Central Place Sydney, a $2.5 billion commercial development that will contribute to Tech Central in Sydneys Central Business District, will comprise new commercial buildings and public realm improvements that will enhance the southern gateway to the CBD.

The project will comprise approximately 1.6 million sf of office and retail space and be one of the most sustainable commercial developments in Australia, powered by 100% renewable energy, with workplace environments that integrate nature and a range of amenities.

Central Place Sydneys focal point is a major new civic space wrapped with activated retail edges, enriched by two commercial towers and a landmark central building. It will redefine the precinct, completing Sydneys vision for a third square, Fender Katsalidis Design Director Mark Curzon said in a release.

The design features two commercial towers, rising 37 and 39 stories, woven together by a low-rise building that anchors the development and enlivens the precinct at street level. The two towers are expressed as three individual forms in order to reduce their visual density. The building podiums are distinguished from the towers above, each with a height, massing, and material palette that complements adjacent heritage buildings. Landscaped public spaces surround the buildings meant to enhance connections between neighboring communities and the citys most prominent commercial axis.

The central building ascends in a series of tiers that are staggered to open up garden terraces and views at each level. The ground floor is highly permeable and accommodates a retail experience that flows into the plaza, while the upper commercial levels will be linked to the new towers to create campus-style floorplates.

Each floor is conceived as a unique neighborhood, connected by winter gardens, mixed-mode environments, light-filled atria, and outdoor terraces. Workspaces will be highly flexible, with the possibility to be combined and expanded both within and between floors. The adaptable spaces will be able to accommodate technology companies as they evolve in scale and cultural.

The buildings will be naturally ventilated via operable windows and an automated, AI-controlled facade system. The facade system, which the architects claim is the first of its kind in the world, will use AI technology to shade the interiors from direct sunlight and reduce heat gain throughout the day.

Central Place Sydney will be the focal point for the burgeoning Tech Central precinct and civic space, which will also include the new HQ for Atlassian, a building that is set to become the worlds tallest hybrid timber tower.

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New Sydney towers will have the world's first AI-driven facade system - Building Design + Construction

An artist's rendering of the proposed Watermark at Spring Creek apartments at S. Shields Street and Prospect Road.(Photo: Studio M Architecture & Planning)

Watermark Residential, a national developer of upscale apartments, is the latest potential developer of land owned by Blue Ocean Enterprises at the southeast corner of Prospect Road and South Shields Street.

The company is proposing 348 high-end units in 10 buildings north of Spring Creek Trail in central Fort Collins with 3,000 square feet of commercial space. Nine buildings would be three stories; one would be four stories including commercial space.

Retail: Strong sales at liquor, grocery stores during COVID-19 a bright spot for Fort Collins

Units include open floor plans, walk-out balconies or porches, and high-end finishes, according to conceptual plans filed with the city of Fort Collins. Forty percent of units would be one bedroom, 50% two bedrooms and 10% three bedrooms ranging in size from 682 square feet to 1,360 square feet.

Plans for the 20-acre property have gone through several iterations and potential developers, the latest of which was Terra Development Group that proposed an unspecified number of units in six buildings.

The property is owned by North Spring Creek PropertiesLLC whose address is listed at 401 W. Mountain Ave., the same address as Blue Ocean Enterprises, the real estate development company formed by Curt and Nancy Richardson, founders of Otter Products.

Two years ago, Watermark proposed 300 high-end apartments in north Fort Collins, on a largely undeveloped tract that runs from Spaulding Lane south to East Willox Lane.

It is unclear if that project is going forward. Watermark officials did not immediately return calls seeking comment.

MEET REPORTER PAT FERRIER

I track business and development trends including how and why our area is growing as fast as it is, who's benefiting, who's being left behind and how the community is handling the impacts. Support my work with a subscription today.

Watermark says in its company overview it focuses on development of Class A apartments in affluent suburban locations in the Midwest, West and Southeast.

The 12-year-old company targets sites close to new retail, upscale single-family homes and employment centers, while being visible and accessible from major thoroughfares. Rents are market based.

