Councilman Carlos Menchaca was able to prevent the rezoning of Industry City to Brooklyn in 2020.
William Farrington

The anti-development fervor has also killed Amazon’s dream of a new campus in Long Island City and snuffed out other laudable dreams before they begin. Why should developers invest fortunes in planning new projects, knowing that they could fall through on complaints of insufficient trees?

Newly elected Astoria Councilor Julie Won has yet to state her position on QNS Innovation. But despite widespread support from businesses and arts organizations in the neighborhood, the plan is under attack from a predictable array of NIMBY types, including members of Queens Community Board 1.

“I think most people in the community are concerned about heights,” the head of CB1’s land use committee cried. Of course, the “concerned” locals are mainly the handful of activists who have free time and monopolize the agendas of community councils. Many would raise a stink if the buildings were 26 feet high.

Astoria City Councilwoman Julie Won has yet to announce her position on QNS Innovation.
Astoria City Councilwoman Julie Won has yet to announce her position on QNS Innovation.
William Farrington

Projects that incorporate affordable apartments are often attacked for not being affordable enough to suit critics. The same moan arose about QNS Innovation. In fact, the lower-cost 725 units would be for those with an average annual income of $50,000. Nearly 300 are reserved for those earning just $33,000 a year or families of four with an annual income of $47,000.

Short of donating space in a city with the highest construction costs in the country, it’s hard to imagine how developers could be more generous.

The development team has gone the extra mile, and more, to liberate the community. He hosted meetings and presentations with local groups for more than two years — including one with CB1 last week — before the project even began the official city review process. Developers listened and responded, making changes to the size and design of several buildings.

QNS innovation deserves a quick green light. Pray that opponents of NIMBY fail to derail it for no other reason than to fulfill their own peekaboo agendas.

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Parking facilities

Chronicle SMa.rt: Parking, density and inequality

Car park. In buildings. In the street. How important can that be? Who does it impact? And after decades of discussion, why is it still a controversial topic?

This, like several other state land use planning and urban planning policies, has the main impact of increasing inequalities.

New buildings

A number of new affordable and inclusive housing projects allow a ratio of less than 1:1 units/parking. Reducing the ratio of parking spaces per unit (or eliminating parking altogether) and “unbundling” parking allowing tenants to choose not to park at all will become commonplace.

New state laws provide for, and planning staff have openly endorsed, the idea that parking requirements should be waived entirely in new developments to pack more units. In fact, a new state bill, AB 2097, has just been introduced that eliminates the ability of local governments to either impose any minimum parking requirements or to enforce a minimum parking requirement on residential or commercial developments if the parcel is located within half a mile of public transport (i.e. bus routes).

Who benefits from this approach and these state initiatives? Investors are likely to significantly increase the profitability of these projects because they can increase the number of units in a project, proportional to the amount of parking they can eliminate. Cities can increase the new Per-Project Housing Credit to apply against state housing mandates such as the 8,895 housing target set for Santa Monica by the Regional Housing Needs Assessment (RHNA) State.

What is entirely missing from this calculation, as usual, is (1) the impact on residents who would occupy insufficiently equipped parking units and (2) the overflow of cars onto the streets of the neighborhood where they are competing. space with existing residents.

Access to a better quality of life

Many discussions around this topic focus on designing an “ideal” city where cars can be optional but not required. As a legacy city centered on private transportation within a parallel legacy metropolis, Santa Monica’s design is fixed, concrete, asphalt, and steel. The usefulness of the transit network in this area is defined by private transportation. This is the only relevant scenario in the discussion of costs and benefits.

It turns out that in legacy cities like Santa Monica, the utility of the mobility afforded by parking is essential to accessing a fundamental quality of life, especially the opportunities to fully participate in career advancement and social mobility in areas like Greater Los Angeles.

According to demographer Wendell Cox, access to a car in Los Angeles provides 34 times more job opportunities than reliance on public transportation alone can provide. Access to job opportunities is fundamental to economic security. In Los Angeles County, and Santa Monica in particular, social interaction is citywide and countywide, and jobs aren’t just found along bus lanes.

Additionally, the transit utility value of private transportation is much higher for people in lower income brackets, as noted by the UCLA Institute of Transportation Studies in its 2018 report prepared for the Southern California Association. of Governments (SCAG). In its conclusion, the report notes that “a car trip by a low-income household is more likely than a trip by a wealthy household to involve finding and keeping a job, accessing school or access to better health and child care options.

The UCLA report ended with the following observation:

“…some Southern Californians – the poorest among them – drive too little, and their lives and the region as a whole would be better off if they drove a little more. The low-income person who acquires a vehicle makes often less travel than a wealthy person (the car is expensive) and the trips they make are often essential, and have social benefits that outweigh their social costs A car trip by a low-income household is more likely than a trip by an affluent household to involve finding and keeping a job, getting to school, or accessing better health and childcare options.

Can public transportation replace private transportation in a legacy city like Santa Monica?

The answer seems to be a “No”. From 2010 to 2019 (before the pandemic), the total number of Big Blue Bus (BBB) ​​passenger rides decreased by 45%. The BBB suffered its biggest loss of ridership before the pandemic in 2016, when 2.1 million passenger trips were lost.

In an attempt to address the significant limitations of transit in providing a competitive and fully inclusive transit service (which includes the ability to carry goods like weekly groceries), the BBB has developed a new solution in 2017 called Mobility On-Demand Every Day Program (MODE). This program provides highly subsidized access to transportation network companies (i.e. private cars – currently Lyft) to Santa Monica residents age 65 or older or 18 with disabilities.

MODE customers enjoy a total of thirty (30) one-way rides per month, including shared Lyft and wheelchair van rides, limited to the Santa Monica city limits during specific hours of operation. Select shopping destinations on Lincoln Blvd. in Venice are included as well as some medical facilities. The program does not address the larger transportation needs of Santa Monica residents in Los Angeles County.

To replicate the fully inclusive utility of private transport would require a robust and integrated London-style multimodal transport system. Retrofitting such a system in a legacy city based on private vehicles such as Santa Monica is simply not feasible. The only Metro E (Expo) line rail extension in Santa Monica cost $100 million for each of its 15.1 miles.

What is the impact of the hypothesis of the interchangeability of public and private transport on the future of Santa Monica?

It turns out that about 45% (4,100 to 4,300) of the total 8,895 RHNA housing target assigned to Santa Monica assumes adjacency to so-called High Quality Transit Areas (HQTAs) . The bar to qualify as HQTA is very low. It is defined as areas within one-half mile of transit stations and corridors with a service interval of at least fifteen (15) minutes during peak hours for bus service.

Thus, nearly half of the RHNA allocation in Santa Monica is based on a utility assumption that is unachievable in the real world.

What about the upcoming electric vehicle charging requirements?

The lack of parking capacity ensures that these buildings will not have the capacity to eventually accept the necessary charging equipment. This couldn’t be more critical since the California Air Resources Board’s goal is to have at least 61% of new vehicle sales being electric vehicles by 2030, while 2035 is the year set for an outright ban. and simple of selling new gasoline cars in the state.

This will further deprive residents of buildings with restricted parking of the opportunity to fully participate in mainstream life and access the full range of economic opportunities.

What are the issues with using a land use planning policy for parking?

Since we are discussing parking in the context of land use planning policy, the unforced errors of this flawed parking restriction policy will also materialize, negatively impacting neighborhoods and the future of residents for decades to come. .

Real estate development in the iconic, world-branded coastal destination city of Santa Monica is inherently lucrative. Recent state land use and zoning laws have made it even more important. How then can the trade-off of improving project profitability, primarily at the expense of low- and middle-income residents and families, be a political priority?

An argument will likely be made that increased project profitability is needed to help subsidize additional affordable units. But, if the cost of these additional affordable units is increased and permanent inequality for potentially all residents of the building, then this is clearly an unacceptable trade-off.

The result of this land-use policy is such that it eliminates a well-known and valuable commodity – parking and the networked mobility options it enables – for a blatantly inadequate current alternative accompanied by a vague notion of a future improved transit structure that cannot be delivered.

Clearing up our priorities

We are heading down a path of growing inequality by adopting a housing policy that locks in discrimination against those who need highly flexible and efficient transportation options the most. We lock in the endless creation of street congestion from unbundled parking. Both are subsidies to investors at the expense of current and future residents.

Clearly, this is not a planning approach that prioritizes providing all residents with the maximum opportunity to access economic progress and engage in life.

It’s also a guaranteed route to the creation of very expensive substandard housing in a city that can no longer afford housing mistakes in its fixed 8.4 square miles. The damage done to the community by the substandard housing created by adequate parking will last for generations.

By Marc L. Verville for SMa.rt (Santa Monica Architects for a Responsible Tomorrow).

Thane Roberts, Architect, Robert H. Taylor AIA; Ron Goldman FAIA, architect; Dan Jansenson, Architect, Building, Fire and Life Safety Commission; Samuel Tolkin Architect; Mario Fonda-Bonardi, AIA, urban planning commissioner; Marc L. Verville MBA, CPA (inactive); Michel Jolly, AIRRE

Note: Marc lived in central London from 1992 to 2000.

The references:

Lower transit ridership: California and Southern California

A report prepared by the UCLA Institute of Transportation Studies for the Southern California Association of Governments (SCAG) – January 2018
https://scag.ca.gov/sites/main/files/file-attachments/its_scag_transit_ridership.pdf

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Car parking rate

Tory budget passes as leader says ‘we’re not out of the woods yet’

The budget for 2022-2023 was approved at a full council meeting that extended until 11 p.m. just after Tuesday, February 22.

It explains how WBC will continue to provide key services, such as garbage collection and accommodation, as well as how it will achieve its overall goals in “Platforms for our Places” and its recovery plan after the pandemic known as the name of “And Then”. .

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A net total of £13.7 million is required for the revenue budget.

Worthing Town Hall

In December, a budget report showed a deficit of over £1.1million.

But, since then, £1.1million in savings have been made, meaning the council will be able to balance their books.

Certain measures in the budget – and in the budgets of the years to come – will be based on an increase in the council tax of 2%.

It was due to be approved on Tuesday, but Storm Eunice saw a meeting of West Sussex County Council cancelled, meaning the hike cannot be approved until March 1.

The budget meeting was adjourned to allow for this.

“Our way of living and working has changed”

Council leader Kevin Jenkins (Con, Gaisford) said: “This time last year we were discussing our annual council budget remotely using online technology, tonight is the full lifting of restrictions Covid.

“As we all know, not everything is the same – the way we work and live has changed.

“As we approach the close of the 2021-22 financial year, we still face a number of challenges.

“But our position remains good with a current overshoot of £14,000 – remarkable in the current situation given how far we have come.

“Our planned work has continued and the vast majority of our projects are on track and many have accelerated.”

“Not out of the woods yet”

The leader was quick to add “we’re not out of the woods yet”, with the pandemic impacting the council’s revenue from fees and charges and government programs compensating for lost revenue coming to an end.

The council’s plan is to increase income in future years by investing in real estate and business services.

“The human impact of the covid pandemic is clear, no more so than in our homelessness as the number of cases continues to rise,” the leader added.

“As we all learn to live with covid, we recognize that families and businesses are facing their own cost of living pressures and in this budget we outline how we can help.”

Mr Jenkins said the council would invest in more houses to reduce the cost of emergency and temporary accommodation for the council and provide much needed accommodation.

Meanwhile, a discretionary support fund of £100,000 will provide support on top of that announced by the government to help offset the rising cost of living.

There will also be a total budget of £1.9million for health and wellbeing in recognition of the “continuing impact of the pandemic”.

Almost £300,000 will contribute to the lido’s long-term plans and improvements to Brooklands will continue, the chef said.

The council has lost £187,000 in parking revenue due to the pandemic and fees will be changed between March 28 and the end of the year to help address this and ‘to help short-term visitors and shoppers “.

Mr Jenkins said 8,502 covid grant applications were made last year and the council helped distribute £39.6 million.

The Chief reaffirmed the council’s commitment to developing Union Place and Teville Gate, which he said is driven by “the need to provide affordable housing”.

Protecting the Goring Gap and open spaces at Brooklands remains a priority.

“Value is changing, it’s changing fast, and it’s changing for the better under this conservative administration,” the leader said.

Executive Member for Resources Elizabeth Sparkes said: “Budgeting the board is difficult in normal times, but considering that the better part of the past two years has been spent responding to a global pandemic, the challenge really couldn’t have been greater.

“Despite it being an extremely difficult time, we have been able to continue to provide services to residents while continuing to invest in this council.

“The council must now be self-funding and we have continued to invest in key strategic areas such as marketing and strategic asset management.”

Labor offers alternative budget lines

The council’s Labor group proposed eight amendments to the budget, but they were rejected.

They included an additional £100,000 for the hardship fund; a £20,000 social housing review; a big listening and big cleaning initiative with an increased budget for community events to £81,500; £50,000 for community health education and equality and diversity work; and £30,000 for urban eco-design planning.

Labor leader Beccy Cooper (Lab, Navy) said: “We are confident that the May election will see a historic Labour-led council in Worthing, and that is only a few months away.

“There is tremendous enthusiasm and capacity in our communities to engage with the advice and services it provides and this has been seen at its best during the pandemic.

“But too often residents have told us how difficult it is in practice – they can’t put a bench in their local park, campaign to encourage children to walk to their local school or green their street. local main.

“Where there should be community green spaces, too often we find dirty, concrete walls.”

The opposition leader said an “inequality gap is widening at an alarming and unacceptable rate” and she called for more support for those in need.

Amendments ‘lack detail’, Lib Dems say

The Lib Dems refused to support the amendments and said they were “disappointed” that Labor had not approached them.

“Liberal Democrats, where possible, will not tolerate unnecessary new tax burdens on already beleaguered residents and we will only use our reserves for essential needs or emergencies,” said Hazel Thorpe (LDem, Tarring ).

“We have not made any amendments this year as we have already spoken with the officers and believe that the decisions should have been carefully worked out and the impacts known before submitting them to the full council.

“We have reviewed the amendments on the table – we tend to agree with the philosophy, but find them lacking in detail.”

But Ms Thorpe backed the idea of ​​more hardship funding and called on council to give residents more control.

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Car park management

Lake Forest office campus sold to Prologis for $96 million – Orange County Register

Pacific Vista, a 322,262-square-foot, 24-acre Class A office campus in Lake Forest, has been sold to Prologis Inc. for $96 million, according to Cushman & Wakefield.

The campus has five two-story office buildings leased to seven long-term tenants, Cushman & Wakefield said.

The seller has not been identified by the brokerage. Representatives said Prologis plans to continue operating the property as an office project.

Jason Ward of Cushman & Wakefield represented the buyer and John Harty of Cushman & Wakefield with the assistance of Jeffrey Cole, Nico Napolitano and Ed Hernandez also represented the seller.

A 39,796 square foot medical practice complex in Hemet has sold for $5.56 million. (Courtesy of Progressive Real Estate Partners)

Newport Beach investor sells Hemet resort sold for $5.56 million

An unidentified Newport Beach investor has sold a 39,796 square foot medical office complex to Hemet for $5.56 million, according to Progressive Real Estate Partners.

The buyer for the Courtyard Medical & Professional Center at 910-960 N. State St. was identified solely as a foreign investor represented by CBD Investments.

Built in 1981, the fully leased resort generated 13 qualified bids, according to Progressive’s Greg Bedell.

Bedell said the deal further bolstered “the continued rebound in demand we’re seeing for multi-tenant commercial assets in SoCal’s Inland Empire.”

Three new commercial properties at the Monterey Crossing Mall in Palm Desert have been sold for a total of $15.7 million in three separate transactions. All three sales included a new single-tenant block leased to Chick-fil-A. (Courtesy of Hanley Investment Group Real Estate Advisors)

New Brunswick firm sells 3 Palm Desert retail blocks for $15.7 million

Fountainhead Development of Newport Beach has sold three new commercial properties at the Monterey Crossing Mall in Palm Desert for a total of $15.7 million in three separate transactions, according to Hanley Investment Group Real Estate Advisors.

Hanley represented Fountainhead in all three transactions.

The transactions included two new pads leased from Chick-fil-A and Quick Quack Car Wash as well as a two-tenant pad leased from AT&T and Spectrum.

Other national brand tenants at the mall include Costco, Home Depot, Kohl’s, Sam’s Club, Walmart, 99 Cents Only, Ashley HomeStore, JOANN Fabrics and Crafts, PetSmart and Regal Cinemas.

“In 2022, we anticipate that more mall developers and owners will seek to implement a break-up sales strategy to capitalize on the strong demand for single-tenant and multi-tenant retail products at premium prices. “said Bill Asher, executive vice president. chairman of Hanley.

Five Point Holdings has tapped former Irvine Co. executive Daniel Hedigan as its new chief executive, effective immediately. (Courtesy of Five Point Holdings)

Five Point taps ex-Irvine Co. exec as CEO

In case you missed that news on Thursday, Irvine-based Five Point Holdings named a new CEO four months after its founder Emile Haddad was demoted to an advisory role.

Daniel Hedigan, who spent 10 years on the Irvine Co. management team, immediately assumed the role, according to a Five Point statement released on Wednesday, February 9.

“He will bring an excellent balance of management skills and experience, with a focus on sizing our cost structures to fit the size and scale of our business,” said Stuart Miller, Executive Chairman of Lennar, Five Point’s largest stakeholder.

The announcement capped a series of leadership changes at the Irvine-based developer. Last August, Five Point announced that Haddad would become a senior adviser. The company has promoted its chief operating officer, Lynn Jochim, to president. Wednesday’s announcement said Jochim would step down from both roles but remain as a councilor for three years.

In late January, chief financial officer Erik Higgins resigned but indicated he would remain at Five Point to complete regulatory filings, which are due this spring. The company has appointed Leo Kij, its controller, as interim chief financial officer.

Five Point declined Thursday to comment on the leadership changes beyond its prepared statement.

The Brea engineering firm acquired by the Long Beach firm

Power Engineering Services Inc., a Brea-based electrical engineering company, has been acquired by P2S Inc. of Long Beach.

Terms of the agreement were not disclosed by either company.

P2S is also a provider of engineering and construction management services for institutional, industrial and commercial clients.

In a statement, the companies said PES would continue to provide its customers with the same services, along with the support of P2S and its engineering services.

“Joining P2S allows us to expand and accelerate the design, service and deployment of projects for our customers with a significantly increased workforce and exceptional resources,” said PES President Barbara Effenberger. “Joining P2S is the ultimate partnership.”

Oren Hillel is the new director of development for Waterford Property Co. in Newport Beach. (Courtesy of Waterford Property Co.)

Moving

Oren Hillel is the new director of development for Waterford Property Co. in Newport Beach. Hillel will oversee the company’s real estate development, including grassroots projects, in the market-priced and affordable housing categories. Previously, he worked at Greystar, a property developer and manager with over $50 billion in assets under management.

Future

Stephanie Young Group is partnering with the American Red Cross to host a blood drive from 10:30 a.m. to 5 p.m. Friday, March 18 at Highland Park in Irvine.

Photo ID is required to donate. Appointments can be scheduled online at RedCrossBlood.org with referral code SYG or by phone at 1-800-733-2767. To verify your eligibility to donate blood, call the Red Cross Donor Support Center at 1-866-236-3276.

Address: 12205 Dreamcatcher

Real estate transactions, leases and new projects, industry hires, new companies and upcoming events are compiled from news releases by editor Karen Levin. Submit articles and high-resolution photos via email to Business Editor Samantha Gowen at [email protected] Please allow at least a week for posting. All elements are subject to change for clarity and length.

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Red Fox commission tables construction element | News for Fenton, Linden, Holly MI

Fenton— Applicants who want to turn the Red Fox Outfitters building into an event and banquet venue have a few weeks to get signed lease agreements for the parking lots if they want their permit approved.

At the Thursday, January 27 meeting of the Fenton Planning Commission, a few commissioners indicated that they wanted something done with the building. However, they were unwilling to approve the special land use request unless Cruwood Granary had signed lease agreements with the companies that would allow them to use their parking lots.

The property is 0.542 acres located at 234 N. LeRoy St.

Applicants Chelsie Welch and Corey Cunningham, owners of Cruwood Granary, are seeking a special land use permit to convert the building into a special event banquet hall that will host events for 200 people or less for weddings, showers, retirement parties, office parties and Suite. The property is zoned Central Business District/Planned Unit Development. Its current use is listed as retail, although Red Fox Outfitters closed in March 2020. Skypoint Ventures, the real estate/capital development arm of Phil Hagerman and Jocelyn Hagerman, owns the property.

Carmine Avantini, President of CIB Planning, and Justin Sprague, Vice President of CIB Planning, who are Fenton’s planning consultants, have found that the plans conform to the proposed land use and are properly serviced by existing facilities and roads.

It is potentially compliant maintaining the existing and intended character of the area.

“It is also important to note that the food will not be prepared on site but will rather be delivered by catering services. The applicant should be prepared to explain to the Planning Commission which catering/restaurant services will be used and how many vehicles are needed for deliveries,” according to their report.

Cunningham said they plan to approach local businesses for catering services.

Parking remains the main concern. The plaintiffs said they plan to give their customers city maps and signpost other parking lots. They also plan to use shuttles and valet parking. Welch said a majority of wedding guests use shuttles or Ubers.

“Another possible concern, which should be addressed as part of the provided parking study, is the potential impact that event parking would have on area businesses and the adjoining residential neighborhood to the northeast,” according to the Sprague report.

Applicants may count public parking spaces within 500 feet, but must demonstrate space availability. The ordinance requires a parking space for every two people of capacity, and the applications indicate that the maximum capacity of the facility is 240. This means that 120 parking spaces are required.

Welch and Cunningham have identified eight separate car parks that their customers could use. In total, the plan shows 301 parking spaces. ROWE Professional Services Company conducted a survey between 4pm and 6pm on Friday November 5th and Saturday November 6th to study the number of places available in these lots. There were 140 places available on Friday and 166 available on Saturday.

In addition to public parking, agreements with private companies make up some of these spaces. Customers have an agreement to use the car parks at Fenton Glass (60 parking spaces) and the Skin and Vein Institute (29 spaces). A third car park with 11 spaces is the customer’s property.

However, planning commissioners have expressed concern that these agreements could end at any time. CIB Planning recommended denial of the special land use application.

“…we are of the opinion that a permanent solution to the parking supply has not been made. It is possible that this use will negatively impact existing businesses in the area as well as the residential area to the northeast. It will then be up to the municipal government to resolve these associated parking issues and the solutions may not be readily available,” according to the letter.

Commissioner Tyler Rossmaessler said he doesn’t understand why an event space would have more parking issues than a restaurant. “I understand it’s by bike, but if the parking lot is full, the parking lot is full,” he said. “We have to come to a ‘yes’ on something.”

In October 2020, another applicant applied for a special event permit, but was denied due to parking issues.

Rossmaessler said this building is too important to the city center not to be used.

The commission ultimately voted to defer the matter until the next meeting to give Welch and Cunningham time to secure leases with those companies to use their parking lots. The next Planning Commission meeting will be on Thursday 24th February at Fenton Town Hall.

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Facilities Managers May Raise Service Fees As Energy Bills Skyrocket In Estates | The Guardian Nigeria News

It’s not the best of times for facility managers, as rising energy prices have driven up maintenance costs for properties across the country.

Rising costs, which are due to the price of diesel rising from the pre-December rate of between N250-300 per liter and over N350 per liter in open markets, are now overwhelming many property managers .

With the proposed increase in fuel to N403 by March, tough times seem to be ahead for most facility managers, as consumers often have very little control over the services they receive and a limited ability to challenge agents when they do not have the quality they expect or deserve. Tenants and tenants can be exploited and subject to exorbitant charges.

Electricity is one of the major issues facing small, medium and large businesses in Nigeria. This is a major constraint to the ease of doing business in Nigeria, with around $12 billion spent annually by companies and individuals on generators.

In some areas of Lagos, Abuja, Kaduna and Port Harcourt, discussions have started between estate agents, tenants and tenants on ways to reduce maintenance costs. Service charges are the fees that most tenants pay to cover their share of maintaining their building and are often the subject of controversy.

The Guardian found that some estates were considering adopting renewables in certain common areas, while others were reducing usage times and increasing their loads. For example, instead of the usual 24-hour electricity in some areas, some reduce it to 18-20 hours a day.

According to United Nations estimates, real estate accounts for around 40% of global energy consumption and a third of all carbon emissions. For this reason, achieving double-digit reductions can have a significant impact on environmental sustainability.

The Royal Institution of Chartered Surveyors (RICS) code of practice document states that service fees enable estate owners to recover the costs of operating a property from the occupants as well as any other persons who benefit and uses the services/facilities provided.

Fees also cover parking or shared driveway, reception areas, hallways, elevators, grass cutting/gardening, general repairs and maintenance, CCTV equipment ( CCTV) and block insurance and others.

The most disturbing aspect of the matter is the astronomical increase and lack of fixed costs for these services, which often result in a regular cause of disagreement between landlords and tenants.

Global PFI managing director Dr MKO Balogun told the Guardian that the cost of energy is just one part of the mix of issues and costs that managers are concerned about, especially with inflation and its impact on the purchasing power of employers and the cost of other goods. And services.

Balogun, who is a facilities manager, said the increase in service charges is inevitable. “There is going to be some level of increase. However, a well-managed building will always have opportunities for cost management.

“Improved services lead to longer asset life, allowing facility managers to make changes that will ultimately lead to efficiencies and reduced costs,” a- he declared.

According to him, technology also helps with estate management, adding that “reducing resources by using technology will ultimately lead to reduced costs.”

A former President of the Nigerian Chapter of the International Facility Management Association (IFMA), Mr. Stephen Jagun, said: “Rising energy prices are a major concern in the industry. “This has naturally increased the cost of providing the services, which translates into an increase in service charges. This creates friction between facility managers and tenants.

“It encourages facility managers to be innovative and, above all, to adopt alternative energy sources; in particular, sustainable energy sources. These may involve a high initial outlay, but the life cycle cost is very attractive. This requires good planning to be implemented.

Jagun, who was also a past president of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos Branch, advised facility managers to adopt strategies that will include replacing equipment with energy efficient ones. ; such as air conditioning and lighting. “Similarly, an energy audit should be done to see what to discard, alternate and spread or rearrange,” he added.

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Embrey Management Services (EMS) Selected to Manage Lenox Crown in Garland, Texas | State

GARLAND, TX, January 18, 2022 /PRNewswire/ — Award-winning and nationally recognized Embrey Management Services (EMS) has been selected to provide multi-family residential services to Lenox Crown in Garland, Texas, a first suburban market in dallas.

The 435-unit community, just off the I-635 loop, northeast of dallas, is close to recreational activities on Lake Ray Hubbard, a wide range of shopping and entertainment including the Firewheel Town Center and the highly successful Garland Independent School District.

“Embrey Management Services has a reputation for providing exceptional living experiences for residents,” said Josh Kogel, vice-president of the Praedium group, owner of the residential property.

Designed to support the active lifestyle and high expectations of its residents, the one-, two-, and three-bedroom apartments feature wood floors and blinds, inviting kitchens with quartz countertops, and stainless steel appliances. , dressing rooms, bathtubs and walk-in showers.

Community amenities include a resort-style pool with deck, poolside cabanas, outdoor kitchen and fire pits, state-of-the-art fitness center with yoga room, business center and conference room, carports, garages and charging stations for electric cars. , and a pet park and spa.

“Emrey Management Services is delighted to partner with Praedium Group and continue to grow our partnership by showcasing their core communities,” said Allyson McKay, CEO and Executive Vice President of Embrey Management Services. “Embrey is known for its attention to detail and we look forward to creating a home-from-home experience for Lenox Crown residents.”

About Embrey

San Antoniobased in Embrey Partners LLC is a diversified real estate investment firm that owns, develops, builds, acquires and manages multi-family residential communities and commercial assets in targeted markets across United States. Since 1974, Embrey has developed nearly 43,000 apartments and over 6 million square feet of commercial properties. Embrey is a leading developer in the multi-family sector with over 4,000 units under construction.www.embreydc.com

Show original content to download multimedia:https://www.prnewswire.com/news-releases/embrey-management-services-ems-selected-to-manage-lenox-crown-in-garland-texas-301463050.html

SOURCEEmbray

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Arkansas-based Splash Car Wash nears opening of 12th location

Splash Car Wash, a Company based in Arkansas, plans to open its 12and location later this month. Commercial real estate company Colliers Arkansas, a development partner, made the announcement Thursday, January 13.

Splash is renovating a 35,233 square foot building at 15701 Chenal Parkway in Little Rock. It previously housed the Altitude Trampoline Park. Baldwin & Shell Construction Co. is leading the redevelopment.

According to Pulaski County property records, a limited liability company operated by Splash purchased the 2.2-acre property in December 2020 for $4.5 million.

According to Colliers’ announcement, the Chenal site will be the 10and-the largest car wash facility in the country. Features will include:

  • Two car wash tunnels
  • Two express interior cleaning strips
  • Member Indoor Vacuums
  • On-site oil change in 10 minutes
  • Ultra-fast charging station for electric vehicles
  • State-of-the-art water recycling system and energy-saving motors
  • Touchless car wash with license plate recognition technology
  • Luxurious child-friendly lobby

“Thanks to the years of experience we have in car cleaning, coupled with the opportunities we have had to travel to the United States and Western Europe to study best practices, we are able to offer a unique and memorable to our customers,” Paul Stagg, Splash Founder and CEO, said in a statement. “But all of that would be wasted if it weren’t for our genuine, caring team that loves serving others.”

Bradford Gaines of Colliers Arkansas leads the development of Splash. Colliers also provides property management.

“Our company was fortunate to have had the opportunity to manage Splash’s development process in Arkansas,” Gaines said. “This Chenal location enjoys one of the best traffic rates in the city and should provide an excellent return on investment for the business. Their car wash facilities are truly state of the art and we are proud that they have chosen Little Rock for their largest yet.

The Chenal site will kick off a busy 2022 for Splash. The company plans to open eight additional Arkansas locations this year in Little Rock, Maumelle, Cabot, Conway, Bentonville, Greenbrier, Russellville and Sherwood.

Colliers Arkansas also provides brokerage, development and facility management services for each location.

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“My daughter’s outspoken owner wants to stop her parking in her space. How can we fight back? ‘

Dear doctors of real estate,

My daughter bought a property with off street parking and the land register form confirms it. The recent lawyer reviewing it said the lease doesn’t prevent you from parking on your own lot, unless it blocks pedestrian access.

But now her landowner has said she can no longer park her car on the side of the property as it is an obstacle and has threatened a court order to stop her.

The lease refers to the side area as a trail, and there is no mention of whether it is a driveway or a driveway. It is blocked off at the end by a shed (it has always been there) so access to the rear property for anything larger than a wheelbarrow or wheelchair is not possible. The gap between the fence and the house, when the car is parked, is the same distance as the gap between the shed and the house, so I observe that there are no obstacles.

She has lived there since 2009 without ever being asked not to park there. This all happened when the landowner renovated the ground floor property and asked her to help create official parking at the back of the properties. She refused because it was of no use to her and would leave the back garden, the view from her room, as parking, so it is not desirable.

Does he have the right to park there and how can we respond?

GW, by e-mail

If your daughter owns the land adjoining the property, unless her lease indicates otherwise, she is entitled to park there unless someone else has a right of way over her. land that would be obstructed.

Normally, a right of way would be expressly granted and would be entered in the land register. In certain circumstances, however, a right of way may be acquired by “ordinance” with a useful life of 20 years.

If there is a right of way, the question of whether parking is an obstacle is whether an inconvenience is caused to the person exercising that right. From what you are saying, it does not seem very likely, but all of these cases need to be decided on the basis of their own facts.

The sensible thing would be to negotiate with the person exercising the right and find a satisfactory compromise, but I suspect that the free owner of the property should be involved in these discussions as well.

Ideally, your agreement should consist of one or more legal documents which should be prepared by a lawyer and which could be filed in the land register. Obviously there would be an expense involved, but that would avoid disputes later.

David Fleming is Head of Real Estate Litigation at William Heath & Co solicitors (williamheath.co.uk)

Each week, The Telegraph’s Property Doctors brings expertise on renovations and DIY, planning, buying and selling, rentals, legal matters and taxes. Send your questions to [email protected]

.

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Hong Kong property prices remain high, despite challenges


The problem for Hong Kong is that it doesn’t have a lot of land available. About 75 percent of the land is protected or too mountainous to build there. As a result, construction in developed areas appears to be relentless. It is common to see new apartment buildings being constructed in the gaps between two existing towers in impressive use of space, but disregarding the view from residents’ windows.

Yet demand far exceeds supply, even with rising prices. The scarcity of land means that buying a property is seen as a long-term game. “It’s still crazy. If there are 100 units in a new building under construction, it is normal for it to be oversubscribed more than 10 times, and it will have to go to raffle lots, ”said Eunice Tenh, who is a real estate agent in the city for over 15 years.

The announcement that Hong Kong’s border will reopen with mainland China by June 2022 is already boosting the market, according to real estate agents. In November, just days after the border was announced, an apartment on Mount Nicholson in Hong Kong Island sold for HK $ 640 million, or HK $ 140,800 per square foot, a record in Asia.

