103 Church Street. The development is proposed for the back of the house. (Google Maps)Fredericton's Planning Advisory Committee has voted to amend the City Centre Institutional Zone to allow for a modern, two-unit addition to a home in the St. Anne's Point Heritage Preservation Area.

The CCI zone recognizes the unique historic areas within the downtown.

The house at 103 Church St., across from the Fredericton Cenotaph, contains a retail store, an apartment and accommodates three Airbnb units.

Owners Scott and Victoria Boer want to add two bachelor apartments, a garage and outdoor living space.

Scott Boer spoke at the PAC meeting Wednesday night.

"We designed an addition that would allow us to continue to have the store, but our living space outdoors would have to be on the second floor and that led to us having a void below that we could fill with either personal space or additional living space," said Boer.

Boer said he consulted the city about the design.

"One of the things that the Heritage Board was very firm on was that they want to make sure that we don't create caricatures of 100, 150 years ago and that our additions embrace what the city is now," he said.

Boer said the addition has "a very muted palette, very simple lines."

"We don't draw from the main house, which we've embraced and renovated," he said.

The design was approved by the preservation review board over the summer.

"It is always a cause for concern when there is an addition that takes place and it doesn't always look like it's integrated into ...the classical design features of the specific home," said Marcello Battilana, the city's manager of community planning, during the meeting.

"But when you're looking at heritage and you're looking at infill in terms of a heritage area, the goal is not to create or to mimic the heritage. It's to ensure that the addition is an addition of its own time."

The City of Fredericton's heritage bylaws say that new builds should be compatible with the existing heritage:

"The erecting or placing of a new building or structure within a preservation area shall be of such design and setting upon its lot as will be compatible with other buildings, streets and open spaces in the preservation area to which it is visually related. No Certificate shall be issued for such a development unless it conforms to the standards set out in section 7.02."

Susan Dunphy, who lives behind the Boers on King Street, is upset by the proposed addition.She and her husband bought their home in the heritage zone and restored it according to the heritage bylaws, she said during the meeting.

"We cannot begin to express how this is going to impact our home, our life, our neighbourhood and the seamless fabric" ofhistoric downtown Fredericton, Dunphy said. "As seniors and individuals who have invested in curating a fine downtown home...the proposed development is both unacceptable and troubling to us."

Dunphy said she has consulted other neighbours and a lawyer and is prepared to fight against the final approval of the addition.

"The corner of King and Church is one of the most beautiful in the province and contains provincial and national historic sites, including Christ Church Cathedral and the cenotaph The proposed new development is modern, garish and does not fit the Napoleon III style home on which it would be attached and would completely distract and ruin this part of the heritage preservation area."

The zoning amendment will go to council for approval.

Link:
Proposed modern addition to heritage-zone home heads to council, but not without opposition - CBC.ca

1949 was a mostly uneventful year for Chevrolets sidekick brand, GMC. It was the early peace period, few things needed to be changed, and business was booming. The carmaker fielded an army of 75 models and 224 body and chassis types, according to the GM Heritage Center. Among them, the pickup we have here.

The current form is relatively new, with the vehicle having gained this refreshed look no more than 146 miles (235 km) ago. Wrapped in blue and black over a burgundy interior, the GMC benefited from a complete restoration that gave it back its former shine without spoiling it with crazy and unnecessary additions.

The blue on the wheels might be a bit exaggerated and off, but that shortcoming is offset by the smooth and refreshed body. Its chrome elements have been remade, as have the GMC emblems. Also, new glass and rubber were fitted where they were due.

The interior has been caressed as well with restored heater components and seat frame as well as the addition of new upholstery, new door cards and re-chromed parts. The gauges too have been reworked and brought back to their original look.

The machine's most important hardware did not escape the restoration process. We are not being told what's powering the truck, but as far as we understand, its the original engine, boosted with new internals as well as rebuilt transmission and rear axle. Photos of the engine show it is rated at just 76 hp.

The truck is selling for what seems to be the right price for a build of this caliber, $51,900.

More here:
1949 GMC Pickup Sticks With the Original Look, Nearly Nails It - autoevolution

This seriesdelves into the myriad ways people enter the commercial real estate industry and what contributes to their success.

When Whitney Kraus first entered architecturein 2002, everything seemed so big the projects, the budgets, the personalitiesandthe list ofthingsshe needed to knowallseemed intimidating.Now, as director of architecture and planning at Brown Harris Stevens Development Marketing, the commercial real estate world is a lot smaller to her than it seemed almost 20 years ago. Kraus saidshe can even flip between the design side and the owners side of a development with ease.

Courtesy of Whitney Kraus

BHSDM Director of Architecture and Planning Whitney Kraus dipping her toes in real estate at age 3.

Bisnow: How did you get introduced to CRE?

Kraus: I have to give credit to my paternal grandfather for my intro to CRE. He ran a vocational training school for construction tradesmen and switched to real estate development later in his career. I grew up hearing about his projects and he would constantly snail-mail me newspaper articles about interesting buildings. I was also fascinated by the home additions and ground-up construction my parents undertook when I was a kid in North Carolina. The first project was a garage when I was about 3 years old, and though I only have vague memories of it, there is photo evidence of my early interest.

Bisnow: What was your first job in CRE?