The site is close to the Colorado State Universitycampus but the apartments are designed to be market rent not geared to students, according toplans.

Average apartment rents in Fort Collins were $1,522 permonth earlier this year, according to RentCafe, but can approach $2,000 permonth for high-end units.

Several new apartments, many geared toward students, are opening this year. Union on Elizabeth opened in July with about 400 bedrooms. The Standard on Prospect Road is just finishing construction on 230 units with 794 bedrooms and will be ready for occupancy in fall 2021.

By The Group Inc. Real Estate's estimation, Fort Collins can absorb an additional 1,500 rental units a year.

Housing: Apartments project is latest residential proposal for North College Avenue area

Pat Ferrier is a senior reporter covering business, health care and growth issues in Northern Colorado. Contact her at patferrier@coloradoan.com. Please support her work and that of other Coloradoan journalists by purchasing a subscription today.

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348 'luxury' apartments now planned for Prospect and Shields site in Fort Collins - Coloradoan

Peru Mall will be renamed The Crossroads at Peru, a residential-commercial mix, and about half of it will be demolished to make room for free-standing buildings and apartments.

The Peru Planning/Zoning Commission approved GK Real Estates overall game plan, which includes multiple variances and rezoning petitions, but several hurdles await. The full Peru City Council has to vote on it, and construction wouldnt begin until late spring 2021.

And City Engineer Eric Carls said he wants a redevelopment agreement to ensure were going to have something at the end of the day and were not in a situation where we have a bait-and-switch.

Representatives speaking on behalf of GK Real Estate said a redevelopment is forthcoming and GK will go all-in with $30 million at stake in the residential component alone.

Why a retail-commercial mix? Andy Patras, director of development management for GK, said the traditional enclosed model is dead and the internet is a big reason why. Hundreds of department stores have closed or soon will close Eventually, we dont believe there will be a department store at all. and a window-less building in a sea of asphalt wont attract retailers and restaurateurs.

We understand a lot of nostalgic feelings people have for Peru Mall. It comes up a lot, Patras said. (But) theyre never going to revert back to their heydays when they were filled with people. Its not going to come back.

In its place will be reduced commercial space the movie theater, for one, is staying with four residential buildings, three stories high with 39 units apiece. Mary Riordan, an attorney for GK, said the apartments are one- and two-bedroom units and arent geared toward families with children.

These are for empty nesters and younger professionals, she said.

GK Real Estate plans a live-eat-work-play model where everything is at your fingertips when you walk out the door, Patras said.

Other proposed features are a new ring road that parallels Route 251 plus a series of out-lots accessible via Route 251. The property will undergo a great deal of landscaping.

Its not a pretty looking place, Riordan said. It needs a lot of work. The parking lots are decrepit. Its going to take a lot of work and a lot of investment.

Riordan noted GK wants to rezone the property as a whole in the same zoning category as surrounding parcels. The retail-housing mix should boost nearby property values.

Developers estimate theyll need 10 months to get through the design and construction documents. Once permits are in hand, construction will take 16-17 months.

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Developer: Half of Peru Mall coming down, to be replaced with 3-story housing - LaSalle News Tribune

PORTAGE, Mich. Portage homeowner Vaughn Gerber has concerns surround a proposed tree preservation and replacement ordinance in Portage.

"It is essentially an infringement on the rights of the property owner to do what they want with the property," Gerber says.

Essentially the ordinance, if approved, will require property owners to get a permit to remove a tree from their own property if they own more than one acre.

"The property owners own the trees, right? We should have sole dominion over those trees as was provided to us by the framework of our country," says Gerber.

The city says it's proposing the ordinance after feedback from residents who say there has been a significant amount of clear-cutting throughout the community.

"The city is going one step too far with us," Gerber retorts. "If they want to make it to where it's harder for developers to clear a lot, or they push developers to replant ... rewrite the ordinance for that. Leave the residents out of it."