“The main developers in Hong Kong are all very optimistic about the market,” Tsang said. “Hong Kong is still considered the Monte Carlo of China.”

PURCHASE GUIDE

Hong Kong is now technically open to non-residents who are fully vaccinated, but anyone who moves or visits must self-quarantine in a hotel room for 21 days if traveling from 25 countries, including US and UK, or 14 days from almost anywhere else. The exception is mainland China: visitors from some provinces can travel without quarantine, although there is a strict limit; most vaccinated visitors from China must self-quarantine for seven days.

Hong Kong has imposed strict mortgage requirements in an attempt to control prices – with little effect. Buyers must deposit at least 40 percent of the value, and there are stricter rules for foreign buyers. Mortgage applicants with income primarily from outside the territory face a maximum loan-to-value ratio of 40% for properties over HK $ 10 million and 50% below that price.

To delay overseas speculation, Hong Kong introduced an additional stamp duty for buyers who are not permanent residents, which is a flat rate of 15% of a property’s value.

WHAT YOU CAN BUY FOR …

45.8 million Hong Kong dollars

A three bedroom apartment on Macdonnell Road in Mid-Levels Central, a short drive from the central business district. The property includes an additional maid’s room, a balcony and a parking space. For sale with Knight Frank.

55 million Hong Kong dollars

A four bedroom, three bathroom house with private pool and garden in a quiet hillside location. There is also a maid’s room, three parking spaces and a mountain view, as well as a partial sea view. In the market with Knight Frank.

HK $ 1.2 billion

A four bedroom detached house on Island Road in Deep Water Bay, South Hong Kong Island. Built in 2009, the property has a rooftop terrace with views of the bay and the hills. Available at Christie’s International Real Estate.

By Tabby Kinder © 2021 The Financial Times


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Developer Seeks Affordable Luxury Homes The Guardian Nigeria News


The Lagos-based real estate company, MM. GMH Luxury, urged developers to ensure housing prices are affordable, standardized and reflect the economic reality of the country.

GMH Luxury Chairman and CEO Ayoolarenwaju Kuyebi gave the charge, speaking to reporters in Lagos. According to him, although developers cannot play the role of government in subsidizing house prices, they should set the prices bearing in mind that the money committed to buy houses is the people’s trust fund.

He said: “I expect that we will improve the market prices, even in the luxury market. I still think the market is overvalued and payment flexibility is the key. I want developers to improve the quality of homes and deliver projects on time as well as educate people to convert what they pay into an investment vehicle.
Subscribers are getting wiser by the day and that’s what determines deliverables, which is the end result of whatever the developer produces.

Kuyebi, an engineer, said the company has created an investment program to allow investors to invest resources in real estate constructions, which in turn will generate annual returns.

“We encourage fair investing where people can get up to 30% equity on their investment over a 12 or 24 month period,” he said.

Kuyebi has revealed plans to build 23-story luxury homes in Eko-Atlantic dubbed “Sheldon Gary” which will include a one-bedroom apartment, two-bedroom apartment, four-bedroom puppet and a penthouse. The penthouse is equipped with personal elevators.

Other features, he said, include commercial spaces, spa, business lounge, 220 parking spaces, four parking spaces for each of the units, a helipad, personal pool, and recreational facilities. such as lawn tennis and basketball court, mini market, nursery and lounge.

He explained that the project, which started in the first quarter of 2021, is being handed over to a Swedish company and would be delivered in 36 months.

Regarding the instability of the exchange rate and the impact on real estate, he said: “The first quarter of next year will be difficult for real estate companies as some projects could be abandoned due to the evolution of costs. and the currency crisis.

The forum also featured the unveiling of the company’s brand ambassador, Mr. Ninalowo Omobolanle, a Nollywood actor in Lagos. Kuyebi explained that the choice of the new ambassador was based on the need to promote the integrity and quality of its housing products.

In response, Omobolanle, who praised the company for its exceptional quality of housing delivery, pledged to create synergy to promote service excellence in the pre and post-production construction processes as well as for bring the business to the desired height.


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San Antonio exceeds target of housing 500 people by year-end


Sylvia Becerra has at least four Christmas trees in her cozy apartment near South Texas Medical Center in San Antonio. The larger fake tree shines in the corner of his living room, and a group of several smaller ones can be found in the opposite corner, surrounding a manger.

Crosses and angels dot its walls. The shelves are filled with knick-knacks and family photos.

“Guess who it is,” asks Becerra, 64, pointing to a photo of a smiling man next to a young boy.

“Garth Brooks! ” she said. When his young nephew met the country music star, he just had to seize the moment.

Last Christmas these valuables and decorations weren’t neatly displayed on the shelves. They were crammed into Becerra’s car, where she lived for two years.

Originally from Kingsville, she followed her two children to San Antonio in 2008. An argument with someone she lived with caused her to leave her home. His disability checks alone couldn’t cover the rent, especially with a bond. So she found refuge in her black Kia sedan, often sleeping in parking lots.

Her eyes fill with tears when she remembers that time – and when SAMMinistries was able to give her vouchers to pay her rent.

“They have been a blessing… so wonderful,” she said.

Becerra was one of more than 500 homeless people the Bexar County network of government and nonprofit agencies have been able to house since the local “housing push” initiative began on August 1. As of mid-December, 565 permanent housing placements were reported.

“We are grateful for [the agencies’] unmatched commitment, compassion and courage to help our most vulnerable neighbors during another difficult year – but [these agencies] need our support, ”Katie Vela, executive director of the South Alamo Regional Alliance for the Homeless, said in a press release. “We need to increase the availability of housing, including permanent supportive housing, to meet the present and future needs of our homeless residents. “

SAMMinistries and dozens of other agencies, including the city’s Department of Social Services, were able to find housing for an average of more than four people a day, about double their previous rate.

These agencies would gladly continue at this pace, but it’s a question of funding, SAMMinistries President and CEO Nikisha Baker told the San Antonio report. “There was a federal collective [coronavirus relief] resources that have poured into the partners involved in this push. When these resources go missing in February or March for most of us… it impacts how many people we can accommodate – individually as an organization but also collectively as a community.

A housing spree, in some ways, will continue as Mayor Ron Nirenberg joined more than two dozen U.S. leaders in November in pledging to house thousands of homeless people by the end of the year ‘next year.

The local objective, set by the city’s social and neighborhood and housing services departments, is to subsidize permanent housing for 1,500 homeless people and to start building 860 additional housing units for the population of by the end of 2022.

Additional funding for homeless mitigation and prevention services could come from the next round of US city or county bailout allocations, which have not been finalized.

Another funding opportunity is a $ 150 million housing bond that voters will see on the ballot in May. The housing bond, as proposed by a citizens’ committee (pending city council approval), includes $ 25 million for permanent supportive housing. This is housing for the homeless that includes comprehensive services such as physical and mental health care.

“We know that as a community we need around 1,000 units to meet the needs of chronically homeless people right now,” Baker said. “An allocation of $ 25 million means we can add 250 units to the inventory, which is big and substantial. It doesn’t get us here. We must continue this fight. “

SAMMinistries President and CEO Nikisha Baker, left, kisses Sylvia Becerra in her apartment. Credit: Scott Ball / San Antonio Report

SAMMinistries has the largest inventory of permanent supportive housing in San Antonio, with 175 active units and 60 in the pipeline.

“Whether it’s real estate surety, or whether it’s taking advantage of public-private partnerships, tax credit opportunities – whatever that sounds like, this is the job we do. have to keep doing to increase inventories, ”she said – and that includes affordable housing.

This month, city council approved a 10-year, $ 3 billion plan to meet the community’s affordable housing needs, and the housing bond will play a role in that plan in producing and sustaining affordable housing. .

“I think this is going to be a time of transformation for our community because I think we can do so much for so many people,” Baker said.

For people like Becerra.

During winter storm Uri – which dumped 6.4 inches of snow on San Antonians in February, many without water or electricity for days – she was able to leave her car and stay in a house with friends for most nights single digit.

“I was not the only one there,” she said, remembering the other people she met who had no homes. “I don’t know how people do this. “

This winter, she’s happy to have her own roof over her head, the names of her five grandchildren on her door, and her trusty car parked outside.

“He went through it all with me,” she said. “It’s a great little car.”


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DEM seeks more information on Lighthouse Inn site maps | News


NARRAGANSETT, RI – The Department of Environmental Management has said it wants more information from three bidders vying to redevelop the former Lighthouse Inn property on state land in the Galilee, and their gave 10 days to deliver them.

In a letter of December 17, DEM deputy director of the Office of Natural Resources Jason McNamee requested more information from representatives of the City of Narragansett, iCell Aqua Inc. and PRI X about their separate plans to transform the plot. of five acres where the dilapidated and closed hotel sits.

They have until December 27 at 5 p.m. to do so.

“Some of the original proposals may have contained some of these elements, but we hope you can refocus on those specific areas and provide more detail,” McNamee said.

DEM was originally scheduled to complete a review of the proposals on December 15.

The state wants more detailed information in five key areas described in the letter.

Bidders must provide a financial plan that shows “how the project would be financed and what would be the economic impact of the project”.

Each should also provide a statement of their team’s experience: “Background and experience of key executives involved in the project, including description of similar projects and the financial history of those projects”.

Third, the State asked everyone to indicate whether there was flexibility in certain areas of their proposal.

“It’s important for us to know if there are contingencies or room for negotiation for a few things like rental terms or land ownership requirements,” McNamee said.

Bidders must also develop or modify the timelines for their projects.

“It’s important for us to understand some of the timelines in more detail and if / how any of the above changes or details may impact those timelines,” McNamee said.

Finally, he asked for a detailed explanation of public amenities such as park spaces or educational or recreational elements that would be part of the project.

The state and PRI X issued a request for proposals on September 30, and the offers arrived on November 15. The timeline outlined in the RFP provides for final approval and execution by January 15, 2022. DEM and PRI X will have the final say on which proposal to accept.

Narragansett’s proposal would transform the plot into a boutique hotel with 75 to 100 rooms with a restaurant, reception hall, gallery and parking lot. The new hotel would be complemented by a ferry disembarkation area and an outdoor market directly across from the ferry terminal on Great Island Road.

The redevelopment program also includes plans for a 400-car parking lot attached to the hotel for long-term ferry parking, and a mixed-use building for offices and housing.

PRI X – a partnership between large real estate company Procaccianti Group and Paolino Properties – is proposing to demolish most, but not all, of the existing hotel and keep the front section on a level that faces Great Island Road.

It would be extensively redeveloped with new roof lines, front façade and signage, all in the style of a typical New England fishing village. The front section would then be split into separate footprints and marketed to local businesses to take advantage of the foot traffic generated by passengers and the parking lot of the Block Island ferry. The front parking area would be replaced with landscaping, park benches, historic shelves and more to increase retail offerings.

For phase 2, PRI X would develop the Galilee Inn, a 20 to 40 room boutique hotel.

Quonset Area Aqua Development Inc., in conjunction with iCell Aqua Inc., proposes to build a $ 30 million seafood processing facility and device to purify and recycle water. The land would still offer parking and a three-story office building is part of the plan.


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CenterPoint purchases three Los Angeles area industrial assets as part of broader strategy

National Real Estate Advisors plans to add 41 floors of residential units in addition to the existing space at the Block.

Le Bloc shopping center downtown May have a new look.
Washington, DC-based National Real Estate Advisors, the owner of the center, has filed plans to add 41 floors above the centre’s existing 12-story parking lot.
Plans filed with the Town Planning Department call for 466 apartments – a mix
studios, one, two and three bedroom units.


Handel Architects, based in New York, is designing the project.
The Block at 700 S. Flower St. was built in the 1970s as Broadway Plaza before moving through Macy’s Plaza in the 1990s.


Ratkovich Co., which is based at the center, updated it a few years ago. In 2018, the company sold its stake in the development to National Real Estate Advisors, one of its financial partners.


The companies and Blue Vista Capital Management bought The Bloc in 2013 for $ 241 million.


Today, The Bloc has a 32-story office building and a Sheraton Grand hotel, in addition to retail space. Merchants in the center
include Macy’s and Austin-based Alamo Drafthouse Cinema.

“It’s a great project, and it complements The Bloc,” said Nick Griffin, executive director of the Downtown Center Business Improvement District. “You have the quartet of office, retail, hospitality and residential in one place. It’s really a compelling package… and it really speaks to the confidence developers have in the downtown area as a residential market. You wouldn’t be building a project of this scale and complexity on a parking lot structure if you weren’t very confident in the market.


Despite the difficulties many urban centers face during the pandemic, the downtown residential market is recovering. In the third quarter, the average apartment occupancy rate was 93.6%, an increase of 9.9% from the previous year, according to data from DCBID. The average effective rent per unit, meanwhile, was $ 2,734, up 15.1% from the previous year, according to DCBID.


“It is clear that the projections for the exodus from the city were just plain wrong and, quite the contrary, residential demand has come back with a vengeance,” Griffin said. “This project is really convincing proof of that and that the residential market is very strong.”


Other projects with large residential components are also underway in the city center. A billion-dollar project dubbed The Grand will include 436 luxury apartments when completed next year, in addition to a hotel and retail space. A project at 520 Mateo Street in the Arts District will have a 35-story tower with 475 apartments when completed. It will also have an office tower and a commercial space.


But the most recent plans come from Brookfield Properties, which filed plans in November with the city to add a 34-story residential tower with 366 units at its Bank of America Plaza at 333 S. Hope St. The property already has a 55 story. office tower.
The residential project, known as the Residences at 333 South Hope Street and designed by Large Architecture, would replace part of the plaza and parking on the site with the apartment tower. Brookfield is also planning to have a downstairs cafe on the property.


These projects, Griffin said, are important to the continued growth of the downtown area.
“When we look at downtown holistically, we really think the continued growth of residential (developments) is really the key to success,” Griffin said. “We already have the critical mass of offices. “

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Car parking rate

First drive: 2022 Mercedes-AMG EQS 4MATIC +


Flamingos are not naturally pink. They are born of a sort of grayish color and then turn pink thanks to their diet of brine shrimp and algae. It takes a while to develop the shade we’d expect from watching older episodes of Miami Vice.

Why do we speak of tropical waders in reference to an ultra-luxurious sedan with world-destroying power? Because, on the whole, EVs did not originally present themselves in the market as anything resembling a performance vehicle. Decades ago, the first efforts were usually soulless transport devices designed with one purpose: to reduce the consumption of fossil fuels.

Many things have changed.

AMG engineers in Affalterbach are known to have lent their talents to various Mercedes models, imbuing cars – and, lately, SUVs – with the performance associated with the types of machines Lewis Hamilton drives (in the absence of interference and interference from the FiA). Now they turn their attention to the Mercedes electric vehicle catalog, a portfolio that includes the EQS, a towering four-door flagship that sits at the top of the company’s all-electric food chain.

At the heart of this Mercedes-AMG EQS are two electric motors – one at the front, one at the rear – which were inspired by speed enthusiasts at AMG. All versions of this hot EQS deliver a total output of 658 horsepower, with a peak engine torque of 750 lb-ft, which is available from the moment its driver flexes his Gucci-clad big toe. But, as Ron Popeil said, there is more. When a boost function in Race Start mode is engaged, power climbs to 750 of Germany’s best electric horsepower and brings the AMG EQS from standstill to 100 km / h in a record 3.4 seconds. Note well: AMG is hedging its bets by saying that the 107.8 kWh battery must be at a charge level of at least 80% to perform this trick.

In practice, this detail does not seem to matter. Accelerating from a neutral point, with all four tires pressing against the California tarmac without a short beep, pushes you back into the driver’s lavish throne as if a deity is sitting on his couch after a long day spent at the driver’s seat. do not respond to anyone. prayers. These are AMG specific motors with new windings to ensure stronger electric current and higher rotational speeds. Engineers call them “permanently excited synchronous motors,” a term that your author will love endlessly. He wants all the motors to be constantly energized.

AMG’s decision to add lightness to the warmer EQS with rear axle steering. From 60 km / h, the front and rear wheels pivot together, virtually lengthening the car’s wheelbase to provide increased driving stability during quick clips and during quick lane changes. At speeds below 60 km / h, the rear wheels spin in the opposite direction to the front wheels, making the AMG EQS vastly more maneuverable and agile than its 205-inch (5,216 mm) overall length suggests. . We found the effect particularly positive when navigating in a parking lot, as the steering angle of up to nine degrees reduces the turning radius measurements to the compact class level. Livery drivers around the world, often tasked with navigating the narrow confines of a hotel parking lot, will rejoice.

While we’re not entirely sure the AMG EQS will go into service as a limousine with the historic frequency of an S-Class. Your NBA-sized author has had no trouble finding enough legroom in the back of this car, but headroom was paramount thanks to a sloping roofline designed in pursuit of wind-proof aerodynamics. In the latter case, AMG was successful – this car has a drag coefficient of just 0.23 – but did so at the expense of two-meter humans who could sit upright in the rear cabin. No such complaints are lodged in the front row of chairs, which offer the level of luxury one would expect from a machine starting at $ 184,200.

In fact, one could call the interior of the EQS an antithesis to the cold, austere cabin of a Tesla Model S. The fit and finish is impeccable, and it would be an insult to simply describe the materials as first. quality. The rug makes you want to kick off your shoes and wiggle your toes in the plush-covered floor, while every padded touch point is covered in thick, buttery leather. AMG calls the massive expanse of digital real estate the dashboard a hyper-display, though it’s actually made up of three individual screens placed under a curved piece of glass that spans the entire width of the car. Lighting effects punctuate the interior, including a strip at the top of the hyper-screen that can dance red and blue in response to temperature demands from the ventilation system. The effect is startling, as if you were sitting at the Ops or Conn station of a spaceship.

Speaking of which, let us geek out for a moment while trying to describe AMG’s efforts to imbue the EQS with athletic levels of auditory theater. Fans of the Trek franchise may remember the supernatural and aggressive baritone made by the USS Vengeance when he caught up with the Enterprise at high speed as he fled the Klingon homeworld. When all of the AMG EQS settings are put into Sport + and its driver lets go of the hammer, this float luxury sedan makes an incredibly equivalent sound. The only things missing are threats from Kahn and Admiral Marcus.

AMG does more than just play artificial sound in the passenger compartment via the audio system. He brings special speakers, shakers and a sound generator to the party. Its tone and intensity correspond to the driving mode (Slippery, Comfort, Sport or Sport +) or can be controlled via a button on the steering wheel which is normally reserved for removing exhaust notes in gasoline AMG models. Everything can be cut, leaving the driver only his thoughts and the sound of the wind; this, with power delivery and air suspension placed in their sportiest settings, was your author’s favorite setup while sculpting smooth, twisty California roads. The feeling of cracking at high speed with only a whisper of wind emanating from the side mirrors was a unique but satisfying experience. It’s a heavy, 2,655 kg (5,840 lb) car that promises to be heavy in the corners but creates imposing authority when accelerating to grab that opening in the heavy traffic of Los Angeles.

Any other quirks? It’s technically possible to lift the hood of this EQS, but AMG isn’t making it easier by moving the control away from its standard location as a lever on the driver’s left leg. Even after finding the release function, it was no use as it was just like visiting the mechanical floor of a fancy hotel: there is nothing to see except industrial objects and the owners don’t want to from you anyway. The latter is clearly indicated by the fact that AMG has placed a blade-shaped door on the left front fender whose sole task is to provide a place to refill windshield washer fluid. Since there is no frunk, like on the Lucid Air or the Tesla Model S, owners of an AMG EQS are likely to never open their car’s hood.

Not offering cargo space in this area was a deliberate decision on the part of the designers, allowing them to reduce this part of the car to a space just big enough for the air conditioning and other mechanical gubbins. This then allowed the team to push the interior of the EQS to outsized dimensions, including ample rear cargo space rivaling most SUVs in length and width if not height.

If you’re wondering why this hottest and most expensive variant of the EQS doesn’t have numbers after its model name – a cheaper, less powerful version is called the EQS 580 – thank you (or blame ) naming conventions in other markets and a propensity for some corners of the rich set to oversimplify the meaning of numbers. Our test vehicle will be called the AMG EQS 53 in other countries, but there is an unspoken concern that some North American consumers might not want a “lower” number added to their car if it does. lives higher on the totem pole.

Range is always a big question mark for electric cars, and AMG claims this EQS can travel up to 586 kilometers on a single charge according to the WLTP measurement system. In the real world, we started the day with a fully charged battery and a listed maximum range of 332 miles (531 km). After four hours and around 300 km of driving split between spirited mountain attacks and heavy interstate traffic, we ended up with a listed range of 109 miles (174 km).

This is the automaker’s in-house performance arm’s first battery-electric production car, and we believe it is a good example of the go-fast brand. After all, AMG is known for its speed and performance, just like a flamingo is known to be pink, even if it doesn’t start life that way.

2022 Mercedes-AMG EQS 4MATIC +

BODY STYLE: 4-door sedan, 5 passengers

CONFIGURATION: Two electric motors, all-wheel drive

MAXIMUM POWER: 750 hp, 750 lb-ft

TRANSMISSION: Single speed

LOADING CAPACITY: 580 liters

BATTERY SIZE, range: 107.8 kWh, 586 kilometers

PRICE: $ 184,200

Website: www.mercedes-benz.ca


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Parking facilities

Largest RV and boat storage facility in the United States changes hands


Adult Toy Storage, which claims to be the nation’s largest RV and boat storage facility, has a new owner. The insolently named facility will also receive a new nickname: RV Storage Depot.

A Newport Beach, California-based joint venture between RanchHarbor, Ramser Development Company and Saunders Property purchased the Altamonte Springs, Florida facility. The property sold for $ 25.2 million, according to local real estate records.

“In recent years, greater Orlando has experienced a population boom and economic growth. This, coupled with a huge increase in boat and RV orders, particularly in Florida, has led to an excellent opportunity to invest in this unique property, ”said Adam Deermount, Managing Director of RanchHarbor, in a statement. .

The seller converted the property from a commercial nursery to its current use and has operated the facility continuously since the 1980s. The 55 acre property consists of 1,800 units, including outdoor parking spaces, indoor parking spaces and self-storage units. The new owners plan to create an additional 500 outdoor spaces on an undeveloped 14-acre portion of the property.

Neal Gussis of CCM Commercial Mortgage and Josh Koerner and Frost Weaver of Weaver Realty Group, LLC represented both the buyer and seller in this transaction.

A national opportunity

The joint venture’s plans for the RV and boat storage business don’t end there. The acquisition of Adult Toy Storage is the first step in what the group plans to be a nationwide deployment of its vehicle storage platform.

“The purchase of Adult Toy Storage room represents the first step in a nationwide rollout of Ramser Development’s RV and boat storage room portfolio, ”said Ally Ramser Young, COO of Ramser Development Company.

Sales of recreational vehicles and watercraft have exploded across the country, leaving many buyers looking for storage options. The RV Industry Association predicts that sales will be up 40% this year from 2020 with more than 600,000 units sold. The forecast for 2022 calls for a slight increase in RV sales of 1.9% from 2021, a trend that will continue to drive demand for boat and RV storage operators.

The demand is starting to grab the attention of investors and storage operators, with some seizing the opportunity. Other entrants to the space include Madison Capital, based in Charlotte, NC, which recently launched BlueGate Boat and RV Storage with 10 deals pending. Traditional operators with existing facilities have also taken swift action to increase the capacity of RVs and boats at their existing facilities.

RanchHouse, Ramser and Saunders joint venture is actively seeking additional RVs and boats storage room investment opportunities in growing markets across the United States


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Parking facilities

Jaycees Announces Details of Saturday’s Christmas Parade | New


The Jaycees have announced registrations and roster procedures for their annual Christmas Parade, which begins at 11 a.m. on Saturday, December 4.

“Our theme is ‘Winter Wonderland’ but the weather will be a good price change from previous years with a current forecast of 69 and cloudy; not really winter temperatures, but a great day for a parade, ”said Keenan Sudderth, project president.

There are over 130 entries in the parade, including marching groups, dignitaries, floats, marching bands, vintage cars, new cars and small vehicles.

“We are extremely excited with the turnout this year, we have many new entries and the parade has grown even bigger since our return to Alcoa,” said Kelly Kincheloe, Parade Co-Chair.

The parade will begin at McDonald’s in New Midland Plaza. It will cross New Midland Plaza then turn right onto Calderwood Avenue (North Cusick Street in Maryville). At the top of the hill (downtown Maryville) it will turn right onto West Broadway Avenue, then right onto West Lamar Alexander Parkway and end before New Providence Presbyterian Church. The Jaycees expect more than 35,000 spectators in all.

Grand marshal

The Jaycees chose the Blount Partnership as their grand marshal for this year’s parade to spur economic development, including securing several Amazon facilities and relocating Smith & Wesson.

“It’s a way of saying a little thank you for all the behind-the-scenes work they do. I would like to personally thank the Partnership for its commitment to excellence in our community, ”said Sudderth, who is also president of the Blount County Jaycees.

Alignment procedures

All registrations are expected to start lining up at 9 a.m. Saturday at Joule Street or Rankin Road. Parents who drop off their children must do so no later than 10 a.m. at the four-lane stop on Joule Street and Rankin Road; Carrel Street next to the old Alcoa Police Department; or Rankin / Bessemer junction.

The estimated placement of entrances numbered 1 through 15 will be in the East Tennessee Medical Group parking lots at the Joule Street entrance; The 16-45 will be parked on the right side of rue Joule; 46-74 will be on the right side of Rankin Road from the ETMG entrance; 75-94 will line up on the left side of rue Joule; 95-130 will line up on the left side of Rankin Road (the old AUB parking lot will accommodate horse trucks). Joule and Rankin will be one-sided during the roster.

Only dignitaries and official Jaycee vehicles will be allowed to park in the parking lot of the ETMG building. The only vehicles allowed on the Joule and Rankin alignment side are numbered entrances to be on these particular roads. Entrances to Joule must enter from Hall Road turning onto Joule (south end of Walgreens). Entrances numbered to be on Rankin can only enter from Bessemer Street (parking is available at the Rankin / Bessemer intersection on the grounds).

Jaycee officials are encouraging the groups to assemble at a location close to Rankin or Joule, get all the children on the chariot, make final preparations, and then proceed cautiously to the line-up area. Parking near the waiting area can be found on Bessemer, opposite the Blackhorse Pub & Brewery. Another good base is the Joule Walgreens intersection.

Anyone trying to access the Knoxville Pediatric Association (KPA) or (ETMG) will enter Joule from Hall Road (next to Walgreens), walk to the four-lane stop, then turn left or right to enter the appropriate establishment. Everyone will exit via Rankin towards Lincoln Road.

Rain delay / postponement

In the event of bad weather, the decision to delay the rain of the parade will be made at 10 a.m. Parade participants and spectators can call 865-309-4742 or visit the Blount County Jaycees Facebook page for weather details regarding the possible rain delay or rain date postponement, 3 p.m. Sunday, December 5.

Empty wallet for pantry bottoms

Once again, representatives of the Jaycees and Alcoa Jayteens (Junior Jaycees) will carry leaves along the parade route to collect donations for the Empty Pantry Fund.

In the past, cloth carriers have raised well over $ 21,000 from parade spectators.

“Every penny, penny, penny and quarter and those dollars add up during the parade,” said Lon Fox, president of the Empty Pantry Fund. “This is an opportunity for everyone to have an impact on someone’s life this Christmas, because no one deserves to be hungry for Christmas.”

Recognition program

The Jaycees will reward the following categories: the most thematic, the most creative, the best vehicles (car, truck, motorcycle, four wheels, etc.), the best youth organizations, the best religious contributions and the best companies. All entries will be judged before the start of the parade. Winners will receive a certificate / invitation to an awards reception to be held at Alcoa Middle School on Monday, December 20, starting at 6 p.m. There will be food, drinks and prizes at the reception.

Align

1. Alcoa and Maryville Police Services

2. Jaycees Christmas Banner

3. Blount County Fire Color Guard

4. Blount Partnership and family (grand marshals)

5. Collection of empty pantry fund donation sheets

8. Ed Mitchell, Mayor of Blount County

9. Blount County Commissioner Mike Akard and his family

10. The Mayor of Maryville Andy White and the Deputy Mayor Fred Metz

11. Todd Orr, Blount County Real Estate Appraiser

12. Blount County Deeds Register Phyllis Lee Crisp

13. Gaye Hasty, Blount County Clerk

14. Jeff Headrick, Blount County Superintendent of Highways

15. Blount Jaycee County President Keenan Sudderth with the Ritchie Tractor

16. Blount County Fire Protection District

17. Blount County Fire Protection District

18. Blount County Fire Protection District

19. Blount County Fire Protection District

20. The best brothers traction team

21. The best brothers traction team

22. The best brothers traction team

23. The best brothers traction team

24. The best brothers traction team

25. The best brothers traction team

26. Smoky Mountain Fundraiser

27. Bass Boat Electronics

28. Roll Arena Party Zone

29. Roll Arena Party Zone Skaters

30. Robbie Long with Fowlers Furniture

31. 1953 Mack Fire Truck with Dan Lites

32. Let It Snow Unlimited artistic dance

33. Let It Snow Unlimited artistic dance

34. Let It Snow Unlimited artistic dance

35. Shine Like a Diamond Maryville Jewelers

36. Campaign for Allen Latham for Blount County Real Estate Appraiser

38. White Chevrolet Truck 1956 with Millard Wilson

39. Whitehead’s Winter Wonderland

40. Riley Trapp with Twin City Certified

41. Premier Transport LLC

44. Carpenters Elementary School Cheerleaders

45. Frozen presented by the Blount County Drug Court

47. William Blount High School Dance Team

48. William Blount High School Dance Team

49. Kent and Ashlyn 1975 Chevrolet Nova

50. Dotson Memorial Youth Basketball

51. Roger Rex with East Tennessee Championship Wrestling

52. East Alcoa Baptist Church

56. Alcoa Fire Department

57. Harper Jeep Ram with Brian Myers

58. Kimberly Chambers with Smoky Mountain Primary Care

59. Blount County Democratic Party

60. Commercial cutting equipment

61. Music from Alcoa High School

62. Alcoa College Football Team

63. Cheerleaders Alcoa Peewee

64. Cheerleaders Alcoa Grasshopper

65. Alcoa Board of Trustees

66. Maryville College Cheerleaders

67. Eastern Tennessee roams

68. Lance Satterfield with Keller Williams

69. Blount United Soccer Club

70. British Wonderland – English Automobile Company of Knoxville

71. Alcoa Fire Department

72. Mark Swaggerty with motorhomes for less

73. Credit center “Get this paste”

74. 1923 Federal Reserve armored truck with Lamon jewelers

75. Sleigh with the Baptist Church of Mount Sinai

76. Maryville Auto Sales LLC

77. Michelle Newman with Tennessee Mountain Real Estate

78. Clayton Bradley Academy Choirs

79. Clark Grove CP Church and Boy Scout Pack 1810

80. The Dwight Price Group Realty Executive and Associates

81. Glen and Amanda Morse with Wake Up Rentals

83. William Blount Fishing Team

84. SERVPro of Blount County

85. Family Christmas Truckster CARE 365

87. Father Against Drunk Driving (FADD)

88. Prospect Elementary Boosters, Tiger Cub Basketball and Cheer

95. Christmas Party with Legends Cuts Maryville

107. Theater group of primary players

108. Smoky Mountain Landscape

109. AF Insurance, let it snow

111. Christian Church Partnership

112. Sons of the American Revolution

113. American foundation and waterproofing

114. American foundation and waterproofing

115. American foundation and waterproofing

116. Maryville High School Band

117. Willocks High Performance Trucking LLC

118. Federal Credit Union Y-12

121. Rowing in a Winter Wonderland

122. Rowing in a Winter Wonderland

123. Rescue Year Round – Blount County Rescue Squad

124. Frozen Wonderland Girl Scout Troop 20709

125. Daniel Lawson Hepperly’s

126. Frosty Rose with Connatser and Teffeteller Heating and Air

127. Hotel Phobias Scary Christmas

129. Alcoa Middle School Jayteens and Blount County Jaycees with Morelock Motors


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Parking facilities

Ahrens advances the Playford Health Hub


The parking lot of the Playford Health Hub.

Last parking to Elizabeth Vale, Playford Health Hub, demstrengthens Ahrens’ expertise in the supply better parkings.

At Ahrens, each customer is guaranteed a better car park built to last. With unbeatable expertise and in-house capabilities, Ahrens can bring every parking lot from concept to completion, with an aesthetic finish meant to leave a lasting impression.

After working on some of South Australia’s most notable car parks including Adelaide Entertainment Center car park, Tea Tree Plaza’s Park ‘n’ Ride and the newest car park at Queen Elizabeth Hospital, Ahrens was the first choice to provide the newest multi-level parking for NorthWest Healthcare Properties, managed by Vital Healthcare Property Trust.

Vital Healthcare Property Trust is listed on the New Zealand Stock Exchange with $ 2.5 billion in assets under management and 71% of its portfolio in Australia. Vital Healthcare is the only specialist owner of healthcare goods listed on the NZX (NZX: VHP).

A leading global healthcare real estate investment fund, NorthWest Healthcare operates in five countries, with the Australian arm working on a smart, high-tech healthcare facility in Playford, which will see the area surrounding Lyell McEwin Hospital transformed. into an interconnected health center, with the Elizabeth Vale shopping center demolished to make way for construction.