Kraus: My first job was on a construction site the summer between my freshman and sophomore years in college. I worked for a construction manager/owners rep who was overseeing four general contractors building a 100-acre boarding high school. I worked in the on-site construction trailer and among the many things I learned, I got really good at taping faxes together to make one large architectural drawing for ASIs. It was a wonderful experience and I worked there for threesummers. My boss told me he would only pay me minimum wage because what he was really paying me in was experience. He was absolutely correct.

Bisnow: What kind of education, certification or official training do you have in CRE? How critical was it to landing your first big role?

Kraus: I have a B.S. in architecture from the University of Michigan, a Master of Architecture from Yale University, LEED certification and am a licensed architect. Architecture school teaches you to think critically, express your ideas clearly and defend your work when it is questioned, which are all very useful life skills. Learning in an environment where you are encouraged to think outside the box taught me that there is almost always a way to achieve your goal; you just have to put in the time and effort to make it happen. My first big role was working at Selldorf Architects. One of my graduate school professors introduced me to the firm and it turned out to be a wonderful connection. I learned so much while working there and am very thankful for the experience.

Courtesy of Whitney Kraus

BHSDM Director of Architecture and Planning Whitney Kraus on her first job.

Bisnow: What is one skill you wish you had coming into CRE?

Kraus:As an architect, I understand a lot about how to design and build buildings to a budget, but my architectural training did not prepare me for the complexities of the financial side of multifamily real estate development. In my role at BHSDM Ive learned a lot in the last couple years about loans, lenders, ROIs and the like. If I were back in school, a couple classes on finance would be a smart addition to my coursework.

Bisnow: What were you doing before you got into CRE? Did you bring anything with you from your past career that has helped you thrive in CRE?

Kraus:After graduate school, I worked at Selldorf Architects and then on my own prior to joining BHSDM. Though architecture is a related field to CRE, its very different sitting on the design side rather than the owners side of the table. I spend my days now being a link between the design, marketing, brokerage and ownership teams. They each have tremendous skill sets and knowledge but dont always speak the same language. Having been on both sides, I try to bridge the gaps so everyone on the team can work together efficiently to create successful projects.

Bisnow: Can you remember a moment where you felt in over your head or you worried this industry wasnt for you? Did you ever think about quitting? What changed?

Kraus:As a woman in this industry, I have had many challenging experiences. I am often the only woman at the meeting table or on a construction site, which can be simultaneously empowering and intimidating. I have had to work diligently to have my voice heard in a traditionally male profession. I never entertained quitting. The stubborn streak in me has always been determined to push through the challenges rather than be defeated by them.

Courtesy of Whitney Kraus

BHSDM Director of Architecture and Planning Whitney Kraus, left, with her sister last year at the Blyde River Canyon in South Africa.

Bisnow: What were your early impressions of the industry, good and bad? How has your impression changed?

Kraus:When I first started working in New York City, everything seemed big the city itself, the number of people, the construction costs of projects, the list of things to learn. More than a dozen years in, Ive adjusted my baseline for whats big. Now I have no trouble discussing a $400M project sellout or giving someone directions from Midtown to Gowanus. Ive also learned that the NYC design industry is a very small world. Everyone knows each other and is happy to make connections, which helps make a big city feel more manageable.

Bisnow: Have you had a mentor or sponsor? How did that person shape your future in CRE?

Kraus:My first boss had a huge influence on me. He trusted that even though I had very little experience, I was smart and eager to learn. He often threw me into the deep end with new tasks but always gave me the tools to stay afloat. I learned by figuring things out and getting my hands dirty, sometimes literally dirty given the mud on-site. One of the partners at Selldorf Architects was also a wonderful mentor. She is a very talented architect and not only taught me a lot about the profession and design but also gave me the best constructive criticism of my career. It was hard to hear sometimes but I carry the lessons I learned from her with me every day.

Bisnow: What is a key lesson someone taught you, either kindly or the hard way?

Kraus:Years ago, it was pointed out to me that I had a tendency to react negatively when big changes were made late in the life cycle of a project. I was focused on all the time and effort that had gone into the project and how much it would take to make the changes. My boss told me to relax and realize that I am part of a larger team its not on my shoulders alone to get things done. She said, I cant really explain how it happens, but somehow things work out most of the time and you just have to trust the team. The critique was spot on and Im much better at rolling with the punches now.

Courtesy of Whitney Kraus

BHSDM Director of Architecture and Planning Whitney Kraus, right, with her best friend from undergrad (also an architect). They went back to Ann Arbor for a football game last year and got a tour of the football team's practice facility on game day.

Bisnow: What do you warn people about when they join the industry?

Kraus:This is not an industry for the faint of heart. You have to have a thick skin, a lot of initiative and be able to work with a wide variety of people. It takes a huge team of people to get buildings built. Understanding your role on the team and how to add value is what can make or break your success.

Bisnow: If you could do your career all over again, what would you change?

Kraus:I am very proud and thankful for how my career has turned out to date and I dont have many regrets. Id definitely tell my younger self to sleep more during school. If I had to totally start over in a different field, Ive always been curious about medicine and would maybe pursue that.

More:
Origin Stories: Architect Whitney Kraus On Having Thick Skin And The Small World Of Big Projects - Bisnow

Both are sports car legends in their own right, given the choice to own either a modified NSX or Supra would be a difficult decision to make.

On one hand, the NSX is a proper supercar and first-generation cars are still very quick and competent, even by today's standards, but the core design makes them a harder custom project to work with. Even so, there are some stunning modded cars out there. The Supra, by comparison, couldn't be more different. Whether it's the new or the old model, in many ways the Supra is every customizer's dream car, lending itself well to pretty much any upgrade owners care to throw at it.