The City of Portage argues the ordinance would not require a permit to remove a dead, dying, or damaged tree.

However, Gerber says he's still worried about money when the permit is required. "The financial impacts to individual homeowners are huge."

Per the ordinance, residents would be expected to pay to remove the tree and pay to replace it. If they don't replace the tree, then they would need to contribute to a city tree fund.

"So, if they're going to take out a tree, you've got a tree that's 24 to 36 inches in diameter, it's going to cost a couple thousand dollars just to take the tree out," remarks Gerber, "let alone paying in a couple thousand dollars, or to the city to pay a couple thousand dollars, to replant trees on top of it. The financial impact on homeowners is huge."

Gerber also tells us he's concerned his neighbors aren't aware of this, but the City of Portage says they've done their part in making the public aware. "We have published an article advertising the date of the public hearing in the August 2020 Portager newsletter," the city told FOX17 in a statement. The newsletter is sent to every Portage resident. "We utilized our social media outlets, the city website, as well as publishing a legal notice in the local newspaper and at City Hall."

Gerber encourages his fellow Portage residents to show up at Thursday evening's planning commission meeting. "Show up, show up, and voice your concerns with it," he urges.

Gerber's hope is that the ordinance will be revised to hold developers accountable for trees on their land but not private property owners.

The City of Portage points out that this is a draft of the ordinance, and what the planning commission hears Thursday night may change the ordinance content.

It's also important to note this ordinance applies to property owners with more than one acre, and The City of Portage says nearly 90 percent of all properties would not be impacted.

The City of Portage's full statement to FOX17, in response to Vaughn Gerber's concerns, is posted below.

Statement to FOX 17 WXMI-TV Regarding Proposed City of Portage Tree Preservation and Replacement Ordinance August 19, 2020

The city is proposing the Tree Preservation and Replacement Ordinance because over the last several years, there has been a significant amount of clearcutting throughout the community. The city was encouraged to bring forward this ordinance by Portage residents voicing their concerns about the removal of so many trees in the city. The purpose of the proposed ordinance is to preserve the natural landscape of the community and prevent clearcutting of important trees, while still encouraging growth and development.

The proposed ordinance would never require a permit to remove dead, dying or damaged trees, or trees of an invasive species. A permit would also not be required to remove trees on a property less than one acre in size, unless the tree is a Heritage tree a tree unique due to its size, form, species or historic significance.

The ordinance would require a permit to remove a protected tree - a tree six inches or more in diameter and located outside of a construction envelope. A construction envelope is the area that is proposed to contain building(s), utilities, sidewalks, roads, etc. for a new home, a residential subdivision, office, retail or industrial building and associated site improvements. The construction envelope might also include a pool, deck, shed, etc. on a residential property. In either case, a plan would need to be submitted to the city prior to construction. This plan would show the building location (building envelope) or if a new residential subdivision, all proposed public utility improvements such as the road, water and sanitary sewer mains, and sidewalks (public infrastructure envelope).

If the resident cannot replace the tree on their own property, they must pay into a tree fund for the amount the replacement trees would cost. The option of contributing to a tree fund is an alternative for a property owner if they do not wish to or cannot replant trees on-site. Contributing to the tree fund wouldnt cost any more than planting a replacement tree themselves. The money deposited into the tree fund would only be used to plant trees on publically owned land, resulting in an enhanced community landscape.

it also applies to any property owner that owns 1 acre or more and depending how the draft ordinance is read it may apply to property owners with less than 1 acre if the tree is deemed a 'Heritage Tree'. Property less than one acre and occupied by a habitable building would be exempt from the proposed ordinance, unless the tree removal involves a heritage tree (see Section 24-164(K) of the proposed ordinance). Dead or dying trees, emergency situations (threat to life and property), tree management plans, among others, would be exempt from the proposed ordinance. Nearly 90% of all properties in Portage would not be impacted by this ordinance and 82% of those properties are residential properties.

