Peritus Entreprenr AS, part of AS Merko Ehitus group, and Haakon VIIs gt 5 Holding AS have entered into a contract for the reconstruction of an office building located at Haakon VIIs 5 in Oslos Vika district.

The contract includes reconstruction and upgrading to WeWork shared workplace concept of the first three floors and partially the fourth floor of an existing office building.

The contract value is approximately NOK 50 million (EUR 4.3 million), plus value added tax. The works will be performed from April until October 2020.

Peritus Entreprenr AS(peritus-entreprenor.no) is a Norwegian construction company, which provides construction services in general construction.

Additional information: Peritus Entreprenr AS, CEO Arne Austad, tel. +47 4738 8380.

Priit RoosimgiHead of Group Finance UnitAS Merko Ehitus+372 650 1250priit.roosimagi@merko.ee

AS Merko Ehitus(group.merko.ee) group consists of AS Merko Ehitus Eesti in Estonia, SIA Merks in Latvia, UAB Merko Statyba in Lithuania and Peritus Entreprenr AS in Norway. Besides providing construction service as a main contractor, the groups other major area of activity is apartment development. As at the end of 2019, the group employed 694 people, and the groups revenue for 2019 was EUR 327 million.

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Construction contract in Norway (office building in Oslo) - Yahoo Finance

Thanks to COVID-19, the City Market development might never happen

With the COVID-19 crisis and worries of permanent damage to the economy, Capitol Hill might have a new lost generation of neighborhood developments swallowed up by a possible economic abyss. In areas around the Hill that have gone through such thorough waves of redevelopment, any slowdown might offer a respite. Heres a look at what is on hold and what might never be as the Seattle City Council will vote Monday afternoon on Mayor Jenny Durkans plan to streamline design review and the landmarks process to ensure our city work and projects move forward in a responsible way that keeps everyone safe and healthy.

Durkans proposal would temporarily allow the Seattle Department of Construction andInspections and the Department of Neighborhoods to administratively make somedecisions that would otherwise be made or informed by an in-person board or committeemeetings. In the case of processes like design review, the goal would be to eventually establish virtual meetings.

On Capitol Hill 2020, most major construction is currently only hold due to COVID-19 restrictions including hundreds of new apartments above Capitol Hill Station. Those new developments are nearly complete and likely will open later this year despite any larger economic devastation.

But several more are set to be stuck in a COVID-19 limbo with delays and, for some, full on cancellations.

READY FOR REVIEW

PLANNED

READY TO BUILD OR NEARLY COMPLETE?

Theres no roadmap for how we need to reinvent city government, but as we navigate this public health crisis, we have to turn to unconventional ways to ensure our City work and projects move forward in a responsible way that keeps everyone safe and healthy, Durkan said of her push to streamline the citys development pipeline through the crisis. Our boards and commissions are essential to development in our City and by making these administrative changes, we will be able to fulfill regulatory milestones, keeping us on track to support businesses and develop the housing we desperately need.

Industry proponents say the changes are necessary to not hold up some 28 developments across the city in a stage of the design review process that requires a public meeting and another 35 approaching that milestone. Critics worry that the city will rubber stamp approvals and take a pro-developer position when it comes to decisions like landmarks protections. Others point at decisions like this over an issue with the color of a Capitol Hill buildings siding as proof the processes needed an overhaul prior to COVID-19. The city has been working to revamp design review and find more effective ways for neighbors and the community to weigh in on development plans.

City council members have a full roster of possible amendments to the legislation to be voted on Monday but none of them will be powerful enough to overcome a longterm economic downturn.

The global economic slowdown of the late 2000s left many plans across Seattle and Capitol HIll on the drawing board. On 19th Ave E, an example of one of those developments that went unbuilt left room for a neighborhood favorite to thrive. Elsewhere, like the Key Bank property on 15th Ave E where a planned development also ended up mothballed, the lost development feels more like a lost opportunity.

Many if not most of the above projects across Capitol Hill, the Central District, and First Hill will see the light of day. But any significant economic downturn will mean some of these plans end up on hold forever with or without changes to the Seattle design review and landmarks process.

HELP CHS COVER THE COVID-19 CRISIS -- SUBSCRIBE TODAY: Support local journalism dedicated to your neighborhood.SUBSCRIBE HERE. Jointo become a subscriber at$1/$5/$10 a monthto help CHS provide community news withNO PAYWALL. You can also sign up fora one-time annual payment. HELP TELL THE LOCAL STORY --More here.