Improving on the original is never an easy task. Honda launched their 2018 NSX and managed to win over even the most ardent of fans with the new look, but this didn't stop some from taking things into their own hands. Competing with its rivals necessitated a move to forced indication, and the NSX's engine produces a healthy 573hp.

Dream Project, the work of established tuners Science of Speed, takes the standard car's engine to a higher-level raising output to 610hp through a revised free-flowing exhaust system. The external modifications remain subtle with a custom GT3 race-themed body kit completing the package.

TheSupra, reborn in 2019, isn't quite the iconic Japanese sports car gearheads hoped for, owing much of its chassis and drivetrain to BMW. To return to the main point the A90 whatever its origin is a fantastic sports car.

The Supra has always been popular with aftermarket tuners, lending itself particularly well to higher power figures. Increasingly popular among A90 owners, swapping out the stock engine in favor of Toyota's 2JZ-GTE fitted with a custom HKS turbocharger can free up 700hp.

RELATED:5 Insane Photos Of Widebody Muscle Cars (5 Of JDMs That Are Just As Cool)

Customizing an original 1992 NSX with a widebody kit might seem like a bad move to some gearheads, but there is no denying the impact is nothing less than jaw-dropping. Not for the faint-hearted, every panel undergoes some form of surgery to produce the final Rocket Bunny conversion, no wonder there are just two examples to date.

That's the visuals taken care of, just leaving the NSX's 3-liter V6 in need of some beefing up. When Honda produced the NSX for the first time, 270hp was more than sufficient to compete with its main competitors, but that was a few years ago, light supercharging produced a more respectable 316hp.

Every gearhead knows how good the A80 Supra is, but the success ofFast and Furious turned a great car into one of the most recognizable cars of all time, replicas are common but this is the real deal. Being one of the stunt cars used for filming this is a non-turbo model and will never be a 10-second car,

Technical Director Craig Lieberman provided the quick version, complete with turbonetics blower, NoS, and dozens of other TRD upgrades all finished in a fetching Lamborghini candy orange paint scheme.

It shouldn't come as a surprise that most NSX owners opt for a red paint finish which shade is another issue, but finished in cherry red, we think this 1991 car looks beautiful. Wearing its original bodywork albeit sitting much lower to the ground gives a wider appearance, and yet there is no widebody conversion involved, just a few subtle additions to the side steps and diffusers

The result of one man's personal project, Californian Grown shows what can be achieved with just the right amount of modification. Similar levels of restraint are to be found in the NSX's engine bay, custom exhaust, headers, and a ram air intake are the only additions.

RELATED:5 Japanese Sports Cars That Look Amazing With A Spoiler (5 That Cant Pull It Off)

The Supra A80's arrival in 1993 served as a wake-up call for supercar makers everywhere, here was a mass-produced sports car able to outpace many of the fastest cars on the road. While turbocharging had become common practice, Toyota used a sequential twin-turbo 3-liter engine to produce 326hp, the Supra wasn't just quick it proved to be extremely robust.

A large part of the A80s success stems from Toyota's 2JZ-GTE engine, one of the greatest performance engines ever built and remains a popular choice among tuners. One common upgrade path among owners is to fit larger turbochargers, intercoolers, and exhaust systems that running on pump gas can release 650hp.

Honda's NSX was designed to be driven daily and not just parked up in some dusty garage hoping for some fine weather a couple of days of the year. A similar view can be taken when it comes to modifying the NSX, pasting on a set of decals or other off the shelf accessory isn't cutting to cut it, modifications are supposed to make a car better.

Wearing a GT-themed body kit makes this NSX stand out from ordinary cars, handcrafted custom front, and rear splitters the work of its owner resulting in a unique package complimenting the original body.

The Supra had finally come into its own with the launch of the A70, the first model produced without being tied to the Celica platform and drivetrain, also the first Supra to be delivered with turbocharged engines. All things being equal 230hp should be sufficient for most gearheads but there was a more powerful Japanese market spec car that had twin turbos.

Dropping a smaller 2.5 liter twin-turbo 1JZ unit in the A70 is simple enough bringing with it a more impressive claimed 276 hp, remember that this figure is often cited in JDM cars for legal reasons.

RELATED:These Stunning 80s Sports Cars Are Still Dirt-Cheap (But Soon Wont Be)

Awesomely modified takes on a new significance with Liberty Walk's widebody kit, riding on air suspension certainly adds drama but, those rear arches are a matter of personal taste. Completed as a unique prototype kit the quality speaks volumes about its owner's abilities, it just doesn't make the NSX any better than it left the factory.

Remaining pretty much stock under the hood, replacing the stock system for customized titanium exhaust improves overall performance.

At the time of the arrival of the second generation Supras, things were becoming a bit more interesting, larger in-line six-cylinder engines made their first appearance offering a welcome jump in power to 145hp. Despite using bigger engines the A60 wasn't all that fast needing 9.8 seconds to hit 60mph.

With a bit of patience, the Toyota 2JZ-GTE with turbos fits under the hood bringing new life to the A60 platform as evidenced by this 1985 example. Recently auctioned the previous owner chose to retain the original appearance.

