Walk down the main corridor of any S.F. neighborhood right now and youll see empty windows advertising vacant retail space. An August survey found that only 46% of storefront businesses that were open at the beginning of the pandemic are still operating, according to the San Francisco Chamber of Commerce, and recent data from Zenreach shows traffic at brick-and-mortar locations in the Bay Area was only 38% of whats normal by Sept. 30.

For those that are still in business, from hair salons to bookstores to fitness studios, a landlord willing to negotiate throughout the pandemic could be essential to staying afloat.

Giselle Gyalzen, owner of Rare Device in NoPa, said working with her landlord on rent reductions has been essential since March. She said she feels lucky she wont have to pay back those reductions when the pandemic ends, especially since there is no end in sight. Having to pay back that money when you don't have sales would have been so hard, Gyalzen said. I had a gradually increasing rent through October, but theyve left the conversation open and we talk every few months. There's just so much unknown you can't plan more than a few weeks ahead.

The gift store has been in the location for eight years and she said she hopes to stay in the space long term. While she said her negotiations have been amicable, she knows not all retailers have had this experience. I feel like a few months ago not every landlord was on the same page, but hopefully now they see this is a long-term thing and they'd have a hard time finding new tenants.

Darcie Bell waits at the front door to pick up her online order at Rare Device on Divisadero Street in San Francisco on May 27, 2020.

Balgobind Jaiswal is both a landlord and a store owner in San Francisco, owning four properties on Fillmore Street in Pacific Heights. At his store Cielo Boutique (for which he leases space) sales have only been about 30% of what they were before March, and hes negotiated with his landlord for rent concessions for the remainder of 2020. For the buildings he owns, also on Fillmore Street, hes granted rental adjustments and even let one tenant out of their lease entirely.

He said the luxury retail corridor has been hit especially hard and the current rental prices and vacancies reflect that. He estimates rent is down nearly 10-15% in the neighborhood right now. For his newly vacant space, he said hell likely need to offer a 20% reduction to what his previous tenant paid, but hes had no interest.

Yes, landlords should make concessions, but I think the banks should also make concessions, Jaiswal said. It's the big companies that aren't paying the rent. They have the lawyers.

He has one large international brand as a tenant that has refused to pay rent entirely. He said hes been granted forbearance of his mortgage (the ability to delay payments for a set period of time), but those payments will pile up and still come due eventually with interest, even if he never gets those payments and forgives rent for other tenants. Plus, he still has to pay property taxes and insurance on the spaces.

Jaiswal also has no prospects for the theater he owns, Clay Theatre, which shut down in January after losing money for six years while in operation. The city requires him to lease it to someone who will operate it as a theater, he said, but since theaters remain closed in San Francisco, there are no interested tenants.

Pam Mendelsohn, a broker with Maven Properties, has been busy assisting with rental negotiations since the pandemic began, though most are an ongoing conversation, she said, as the lasting impact of the pandemic remains so uncertain.

She said the pandemic months have otherwise been slow for new retail leasing, but just in the past month shes been fielding more calls from interested parties looking for space. While she said she doesnt think rental prices are down everywhere it depends on the neighborhood and the space she said new construction spaces are down about 20%. Fully built out, ADA-compliant spaces in certain neighborhood corridors may not have dropped the rent at all, whereas a space needing improvement downtown may be more willing to negotiate. Plus, retail varies widely, after all, as tenants like a boutique may be struggling right now, but the bike shop next door is probably doing better than ever before.

She said that while the pandemic has obviously hurt much of the retail sector, for those that do have capital to open a new space, the city permitting has been the biggest hurdle.

One client that wanted to open a store by Christmas wont be able to do so, Mendelsohn said, because they cant get an appointment with the city permitting office until February. She also said that because of the pandemic, it may be time once again for the city to reconsider their formula retail cap, which limits chain retail from operating in San Francisco if they have more than 11 stores globally.

We have a retail crisis right now, Mendelsohn said. If we don't fill our neighborhoods with great retail and great restaurants, people aren't going to want to live here. It's what makes us a world-class city.

Landlord Danny Scher has 10 retail tenants in San Francisco, running the gamut from laundromats to a hair salon to a comic shop. One of his tenants, a small fitness studio, had been thinking about shutting down pre-pandemic. He let them out of their lease once the pandemic was in full swing, but the comic shop next door was doing so well, they expanded their shop into that space.

Scher said hes worked with each of his tenants individually to negotiate whats best for them right now to be able to stay in business. He said hes lucky hes an individual landlord, though, who doesnt have to run his decisions by anyone else.

Credo Beauty on Fillmore Street in San Francisco has signs advertising curbside pickup on May 27, 2020. We had definitely been focused on neighborhoods as part of our strategy, and if there was any doubt in our minds, this has cemented that this is the right approach," said CEO Dawn Dobras.