If the city passes this ordinance, they are effectively tying up the equity a property owner has in their trees and holding it hostage. Unless the property owner runs a business, this statement is not true. On the contrary the proposed ordinance preserves the value of the land. The draft ordinance is modeled after a Michigan communitys ordinance, on which the Michigan Court of Appeals has ruled. The ruling stated that such an ordinance will achieve a preservation of important physical, aesthetic, recreational, and economic assets for both present and future generations and concludes that preserving woodlands and regulating tree removal is beneficial to the health, safety, and general welfare of the Township residents by preventing erosion and flooding, reducing noise and pollution, and increasing economic value in the land. The court continued, These are both reasonable and legitimate concerns for the Townships ordinance, and the regulations contained in the ordinance are specifically related to those interests.

we suspect the city is trying to fly this under the radar and make it effective without property input. While this matter is being brought up now, the city has been developing this ordinance since before the COVID-19 Pandemic hit. Due to the Governors Executive Order, only ten individuals may be in the Council Chambers at a time; however, every person who attends in person and wishes to have their comments heard will have that opportunity. City staff will stage people in excess of the 10-person limit in other rooms where they can view the meeting broadcast, and cycle them into the Council Chambers as space becomes available. Individuals may also take advantage of the phone-in feature by calling 844-854-2222, access code 529853#. Questions or comments may be voiced during the public hearing by pressing *6 to enter the queue. The City of Portage has successfully held public meetings during the COVID-19 pandemic with significant input from residents. We anticipate that we will continue to have the same success with this meeting.

Wed like to bring this proposed ordinance to the forefront and make sure the residents truly know what their city government is trying to do. The City of Portage has gone above and beyond our normal notification process. We have published an article advertising the date of the public hearing in the August 2020 Portager newsletter (which is delivered to every Portage mailbox). We utilized our social media outlets, the city website, as well as publishing a legal notice in the local newspaper and at City Hall. Its important to note that the proposed ordinance is in draft form. Based on feedback that we hear during the public hearings, the ordinance content may change. This is the first of several opportunities for the public to voice their opinion prior to final consideration of the ordinance by City Council.

Continued here:
Proposed ordinance would require permit to remove trees from property - Fox17

Memphis and its environs have been amping up commercial developments in recent years. It looked like nothing would stop the boom until 2020 came along and flipped everything over. In a matter of months, the world experienced a pandemic, an economic collapse, and a growing social justice movement. But dont underestimate momentum and hope. As of this writing, the stock market is humming merrily along and the builders are still building.

We take a look at a couple of local commercial development projects that are moving along, undeterred by the upheaval. And we examine whats been going on in the hospitality industry, which Memphis relies on heavily and did take a big hit.

By Jon W. Sparks

Gary Prosterman likes to get into his projects quietly. Keep your head down and do your thing, he says.

And so its been with his development in the Edge District. His Development Services Group (DSG) started acquiring properties there five years ago quietly and has been taking it a step at a time, looking for the best solutions to make the neighborhood as vital as possible.

Prosterman is quick to acknowledge that he wasnt the one first on the scene with big ideas. There were pioneers there even before we were, he says. Pinkney Herberts Marshall Arts. Mike Todds neighborhood association, calling the area The Heart of Memphis, the Edge of Downtown. The High Cotton Brewing Company. The Edge Alley coffee shop and restaurant.

The area extends roughly from Sun Studio on the east end to AutoZone Park on the west, and Jefferson Avenue to the north and Beale Street to the south. The street configurations were long ago determined by railroads and rail spurs, most gone now although one still runs up next to the old Memphis Publishing Company building that used to deliver huge rolls of newsprint to The Commercial Appeal and the Memphis Press-Scimitar.

In the middle of the twentieth century, the Edge was packed with automobile dealerships. Elvis Presley got his start in the neighborhood at Sun, and spent many dollars at the nearby Cadillac dealer.

But the Edge has been looking for a new identity and some people, such as Todd and Prosterman, see how it can deliver as a residential, commercial, retail, and cultural center.