As part of the first stage of the new development at Elizabeth Vale, the client hired Ahrens to deliver a new car park consisting of 501 parking spaces spread over six expansive levels.

The team completed the construction itself, as well as the basic construction of the ground floor retail and commercial rentals, as well as all associated external roadways.

The second phase of the development will include a specialized medical consultation building, with the third and final stage being the private hospital itself.

This is Ahrens’ first project for the client, and one that will leave its mark. Find out more about Ahrens success stories: www.ahrens.com.au.


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Parking facilities

Luton council boss under fire for parking ‘chaos’


The barriers around the parking lot of the Upper Town

The chief executive of Luton council received a hostile reception from business owners angry at the parking reductions, during a trip to High Town.

Robin Porter had visited the conservation area along High Town Road last week after business leaders said plans to significantly reduce their parking spaces for a new property development would drive customers away.

Real estate agent Mohammed Shahid said Porter faces angry traders.

Council warns traders

“It was extremely hostile,” he said. “Business people feel very disappointed.”

He has now started a petition in the region calling on the council to rethink its plans to remove 28 public parking spaces, which the companies say will drive out customers who cannot park. Traders will end up with only 12 spaces for themselves and their customers, they say.

“We were not consulted on the plan,” he said. “We were all taken by surprise.

“Every business has been closed during the closures and some are barely surviving. The loss of parking cuts a lifeline, they will close their doors.”

Twenty-eight places were lost

Mr Shadid said that since parking spaces were removed to cope with a new apartment development, there has been chaos on the road, with people parking in yellow lines or on the sidewalk.

“The parking lot has been around for 45 years,” he said. “We all need to find another place to park. The general manager has witnessed some of the chaos in the area with people parking on double yellow lines.”

Dorota Bodniewicz lives and works in High Town and said: “It’s ridiculous what’s happened here. They’re literally killing businesses while customers struggle to park. They’re just killing the neighborhood.

“The advice is just crossing our fingers that we get used to it. “

The petition states: “The Luton Borough Council did not properly take into account the impact of the loss of these parking lots and did not make any proposals regarding other parking arrangements.

“The construction process has already started and it is progressing rapidly. This will significantly reduce the level of on-street parking in the area, but will also remove the vast majority of long-term parking in the High Town Road commercial area.

“This long-term parking lot is used by both local residents and people working in businesses and shops in the upper town. This change will also impact people with reduced mobility and parents with strollers who again rely on the ability to park closer to the store or business they are visiting.

And he calls on the council to rethink the situation. “We are calling on High Town Councilors and the Chief Executive Officer of Luton Council to reconsider LBC’s decision and keep this vital parking resource on High Town Rd / Brunswick Street. Alternatively, allocate an appropriate number of spaces to accommodate movement in the local area (High Town Road, Brunswick Street and Back Street) a distance equal to that of the existing Brunswick Street parking lot. ‘

A council spokesperson said: “The council is committed to investing in redundant sites throughout Luton to meet the needs of residents. In High Town in particular, we recently invested £ 275,000 in improving street lighting and additional funds to facilitate improvements to the public realm at the junction of High Town Road and Burr Street.

“The new High Town development provided by Foxhall Homes on the old Taylor Street parking lot will enhance the area and provide large family homes, which are rare in Luton. There will be twenty-three homes for sale and new ones. affordable houses for rent.

“As part of our goal of making Luton a carbon neutral city by 2040, we are committed to encouraging the use of local facilities that are easily accessible on foot or by bike and believe this development will benefit local merchants. region as it will bring new buyers to the locality.

“Once the work in progress is completed, there will be 12 spaces for public use, accessible from Brunswick Street and 27 spaces, accessible via Back Street, for private parking.

“There are other paid and posted parking lots on Wenlock Street and Hitchin Road, a short walk away. There is a full bus service and a main train station within 0.2 mile.

“We continue to work and engage with local businesses, not only in High Town but across Luton, to achieve our Luton 2040 goal of having a city where everyone thrives and no one lives in poverty. “.


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Parking facilities

Affluent residents have flocked to the low-rise, single-family enclave of Tokyo Aoyama since the pandemic



Synonymous with luxury and style, Aoyama is one of the most exclusive, elegant and sought after areas of
Tokyo
Located in the Minato district of the Japanese capital, it is flanked by some of the city’s most famous neighborhoods: Shibuya, Shinjuku, and Roppongi. However, Aoyama is cut from a more refined fabric than its more well-known neighbors.

Understated but upper-class, it is known for its high-fashion boutiques, hard-to-book restaurants, avant-garde art galleries and exquisite minimalist architecture, not to mention its tree-lined boulevards and generous green spaces, which make it a particularly sought-after address in the heart of the metropolis.

Limits

Aoyama is divided into two areas: Kita-Aoyama, or North Aoyama, on the north side of Aoyama-dori Street, and Minami-Aoyama, or South Aoyama, on the south side.


Gaien Higashi-dori Street traces the eastern boundary of Aoyama from the Gaien Campus of Kyoto University of Art and Design in Meiji Jingu Gaien Nikoniko Park, which is at the northeast corner of the district, until it meets Metropolitan Road 413. The southern edge of Aoyama encompasses Aoyama Cemetery, the grounds of the Nezu Museum and crosses Roppongi-dori Avenue, bypassing south then west around 7- chome Minami-Aoyama.


The western boundary of Aoyama traces the edges of the Shibuya campus of Kokugakuin University and the Aoyama campus of Aoyama Gakuin University, before meeting the northwest boundary, which follows Lohas Street and continues along Lohas Street. trajectory, leaving Meiji Jingu Stadium in neighboring Shinjuku, until it finds the Gaien campus of Kyoto University of Art and Design.

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Price scale

Prices in Aoyama are high, even compared to Tokyo’s already high averages. According to the Japanese real estate platform Utinokati, the average cost per square meter of a used condominium in the capital is 916,000 (US $ 8,030). Brokerage Japan Property Central currently lists a two-bedroom, one-bathroom unit on the 20th floor of a building in Aoyama that was completed in 2004 for 260 million yen or 2.65 million yen per square meter, or close to the triple the city average.

The same goes for second-hand homes in the area. Japan Property Central’s portfolio also includes a three-story, two-bedroom, one-bathroom house in Minami-Aoyama, designed by renowned architecture firm Sakakura Associates in 2005. The asking price is 618 million yen, or 1.64 million yen per square. meter, significantly more than the city average for existing homes: 551,000 per square meter, according to Utinokati.

As for new construction, apartments at the Grand Hills Minamiaoyama development, which is slated for completion in February 2022, start from 165 million yen for a 70-square-meter two-bedroom, one-bathroom unit.

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Housing stock

Aoyama is known for its architecture, so it’s no surprise that the area is home to some notable residences, including those designed by Atelier Tekuto and Conran and Partners. Additionally, the area benefits from low density zoning and numerous low rise buildings, giving residents a rare sense of space.

The neighborhood is a mix of detached houses, many of which are minimalist and ultra-modern concrete constructions, evoking a unique Japanese brutalist aesthetic. On the other end of the spectrum, new luxury condominium developments tend to dominate older complexes, although the former remain a rarity in the area and are often found on the outskirts, such as the aforementioned Grand Hills Minamiaoyama, which , when completed, will be 18 floors. .

Parking spaces often accompany individual properties and are sometimes available in apartment buildings, many of which offer 24-hour security and common areas.

Looking towards the S-shaped street in the ichome Aoyama district in Tokyo.

vladimir zakharov / Getty Images

What makes it unique

About Aoyama, Zoe Ward, Director of Japan Property Central, said: “There is a great combination of low-income and wealthy residential areas with big houses, as well as high-reputable schools, like at Aoyama University. Gakuin. Like Ginza, this is also where the big fashion and luxury brands want to establish themselves. It is also a very central location, close to Shibuya, Roppongi, Akasaka and Azabu.

Due to the region’s reputation as a hub for art, architecture, fashion and design, all of which come together in the trendy Omotesando neighborhood, there is a certain cachet to be had. an address in Aoyama. This is where Japanese and international brands, including Issey Miyake, Yohji Yamamato and Prada, whose boutique designed by Herzog et de Meuron is a destination in itself, have their flagships. It is also home to upscale independent stores selling vintage designer clothes, traditional crafts, and housewares.

Aoyama, Tokyo, Japan

maple / a.collectionRF / Getty Images

However, Aoyama isn’t just about spending money and looking stylish. Aoyama Cemetery offers a respite from the urban bustle and a glimpse into the history of the region. In spring, the cemetery’s cherry trees bloom powdery pink, while its elevated position gives it breathtaking views of the city all year round.

Equally relaxing, the Nezu Museum houses a collection of over 7,400 Japanese and East Asian works of art in a poetic structure designed by famous Japanese architect Kengo Kuma. The land also includes a landscaped garden.

Following: Philadelphia’s Rittenhouse Square is all about location, community, and an iconic park

A covered walkway at the Nezu Museum in Aoyama, Tokyo.

Romain Tordo / Unsplash

The neighborhood is also known for its jazz clubs, ranging from the US-based Blue Note, which regularly attracted international talent in the pre-pandemic era, to the intimate Body & Soul Club, which has been around for over 40 years. .

Luxury amenities

As Ms. Ward mentioned, Aoyama is known for its excellent educational facilities. For the younger ones, there is the Clarence International School, in Omotesando, a nursery school for those aged 18 months to six years. The British School at Tokyo’s Shibuya Campus, which is only a 15-minute drive from the center of Aoyama, caters for Kindergarten to Grade 3 students (ages 7 and 8).

There are also a number of continuing education options, such as the Gaien Campus of Kyoto University of Art and Design, which opened in 2010 to serve as Tokyo’s outpost of Kyoto-based institution and its sister university, Tohoku Art University. and Design. Aoyama Gakuin University in nearby Shibuya is one of the oldest higher education institutions in the country, offering undergraduate and graduate courses, as well as a research institute. It is also home to two heritage buildings: the Majima Memorial Hall and the Berry Hall.


Famous restaurants abound in Aoyama. Yoroniku serves seasonal yakiniku, or grilled meats, and its iconic crushed ice dessert in an elegant and contemporary setting; at Sushidokoro Minami, diners enjoy an omakase menu that changes with freshly available produce and a good selection of sakes and Burgundy wines; For French gastronomy, Florilège ranks seventh on the list of the 50 best restaurants in Asia and has two more Michelin stars.

Who lives here

Aoyama attracts “high income earners and their families,” Ms. Ward said. “There is also a slowly shrinking contingent of original landowners who have lived here for decades and decades. ”


Notable residents

Aligning with the Japanese provision for discretion, Ms Ward only said that “it is very likely that there will be a lot of high profile residents. [in Aoyama]. Indeed, the famous fashion designer Rei Kawakubo, founder of Comme des Garçons and Dover Street Market, lives in Aoyama, a few steps from the CDG boutique. The late Japanese author and kimono designer Chiyo Uno lived above her Aoyama kimono shop.

Outlook

According to Ms. Ward, “residential prices have generally increased since the start of the pandemic last year” and are generally “up 10% on average over the past 12 months.” Yukiko Takano, global real estate advisor at List Sotheby’s International Realty agreed, noting that Aoyama’s real estate market “has been very active”.

“Luxury transactions have been on the rise,” she said. Although homes have been selling at a strong pace, she added that “new supply and remaining inventory are down. It drove up the prices. ”

“Aoyama didn’t have a lot of units to play with, but now there are even fewer,” Ms. Takano said. “Buyers need to keep an eye on the market and jump in if a coupon becomes available.”

Ms Ward added: “Future supply appears to be somewhat limited around Aoyama due to a lot of low density zoning and very few sites for potential developments. Historically, Aoyama has been a highly desirable location and I cannot see that changing in the future.

Click for more profiles of upscale neighborhoods around the world


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Here’s how to save lakhs


HHow do you get consumers to buy electric vehicles?
On the demand side, the government offered direct incentives. For example, under the 2019 Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II) program, Rs 15,000 per kWh of battery capacity (up to a maximum of 40% of vehicle cost) is offered for a two-wheeler (scooter or bicycle). For electric four-wheelers, this is a direct incentive of Rs 10,000 per kWh of battery capacity up to Rs 1.5 lakh.

(Image above courtesy of PradeepGaurs / Shutterstock.com)

To go further, the Center also offers a low 5% GST rate on all electric vehicles, which represents a much lower tax burden than gasoline and diesel cars, and first-time buyers who benefit from a loan can also qualify for tax benefits of up to Rs 1.5 lakh under Section 80EEB of the Income Tax Act. In August 2021, the Ministry of Road Transport and Highways issued a notification exempting electric vehicles from paying the fee for issuing or renewing registration certificates.

These VE grants / incentives are in addition to those provided by the respective state governments and applicable nationwide.

Delhi: For two-wheelers, consumers can benefit from a subsidy of Rs 5,000 per kWh of battery capacity up to Rs 30,000 in addition to the exemption on registration and road tax. If consumers wish to purchase a four-wheeled vehicle, they can benefit from a subsidy of Rs 10,000 per kWh of battery capacity up to Rs 1.5 lakh, in addition to registration and road tax exemptions. . That said, only the first 1,000 electric cars registered in the state are eligible for these benefits.

Click here to view electric vehicle models eligible for electric vehicle subsidy in Delhi.

Gujarat: For two-wheelers, consumers can benefit from a subsidy of Rs 10,000 per kWh of battery capacity up to Rs 20,000 for the first electric two-wheelers of 1.1 lakh. Consumers can also benefit from an exemption from road and registration tax. Meanwhile, for cars, consumers can qualify for a subsidy of Rs Rs 10,000 per kWh of battery capacity up to Rs 1.5 lakh for the first 10,000 buyers. This is in addition to the registration and road tax exemptions.

Maharashtra: All electric vehicles in the state are exempt from road tax and registration fees. In this state, first-time buyers of 1 lakh electric two-wheelers are eligible for an incentive of Rs 5,000 per kWh of battery capacity, capped at Rs 10,000. The state also offers an early incentive to buyers up to Rs 15,000 (with a 3 kWh battery) if the two-wheeler is purchased before December 31, 2021. A scrapping incentive of Rs 7,000 is also offered.

For four-wheeled vehicles, Maharashtra offers the same as Delhi and Gujarat, but for those who buy before December 31, 2021, there is an additional incentive of up to Rs 1 lakh. The government has made it mandatory for all future real estate projects to have dedicated and ready parking spaces for electric vehicles in residential apartments, institutional / commercial complexes and government offices.

Meghalaya: In accordance with the state-imposed electric vehicle policy released earlier this year, which is expected to remain in effect or be valid for five years from the date of notification, consumers can benefit from subsidies / incentives similar to those mentioned above.

For the first 3,500 two-wheelers purchased and registered in the state, the government offers a subsidy of Rs 10,000 per kWh of battery capacity. The maximum ex-factory price to benefit from the incentive is Rs 1.5 lakhs for electric two-wheelers. Meanwhile, for the first 2,500 four-wheeled vehicles, it offers an incentive of Rs 4,000 per kWh of battery capacity. The maximum ex-factory price to qualify for the incentive is Rs 15 lakhs for four-wheel electric vehicles. In addition, two and four wheels are exempt from road tax and registration.

Assam: According to this explanation, “The government of the state of Assam will support the deployment of the first 200,000 electric vehicles. [100,000 two-wheelers, 75,000 three-wheelers and 25,000 four-wheelers) either under commercial use or individual use over the next five years.”

(Image courtesy Dezan Shira & Associates)

Going further, there is a waiver on road tax and registration of EVs for the next five years and zero parking charges till 2026 for EV owners.

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West Bengal: The government has waived road tax and registration fees.

EV Subsidy-3
(Image courtesy Power Department, Government of West Bengal)

Rajasthan: All EV two-wheelers sold and registered in the state between 1 April 2021 and 31 March 2022 will qualify for SGST reimbursement. A consumer will receive the SGST paid to the seller of the vehicle, and this amount will be transferred by the district transport officer.

“Electric scooters and motorcycles with a battery capacity of up to 2 kWh will be eligible for a subsidy of Rs 5,000. Models with a battery capacity of 2 to 4 kWh will be eligible for a Rs 7,000 incentive…What will come as a surprise is that the policy does not cover electric cars and SUVs, and steers clear of offering any large incentives to buyers of such vehicles. The one-time subsidy is only available to buyers of two and three-wheelers,” notes this First Post explainer.

Telangana, Goa and Odisha: The state government [Telangana] exempts road tax and registration fees for the first 2 EV two-wheelers purchased and registered in the state. A similar exemption is available for the first 5,000 electric four-wheelers purchased and registered in the state.

Goa, meanwhile, has announced registration fees and road tax exemptions for electric two-wheelers.

Likewise, Odisha announced a 100% exemption from motor vehicle tax and registration fees. This exemption is applicable until 2025, in accordance with the Odisha Motor Vehicle Tax Law. In the future, 100% interest-free loans would be made available to state government employees for the purchase of electric vehicles.

Karnataka, Andhra Pradesh: Residents of Karnataka are eligible for a grant under the central government’s FAME-II program, but it does not offer the type of grants / incentives offered by other states like Delhi or Maharashtra. Their efforts to make electric vehicles more affordable hinge on offering subsidies / incentives and concessions on the supply side.

However, like some other states, it also offers full exemption from road tax and registration fees for electric vehicles. Likewise, in Andhra Pradesh, electric vehicles are exempt from registration fees and road taxes.

Despite these efforts, much remains to be done. According to the statement by Minister of State for Heavy Industries Krishan Pal Gurjar to Parliament on August 9, 2021, only 13 states (Andhra Pradesh, Delhi, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand, Meghalaya , Gujarat, West Bengal) have approved / notified policies dedicated to electric vehicles to promote the adoption of electric vehicles.

More states need to be actively involved in increasing the adoption of electric vehicles. And as Car Dekho, a leading car research company, notes in this explainer, “there are limits on the number of beneficiaries under each program and not all electric cars sold in India are eligible. to subsidies “. He adds that “heavy taxes on electric vehicles and hybrids imported by automakers as fully built units (CBUs) have further reduced options for those who want an affordable electric vehicle.”

(Edited by Vinayak Hegde)

Do you like this story? Or have something to share? Email us: [email protected], or connect with us on Facebook and Twitter.



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The Candied Yam to Convert South Division Horror into New Restaurant and Banquet Hall

GRAND RAPIDS – The owner of a southern style restaurant Candied Yam LLC is considering expansion with a new banquet hall and restaurant along South Division Avenue in Grand Rapids.

The Grand Rapids Planning Commission on Thursday approved the special land use request for a banquet hall that allows liquor service in the existing 7,000 square foot building located at 932 S. Division Ave. The space was previously occupied by Club Tequila.

“Over time and years things have changed and this building has become an eyesore to the community,” Jessica Ann Tyson, owner of Candied Yam, told the Planning Commission. “This is now a property where we can say we want to make a better place where the community can come, dine and create new memories.”

Concept plans call for a restaurant component in part of the building with an occupancy of approximately 96 people, as well as a banquet area that can accommodate 218 people. Plans also include improvements to the 73-space parking lot at the site.

The location would complement The Candied Yam’s existing restaurant at 2405 44th St. SE on the south side of Grand Rapids.

The Town Planning Commission granted a minimum parking space exemption under the special land use permit due to the restaurant’s proximity to public transport.

Alcohol would not be served in the restaurant. Events held in the banquet space that serve alcohol would be done through a licensed caterer. Plans call for events in the banquet hall to end at 11 p.m. and employees to vacate the premises by midnight.

Nearby owner Cynthia Hicks criticized the plan to allow alcohol in part of the building and called it a “slap in the face” for neighbors and community members.

During this time, Baptist Church of New Hope, United Methodist Community House and others submitted letters in support of the project.

“We have the support of the community,” Tyson said. “We couldn’t get to where we are now without the support of the community and without doing the right thing for the community. ”

The project would turn the currently vacant property into a source of community pride, Elliot Muller, sales associate at Ben M. Muller Realty Co. Inc. and co-owner of the project, said at the meeting of the planning commission.

“This property has been vacant or underutilized for over a decade now, and is ripe for use that fills a need in the neighborhood and allows the city to raise tax revenue and provide employment opportunities nearby. for the neighbors, ”Muller said.

Mull Trie LLC – which is registered in the name of the president of the real estate company, Mark Muller – acquired the property in November 2019 for $ 500,000, according to the city’s real estate records.

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India Walton beat the mayor of Buffalo once. Can she do it again?


BUFFALO, NY –When India Walton defeated the mayor of Buffalo to four terms in a Democratic primary last June, New York’s second-largest city looked poised to have a leader like no other in its history.

She would be his first female mayor and the first to identify as a democratic socialist. After becoming a mother at 14, she grew up to be a nurse and went through a life of financial hardship that continued throughout the campaign, when her car was impounded for unpaid parking tickets.

But rather than tidy up his 16-year-old town hall office, Mayor Byron Brown has remained in the race in pursuit of his own superlatives: he’s trying to become the first person to win a major race as a candidate written in the New York State. , and – if he gets a fifth term – the longest-serving mayor of Buffalo.

“Either way, it will be historic,” said Timothy Kneeland, political analyst at Nazareth College, of the race, which is another notorious battle between the center and left of the Democratic Party.

A d

Brown has gained ground by reversing her strategy of largely ignoring Walton and calling her an “unqualified radical socialist” who will fund police and raise taxes.

Begging voters to “write Byron Brown,” the mayor says he won another term after turning a Rust Belt town of 280,000 people in financial distress into a town with increasing population and property values.

Recent polls show potential voters are in favor of Brown, but his name is not on the ballot and it is not clear whether that support will translate into written votes.

Buffalo-born Governor Kathy Hochul has avoided choosing sides while the state’s two Democratic U.S. Senators, Majority Leader Charles Schumer and Kirsten Gillibrand, back Walton.

“Any Democrat right now who tries to set a precedent not to unite behind the party candidate is playing a dangerous game,” said U.S. Representative Alexandria Ocasio-Cortez on a recent trip to Buffalo to rally in Walton.

A d

Walton, who ran a small housing trust before launching his campaign, promises a new, more progressive way of doing business, saying Buffalo’s comeback has left many behind.

“This is our city. We are the workers. We do the job. We’re fed up with those who always have the most everything, ”she said at the rally with Ocasio-Cortez. The crowded event also featured actress Cynthia Nixon, who unsuccessfully challenged former Governor Andrew Cuomo in a 2018 primary with backing from the Democratic Socialists of America, who also backed Walton.

Walton, Kneeland said, follows an increasingly familiar strategy: “A progressive in a time of great upheaval, understanding that people want change and tapping into that energy to eliminate a more moderate Democratic candidate.”

Brown had to carefully navigate backing Republicans keen to thwart the Democratic Socialist nominee. He publicly declined support from Buffalo developer and former Republican gubernatorial candidate Carl Paladino after pushing the mayor to stay in the race.

A d

The Republican State Committee promoted Brown in letters praising his “effective and common sense leadership” and warning that “India Walton’s radical agenda will destroy Buffalo.”

With around 68% of registered voters who are Democrats and 9% of Republicans, general elections in the city generally have little suspense. Brown says it energized him and united voters from all parties.

“This election is a choice, a clear choice between proven experience and proven results and ideas for the future against an unqualified radical socialist whose story has turned out to be fictitious,” Brown said in an interview. He says Walton exaggerated his accomplishments. as the founder of the Fruit Belt Community Land Trust.

Folding cheese into a macaroni casserole dish at Freddy J’s BBQ restaurant, owner Frederic Daniel wondered what the “change” in Buffalo should look like, whether under Brown or Walton.

A d

“You don’t want anyone dividing a country, state or city,” he said, refusing to reveal his choice. “Everyone should feel that they are not being left behind. When people feel like they are being left behind, they get very bitter.

Walton, 39, says that’s exactly what happened as Buffalo’s economic successes failed to reach many poor families and neighborhoods. She was loved by her supporters because of her personal experiences as a single mother and a poor black nurse who started the land trust to increase the number of affordable housing.

“My life hasn’t been much different from that of a typical person who grew up on the east side of Buffalo. I survived poverty, abuse and trauma. And that is why I am a candidate for mayor, ”she declared during a debate.

Walton has presented legal problems in his past as proof of the plight of the poor and the working class. In 2003, she had to repay an overpayment of $ 295 in food stamps after failing to report her income on time. The following year, she and her ex-husband were cited in a tax lien of $ 749 for unpaid income taxes, WKBW reported.

A d

In 2014, she was arrested after a colleague at a hospital accused her of harassment – a charge later dismissed. Walton said it was a verbal disagreement and that she has since matured.

When her car was impounded, Walton on Twitter highlighted the challenge of being a “low-income single mother registered with Medicaid” and criticized those fines and fees as predatory in a town where 30% of residents live in the city. poverty.

This message resonated with many.

“It’s really heartbreaking that the black homeownership rate in Buffalo is so low,” said former State Senator Antoine Thompson, a real estate agent who worked on Brown’s campaigns but who supports Walton because of his interest in affordable housing.

His inexperience, however, was a problem for some voters. She has never held public office. This was the deciding factor for Darnell Cummings, a 34-year-old guidance counselor who voted for Brown.

“Let’s say you’re in the hospital,” he said. “Do you want someone who has 15 or 16 years of experience operating on you or do you want someone who … hasn’t been to medical school?” “

A d

In a political career spanning 25 years, Brown has already recorded notable firsts. He is the first black mayor of Buffalo. He was the first black candidate to win a seat in the New York State Senate outside of New York City and the first to win in a majority white district.

Brown has found support with construction unions and law enforcement after hitting hard on Walton’s plans to cut $ 7.5 million from the police budget as part of what she says be a more holistic approach to tackling the root causes of crime. Brown during a debate called it “clearly disadvantaged police.”

His TV spots showed people identifying themselves as one of the 100 police officers who he said would lose their jobs with a Walton victory.

Walton denies she would be laying off police officers, saying she would cut police budgets through retirements, attrition and overtime reductions.

“We are preventing the police from being dog catchers, homeless services, mental health counselors and we are putting professionals in those roles,” she said.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.


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The 10 Most Expensive Real Estate Listings in Massachusetts


Sometimes it’s just nice to fantasize, and there’s no shame in that.

On that note, allow us to offer the 10 Most Expensive Real Estate Listings in Massachusetts. The list, curated by our friends at Redfin, has everything from island getaways to big city behemoths. Something for everyone, as long as you have at least $ 15 million and want to stay inside I-495.

Click on the links below for more complete listings. All images are courtesy of Redfin.

314 Quissett Ave., Falmouth – $ 27.5 million

“This is one of New England’s most spectacular harbor properties. The site alone is second to none: a four-acre elevated peninsula with panoramic views over Quissett Harbor and beyond to Buzzards Bay as well as a deep water dock with a large float suitable for a large yacht and a small sandy beach. The house was built circa 1908 in an eclectic Cape Cod style with nearly 12,000 square feet of living space. living with covered porches, balconies, mansard roofs with cedar shingles, turrets and multiple skylights. ”Read more here.

8 Mount Vernon Place, Boston – $ 22.5 million

“Historic details and modern luxury and style blend perfectly in this magnificent 9,000 square foot single family residence on the south side of Beacon Hill. Complete with 5+ bedrooms and 7 full baths / 2 3 directly to exterior on Mt Vernon Place), this property is in a class of its own; with its graciously proportioned rooms and fabulous open plan layout. ” Read more here.

34 Paine Ave., Beverly – $ 22 million

“Built in the Georgian Revival style, the home offers 28,000 +/- square feet of beautifully appointed living space, with 11 bedrooms and 12 bathrooms, and sits on over three meticulously landscaped acres. its architectural style, Rock Edge (so named because of its position above a rocky shore) has classic proportions and scale, with a handsome brick facade with limestone ornaments and a slate roof. ” Read more here.

24 Belknap St., Boston – $ 19.5 million

This listing has no seller notes.

186 Windswept Way, Barnstable – $ 18.8 million

“Waterfront Legacy property on Oyster Harbors! On an elevated 4-acre lot overlooking Cotuit Bay sits this remarkable Tudor-style home built in 1933, beautifully maintained and updated in keeping with the original design. Exquisite architectural details give out set the tone for this large house with 10,000 sq. ft. of living space, an inground pool, a boathouse with an extraordinary view, fireplace, lounge area and changing rooms, 437 ‘of frontage on the water and a large deep water dock, combine to create a great deal in one of Oyster Harbors’ best locations. ” Read more here.

51 Scotch Pine Road, Wellesley – $ 16 million

“Never before has a home been more of a haven. This extraordinary contemporary custom-designed is beautifully situated on nearly 1.5 private acres. After undergoing a large-scale renovation and addition, the residence has been completely renovated. redesigned and rebuilt by an award-winning team with natural materials, all imaginable amenities, integrated technologies and cutting-edge sustainable systems. ” Read more here.

410 Beacon St., Boston – $ 15.99 million

“410 Beacon Street is truly a one of a kind single family townhouse comprising 10,200 +/- SF with a 6 story elevator and a 2 car garage plus 2 additional parking spaces. Renovated with the utmost attention to quality , designed and detailing in 2015, this extra large home offers the ultimate balance of function and warm contemporary aesthetics with all the amenities of Back Bay. Read more here.

227 Bridge Street, Barnstable – $ 15.9 million

“Four distinctive accommodations located on 2 separate lots (198-1.28 ac & 227-2.45 ac) provided the platform for many encounters, both formal and informal, but more often than not were the canvas. Underneath the tranquil serenity and immeasurable beauty this unique waterfront oasis has to offer. Imagine the splendor of a life lived as a port steward. Read more here.

10-12 Greenway Ct., Brookline – $ 15.75 million

“Presenting 10-12 Greenway Court, a boutique property of 14 units at 100% market rate located in the heart of Brookline, Massachusetts. The property consists of 14 units and 14 parking spaces. The property is located on one street quiet location in the coveted Coolidge Corner neighborhood of Brookline, an affluent and highly sought-after town bordering Boston to the west and has one of the best school systems in the country. ” Read more here.

165 Brattle Street, Cambridge – $ 15.3 million

“The Bartlett House, one of Cambridge’s finest. Superb site close to Harvard Square and the 2nd largest house lot on Brattle. Secluded and private, majestic Victorian entrance center set back behind beautiful flower gardens. Entrance portico with columns, 10 ‘ceilings, sumptuous proportions throughout. ” Read more here.


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Georgia Capital: AfDB grants $ 10 million loan to develop affordable housing projects in Georgia


AfDB provides $ 10 Million loan to develop affordable housing projects in Georgia.

The Asian Development Bank (ADB) and Optima SARL having signed a $ 10 million ready to develop affordable and sustainable residential developments in the Georgian capital, Tbilisi.

The loan will finance two residential complexes, providing more than 3,700 affordable and energy efficient apartments for low to middle income people. This is the AfDB’s first private sector housing project in the South Caucasus and Central Asia. Optima is a subsidiary of m2 Group and Georgia Real Estate (GRE), one of Georgia’s leading residential and commercial real estate companies.

” The project aims to modernize affordable housing in Tbilisi by incorporating inclusiveness into design and adopting accessibility and gender responsive standards, ”said AfDB Private Sector Operations Department Director of infrastructure financing for South Asia, Central Asia, and Western Asia Shantanu Chakraborty. “These housing developments demonstrate how the industry can generate quality, affordable housing for low to middle income communities in Georgia and throughout the region.

“The apartments will be affordable, energy efficient and well constructed, providing decent accommodation for the elderly, people with disabilities, women and children,” said the AfDB Country Director for Georgia Shane Rosenthal. “The ADB loan is part of our ongoing commitment to the development of livable cities in Georgia. ‘

Over 80% of from Tbilisi apartments were built during or before the Soviet era. The old residential blocks lack recreation areas, parking lots and elevators. Accessibility to public spaces for the elderly, people with disabilities, women and children is also substandard.

In 2019, the city government unveiled an urban plan to promote sustainable urban development, land use planning and inclusive infrastructure. The government has created gender adviser roles within its urban development and environmental protection departments to promote gender responsive designs for open spaces in the city.

“We are honored that this is the first affordable housing development agreement in the region for the Asian Development Bank‘, said the CEO of the m2 group Nikoloz Medzmariashvili. “The loan will provide medium-term financing for affordable housing projects in Tbilisi. It is important to note that the design has been improved to achieve better results in terms of energy efficiency and accessibility. ‘

GRE is a 100% subsidiary of JSC Georgia Capital, 100% owned by Georgia Capital PLC. Georgia Capital PLC is an entity registered on the London Stock Exchange.

AfDB is committed to achieving a prosperous, inclusive, resilient and sustainable environment Asia and the Pacific, while continuing its efforts to eradicate extreme poverty. Created in 1966, it belongs to 68 members including 49 from the region.

Media contact

Larkin, Jean Gerard

Senior Communications Specialist

+63 2 8632 6618

+63 999 999 6618


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London Property: The £ 750,000 parking space that’s more expensive than the average London home

If you’ve ever been stung by a parking fine, you know the colorful range of emotions that a £ 130 bill is likely to cause.

Although it’s easier than ever to use public transport to get around London, many people still need a car to get around.

How the hell do you hope to get your Selfridges Christmas Day keeps you from getting on the bus?