Dawn Dobras, CEO of Credo Beauty, had planned to open a second San Francisco location in Hayes Valley in 2020. While she said August certainly wasnt the best time to open a new store, the pandemic has supported the companys strategy of opening locations in neighborhoods as opposed to downtown areas. People are living, working, shopping and eating in their community, Dobras said. We had definitely been focused on neighborhoods as part of our strategy, and if there was any doubt in our minds, this has cemented that this is the right approach.

She said both her landlords have been helpful and supportive during the pandemic. No one signed up for 2020, Dobras said. Were a symbiotic relationship. We both need each other to survive.

Julie Taylor, an executive vice president at Colliers International, is optimistic and said often after downturns like this come big booms. I remember after the Loma Prieta earthquake, vacancies were up and down Chestnut Street. Many businesses didnt survive, she said. But what comes after that is all kinds of fresh new concepts, and it's very reinvigorating. This will probably be reinvigorating to Union Square and those neighborhoods with a lot of vacancies.

Mendelsohn agreed, saying that if a store has the financial ability, its a great time to be looking for new space. For the first time, landlords in Union Square are incredibly negotiable, Mendelsohn said. There's space available that hasn't been available in years.

Eleanor Carpenter, owner of Jest Jewels on Union Street, said shed been working toward retirement when the pandemic hit. Shed closed five of six total Bay Area stores and was planning on closing the Union Street store this year. While the pandemic delayed that as she still has a lot of merchandise she wants to sell, she said shes been through enough downturns to know that despite what it feels like now, if you have the right concept, its a great time to take advantage of lower rents with better terms.

Im an old retailer. If I was 20 years younger Id go into business right now because rents are so low you can get the deal of the lifetime with terms of a lifetime, Carpenter said. Merchant to merchant, if you come out with a good concept the people will come in this city. Its time for newness. Enough of the negativity.

Excerpt from:
No one signed up for 2020: San Francisco retailers struggle to survive the pandemic - SF Gate

Helloooooo folks.

I last put together one of these Life on Campus posts back in June. Since then, NC State has turned out to be good at football and that doesnt look like its going to change! By the way, on a totally and completely unrelated note - does anyone have an extra fibula laying around?

Well in terms of campus developments in 2020, I was expecting to see a lot more in the way of business closures around NC State, but luckily the area directly around campus hasnt yet been hit too hard in terms of the strict closing of retail or restaurant space - although Im sure that the majority of businesses in the area are still hurting from a financial perspective. If youre fortunate enough to have discretionary income this year, try to buy local early and often to help support the businesses local to Raleigh.

Players Retreat to Begin Takeout:

I moved back to Raleigh from the DC area at the beginning of 2020. One of the things I was most looking forward to was that I was going to be living just a short walk away from Players Retreat. Well, I made it to PR once this year before the entire world seemingly started burning and coming apart at the seems. Luckily I at least got to see State lose to a bad Boston College basketball team during my one 2020 visit.

At least now it sounds like a bit of Raleigh normalcy will soon return to a degree as Players Retreat is set to begin offering takeout options after having been closed since back when this entire COVID mess began. Earlier this year, the owners at PR stated that it would take a vaccine for them to feel comfortable reopening their doors. However they recently announced on their social media outlets that they would soon begin offering takeout options.

Id also like to use this opportunity to officially throw my hat in the ring should PR require someone to taste test their new takeout menu. Ill distance myself from the staff, wear a mask even while eating and drinking (if theres a will, theres a way), and will gladly accept payment in the form of Old Tuffy pitchers.

Belltower Construction Continues:

Ive referenced these construction efforts in previous posts, but the Belltower is nearing the end of a project aimed at restoring and renovating the hallowed campus landmark that sits at the edge of campus (and one that will hopefully be lit up red on Saturday after a victory over a football program that was at the heart of a two-decade academic fraud scandal at its respective university).

The page Ive linked above shows pictures of the bells that were installed in the tower in June, allows you to view the current progress of the efforts, and gives you information about the Belltowers history. The work is currently scheduled to be completed by the end of 2020, with a rededication event planned for spring 2021 what Im assuming will now be some sort of virtual event planned for who knows when.

DH Hill Renovation Completed:

This is another large scale renovation effort that NCSU began work on during prior years that Ive mentioned in previous editions of this Life on Campus series. The project was primarily performed on the side of the library that faces the Brickyard and was used to expand the librarys atrium, construct a master staircase, include space for the Academic Success Center that houses NCSUs centralized tutoring program office, and add additional technology throughout the library. As a byproduct of the construction on the Brickyard entrance, NCSU also reopened the Hillsborough Street entrance to the library. With construction now finished, both entrances to DH Hill are now open for the first time in decades.

However, with the total dumpster fire that this year has been, there arent very many students on campus to enjoy the renovations. And if youre currently working from home and looking for somewhere quiet so that you can be productive during the day - well youre out of luck too as DH Hill is currently only open to students as a means to keep the number of people inside the library down during this whole pandemic thing. What a year!