Were probably most proud that there are so many projects beyond the pieces of property that weve acquired that have developed and are continuing to develop, Prosterman says. Already in the neighborhood are a mix of businesses, including PKM Architects, the Edge Motor Museum, Chef Tams Underground Caf, Karen Adams Designs, Holliday Flowers. And looming large is the old Memphis Publishing Company building that recently underwent a $51 million build-out into a hospital facility for potential COVID-19 patients.

But Prostermans plans are doing much to define the area. One of his most significant and earliest contributions was the Orion Federal Credit Union headquarters where the old Wonder Bread Bakery had been for years.

We had acquired the entire bakery and intended to do adaptive reuse of the part that we thought was architecturally significant, he says. The idea was to develop it for Orion and be the landlord, but to accommodate the credit unions vision would have meant charging rent well above market, so it was agreed that Orion would buy it. It frankly exceeded everyones expectations, Prosterman says. Its probably the coolest office space in Memphis.

The Rise the nearby 199-unit apartment building is complete along with the 481-space parking deck. Although most leasing tours are virtual due to the pandemic, the leasing has gone better than expected and DSG hopes it will be fully occupied by fall. The tenant breakdown is about 60 percent to 70 percent working or studying at one of the nearby healthcare facilities, and the rest, as Prosterman says, see it as a cool place to live. He calls it a very current high-end suburban type property but in the middle of the city with a club room, fitness center, and swimming pool that he says is rare for this part of town.

Across the street from Orion is LEO Events, which wanted to own its space. LEO is on the ground floor and Montgomery Martin general contractors has an office on the second floor.

What may be the most intriguing part of the development is what will be the Ravine Park. Its an abandoned rail easement that runs from about Madison and Lauderdale south to Union Avenue. We acquired the old Glass Factory building [on Madison], Prosterman says, which included the easement. Construction has begun on converting the easement into a public park.

The 30,000-square-foot Glass Factory building will become a brewery and tap room for Memphis Made Brewing Company. This will be in addition to its plant in the Cooper-Young area that it will keep.

The Memphis Cycle Shop building sits on Monroe at Lauderdale. Its not in good shape but has fine architecture and DSG is looking to list it on the National Register of Historic Places and develop it with opportunity zone funds. Prosterman hopes to get that project under way in the fourth quarter of this year.

Throughout the year, hes had to deal with the pandemic in one fashion or another. We definitely have hit a bump in the road with COVID, Prosterman says, noting that the neighborhood wont reach full potential until what hes doing is supplemented by more retail, restaurants, coffee shops, and other such enterprises now most severely affected by the crisis. He, however, is able to continue with what hes been working on in the Edge for five years.

Were going to keep doing what were doing, he says. Were fortunate to have the capital partners that we have and fortunate that Im not at the beginning of my career, or we wouldnt have the staying power to keep going.

By Samuel X. Cicci

The coronavirus has wrought havoc across the country, but the sucker punch delivered to the hospitality industry hit especially hard. In the month of May, we ran a 17 percent occupancy, says Wayne Tabor, president of the Metropolitan Memphis Hotel & Lodging Association (MMHLA). That month normally runs up in the 80s.

Downtown Memphis has borne the brunt of the hospitality storm. With tourism, meetings, and conventions all significantly reduced, large hotels have a surplus of space, and few visitors to fill it. Smaller economy and mid-scale hotels farther east have been performing better, but the overall numbers are still low. The percentages have been creeping back up, however, with a few twists along the way.

At the end of June, hotel occupancy rates sat at around 50 percent still not great, but significantly better than nearby markets like Nashville and New Orleans. According to Tabor, the uptick came when Beale Street and restaurants were allowed to reopen. Demand has started building back up a little bit, says Tabor. But Downtown, in June and July, we need to be at 80 percent.

I think were in a plateau period right now, Tabor said in an interview in mid-July. We started trending upward, but with everything going on, its difficult. Im trying to make sure we stay in business, but I dont want anyone to catch the virus.