No one in their right mind would drag a fortune of cheese and port on a filthy subway platform.

READ MORE:Driving instructor picks up parking ticket after breakdown during oil crisis

So if you drive a lot in London and want to avoid a traffic ticket, it may be worth investing in a parking space.

MyLondon has looked far and we can reveal that a very modest black garage door in Portman Square, Marleybone is actually a £ 750,000 parking space for two.

It is the most expensive parking space for sale in London.

MyLondon calculated that you would have had to park illegally over 5,770 times before the investment paid off – that’s over 15 years of parking tickets.

You can see why super rich people just leave their cars around.



The garage is connected to Orchard Court which was used by Churchill for the British Special Operations Executive during WWII.

Chic real estate agents London mansions advertises “double garage space available in this residential building with 24 hour doorman on the east side of Portman Square, minutes from the world famous Selfridges store and Oxford Street”.

You might think that for £ 750,000 you would have Michael Caine take care of your engine while you settle into Savile Row, or maybe even an elevator taking you to an underground lair.

Unfortunately, the garage appears to be standard, with cement visible around the cinder blocks and an abandoned dresser in the back.

The Orchard Court garage is approximately 9m by 3.2m which would give you plenty of room for a Bentley Mulsanne Grand Limousine or a small collection of motorcycles.



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The price of parking space comes as no real surprise with an apartment in Orchard Court selling for almost £ 8million in 2017.

Other spaces in the region are also on offer at exorbitant prices, such as a space in Knightsbridge for £ 250,000 which doesn’t even match the UK’s average size.

If you’ve got the dose and a good reason to drive around Mayfair this could be perfect, the rest of us will probably stay on the bus.

If you have a story, please email [email protected]

Want to get the latest news from your area straight to your inbox? This will take only few minutes ! Click on here.

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‘Ideally located’: £ 250,000 parking space for sale near Harrods | London

An underground car park opposite Harrods has been listed for £ 250,000 – just below the average UK house price and enough to buy a six bedroom detached house in Middlesbrough.

Despite its price, the parking space is actually too small to accommodate the big cars like the super-rich prefer, who are most likely to fork out for the luxury of being able to park in Knightsbridge.

Too small for a Rolls-Royce Phantom: parking space of £ 250,000.

The K28 space in the Basil Street car park measures approximately 2.5 x 4.2 meters and covers an area of ​​10.5 m²: even a short-wheelbase version of the latest Rolls-Royce Phantom is 5.76 meters long, and the new Maserati Quattroporte 5.26 meters. Average parking spaces in the UK are 2.4 x 4.8 meters, according to the AA.

Upscale real estate agent Knight Frank said the space is “conveniently located across from Harrods” and has 24-hour security coverage. “Basil Street is just minutes from world-class hotels, restaurants, luxury boutiques, shops, amenities and museums that the area has to offer.

“The Basil Street car park was built in the early 2000s and benefits from both separate entrances and exits from Basil Street, private pedestrian access from Basil Street via a lift for parking lot owners. parking, 24 hour remote access, as well as 24 hour security.

In addition to the purchase price, the new owner is also expected to pay £ 780 per year in service charges over the term of the 82-year lease.

Johnny Thalassites, senior member of the Kensington and Chelsea Council for the Environment, Planning and Location, said the news of the extremely expensive parking space was “very frustrating” and “disheartening” for locals trying to ‘buy houses in the area.

‘We are in desperate need of housing and as a borough with some of the most expensive land and property in the UK it is very frustrating to see a six figure price on a parking space and discouraging for those looking to climb the property ladder, ”he said.

“This is a major challenge for us as a council as we look to build new homes. Despite the challenge, we are making progress, with the first of our 600 new homes – 300 for social rent – currently under construction.

The average house price in Knightsbridge is £ 2.75million, according to Foxtons: around 10 times the UK average.

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Bass, Berry & Sims move to Nashville shipyards | Business


NASHVILLE, Tennessee – (BUSINESS WIRE) – October 8, 2021–

Bass, Berry & Sims PLC announced today that it will be relocating its corporate headquarters to Nashville Yards, the 18-acre project in downtown Nashville from owner and developer Southwest Value Partners.

This press release features multimedia. See the full version here: https://www.businesswire.com/news/home/20211008005498/en/

Bass, Berry & Sims will occupy approximately 180,000 square feet in the top eight floors of the development’s first multi-tenant commercial office building, a 35-story tower anchored by Pinnacle Financial Partners. Southwest Value Partners opened the office tower in September. See the latest renderings of the first commercial office tower in Nashville Yards.

“We have been investing for 100 years in the growth and vitality of downtown Nashville,” said Todd Rolapp, Managing Partner of Bass, Berry & Sims. “We are delighted to continue this tradition by relocating to Nashville Yards, a premier location with a dynamic environment that allows us to meet the changing needs of our employees and customers. “

Nashville’s largest law firm, Bass, Berry & Sims is also recognized nationally for its work as a representative of major Fortune 500 companies as well as leading regional and local firms, including as as senior legal counsel for approximately 35 public companies.

“Bass, Berry & Sims is one of the preeminent law firms in the Southeast and nationally, and we couldn’t be more excited about their decision to move their headquarters to Nashville Yards,” said Cary Mack, Managing Partner of Southwest Value Partners. “In our interactions, Bass, Berry & Sims have focused on building their presence in an exceptional space and community for the benefit of their clients and associates. We have worked hard to elevate our design and work / life / pleasure blueprint to ensure we can exceed their expectations and help them achieve their strategic goals.

Bass, Berry & Sims were represented in the transaction by Bert Mathews and Shane Douglas of Colliers International. “Partnering with one of Nashville’s most iconic businesses to find their perfect new home has been an extraordinary honor. The Nashville Yards and the Southwest Value Partners team provided the ideal solution for Bass with shared values ​​for unmatched excellence in all things and a passion for the future of Nashville, ”said Janet Miller, Market Leader and CEO of Colliers International.

The multi-tenant office tower, which will serve as new headquarters of Pinnacle Financial Partners, will house 650,000 square feet of office space and an additional 28,000 square feet of retail space. The tower will be located at 201 Platform South, adjacent to the two Grand Hyatt Nashville and Amazon Nashville office towers in Nashville Yards, and will become Nashville’s tallest-floored office skyscraper.

The trapezoidal shape of the tower will help reduce energy consumption, improve the view for occupants and allow light to filter through all floors. The building’s amenities will include a dog-friendly campus and dedicated dog park, ample parking, valet and executive car services, as well as an upgraded HVAC system that will circulate 30% more outside air. ‘habit.

To learn more about Nashville Yards, visit www.nashvilleyards.com or follow @NashvilleYards on Twitter and Instagram.

About the Nashville shipyards

Nashville Yards is an 18 acre project located in the heart of downtown Nashville. When completed, the project will be a pedestrianized urban community offering high-end hospitality offerings, including the 591 rooms Grand Hyatt Nashville Luxury and the newly remodeled Union Station Nashville Yards; exceptional retail and restaurant options; a world class entertainment district and concert hall developed in partnership with AEG; and creative and Class A + office space anchored by Amazon Nashville and a new multi-tenant office tower that will include the future head office of Pinnacle Financial Partners. The development will benefit from open spaces and green space, including a 1.3 acre urban park that will span the west side of the project from Broadway to Church Street. To learn more about Nashville Yards, visit www.nashvilleyards.com or follow @NashvilleYards on Twitter and Instagram.

About Bass, Berry & Sims PLC

With nearly 300 attorneys representing numerous publicly traded companies and Fortune 500 companies, Bass, Berry & Sims has been involved in some of the nation’s largest and most important litigation, investigations and business transactions. For more information visit www.bassberry.com.

About Colliers International

Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management firm. With operations in 67 countries, our more than 15,000 enterprising professionals work together to provide expert advice to occupants, owners and real estate investors. For over 25 years, our experienced leadership with significant insider participation has generated annual compound returns of almost 20% for shareholders. With annualized revenues of $ 3.0 billion ($ 3.3 billion including affiliates) and $ 40 billion in assets under management, we are maximizing real estate potential and accelerating the success of our clients. and our employees. Learn more about colliers.company.com, Twitter @Colliers or LinkedIn.

About Colliers International Nashville, LLC

Colliers International Nashville, LLC is one of the leading commercial real estate services companies in the Nashville and Middle Tennessee area. With over 80 years of experience and 65 professionals, Colliers’ experts specialize in providing maximum service for a full range of products including landlord and tenant representation, investment sales, finance , real estate management and project management. The company currently leases and manages over 7 million square feet of retail space and has been ranked among the city’s top five commercial real estate companies for the past five years.

View source version on businesswire.com:https://www.businesswire.com/news/home/20211008005498/en/

CONTACT: MEDIA CONTACT Alexandra Sollberger (Southwest Value Partners / Nashville Yards)

[email protected] Roberts (Bass Berry & Sims)

[email protected]

KEYWORD: TENNESSEE UNITED STATES NORTH AMERICA CANADA

INDUSTRY KEYWORD: LEGAL COMMERCIAL BUILDING AND REAL ESTATE CONSTRUCTION AND REAL ESTATE URBAN DEVELOPMENT REIT PROFESSIONAL SERVICES CONSTRUCTION SYSTEMS ARCHITECTURE OTHER CONSTRUCTION AND REAL ESTATE

SOURCE: Nashville Yards

Copyright Business Wire 2021.

PUB: 08/10/2021 14:30 / DISC: 08/10/2021 14:32

http://www.businesswire.com/news/home/20211008005498/en

Copyright Business Wire 2021.



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$ 13.5 million apartment community in Sacramento, Calif. Sold by TMG


SACRAMENTO, Calif .– (COMMERCIAL THREAD) – The Mogharebi Group, (“TMG”) Finalized the sale of Continental Terrace in Sacramento, a Community of 141 units, located at 6921 Lewiston Way. The property sold with several offers for $ 13,500,000. The buyer was a private investment group in the Los Angeles area.

“Due to the competitive institutional inventory in the Sacramento market area and lower rents than the competition, Continental Terrace has been a quick sale,” says Robin Kane, Senior Vice President President of TMG. “It was our property 1031 exchange platform, from wealthy private buyers and exchanges, who eventually got a private investor who was in a 1031 exchange and bought the property as the top dollar, ” Mr. Kane concluded. “The property offered an opportunity to improve short-term returns by providing the buyer with maximum value.”

Built in 1973/1979, Continental Terrace Apartments is a two story, 141 unit apartment community located on Lewiston Way in Sacramento, California. The property comprises 7 residential buildings and 1 common area totaling 77,100 rentable square feet. The resort is located on a 5.14 acre site with 205 surface parking spaces. The apartments have spacious studios and one-bedroom floor plans. The property has a swimming pool, clubhouse, outdoor picnic area, controlled access community and laundry facilities.

About the Mogharebi Group (TMG): The Mogharebi Group is a brokerage firm specializing in the multi-family real estate industry across California. With unparalleled local knowledge, a vast global network of leading real estate investors, cutting-edge technology and direct access to capital, the Mogharebi Group is the best choice to meet the needs of leading private investors and investment funds.

For more information visit: Mogharebi.com


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Churchill Downs Incorporated Announces Historic Race


LOUISVILLE, Ky., September 30, 2021 (GLOBE NEWSWIRE) – Churchill Downs Incorporated (“CDI” or the “Company”) (Nasdaq: CHDN) today announced its intention to open a new historic racing machine (“ HRM ‘) entertainment venue, Derby City Gaming Downtown, Louisville, Kentucky. The 43,000 square foot entertainment venue will be located at 140 South 4e Street, corner of South 4e and West Market, diagonally from the Kentucky International Convention Center.

Derby City Gaming Downtown will initially feature 500 HRM, an outdoor playground and more than 200 on-site parking spaces. The new entertainment venue will offer guests – including locals, tourists and convention attendees – three unique bar concepts: a main level sports bar with a stage for music and shows, a top bourbon library range and an elegant wine and charcuterie lounge. A retail and merchandise store will be located at street level where customers can purchase Kentucky Derby-themed merchandise. Construction of Derby City Gaming Downtown will begin later this year with an expected opening date of early 2023.

The investment in the new entertainment venue will create 450 jobs for the local economy, including 350 construction jobs and over 100 new permanent jobs. The Company will collaborate with OneWest and other community organizations in an intentional effort to provide employment opportunities in the entertainment venue for those residing in the most disadvantaged neighborhoods of Louisville, as well as to provide training and support services. additional social focused on retention, workforce development and career advancement. CDI will intensify its efforts to identify and contract with women-owned and minority-owned businesses for supply chain and contracting needs.

CDI also announced a pledge of $ 1 million to the West End Opportunity Partnership (the “Partnership”), a community-led collaborative initiative that will fund projects to kick-start economic development and improve the quality of society. living in a neighborhood made up of nine West End neighborhoods. : Shawnee, Portland, Russell, Chickasaw, Parkland, California, Park Hill, Park Duvalle and Algonquin. The new Tax Increase Funding District (“TIF”) was created by legislation championed and passed by State Senators Robert Stivers, Julie Raque Adams, Morgan McGarvey and Gerald Neal, and representatives of the State Ken Fleming and Pamela Stevenson. The TIF guarantees that for the next 20 years, 80% of the new tax revenue generated in these neighborhoods will be returned to the Partnership to reinvest in economic development projects and homeowner stabilization in the West End. Seed capital and revenues will be managed by a partnership council made up of neighborhood residents and appointees from community organizations.

“CDI is committed to investing in the city of Louisville and today we are especially excited to announce this new downtown entertainment venue,” said Bill Carstanjen, CEO of CDI. “Our expansion of human resource management will be a victory for the entire Louisville area community. and will create an additional $ 10-12 million per year in scholarship for Churchill Downs Racetrack. The West End Opportunity Partnership and our collaboration with OneWest can help us achieve this vision in a responsible and sustainable manner.

“We congratulate Churchill Downs for their continued investment in Louisville hotel infrastructure. Having a downtown point of contact with one of our most iconic brand pillars is a godsend in helping us successfully market our destination, ”said Cleo Battle, President and CEO of Louisville Tourism. “The attraction will meet a need for much-requested evening options for convention delegates and provide locals and visitors with yet another authentic experience in the heart of Bourbon & Derby City.”

“Today, Churchill Downs is becoming an important part of a revitalization of downtown Louisville that has gained momentum in recent years. The downtown area is the center of our community and, as the economic engine of the region, our downtown area is also the center of our region, ”said Mayor Greg Fischer. Derby City Gaming Downtown will bring even more life to Fourth Street with just under an acre of space for more entertainment offerings, another stop for bourbon fans, a store for Kentucky Derby merchandise and permanent jobs downtown. Thank you, Churchill Downs, for your commitment, your investment and for your confidence in our great city. “

“OneWest is extremely excited about this collaboration and what it will mean for minority contractors in Louisville,” said Evon Smith, President and CEO of OneWest. “This initiative represents intentionality around inclusion and diversity and it starts at the top. The Churchill Downs Incorporated management team is leading the action! “

“I applaud the leaders of Churchill Downs for taking this meaningful step to support the West End Opportunity Partnership and for encouraging other local corporate citizens to follow suit,” said State Senator Gerald Neal. “By taking action to address the inequalities and disparities in our local communities, we are helping to make our Commonwealth a better place for all Kentuckians.”

About Churchill Downs Incorporated

Churchill Downs Incorporated is a leading racing, online betting and gaming entertainment company anchored by our iconic flagship event, the Kentucky Derby. We own and operate three betting-mutual gaming entertainment venues with approximately 3,050 historic racing machines in Kentucky. We also own and operate TwinSpires, one of the largest and most profitable online betting platforms for horse racing, sports and iGaming in the United States and we have eight retail sports betting. We are also a leader in physical casino games in eight states with approximately 11,000 slot machines and video lottery terminals and 200 table games. Additional information on the CDI is available online at www.churchilldownsincorporated.com.

Certain statements made in this press release contain various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by the use of terms such as “anticipate” , “Believe”, “could”, “estimate”, “expect”, “intend”, “may”, “could”, “plan”, “foresee”, “plan”, “seek” “,” “” Will “and similar words or expressions (or negative versions of such words or expressions).

Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot guarantee that these expectations will prove to be correct. Important factors, among others, that may affect actual results or results are: the impact of the novel coronavirus (COVID-19) pandemic and related economic issues on our results of operations, financial conditions and our outlook; the effect of economic conditions on our consumers’ confidence and discretionary spending or our access to credit; additional or increased taxes and fees; public perceptions or lack of confidence in the integrity of our business or any deterioration in our reputation; loss of key or highly qualified personnel; restrictions on our credit facilities limiting our flexibility to operate our business; general risks associated with real estate ownership, including fluctuations in market values ​​and environmental regulations; catastrophic events and system failures disrupting our operations; online security risk, including cybersecurity breaches; failure to recover under our insurance policies for damage sustained to our properties in the event of inclement weather and accidents; increased insurance costs and the inability to obtain similar insurance coverage in the future; failure to identify and complete acquisition, expansion or divestiture projects, on time, on budget or as planned; difficulty in integrating recent or future acquisitions into our operations; the costs and uncertainties associated with the development of new sites and the expansion of existing facilities; risks associated with equity investments, strategic alliances and other agreements with third parties; the inability to respond to rapid technological changes in a timely manner; inadvertent infringement of the intellectual property of others; failure to protect our own intellectual property rights; payment risks, such as the risk associated with the fraudulent use of credit and debit cards; compliance with the law on corrupt practices abroad or applicable money laundering regulations; risks associated with current or future legal proceedings and other actions; the inability to negotiate agreements with representatives of the industry, including riders and other racetracks; work stoppages and manpower problems; changes in consumer preferences, attendance, betting and sponsorship with respect to the Churchill Downs Racetrack and the Kentucky Derby; litigation for bodily injury related to injuries occurring on our racetracks; weather and other conditions affecting our ability to run live races; the occurrence of extraordinary events, such as terrorist attacks and threats to public health; changes in the regulatory environment for our racing operations; increased competition in the horse racing industry; difficulty in attracting a sufficient number of horses and trainers for full horse races; our inability to use and provide aggregation services; changes in the regulatory environment for our online horse betting business; A reduction in the number of people betting on live horse races; increased competition in our online horse betting business; the uncertainty and changes in the legal landscape regarding our online horse betting business; the continued legalization of online sports betting and iGaming in the United States and our ability to anticipate and benefit from such legalization; the inability to expand our sports betting operations and compete effectively; failure to manage the risks associated with sports betting; failure to comply with laws requiring us to block access to certain people could result in penalties or impairment of our mobile and online betting products; increased competition in our casino business; changes in the regulatory environment for our casino business; concentration and evolution of the manufacture of slot machines and other technological conditions which could impose additional costs; and the inability to collect gambling claims from customers to whom we extend credit.

We assume no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor contact: Nick Zangari
(502) 394-1157
[email protected]
Media contact: Tonya Abeln
(502) 386-1742
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6466005f-8ba1-418c-a24e-86c306f3f112


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Using valuable downtown land for parking? In a housing crisis, it does not stick

When I first moved to New Zealand – even after living in some of the more expensive US real estate markets – I was surprised at the house prices. My shock was reinforced by the condition of the houses, many of which lack adequate insulation, adequate heating or cooling, or double-glazed windows.

I wondered why I would pay so much for a house that needed so much attention. Then I heard someone joke, “In New Zealand you pay for the land and the house is free. Suddenly, things took on a lot more meaning.

Unlike the United States, where the land is valued at a small fraction of “improvements” (the building that stands on the section), in New Zealand it is the exact opposite.

But it also raised a big question: in a country where the cost of land is so high and the supply of housing so scarce, how could there be so many surface parking lots?

Auckland’s Wynyard district: apartments, restaurants, playgrounds and car parks.
Shutterstock

The price of parking

Take Auckland, for example, arguably the most limited housing market in New Zealand. Specifically, the still developing Wynyard neighborhood on the downtown waterfront has a clear case of car parking versus potential housing.

One of the many abundant surface parking lots is located on Jellicoe Street. It includes 8,146 square meters of tar, paint and parked cars. The massive lot is appraised at NZ $ 37,000,000, with upgrades valued at $ 1,000,000 – presumably all that paving stone and paint.



Read more: Why Calling Ordinary Kiwi Cyclists ‘Elite’ Doesn’t Stick


The next part is a little harder to swallow. The land is valued at just over $ 4,500 per square meter. With an average parking space occupying 15 square meters, that means each space is worth around $ 68,000.

It’s just for the parking spots themselves, not all the land needed for people to get in and out and around the parking lot.

What parking pays

Now things are getting interesting. The Jellicoe Street parking lot is maintained by Auckland Transport, which offers people traveling to the CBD the courtesy of a first hour of free parking followed by a charge of $ 6 per hour.

So, for just $ 18, drivers can park for four hours. On weekends, those four hours of parking will cost just $ 6.

Assuming a parking spot is fully occupied during all hours of operation (7 a.m. to 10 p.m. Monday through Sunday), it could hopefully net $ 480. Spanning an entire year, a single space can net just under $ 25,000.

Ignoring overheads and more realistic occupancy rates, it would take almost three years for a single outdoor parking space to recoup the cost of the land it sits on. It may seem economically viable. But what is not in this equation is the real and very high cost of cheap and abundant parking.



Read more: To get New Zealanders out of their cars, we’ll need to start charging for the true cost of driving


Parking waits

The widespread availability of low cost parking in high demand locations has significant impacts on our cities. When people expect parking to be available in these locations, they often choose to drive rather than use a more sustainable mode like public transportation. This means that people are buying more cars and taking more personal vehicle trips.

When cheap parking spots fill up during rush hour, people tend to look for a parking spot rather than looking for slightly more expensive and less convenient alternative locations. That is, they go around a parking lot or a block until someone else leaves. When enough drivers do, it creates more congestion, pollution and greenhouse gas emissions.



Read more: What can our cities do about sprawl, congestion and pollution? Tip: junkyard parking


The long-term availability of inexpensive city parking lots also implies that parking in such places is a public good. People expect parking to always be in these places and will fight to prevent the land from being used for higher and better purposes.

This is where the rubber hits the road. Outdoor parking is the least productive use of large urban land. In the midst of the biggest housing affordability crisis in perhaps a generation, we could lose some of that automotive space to apartments.

People before parking

According to the Auckland District plan, a one-bedroom / one-bathroom apartment should occupy approximately 45 square meters – precisely three parking spaces.

The advantage of a building over an open-air parking lot is that it can be built. Instead of around 200 parking spaces for cars, we can build more than 600 apartments on ten floors.

Rather than storing a few hundred cars for part of the day, with bare sidewalks overnight, we could provide living space for up to 1,200 people around the clock.



Read more: What can our cities do about sprawl, congestion and pollution? Tip: junkyard parking


We could do the same with the parking lot across the street and the parking lot a block away and so on – until we are a city and a country that focuses more on the housing people than on the parking lot of cars.

It will be difficult to let go of the parking lots. Where some see an opportunity for urban regeneration through the development of underutilized spaces, others see the loss of parking as another hurdle for city workers to overcome.

But we just have too much space in our cities dedicated to the car. Our land is far too precious to be paved. It’s time to use a fraction of that space to house a lot of people instead of a few machines.

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Barwa Al Sadd, Al Aqaria Tower offer real estate solutions


Barwa Al Sadd, Al Aqaria Tower offer real estate solutions

Sep 27, 2021 – 9:27 AM

A view of the Barwa Al Sadd

Doha: Barwa Real Estate Group, which has a proven track record in contributing to the advancement of the real estate sector in Qatar through its commercial and mixed-use projects, presents the Barwa Al Sadd and Al Aqaria towers.

To date, Barwa has opened commercial and administrative spaces in strategic locations to provide its users with high quality service at competitive prices. Such projects offer housing solutions with a luxurious experience that meet the aspirations of the business sector as well as the needs and demands of residents. These efforts are reflected in the Barwa Al Sadd and Al Aqaria Tower projects.

The Barwa Al Sadd, which was built in a strategic area in the heart of Doha, is a mixed-use development covering an area of ​​27,654 m².

The project consists of three office towers, including two towers of 21 floors and another of 18 floors, and a five-star hotel with 232 rooms and suites. In the middle of the three towers is a three-level podium-like building, with the first two floors reserved for retail stores, restaurants and cafes and the third floor is expected to house office space.

The project also includes three apartment buildings of 11 floors (Ground + 10 floors), as well as a basement for parking cars. These buildings offer residents a unique living experience as they are mixed with the components of the project, which include retail stores, restaurants, recreational, sports and hospitality facilities. In addition to 261 apartments, of which 129 consist of two bedrooms and 132 consist of three bedrooms.

The project also includes a three-story recreation center that offers equipment and recreation, gymnasiums and entertainment rooms, as well as two multi-purpose halls. All of this is aimed at serving the residents of the compound and those who live nearby and seeks to meet their recreational needs inside the compound.

In addition, Barwa Al Sadd incorporates a multi-storey car park that serves visitors to the Al Sadd towers by accommodating more than 1,700 cars in the basements under the towers, under apartment buildings and in the project sites.

In 2008, the Al Aqaria Tower was fully developed with a very attractive design in a strategic location on Museum Street in the Salatah district overlooking the Doha Corniche and close to vital facilities. It represents added value for the real estate market in a strategic location, reflecting its objectives of providing office space that meets the requirements of the industry.

La Tour consists of 14 floors, ground floor, mezzanine and two parking basements. It contains furnished and unfurnished administrative offices of various sizes. The tower houses branches of financial institutions and banks operating in the country, as well as the headquarters of the most important companies operating in Qatar in various fields. The Tower also provides all the 24 hour service needed by business customers, as well as security and maintenance services.

Waseef, a subsidiary of Barwa Real Estate Group and one of the leading asset, property and facilities management companies, is in charge of managing the Barwa Al Sadd and Al Aqaria Tower projects. Both developments are important profit-generating projects for the group and contribute to strengthening the rights of shareholders and to the balance of the group’s asset portfolio. The rental values ​​offered in these two projects satisfy all segments and follow the prevailing prices in Qatar, in order to ensure fair competition between real estate companies in Qatar. Waseef offers various, multiple and integrated services in these two projects to meet the requirements of users, visitors and residents.

Regarding occupancy rates at Barwa Al Sadd, all housing and two of the three office towers are now leased on the project. While the occupancy rate of Al Aqaria Tower is 62 percent.

Barwa Group has a balanced mix of operational assets that vary between residential, commercial, industrial, logistics and general purpose assets. The construction area in operation for the projects is 3.6 million m², of which around 34% is dedicated to the residential sector, including 8,129 housing units.

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Middle East among the worst performers in air quality: Expert

Sep 27, 2021 – 9:16 AM

Air pollution has for centuries been one of the most serious forms of environmental damage. The World Health Organization (WHO) estimates that around 7 million premature deaths each year are due to the effects of air pollution. WHO reports also indicated that more than 500,000 of these deaths occur in the Middle East.



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Lompoc Planning Commission Gives Green Light for Mustang Cannabis Plant | Local News


A proposed 68,100-square-foot facility for growing and processing cannabis passed through the Lompoc Planning Board on Wednesday evening, one of two similar projects the committee will be considering in a few weeks.

Mustang Lompoc Investors LLC’s one-story facility is proposed for 3 acres at 1501 North O St. plus 801 and 851 Cordoba Ave. in the city business park area. The three vacant lots are located along North O Street between Cordoba Avenue and Aviation Drive.

Commissioners voted 4-1 to approve several aspects of the project, including reviewing the architectural design / site development and a mixed negative statement for the Mustang cannabis facility, which will also distribute cannabis.

Commissioner Dan Badertscher voted alone against the project without explanation.

The site improvements would include an 8-foot-high fence and gates at the back of the building, which would be surrounded by other members of the business park as well as Walmart to the east of the site, the planner said. Greg Stones at the commission.

“We have done everything possible to comply with the current code. We are very comfortable with the terms of approval as well as the mitigation measures, ”said John Dewey, who is listed as CEO of Newport Beach-based real estate investment group Mustang Lompoc Partners LLC.

Click to see larger

Mustang Lompoc Investors LLC plans to build a 68,100 square foot facility for growing, processing and distributing cannabis in Lompoc. (Map of the city of Lompoc)

The architectural style of the Mustang facility will maintain the character of the neighborhood with a design similar to the nearby Sea Smoke, Dewey said. .

A greenhouse gas condition due to the project’s expected energy consumption – for lighting, freezing and cooling – will most likely lead to the installation of solar panels on the roof as a mitigation measure , said Dewey.

“We’re going to give Lompoc (Electrical Division) a very good customer,” said Dewey.

Sixty-one off-street parking spaces are available, exceeding the 59 spaces required by municipal regulations.

Mustang Lompoc Partners must still submit an application for a commercial cannabis use license for review and approval by the city before starting operations, city staff said. This application process through the City Clerk’s Office includes a comprehensive review of the applicant’s background, business proposal, and operational procedures.

An artist's concept shows the Mustang Lompoc Investors LLC cannabis installation project on North O Street.
Click to see larger

An artist’s concept shows the Mustang Lompoc Investors LLC cannabis installation project on North O Street. (courtesy of the city of Lompoc)

This was one of two similar facilities proposed for Lompoc, which has no limit on the number of cannabis businesses allowed in the community.

In October, planners will review Organic Liberty Lompoc LLC’s proposal for 1025 and 1035 Central Ave. to accommodate a center for cannabis cultivation, manufacturing, processing, testing and distribution on an undeveloped 3.8-acre site.

The building would be approximately 91,000 square feet and two stories, or 35 feet in height, with protection for mechanical equipment on the roof up to 44 feet in height.

The two companies would only sell cannabis products at state-licensed wholesale facilities and would not provide on-site retail, city staff said. They would also not be open to the public, with visitors only allowed when escorted and for specific business purposes.

“It’s good to see new businesses coming to town,” said planning director Brian Halvorson, “and it’s bigger companies that will provide a new base of jobs for Lompoc.”

– Noozhawk North County Editor-in-Chief Janene Scully can be reached at . (JavaScript must be enabled to display this email address). Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook.



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Evergrande’s spell brings no joy to the man behind his big shorts


In March 2012, Andrew Left, a US-based short seller, received a mysterious package with no return address. Inside, a 68-page document made explosive statements about a Chinese real estate developer who was then little known outside of its home market.

Left’s subsequent report on Hong Kong-listed Evergrande Real Estate Group, which claimed it was “insolvent” and “will be severely contested from a liquidity perspective,” brought it $ 1.6 million in profits after a fall in the share price, but a long lawsuit was brought by the market regulator of the territory cost him much more.

“I went pretty far on this subject,” says Left, who has been credited with disseminating “false or misleading information” and banning the territory’s financial markets. “I stopped counting bills after $ 1 million.”

This week, the Chinese company that has come to epitomize the vast debts behind the biggest urban transformation in history was finally engulfed by the crisis that skeptics had repeatedly predicted over the past decade.

Evergrande’s name appeared on trading screens from New York to London on Monday as its rapidly unfolding liquidity problems, which have escalated in China since July, erupted in global markets ahead of the payment deadline. Thursday’s interest on one of its $ 20 billion US dollar bonds. . Payment had still not been made on Friday.

But that’s the company’s $ 300 billion in total liabilities, a largely domestic sum accumulated by buying land to build residential apartments in hundreds of Chinese cities and selling it before it’s finished to repeat. the process, which prompted comparisons with the 2008 systemic cuts.

The fate of the company, which is expected to require the biggest restructuring in Chinese history no matter what with the interest payments, has emerged this week as a crucial test for the long-entrenched real estate industry the country’s economic growth model, but is now under pressure to reduce its leverage after a change in government policy.

Billionaire poker player

Evergrande was started in 1996 by Hui Ka Yan, who previously worked in the steel industry, a year when less than a third of China’s population lived in cities. When the company was listed in Hong Kong in 2009 after a previous failed attempt, its shares soared 34%. In 2017, as China’s urbanization rate had climbed to 58%, Hui was the richest man in the country with a fortune of $ 45 billion and became known to play poker with a group of other Hong Kong billionaires.

Like many of China’s largest conglomerates, the company drew capital from Hong Kong’s stock and bond markets, the main gateway to an otherwise largely closed global financial system. The court that sanctioned Left noted that “the vast majority of analysts in the Hong Kong market were optimistic about the outlook for Evergrande” in 2012. As late as last month, nearly half of analysts in Hong Kong who Covered it still had a buy rating on the stock, which has plunged 84 percent this year.

The pace of its growing debt and land reserves across the border, which last year were enough to house millions of people, kept raising eyebrows. But many believed the company was big and important enough that they could count on Beijing’s support.

A managing director of private equity in Hong Kong said that investing in Chinese real estate developers – who represent a significant share of the Asian $ 400 billion high yield bond market – depends on the “core belief” that governments central or local would never allow a “hard blow”. -up”.

“If you think the government will always step in at the crucial time, you are going to take on a greater risk,” said the person, who has banned his own team from investing in Evergrande. “If you’re a bond fund manager struggling for every basis point of your bonus, it pays off every year. “

This broader belief was shaken by the unveiling of the government’s “three red lines” rules in the summer of 2020, which limited developer leverage months after an interest rate cut. fear asset bubbles.