Hillsborough Street Hotel Planned:

This has been in the works for a while, but the result of the project has recently shifted. I first referenced this back in June 2018, when the project centered around a condo development called The View at Pullen Circle. At some point along the way those plans have changed and a hotel is now slated to be built in the space, provided that the developers rezoning request is approved by the City of Raleigh.

The hotel is set to be constructed in the small parking lot directly behind Players Retreat and beside Blend Raleigh / Davids Dumpling & Noodle Bar. Therefore the hotel will look directly out onto the Belltower and will be walking distance from Downtown Raleigh, Cameron Village, and NCSU. Maybe by the time that construction is completed in a couple of years, people will once again be able to travel to Raleigh for NC State sporting events.

LakeShore Raleigh Condos on Centennial Campus:

Centennial Campus has been an area that has seen a good deal of development in recent years and it appears that the next project to begin construction on the campus will be the LakeShore Raleigh condos. The complex is set to include 44 units that sit on the shore of Lake Raleigh, hence the developments imaginative name.

Centennial Campus is currently home to various NCSU Engineering buildings, the NCSU Wilson College of Textiles, Hunt Library, the Lonnie Poole Golf Course & Clubhouse, the Stateview Marriott Hotel, various businesses termed as Centennial Campus Partners, and numerous student / young professional apartments.

Gym Tacos on Hillsborough Street:

Gym Tacos currently operates a food truck that serves the greater Raleigh area. They will soon be opening their first brick and mortar location at 3701 Hillsborough Street in a space that has recently been the home to Hieu Bowl Vietnamese Kitchen, and before that to a little known burger joint that was affectionately referred to by locals as Burger King.

Wing It On:

A new wing spot, Wing It On, is coming to Hillsborough Street. Their website shows a total of six locations, one of which is now located in Raleigh. Based on a Google Earth search, this location should be somewhere around the corner from the building that the Hillsborough Street Target is in.

Meat and Bite:

I dont know anything about this place, but saw that its sign was now up on Hillsborough Street down across from Zaxbys. The Yelp page for Meat and Bite lists it as an Asian Fusion and Burger (?) combo spot so I guess thats a thing.

Sushi Mon Closes:

I never visited Sushi Mon, but I passed it more than a few times on walks from East Village (RIP Sweet Prince) to Doak Field before State Baseball games. It was located beneath the Willow Creek 105 Friendly Apartments that sits between the Zaxbys & Stanhope Apartments, and in front of UT & Valentine Commons. Triangle Food Blog reported at the link above that the space will be converted to an Indian restaurant.

The Overlook at Cameron Village:

I tend to focus these Life on Campus posts toward developments on campus at NCSU, on Hillsborough Street, and on Western Boulevard, but I saw this recent news about Carmon Village and wanted to include it here. There have been a lot of efforts in recent years to better connect Hillsborough Street and Cameron Village. And with all of the change that has come to Glenwood South and throughout Downtown Raleigh, both Hillsborough Street and Cameron Village have effectively fallen by the wayside in terms of being considered going out spots late night in Raleigh. Both Hillsborough and Cameron Village are now looked at more as retail or lunch/dinner spots as opposed to anything else.

However, this new Overlook project appears to be aiming at adding a bit more night life into the Cameron Village area. ITB Insider had the first story about the project, which will include 5,158 square feet of retail space split between at least two retail tenants, as well as an upper level overlook area comprised of 4,342 square feet of patio space. The overlook patio space will either include one or two full-service restaurant / bar type offerings. The entire project will redevelop the older Bryan Building thats located at the top of the row of retail shops directly next to Caf Carolina.

Cameron Village has seen its fair share of new real estate developments in recent years and that doesnt appear to be slowing. Between all of the new apartments and retail/restaurant offerings, there was also news a couple of years back that there are plans to reopen a portion of the old underground Village Subway in Cameron Village as a jazz club.

State College Smokestack:

For anyone that has attended NC State, or walked around the campus, youve seen the old brick smokestack with STATE COLLEGE painted down the front in white. This campus landmark isnt going anywhere, but if youre weird like me and curious as to the history / current use of the smokestack, The Technician published a pretty interesting piece about it back in September that Ive linked above.

Education Things and Stuff:

Money Magazine Ranks NCSU Top Public University in NC

The annual Money Magazine university value rankings were released back in August. The publication placed NC State atop the list of public universities in North Carolina based on the value provided to its students as determined by criteria such educational quality, socio-economic mobility, alumni success, etc. NC State ultimately ranked 35th overall on this years list.

NCSU Climbs in US News & World Report Rankings

In a different set of annual rankings, this time published by the US News and World Report, NC State ranked 80th overall among all US universities and 32nd among US public universities. NC State has increased a total of 9 spots overall in these rankings since 2016.

In reality, these rankings are based on subjective metrics that aggregate to comprise a universitys overall total score. The rankings from one publication to the next tend to fluctuate pretty wildly, but it is undeniable that prospective college students use these as a basis for making their college decisions. Since coming onboard at NC State in April 2010, Randy Woodson and his team have done a pretty admirable job of recognizing the importance of these rankings (regardless of their actual merit or inherent flaws) and State has risen in the rankings accordingly.