NEXT:We Totally Forgot About These Weird And Wonderful Japanese Sports Cars

Next 8 Modified Camaros We Can't Stop Laughing At (2 That Are Downright Stunning)

Raised in a car-obsessed environment from an early age ensured a keen interest in anything car-related. first and foremost an F1 fan, but also an avid follower of other motorsports. Professional background working closely with a well established UK based Supercar manufacturer in recent years.

See more here:
5 Awesomely Modified NSXs (5 Modified Supras We'd Rather Own) - HotCars

By Brandon Block

The Olympian

Kelsey Hulse hit refresh on her computer.

It was 2017, and Hulse a political wonk, nonprofit fundraiser, and former candidate for Thurston County Commissioner was searching for a place to live in Olympia. She opened up Craigslist and local property management websites and sorted for one-bedroom units under $1,000 per month.

Very few came up.

After making a flurry of phone calls, she found a one-bedroom in Lacey for $1,170. Even with a job as a lobbyist for Puget Sound Energy, minimal student debt, and few other financial commitments, it was more than she wanted to pay or could sustainably afford. Hulse stayed out her six-month lease there, and then got a lucky call: a friend told her they had a spot opening up in a unit built above their garage for $850 per month, utilities included.

The unit was essentially one open space, just over 1,000 square feet, with a bathroom, tiny appliances and no oven. Although technically permitted as a bonus room a room created by remodeling or an addition that does not meet building code definitions for traditional rooms it functioned a lot like an Accessory Dwelling Unit (ADU), which are also sometimes known as backyard cottages, mother-in-law units, or granny flats.

ADUs can be remodeled basements or attics, attached additions, or above-garage units like Hulses, but most commonly they look like a small detached cottage house in a backyard.

While $850 isnt exactly cheap, and definitely isnt affordable for low-income people, for Hulse it was a better option than what else was out there. She lived there for just over a year, and in that time was able to save up some money. Earlier this year, she bought her own house in west Olympia.

While ADUs arent affordable by definition, they do tend to be built by individual homeowners who are motivated to make a long-term investment, and theyre often rented at below-market rates to family members or friends.

Or as Janae Huber puts it, theyre lower case affordable. Huber is founder of Olympians for People Oriented Places, a group that advocates for progressive zoning reform. She means that while $850 is not going to be accessible to someone on public support, its more affordable than whats generally available in Olympia. It might be something that someone working a retail job could afford.

Affordable as defined by the federal Department of Housing and Urban Development means paying no more than 30% of your income towards rent. For those making less than half of the area median income (AMI) in Thurston County, or about $35,000, an affordable rent is under $900, according to a recent housing report by the Thurston Regional Planning Council. (At 30% of AMI, about $21,000, $500 rent per month would be affordable.) At those prices, there are few units, and theyre almost exclusively ones created by federal programs such as low-income housing tax credits or subsidized by Section 8 vouchers with the latter program only serving about 25% of the people who qualify.

Theres just not enough subsidies available from government sources to meet the needs that we have for this kind of housing, Huber said. Right now, the way that housing comes into our community is by and large through the efforts of private developers. And so until that changes, until the entire system changes, that is what we need, and ADUs are a realistic way that individual families can add housing to our housing stock.

While putting cottages in backyards wont solve the housing crisis, Hulse and Huber think that having more options in the lower-middle price range would take some of the pressure off Olympias housing market, especially for young, single people and older adults who want to downsize.

Olympias regulations on ADUs

Data provided by the Planning Department show that there are approximately 100 permitted ADUs in Olympia. The city officially allowed ADUs as a housing type in 1995, but most ADU permits were issued in the past decade.

There are also a significant number of ADUs that are unpermitted, according to conversations with builders, housing advocates, renters, and homeowners familiar with Olympias housing market. Some were built prior to 1995. In other cases, the owner chose not to go through the citys permitting process.

City officials have expressed support for ADUs, but the citys own policies present major obstacles to developing more of them. Those interested in building an ADU in Olympia face regulations that can quickly torpedo the project.

First, theres the requirement that all ADUs be owner-occupied, meaning the owner must live on site, either in the ADU itself or the primary house that its attached to.

That rule makes it impossible for anyone other than an individual homeowner to create an ADU, including an organization such as Homes First, a nonprofit affordable housing provider.

Homes First CEO Trudy Soucoup says they have five sites in Olympia where theyd like to develop ADUs, as theyve done already in Lacey. By using volunteer labor from the YouthBuild program, they were able to bring ADUs online in Lacey for about $45,000 half the cost of what an individual homeowner would pay in the private market.

Olympias owner-occupancy requirement could change soon. Olympias Planning Commission has approved eliminating the requirement as part of the Housing Options Code Amendments, which will be considered by the City Council in December.

Another regulation that would be addressed by the code amendments would be the requirement that ADUs provide one off-street parking space a significant deterrent on small city lots in older neighborhoods.

Mandated parking policies were introduced in the citys 1961 zoning code, which required one off-street parking space for each single-family house, as well minimum parking requirements for businesses, schools, and medical offices. Subsequent zoning ordinances upped that requirement to two parking spaces per single-family house, four for duplexes, and more for multifamily structures and businesses. ADUs were included when the city legalized them in 1995.

High costs of building

Where zoning allows for ADUs, prospective builders often find the costs quickly exceeding their budget.

Building an ADU in Olympia means paying between $3,500-$4,000 in development impact fees, depending upon whether youre building downtown or not.