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As Seattle looks at temporary takeover of citizen design review, here are the projects around Capitol Hill in COVID-19 limbo - CHS Capitol Hill...

Most of the 18th and 19th century buildings in Moscow underwent crude renovation at some point. This work continued until the beginning of this century and has left an unfortunate mark on the citys architecture.

For an architecture-loving tourist, walking around old Moscow can be quite a shocking experience. One minute find yourself admiring the exquisite facade of an old building in the baroque, empire or classicism style, and the next you raise your head and see a characterless monstrosity perched on top of the original building, increasing its height by a couple of additional stories. And no, sadly this is not a mirage.

It is widely believed that a significant portion of the pre-revolutionary buildings in Moscow were destroyed in war or demolished as part of Stalin's1935 master plan for the city's renovation. While this is partly true, an even larger number of historical buildings were lost as a result of numerous rebuilding and renovation projects. This is why many of the citys surviving 18 and 19th century buildings have a radically changed in appearance, becoming monuments to the bizarre transformations of Russian history.

In the majority of cases, the reconstruction of old aristocratic and merchant mansions, as well as tenement buildings, was necessary in order to modernize and adapt them to new functions. The first wave of these renovations took place in the 1920-1930s, when the newly established Soviet authorities urgently needed to resolve a housing shortage. They began putting additional stories on three- and four-story buildings that usually housed dormitories or administrative offices. One- and two-story mansions almost always had attics, and these were usually converted into communal apartments by crudely dividing spacious halls decorated with stucco moldings and frescoes with partitions. The architects who undertook those renovation projects were seldom concerned with preserving the building's original style. In fact, the opposite was true.

Smolensky Boulevard, 10.

One example of this efficiency drive in urban planning is a quaint building designed by Peter Lavinon Smolensky Boulevard, 10. This three-story building in the classical style with carved plat bands and a decorative stone faade was built in 1892 as an apartment building for several families. During an acute shortage of housing in the 1930s, a two-story constructivist addition was built above it and the building was converted into communal apartments. The result is a hybrid building that is characteristic of Moscow's urban development at the turn of the century, which is defined by a grotesque contrast between classical and avant-garde architecture.

Golitsyns' mansion, Volkhonka

A similar modernization befell the Golitsyns' mansion in Volkhonka, which now belongs to the Pushkin Museum of Fine Arts. The two-story mansion a fine example of Moscow classical architecture was rebuilt in the late 1920s. The buildings austere facade was changed, and it lost a pediment that adorned the central portico. In addition, the building had two attic floors added to it, which for a long time housed the Russian Academy of Sciences' Institute of Philosophy. It should be noted however that, unlike the tenement building on Smolensky Boulevard, this extension was executed in a style that was consistent with the original building.

Mansion of the Lukutins.

This barbaric approach remained a part of Moscows urban planning until the end of the 20th century. For example, the mansion of the Lukutin merchant family (art patrons who backed the production of the famous Fedoskino caskets) on Vishnyakovsky Lane, 23 was built in the 18th century. In 1910, the owners ordered another floor to be added to the three-story mansion with the idea of turning the mansion into an apartment building. The final loss of the building's historical appearance took place in the 1980s, when two more floors were added to it. As a result, what was once a classical style mansion was transformed into another faceless specimen of Soviet architecture.

One of the last victims of Soviet architects was the Zavarzina tenement building on Lyalin Lane, 14. Over 80 years after its construction in 1907, the art nouveau building had two additional stories added to it in order to house residential apartments.

The collapse of the USSR did not yet spell the end to Moscows architectural tragedy. A second wave of renovations of pre-revolutionary buildings took place in the 1990s and early 2000s, when private investors bought up historical mansions for peanuts and added attic floors to them, often to house offices because at the time Moscow had a severe shortage of modern business centers.

Malaya Dmitrovka 20.

One particularly sad symbols of the new era in urban development was the reconstruction of a two-story mansion in Malaya Dmitrovka 20, which once belonged to the poet Aleksey Pleshcheyev. In 1999, the city government handed it over to a private investor, and the building was dismantled up to its front wall and incorporated into a high-tech business center.