Thats all Ive got this time around.

Also, just because who knows what the rest of this year has in store for us or what will happen before the next time I post one of these, Id like to formally state again that NC State is good at football and ranked in the Top 25. Damn fibulas.

Visit link:
Life on Campus at NC State: October 2020 - Backing The Pack

It's a membership-based cigar lounge that also is open to the public. It's open daily, and members have their own key fob for 24-hour access. "It has the feeling of a very upscale, cozy, inviting place to spend time," Stopulos said.

"There's just a lot going on," he said, summing up projects in the works in downtown Davenport.

And because several of these projects are geared toward experiences rather than shopping, "it's going to be a totally different retail experience," he said.

"It really is making East Second Street a destination experience."

Because all of the projects are scheduled for 2021 openings, Stopulos expects they will tap into a lot of pent-up demand for something to do after months of COVID-19 restrictions.

As Carter said: "A year from now, downtown Davenport is going to look a lot different."

If you like craft beer and haven't been to Geneseo, Illinois, since the Lionstone brewery closed, you owe it to yourself to go for a drive.

New owner Richard Schwab has changed the business so much you'll hardly recognize it, beginning with the name, which is Great Revivalist Brew Lab.

The "lab" refers to its specialization in micro brews currently 24 on tap and that it offers the public the opportunity to use its equipment to make their own beer which Great Revivalist will put in a keg or in cans.

Schwab sees this as a great opportunity for people to make their own beer for special occasions such as weddings or 21st birthdays or, really, anytime.

As for its own micro brews, it emphasizes "crazy, different, off-the-wall" beers, Schwab said. Last week he was working on one that incorporates toasted bread. For those with more conventional tastes, he sells Pabst Blue Ribbon and Hamm's.

The brew lab also offers what he describes as an "upscale but affordable, family-friendly" food menu, with such offerings as woodfire pizza and smoked brisket.

In addition to beer, Schwab has added homemade sodas, such as grape, orange, cream and ginger beer all of which taste great over ice cream, he points out.

The decor is all different, too, beginning with the planting of hops a key ingredient in beer all around the outside of the building to create an out-in-the-country feel.

In redecorating, he used wood salvaged from a barn in West Branch, Iowa, and there is a gazebo made from an actual grain bin that overlooks Geneseo Creek.

Because of restrictions surrounding COVID-19 that may be around for awhile, he has built a 25x65-foot patio in back for outdoor dining. He also is installing greenhouse like structures around tables with a fire pit so that they can be used even when weather turns cold.

There also are igloos.

And because the dining is outside, it's also dog-friendly.

Another touch was the hiring of a local artist to create a mural in the back.

Even more than a brewery or restaurant, Schwab wants to make his business "a destination location for Geneseo."

"We're very proud of what we're doing."

Schwab is a former telephone and cable company executive from Seattle who decided about two years ago to leave the corporate world to start his own business.

The brew lab is located off Interstate 80 at 122 S. Oakwood Ave. The phone number is 309-944-5466.

In addition, Schwab is buying the Great River Brewery in Davenport and hopes to re-open it it's been closed since the 2019 Mississippi River flood in early 2021 as the Great Revivalist Brewery.

Follow this link:
Davenport revitalization: 'East 2nd Street is going to look completely different' - Muscatine Journal

Argyle Gardens provides 72 units of affordable housing for formerly homeless individuals and low-income residents of Portland, Ore. The modular construction offers a co-housing approach and small unit sizes to achieve development costs 31% below typical affordable housing projects. The project consists of four buildings oriented around a central outdoor space. The largest building encapsulates 36 studio apartment units, plus a large community space with laundry facilities and support service offices. The three co-housing buildings use the single room occupancy model and feature two six-bedroom pods, each of which has two shared bathrooms and a kitchen. The project team: Transition Projects (sponsor); Housing Development Center (development consultant); Holst Architecture (architect); All Structure (SE); KPFF (CE); MFIA (mechanical engineer); Sarnata (electrical engineer); Acoustic Design Studio (acoustics); Earth Advantage (sustainability consultant); 2.ink (landscape architect); MODS PDX (modular design and construction); and Walsh Construction Co. (GC).

Lead architect SCB (Solomon Cordwell Buenz) assigned San Franciscobased Surfacedesign to conceive the landscape features for Anaha, a 40-story condominium tower in Honolulu for The Howard Hughes Corporation. The 317-unit residential structure has a cantilevered glass-bottom pool sticking out at the 7th floor deck and a lobby with the largest living wall in Hawaii, 15 feet high by 80 feet wide, composed of more than 8,000 native plants. Other team members: Benjamin Woo Architects (AOR), Brownlie & Lee (landscape architectural assistance), Takano Nakamura Landscaping (landscape contractor), Green Living Technologies (green wall), Pacific Aquascapes (swimming pool contractor), and Albert C. Kobayashi, Inc. (GC).