Impact fees are a one-time fee meant to offset the costs of expanding government services to accommodate new development. Especially in suburban areas, theyre meant to address the costs of adding infrastructure such as new roads, transit, schools, and utilities.

But perhaps the most expensive requirement for a prospective ADU builder in Olympia is the automatic fire sprinkler system, which the city began requiring in all new residential structures in 2014.

The hidden cost driver is that much of Olympias older water infrastructure is not sufficient to carry the volume of water necessary for a sprinkler system, meaning a prospective ADU builder would need to lay new pipes, connect another water meter, and pay a city hookup fee. That can add $8,000-$10,000 to a project, according to builder John Erwin.

Olympia is one of just eight cities in Washington that require fire sprinklers in new homes. Fire codes are largely determined at the city and county level, with each jurisdiction deciding what provisions of the International Building Code to adopt.

Last week, the citys Land Use and Environment committee approved a proposal to exempt ADUs from the fire sprinkler requirement if the primary house is not required to have them. This would mean any ADU built on a lot with a house built prior to 2014 would be exempted.

Olympias proposal, brought by Fire Marshal Kevin Bossard, is based on legislation passed by the state of California in 2016. (California also has a carve out for impact fees: In 2019 the state passed a bill that prohibits municipalities from charging impact fees for ADUs under 750 square feet.)

It may sound odd to campaign against fire safety codes, but you have to look at the outcome rather than the intention, Erwin said.

We can be smart about it, we can be diligent, but you cant regulate complete safety into our lives, Erwin said. Through over-regulation you increase the price of housing and you put people out on the streets. So now whats safer: living in that 1950s house thats poorly insulated and doesnt have fire sprinklers, but you can afford to rent it, and you can shower and bathe and cook and sleep, or living on the streets?

Olympia vs. Lacey: different regulatory approaches

Fundamentally the question is whether a one-room cottage should be regulated the same way as a 2,000-square-foot single family house.

Other cities take a different approach. The city of Lacey does not charge development impact fees for ADUs, and doesnt require fire sprinklers in any new housing. Lacey also waived utility hookup fees for ADUs.

Earlier this year, Lacey made available free, pre-approved designs for ADUs, created by local architectural firm the Artisans Group, in an attempt to make the permitting process easier. Design work can account for as much as 10 percent of project cost, says Associate Planner Jessica Brandt, so the designs will make ADUs cheaper, too.

The program hasnt seen any takers yet, though that may have more to do with it launching during a pandemic. In total the city has permitted at least 40 ADUs since 1999, according to Brandt. She has been working with Olympia and Tumwater and hopes to eventually share Laceys architectural designs across jurisdictions.

Faces of a housing crisis

Hulse is not exactly who legislators have in mind when talking about the housing crisis.

Shes a young professional, gainfully employed, in good health and with few common barriers like debt or disability that could make housing elusive. She also is well-connected with a circle of friends and neighbors with available rental housing. (Her friend who rented her the ADU? That was Ryder, the mayor of Lacey.)

There really were very few barriers for me, Hulse said. I have a good job that pays me a good wage. I dont have any kids, it was just me by myself, I dont have any pets, I dont have any physical limitations where Id have to seek a certain type of property.

Nonetheless, her experience struggling to find affordable housing points to the extent of the challenge posed by Olympias tight, increasingly expensive housing market.

Given my experience looking for housing as a fairly well-resourced person with not a lot of barriers, it seems clear we just need more.

See the article here:
High costs, regulations get in the way of adding accessory dwelling units in Olympia - The Daily World

Frisco is getting a more detailed look at redevelopment plans for its largest office park.

Early this year, developers of the 162-acre Hall Park at the Dallas North Tollway and Gaylord Park got city approval to convert the almost quarter-century-old office park into a mixed-use development.

With more than 2 million square feet of offices, the campus of low- and high-rise buildings houses almost 10,000 workers.

Proposed additions include 10 new high-rises and a large performance hall.

Developer Hall Group got the OK from the city in January to add residential, retail, entertainment and public facilities to make the successful office park into a 24-hour mixed-use community.

The Frisco City Council is considering a proposal this week to help fund some of the proposed improvements with revenue from taxes the development generates.

Hall Park is valued at about $633 million. Over the next 20 to 30 years, high-rise building additions would expand the value of the development to more than $2.2 billion, according to the city.

Redevelopment has already started to occur as two buildings were demolished earlier in the year, making room for a new high-rise building, the open space plaza and structured parking, according to filings with Friscos planning department.

Hall Group tore down two three-story office buildings at the corner of Warren and Gaylord parkways, across the street from the Dallas Cowboys Star in Frisco development.

In their place, the developer plans to build the first phase, which includes a 27-story residential tower with more than 300 units, a 49,000-square-foot food hall and parking garages. The second phase would include a 36-story residential tower and 520,000 square feet of office space in a more than 20-story building.

More office towers and additional residential high-rises are planned in the next phases. Hall Group has previously said the residential towers would house rental units and luxury condominiums.

A 1,500-seat performance hall with an adjoining parking garage are also planned in the redevelopment of Hall Park.

The new buildings would line a new public park and green space with walking trails, plazas and waterways running south from Warren Parkway, according to plans filed with the city.

The first phase of the redevelopment including a new parking garage, the public plazas and park and improved infrastructure will cost more than $50 million and would be paid for by a combination of funds from the developer and a share of property and sales taxes generated by Hall Park.

The city if the council agrees would use a tax increment reinvestment zone to fund its share of the expenses.