“I think one of the key things people have underestimated is the significant paradigm shift the government has initiated in the real estate industry,” said Nish Popat, co-portfolio manager for the debt team. emerging market company at Neuberger Berman, who also noted the widespread opinion outside China that the company was too big to fail. “When we spoke to our team in Shanghai,” he said, “they didn’t think it was.”

While some international funds were still buying Evergrande debt, Neuberger Berman pulled out her position in July because she felt “uncomfortable”. In the same month, news revealed that Rmb132 million of its mainland branch’s deposits at a bank in Jiangsu Province had been frozen, while local authorities in Shaoyang, Hebei Province halted construction of two of his projects. Both decisions were quickly overturned, and small for the size of the company, but hurt sentiment.

Line chart of the stock price (HK $) showing the fall in China Evergrande stock

Evergrande warned of the risk of default in August, days after an unusual public reprimand from Beijing ordering it to reduce its debts, and blamed the effect of “negative reports” on its liquidity. Under pressure from the three red lines, the company had reduced its debt from Rmb 717 billion at the end of last year to Rmb 572 billion in June. But during the same period, its commitments increased slightly to reach Rmb 1.97 billion and were then 10 times higher than their 2012 level.

News also began to emerge of litigation with contractors over unpaid invoices, and the company was set to face a record number of lawsuits in Chinese courts, although it still made a net profit. in the first semester of the year. Sales of her properties almost halved from June to August, and she expected sales to deteriorate in September, a usually busy month.

While global markets have focused this week on Evergrande’s liabilities, its assets have long come under scrutiny given the focus on unused housing stock resulting from China’s construction boom. .

Nigel Stevenson, analyst at GMT Research, released a report on the company in 2016 with a price target of $ 0 per share after visiting 40 projects in 16 cities. He noted that the company had nearly 400,000 parking spaces on its balance sheet worth $ 7.5 billion, roughly the equivalent of all of its equity, and criticized the quality. other assets.

“These assets have yet to be funded, and they are obviously more than 10% funded, which is not sustainable in the long term,” he said. “Things have finally caught up with them. “

International fund managers have already profited from the high yields on Evergrande’s debt, at a time when entire swathes of the global bond market were trading at negative rates due to lax Western monetary policy.

The bond with payment due Thursday was issued at an 8.25% coupon in 2017, and this week its price fell to 24 cents on the dollar. In a note to clients last week, UBS, which held $ 300 million in Evergrande bonds on various filing dates between April and July, said they were trading “at or below historic salvage values typical “.

8.75% coupon line graph, 2025 (% of par) showing the fall of the China Evergrande bond

As expectations of a restructuring intensify, some offshore investors are closely monitoring the company’s assets outside of China that it has accumulated during its expansion beyond real estate, including a stake at a Hong Kong-listed electric vehicle company that has yet to sell a car.

A group of international investors have engaged the law firm Kirkland & Ellis and the investment bank Moelis & Co to advise them on a possible restructuring.

“The likelihood that Evergrande will prioritize offshore noteholders is declining rapidly and is extremely low,” said John Han, attorney for the US firm Kobre & Kim, who is in discussions with a number of major US activist funds that hold positions in Evergrande bonds. . “The Chinese government will prioritize retail investors, homebuyers and domestic banks over troubled Western debt funds. “

S&P, which expects a default, does not anticipate direct government involvement but expects Beijing to seek “orderly restructuring”. In mainland China, Evergrande’s future will be a deeply sensitive process and a political test for President Xi Jinping given the involvement of ordinary citizens who have already paid for apartments. The company has 778 projects in 223 cities, and last week, private investors came to its Shenzhen headquarters to demand their repayment.

Direct spillovers into international markets are limited beyond Asian high yield bonds. But a major failure could hurt confidence in the entire real estate sector, on which global commodity markets and local government finances both depend heavily. Land sales fell 90% year-on-year in early September, while new home sales also fell sharply. However, new home prices in the 70 largest cities were still increasing slightly year over year in August.

Andrew Left, who has never been to China and relied on the internet and documents filed by the company for his bet against the company, said he did not feel “good” watching the news take place this week.

“I’ve never been in a situation before where people congratulate you and you don’t get anything out of it,” he said. “This has been such a big part of [my] life for so long, and now it’s financial history.

Left’s five-year ban expires next month, but he still has a question: “Are the courts going to go after all the analysts who have set $ 40 targets on them?”

Additional reporting by Edward White in Seoul and Tom Mitchell in Singapore


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Car park management

The bike parking revolution is growing… in New Jersey, alas – Streetsblog New York City


Grand Central Terminal will get six secure bicycle parking spaces from Oonee – part of a large expansion that focuses almost entirely on New Jersey, the company said.

The need for bicycle parking in Manhattan is well documented, but Oonee’s Monday announcement of 1,500 new places by the end of next year includes 29 of the company’s pods in Jersey City and only seven in New York. In addition to the Grand Central Terminal space, the company said it will open parking lots at three Port Authority sites, one in New Jersey and two on this side of the river. – is part of a model whereby the Garden State is more aggressive and innovative when it comes to supporting much-needed cycling infrastructure, said Shabazz Stuart, founder of Oonee.

“I am eternally grateful that I was able to find opportunities to expand in the area, but I still think it will be very frustrating and heartbreaking a bit that we weren’t able to grow faster in New York.” , said Stuart. “I hope the next round of leadership in the city will be more aggressive and more enthusiastic about this job. “

Stuart, who declined to provide further details, was particularly excited to open an Oonee capsule in Grand Central before the end of this year.

“It’s an incredible first step,” he said. “I can’t wait to see many more.”

The concept behind Oonee is simple: Dozens of prefabricated parts can be quickly assembled into a 14-foot cube that houses 20 bike racks, or into Oonee Minis, which house around 6-10 spaces. Subscribers unlock the unit with a key card or smartphone, then simply lock their bikes vertically onto the brackets. Membership is free, thanks to Oonee’s agreements with advertisers, whose logos appear outside the homes.

Oonee also comes to Brooklyn and Queens. In Williamsburg, Oonee is partnering with developer Two Trees to open 20 secure bicycle parking spaces on North First and River Streets near popular Domino Park.

And in Queens, Oonee is teaming up with a developer to open a high-capacity hub in Woodside next to 61st St-Woodside Station, and is still in talks with Madison International Realty to bring 20 secure bicycle parking spaces to the Queens Place Shopping Center.

Bike parking is so scarce in Midtown that developers RXR Realty and TF Cornerstone have dropped their request to reduce the number of spaces in their planned 83-story mixed-use tower above Grand Central Terminal at E. 42nd Street. and Lexington Avenue – nicknamed Project Commodore – after a backlash.

And a recent report from Transportation Alternatives found that the failure of Blasio’s administration to build enough infrastructure to cope with the growing bicycle boom – failing to meet its own modest goal of 1,500 supports a year – has undermined public safety, creating an increase in the number of bicycles. flight.

Department of Transportation Commissioner Hank Gutman pledged in February to install 10,000 bicycle parking spaces by the end of 2022, but progress remains slow.

Oonee operates a bicycle parking cube near the Barclays Center in downtown Brooklyn, which opened in 2019, and at Journal Square in Jersey City. The company had a pod in Whitehall Street near the State Island Ferry terminal in lower Manhattan, but was forced to close in July 2019 after it could not reach an agreement with the DOT on the type of advertising. that would be allowed outside.

Stuart told Streetsblog in February that full-size Oonee pods like the one in downtown Brooklyn are useful in filling the giant hole in the bicycle parking lot created by Blasio’s administration, but he thinks smaller units could. more easily to be deployed everywhere, once the city gives the green light and investors see that the concept works.

What do we want?  Bike parking!  When do we want it?  Now!  The Oonee pod at Atlantic Terminal.  Photo: Yosef Kessler
What do we want? Bike parking! When do we want it? Now! The Oonee pod at Atlantic Terminal. File photo: Yosef Kessler

“It should work like bicycle corrals,” he said of his pods. “People should be allowed to request one for their sidewalk space. Why should a person with a car be unilaterally allowed to say, “I’m going to take eight feet in front of this random building?” Why can’t the majority of the inhabitants of the neighborhood say: “No, we want to use this space for parking bicycles” or “We want this space for a coffee”? “

Earlier this year, Oonee announced the launch of two new hubs in Brooklyn in partnership with real estate company Totem, one at 737 Fourth Ave. at Sunset Park and the other at 1045 Atlantic Ave. in Bedford-Stuyvesant, which currently meanders through the Uniform Land Use Review Procedure. Each hub will provide more than 100 bicycle parking spaces to the community, specifically for active cyclists.



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Car parking rate

A pandemic space race: self-storage roars back


Last fall, Blackstone acquired Simply Self Storage – with eight million square feet of rental space – for $ 1.2 billion, adding to the $ 300 million already invested in the industry. And in April, Public Storage completed its acquisition of ezStorage for $ 1.8 billion, adding 48 properties with 4.2 million net rentable square feet.

With investor interest and consumer demand high, Edison Properties, owner of Manhattan Mini Storage, is reportedly considering selling its division, which has 18 locations and 3.1 million square feet, for an estimated $ 3 billion. dollars, or nearly $ 1,000 per square. foot, Bloomberg News reported.

Edison declined to discuss the sale, but the price tag is not surprising, said Mr. Sakwa of Evercore, given the generally high cost of real estate in New York City.

Much of the growth is in general units, but storage for extras like RVs and boats, as well as cold storage, has also increased.

Despite peak demand and sparkling acquisition prices, “all is not rosy under the hood,” said Stephen Clark II of the Clark Investment Group in Wichita, Kan., Which specializes in self-storage among d ‘other categories of real estate. Rental statistics that show a high occupancy rate can be misleading, he said, as they include a number of long-term tenants whose rates are below the market.

And experts don’t know how postpandemic behavior will affect the industry. For example, what happens when storage tenants move out of their parents’ home or don’t need to use their second bedroom as a makeshift office?

But with house prices escalating nationwide, so-called starter homes have become more expensive and some new owners are opting for smaller spaces. That, Mr Morales said, could translate into a constant demand for storage.


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Parking facilities

City of comfort | Architect’s Review


Project description

The first residential complex in Ukraine based on the principle of block development. Quaint building silhouettes, elaborate apartment layouts, and fully pedestrianized courtyards have become the class standard for residential comfort.

Human
The residents benefited from a complex and comfortable environment with green pedestrian courtyards. The full infrastructure service includes fitness clubs, shops, kindergartens and schools.
Business
Comfort Town is one of the most successful residential real estate projects. Sales indicators peak at over 200 apartments per month.
Urban
We have established a new level of quality in a residential building due to the development of blocks. Thus, the industrial territory has become a pleasant living environment and the status of the district as a whole has increased.

Comfort Town is the most successful commercial project in Ukraine in the residential real estate sector in the last 25 years
The Comfort Townarea includes the Academy of Modern Education, a children’s complex consisting of a kindergarten with 160 places, a primary school with 140 places and the Academy А + school with 600 places
The residential complex also includes a 4,500 m² shopping complex with a supermarket, a 4,600 m² fitness complex with three swimming pools and gyms, a 1.5 hectare complex of outdoor sports fields, cafes, shops and offices on the lower floors. apartment buildings and a clean maintenance service
The complex’s parking lots include three multi-storey above-ground parking garages for 1,000 cars, and 5 additional 1,500-car parking garages are designed for the next construction line.
Comfort Town has its own active residents’ forum
The original design featured an open access complex, but the poor surroundings of the neighborhood prompted residents to erect a fence
The average number of floors in the complex is 8
The total area of ​​the Comfort City (including new construction lines) exceeds 40 hectares
The new line has a new 1.5 ha car park for residents


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Parking facilities

CCDC is considering three proposals for Block 68 near YMCA Boise


A story the members of BoiseDev got first.

A quiet part of downtown Boise may soon see large-scale, if not large-scale change. The Capital City Development Corp. is considering a trio of proposals for an area at 10th St. and State St. that could add between $ 89 million and $ 260 million in investment. One proposal could even demolish and replace the YMCA facility along State St.

The agency has asked for proposals to redevelop what it calls “Block 68” – two plots of land that the urban renewal agency owns across from the YMCA. The sites include above ground parking lots, the former Idaho Sporting Goods building and an office building.

The agency will go through a process to choose a winning proposal in the coming months.

“This is obviously very exciting, and we are waiting to see what proposals we have received,” said CCDC Board Chair Dana Zuckerman. “We have three proposals that will make a big difference in this part of the city. We have a lot of work ahead of us to see what’s best for the city.

Here is how the three proposals look, according to a presentation to the board of directors, and the project proposals submitted to the CCDC.

Edlen & Co. et al Green Street PEG development
Total investment $ 260 million * $ 89 million $ 125 million
Total housing units 626 * 239 345
120% of AMI units 130 107 130
80% AMI units 25 50 25
Car park 724 431 575
Contribution of the CCDC $ 20.5 million $ 20.9 million $ 14.6 million
Planned completion 2026 Sep 2024 October 2025
* Edlen & Co. numbers include all numbers offered, both on CCDC-owned plots and YMCA-owned plots.

Edlen & Co., deChase Miksis, Elton Companies, YMCA

Edlen, deChase & Elton offered to work with the YMCA to go beyond the boundaries of the two CCDC plots and redevelop additional YMCA-owned land for a large-scale proposal that would completely reorganize all or part of four city blocks. the region.

Records obtained last year by BoiseDev, whom YMCA officials met with urban renewal staff about a so-called “catalytic” project in the area, but details have remained scarce. In 2019, BoiseDev reported that the agency was working to expand its Westside urban renewal area to include the YMCA plots, but did not provide details on why it was hoping to expand the neighborhood. He later added land, including Boise High School and the YMCA site, to the district.

The proposal with the YMCA group would be one of the largest in terms of value in the history of downtown Boise. With more than $ 260 million in proposed upgrades, it would demolish and replace the aging YMCA facility on State St. The proposal aims to build 626 housing units, add 18,287 square feet of retail space, build more 700 parking spaces, 61 bicycle spaces and additional space for health / education, office and childcare.

“This proposal also brings together agency-owned and YMCA-owned assets to accomplish broader visionary results development,” said Brady Shin of CCDC.

The centerpiece of the project is a proposed 20-story tower at the corner of 10th Street and Jefferson Street, with a variety of uses, including residential housing, parking and mobility, and retail on the ground floor. -of the road. It would include 560 housing units, including 130 priced at 120% of square footage or median income level or less, 25 units at 80% of MAI or less, and 295 units at market rate.

Another 126 units would be displayed in other buildings of the project, for a total of 626.

The project as proposed would include:

  • 278 studios of at least 550 square feet.
  • 247 one-bedroom units of at least 650 square feet.
  • 101 two-bedroom units of at least 850 square feet.

In total, this project would add 727 new rooms to the area.

According to property records, the project would destroy the current YMCA building, which dates from 1972. The building has undergone a number of alterations and expansions over the years.

  • A residential and commercial building would be constructed in place of the main YMCA building.
  • The Y would cross State St. to the former Idaho Sporting Goods site.
  • Immediately behind is the 20-story residential tower.
  • A third residential and commercial building would appear along 11th Street on the former Nelsons school supplies site.
  • A “creative office space” building would replace a surface parking lot used by the YMCA.

“Our vision for the project is to provide various opportunities to new residents, retailers and the surrounding community,” the group wrote in a letter of proposal. “A pedestrian-focused ground floor will include a mix of uses that promote indoor and outdoor activities, the ability to walk, public safety, and a strong connection to transit for pedestrians and cyclists. Our proposed project prioritizes the activation of street facades with large storefront windows to improve density, enrich the pedestrian experience and contribute to a cohesive, livable and inclusive neighborhood for downtown Boise. The building designs will serve to increase the authentic fabric of the neighborhood by integrating avant-garde sustainable materials. “

Under this proposal, CCDC would contribute $ 20.5 million and value, including streetscapes, mobility hub and grounds.

The proposal aims to begin construction of the project in phases in 2023, with a multi-year schedule extending until 2026.

Green street real estate companies

Green Street of Clayton, MO, is also hoping to build a large-scale project on the CCDC plots. The concept of Green Street was strictly limited to the two land owned by the agency.

The company hopes to build what it calls an “L-shaped” building on the block. A large parking structure would go up along Jefferson St., with a 17-story residential tower at the corner of 10th and State.

If selected, the project would add 239 housing units, 10,800 square feet of retail space and build 431 parking spaces and “at least” 30 bicycle spaces.

The project requires an investment of $ 89 million. It would consist of 107 units at 120% or less of the MAI, 50 units at 80% or less of the MAI and 82 units at the market rate.

Green Street’s proposal would build:

  • 93 studio units of 580 square feet.
  • 99 one-bedroom units at 650 square feet.
  • 47 two-bedroom units at 1,015 square feet.

In total, Green Street hopes to build 286 housing beds at the sites.

Some units would include ‘expandable room accessories’, which rearrange floor space with movable units that move from a bedroom to a living room in the same area.

Although Green Street does not have the YMCA land under his control, he says he hopes to add more land to his proposal if chosen.

“Our experience in Saint-Louis and in other cities shows that Green Street is a developer of neighborhoods and not just one-off sites,” says the proposal. “We intend to pursue other development opportunities in the surrounding blocks of downtown Boise. The partnership with CCDC and the Town of Boise will allow us to offer attractive Class A residential units to a large number of residents at various income levels, as well as provide commercial space and cycling facilities to activate the surrounding streets.

The project is requesting funding and a value of $ 20.9 million from CCDC, including streetscapes, mobility hub and land value.

If selected, Green Street hopes to begin construction in early 2023, with the project ending by September 2024.

PEG development

PEG Development’s Provo, Utah, land at CCDC would also build a large-scale residential and mixed-use project, remaining within the boundaries of the two agency-owned sites.

PEG would construct two buildings on CCDC-owned sites, connected across the lane with an air bridge, reaching up to 17 floors. The project would include retail on the ground floor, an integrated parking garage and residential units soaring to the sky.

The PEG concept would add 345 housing units, 13,210 square feet of retail / restaurant, and build 575 parking spaces and over 30 bicycle spaces.

This proposal provides for a total of 345 apartment units, with 130 units at 120% or less AMI and 25 units at or less than 80% AMI. The remaining 190 units would be fixed at the market rate.

PEG’s proposal calls for:

  • 90 studio units of 560 square feet.
  • 160 one-bedroom units of 707 square feet.
  • 95 two-bedroom units at 965 square feet.

In total, the project would add 440 beds in downtown Boise.

The concept envisions two large “green walls” with plant material on a mesh backing facing the YMCA facilities along State St.

“PEG Companies (PEG) is pleased to announce its interest in teaming up with the Capital City Development Corporation on the Block 68 catalytic development project in downtown Boise, Idaho,” PEG wrote in a letter of application. “According to recently released 2020 US Census data, Idaho’s population has grown 17.3% in the past decade, the country’s second-largest, and its capital, Boise, has seen an increase of 14.6%. PEG hopes to meet the needs of the growing urban population while establishing a landmark that enhances the city’s skyline.

PEG’s proposal calls for $ 14.6 million in CCDC contributions, including for streetscapes, mobility hub and “reduced” property value.

He predicts that construction will begin in March 2023 and end in October 2025.

And after

The CCDC decided to form a group of three board members – Dana Zuckerman, Ryan Woodings and Latonia Haney Keith. The group will meet with developers, gather additional information, ask questions and provide information to CCDC staff. Agency staff will then grade and rank the proposals and submit them to the full board for a final vote.


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Parking space

Emerging technology shaping the future of parking

Evolving technologies and the endless implications of the Internet of Things for human comfort are making their way into every area of ​​our daily life, from your smartphone-compatible thermostat to autonomous vehicles, and now, the automation of the daily routine of the world. parking. That means full-scale parking lot automation and, yes, even apps for your smartphone to help you park.

Automated Storage / Retrieval (AS / RS) systems are a technology traditionally used to store goods in the manufacturing and warehousing process, but they are now revolutionizing the harsh world of parking. These systems are fully automated, allowing customers to drop off and collect their vehicles in a contactless, safe and secure manner at a central transfer location. Automated parking garages are not only a more convenient form of parking, but also help solve a wide range of issues, including urban sprawl, architectural design, land use, and climate change.

As consumers embrace and even anticipate these new technologies, many property owners and developers are reshaping the future of parking lots. The ensuing change in the expectations of parking lot and building owners made them rethink the benefits of automated parking in four important ways.

[Related: Office Matters, Part 1: Reviving Work at the Office]

1. Better building options

Real estate professionals, architects and developers can all benefit from automated parking systems as they help create innovative, functional and aesthetic options for new property designs by completely eliminating the need for ramps, cages, staircase and maneuvering space, thus creating opportunities for:

  • Preserving urban landscapes: Automated parking systems provide greater freedom to create unique garage designs and encourage underground installations by reducing the need for excavation, helping to preserve classic cityscapes.
  • Cost savings during construction: Since automated parking lots require less space, this means shorter construction times, less excavation, and reduced land use, all working together to produce significant cost savings for builders, homeowners and others. the architects.
  • More flexibility: Space savings also allows for more space to add more rental space, be it mixed-use, residential or commercial facilities, increasing profits for developers and homeowners. of buildings.

2. A standard of sustainability

The future of the auto industry is shifting from a long-awaited exodus from fossil fuels to more sustainable forms of energy. In 2020, global sales of EVs reached $ 2.5 million and continues to grow, with US regulations requiring half of all vehicles sold to be electric by 2030. Already witnessing global repercussions, current and future parking lots must incorporate electric vehicle (EV) charging stations to be viable for the drivers of tomorrow, especially in densely populated areas.

An automated parking facility can minimize the electrical service requirements for EV chargers, as vehicles in an automated parking system can be moved to and from charging stations to be charged rather than having chargers or stations. supply equipment for each EV parking space.

Automated parking lots eliminate the need to go around in circles and search for a parking space. With automated parking, drivers spend less time idling and thus reduce emissions. Environmental considerations are paramount in future building design and LEED certification. Considering that transport is the cause of one fifth of all global emissions, any technology that allows drivers to get on and off the road faster is ultimately more durable and more attractive to future drivers.

[Related: When Urban Infill Becomes a Matter of Parks and Rec]

3. The value of land and the desire for green spaces in urban areas

Typically, twice as many vehicles can be parked in an automated parking lot than in a traditional parking lot, using the same space, but significantly reducing land use. This frees up land to be used for other development or green space projects.

The earth is immensely precious. Some estimates suggest that there are 2 billion parking spaces in the United States and 300 million in Western Europe, and vehicle purchases are not stopping anytime soon. In densely populated cities around the world, much of the budget and extremely valuable land space is spent on the day-to-day inconvenience of parking.

The creation and preservation of green spaces in bustling cities and congested areas has become a growing trend globally, especially in Europe. The values ​​of green spaces and properties of private residences and brick-and-mortar businesses are directly correlated, and for good reason. According to World Health Organization, urban green space not only looks great, but is also linked to improving the health and well-being of those around it.

Reducing the space needed to park vehicles is vital for the future of parking, especially when considering the projections of population migration around the world. According to a UN report, 68% of all people are expected to live in cities by 2050. While COVID-19 has undoubtedly slowed population growth in some cities, the parking problems remain the same: too much land is being used for parking that could be better used to develop greener, urban environments.

4. Increase the safety and convenience of the driver

Traditional parking lots are known to be frustrating and dangerous. There are over 50,000 parking accidents each year in the United States, resulting in over 60,000 injuries and up to 500 deaths. However, automated parking systems provide a safe and convenient user experience. There is no need to navigate a multi-level parking lot to retrieve vehicles or worry about property damage.

Instead, customers can collect their vehicles with their smartphones at a secure pick-up / drop-off area. When it comes to automated parking, there is indeed an app for it. These apps allow drivers to schedule an hour to pick up their vehicle and track it remotely live when it is delivered to the loading area, eliminating unnecessary wait times at the garage.

Automated parking technology is definitely the way of the future. Sleek aesthetics, variety of construction options, emphasis on durability and land use, along with increased safety and convenience make automated parking an attractive solution to today’s parking challenges. hui.

About the Author:

Ian Todd is the Director of Automated Parking Systems for Westfalia Technologies, Inc.

Read more: National Flight 93 Memorial honors heroes of 9/11, helps heal the earth

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Car parking rate

Rent hike triggers referendum on foreclosure in Berlin, Real Estate News, ET RealEstate


BERLIN: In her apartment in the suburbs of Berlin, Regina Lehmann despairs of the letter from her owner, a large real estate group: the rent is increasing.

As of November 1, the increase of 12.34 euros ($ 14.54) on his monthly rent of 623.44 euros will be “difficult” to finance with his only income a disability pension, explains Lehmann at the AFP.

Almost 700 of its neighbors in Berlin’s popular Spandau district will suffer the same fate, raising their rents by up to eight percent.

Such increases are behind a popular initiative to “expropriate” real estate companies like Adler, owner of Lehmann’s apartment, which will culminate in a local referendum on September 26, the same day as the national elections and municipal.

Residents of the capital are increasingly frustrated with rising housing costs, as the city’s appeal to foreigners has grown in recent years.

And beyond Berlin, the cost of housing has become a hot topic in the election campaign for the contest to succeed Angela Merkel as chancellor.

Back in Lehmann’s living room, surrounded by photos of her family, Lehmann says she “just won’t pay” the raise.

“I think if we pay, after a while, they’ll raise the rent again,” she says.

364,000 signatures

Rent activists won the referendum in Berlin after collecting 346,000 signatures in support of their proposal, well above the number needed.

They push to “expropriate” the houses of real estate companies with more than 3,000 properties.

The poll’s result won’t be binding, but supporters hope to force the municipal government to respond to soaring rents, with the cost of housing rising 85% between 2007 and 2019.

The increase was painful for the inhabitants of the capital where 80% of the inhabitants are tenants and 19.3% of the people live below the poverty line of the country, against 15.9% in the whole country.

The activists blame the big real estate groups, like Adler, who owns 20,000 properties in Berlin.

In Lehmann’s Spandau neighborhood, activists argue that Adler’s attempt to raise rents is illegal, exceeding a legal benchmark linked to the average rent in each neighborhood.

The real estate group, in response, describes an “improved environment” around housing that gives it reason to charge more.

Advocates of the expropriation have stepped up the pace of their campaign in recent weeks to win over undecided voters, hanging posters and staging protests across the city.

Many Berliners have seen rent increases after the German Constitutional Court overturned a rent cap that had been introduced by the city earlier this year, and a poll by the daily Tagesspiegel showed that 47% of residents back the sweeping proposal presented in the referendum.

“We have to fight for our rights,” says Catia Santos, 41, who recently attended a protest against rents with her partner.

“Recently my rent has increased by 100 euros, although I am not earning more than before.”

Political conflict

On Friday, just over a week before the vote, the city of Berlin announced the purchase of 14,750 homes for 2.4 billion euros from German real estate giants Deutsche Wohnen and Vonovia, an agreement reached under pressure to find an answer to rising rents.

Forced takeover of private housing has been widely rejected by national and local politicians in favor of plans to speed up construction of new homes.

“The best protection for tenants is and always will be to have enough housing,” Armin Laschet, the conservative candidate for Merkel’s succession to chancellor, told a real estate conference in Berlin in June.

The favorite of the Social Democrats in the local elections in Berlin, Franziska Giffey, also declared herself against the proposal, believing that it could “damage” the reputation of the city.

But his party’s candidate for chancellor Olaf Scholz called for a “moratorium on rents” to stabilize prices.

Only the far-left Die Linke and some Green candidates came out in favor of the expropriation, some even displaying the logo of the rent activists on their election materials.


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Car park management

Oasis Apartments in Anaheim sell for $ 146.5 million – Orange County Register


The Oasis Anaheim, a 312-unit apartment complex in Anaheim, was sold for $ 146.5 million to Los Angeles-based Gelt Inc., according to JLL.

A joint venture led by Redhill Realty Investors sold the property at 3530 E. La Palma Ave.

JLL’s Sean Deasy, Ryan Fitzpatrick and Chelsea Jervis represented both sides of the deal.

The two-building Anaheim Canyon mixed-use development complex was built in 2009 on 5.21 acres. Each of the buildings features a combination of lofts, townhouses, and one- and two-bedroom units averaging 937 square feet. Facilities include a swimming pool, fitness center and yoga studio, clubhouse, business center and barbecue grills.

“The seller has done a very good job renovating approximately 30% of the units in this Class A property, and Gelt plans to make significant upgrades similar to the remaining 217 units,” said Josh Satin, vice president of acquisitions at Gelt.

These upgrades, Satin said, include the addition of quartz countertops, stainless steel appliances, hardwood floors, a tiled kitchen backsplash, an undermount sink with necked faucets. swan, as well as modern cabinetry and hardware.

  • The Oasis Anaheim, a 312-unit apartment complex in Anaheim, was sold for $ 146.5 million to Los Angeles-based Gelt Inc., according to JLL. A joint venture led by Redhill Realty Investors sold the property at 3530 E. La Palma Ave. Facilities include a swimming pool, fitness center and yoga studio, clubhouse, business center and barbecue grills. (Courtesy of JLL)

  • The Oasis Anaheim, a 312-unit apartment complex in Anaheim, was sold for $ 146.5 million to Los Angeles-based Gelt Inc., according to JLL. A joint venture led by Redhill Realty Investors sold the property at 3530 E. La Palma Ave. Facilities include a swimming pool, fitness center and yoga studio, clubhouse, business center and barbecue grills. (Courtesy of JLL)

  • Orange County-based Dunbar Residential Investments bought Sunset Cliffs Apartments in San Diego County for $ 13.6 million, according to Cushman & Wakefield, who negotiated the sale. The 52-unit complex comprises 11 buildings with one-story cottages and two-story townhouse-style apartments. (Courtesy of Cushman & Wakefield)

  • Buchanan Street Partners, a Newport Beach-based real estate investment management firm, has acquired 4600 Ross, a 294-unit apartment complex in Dallas. The terms were not disclosed. Buchanan purchased the property from Cypress Real Estate Advisors. (Courtesy of Buchanan Street Partners)

  • Julie Tran, agent in Irvine’s office at Berkshire Hathaway HomeServices California Properties, has been elected president of the Orange County chapter of the Asian Real Estate Association of America. The group has chapters across America and helps real estate agents of Asian, American and Pacific Island heritage network and develop their skills. (Courtesy of Andrew Bramasco)

  • Doug Pearl has been appointed director of the mixed-use studio at AO, an architecture firm in Orange. (Courtesy of Light & Shine Photography)

New Brunswick company buys in San Diego

Orange County-based Dunbar Residential Investments bought Sunset Cliffs Apartments in San Diego County for $ 13.6 million, according to Cushman & Wakefield, who negotiated the sale.

The 52-unit complex comprises 11 buildings with one-story cottages and two-story townhouse-style apartments.

The seller was Appian Lane Associates.

Mark Bridge and Jon Mitchell of the Cushman & Wakefield Multifamily Advisory Group in Orange County represented the buyer and seller.

Buchanan buys in Texas

Buchanan Street Partners, a Newport Beach-based real estate investment management firm, has acquired 4600 Ross, a 294-unit apartment complex in Dallas.

The terms were not disclosed.

Buchanan purchased the property from Cypress Real Estate Advisors.

4600 Ross was completed in 2020 and has 51 studios, 166 one-bedroom units, and 72 two-bedroom units, with 5 three-bedroom townhouses. The property was 95% occupied at the time of the sale, Buchanan Street Partners said.

Facilities include air-conditioned hallways, high-end finishes, swimming pool, covered outdoor living space, parcel locker system, fitness center, yoga studio, sky lounge, animal spa and a dog park.

The acquisition is Buchanan’s third in the past 11 months in Texas.

The former home of Trinity Broadcasting Network has been sold to Orange County real estate development company Khoshbin Co. The company is owned by supercar collector Manny Khoshbin who plans to renovate the campus, adding an automobile museum , a restaurant and creative offices. (Courtesy of CBRE)

TBN campus sold for $ 22 million

The former Trinity Broadcasting Network campus in Costa Mesa has been sold again, this time to Khoshbin Co. for $ 22 million, according to CBRE.

Khoshbin Co. is owned by real estate developer and supercar collector Manuchehr “Manny” Khoshbin.

Plans for the campus remain somewhat fluid, Khosbhin told the Register by email on Friday. An early vision of adding an auto museum, restaurant, and creative office space could change if a tech company takes an interest in the space.

Khoshbin a 2.3 million subscribers on Instagram where he is often seen posting photos and videos on supercars. Car enthusiast sites rate his personal car collection worth at least $ 50 million.

The real estate developer and investor purchases a property that has long been known for its light Christmas decorations that lit up Highway 405 near South Coast Plaza.

The Christian TV Network bought the 6-acre facility in 1996 for $ 6 million and sold it in 2017 for an undisclosed sum to Greenlaw Partners. The property at 3150 Bear St. has since changed ownership, and the property records show that the seller was Alliance South Coast Properties LLC.

According to city and state documents, the LLC is owned by EFEKTA Orange Inc., a Delaware-based education provider. The company in 2019 requested an infrastructure change with the city to create an international language school of 627 students with three dormitories on the property.

TBN founder Paul Crouch – who said he heard God tell him to start a Christian TV channel almost 45 years ago – died in 2013. His wife and co-founder, Jan Crouch, died in May 2016.