McShane Construction Company completed 1100 Apex, recycling an abandoned 15-story office building into 134 apartment and townhome residences in downtown Clearwater, Fla., for GSP Development. McShane used its design-build MEP/FP approach to save $2.6 million in construction materials costs. The complex has a clubhouse, fitness center, putting green, pool, outdoor lounge area with grills, a fire pit, private cabanas, a 202-space parking deck, and 4,300 sf of retail space. Kimmich Smith Architecture was the designer.

Cuningham Group (architecture, concept design, interior design) and Mortenson Development delivered Rafter, a 283-unit luxury apartment community in Northeast Minneapolis, a neighborhood marked by historic buildings, a hip art scene, and yes, rafters of wild turkeys. The 26-story, 407,530-sf, pet-friendly enterprise has studio, one-, two-, and three-bedroom floor plans, including penthouse options, plus a dog wash station and a seven-story, 279-space attached parking structure.

The Residences of Crystal Lake, a 63,000-sf affordable independent senior living facility in Crystal Lake, Ill., 50 miles northwest of Chicago. Its 48 one-bedroom and 12 two-bedroom units include six ADA-accessible units, 12 adaptable units, and two sensory units (https://bit.ly/3jpHi1S). The project team for developers DKI and TH Associates: UrbanWorks (architect), Groundwork (CE), and Skender (GC).

At five stories, 17 West, designed by Stantec (AOR/interior designer for common areas) and Touzet Studio, has 23 apartments (one to three bedrooms), a pooltop deck, 193 parking spaces, and the first Trader Joes grocery in Miami Beach, Fla. The developers: Turnberry Associates, Elion Partners, and the Sredni family. Grycon was the GC.

Meta Housing Corporation and Studio One Eleven have adapted a 1965 office building into 100% affordable studios and one-, two-, and three-bedroom live-work lofts, plus 10 new two- and three-bedroom townhomes near the Santa Ana, Calif., arts district. The $15 million, 58-unit Santa Ana Arts Collective offers art, dance, and music studios and an art gallery. Units range from 512 to 1,300 sf. Ten apartments have rents ranging from $448 to $666/month; the rest are priced from $1,345 to $1,998/month. Westport Construction was the GC.

KWA Construction (GC) and Studio A Architecture (architect) completed The Village at Rayzor Ranch, a 300-unit luxury apartment community at Rayzor Ranch Town Center, a walkable 400-acre planned development in Denton, Texas. Developer EPC Real Estate Group offers tenants complimentary concierge services, a resort-style pool, bocce courts, cornhole boards, a massage/sauna spa, a fitness/yoga studio, coworking studios, a dog park/grooming station, and, most notably, pickleball courts.

See the original post:
8 (more) noteworthy multifamily projects to debut in 2020 - Building Design + Construction

Earlier this week, the New York Botanical Gardens and Douglaston Development announced a collaboration to complete two new affordable housing projects in The Bronxs Bedford Park. The buildings will take shape near the northwest corner of the New York Botanical Gardens at 2856 Webster Avenue and 410 Bedford Park Boulevard.

Designed by Stephen B. Jacobs Group, both properties will debut as 100-percent affordable housing properties. Together, the projects will introduce 450 units reserved for low-income seniors and low- to moderate-income households in Bronx Community District 7. The district includes the Bedford Park, Fordham, Kingsbridge Heights, Norwood, and University Heights neighborhoods.

With a 40-year development track record in the New York City area and beyond, weve seen the critical need for more affordable housing options in our city, especially for our senior population, said Jeffrey Levine, chairman of Douglaston Development. Were thrilled to be joining forces and visions with The New York Botanical Garden on this project, an institution with roots in The Bronx community dating back 129 years to provide this vital housing resource to the community.

Phase one of the collaborative development will break ground at 2856 Webster Avenue. Components will include 188 units of affordable housing for seniors earning up to 50 percent of the area median income (AMI), with an additional 12,000 square feet of ground-floor area for a grocery store.

The first phase is expected to wrap construction by 2022.

The second phase at 410 Bedford Park Boulevard will include up to 260 affordable rental units for individuals and families earning between 30 and 100 percent of AMI. Up to 8,000 square feet of the lower level will support community retail space.

The rendering illustrates an orthodox massing and design with a mix of light and dark gray curtain wall and an irregular grid of windows. The ground level features a floor-to-ceiling glass faade.

At this time, the project team has not revealed when phase two is expected to open.

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Affordable Housing Project Announced for 2856 Webster Avenue and 410 Bedford Park Boulevard in The Bronx - New York YIMBY

The controversial Tarry Lighthouse project proposed for downtown Port Chester, N.Y., would be highly compatible with the district, the attorney for the developers said.

But Byram resident Al Shehadi disagreed, saying, The scale and bulk of this building is completely incongruent with the rest of downtown.