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How the USSR disfigured historical buildings in the name of progress - Russia Beyond

Some changes might be made to a planned redevelopment project in the Virginia Square area.

The Arlington County Board is set to consider a request to add 15 apartment units to the 7-story building approved by the Board last June. The project, which has yet to start major construction, will replace a State Farm insurance office and other small commercial buildings near the corner of Washington Blvd and N. Kirkwood Road.

The developer says it can squeeze in the additional apartments by reconfiguring the courtyard and parking garage, and making some minor changes to the building facade and rooftop area.

While the height, building footprint and massing remain unchanged, approximately 8,649 square feet of gross floor area (GFA) will be added as a result of a minor reduction of the internal courtyard and more efficient use of space previously allocated to parking and mechanical uses, a county staff report says.

In exchange for adding the new apartments, the developer has agreed to designate four additional units as committed affordable housing. The plan has critics, however, notably residents of the townhouses across the street.

Issues raised by members of the community, including the Bromptons at Clarendon Homeowners Association (HOA), include concerns around additional density, increased parking demand on local streets, reduction of on-site greenspace and the design of the corner faade, said the staff report.

County staffers are recommending approval of the site plan amendment. The Board is expected to take up the request at its upcoming Saturday meeting.

More from the staff report, below.

The applicant is requesting a site plan amendment to make interior and exterior modifications to accommodate an additional 15 dwelling units, a revised parking garage layout, minor changes to the building faade and changes to the rooftop area. While the height, building footprint and massing remain unchanged, approximately 8,649 square feet of GFA will be added as a result of a minor reduction of the internal courtyard (from approximately 8,000 square feet to approximately 7,380 square feet) and more efficient use of space previously allocated to parking and mechanical uses (Figure 4). To further accommodate the additional 15 units, the average unit size based on total GFA will decrease from 1,021 square feet to 994 square feet. The number of one-bedroom, two-bedroom and three-bedroom units will all increase, with the number of studios remaining the same.

The applicant is proposing a revised parking garage layout with changes to both below-grade parking levels and ramps. The parking garage entrance will remain in the same location but will be reoriented with a maximum slope of 20%. While the total number of parking spaces (including tandem spaces) for the site is reduced from 198 spaces to 194 spaces, all 20 tandem spaces will be converted to non-tandem spaces. The number of parking spaces increases from 63 to 99 spaces on garage Level 02 and decreases from 135 to 95 on garage Level 01. Overall, the parking ratio increases from 0.64 spaces to 0.67 spaces per unit, not including visitor spaces. The visitor parking ratio remains at 0.05 spaces per unit. The site will also accommodate 114 bicycle spaces at the same bicycle parking ratio as previously approved.

To accommodate the new units on the ground floor along the north and west alleys, there will be changes to the faade including replacing the louvers and mechanical vents that previously served the parking garage ramp with new windows (Figures 5, 6, 7, 8). The applicant is also proposing minor modifications to the layout of the rooftop amenity space and decreasing the size from approximately 920 square feet to approximately 850 square feet.

Continued here:
Developer Seeking Permission to Add 15 Apartments to Va. Square Project - ARLnow

If you have a question, Steve Pokin wants to hear it.

Answer Man: Whats being built next to the Price Cutter on South National Avenue across from the Kelly Greens Apartments?Carol McNealy, of Springfield

It will be a Homewood Suites by Hilton and it should be finished in the first quarter of 2021. Homewoodoffers extended-stay suites.

I went to the site on Monday and walked up to about 6 feet froma guy in a pickup truck who told me the price tag is $12 million and the general contractor is Cornerstone Building Services, located in Branson.

Answer Man: Why do they keep lights on all night at former CVS store on Glenstone?

A reader wants to know what's being built on South National Avenue, near the Price Cutter and across the street from Kelly Greens Apartments.(Photo: Steve Pokin/News-Leader)

The guy in the pickup was Bryan Studyvin, who owns Cornerstone Building Services.

Construction started in October.

Answer Man: Who painted those telephone poles in north Springfield? 'Pretty artistic stuff'

A reader wants to know what's being built on South National Avenue, near the Price Cutter and across the street from Kelly Greens Apartments.(Photo: Steve Pokin/News-Leader)

In May 2018 I answered a similar question regarding what was then under construction just behind (to the east) of the Homewood Suites now under construction.