The network continues to broadcast from a studio in Tustin.

Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson and Justin Hill of CBRE represented the seller. Khoshbin Co. represented itself.

People in real estate

Doug Pearl has been appointed director of the mixed-use studio at AO, an architecture firm in Orange. He comes to AO with over 23 years of architectural and commercial real estate development experience. Its objectives will include the growth of the business sectors in the repositioning of retail and industrial mixed uses.

Julie Tran, agent in Irvine’s office at Berkshire Hathaway HomeServices California Properties, has been elected president of the Orange County chapter of the Asian Real Estate Association of America. The group has chapters across America and helps real estate agents of Asian, American and Pacific Island heritage network and develop their skills.

Tangram Interiors’ Newport Beach office donated classroom desks, workstations and work chairs to the Orange County Rescue Mission in Tustin. The products were delivered and installed by Tangram and supplied the OCRM headquarters and student classrooms. (Courtesy of Tangram Interiors)

Good work

Tangram Interiors’ Newport Beach office donated classroom desks, workstations and work chairs to the Orange County Rescue Mission in Tustin.

The products were delivered and installed by Tangram and supplied the OCRM headquarters and student classrooms. The donation included 61 desks for students. Classrooms were renovated during the 2020 pandemic so that the 61 resident students can continue to learn remotely.

Workstations and work chairs have been set up for adults currently working for OCRM at the head offices of various departments.

Real estate transactions, leases and new projects, industry hires, new businesses and upcoming events are compiled from press releases from editor Karen Levin. Email items and high-resolution photos to Business Editor Samantha Gowen at [email protected] Please allow at least a week for publication. All elements are subject to change for clarity and length.



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Webber to leave the University of Washington at the end of the year | Source


Webber

Henry S. Webber, executive vice chancellor for civic affairs and strategic planning at Washington University in St. Louis, will leave the university at the end of 2021, according to Chancellor Andrew D. Martin. Webber will end his administrative position on October 31 and will continue to teach at the university until December 31.

“Hank Webber is an insightful, dedicated and energetic leader who has brought a wealth of experience and expertise – as a practitioner and educator – to his work at the University of Washington and in the greater St. Louis area.” , said Martin. “He has been a driving force behind a number of high impact projects on our campus and in our community, perhaps most notably the transformation of the east end of our Danforth campus, our sustainability efforts and reduction of energy consumption on our campuses, and its work to make the Cortex Innovation District an international reputation.

“I am grateful to Hank for his many contributions, which will have a lasting impact on our institution. He has been instrumental in establishing a solid foundation for our commitment to be “in Saint-Louis and for Saint-Louis”, and we are better as an institution because of the time he has spent here. . I wish him all the best as he embarks on his next chapter.

Webber has been in his current role since September 2020, with primary responsibility for St. Louis community and university planning initiatives and university units, including the office of the university architect and town planner; the Academy for Diversity, Equity and Inclusion; Edison Theater; the Institute for School Partnership; the university ombudsman; real estate operations and development; capital projects; durability; and the University of Washington Police Department. He was previously executive vice-chancellor and administrative director of the university, a position he had held since 2008.

Webber was a driving force behind the East End Transformation Project, which was dedicated in 2019 and reinvented 18 acres of the Danforth campus, adding five new buildings, expanding the Mildred Lane Kemper Art Museum world-class university, moving hundreds of underground parking spaces. , and the creation of the new Ann and Andrew Tisch Park, a large green space that provides pedestrian and cycling access in and through the Danforth campus. The project was recognized with the St. Louis Business Journal’s “Building St. Louis” award earlier this year and made the cover of Architect magazine in February 2020, among other accolades. He has also led the $ 1.5 billion development of other university facilities including Knight-Bauer Hall, the University of Washington Lofts on Delmar Loop, Hillman Hall and a comprehensive renovation of college graduate housing.

Under Webber’s leadership, the university’s campuses have become greener and more energy efficient, reducing greenhouse gas emissions to pre-1990 levels, despite doubling the size of the physical campus since that time. . During his tenure, five buildings on the Danforth campus – including four at the east end – achieved LEED Platinum status, and the university strengthened its commitment to solar power, installing new panels at a time on campus and throughout the community by sponsoring programs such as Grow the Solar STL.

Webber has been Chairman of the Cortex Innovation District Board of Directors since 2017 after six years as Vice Chairman. During his leadership tenure, Cortex became a national model in creating an urban innovation community with over $ 2 billion in investments, 430 businesses, 2 million square feet of development and 6,200 jobs. fulltime. A recent report co-authored by urban expert Bruce Katz described Cortex as a national model for an inclusive innovation district led by anchors.

“It has been one of the greatest pleasures of my life and career to contribute to the University of Washington and the St. Louis area. I am extremely proud of what we have accomplished together, ”said Webber. “We are at a time when planning for our St. Louis initiative is nearing completion and we are ready to advance our strategic efforts and partnerships in the region in exciting ways. It’s time to turn the leadership over to someone who will approach this opportunity with a new perspective for the work that lies ahead. I plan to take the time to consult on community development issues and get back to work on a deferred book project on the challenges of older industrial cities.

Webber, who is also a professor of practice at Brown School and the Sam Fox School of Design & Visual Arts, is a nationally recognized expert in community engagement and development. As a faculty member, he has taught courses on subjects such as urban development, health policy, strategic management and social protection policy. His research has focused on community development, mixed-income housing, racial and income segregation, and the role of anchor institutions in urban communities.

He has served on several non-profit boards in the St. Louis area, including serving as Chairman of the Board of Cortex. He is also chairman of the board of directors of the Washington University Medical Center Redevelopment Corp. and Investir STL, the regional community development initiative in St. Louis. He sits on the boards of Forest Park Forever, Provident, RISE, the St. Louis Shakespeare Festival, and the Jewish Federation of St. Louis. He previously served on the board of directors of Shorebank, the largest community development bank in the United States.

“Hank Webber made many outstanding contributions during his time at the University of Washington,” said Chancellor Emeritus Mark S. Wrighton, with whom Webber worked closely during 11 years of his tenure. “He is a dynamic and effective leader with a great passion for his work and the causes he defends, and, above all, for the people who serve alongside him, both at the university and in the community in general.

“Hank has made significant contributions to educational programs, facilities, administrative activities, and our community, including his work with Cortex. He left an indelible mark on the university and the region, and he should be proud of his many accomplishments during his time here. It has been a privilege to work with him. I have no doubt that he will find new and meaningful ways to put his talents to good use in his future endeavors. I wish him the best of luck in everything he does.

Prior to his appointment to the University of Washington, Webber spent 21 years at the University of Chicago, most notably as vice president of community and government affairs. Under his leadership, the University of Chicago’s Community Affairs program was recognized in a national study as one of the twelve strongest programs in the United States. A graduate of Brown University, he earned a master’s degree in public policy from the John F. Kennedy School of Government at Harvard University.

“We are grateful to Hank for his years of service to the university, and we have also focused on the future, including, importantly, our continued commitment to the St. Louis area,” added Martin. . “We will carefully consider how best to go about defining and fulfilling a leadership role focused on these efforts. Our role in St. Louis remains one of our highest priorities, and we will not lose our momentum. I look forward to working with our regional partners to determine our best way forward and to implement the elements of our St. Louis initiative in the months and years to come.


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A conflict looms over the parking lot planned for OTR’s Logan Street

CINCINNATI – Longtime resident John Back knows all too well the urgent need for better parking access in Over-the-Rhine, especially near Findlay Market. Although he has access to a lot, he said he can still get stuck with no space to park. It is even more difficult to make room for guests in his home.

“It’s difficult, you know. People who don’t have a parking space, sometimes they take yours because they don’t know who it is. Sometimes your parking space is blocked.

Like a number of other residents and community stakeholders, he welcomes Hamilton County’s idea of ​​building a parking garage in the area to meet the needs. The garage is expected to include spaces for the public, especially Findlay Market patrons, TQL Stadium football fans, in addition to locations for local developers like The Model Group and Urban Sites.

However, Back is one of many people deeply invested in the preservation of the Overseas Territory and history who challenge how Hamilton County wishes to execute the plan. Project organizers intend to close part of Logan Street between Elder Street and Findlay Street, and build on the current street to create the new parking structure. They are also looking to create a new access street behind the garage that will connect to Central Parkway.

Tomorrow, the city’s planning commission is to consider Hamilton County’s request for part of Logan Street in Over-the-Rhine to be vacated and sold to prepare the land for the garage. In addition to raising issues with the project’s urban planning, critics argue that Hamilton County did not sufficiently seek community input before seizing the commission.

Residents say crossing Logan Street is important for their travel. Building the garage with this design will disrupt the network of the historic district, making it more congested and degrading the quality of life for residents.

“I’m in favor,” Back said. “But the main problem here is that there is a street called Logan Street that people use every day.” Back happens to be a developer and has returned a number of properties in the area. He also works for a real estate company and is an architect by training. Still, he said his concern about this effort was rooted in his professional experience, but also in his love and passion for Over-the-Rhine as a neighborhood.

“I don’t see anything more annoying than wiping out an entire street and cutting off people.”

Jennifer LeMasters, also a longtime resident and architect, shares Back’s concerns. LeMasters is the Co-Chair of the Over-the-Rhine Foundation Interim Committee. She feels that those who received enough information and commitment to the project were well-to-do business professionals who are exploited in the Over-the-Rhine business community. More than that, she and other critics argue that those who have consistently corresponded with Hamilton County about the new garage are the ones who will benefit the most from the structure.

Meanwhile, ordinary and marginalized residents who are out of touch with the city’s bureaucracy and Cincinnati’s business scene are out of the loop, according to LeMasters. She believes the county and the project organizers should have done a better job of reaching more residents who will be affected so that they had a better chance to provide their contribution.

“There is a significant commitment, then you just have to check the commitment box. And I think they ticked the box on that 80% engagement, 70% maybe, but, but did they have any meaningful engagement here? No.”

But Phil Beck, Hamilton County Construction Manager, opposes the criticism.

“I can categorically say it is not.” Beck, the garage project leader, dismisses the idea that Hamilton County has not made a concerted and energetic effort to educate and engage with various residents as well as important institutions. He said Hamilton County had held around 20 meetings with people from the community over the past few months.

Joe Hansbauer, CEO of Findlay Market, is supporting county officials in the face of criticism. Hansbauer said he had never seen so much community outreach on a project in his 10 years at Findlay Market.

“In the end, I think they picked a design that maximizes the contribution of the community. Does that mean they hit 100% of all concerns? Of course not. It’s not possible, right? But they recognize where, you know, there were concerns that they couldn’t address. And I think that’s what it is. “

Bobby Maly of The Model Group also took issue with criticism that the garage disproportionately adapts to the needs of private companies by giving them the bulk of the spaces. He said much of those spaces would also serve as parking for workers during the day and public parking at night and on weekends.

Still, critics like LeMasters and Back blame the county for not formally hiring the Over-the-Rhine Community Council before approaching the city’s planning commission to evacuate and sell the land on Logan Street.

“I hope the planning committee realizes that this goes against the overall plan,” Back said. “It is against the values ​​that we have adopted as a city.”

The planning committee is due to address the vacation and the Logan Street sale at 9 a.m. on Friday, September 17. Those interested in following the discussion can watch a live broadcast here on the city’s website.

Monique John covers gentrification for WCPO 9. She is part of our donor-supported journalism program Report For America. Learn more about RFA here.

If there are any stories about gentrification in the Greater Cincinnati area that you think we should cover, let us know. Send us your tips at [email protected]

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Springfield City Council Approves $ 2.2 Million in Local Tax Fund for Park Improvement and Historic Preservation


SPRINGFIELD – City council on Monday approved about $ 2.2 million in public funds for projects ranging from park improvements to historic improvements.

Approvals were for 10 of the 15 projects recommended by the Community Preservation Committee. The remaining five drafts were forwarded for consideration at a later date.

“I’m glad they’ve been approved,” said Robert McCarroll, chair of the Community Preservation Committee. “Much of what was approved was significant neighborhood parks – all of the recreational facilities that Springfield residents will enjoy along with the improved quality of these sites. “

The committee received 27 requests for funds, reducing them to 15 recommended projects. Any recommended project requires Board approval.

Under the Community Preservation Act, passed by city voters in 2016, earmarks city taxpayer dollars for historic preservation projects, improving parks and open spaces, and helping with community housing. .

The city levies a 1.5% surtax on residential and commercial properties in Springfield each year to fund projects. The first $ 100,000 of real estate valuation is exempt from the surtax.

The following projects have been approved by the city council:

  • Cottage Hill Square Grove, Indian Orchard: $ 250,000 for upgrades to the retaining wall flower bed, water pipe, tree replacement, driveway repairs, new trash cans, benches and to landscaping
  • Blunt Park Tennis Courts, Bay: $ 250,000 to renovate six tennis courts
  • Exterior renovations to the Kilroy House on Edwards Street at the Quadrangle Museums, Metro Center: $ 250,000 to repair and protect the stucco exterior of the historic Renaissance Mission house
  • Stone Soul Memorial Gardens, 1800 Roosevelt Ave., Bay: $ 248,000 to create a memorial garden, renovate picnic and play areas, create new trails and improve the existing pavilion
  • Forest Park Picnic Grove: $ 242,000 to renovate the grove, including design and construction, picnic tables, a wood-frame pavilion and a new accessible walkway
  • Magazine Park, McKnight: $ 210,000 for a master plan, ball field and playground equipment
  • Spray structure Marshall Roy, rue Carew and boulevard St. James, East Springfield: $ 209,300 for the installation of a projection area and a spray structure
  • Drama Studio, 41 Oakland St., Forest Park: $ 170,000 for repairs to the exterior of the historic old All Saints Church
  • Hubbard Park Tennis Courts, Parker Street, Indian Orchard: $ 164,979 to rebuild tennis courts, fences and parking lots
  • City of Springfield Down Payment Assistance: $ 160,000 to provide down payment and closing cost assistance to income-eligible households


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Bruce Towers issues must be resolved, otherwise


Officials in the Town of Lorain are right to order the owners of the Bruce Towers to improve the living conditions of its residents and reduce crime, or they will do everything possible to shut it down.

The city applied to the Lorain County Common Plea Court against the two-building, 46-unit apartment complex at 5001-5003 Oberlin Ave. due to poor living conditions and widespread crime, including two fatal shootings in May.

Nearby residents and businesses, as well as the law-abiding citizens who live in Bruce Towers, shouldn’t have to put up with the negativity of the apartment complex.

Lorain’s attorney, Robert Gargasz, who represents the Ohio Multi-family LLC, the property group, said in court on September 9 that necessary repairs to the Bruce Towers apartments will take place.

However, Lorain’s chief legal officer Pat Riley said at the hearing that public safety, and not just building violations, remains a concern for city officials.

The September 9 hearing was a follow-up proceeding to the city’s lawsuit filed by Lorain’s legal department for the director of the city’s security service, Sanford Washington.

The city administration is seeking a court order to clean up conditions so bad that city officials claim the buildings are a nuisance to public health and safety.

Lorain County Common Pleas Judge James L. Miraldi, who is presiding over the case, said based on the lawyers’ discussion that there was progress in improving living conditions in the two buildings.

Miraldi, however, has set another hearing for October 28 for the city and landlords to report on further progress.

If living conditions have not improved and crime continues to surface in Bruce Towers, the city must attempt to shut down the apartment complex.

And Riley gave valid reasons because the city’s “primary concern” is security and crime.

He spoke of recent police reports from Lorain, including gunfire and break-ins, that there had been no slowdown in violent crimes since the first hearing on Aug. 3.

It is a huge problem.

Riley also pointed out that prior to the lawsuit there was no resident manager and the ownership group was non-existent.

He also acknowledged that there is progress now, because the city has gone to court.

Construction conditions can be corrected, which Gargasz says will happen.

But, crime is the concern.

Gargasz told Miraldi the owners would allow Lorain Police to park a patrol car to enhance security at all times and work with detectives to investigate the incidents.

Gargasz also believes that if a police car is ahead, drug dealers could keep moving.

This is where Gargasz is wrong.

It is not the city’s responsibility to maintain a cruiser at Bruce Towers.

It is the duty of the owners to ensure the safety of the residents.

Police fight crime in other problem areas and use other prevention methods to keep people safe.

Bruce Towers must hire his own security to patrol the area.

The city will not and should not be posting a cruiser outside of Bruce Towers, unless an investigation is underway.

Additionally, Miraldi even admitted that he couldn’t order Lorain’s police when and where to patrol.

However, he encouraged the owners and the city to work together.

Gargasz said he wants criminals to know people are watching them and will be reported to the police and prosecuted to the fullest extent of the law.

We agree with Gargasz on this.

Regarding construction conditions, Gargasz said a contractor was hired to ensure the building meets municipal fire regulations and has sanitary conditions and real estate repairs.

Riley said there was “undeniable” progress in addressing concerns about fire hazards to residents, citing an inspection that day by the city’s deputy fire chief Greg Neal.

He also said it was not clear if pesticides were being applied correctly to kill cockroaches and bedbugs while keeping people safe, but this could be verified by Lorain County public health officials. .

Gargasz proposed renovations on one side of a building, then the other, to be more efficient for the contractor and so tenants would have a place to stay.

He added that there are times when things need to be fixed in the units, but tenants do not notify management.

So far, it appears that six tenants have moved and as many as 25 have been made aware of the resources available to help them move.

The city has appealed to local social service agencies to help, but Washington added that some residents are going to be difficult to place.

But, if these problems and problems persist at Bruce Towers, Lorain officials must use his means to shut it down.


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Developments in development: affordable housing on the 24th, from pizza to housing, and protection of housing services

Affordable accommodation in the Casa!

As DJ Khaled would say: “Another one! The Casa de la Misión at 3001 24th St. is full, making it the fourth affordable housing development in the neighborhood to debut in the past year and a half.

More than 40 seniors recently released from homelessness live there. In addition to their unit, residents can access a community hall, rooftop patio, yard, classes and educational programs, and comprehensive mental health and addiction services.

It’s a far cry from a Taco Bell, which was the old iteration of the building until the nonprofit Mission Neighborhood Centers moved in and bought the place in 1994. I’m sure Taco Bell won’t care, given that its past ads have encouraged older people to live their best lives.

At the Casa de la Misión, residents pay 30% of their income in rent. According to internal videos, each unit is equipped with cooking utensils and a microwave, to the delight of tenants.

“Everything I told them I needed was here,” said Jannette, one of the first residents, who said the equipment stabilized her mental health. “You wouldn’t be able to believe it’s the same person. I’ve never had a place to cook before.

An online celebratory ceremony began on Wednesday and brought together Mission Neighborhood Centers CEO Richard Ybarra, the Mayor of London Breed, Supervisor Hillary Ronen and representatives of developer Mercy Housing and its partner Silicon Valley Bank.

The only item left on the to-do list is subletting the empty commercial space next door – and initial plans show the San Francisco Bike Coalition will take the wheel.

A piece of cake

Mom Mia! This old pizzeria could become four houses!

The building at 3515 Mission St. near Cortland Avenue, which previously housed Cecilia’s Pizza & Restaurant and La Carne Asada Restaurant, could be demolished, according to planning documents. A new building will be erected and will offer four residential units and retail businesses. This plan, like the reviews on Cecilia’s Yelp page, can be divisive.

A few neighbors asked questions, according to Man Yip Li, the architect. It’s early and the plans are unfinished, but Li accepts the questions. Requests for a discretionary hearing must be made before October 6, 2021.

The proposed building would be 24 feet taller than the current one, or 40 feet tall. Li planned a three-bed / three-bathroom unit on the third and fourth floors, as well as of them two beds / two baths on the second floor. (Say this three times faster.) The main floor aims to be 900 square feet of retail space.

Accommodation arrangements in relation to ADUs

I can’t touch this. Yes, MC Hammer, but also some housing services, said the Planning Commission.

On Thursday, the town planning commission unanimously approved an ordinance to protect housing services like laundry rooms or parking lots from demolition or downsizing.

The legislation came from District 8 Supe Rafael Mandelman, who said landlords in his district planned to remove pre-existing amenities to pave the way for the construction of accessory housing units (ADUs). For example, an owner of a 30-unit rental-controlled building in Dolores Heights plans to demolish a garage and replace it with four ADUs.

“At 80 years old and currently with reduced mobility, it will be very difficult for me to remain proudly independent” without his garage parking, said tenant Richard McGarry, whose building at 555 Buena Vista Ave. West faces a similar situation.

Already, it is illegal to remove a housing service without “just cause”, but ADUs are not explicitly mentioned in this protection. Enter the ordinance – with minor adjustments.

On Thursday, Mandelman’s legislative assistant Jacob Bintliff presented an updated version, which ensures that candidates who want to break up a housing service must first notify tenants and the rent board. Tenants can make representations to the Rent Commission on how the loss of a service will affect them.

The town planning department tried to creak with two amendments, one arguing in particular that parking spaces should be exempt from protections. The department felt that the city should prioritize housing and not cars. “Often a garage space or parking space is the most suitable area to expand living space, whether or not for an ADU,” said planner Veronica Flores.

However, the Commissioners rejected this amendment and the other. They decided that parking was a critical factor for many who choose a home and was already part of tenants’ rights.

Then the legislation is sent to the Land Use and Transport Committee in October.

Housekeeping: what you missed and what I’m reading

From us, to you, with love:

On the bridge is Joe Eskenazi, who is investigating whether the influence of a former mayor is enough to give the green light to the controversial (and arguably illegal) construction of a resident. After all, “it never falls on Willie Brown.”

“Rubbish, rubbish, rubbish, not for you!” goes a well worn line of Notebook. Except in San Francisco, it is for you – to pick up it is, according to Eleni Balakrishnan. Also, what do we spend on trash and why? Lydia Chavez reveals.

What I’m reading:

What is gentrification? This is not the problem you might think. Vox political journalist Jerusalem Demsas convincingly addresses the elusiveness of ‘gentrification’ and how it can distract from segregation, which she sees as the most fatal problem facing the country. housing equity.

“House hunting: is this price fair?” By Candace Jackson for the New York Times enlightened me on the prevalence of “underpricing” in the Bay Area, a tactic that forces buyers to guess what the actual home is worth. “You can never price a house too low, or that’s sort of the theory,” one real estate agent said.

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County seeks public opinion on plans for vacant Wendy’s land

Arlington County invites the public to comment on the planned development of the vacant Wendy’s land at 2025 Clarendon Blvd.

Greystar Real Estate Partners proposes to transform the 0.57 acre lot about one block from the Courthouse metro station into a 16 story apartment building, with up to 231 residential units and 4,000 square feet of retail Retail.

Until Thursday, September 16, residents can comment on the land use – whether the building is to be used for apartments or offices – as well as the size of the building, architecture, transportation and open spaces.

Initially, the project was to be an office building, proposed by the former developer, Carr Properties. After receiving the go-ahead from the county council in 2015, the fast food restaurant was demolished in 2016, but the office building never materialized. Instead, the vacant lot was used as a staging area for 2000 Clarendon, a condo project across the street.

A representative for Greystar said in a presentation that Carr could not find a tenant for the office building. The new developer therefore turned to apartments instead.

“While a conversion from an office to residential use will always require some modifications to a building, we took a fresh look at the previously approved project, while modifying it to fit a residential floor plan and by adding a modest extra height, ”the representative mentioned.

For the new project, the county and Greystar are interested in commenting on the architecture.

Greystar and architect Cooper Carry liken the building to a ship, county planner Adam Watson said. At the “bow”, pointing west towards N. Courthouse Road, an “angular glass vessel” perched on marble-clad columns will rise above the square, while the facades along Clarendon and Wilson Blvd will be red brick, he said.

“We are really looking forward to hearing your thoughts and comments on what you would like to see in terms of signature gateway architecture on the site,” he said.

A 1,497 square foot public pedestrian plaza will be located under the columns at the intersection of Courthouse Road, Wilson Blvd and Clarendon Blvd. Greystar is looking to fill the retail space with a restaurant that can use the place for alfresco dining, according to a spokesperson.

In the basement, the new project includes a parking ratio of 0.32 spaces per unit, for a total of 74 spaces for residents, but no commercial parking, according to a staff presentation. There will be 252 secure bicycle parking spaces and eight visitor spaces.

At 16 stories and 165.5 feet tall, the project is much higher than the recommended maximum of 10 stories in the Rosslyn Urban Design Study in Courthouse. But Greystar has a plan to secure the desired height and density.

The project involves a 104,789 square foot transfer of development rights to Wakefield Manor, a small garden apartment complex located less than half a mile from the proposed development. Housing on N. Courthouse Road – featuring elements of art deco and modern design – has a historic easement, depending on the county.

Once the comment period is over, the county plans to hold virtual sitemap review committee meetings in October and November. Dates for committee meetings and final county council approval have yet to be determined.

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The city center sees development migrate to its east; the Catalyst Campus plans major expansion | New


Started barely six years ago, the Catalyst Campus for Technology and Innovation is jam-packed, triggering an ambitious expansion plan that will cost $ 68 million for infrastructure and redesign of part of the downtown area.

While the American Olympic and Paralympic Museum and Weidner Field sprang up in the southwestern part of downtown, and bars and restaurants lined Tejon Street with apartments popping up all over the heart of the city , not much happened on the east side of the heart.

But this sector could soon take off with hundreds of apartments under construction or in the pipeline, a parking lot under construction and plans taking shape for vacant housing. Gazette building and the former Saint-François hospital.

Now, a proposal from the Catalyst Campus, located in the historic Atchison, Topeka and Santa Fe rail depot and related buildings, will further strengthen the east and southeast sides of downtown, said its founder Kevin O’Neil.

Owner of The O’Neil Group Co., O’Neil is an entrepreneur with interests in residential and commercial real estate development and aerospace and cyberspace technology. He also says he is trying to integrate a community development component into his projects, and the Campus Catalyst expansion will do just that.

“We are a community builder instead of a developer,” O’Neil tells the India. “We are trying to improve and clean up the neighborhood. We see a lot of transient behavior there.

The city council was to be informed on August 23, the day the India went to press, but City Council Chairman Tom Strand is excited about the project, and Councilor Bill Murray says via email: “This proposal could help the city expand its technological footprint, which is still weak by compared to most cities.

Catalyst Campus features program areas, executive offices, research and development facilities and meeting spaces. These include the Catalyst Space Accelerator, sponsored by the Air Force Research Laboratory’s Directorate of Space Vehicles, which promotes commercially augmented technological progress. It has hosted nearly 50 companies around the world and secured more than $ 48 million in follow-up funding from government and private investors. Another is Space CAMP, a software factory focused on the development and deployment of Space Force mission applications for the fighter.

Nestled at the confluence of Pikes Peak and Colorado Avenues on the east side of downtown, the campus has gradually overtaken its facilities, leading O’Neil to propose the creation of two metropolitan districts and a business improvement district. totaling 15 acres.

If approved, the Catalyst BID would be one of the city’s 16 business improvement districts; two more are awaiting approval, according to city records. The city has about 46 metropolitan districts and approvals for 16 more are pending.

Catalyst Districts would tax up to 50 vintages on property tax bills to fund expansion and 10 mills for operations and administration. Districts could also adopt a public improvement charge, which is essentially a sales tax.

O’Neil plans to add executive office suites, research and development labs, residential units and, perhaps, a parking garage, increasing the footprint from 220,000 to 1 million square feet.

The work includes upgrading utilities and high-speed fiber to the east side of downtown, an initiative that would benefit surrounding properties, he said, as well as the continuation of the Legacy Loop public trail.

O’Neil said former President Donald Trump’s decision to locate the headquarters of the new space force at Peterson Air Force Base in Huntsville, Ala. – a decision contested by businessmen and local officials – did not will not hinder the development of the aerospace contingent in Colorado. Springs, and the Catalyst Campus plays a key role in this regard.

“We see new programs evolving every day,” he says. “You can’t all go to Huntsville when we’re the space capital. We have the industrial base. With the current workforce working under Space Force that would be redirected to Huntsville, we believe 75 percent of those employees will not be leaving Colorado Springs. We’re fine anyway.

It is because the demand is so great. “We are full and our request is to build something new for customers here and others who want to settle here. “

While the proposal asks for permission to issue up to $ 90 million in bonds to fund the project, it estimates the actual cost to be around $ 68 million. O’Neil says that, assuming Council approves the service plan and the creation of the districts in mid-September, he hopes to market the bonds in November and begin construction next year. (O’Neil admitted he would buy some, if not all of the bonds, although he expected other investors to step in.)

The districts would cut a strip through the old rail yard and stretch from Colorado and Pikes Peak Avenues in the north to Costilla Street in the south, and from Wahsatch Avenue in the west to Shooks Run in the east. It wouldn’t immediately integrate into the adjacent Transit Mix site, although O’Neil says he’s working on buying it. O’Neil’s project would lead to the old Gazette St. Francis Building and Hospital, which are located in the 23-acre GSF Business Improvement District and GSF Metropolitan Districts 1 and 2, controlled by Norwood Development Group.

These three districts plan to issue up to $ 100 million in debt to fund utilities, two parking garages, improved drainage, parks, streetscapes, landscaping and public art. . The redevelopment would bring in townhouses, apartments, a hotel, retail and office space and other commercial uses. Districts have formed and an election is slated for this fall to exempt BID income caps imposed by the Taxpayer Bill of Rights.

Chairman of the Strand Board says the formation of subways and business districts has been an effective tool across the state, in terms of funding, as they create a source of income that allows development to be self-financing.

He notes that the Catalyst campus is “exploding,” so an expansion makes sense and would provide space for defense contractors and create jobs for local college graduates with technical degrees.

UCCS and Pikes Peak Community College recently adopted programs to nurture graduates of the high-tech and aerospace industries, and on August 20, the US Space Force and the University of Colorado announced a new partnership program.

City Councilor Murray said that regardless of the location of the Space Force, O’Neil’s plans could help the city expand its technological profile while, combined with Norwood’s plans, “help anchor that side.” from the city “.

But the project won’t necessarily solve the city-wide lack of cheap broadband, which has made the city a “postal mail destination,” says Murray. That said, he is in favor of the creation of neighborhoods.

Strand says the project and other new developments will force the city to further study its ability to provide municipal services, from transit to police protection.

“In terms of public safety, I am concerned about the Colorado Springs Police Department as we are about 100 less sworn officers than we need,” he says, adding that 80 recruits will be starting an academy this month. this.

“It’s going to create more demand, more businesses, more people, more business, and I’m very worried about that,” he says. While the fire department is “well positioned” in the city center, Strand questions transportation, from the suitability of roads to public transit.

“That’s a good question,” he said. “We’ll have to look at this. ”

From the City of Champions The sightseeing package has started to take hold in recent years, bringing the Olympic and Paralympic Museum to the southwest side, along with Colorado College’s nearly completed football stadium and Robson Arena, the downtown area has seen a boom.

Several new tax districts have been created, particularly near the museum, to finance offices and apartments in height. The city renovated Vermijo Avenue to encourage pedestrian traffic, and the city recently won a $ 1.6 million grant from the Colorado Department of Transportation that is intended for Phase 1 of a project to beautify the street. Tejon Street from Colorado Avenue to Boulder Street. The first phase will focus on two blocks going from Colorado to Kiowa.

Despite the closures caused by the COVID-19 pandemic, restaurants have opened, bars are buzzing and apartments are growing like weed. Multi-story apartment buildings have been built or are underway throughout the city center, bringing thousands of units to what was once a housing shortage, despite the Citywalk built in 1962 at 417 E. Kiowa St .

333 ECO Apartments in Colorado and Wahsatch have opened in the past two years, while Pikes Peak Plaza Apartments are under construction on three acres at the northwest corner of Prospect Street and Pikes Peak Avenue, including a multi-story parking lot. .

Now, O’Neil’s plans will advance development in this neighborhood.

“We have been following the plans of the O’Neil Group company closely for a long time,” Downtown Partnership CEO Susan Edmondson said via email.

“With O’Neil Group, it’s a win-win because not only are existing properties going to be improved and new spaces built, but with it all comes a highly talented workforce – high paying jobs and growing businesses. growth. This is an incredible opportunity for Downtown, ”she said.

Edmondson adds that his agency planned the transformation a few years ago, thanks to O’Neil’s investment. She says some 1,500 apartments in the downtown southeast quadrant – all east of Nevada Avenue – have recently been completed, under construction, or about to open. She estimates that 3,000 units are completed, under construction or under construction next year across the city center.

Greg Dingrando, public information officer for the Pikes Peak Regional Building Department, said at least 1,000 apartments have been built or licensed since 2016.

“What we see now is the east side of Colorado Springs [Downtown] becomes the cool place, ”says O’Neil. “The number of vertical apartments is more than anywhere else in the city center. The [Catalyst Campus] is doing its part to bring that economy, those jobs and the quality of the streets there. If you go there and see what we’ve been up to over the past five years, you would be amazed.


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Zoning relief requested for 3 projects at St. Paul’s Highland Bridge – Twin Cities

Three new real estate projects could soon advance at Highland Bridge, the 135-acre property commonly known as “the Ford Site.” And everyone is looking for zoning relief.

On Tuesday, the St. Paul Zoning Appeals Board will meet to consider three zoning waiver requests – two related to an affordable housing project, one related to a medical office building – at the former Ford Motor Cos location. . Twin Cities Assembly Plant in Highland Park.