Ultimately, the Port Chester Zoning Board of Appeals shut down the project, voting 3-2 on Thursday night to turn down a request for six variances for the plan.

The plan had called for construction of a seven-story building with 242 apartment units and retail space on North Main Street, just blocks from the Greenwich border. It would have been built at the site of the now-closed Tarry Lodge, a once-popular restaurant, near the Mill Street bridge into the Greenwich neighborhood of Byram.

I feel the variances are substantial and will change the character of the neighborhood, said Evelyn Petrone, the ZBA chairwoman.

The development team was seeking six variances from the villages zoning code in the latest version of its plan. The project had been heavily criticized by Port Chester village residents as well as residents of the Byram section of Greenwich, who were concerned about additional traffic the project could draw as well as a change of community character.

Art D'Estrada, another ZBA member, said he believed the project would have been a detriment to nearby properties. The streets around the site are already choked with traffic, DEstrada said.

Greenwich residents and public officials had criticized the application by developer David Mann, saying traffic conditions would worsen along the Mill Street corridor in the Byram neighborhood.

The application had been under review for over a year-and-a-half. The planned construction, which would have called for tearing down a row of older buildings on North Main Street as well as the former Tarry Lodge, was first proposed in February 2019 as a nine-story project.

The latest version of the project had called for a variance to construct the seven-story building in an area that allows buildings of only up to six stories tall. Variances were also needed for a number of facade and design features that did not meet the village zoning code.

The attorney representing the developers, Tony Gioffre, said the project was highly compatible with the Port Chester downtown district and would add vitality to the community.

Shehadi, the Byram resident, said the building was too tall for the surrounding area, which are largely one or two-stories in height.

Adding traffic at one of the worst choke points in the village is going to add a detriment to all residents, Shehadi said, adding that would set a bad precedent for future development.

Connecticut State Rep. Stephen Meskers, who represents the Byram area, said that approval of the project would have created a more urban environment for the village. I dont know if White Plains is the model you want, but its your call for the character of downtown Port Chester, he said.

Traffic was also a major concern for nearby Greenwich residents, which also raised a safety issue, Meskers said.

Carol McMillan, a representative from an advocacy group called Sustainable Port Chester Alliance, said the project contributes virtually nothing to our community. She characterized the proposed building as excessively tall.

rmarchant@greenwichtime.com

Read more:
Port Chester project called a 'detriment to nearby properties' is rejected - CT Insider

Kanye West isnt exactly a trusted source of financial advice, but he has done very well for himself and is a very effective communicator. He recently tweeted this:

Mr. West brings up an interesting point. Like almost every other asset class, real estate investments have been hit hard by the COVID-19 pandemic. In fact, in a June survey of more than 340 real estate investors conducted by MyHouseDeals, more than 40% had a negative outlook on the market in the next year.

But as legendary value investor John Templeton once said, The time of maximum pessimism is the best time to buy. The aforementioned rapper might be onto something in recommending real estate investments during such a dark period for the industry.

Where can real estate investors find value during a strange time like this? Lets take a look at some real estate investment trusts (REITs) that could actually benefit from the current situation...

The self-storage industry had been on a tear before the COVID-19 pandemic; construction spending in the sector increased by more than 500% in the last five years according to the U.S. Census Bureau.

Plus, the industry appears to be shrugging off the virus perhaps even profiting from it. Self-storage has been classified as an essential business by even the most strictly quarantined jurisdictions, and theres lots of demand for it.

According to a recent survey of 2,000 young adults by TD Ameritrade, a whopping 39% of adults aged 24 to 29 are either already living with their parents because of COVID-19 or plan to move back home because of it, and all of their stuff has to go somewhere.

These factors explain why storage rents have actually increased in select markets like Pittsburgh, Charleston, and Columbus over the summer months, while most kinds of rents are in freefall.

Storage REITs like Public Storage (NYSE: PSA) and Extra Space Storage (NYSE: EXR) provide exposure to this red-hot industry.

As we all know, one consequence of COVID-19 is that work has moved online for many people. I, for example, am writing this article from my apartment and not from Angel Publishings offices.

Thats bad news for the office segment of the real estate sector but good news for the data center segment. After all, the huge surge in remote work has led to a significant strain on the servers that host popular websites and web services.

According to network intelligence firm ThousandEyes, the weekly number of network outages around the world broke records in February and March a sign that many sites and services are reaching their physical capacity and will need to buy or build more server space to keep up with demand.

Fortunately, theres a special kind of REIT that invests specifically in server warehouses. Digital Realty Trust (NYSE: DLR) and CyrusOne (NYSE: CONE) both give investors exposure to the extremely in-demand properties that house the equipment powering the burgeoning work-from-home internet.

E-commerce is another major winner of the economic disruption caused by COVID-19. According to e-commerce services firm Signifyd, online sales surged by 40% in the last five days of May when compared to the last five days of February.