The answer to that question was Villas at Lark Pointe, a large apartment complex.

Answer Man: How did Mister Car Wash know who I was when I pulled up? Did they run my plate?

Keep those questions coming. Send themto The Answer Man at 417-836-1253, spokin@gannett.com, on Twitter @stevepokinNL or by mail to 651 Boonville Ave., Springfield, MO 65806.

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Answer Man: What's being built on South National across from Kelly Greens Apartments? - News-Leader

Trammell Crow has also committed to setting aside 10 percent of the multifamily rental apartments as affordable units.

KINGSTON The proposed four-story, 282-unit apartment complex at Kingston Collection can go forward with a $385,000 commitment from the developer toward the cost of a new fire engine and other money to be spent as the town sees fit.

The Planning Board voted 5-0 Monday night to approve a special permit for Trammell Crow Residentials development at the former Sears location.

Planning Board Chairman Tom Bouchard said negotiations with the company focused on the developers offer towards the cost of a new fire engine and the cost associated with building sidewalks, but funding specifically for sidewalks is not part of the agreement.

Instead, Trammell Crow has committed to $150,000 for the fire engine and $235,000 toward costs for the public benefit. Bouchard said the $235,000 could still be spent on sidewalks or nearby intersection improvements, or additional funding could be applied toward the cost of the fire engine.

Trammell Crow Residential Development Manager Mark Baranski said from their standpoint they dont see the value in giving the town money for sidewalks and would rather see the $235,000 benefit the town.

Planning Board members agreed to this, although Bob Gosselin did question the timing of the payment of the $385,000. The recommendation was that Trammell Crow pay the town before approval of an occupancy permit.

Gosselin suggested that the company be required to pay the town before approval of a building permit instead.

Baranski said the preference is always to delay large expenditures until they are really needed, and with his understanding that the money for the fire truck isnt needed in the next several months, thats why the company has built in some wiggle room.

Gosselin asked what happens if Trammell Crow decides not to proceed with developing the project or sells it.

Baranski said legal language as part of site plan approval spells out that only the limited liability corporation that owns the land for Trammell Crow, or its successors, can develop this project under this permit. He said its essentially about satisfying debt and equity partners.

The intention is to go forward as planned, Baranski said. Its us. Were with you going shoulder to shoulder through this project.

The Planning Board added to the list of conditions of approval to ensure that the project would be substantially the same as proposed at this time by requiring that the plans are in substantial conformance with the plans before the start of construction.

Trammell Crow attorney Jim Ward suggested this language to satisfy Planning Board members concerns that the plans could at some point be altered. Ward said its not that unusual to include this kind of language so it satisfies their concerns that the lenders would be comfortable with it.

Bouchard initially asked for the Planning Board to get a final look at the final plans before the start of construction, just in case the project changes hands, but he and the other Planning Board members agreed to the condition as long as the development meets or exceeds the standards set in the final draft.

Our objective would be that it meets or exceeds your preliminary drawings, Bouchard said. Thats our goal.

While most of the conditions are standard conditions, including submission of final architectural and landscaping plans, Trammell Crow has also committed to setting aside 10 percent of the multifamily rental apartments as affordable units.

Follow Kathryn Gallerani on Twitter @kgallreporter.

More:
Approval for Kingston Collection apartments includes $385,000 - Wicked Local

Tetra images / Getty Residential housing development

There's no doubt about it: March's housing numbers were awful.

As reported by the U.S. Census Bureau and the Department of Housing and Urban Development on April 16, new home construction starts for single-family homes -- the sort provided byD.R. HortonandNVR'sRyan Homes -- were down 17.5% from February 2020.

Considering how disruptive the coronavirus has been to the overall U.S. economy, with more than 90% of Americans under stay-at-home or similar orders, that may seem like an indication that things aren't so bad. But the underlying context reveals bad news for homebuilders and other stocks that benefit from a strong housing market, likeHome DepotandLowe's.

Let's put that 17.5% number into context.

First of all, it only refers to single-family homes. While that's the only number that may matter to homebuilders like D.R. Horton and NVR, it's not the only part of the housing market. Starts for new multi-family homes (like apartment complexes) with five or more units tumbled 31.6%. That means overall housing starts fell by 22.6% from February to March.