The parking structure will support the office buildings Monday-Friday 8:00 to 5:00 and will be open to the public the rest of the time, the city filings said.

A more than 1,000-acre parking garage would cost $20 million and would be owned by the city to support the new performing arts center.

The open space and public plaza additions will cost $30 million with the developer contributing $15 million of the construction costs.

Developer Craig Hall bought the land for Hall Park about three decades ago before there were even roads built to the property.

Since then, the area along the tollway north of State Highway 121 has been developed with billions of dollars of new commercial and residential construction.

Hall Group and city officials who approved redevelopment plans for Hall Park have said that adding new uses to the project will allow the city to continue to attract employers and residents to the area.

Visit link:
Planned redevelopment will expand Frisco's Hall Park to more than $2 billion - The Dallas Morning News

- By Robert Abbott

Want to invest like Warren Buffett (Trades, Portfolio) and Charlie Munger (Trades, Portfolio)? One approach would be to buy what they buy, after the fact (even though we may not be able to get the same prices as they did).

Another helpful tool is to check the companies that make it through the Buffett-Munger Screener at GuruFocus. This screener looks for companies that meet four important criteria that Buffett and Munger are known for placing high value on:

High predictability rank; in other words, companies that have shown they can grow their revenue and earnings consistently.

They have competitive advantages or moats. This gives them more freedom in setting prices, which means higher earnings.

They have grown their businesses without using much debt, helping keep their costs low.

They are fairly valued or undervalued, in the context of earnings growth. The key metric is the PEG (or PEPG) ratio, calculated by dividing the price-earnings ratio by average Ebitda growth over the preceding five years.

Like Buffett, you want to buy a wonderful company at a fair price, not a fair company at a wonderful price. Because of changes in earnings and stock prices, the constituents of the Buffett-Munger Screener change from time to time. As of Nov. 30, four new firms had made the cut: CACI International Inc (NYSE:CACI), Griffon Corporation (NYSE:GFF), MasTec Inc. (NYSE:MTZ) and Nova Measuring Instruments Ltd (NVMI).

CACI

Based in Arlington, Virginia, CACI provides professional services and information technology to various branches of the federal government. Those branches include defense, homeland security, intelligence and healthcare. It is best known for its national security services.

Its predictability rating is 4.5 out of 5 stars, so it has a record of consistent growth:

In its 10-K for the fiscal year that ended on June 30, 2020, the company noted that while it is not "substantially dependent" on intellectual property, it does have quite a few trade secrets that make a difference. Presumably, that would include extensive knowledge of the federal government's needs and wants.

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Turning to the question of debt, its cash-to-debt ratio was 0.6 (in this context, a ratio of 1.0 would mean the company has enough cash and equivalents to immediately repay all its debt). The interest coverage ratio is 9.9, meaning it has enough net income to pay its interest expenses almost 10 times over.

CACI took on quite a bit of debt earlier in the decade, but since then has kept it relatively steady:

Is it fairly valued or undervalued based on the PEG ratio? The PEG ratio currently stands at 1.47, indicating it is modestly overvalued (1.00 = fair value).

Summing up, CACI International has a good predictability record and a moat. It does have a substantial, although manageable, amount of debt and it is modestly overvalued.

Griffon

The Griffon Corporation is a conglomerate with three main lines of business:

Defense Electronics: This includes the Telephonics Corporation, which offers "sophisticated intelligence, surveillance and communications solutions that are deployed across a wide range of land, sea and air applications."

Consumer and Professional Products: Through its subsidiary The AMES Corporation, it manufactures and supplies products for home storage and organization, landscaping and enhanced outdoor lifestyles.

Home and Building Products: This division is made up of the Clopay Corporation, which manufactures and markets garage doors to residential and commercial customers.

The company enjoys a predictability rating of 4.5 and has raised its revenue and Ebitda over the past decade, although not always steadily:

Each of the divisions has its competitive advantages, although it appears none of them are very wide, in my opinion. Griffon's median return on equity (ROE) over the past decade was just 5.4%, suggesting a weak moat.

The company carries a relatively high debt load, with an interest coverage ratio of just 2.33. This is a 10-year chart of its long-term debt:

Based on its PEG ratio, Griffon is almost fairly valued at 1.13.

Overall, it has generated returns quite consistently, but it appears to have a weak moat, significant debt and onl a fairly-valued ranking.

MasTec

This $4 billion company describes itself as follows:

"MasTec Inc is a leading infrastructure construction company operating primarily throughout North America. Its principal activities include engineering, building, installation, maintenance, and upgrades of communications, energy, and utility infrastructure. The company installs wireless, wireline, and satellite communications; oil and gas pipeline infrastructure; conventional and renewable power generation; and other industrial systems."

It has a 4 out of 5 stars predictability rating, based on its revenue and Ebitda history:

It lists five competitive advantages in its 10-K for 2019: diverse customer relationships, a reputation for reliable customer service, a 90-year history in the industry, an ability to respond quickly and effectively and an experienced management team. That suggests at least a narrow moat, which is backed up by a 10-year median ROE of 14.77%.

How is it doing with debt? Not well, for a Buffett-Munger Screener stock. Its cash-to-debt ratio is just 0.16 while its interest coverage is 6.49. It has also been growing its debt:

Undervalued would be the conclusion reached from the PEG ratio, which is currently 0.47.

Overall, we see mixed signals from MasTec. It has good results for predictability and a moat, as well as a good valuation, but it has a poor debt situation.