And in its most recent quarter, Amazons revenue surged 40% year over year the strongest quarter of revenue growth since 2018. Some analysts think it could hit $100 billion in sales next quarter.

Once again, this is bad news for certain parts of the real estate market like retail space but good news for others, like warehouse space.

Luckily, you can buy REITs that specifically invest in the warehouses used for e-commerce fulfillment. Stag Industrial (NYSE: STAG) and Prologis (NYSE: PLD) both count Amazon among their largest tenants.

As you can see, theres still value to be had in real estate investments during these strange times if you know where to look.

All of the REITs weve profiled here are up by significant margins this year, and as weve discussed, they show no signs of slowing down anytime soon.

But theres no denying that the COVID-19 pandemic has been rough on investors who depend on capital preservation investments that generate steady income.

Finding value in real estate is one way to deal with the difficulties of income investing today but subscribing toReal Income Trader is easier.

Editors Jason Williams and Briton Ryle currently sport an average gain of more than 100% per trade because they focus on reliable dividend stocks, nine of which have paid out in the last month. Click here to learn more.

Until next time,

Samuel Taube

Samuel Taube brings years of experience researching ETFs, cryptocurrencies, muni bonds, value stocks, and more to Wealth Daily. He has been writing for investment newsletters since 2013 and has penned articles accurately predicting financial market reactions to Brexit, the election of Donald Trump, and more. Samuel holds a degree in economics from the University of Maryland, and his investment approach focuses on finding undervalued assets at every point in the business cycle and then reaping big returns when they recover. To learn more about Samuel, click here.

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Real Estate Investments in the Time of COVID-19 - Wealth Daily

Yorktown Town Supervisor Matt Slater talks about pursuing the creation of zoning overlay districts in the town Sept. 16, 2020. Rockland/Westchester Journal News

YORKTOWN Interest in bringingnew development here has come alive, the town supervisorsaid, now that Yorktownis consideringa tool that's become atrend to revitalization in northern Westchester County.

Generally known asan overlay district, it provides flexibility fromsome zoning rules and processes, butin a targeted locationwithin, say, a downtown business area.

The former automotive repair building in the Shrub Oak section of Yorktown Sept. 16, 2020. Yorktown officials are pursuing the creation zoning overlay districts.(Photo: Frank Becerra Jr./The Journal News)

Were getting some real, real interest in it I met today with two different groups who are looking to invest in (the) town, and they point right to the development districts," Town Supervisor Matt Slater said recently. In general, he added, in meetinginterested parties "we've had conversations from mixed-use to commercial, to recreational. So it really is running the gamut."

Town officials would not divulge who they're talking to, but Slater said the interestincludes the Lake Osceola area ofthe Jefferson Valley hamlet.

Were very excited about that, he said.

Town Board member Alice Roker said at a recent board meeting she knows ofsomeonewho has expressed interestin the Bear Mountain Triangle, an area bordered by Crompond Road, the Bear Mountain Parkway Extension and Taconic State Parkway.

He wants to get us to move this along so he can come and present something, she said.

YORKTOWN: Town pushes itself as lifestyle and business destination in COVID-19 world

OVERLAY:Mount Kisco gets preliminary OK on $4.7M tax incentives for downtown housing, retail

YORKTOWN: Residentsurvives COVID-19, month-long coma, and dreams of home

The town's proposed overlay district legislation is under review and will eventually go to a public hearing.

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Town officials announced the potential foroverlays in the business districts of various hamlets, such as Yorktown Heights, Jefferson Valley, Crompond, Mohegan Lake, and Shrub Oak.Coupled with a new Destination Y branding campaign Yorktown: Up where you belong! is the slogan the marketing effort seeks investment, from small businesses to mixed-use development. Potential goals include:

Around the region, others are looking to overlay districts.

In Mount Kisco, a longtime shopping and restaurant hub, village officials approved an overlay district forvillage-owned land that includes portions of parkingareas nearthe downtown train station. Theyve been exploring something sizable for the site, havinglined up developers Gotham Organization and Charter Realty Developmentas well as the architectural firm Beyer Blinder Bellewith conceptual renderings of what would be called Kirby Commons. It calls for:

A conceptual rendering of mixed-use, transit-oriented development that Mount Kisco is exploring(Photo: Thompson and Bender)

"We continue to move forward with the Kirby Commons project," said Mount Kisco Mayor Gina Picinich. "We are working on the contract."

At the recent village trustees meeting, a business owner said officials should consider how muchconstruction of the development, if it moves forward, would affect existing businesses and people coming to them,and she urged holding forums to give more information and hear comments.

A public hearing on the zoningproposal is set for Oct. 5.

In Ossining, village officials are working with a consultant on Ossining Tomorrow, which could include establishing overlay zonesdowntown and in the Croton Avenue corridor. Mayor Victoria Gearity said in her recent email message to residents the potential approach could create "a more walkable and inviting business district."