Related video: Existing home sales fall 8.5% in March (provided by CNBC)

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That still may not seem like a huge number, given everything that's going on right now, but it's the biggest month-over-month percentage drop in starts in more than 35 years. You'd have to go back to March 1984 (what is it with March and housing declines?) to find a larger single-family home drop of 26.4%.

Even with that giant monthly drop, though, housing starts were still up 1.4% year-over-year. Rock-bottom mortgage rates drove up demand through late 2019 and into February 2020. So, if things are up year-over-year, that's not so bad, right?

Wrong.

It's easy to forget that the coronavirus pandemic hasn't actually been going on all that long. While the first confirmed U.S. case was identified on Jan. 21 in Washington state, it was March 4 before the U.S. had 100 confirmed cases, and March 11 before the U.S. surpassed 1,000 confirmed cases. March 11 was also the day the World Health Organization declared the then-outbreak a coronavirus pandemic, and a lot of government organizations and businesses suddenly started taking action.

Before March 11, though, it was more or less business as usual in the housing market. Indeed, in a March 9 survey of its members, the National Association of Realtors found that just 16% of them saw a decrease in interest among buyers, and only 19% reported sellers considering pulling their homes from the market.

In other words, about one-third of March was over before COVID-19 started to have an impact on the national housing market. Andit wasn't until March 19 that California issued the first statewide stay-at-home or similar order.

So, while it sure mayfeel like you've been cooped up in your home forever, March was about two-thirds over before anyone outside a handful of West Coast municipalities was being forced to stay at home. Just 20 states had issued stay-at-home or similar orders by March 26.

With that in mind, let's look at those March housing numbers again.

If the housing market wasoperating on, for want of a better term, "pre-coronavirus" status for the first third of March, and was severely (although not completely) impacted by coronavirus-related shutdowns for the last third of March, then it's likely that real estate activity in March was probably in between "pre-coronavirus normal" (February) and what we'll see in April. In other words, hold onto your hats when the April numbers come around!

By April 7, 42 states had issued statewide stay-at-home orders, with additional orders affecting the largest cities in three more states (Oklahoma, Utah, and Wyoming). Of the top 100 cities in the U.S. by population, the only two currently unaffected by a stay-at-home order are Omaha and Lincoln, Nebraska. That's likely to be the status quo for most, if not all, of the month.

While in many states, home construction is deemed an "essential business" that's exempt from stay-at-home orders, housing completions fell 6% in March, suggesting that the coronavirus was still having an impact on construction work.

That impact is likely to be even larger in April. After all,if no customers are out buying new homes -- especially in the major urban real estate markets -- it isn't going to matter how many workers are available. The number of new residential building permits being pulled rose 6.5% in March, suggesting that fewer starts are likely next month.

National Association of Home Builders (NAHB) Chief Economist Robert Dietz agrees, saying in an article on the NAHB website, "We expect further declines in housing starts in April."

If you thought March's residential housing report was bad, brace yourself for a downright ugly report in April.

The data suggests that April's housing numbers are going to be even worse than March's. While homebuilder stocks and those of companies affected by the residential housing market like Home Depot and Lowe's largely shrugged off the March report, they may not be able to do the same in April.

Investors looking to buy stocks should probably wait until the other shoe drops before putting money into this troubled sector.

John Bromels has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Home Depot and NVR. The Motley Fool recommends Lowe's and recommends the following options: long January 2021 $120 calls on Home Depot and short January 2021 $210 calls on Home Depot. The Motley Fool has a disclosure policy.

When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market. David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now, and D.R. Horton wasn't one of them. That's right, they think these 10 stocks are even better buys.See the 10 stocks.

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Why the latest housing numbers are worse than they look - msnNOW

Given the coronavirus pandemic around the world, things have been different for the people, schools, professionals on the frontlines, and the business industries, especially real estate. Due to the threat to life brought by the coronavirus disease, different governments have declared community quarantines and lockdowns to slow down the spread of the virus.

With the different establishments ordered to stop operations until further notice, the realty business is undeniably one of the most affected industries across the globe. While the degree of the effects will depend upon the market and other relevant factors, the truth remains that the impacts are going to get worse throughout the duration of the economic shutdown.

Keep reading this article to learn how the realty business is severely affected by the pandemic.