The factory that operated there from 1925 to 2011 was demolished and the land cleaned to residential standards. The Ryan Cos., The site’s lead developer, worked hand-in-hand with the city to find new real estate opportunities, from residences and office buildings to grocery stores.

EMMA NORTON RESIDENCE

Project for Pride in Living, a Minneapolis-based affordable housing provider, proposed the Emma Norton Residence, a five-story community at 801 Mt. Curve Boulevard.

The building will include 60 units of “supportive housing” attached to 6,700 square feet of administrative and social services offices, as well as off-street parking and bicycle parking. The proposed development seeks three deviations for the required floor area ratio (3.45 instead of a maximum of 3), maximum land coverage (77.9 percent instead of a maximum of 70 percent ) and a greater number of facility residents in a supportive housing complex than is zoned (64 residents instead of 16).

COURT NELLIE FRANCIS

Project for Pride in Living’s Nellie Francis Court would be a five-story multi-family building covering 75 residential units geared towards working low to moderate incomes at 2285 Hillcrest Ave.

The structure would include 38 off-street parking spaces and bicycle parking. The developer is looking for five variants, including floor area ratio (3.04 instead of a maximum of 3), open space (22.1 percent instead of the required 25 percent), building height (60 ′ 9 ″ instead of a maximum of 48 feet ‘River Town and Crossings Overlay District of the Mississippi River Critical Corridor area).

In addition, the Nellie Francis Court project would install 38 off-street parking spaces, instead of the required minimum of 56. The promoter did not offer any carpool space, instead of the one required for every 50 to 200 housing units. . .

MEDICAL OFFICE BUILDING

The Ryan Companies have proposed a two-story multi-tenant medical office building at 2270 Ford Parkway. The building, with a leasable area of ​​62,500 square feet, would provide 16 surface parking spaces, 266 structured parking spaces and bicycle parking.

The Ryan Cos are looking for three variations. The first variance concerns a proposed floor area ratio of 0.94, which would be lower than the required minimum floor area ratio of 1. The developer has not provided any carpool space, instead of the eight that would be required in the Ford website framework. Zoning and Real Public Master Plan.

Finally, the master plan requires that a building setback facing Gateway Park extends a maximum of 10 feet. Parts of the proposed medical office building are expected to be set back between 10.7 feet and 64.6 feet from the park.

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Winvic completes its construction program for lease in Milton Keynes


Winvic has completed on Aubrey Place, a 294 rental unit construction program in the heart of Milton Keynes

In January 2020, Packaged Living and Fiera Real Estate, the original owners of the site, signed a financing agreement with Invesco for this purpose-built rental building program.

When completed, the development will include 294 one, two and three bedroom apartments for rent spread over 18 floors.

The development will also benefit from 83 parking spaces, 294 bicycle storage facilities, 2,500 square foot commercial space and 17,324 square feet of indoor and outdoor amenity space, ranging from a reception and from a living room on the ground floor, to the terraces on the roof, to the storage of parcels and to two landscaped courtyards.

An important step for the Almere

Mark Woodrow, Deputy Managing Director of Packaged Living, said: “We are delighted to be a part of The Almere’s closing ceremony – an extremely important program for Packaged Living as the first of our more than 2,000 homes. .

“We thank Winvic for doing a great job under the difficult circumstances of the past year.”

Mark Jones, Multi-Room Director, added: “We are delighted to have reached this milestone despite the unprecedented challenges of the past year.

“I want to commend the team for their hard work and dedication in bringing the project to this point. It’s great to be able to welcome the Packaged Living and Invesco team to the site to enjoy the view from the top of the 18-story building.

Construction of the Almere is expected to be completed in early 2022.


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Prologis buys land near Philadelphia airport


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PHILADELPHIA – Popular parking lot near Philadelphia International Airport bought for $ 45 million by Prologis, a real estate giant specializing in leasing space to retail, e-commerce and logistics businesses , according to the company that negotiated the agreement.

What caught the attention of the San Francisco-based company is the nearly 19-acre property, long used by travelers who have parked their cars on the PreFlight lot. Owned by a subsidiary of InterPark – a Chicago-based company that operates nearly a dozen parking lots in Philadelphia – the PreFlight lot was closed to the public last month.

“The pandemic has really accelerated this trend of last mile, logistics-driven industrial real estate,” said Ryan Guittare, with commercial real estate firm Newmark, who represented InterPark in the sale. “Everyone is working to shorten the time it takes to get products to consumers. “

Entrance to the PreFlight long-term parking lot on Island Avenue near the Philadelphia International Airport. The lot closed last month and the property was acquired by Prologis. (Tom Gralish / Philadelphia Enquirer / Tribune News Service)

Prologis acquired Philadelphia developer Liberty Property Trust, and with it more than 500 industrial sites, in a $ 13 billion transaction that closed last year. As of June, Prologis owned or had invested in nearly one billion square feet of real estate in 19 countries. The company said its main customers are Amazon, Home Depot, FedEx, UPS, and DHL.

Prologis did not immediately comment. InterPark did not return a request for comment.

A 271,000 square foot facility is located on the plot. In marketing materials, Newmark highlighted the property’s proximity to the airport, downtown and PhilaPort, its easy access to freeways, and the 49 million people within a 200 mile radius.

In June, the airport announced a major initiative to expand cargo facilities over the next five to ten years. News of these plans “tied very well to our sales process,” Guittare said.

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Four apartment buildings planned for the old McIntosh College in Dover NH

DOVER – Portsmouth-based developer Todd Baker, president of Baker Properties, plans to build four apartment buildings on the former McIntosh College property at 23 Cataract Ave.

Baker said each of the four multi-family apartment buildings is expected to have four floors with a total of 156 units. After purchasing the property in 2018, Baker and his team became involved with the city’s zoning committee when it assessed the rezoning of certain areas, like the old McIntosh College plot, to better meet the needs and to changing community concerns.

“Many people have told us that Dover needs affordable housing,” Baker said. “We have designed this project with this in mind and hope to build 156 new residential units to help meet these needs.”

Baker has been involved in commercial real estate for two decades. His company owns more than a dozen commercial real estate developments in the area, including Bowl-O-Rama Square in Portsmouth, Exeter Crossing Square and Hampton Airfield.

“What we’re trying to do is find properties that we think can be improved to meet the needs of the community,” Baker said. “This is an important project for us, and we are looking forward to it.”

The Dover seafront:New designs for the Cochecho project show a vision for residences, place

The apartment development by Baker in Dover is planned for part of the 12.1 acre property. He noted that the existing buildings have been recently renovated and are leased to several local businesses and organizations like Great Bay Services, Great Bay Calvary Church and Rising Phoenix Martial Arts. The existing building, along with two existing residential units in the college’s former administrative offices at 61 Rutland Street, will remain intact, he said.

McIntosh Commons should be located near the Spaulding Toll Freeway, between Exits 7 and 8 of Rutland Street.

The vision of the McIntosh Commons apartments

One of the things that drew Baker to the Dover property was the visible frontage location on Route 16, where the property’s large parcel of land has a relatively small building footprint. Since most of the property is paved, there are parking areas for more than 300 spaces, where only 80 parking spaces are needed for existing buildings, he said. Baker said his team needed to reinvent the way to redevelop unused space.

McIntosh Commons Apartments are rated to vary in size. It envisions one-bedroom and one-bath units of 776 square feet, as well as two-bedroom and two-bath units of 1,168 square feet and three-bedroom and two-bath units of 1,554 feet. squares. About 28%, or 42, of the 156 units offered would be rent-limited to meet the definition of affordable housing in Dover, and the rest would be market value, he said.

“A beautiful property”:Subdivision of 16 Sixth Street lots proposed in Dover

These apartment complexes are designed to have individual patios, underground parking and roof terraces. A clubhouse is proposed to feature a fitness area, club room, administrative office, conference room and mail room, with a nearby pavilion that will have grills, as well as a golf course. health and a dog park.

“I think these amenities will be really appreciated by our future residents,” said Baker. “It is an extremely convenient place with a lot to offer.”

The McIntosh Commons Apartments would be located next to the Spaulding Toll Freeway, between Exits 7 and 8 on Rutland Street. It is a short walk from the Route 108 commercial corridor and about a 10-minute walk from Dover town center.

Dover moves to meet housing demand

In 2020, Dover City Council and Town Planning Council passed provisions to incentivize developers by allowing greater density if affordable HUD restricted rental units are included in a development.

Christopher Parker, deputy city manager and director of planning and strategic initiatives, said there is great promise to see a developer reap the benefits of the policy, as demand for housing and especially affordable housing continues to grow. to augment.

In Somersworth:The sports dome alongside the Hilltop Fun Center will be a game-changer for the region

“The mix of units that Mr. Baker and his team are proposing is very positive,” Parker said. “Housing diversity is important on many levels, and the staff are very happy to see this element of the plan. Dover can only benefit from these additional units, and the fact that some are aimed at meeting the need for affordable housing is all the more important. “

The project is still in the early stages of the planning process and will be submitted to the city’s technical review committee on August 12, when it begins a thorough review before moving to planning board review.

“The demand for housing in Dover continues to grow and Dover is a much sought after community,” said Baker. “This property had not been fully appreciated and no one has really done anything with it in a while. We saw a large plot in a great location and thought it would be a perfect place to add more accommodation to the community.”

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Biff-Burger has a new owner, the ICOT Center offices have been acquired • St Pete Catalyst


The iconic Biff-Burger joint is acquired by a local investor. The Clearwater ICOT center, among other offices, is taken over by a single entity. The property across from Derby Lane where the greyhound races were held could be used for multi-family development. A home in Clearwater Beach sells for $ 10.5 million, making it the highest home sale in Pinellas County. The home of a former St. Pete mayor hits the market.

Here is this week’s roundup of local real estate offers:

Property across Derby Lane may be used for multi-family development

Two vacant commercial plots opposite the Derby Lane site have been purchased.

10491, boulevard Gandy N. in Saint-Pierre. Google Maps.

St. Tropez Investment Co. LLC has sold two lots at 10491 Gandy Blvd. N. in a $ 2.3 million agreement with MD Gandy LLC, which is related to Clearwater-based HC JV LLC, managed by Loci Capital Management Co. LLC.

The acquired lots are directly across from the Tortuga Point apartments and are described as an ideal location to build a multi-family development.

The area surrounding the Derby Lane track is one place the developers are keeping a close eye on.

Since the Derby Lane track closed in 2020, due to the passage of an amendment banning greyhound racing, local officials have said they could potentially see the Tampa Bay Rays build a new stadium on the site.

However, no effort has been reported to move the conversation forward on the Rays potentially occupying the stadium, and although greyhound racing has ended inside the stadium, the popular Derby Lane poker room remains open.

Biff-Burger and Buffy’s BBQ have a new owner

The nostalgic Biff-Burger and Buffy’s BBQ adjoining St. Pete are new owners.

Biff-Burger. Photo by Bill DeYoung.

Justin Basil, director of Tampa-based Rockwell Investments, purchased the two plots at 3939 49th St. N. in a $ 1.4 million deal.

He was interested in the property because of its frontage on 49th Street. Basil’s wife Lauren Basil operates the Mosh Posh consignment store in Tampa, which has closed due to the Covid-19 pandemic.

Basil told the St. Pete Catalyst that restaurant operations will continue.

The Biff-Burger restaurant in St. Pete first opened in the 1950s and has had several different owners over the years, but has remained mostly the same.

Biff-Burger. Photo by Bill DeYoung.Today, only two known locations of the former Punch-The burger chain still exists – one in Greensboro, NC, renamed Beef Burger, and the other in St. Pete.

This location also has many elements of the “classic” Punch-Architecture and characteristics of the burger, with an existing original road sign, as described by the company.

Next to Biff-Burger is Buffy’s Southern Pit BBQ, recognizable by the pink Chevrolet 57 on the roof.

Buffy’s BBQ next to Biff-Burger. Google Maps.

California company takes over office complexes, including ICOT Center in Clearwater

A California-based management company has acquired several offices at the ICOT Center in Clearwater, a 262-acre business park on Ulmerton Road in Clearwater, as well as several others for a total of approximately $ 42.18 million.

Offices of the ICOT Center. Loopnet.

The procuring entity is related to Birtcher Anderson Realty Management Inc., a property management services company that acquires and sells office, industrial and commercial buildings.

The largest purchases included: five packages within the ICOT Center for $ 8.22 million; the Turtle Creek Office complex in Clearwater for approximately $ 11.26 million; and three plots in the Starkey Business Center for about $ 18.1 million, according to Pinellas County public records.

Pasadena Mall Sells To Big Shopping Buyer

In New York acquired a shopping center anchored in the Walmart Neighborhood Market at 6818 Gulfport Blvd. in southern Pasadena.

It was sold from Branch South Pasadena Associates LLC to South Pasadena RG2 in a $ 32.65 million deal.

South Pasadena RG2 is linked to RPT Realty, which is the same company that recently purchased plots in and around the Walmart Neighborhood Market anchored plaza in the East Lake Woodlands neighborhood.

RPT has dozens of shopping centers across the country.

The mall consists of eight buildings totaling 166,188 square feet and has over 30 tenants, including Anytime Fitness and Ace Hardware.

Mandalay Point house sells for $ 10.5 million, making it the most expensive sale in the county

A house in Mandalay Point, a closed subdivision of Clearwater Beach, sold for $ 10.5 million, making it the most expensive sale in Pinellas County this year.

House at 1150 Mandalay Point in Clearwater. Loopnet.

Beach Investment Holdings LLC, which is linked to a Florida-based law firm, sold ta waterfront home at 1150 Manadaly Point to Michael and Allyson Hyer.

House at 1150 Mandalay Point in Clearwater. Loopnet.

The 3,338 square foot home, built in 1949, offers views of the bay that stretches to Caladesi Island.

It has four bedrooms and five bathrooms as well as a veranda and a swimming pool.

House at 1150 Mandalay Point in Clearwater. Loopnet.

Tech exec sells its Tarpon Springs home located on a finger of land

Shereef Moawad, owner of Tarpon Springs-based ChatLead.com Inc., sold his Tarpon Springs home for approximately $ 2.43 million.

156 George St. S., Tarpon Springs. Zillow.

His business, which includes CarChat24, helps car dealers sell more vehicles by converting a higher percentage of their website visitors into quality leads.

The 5,521 square foot home located at 156 George Street S. sits on a piece of land that juts out onto Tarpon Lake and is surrounded by water on three sides.

The house has four bedrooms which each open onto the roof terrace.

156 George St. S., Tarpon Springs. Zillow.

Outside is a swimming pool, an infinity spa, an outdoor kitchen and a private dock with two slides.

A 2,600 square foot humidity controlled garage is also unique to the house.

The old house of St. Pete Mayor comes to the market

The home of St. Petersburg mayor Randolph Wedding is back on the market and awaiting sale.

The Snell Isle Estate at 990 31st Ave. NE, is a 5,878 square foot home built in 1968. The asking price is $ 2.5 million.

The house, whose design was inspired by Frank Lloyd Wright, has five bedrooms and four and a half bathrooms and overlooks a canal.

990 31st Ave. NE, St. Pete. Zillow.

The home has floor to ceiling windows and sits on half an acre with lush landscaping, a pool, and an outdoor kitchen.

990 31st Ave. NE, St. Pete. Zillow.

The listing agent is Emil Suileman of EXP Realty LLC.

Wedding, who died in 2012, was mayor from 1973 to 1975 and helped persuade the state to build highways 375 and 175 and connect them to the city center.

He was also known by his architectural firm, which designed the original Busch Gardens theme park.

990 31st Ave. NE, St. Pete. Zillow.


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M7 Real Estate secures four new rentals in Dublin warehouse portfolio


Pan-European investor and asset manager M7 Real Estate has secured four new leases across three programs within its portfolio of industrial and logistics properties in Dublin.

As a first step, M7 entered into an agreement on behalf of a large financial institution with the HSE for 12,800 square feet of warehouse and office space at Unit 8 North Park. The property in question was acquired on behalf of the ambulance service on a new 10-year lease at a rent of € 10.50 per m² following a complete renovation.

The second deal sees Clevamama, the baby and juvenile brand retailer founded by sisters and mothers Martina Craine and Suzanne Browne, taking up 11,400 square feet of newly renovated warehouse space at € 10.75 per square foot. on a 10-year lease at the B3A airport business park. , which is located close to Dublin Airport.

The third transaction concerns the leasing of Unit 3 from Screwfix Ireland to Westlink Industrial Estate. The subject property comprises 5,850 square feet and will be occupied by Screwfix on a 10-year lease at a rent of € 10 per square foot. The building underwent a major renovation in the second half of 2020 on a speculative basis and terms were agreed with Screwfix prior to its practical completion. Screwfix is ​​the UK’s largest retailer of tools, accessories and hardware products and is part of the Kingfisher group, which also includes B&Q, Castorama and Brico Dépot.

The fourth and final lease sees Commercial Interior Supplies (CIS) expand its existing footprint to Westlink Industrial Estate with an agreement for Unit 27 (5,808 square feet) at rent of € 9.50 per square foot. CIS was part of a new generation of tenants to enter the field in 2017 when occupants sought a commercial counter location with the security of a managed business park.

Since the acquisition of the Westlink device for € 13,870,000 in 2018, M7 has invested around € 1.5 million as part of its asset management program. The list of tenants of the estate includes: Euro Car Parts; ADI Gardiner; Vinny Byrne (commercial supplier to Dulux); and Silverskin roasters. Westlink is located just off Kylemore Road in Dublin and includes a combined 195,000 square feet of light industrial space.

Founded in 2009, M7 manages a portfolio of some 610 assets across Europe comprising 45.2 million square feet with an estimated capital value of 4.1 billion euros. M7’s Irish portfolio comprises 16 assets spanning approximately 1,000,000 square feet, primarily in industrial and logistics space.

In January 2020, the company acquired Primeside Park in Dublin for 6.75 million euros. The industrial zone, which is located in Ballycoolin, has an area of ​​71,300 square feet spread over 25 units. The development is almost fully leased. The group also controls Century Business Park in Finglas, which it acquired for 4.47 million euros in September 2019.

His first investment here was in 2017 when he bought Fumbaly Lane, a combined office and housing development in Dublin 8 that was on the market for € 24m. M7 sold Fumbally Lane to BCP Asset Management in 2018 for € 33.5 million, following the completion of a vast asset management program which reduced the building’s vacancy rate by 17% to 2% thanks to the addition of 19 new tenants, and which has seen its annual rental income increase by € 1.14 million.

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Vontier Acquires DRB Systems, LLC for Approximately $ 965 Million, Provides Second Quarter 2021 Financial Performance Update


RALEIGH, NC – (COMMERCIAL THREAD) – Vontier Corporation (“Vontier”) (NYSE: VNT) announced today that it has entered into a definitive agreement to acquire DRB Systems, LLC (“DRB”), a leading supplier of point of sale, workflow software and control solutions to the car wash industry, subsidiaries of New Mountain Capital LLC for approximately $ 965 million in cash. The acquisition will be subject to customary closing conditions, including regulatory approval, and will be funded with available cash and proceeds from borrowings under Vontier’s credit facilities. Vontier expects the acquisition to be completed in the third quarter of 2021.

Based in Akron, OH, DRB was founded in 1984 and employs over 500 people in North America. The company’s portfolio of trusted brands includes DRB Tunnel Solutions, DRB In-Bay Solutions (formerly Unitec®), Suds Creative â„¢, eGenuity®, Washify®, InvoMax â„¢, Auto Data â„¢ and Sage Microsystems â„¢. DRB is owned by New Mountain Capital, a New York-based investment firm.

Mark Morelli, President and CEO of Vontier, said: “The acquisition of DRB should accelerate our strategy of portfolio diversification towards long-term growth drivers in attractive markets and establish a portfolio of sales solutions in the region. retail $ 500 million. DRB’s focus on technology and software solutions complements our existing point-of-sale and payment offerings and improves our growth and recurring revenue profile, profitability and free cash flow generation.

The DRB acquisition aligns with our goal of smart infrastructure and offers compelling opportunities for expansion beyond its current end markets. In addition, its entry into the high value-added segment of the car wash industry allows Vontier to increasingly benefit from the growing demand for clean and efficient mobility solutions and key trends, including autonomous vehicles and water conservation. We look forward to working with the DRB team to provide an extensive suite of solutions to meet the industry’s growing needs for workflow technology and expertise.

Vontier expects DRB to generate around $ 170 million in revenue in 2021 with average operating margins of 20% and is expected to have a long-term single-digit growth rate. The purchase price of the acquisition is approximately $ 965 million and includes a deferred tax asset of approximately $ 130 million, which we expect to be able to use over the next 15 years.

Peter Masucci, Managing Director of New Mountain Capital, said: “We are proud of the successful partnership with DRB and the tremendous business development that has taken place since our investment in October 2017. Under the ownership of New Mountain Capital, DRB has experienced a significant growth while tripling the dollars. dedicated to product development and innovation. We thank the management team and the employees of DRB and wish Vontier continued success with DRB in the years to come.

VONTIER’S SECOND QUARTER 2021 PRELIMINARY RESULTS

Vontier also announced today that it expects second quarter 2021 basic revenue growth and adjusted diluted net income per share to be higher than previously announced by the company, primarily due to a increased demand for retail solutions and auto repair offerings.

ABOUT VONTIER

Vontier is a global industrial technology company focused on transportation and mobility solutions. The company’s portfolio of trusted brands includes leading expertise in mobility technologies, commercial and commercial refueling, fleet management, telematics, vehicle diagnostics and repair and smart city end markets. Vontier’s innovative products, services and software improve efficiency, safety, security and environmental compliance around the world.

Guided by Vontier’s proven business system and unwavering commitment to continuous improvement and customer success, Vontier maintains traffic through over 90,000 intersections, serves over 260,000 customer refueling sites, monitors more than 480,000 commercial vehicles and equips more than 600,000 automotive technicians worldwide. . Vontier’s innovation history, margin profile and cash flow characteristics should support continued investment in a range of compelling organic growth and capital deployment opportunities. Vontier mobilizes the future to create a better world.

ABOUT THE NEW MOUNTAIN CAPITAL

New Mountain Capital is a New York-based investment firm that emphasizes business development and growth, rather than leverage, as it seeks long-term capital appreciation. The company currently manages private equity, credit, net rental real estate and public equity funds with more than $ 30 billion in assets under management. New Mountain Capital seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors, then works intensely with management to create value in these companies. Additional information on New Mountain Capital is available at www.newmountaincapital.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of federal securities laws regarding Vontier, DRB and the acquisition of DRB by Vontier. Statements in this press release that are not strictly historical, including statements regarding the proposed acquisition, the expected timing and conditions of the acquisition, future product solutions, the future financial and operational impact, or the results of acquisition, expected financial performance for Vontier, prospects for DRB or the industry following the acquisition, future growth opportunities following the acquisition, future synergy and any other statements regarding events or developments that Vontier expects or anticipates will occur or may occur in the future, are “forward-looking” statements within the meaning of federal securities laws. These statements include, without limitation, statements regarding the business and acquisition opportunities and anticipated profits of Vontier Corporation (the “Company”), as well as any other statement identified by the use of words such as ” anticipate ”,“ expect ”,“ believe ”,“ prospect ”,“ direction ”or“ will ”or other words having a similar meaning. There are a number of important risks and uncertainties which could cause actual results, developments and business decisions to differ materially from those suggested or indicated by these forward-looking statements and you should not place undue reliance on such statements. prospective. These risks and uncertainties include, among others, the duration and impact of the COVID-19 pandemic, the deterioration or instability of the economy, the markets we serve, international trade policies and financial markets, contractions or declining growth rates and cyclicality of the markets we serve, competition, changes in industry standards and government regulations that may have a negative impact on demand for our products or our costs, our ability to identify, consume, integrate and successfully realize the anticipated value of appropriate acquisitions and complete divestitures and other divestitures; our ability to successfully develop and market new products, software and services and to grow over time. new markets, potential for inappropriate conduct by our employees, agents or business partners, impact of divestitures, contingent liabilities related to acquisitions and divestitures, the impact of changes in tax laws, our compliance with applicable laws and regulations and changes in applicable laws and regulations, risks related to international economic, political, legal, compliance and trade factors , risks related to the potential impairment of goodwill and other intangible assets, exchange rates, tax audits and changes in our tax rate and income taxes, the impact of our debts on our operations, litigation and other contingent liabilities, including intellectual property and environmental, health and safety matters, our ability to adequately protect our intellectual property rights, risks associated with product, service or software defects , product liability and recalls, risks associated with product manufacturing, our relationships with and the performance of our partners s distribution, commodity costs and supplements, our ability to adjust purchasing and manufacturing capacity to reflect market conditions, reliance on single sources of supply, security breaches or others disruptions to our information systems, the adverse effects of restructuring activities, the impact of changes to US GAAP, labor issues and disruptions related to natural and man-made disasters. Additional information regarding factors that could cause actual results to differ materially from these forward-looking statements can be found in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2020. These forward-looking statements represent Vontier’s beliefs and assumptions only as of the date of this release and Vontier assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events and developments. or otherwise.


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Austin neighborhood to be powered by solar power and Tesla battery technology


Solar panels and other sustainable features are gaining popularity with individual homeowners – Austin will soon be home to a solar powered and alternative community powered by Tesla technology.

The project, called SunHouse at Easton Park, is a partnership between Tesla, Brookfield Assett Management and real estate developer Dacra. It will be Tesla’s first solar district, the companies said.

Each house in the development will include solar tiles and battery storage walls. The development is on the same property as Brookfield Residential’s planned Easton Park residential community, but will be a separate project.

After:Tesla to build cars in Austin, but still can’t sell direct to Texans

The neighborhood will use solar roofing and battery products manufactured by Tesla Energy, the clean energy subsidiary of Tesla, the electric automobile company. Tesla Energy develops photovoltaic solar power generation systems, battery energy storage products and other solar power products for residential, industrial and commercial use.

Telsa CEO Elon Musk said the Austin project will help shape the future of sustainable housing and technology projects.

“Neighborhood solar installations in all types of housing will reshape the way people live,” Musk said in a written statement. “Brookfield and Dacra’s commitment to staying at the forefront of this evolution is what makes them the right collaborator for Tesla Energy. The feedback we receive from solar products and batteries used in this community will have an impact. on how we develop and launch new products.

Each house will be fitted with Tesla V3 tiles, which work as both solar panels and tiles. Each will also have a Powerwall 2 battery storage, which retains the energy generated when not in use so that it can be used when the sun is not out or as back-up power in the event of an outage. The project also provides for the integration of technological options such as charging stations for electric vehicles and smart devices in homes.

After:Subsidiary of Elon Musk’s tunneling company buys land in Bastrop county

Energy efficient homes are being built at SunHouse in Easton Park, a future neighborhood developed in partnership between Tesla, Brookfield Residential and Darca.

Brad Chelton, president of Brookfield Residential Texas, said the project began with informal conversations a few months ago, after representatives from Tesla reached out to Brookfield about their shared ambition for sustainable housing.

“Easton Park is an extremely well-located and best-in-class blueprint in Austin. Tesla also has a significant operational footprint in Austin,” said Chelton. “Then you look at the macro where Austin is seen nationally because you know one of the most intriguing places for people to move.”

Chelton said consumers are increasingly interested in homes with green elements.

“I think that in general consumers want to live in a more sustainable home and in a more sustainable and environmentally friendly community,” he said. “We are trying to be at the forefront of delivering what consumers are really already asking for.” Brookfield said solar technology will allow residents to generate energy for their daily lives and reduce demand on the electricity grid, and could actually make money by returning energy to the grid.

For Tesla, Chelton said, a new construction like SunHouse offers greater predictability in the cost and installation process compared to an existing house. This will allow Tesla to evolve and deploy technology to products faster.

After:Elon Musk says SpaceX continues to grow in Texas, plans rocket engine factory near Waco

The district will be built in phases, and the first installations have been underway since June. Chelton said the project uses “crawl, walk, run” phases. Currently in the exploration phase, the project has fewer than a dozen homes under construction, and about half have the Tesla roof installed.

“Our main goal of the first phase is to really solve the problems from a logistical point of view,” he said. “How to install this roof in the most efficient way possible? How do you make sure the supply chains are ready to move space and volume, make sure the workforce is available to install all of that? ”

He said these lessons will be taken as the project enters the second phase where the company will use the model on several hundred homes, and from there, the third phase where the technology is applied to a few thousand homes.

If all is successful on the Austin project, Chelton said it could become a role model for sustainable communities across the United States.

“As we pilot this and learn more about how to make it more and more effective, there is certainly an opportunity to expand, and maybe even export this concept to more and more. ‘other communities in other states where Brookfield has big and important master plans,’ Chelton mentioned.

The new community comes as construction continues Tesla continues to build a new $ 1.1 billion manufacturing plant in the Austin area of ​​southeast Travis County. The automaker could start rolling out vehicles in limited capacity as early as the end of the year. It is expected to produce the Cybertruck, the Semi, the Tesla Model 3, the corporate sedan, the Model Y as well as batteries.


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Pandemic, real estate prices are forcing charter schools to delay openings


Five new Las Vegas charter schools were scheduled to open in August. Now only two will.

The other three – Sage Collegiate Public Charter School, Eagle Charter Schools of Nevada, and Las Vegas Collegiate Charter School – have delayed their openings until fall 2022.

Schools, all of which plan to serve students throughout the Las Vegas Valley, struggle to find a facility or land within their budget in a competitive real estate market.

The COVID-19 pandemic has also significantly affected several schools that initially planned to open for the next school year, said Rebecca Feiden, executive director of the Nevada State Public Charter School Authority.

“It includes everything from community outreach to supply chains and facilities,” she said via email. “SPCSA looks forward to working with the governing bodies and principals of these approved schools to ensure a successful launch in fall 2022.”

Sage Collegiate received state approval in June to extend its opening date to August 2022 due to low enrollment numbers and a delay in securing a first-year facility.

Sandra Kinne, senior founder and executive director of the small independent school, said postponing the opening date was the most prudent and financially sound decision.

“We thought it was better to postpone to really focus on finalizing a really solid setup for the opening rather than trying to scramble to meet even the minimum sign-up goals,” Kinne said. . “It was not an easy decision.”

It “really stinks” for families who were excited about school and planned for their kids to start in August, she admitted.

Long waiting lists

With three schools no longer opening this year, two new ones remain: TEACH Las Vegas and CIVICA Nevada Career & Collegiate Academy.

The state legislature authorized the creation of public charter schools in 1997. Since then, the number of campuses has grown rapidly and many schools have long waiting lists.

Today, the state’s charter authority oversees 67 school campuses – about 80% of which are in southern Nevada – and more than 53,000 students.

Over the past five years, the state has approved zero to five new charter schools per year. There is no limit on the number of new schools the charter board can approve, although legislation passed in 2019 is required to have a growth management plan.

New schools proposed must show how they meet an academic or demographic need. Many of the new applicants to the school, and those approved by the state, aim to serve areas of high poverty.

New schools are licensed to operate in one or more zip codes and must find a facility within those boundaries, unless they seek state permission to survey neighboring areas.

Finding land to build on or a facility to rent or buy that fits the budget of a start-up charter school can be a challenge.

Petra Latch, president of Commercial Alliance Las Vegas, the commercial arm of the Greater Las Vegas Association of Realtors, said it doesn’t surprise her that new charter schools are having problems building or finding a facility.

Latch said school officials would be better off working with local municipalities to see if they have any properties available for redevelopment.

Seeking to open a school without having already identified a site is putting the “cart before the horse,” said Latch, an assessor.

“The market in which you compete for land is not good for a school,” she said.

Charter schools often require a joint venture where schools need someone to build a facility and then lease it with an option to buy, Latch said.

“It’s the most common way to do these things,” she said, noting that schools are expensive to build and require a large initial investment.

New charter schools, however, have a choice of different types of buildings – such as old office buildings, churches, retail stores, and commercial areas – although some facilities may require a special use permit to be used. like schools.

Church buildings are a popular option, Latch said, because they tend to be easier to convert into schools as many already have classrooms and parking lots.

As for downtown and downtown Las Vegas in particular, there will be no vacant lots available unless it is a site demolished or assembled from smaller plots, Latch said. Plus, she said, the plots tend to be smaller and probably aren’t big enough for a school.

Construction costs are also on the rise and unpredictable, she said.

Here’s a look at the obstacles faced by three new Las Vegas charter schools that caused them to push back their opening dates:

Collegiate sage

Sage Collegiate applied to the state in 2019, but its application for a new school was denied. The charter authority expressed concerns about the academic, organizational and financial plans offered by the school, and the lack of evidence of local community engagement.

After submitting a revised application, the school was approved in November.

It plans to serve up to 168 kindergarten to grade two students in its first year and gradually expand through college.

With less than two months to go before school starts in August, however, Sage Collegiate was within 50 percent of its first-year enrollment goal.

Sage Collegiate’s board of directors approved a user agreement in May with the Lied Memorial Boys & Girls Club for the 2021-22 school year. But the school is now looking for another establishment since it will finally not open this fall.

The school was granted the building space just a month before a state enrollment audit, Kinne, the school’s executive director, told the Review-Journal. “One month was not enough to get us the enrollment numbers where they needed to be.