Yorktown Town Supervisor Matt Slater standing in front of the former K-Mart store in the Yorktown Green Shopping Center Sept. 16, 2020. Yorktown officials are pursuing the creation zoning overlay districts(Photo: Frank Becerra Jr./The Journal News)

The reasons underlying northern Westchester'soverlay district trend:

The former Kmart in Yorktown Green Shopping Center in Yorktown Heights Dec. 18, 2019.(Photo: Tania Savayan/The Journal News)

The YorktownGreen Shopping Center is onesymbol of the change in fortunes: The plaza's former Food Emporium has sat dormant for more than a decade and the Kmart recently exited.

Meanwhile, amid COVID-19, there are reports that many people and perhaps corporationsare exiting New York Cityfor social distancing in the suburbs, bringing potential to Yorktown.

The Journal News/lohud contacted severaldevelopers who do northern Westchester projects to see if they'reamong those expressing interest in Yorktown. Two of them, Ginsburg Development Companies which has builtapartments and restaurants in rivertowns such as Ossining and Peekskill and New Jersey-based Ridgewood Real Estate Partners, which has a development proposalin Briarcliff Manor, said they have nothing in the works in Yorktown. Others didnt respond toJournal News/lohud inquiries.

Slater said he and John Tegeder, the town planning director, have beenfielding calls for potential projects.

And its clear that the overlay zones are very enticing, Slater said. We want to continue to move the conversation forward.

Michael McKinney covers northern Westchester.Follow him on Twitter@mikemckwrite.Visitoffers.lohud.comto sign up for a subscription.

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Yorktown reports wave of new interest in development. Find out why - The Journal News

LOGAN SQUARE A developer with big plans to overhaul the dilapidated Congress Theater has been hit with a $24 million foreclosure lawsuit.

The lawsuit, first reported by Crains Chicago, could spell trouble for the developers multi-million-dollar redevelopment project, which aims to bring the 1920s-era landmark theater back to life.

According to Crains, the lawsuit was filed by Los Angeles-based lender AEG Worldwide, an entertainment and sports promoter whose holdings include the Los Angeles Lakers and the Coachella Valley Music & Arts Festival. Moyer borrowed money from AEG to redevelop the Congress.

In the lawsuit, filed last month, AEG alleges Michael Moyer, the developer behind the redevelopment project, defaulted on $14 million in loans on the property nearly four years ago, Crains reported.

Over time, the loans resulted in another $10 million in fees and interest. The total amount AEG alleges Moyer owes is $23.9 million, according to Crains.

The lawsuit is being made public after months of inactivity at the site that has had neighbors and elected officials questioning if the project is actually moving forward.

Moyer bought the old movie palace for $16 million in 2015 with the goal of bringing it back to its former glory. At the time, then-1st Ward Ald. Joe Moreno said Moyer would re-establish its reputation as one of the finest music venues in the nation.

In 2018, a couple years after AEG alleges Moyer defaulted on $14 million in loans, the developer received city approvalfor the restoration project, which called for a total overhaul of the theater and the construction of a 30-room hotel, 14 affordable apartments and16,000 square feet of retail space in the surrounding 160,000-square-foot theater building, as well as the construction of a 72-unit residential building next door.

Also in 2018, Moyerscored $9.7 million in Tax Increment Finance dollarstoward the multi-million-dollar project, but Crains reports that he never actually received the money and was unable to raise the rest of the funds needed for the redevelopment project, which has been said to cost up to $96 million.

Attempts to reach Moyer Tuesday were unsuccessful.

This is not the first time the Congress has been wrapped up in a foreclosure lawsuit. Former owner Erineo Eddie Carranzawas threatened with foreclosure in 2012 after defaulting on a $4 million loan.

In 2013, the Congress was shut down by the city after gettingslapped with a string of code violations.

The closure came after a series of crimes that occurredin and around the theater during shows, includingthe rape of a 14-year-old girl.As a result, the theaters former music genre of choice,electronic dance music, or EDM,was banned for all current and future owners.

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Congress Theater Developer Hit With $24 Million Foreclosure Lawsuit: Report - Block Club Chicago

Communal amenities at the 604-bed student housing complex will include ground floor retail space, outdoor courtyards, pools, private study lounges, a clubroom and a fitness center.

GAINESVILLE, FLA. A joint venture between 908 Group, Scannell Properties and Atlantic American Partners has received $65 million in construction financing for an unnamed development of a 604-bed student housing community near the University of Florida in Gainesville. First Merchants Bank, First Financial Bank and Old National Bank provided the construction loan for the community. TSB Capital Advisors acted as special advisor in the financing. The project will offer a mix of one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Communal amenities will include ground-floor retail space, outdoor courtyards, pools, private study lounges, a clubroom and a fitness center. The community is scheduled for completion in fall 2022. Humphreys & Partners designed the asset, and Arco-Murray is the general contractor. Houston-based multifamily operator Asset Living will manage the community upon completion.

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Joint Venture Receives $65M in Construction Financing for Student Housing Community Near University of Florida - REBusinessOnline