People Refuse To Buy Homes Because Theyre Fearful

Real estate is one of the major industries in the market today. With more people buying houses and other real properties for investments, the sector is undeniably booming, not until the global outbreak of a life-threatening coronavirus disease.

Even if you want to make some sales despite the pandemic, you might not be able to do so because more and more people are becoming fearful of going outside their homes and instead of buying real estate properties. This situation has started to complicate both the buying and selling process due to many people worldwide being ordered to stay at home, unable to enter into a real estate transaction. As a result, several realty companies might fail to make more sales, resulting in a loss of profits in the long run.

For example, if you have real estate assets belonging to a deceased estate in Colorado Springs that need to be sold as soon as possible, the recent pandemic might cause some delay to these transactions considering that people are more fearful of going out and closing a deal by themselves. Nevertheless, if you need help administering your dead loved ones estate, working with a dedicated probate attorney Colorado Springs can be an excellent idea.

Selling Properties Are Challenging Due To Stay-At-Home Orders

Because of the increasing number of people getting infected, most states issue stay-at-home orders that only allow essential business establishments to operate. Unfortunately, the realty business isnt among those that are labeled essential, forcing them to stop their operations for an indefinite period.

Unfortunately, when things like these will last for a long time, the real estate industry is definitely in big trouble because properties for sale might stay idle until the stay-at-home orders are lifted and normal operations will resume.

Not only that, but work for real estate agents, such as open houses and listing of properties for sale, are reduced or restricted to prevent the risk of contracting the virus, making the process of selling and buying properties a lengthy and complicated undertaking.

Construction Of Residential Houses And Commercial Buildings Are Interrupted

As mentioned, the real estate industry isnt deemed an essential business during this COVID-19 pandemic. Because of this, many realty-related business establishments, including construction supply stores, are stopping their operations until further notice to follow the states stay-at-home or lockdown orders. Consequently, on-going construction projects by many builders and developers are being stopped due to lack of supplies and other resources.

Moreover, constructions and other building processes are affected in a way that more and more workers need to stay home due to curfews, quarantines, and business shutdowns. As this situation happens, real estate developers will not be able to finish the construction as agreed upon in the contract, resulting in a significant financial loss for their companies.

Construction Workers And Those Working In Realty Companies Are Unable To Work For A Living

Whether you believe it or not, the coronavirus pandemic is continually affecting the world. Aside from curfews, workers from the real estate industry are deeply affected by the business mandatory shutdowns to contain the spread of the virus. Although its against their will, they have to follow the government orders, just like anybody else, to reduce the transmission.

Unfortunately, not all of them enjoy the privilege of getting paid even if they havent worked for it. Most of these workers receive nothing from their salary while they stay at home, making their financial circumstances more challenging than ever.

Due to these vast numbers of unpaid employees and layoffs, the economy might be pushed toward a great deal of recession in no time.

Rental Apartment Industry Will Experience Decline In Profits

Aside from residential real estate, theres a real crisis in the commercial real estate sector due to coronavirus disease. Just before the health crisis strikes, lease renewal rates are high, and apartment constructions are everywhere around the world. But, when the coronavirus pandemic has reached many communities globally, the rental apartment industry is preparing to face a downturn of events due to lockdowns, business shutdowns, and many more.

For instance, landlords will have to deal with some tenants who have no income and are unable to pay the rent. Since most landlords pay attention to retention, theyll become more lenient with the rental terms, but it means a lower rental income until the pandemic subsides.

Need For Office And Co-Working Spaces Will Become Low

As many companies are gearing towards telecommuting, throughout the coronavirus outbreak, therell be a low demand for large office spaces. With the advent of technology advances these days, more employers will ask their employees to work from home using apps, such as Zoom, Slack, and many more. Since technology can facilitate a virtual work environment, then the need for office spaces will decelerate as the result of the pandemic.

Further, the demand for co-working spaces is also expected to significantly decrease as more people are trying to avoid interaction with others within an office setup. As such, individuals who are leasing out co-working spaces will more likely be in business and financial trouble.

Closing Words

With the situations described above, its clear that the coronavirus pandemic has severely

impacted the realty business. From the inability to make sales to lower demand of office and co-working spaces, the current global health crisis is starting to reshape high-level market forces and the process involved in buying and selling property.

Therefore, if youre into a realty business, expect that the industry will face major changes during and after the coronavirus outbreak.