Nova Measuring Instruments

At first glance, this stock appears to be a gem, with a financial strength ranking of 8 out of 10 and a profitability ranking of 9 out of 10.

Based in Israel, Nova is a $1.1 billion semiconductor equipment manufacturer. It provides "metrology solutions" (metrology is the science of measurement) for advanced process control in semiconductor manufacturing. Most of its revenue originates in Taiwan, but it also brings in business from other Asian countries as well as the U.S. and Europe.

It has a predictability rating of 4 out of 5, although there are a few bumps in its revenue and Ebitda growth:

In its 20-F for 2019, Nova stated it has the following competitive advantages: 160 existing patents and 40 patent applications in the U.S., as well as 110 patents plus another 100 pending in other countries.

As manufacturers keep pushing the limits of technology, which introduces more process steps and new materials, the more opportunities there are for Nova's metrology solutions. These elements suggest at least a narrow moat, and its median ROE of 12.76% over the past 10 years backs that up.

It has done a good job of managing its debt, with a cash-to-debt ratio of 6.81 and an interest coverage ratio of 537.44. In other words, this company has a lot more cash and net income than debt and interest expense.

As this chart below shows, Nova had no debt between 2010 and 2018, but then took some on in 2019:

The PEG ratio suggests modest overvaluation, it stands at 1.46. On the other hand, the GuruFocus Value chart finds it to be significantly overvalued:

Nova has a good predictability ranking, at least a narrow moat and a small debt load, but I think it is too costly to be a real Buffett-Munger Screener stock.

Conclusion

Four stocks have been added to the Buffett-Munger Screener list, and each has potential, in my view. All have good predictability rankings, and with perhaps the exception of Griffon, appear to have protective moats. Except for Nova, all have more debt than most value investors would find comfortable.

MasTec stands out in the group for being undervalued, while the other three have PEG ratios between 1.00 and 1.50 which suggest modest overvaluation.

While none of the four is a perfect Buffett-Munger Screener stock, all have their virtues and might be worth considering.

Disclosure: I do not own shares in any of the companies named in this article.

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4 Additions to the Buffett-Munger List - Yahoo Finance

Maya Lora|The Ledger

How to throw an axe

Plaid & Timber Axe Throwing Company's co-owner shows the proper form for a one-handed throw.

LAKELAND For their 33rd wedding anniversary, Joyce and Kraig Woodrow decided on a grand, if strange,gift for one another: their very own ax-throwing venue.

Ax-Caliber is the first ax-throwing joint in Polk County. The new business features a combination caf and restaurant, 14 ax-throwing lanes, two pool tables and other assorted games. You have to be at least 18 years old to throw, or 14 with a parent or guardian present.

While axthrowing has found a home in Orlando and Tampa, Joyce Woodrow thinks the coffeehouse and restaurant additions make Ax-Caliber unique.

"You're not really going to find something like this anywhere, I don't think, in the state of Florida," Woodrow, 64,said. "We just want to be different. We just think it'd be kind of, you know, iconic to have something like this which nobody else has."

Ax-Caliber, on East Orange Street near the 214 S. Tennessee Ave. parking garage, has been in its soft opening phase since Nov. 20. The grand opening is Friday.

Originally, the Woodrows were looking to open an indoor gun range that would have featured a few ax-throwing lanes. They were inspired by Kraig's twin brother, 59,who owns a gun range and ax-throwing business in New Jersey.

An uptick in shootings a few years ago made it impossible for the Woodrows to get bank cooperation on the idea, so they nixed it. The business venture was reborn as Ax-Caliber, where customers can throw axes supervised by an expert to their heart's content while sipping coffee, beer and wine.

And on Tuesday night, first-time customers had nothing but rave reviews.

"You can have fun while doing something and hanging out, you know what I'm saying," said Aaron Reese, 26. "It's not just sitting still. It's actually being interactive and stuff and not just sitting here, getting tired of talking."

Reese was throwing with his wife and two local friends. They all loved the food and coffee and said they'd definitely want to visit again. And their advice? Throwing the axis much more about the way you flick your wrist than the muscle you put into the act.

Even though Dixieland residentDavid Leslie, 50, built his son a place at home to throw axes and knives, he was still willing to pay to do it at Ax-Caliber with Sam Leslie, 18. The two split their timeinside between axthrowing and games of pool while munching on a pretzel and loaded fries, the latter of which they especially recommend.

The venue has drawn business interest. Joyce Woodrow said her December is pretty much booked up with corporate Christmas parties.

The "caliber" part of the name may seem a leftover from the abandoned gun range butit actually comes from the family-owned Caliber Coffee. The Woodrows have operated Caliber Coffee exclusivelyonline for the past four years. But now, you can snag bags of beans or a crafted drink at the caf situated in the front of Ax-Caliber.

While it mightmake them unique, the coffeehouse portion of Ax-Caliber calls for early mornings and late nights for the Woodrows. They open at 7 a.m. most mornings (except for Sundays, where they roll in at 10a.m.) and operate until 10 p.m. Monday through Wednesday, 11 p.m. Thursday through Saturday, and 7 p.m. on Sundays.

Joyce Woodrow said the owner of the building always wanted to see a coffeehouse down below so workers in the area wouldn't have to trek into downtown for a morning cup of joe.

"And we're like, we got that," Woodrow said. "So they took a chance on us because they thought this would be pretty epic here in Lakeland and Polk County."