“We understand that families do not want to go to school without an address,” he added.

There were also not as many community events and opportunities to engage with potential families beyond social media, Kinne said.

Sage Collegiate executives are now considering a “different set of options” for its first school year, such as seeking state permission to open with more students and grade levels, Kinne said.

But first, “you absolutely have to find a facility,” she said. “It has become the number one priority”.

Securing land or a building is difficult because the school does not have a credit history or the capital to immediately build a new facility, Kinne said, and construction and renovation costs have increased during the pandemic.

Another challenge: Sage Collegiate doesn’t need as much building space in its first year as it does later, like sixth year.

Despite the hurdles, Sage Collegiate remains committed to serving students in its three approved zip codes – 89107, 89108 and 89146, Kinne said.

That’s because there’s a need, she said, noting that 60% of the existing campuses in those zip codes are one or two star schools. And there is only one other charter school in this region and it uses a hybrid model with in-person and online classes.

Las Vegas College

Las Vegas Collegiate is pushing back its opening date for the second time due to the pandemic and issues with facilities, Feiden told the charter authority’s board of directors in May, calling the situation unprecedented.

In December 2019, the board of trustees approved the new elementary school for Las Vegas’ Historic Westside. It was initially scheduled to open last August.

Last year, the school was granted a facility on West Bartlet Avenue, but is now back in search of premises after postponing its opening due to uncertainties surrounding the pandemic.

In January, the chartered authority’s board approved a request by the school to expand its search to less than 1.5 miles beyond its approved zip code. But it didn’t work.

The school’s founder and executive director, Bianté Gainous, told the chartered authority’s board in May that the school had exhausted all available options in its approved 89106 zip code or within a 1½ radius. miles in time to open this fall.

“Registration was certainly not a challenge for us,” said Gainous, noting that there were many families interested.

Gainous said the school wants to serve low-income communities and must expect challenges in finding a building in its approved area.

The school looked at options such as churches, old retail stores, a former pavilion, business and corporate centers, a school that has closed, and a boys and girls club.

Gainous said school leaders wanted to keep fighting to open the school. “Unfortunately, this is the time when we are in a rush.”

In June, the board approved another request from the school – this time, to allow it to search for a facility up to 4 miles from its approved zip code.

Las Vegas Collegiate officials did not respond to a request for comment from the Review-Journal.

Eagle Charter Schools

The charter authority’s board of directors voted in January to approve Eagle Charter Schools of Nevada, which originally planned to open a campus in August.

But in February, Nick Fleege, a member of the school’s training committee, told the board that the school intended to seek permission to extend its opening date to 2022.

“I think we have recognized the short track” between an approval in January and the need to have a fully ready school facility by August, he said.

In March, the board approved the school’s request to postpone its opening. The school plans to initially serve students from Kindergarten to Grade 5 and then expand through Grade 8.

Fleege said in an email that postponing the school was a “simple decision based primarily on when the charter is approved coupled with the amount of time it takes to secure a facility.”

“While Eagle is extremely eager and enthusiastic to serve students, the team recognizes that seizing the opportunity to defer to 2022 is the responsible and measured approach that will give us the opportunity to secure and improve a more secure facility. appropriate, ”he said.

Contact Julie Wootton-Greener at [email protected] or 702-387-2921. To pursue
@julieswootton on Twitter.



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Why rent a car? There may be cheaper options that allow you to travel in style


When Terica Haynes landed in Mexico, she hopped a rental car – and she hopped a cab, too. Haynes, who works as a professional travel planner, did the math and decided the limo was the cheapest option to take her and her friends from the airport to their resort.

She calculated the cost of insurance, Filling the fuel tank Not to mention the inconvenience of queuing at the rental car counter, the resort’s parking fee. In short, it was not difficult to justify a limousine for his 2018 trip.

Most travel professionals agree that we are in the middle of a rapid advance in the summer of 2021 Car rental apocalypse A kind of. Car rental prices are skyrocketing and some of the most popular tourist destinations sell out on busy weekends.

In this era of COVID-19 travel, limo rentals are not only easy to justify, but can actually be cheaper than car rentals and taxis. In 2021, there are plenty of examples where renting a limousine is a wise move.

What is happening

There are several factors in the current car rental shortage. Many travelers are still hesitant to fly, so Travel by car It’s hot this year. Some car rental companies have adjusted their offerings to reflect the low travel rates of 2020, but trips have resumed earlier than expected.

Finding a rental car in 2021 can be more difficult than finding toilet paper in 2020, leading to a global semiconductor shortage that is holding back auto manufacturing.

Plan ahead to get a deal

Finding a limousine deal isn’t difficult, especially in tourism-dependent cities still recovering from COVID-19 shock.

Unlike ridesharing services, where prices can fluctuate at any time, you can easily find limo deals at your destination before you arrive. Special deals on airport transfers and other promotions may be offered, so book ahead to find a reasonable price. Additionally, you may be able to negotiate rates by contacting the company directly.

For example, in Las Vegas, one can find stretch limousines for around $ 65 an hour. Luxury sedans cost around $ 45 an hour and can be rented even cheaper. It’s not much more than around $ 45 to $ 50 to call Uber.
UBER,
+ 3.20%

From the airport to downtown Las Vegas. It’s also cheaper than around $ 50 to $ 65 to use Uber Premier, a luxury car service.

Relationship: Why Uber and Lyft are soaring, and how to avoid them cheaply

Even if you just go to the Strip, carpooling from the airport to somewhere in the middle of the Strip, like Caesars Palace, can cost over $ 30 on a short trip, unlike the hour you get. with a limousine rental. .. Also, if you can find a rental car in Las Vegas, be prepared to pay $ 200 or more just for weekend rentals.

And it’s not just for Las Vegas. Cities with a lot of tourists offer limousine options which are likely to be competitively priced.

Benefits of limousine and car or taxi rental

Even though the price is higher than that of a rental car or a taxi, there are many advantages to having a limo over a VIP.

You can make several stops

Paying for individual taxis to travel between tourist destinations is not only expensive, but also the inconvenience of having to call a cab every time. The limousine will drop you off and wait for you when you are ready to depart.

This was the case for real estate entrepreneur Matthias Magnason. He lives just outside of San Francisco, across the Golden Gate Bridge, and has visited his family from Europe. The group of six wanted to see all the attractions in one night, including Lombard Street and Chinatown. Also, I wanted to spend the night at the famous Fairmont hotel at the top of Nobu Hill.

“Saturday night fares and the availability of taxis, Uber rides and ferries were not fun options,” he said. “By comparing prices, time and flexibility, it quickly became clear that it was worth booking a limo. “

Along the way, they can also foam up, which you probably can’t do with a taxi.

“A flat rate, vehicles arriving on time, multiple stops, a luxury experience and six people from out of town impressed, it was worth it,” he says.

You can load travel items using a limousine

You can also use a limousine to make a more convenient stop while stopping at a tourist spot.

This largely influenced Haynes’ decision to hire a limousine for a trip to Mexico, which was slated to allow him to organize events for the luxury travel agency Dynamite Travel. Upon landing, she needed to obtain supplies, adornments, and drinks. Considering the number of stops required, limousines were generally cheaper than renting a taxi which charges a pay-per-use rate based on time and distance in addition to the base fare.

Even if you’re not hosting an event, it’s a good idea to renew your sunscreen and toothpaste. Unable to pack carry-on baggage Instead of paying exorbitant prices in a hotel convenience store. Additionally, you may consider saving money by stopping by a grocery store to prepare light meals, alcohol, and easy-to-prepare meals (room service cereal is expensive). If you are staying in a condo or rental house, you absolutely must stock up on food and drink.

It doesn’t make sense to see limousines hitting grocery stores every day.

You can also have a built-in tour guide

For Karen Allington, entrepreneur, philanthropist and founder of the Miss Black USA pageant, the limousine was a lifeline on just one trip to Italy.

“My driver not only took me where I wanted to eat, but also acted as my guide and personal assistant,” she said. “He took me to the best cafe and found Italian coffee. I didn’t speak Italian and I had a bag so I negotiated with the seller.

Who should consider a limousine?

For individuals or small groups who need a car for an extended period on most days of their trip, a rental car may be wise. However, there are some situations where a limousine makes sense.

Big group

Limousines also saved money, since Haynes had a small inventory with her on her trip to Mexico. Large groups need to rent large vans and SUVs or divide people into several sedans and taxis. Fitting everyone into one limousine not only cuts costs, but also reduces confusion caused by fragmented groups.

Visitors to cities where it is easy to walk or have great public transport

“In Las Vegas, New York or most of the big cities, you really don’t need a rental car unless you plan to explore out of town more,” HotelPlanner said. .com, president of a hotel reservation website. Blues Rosenberg said. For groups.

Don’t miss it: Spending the night in a candy factory, a prison, a newspaper: 9 renovated hotels that have lived past lives

In many large cities, hotel parking fees are well over $ 50 per night, so it’s probably not worth renting a car. In Las Vegas, you will notice that you are walking along the Strip. It’s part of the fun. And in New York City, you might find the subway faster anyway.

Travelers staying at the resort

If you are staying at a resort, you may not be using your car very often. Many large resorts are designed so you don’t have to leave – they have all the pools, dining, entertainment, and activities you want to experience on-site while on vacation. Even if you wish to leave the resort, the hotel can provide a shuttle service to major attractions. Alternatively, the concierge can help you book a tour that includes transportation.

And there is an unexpected benefit. Haines said he didn’t have a car and noticed he walked more than usual while on vacation in Mexico. Without a car, you might take more steps than usual, and your health will appreciate it.

If you have trouble finding a rental car

If you don’t have to rely on a car for most of your trip, it may be a good idea to skip the rental car and go all in a limo. In some cases the cost will be cleaning. Elsewhere you can go out first.

Lily: Here’s how different countries handle arrivals from Delta Variant hotspots:

Make sure you factor in all the costs associated with renting a car. Base rent, gasoline, parking and tolls in some towns.

“Compare prices and include shipping costs in all your travel costs,” says Rosenberg. “Look for a hotel with free round-trip shuttle service to the airport, downtown, and popular local destinations. This is the best way to save money.

And because of the occasional outing around town, limo rental can be both the most attractive and the cheapest way to get there.

Other Nerd Wallet Items

SallyFrench writes to NerdWallet. Email: [email protected] Twitter: @SAFmedia.

Why rent a car? There may be cheaper options that allow you to travel in style


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Barwa’s real estate projects in Mesaieed keep pace with the city’s growth


Barwa’s real estate projects in Mesaieed keep pace with the city’s growth

04 Jul 2021 – 9:32

Mesaieed Market offers 3 buildings consisting of a ground floor, a mezzanine and 3 floors that contain several vital elements including 108 shops, 70 offices, 138 apartments, in addition to providing integrated service facilities, parking and many different services.

Doha: Since its inception, one of the main strategies of Barwa Real Estate Group has been to support the country’s national growth plans by expanding outside of the city of Doha and rebuilding various parts of Qatar in order to build communities and achieve sustainable goals. development.

Barwa wanted to develop various development projects in the city of Mesaieed, including residential, commercial and mixed-use, as these projects helped improve the social sustainability of the city of Mesaieed, the industrial gateway to the State of Qatar in South.

In terms of residential real estate projects, Barwa Real Estate Group has developed “Mesaieed Villages”, which consist of six residential villages that serve Mesaieed employees and offer them a suitable and upscale residential environment, characterized by particular standards that meet their aspirations. , while maintaining a level consistent with the integrative vision of the country’s real estate projects.

The Mesaieed villages were established in six phases. Currently, four residential villages are in operation, each offering 275 housing units for senior employees, 442 housing units for junior employees and 1,733 housing units for the working class.

Each village offers integrated services and various recreational facilities, including dining halls, a supermarket, a playground, gymnasiums and a mosque. Together they form a competitive element in line with Barwa’s business plans which aim to provide residential environments of distinguished standards and meet the needs of its residents.

In terms of the commercial side, Barwa has worked on the development of the Dunes shopping center, which is strategically located in the heart of the city of Mesaieed, near the Grand Mosque. Its modern design and integrated services have helped to establish its position as a leading shopping center in one of the most dynamic cities in Qatar.

The mall has 190 stores and 19 offices, many of which include various bank branches, in addition to a hypermarket, large parking lot and other services.

Due to the demographic growth that has accompanied this dynamic city, Barwa has continued its efforts to enrich Mesaieed with a mixed-use real estate project. He developed the Mesaieed Market in the heart of the industrial city, with all of its buildings facing the main street, making it a distinctive landmark for the region and providing everything shoppers need in one place.

Mesaieed Market offers 3 buildings consisting of a ground floor, a mezzanine and 3 floors that contain several vital elements including 108 stores, 70 offices and 138 apartments, in addition to providing integrated service facilities, parking and many different services.

In addition to the objectives achieved by these projects in their distinction and integration to support the community development of the city of Mesaieed, they also contributed to strengthening the strengths of the Barwa real estate portfolio to meet the aspirations of shareholders. Waseef, a leading real estate, facilities and asset management company and a subsidiary of Barwa Real Estate Group, markets and manages these projects.

The occupancy rate in Mesaieed villages is over 65 percent. The occupancy rate of the Dunes shopping center was around 80%. In the Mesaieed market, it reached 93% for apartments, 60% for shops and 23% for offices.

Barwa Real Estate Group will continue its efforts to provide the real estate market with distinct and integrated projects that cover all regions of the country, support urban and community growth and allow the Group to continue its growth.

Today, Barwa owns 7.7 million square meters of land, in addition to 3.6 million square meters of building space in operation, and a balanced mix of diversified operating assets comprising 8,129 units residential, 335,981 square meters of commercial and retail units and 445,779 square meters of workshops and warehouses.

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Humanizing energy is imperative: Expert

04 Jul 2021 – 9:21

Natural gas in various forms has an important role to play as a transition bridge to a climate neutral energy future. Humanizing energy is imperative to close implementation gaps, an expert said at an event recently hosted by the Gas Exporting Countries Forum (GECF).



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Blasio’s incompetent team breathes a billion dollar boost in the Bronx


If you thought that the inept governance of our city by Mayor de Blasio couldn’t get worse by the end of his administration, think again.

A consortium of companies working with the New York Yankees handed the city a billion dollar development plan for a run down area in the South Bronx, and the geniuses at City Hall practically killed it .

The culprit: parking spaces. That’s right. Parking spaces.

Of course, the utter idiocy of the people who run the city is seen every day in our increasingly crime-ridden streets, in the uncontrollable homelessness, and in the general decline of civil society here in the Big Apple. Less visible is the incompetence of the city bureaucrats who deal with the business community.

It goes without saying that without entrepreneurs and bankers, real estate moguls and restaurateurs, New York wouldn’t be the great metropolis it is. So when business leaders offer town hall a win-win solution – housing and jobs for the poor, redevelopment of one of the poorest neighborhoods in the country, in addition to taxable income, it is imperative that we have people in government who jump at these types of opportunities.

We don’t, unfortunately, which is why the end of this eight-year plan is such a painful, yet necessary, story to tell.

It’s also a case study of why the end of Blasio administration can’t come soon enough.

The story begins in 2006 with the inauguration of the new Yankee Stadium in the South Bronx. The Bloomberg administration has agreed to provide the team with just over 9,000 fan parking spaces and to maintain several fields within walking distance of the stadium in “first class” condition.

Over time, Yankees fans have increasingly used public transportation to get to the game, be it the subway or Metro North, because it’s an easy commute, but also because the agency approved by the city that manages the lots, the Bronx Parking Development Corp., does such a lousy job at maintenance. “First class” quickly fell to second, third and now much worse for part of the region, Yankees officials tell me.

Today, some spaces are cluttered with waste and have attracted vermin. They are used to parking taxis, which was not an intended use, and team leaders believe they may also be used as a cutting shop. Parking revenues are almost nonexistent and over $ 200 million in municipal bonds that funded the construction of the lots are in default.

Yankees President Randy Levine, former deputy mayor in the Giuliani administration, thought he had the solution.

The Yankees co-own a professional football team, New York City FC, which needed its own stadium. Levine needed community buy-in to approve the plan to build the football stadium on a field adjacent to the baseball stadium, which was occupied by these shabby garages.

He put together a package that seemed to satisfy everyone. In return for the approval of the football stadium, he agreed to build a new school, affordable housing and other facilities on land occupied by some of the garages. He did it with private money. Thousands of jobs in the South Bronx would be created.

Yankees president Randy Levine has come up with a great solution to building infrastructure in the South Bronx in exchange for a football stadium, but Blasio's administration has canned it.
Yankees president Randy Levine came up with a great solution to building infrastructure in the South Bronx in exchange for a football stadium, but Blasio’s administration kept it.
Charles Wenzelberg

Bondholders, an important constituency since they technically control faulty parking lots, get a $ 50 million lifeline. The city, another important constituency because it owes back taxes on overdue lots, is also reportedly starting to recoup some of its losses.

The only problem was with the parking that I mentioned before. The Yankees wanted a true first-class parking guarantee of around 5,000 parking spaces (down from its original deal of over 9,000) on the remaining lots.

Sounds like a reasonable request, right? The city and bond holders actually agreed to the spaces in a conditions sheet signed by both parties last year.

But as the project neared final community council approval in recent weeks, something strange happened: The city got cold feet about guaranteeing these boring first-class parking spaces.

Bondholders, led by investment firm Nuveen, who thought it was somehow odd that the Yankees were hatching a tiered plan paying them $ 50 million and asking for something in return.

About two weeks ago, the city told Levine that, despite previous assurances, there would be no guaranteed parking space, knocking a billion-dollar project down the crapper.

This is just one of many development projects that have been derailed by a Blasio administration that is either inept or anti-business. Since Amazon’s rejected headquarters in Queens, how many opportunities have we missed to revitalize New York?

City officials say it was Levine who blew up the case by asking for a ‘legal’ guarantee for the parking lot they couldn’t agree on because they could one day be sued if they didn’t comply. their end of the bargain. They say the deal is not totally dead and could be revived by some sort of compromise. Levine says he’s “puzzled” by the city’s response since the bonds to build these lots were issued to ensure Yankees fans parked in the first place.

Hopefully something works out, because consider what the city has come out of: a billion dollar project and thousands of jobs in one of its poorest neighborhoods, all in a few parking spots. ” guarantees ”.


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Parking space

Four-bank syndicate grants $ 94 million loan for Newark mixed-use project – Commercial Observer

J&L Companies, a private, family-owned and operated real estate investment company based in Newark, New Jersey, has incurred $ 94 million in construction debt from four banks to finance a mixed-use multi-family development to be located on the company’s preferred terrain, Commercial The Observer has learned.

National Bank of the Valley, Hapoalim Bank, Abanca United States, and TriState Capital Bank combined to provide debt on the 12-story, 403-unit multi-family property, which will also include more than 3,000 square feet of retail space and a parking garage of nearly 200 spaces.

Greystone Capital AdvisorsDrew fletcher led the team that arranged the construction debt on behalf of J&L. Matthieu hirsch and Steven Bridge teams up with Fletcher to close the deal.

“As a local developer, long-term practitioner and property owner for over 40 years, J&L is deeply committed to advancing the revitalization of downtown Newark by developing projects that will create a thriving and vibrant neighborhood for residents and local businesses, ”Fletcher said. .

Development – designed by Minno and Wasko – will be located at 55 Union Street in Newark’s central business district, a few blocks from the Prudential Center, Newark Penn Station and the Passaic river.

The developer’s plans for the property include a roof garden; a fitness center; an entertainment area; and an outdoor courtyard with barbecue stations, fire pits and lounging areas, according to Greystone.

founder of J&L Jose lopez stated that the project “add to the rich fabric of Ironbound [District] by offering local and future residents new housing that perfectly complements the neighborhood.

The company strives to elevate the property above what was once a parking lot for over four years. He began construction on the property, after working to lay the foundations, according to local reports.

Earlier this month, the Newark City Council introduced a bill that would reward developers with a 25 years property tax allowance. J&L should pay an annual service fee. The ordinance including the tax deduction was to be put to a vote this morning.

Several years ago, in 2017, when J&L first filed plans with the City of Newark to build the skyscrapers, zoning restrictions prohibited mixed-use high-rise developments from being housed in the region. A zoning change that would allow it to be built soon followed, as well as some opposition from local community organizations. In early summer 2018, the project proposal reappeared and was approved through Newark Central Planning Council.

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Parking space

People’s Park Complex parking lot put up for sale at a target price of S $ 42 million

SINGAPORE: A multi-storey car park at the People’s Park Complex was put up for sale by public tender on Tuesday, June 22 with a guide price of S $ 42 million, equivalent to S $ 57,000 for each parking lot .

The parking lot, which occupies levels three through six of the 31-story mixed-use commercial and residential development in Chinatown, includes 648 parking lots, 56 motorcycle parking lots and a catering unit on the upper level of the parking lot.

This spans a total strata area of ​​approximately 182,340 square feet, including the 2,809 square foot restaurant.

Marketing agent Brilliance Capital said the price of S $ 42 million is about S $ 208 for the parking lot and S $ 1,673 for the restaurant.

On a per parking basis, this translates to approximately S $ 57,000 per parking lot.

This is an “attractive price,” the agent said, referring to two other parking sales he made last year at Holland Road Mall and Parklane Mall. These parking lots were sold for over S $ 360,000 and S $ 70,000 respectively per lot.

FOCUS: Is there an environmental cost to Singapore’s love affair with bulk sales?

People’s Park Complex is zoned commercial, which means it can be purchased by local and foreign buyers without paying additional stamp duty for the buyer or stamp duty for the seller.

“As communal car parks are no longer allowed to have separate strata titles, it has definitely become one of the most closely held asset classes that is well sought after, but rarely available for sale,” Sammi said. Lim, executive director of Brilliance Capital.

She said incoming buyers can enjoy the security of immediate rental income from the restaurant unit.

It also presents an opportunity for investors, Ms. Lim said, adding that there is “potential for change in use through the settling of part of the parking lot”.

The Big Read: Rising Prices, Construction Delays – Young Couples Face Perfect Storm In Search Of Home Sweet Home

READ: Industry players shouldn’t ‘stoke exuberant feelings’ in the real estate market: Indranee Rajah

Brilliance Capital said the parking sector “has proven to be an attractive alternative to traditional property classes” such as residential and commercial units, and is considered “relatively low risk investments”.

This has attracted investors who are looking for stable cash flow and a resilient asset class in which to invest.

With authorities limiting the number of parking lots in new developments, existing buildings with generous parking space hold a competitive advantage, he added.

“Due to the limited number of parking spaces and the high and significant parking costs in the heart of Raffles Place and Marina Bay CBD, the People’s Park Complex car park has become one of the beneficiaries where the office crowd uses a parking system. incentive parking to get to their offices, ”mentioned.

The call for tenders will close at 3 p.m. on July 29.

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Car Financing

SEC orders finance companies to extend debt relief to customers

Since the start of the lockdown in March, the government has ordered lenders to extend debt relief to help struggling borrowers during the economic downturn. — PHILIPPINE STAR/EDD GUMBAN

FINANCING COMPANIES, loan companies and microfinance non-governmental organizations (NGOs) are required to implement a one-time 60-day grace period for all loans due within the year.

In a notice dated September 21, the Securities and Exchange Commission (SEC) reminded finance and loan companies and microfinance NGOs to comply with Republic Act No. 11494 or the Bayanihan to Recover As One Act (Bayanihan II), which provides a one-time, 60-day grace period for all loans maturing on or before December 31, 2020.

The law, signed by President Rodrigo R. Duterte on September 11, includes a provision to help borrowers who may have difficulty repaying their loans due to the coronavirus pandemic.

The 60-day grace period will be granted for the repayment of all types of loans, whether single or multiple.

Lenders cannot charge borrowers interest on interest, penalties, fees or other charges during the 60-day period. Lenders are also required to invalidate any waivers that may be signed regarding the implementation of a grace period for Covered Loans.

“The parties may agree to a grace period in excess of 60 days and/or to payment of accrued interest on a staggered basis beyond December 31, 2020,” the SEC said.

Even with debt relief, borrowers can choose to pay accrued interest for the one-time grace period on a staggered basis until the end of the year.

In addition to SEC-supervised lenders, other financial institutions such as banks, quasi-banks, real estate developers, insurance companies, provident companies, in-house finance providers, and asset management companies assets and liabilities are required to implement the 60-day grace period. Government institutions such as the Utilities Assurance System, Social Security System, and Pag-IBIG Fund are also covered.

Since the widespread lockdown began in March, the government has repeatedly ordered debt relief from lenders to help struggling borrowers during the economic downturn.

Some of the lenders that have implemented loan repayment grace periods are BDO Unibank, Inc.; Metropolitan Bank & Trust Co.; Bank of the Philippine Islands; Rizal Commercial Banking Corp.; UnionBank of the Philippines; East West Banking Corp.; China Banking Corp.; CIMB Bank Philippines; and the Philippine Savings Bank. — Denise A. Valdez

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Car Financing

Moratorium: Supreme Court should not push for broader debt relief

The court asked the Center why it was “taking so long” to implement the compound interest exemption program promised on loans up to 2 crore rupees.

The chances of a further debilitating court-imposed burden on banks and the chess board in the form of broader borrower debt relief appeared to be diminishing on Wednesday. Hearing a batch of petitions asking for a waiver of interest on deferred IMEs during a six-month repayment moratorium that ended on August 31, the Supreme Court said, “We welcome the government’s decision to donate a helping hand to small borrowers, ”but stressed that the decision should be implemented at the earliest.

The court asked the Center why it was “taking so long” to implement the compound interest exemption program promised on loans up to 2 crore rupees. He asked the government to present the notifications / orders by November 2, the next hearing date.

At a previous hearing, the court said the project was “unsatisfactory” and asked the government and the central bank to record the action taken on the KV Kamath committee report on debt restructuring. He even urged the governmentRBI take into consideration the questions raised by real estate associations and electricity producers faced with the increase in the weight of their debt.

As previously reported by FE, waiving compound interest under the scheme proposed by the Center in an affidavit would cost the Center only Rs.6,500 crore. However, the government had said in an affidavit that extending interest relief to all “all types of loans for all categories of borrowers” would result in a huge charge of Rs 6 lakh crore on banks, wiping out probably a large part of their net worth. and even make most of them non-viable.

Last week, the government and the RBI had ruled out any further waiving of interest on interest, or its composition, as this will entail significant economic costs that cannot be absorbed by banks without seriously damaging their finances, which in its turn will result in significant economic costs. round will have huge implications for depositors. and broader financial stability.

Refusing to give a month to implement the interest relief on loans of up to Rs 2 crore, a judiciary composed of Judges Ashok Bhushan, R Subhash Reddy and MR Shah said: “Why would it take so much time to implement it? Common people are worried. Delaying is not in the interest of ordinary people. We are concerned about people with a loan of up to Rs 2 crore.

“We have always allowed the government to come back with instructions, but it is not in the interest of the people to continue to delay once you decide. Please see the plight of an ordinary man. You haven’t given any orders to anyone. You should have done it at the banks, ”the judges observed.

Solicitor General Tushar Mehta told the bench that the outer limit for granting relief is November 15. “It’s a bit hard for the government. We have nothing to gain by delaying the implementation… The banks will waive the interest on the interest and will then be compensated by the government and the calculation will have different terms. We’ll have to make sure the bank gives us an appropriate format. All this will take time to calculate the interest to be paid by the government to the banks, “argued the SG, adding that” November 15 is the outer limit for implementation, but the government will try to implement it again. earlier than that ”.

Senior lawyer Harish Salve, representing the Indian Banks Association, echoed similar views, saying the large number of loans issued in the “up to Rs 2 crore” category makes the process somewhat time consuming and that there is no doubt about the implementation of the government’s decision. “The complexity is such, it takes time,” he added.

The government reiterated that banks are fully empowered to resolve Covid-19 stress and tailor reliefs to individual borrowers, other than large borrowers, by providing various concessions / relief, in terms of changing the interest rate. or by taking discounts.

Under the RBI’s special window, lenders are allowed to recast loans to stressed individuals and businesses without classifying them as non-performing, provided they set aside 10% provisions on those advances.

On September 3, the SC ordered banks to report loan accounts that were not NPAs by August 31.

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Car Financing

How to get out of the debt trap

“It’s quite impossible. . . that the rich save as much as they tried to save, and spare whatever is worth saving.Marriner Eccles, testimony of Congress 1933.

Debt creates fragility. The question is how to get out of the trap. To answer them, we need to analyze why today’s global economy has become so dependent on debt. This did not happen because of the idle whims of central bankers, as many assume. It happened because of an excessive desire to save compared to investment opportunities. This removed real interest rates and made demand far too dependent on debt.

Two recent articles shed light on both the forces behind this increase in indebtedness and its consequences. One, directly related to the views of Eccles, who chaired the US Federal Reserve from 1934 to 1948, is on “The savings glut of the rich and the increase in household debt”. The other, on “Debt requestExplains how over-indebtedness weakens demand and lowers interest rates, in a feedback loop. Authors of both include Atif Mian of Princeton and Amir Sufi of Chicago, well known for their previous excellent work on debt.

As Eccles put it so clearly, beyond a certain point, inequality weakens an economy by causing policymakers to make a ruinous choice between high unemployment or ever-growing debt. The Savings Glut document makes two points. First, growing inequality in the United States has resulted in a sharp increase in the savings of the richest 1 percent of the income distribution, not matched by an increase in investment. Instead, the investment rate fell, despite falling real interest rates. The increase in the savings surplus of the rich has been accompanied by an increase in dissaving, or consumption above income, of the bottom 90 percent of the income distribution.

Savings by the rich may have led to a current account surplus, as in the late 19th century in the UK. But the rich in the rest of the world sought to accumulate US assets, and thus generated a persistent US current account deficit. Except when the real estate bubble before the financial crisis pushed up private investment, it also remained too weak. The main users of excess foreign and domestic savings have been the poorest households and the government.

There is a clear link between saving the rich and dissaving the less rich, and the accumulation of credit and debt. Since 1982, the fall in the net indebtedness of the rich has been accompanied by an increase in the indebtedness of the poorest 90%. This is why the argument that low interest rates hurt the less well-off is absurd. The less well off are not big net creditors. The rich hold claims on the less wealthy, not only directly, through bank deposits, but through stakes in companies that also hold such claims. This phenomenon of growing household debt and growing inequality is not unique to the United States. It is widespread.

Line graph of percentage showing the gradual decline in real interest rates

Why is the increase in debt important? An answer, as argued by David Levy in Bubble or nothingis that the economy is becoming increasingly financial-driven and fragile, with borrowers increasingly overburdened. Another is the idea of ​​”indebted demand” – a close relative of the idea of “Balance sheet recessions” proposed by Japanese economist Richard Koo. As debt skyrockets, people are increasingly reluctant to borrow even larger amounts. Interest rates must therefore fall to balance supply and demand and avoid a deep collapse. In this way, we ended up where we were even before Covid-19, with real interest rates at zero. This is one of the mechanisms behind what Lawrence Summers has called “secular stagnation”.

Line graph of shares of US national income (1982 = 100) showing that wealthy nationals and foreigners are equally important savers for the United States

We need to focus on the United States first, because that’s where supply and demand tend to balance. But similar phenomena of growing inequality and soaring savings are observed in other major economies, notably China and Germany. The former exported his excess savings to the United States, but now absorbs it in unnecessary investments in his country. The latter has prompted trading partners to take on more and more debt in the euro zone and beyond.

Line graph of group savings in the distribution of income of the United States, as a% of national income showing The savings glut of the rich Americans has increased dramatically, while the majority is increasingly dissaving

So how do you get out of the debt trap? One step is to reduce the incentive to finance businesses with debt rather than equity. The obvious way to do this is to eliminate the preference of the former over the latter in almost all tax systems. It is also possible, as Professors Mian and Sufi argued in a previous book, to move from debt financing to equity financing of housing. Additionally, we now have a huge opportunity to replace government business loans in the Covid-19 crisis with equity purchases. Indeed, at current ultra-low interest rates, governments could create instant sovereign wealth funds at very low cost.

Line graph of the evolution of household net debt as a percentage of national income compared to 1982, across the distribution of income in the United States (percentage points) showing that the rich Americans have become much larger creditors, while the rest have become much larger net debtors.

Yet none of this would resolve the continued dependence of macroeconomic stability on ever-increasing indebtedness. There are two apparent solutions. The first is that governments continue to borrow. But, in the very long term, this is likely to lead to some sort of fault. The haves, who are the government’s main creditors, are required to bear a large portion of the costs, one way or another. The alternative is to shift the distribution of income, in order to create more sustainable demand and therefore stronger investments, without soaring household debt.

In 1933, Eccles also told Congress: “It is in the interests of the good to do. . . that we need to take enough of their surplus from them to allow consumers to consume and businesses to operate profitably. This happened, partly by accident and partly on purpose, after World War II. Ever-growing household and government debt will not stabilize the global economy forever. Asset price bubbles should not remain so central to our economy either. We will have to adopt more radical alternatives. A crisis is a great time to change course. Let’s start now.

G0949_20X Line graph showing household and government debt versus income share of top 1% in distribution


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Letter in response to this column:

Tackling inequality requires investment-oriented tax policies / By Yves-André Istel, Senior Advisor, Rothschild & Co, New York, NY, United States

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