See the article here:
Is The Realty Business Badly Affected By The Pandemic? - Live Trading News

AT Monday nightsRegular Council Land Use Meeting, Surrey City Council granted final adoption to projects that have a combined total construction ofover $55 million that will create approximately 550 new jobs.

While we all have to do our part to prevent the spread of COVID-19, it is equally important to find ways to keep our local construction sector going that is so critical in creating so many meaningful and essential jobs, said Surrey Mayor Doug McCallum.

Surrey City Council has made it a priority to ensure there is an environment for our builders and developers to carry through with their projects. Most importantly by doing so, we are making sure that projects are not only design ready, but shovel-ready as soon as possible in order for people to have access to the well-paid and skilled jobs created through the construction sector.

The total cost of the construction projects given final adoption, which include single family homes and a six-story rental apartment building, is $55,201,000.

The rest is here:
Surrey City Council focuses on job creation within local construction sector - Voiceonline.com

Tankless water heaters have come a long way in the last 10 years or so. One-third of respondents (33.2%) to our exclusive 2019 Multifamily Design+Construction Amenities Surveysaid they had installed tankless water heaters in an apartment or condominium community in the previous 12-18 months.

Sales of tankless water heaters in the overall residential marketmultifamily plus single-familyhave jumped from 7-9% in recent memory to 14 or 15% this year, according to Brian Fenske, Director of Commercial Sales for Navien, a tankless water heater and boiler manufacturer.

Navien NPE tankless water heaters "ganged" at West End Asteria Apartments, Boston. Photo: Navien Inc.

One particularly robust component of the multifamily marketnew urban luxury high-rise propertiesmay already have swung over to tankless systems, according to Steve Straus, President of engineering firm Glumac. Five years ago, the tank-to-tankless ratio on Glumac-engineered luxury high-rises was about 80/20; today, its 50/50, Straus said. The pace of adoption in this sector could portend greater acceptance in the broader multifamily market.

Despite these positive signs, many developers hold fast to the belief that tankless units cant produce enough hot water to meet the needs of hundreds of apartment or condo dwellers. Having used tank models for years, they see no reason to switch to tankless. Investors can be risk-adverse, said Straus.

According to Naviens Fenske, however, those days are over. Todays tankless units can supply a steady stream of hot water indefinitely. Manufacturers have markedly improved tankless units, overcoming the perceived drawbacks and improving performance to the point where developers, operators, builders, and engineers should consider using them in multifamily projects.

Navien tankless water heater being installed by Smith Plumbing & Heating, Nashua, N.H. Photo: Navien Inc.

The choice of water heaters should be preceded by a comprehensive analysis of all the options: tank vs. tankless, gas vs. electric, brand vs. brand, model vs. model. Lets look at 12 factors your team should consider in evaluating tankless water heaters for your next multifamily project.

1. Tankless water heaters solve the capacity problem. The most important advantage of tankless systems, said Fenske, is that they provide an endless supply of hot water to your tenants and condominium owners. Thats because tankless systems instantaneously heat the water based on immediate demand, whereas tank systems can temporarily run out of hot water after a period of heavy use. One thing you dont need is angry building occupants complaining about cold showers.

2. Tankless water heaters save space. Tankless units typically occupy 4060% less space than comparable tank units, according to Fenske, who also conducts training, design, and product development for Navien. This is especially important since the latest energy code standards require beefier insulation jackets for new tank units, adding several inches to their girth.

Reducing the space needed for water heaters by a half or so is a significant benefit for multifamily developers, especially in large high-rise projects, said Glumacs Straus. Ganging tankless water heaters in the basement could create more space for, say, a bigger dog washing room.

3. Tankless water heaters are easy to install and provide reliable hot water service. Tankless units can be ordered in pre-assembled rack systems that simplify installation. Centralized or zoned systems provide redundancy and reliability, and are often preferred for large multifamily buildings. Our clients almost always want centralized systems, said Straus. When arranged in parallel, if one unit fails, others can take its place.

Straus said his clients avoid using dispersed systems. They dont want the maintenance associated with servicing individual tankless heaters in every living unit, he said.

Rinnai tankless water heater in rack formation. Photo: Rinnai America Corp.

4. Tankless water heaters score high on energy efficiency. The U.S. Energy Department standard for measuring energy efficiency in similar types of water heaters is the uniform energy factor, or UEF. The higher the UEF, the more energy efficient the water heater.