Ax-Caliber was originally slated for an August opening. But coronavirus-related delays in shipping equipment kept pushing the opening back until the Woodrows decided to just get some version of the venue open before the holidays.

As of now, customers are encouraged to wear masks, there are paper ones available for free at the front, and employees are masked up. But you will not be asked to leave if you don't want to wear a mask until you get to your table or throwing lane. It's a position many businesses have taken without a citywide mask mandate to guide them.

While she has long-term plansto expand into other locations, Joyce Woodrow wants to focus on building up this first spot and making it a place where everyone feels welcome, good and safe, despite the effects of COVID-19. And throughout the night, she seemed to make good on her promise of a welcoming environment, greeting each customer that walked in and asking every customer about their experience on the way out.

"It's a dream of ours that we wanted for a long time and it happened and I still can't believe it," Woodrow said. "And I go home every night crying and I look at my husband and I'm like, it's actually happened! And I cry and God is good. He's truly blessed us."

Maya Lora can be reached at mlora@gannett.com or 863-802-7558.

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Ax-Caliber, first ax-throwing venue in Polk County, opens in Lakeland with coffeehouse - The Ledger

Today, LEGO is taking the wraps off its latest creation, giving us a better picture of what to expect from the upcoming 2021 wave of kits. Bringing the iconic Jeep Wrangler into LEGO form for the very first time, the new Technic modelarrives as just the latest set to debut ahead of the new lineup of kits next year. Stacking up to over 660 pieces, youll find a working winch alongside other authentic details. Head below for all of the details on the upcoming LEGO Technic Jeep Wrangler.

With 2021 now inching closer, were getting an even clearer look at which kits will be landing on store shelves once the new year rolls around. The Technic lineup is one of the more detailed ones at this point, with the McLaren Senna GTR supercar being joined by a collection of other builds that weve detailed over the past few weeks. But today, were getting a look at yet another vehicle, and it might just be the most popular one yet.

Assembling the Jeep Wrangler Rubicon for the first time, the upcoming LEG Technic kit is comprised of 665 pieces and manages to nail the look of the real world off-road vehicle. Once fully assembled, it stacks up to over 9 inches long and 4.5 inches tall.

Alongside its larger, rubbery tires, LEGO is baking in plenty of authentic details here, as well. Its eye-catching yellow and black color scheme is just the start here, as youll also find quite a few Jeep decals throughout. On the front, theres also a working winch, and underneath the build is a functional suspension system. So while itll look great on display, theres some action for younger builders to enjoy, too.

Todays new LEGO Technic unveil joins an ever-growing lineup of kits thatll be debuting on January 1. In this case, the LEGO Jeep Wrangler will launch with a $49.99 price tag.

All things considered, theres a lot of value from the latest addition to the LEGO Technic 2021 lineup. Aside from just being the first time builders will be able to assemble the iconic Jeep Wrangler, there are also plenty of other nice additions that LEGO has thought to include.

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LEGO brings the Jeep Wrangler to its Technic garage with upcoming 665-piece set - 9to5Toys

By Monte Leeper

Q. We were told to file a permit to rent our house next door, which an inspector came and looked at and said it was a simple permit. We had to have house plans made, and we filed them, paid their fee and waited six months, because of the pandemic. Now we got a response thats three pages long with a ton of items. The letter is titled Omissions Letter, but we really think we didnt leave anything out.

The letter includes making separate applications (with more fees) for the washing machine, a boiler, our fences, planters that hold back the earth (since our neighbors yard behind is four feet higher than ours), a patio and the back four feet of our garage, which have all been there for at least 49 years. Is this typical? We wish we had never started this permit. So much for trying to do the right thing! They want calculations for our boiler heat output versus air intake, which is confusing enough, but why do they want it from the architect when our plumber did the work and even got a permit already? This is really upsetting and confusing.

A. Your northern Nassau County town has the particular reputation for this behavior. Many architects wont even do work there, for the simple reason that they punish honesty instead of promoting ways to improve public safety.

The implication of omissions at the top of the notice is a legally irresponsible implication that accuses you and your architect of purposely or unprofessionally leaving out important facts, as if you or your architect would have imagined filing for a washing machine or patio. A washing machine application would have been part of a plumbing application anywhere else. Most communities have no such requirement for the architect, and the homeowner expects that a house with a washing machine is as common as a car with four wheels.

The inspector who came to your house was probably trying to help you with safety items, looking for the smoke detectors, escape windows and handrails, but the letter was composed by a plans examiner, who doesnt come to the house but instead goes through the files that you cant see because of the pandemic. The examiner went looking for anything and everything to reveal that there is much more they previously didnt enforce. In this age of computers, building departments have a better way to keep records about your home, and theyre trying to update, since illegal additions and amenities like fences, retaining walls, pools and decks and washing machines, I guess slipped past their radar over the years.

They also assume that plans are made just by pushing a few keyboard buttons, so why not ask for more than they ever did before? Unfortunately, the method of punishing with court hearings, fines and dismantling work isnt the only way they could handle this. Its just the way your North Shore town chooses to do it. Good luck!

2020 Monte Leeper. Readers are encouraged to send questions to yourhousedr@aol.com, with Herald question in the subject line, or to Herald Homes, 2 Endo Blvd., Garden City, NY 11530, Attn: Monte Leeper, architect.

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'So much for trying to do the right thing' - liherald