According to Energy Star, gas tankless water heaters have a UEF of at least 0.87 to as high 0.97 for the most efficient gas units, known as condensing gas models, which use a second heat exchanger to heat water with the exhaust gas. Electric tankless water heaters have a UEF of 0.96 to 0.99, while the UEF of commercial tank water heaters can range from 0.80 to 0.90 according to Energy Star. (Note: The UEF rating does not take into account the cost of producing and delivering natural gas or electricity.)

5. Tankless heaters have a reasonable payback period. Tankless water heaters cost anywhere from 30-40% more up front vs. tank systems, although this premium comes down significantlyand can even disappearwhen multiple (ganged) tankless installations are compared to multiple commercial tank and boiler combinations.

Tankless systems can save 15-25% on energy costs compared to tank systems, depending on the type, the brand, and specific product and model features. If your project is located in a service area with high utility rates, the payback period will be quicker. Your estimator, preconstruction expert, or MEP engineer needs to weigh all these variables to determine the anticipated payback periods for the various systems you may be considering.

If youre going to hold the property and youre looking at cost of ownership over a longer payback period, tankless is going to be a better value for you in almost every situation, said Ansley Houston, Senior Director of Commercial Business for Rinnai America Corp., manufacturer of gas tankless water heaters.

6. Tankless water heaters can contribute to your green marketing campaign. If youre seeking a green certification, such as LEED, or promoting your use of Energy Star appliances, youll want to mention your tankless water heaters in your sales and marketing initiative.

Developers in parts of the country where conservation is either mandated or valued by consumers can show what theyre doing to save energy and water, said Julius Goodman, Marketing Head with Stiebel Eltron, a manufacturer of electric tankless models.

Rheem tankless water heater installed in individual unit. Photo: Rheem

7. Tankless water heaters have a long lifespan. According to the DOE (https://bit.ly/3b0jqO6), most tankless water heaters will last more than 20 years; comparable tank units average 10-15 years. Thats because tankless units dont have the most common point of failure in tank unitsthe tank itself. Check the warranty for coverage of labor, parts, and the heat exchanger.

8. Tankless water heaters may soon be required by code. Tankless units may become a necessity, not a choice, as energy-efficiency codes become tougher. Glumacs Straus noted that tank units with a low UEF (0.80 or less) may fail to meet more restrictive state or local energy codes in the near future.

9. Tankless systems are relatively easy to maintain. The maintenance needs of tankless water heaters depend largely on the quality of the water being fed into them. Hard water can leave mineral deposits on heat exchange elements. When hard water is the only alternative, install a water softening system. Tank water heaters, which store large volumes of water, are more susceptible to mineral buildup than tankless models.

One manufacturer, Navien, uses stainless steel heat exchangers that are more resistant to corrosion from minerals in the water than the more commonly used copper tubing.

Polluted air and contaminated combustion also can be a problem in gas units, as air drawn in for combustion can leave deposits in the heat exchange chambers. Proper installation steps should be taken to assure clean combustion air for gas-fired appliances. Here, too, gas models with stainless steel heat exchangers will resist corrosion more effectively. For optimal operation the combustion elements should be cleaned during scheduled annual maintenance.

10. Gas tankless water heaters may earn utility rebates. Some gas utilities offer rebates for gas tankless units. Utility rebates for electric tankless water heaters are generally less available. Check with your local utility for current rebates.

11. Todays tankless units are getting smarter and smarter. The latest tankless models have sensors that detect when demand fluctuates and send a signal to smart electronic controls that automatically cascade the number of units in operation, so that hot water supply keeps pace with demand. Manufacturers are adding Wi-Fi capability to many models that allow your operations staff to monitor and adjust the units remotely. Check with your supplier, as the technology is getting more sophisticated almost by the minute.

Noritz tankless water heater assembly. Photo: Noritz

12. Work with your tankless water heater supplier. If youre new to tankless systemsor just have a questionconsult with the manufacturer or dealer, especially in the early stages of design, when important decisions are being made. They are eager to provide technical advice to make your project successful.

Stiebel Eltron electric tankless water heater. Photo: Stiebel Eltron

Read more from the original source:
Tankless water heaters: 12 things to know about these energy savers for multifamily housing - Building Design + Construction