With the number of Shelby County cases surging in recent weeks, as of this writing (mid-July), the path back to where hotels need to be might be further away than anticipated. With bars shuttered once again in July and restaurants at a reduced capacity, hotels look to an influx of small meetings.

In Phase Two [of the reopening stages], were only allowed to host meetings of up to 50 people, Tabor says. Youre not going to see a lot of meetings with only 50 people. Phase Three will take us up to 200, and thats what well need to start getting back to where we need to be.

Hospitality has one major advantage: a long history of innovative sanitation practices. Cleaning and sanitation is our business, says Tabor. And that holds whether were in a pandemic or not. Even before this came along, we were always looking at ways to keep people safe from everyday viruses and sicknesses.

Along with cleaning procedures, some safety strategies may see an accelerated implementation. Most major brands were already experimenting with these innovations, says Tabor, but something visitors should get used to seeing is an app that can handle most guest functions: Think mobile check-in, scanning a phone to open a door, or settling the bill remotely. Other approaches rehaul the mini-fridge concept. Instead of snacks and liquor in their rooms, guests now have a full complement of sanitation products. At economy hotels, breakfast buffets are replaced by pre-packaged goods. If a tourist has concerns about any aspect of the hospitality experience, its a safe bet that hotels will have come up with a countermeasure or alternative to keep the experience as safe as possible.

Downtown has been the strongest market for Memphis traditionally, and Tabor expects it to get back to the top. I dont know if well have that V-shaped recovery we want, but well get through it.

By Samuel X. Cicci

When the pandemic hit, Carlisle Corp.s One Beale Project found itself well-poised to weather the storm. The 2019 trade tariffs on China had caused the developer to explore alternate supply chain options for necessary materials, so by the time international industry ground to a halt earlier this year, One Beale was in fine shape. The projects first phase, the 232-room luxury apartments, is ahead of schedule, with pre-leasing expected to begin this fall. Meanwhile, the 227-room Hyatt Centric at Beale and Front is set to open in February 2021.

We were in the process of moving and sourcing a lot of stuff pre-COVID that became very beneficial when COVID did hit, says CEO Chance Carlisle. When China shut down for its new year [in February], we were worried that they werent going to re-open. Meanwhile, our partners in Hyatt also have an extensive hospitality footprint, so we were attuned to what was going on and could minimize those effects on our process.

And with construction green-lit as essential when the lockdown began in March, Carlisle Corp. went full steam ahead. It was a boon to this economy and our project specifically, says Carlisle. We were able to actually accelerate some of our schedules as other parts of the country shut down.

Carlisle Corp. will soon announce phase three of the One Beale project, a yet-unnamed boutique hotel. In the meantime, the developer is also putting plans together for the old Nylon Net building at 7 Vance Ave. The proposed apartments would leave Carlisle Corp.s fingerprints all over the riverfront.

Weve always considered the Memphis waterfront to be an untapped asset, for everything from public use to generating tourism taxes says Carlisle. Looking at the One Beale footprint, 7 Vance, and the Kemmons Wilson headquarters [the old Spaghetti Warehouse at 40 West Huling], there are five great parcels to develop. You can really build a close connection between Tom Lee Park and the rest of Downtown, and we see it as a natural extension to continue the residential and hospitality density there.

Continued here:
Commercial Development in the Age of COVID - Memphis Magazine

The action to rename Rebel Drive came during the Aug. 18 Kyle City Council meeting. (Screenshot courtesy city of Kyle)

The action came during the Aug. 18 council meeting, and the ordinance from the city says officials unanimously agree to the change.

"Names should be appropriate to the particular public place by reflecting native wildlife, history, flora, fauna, geographic area, natural or geological features, or honoring individuals or families significant to Kyle as determined by council, the ordinance states.

The road runs north to south in Kyle, starting at FM 2770 and ending at West Center Street, and the resolution states address changes along the street will be effective immediately.

Some of the changes that will now need to be put in place as part of the process include notifying the postmaster, informing business and property owners occupying the street, issuing a press release and informing Hays Central Appraisal District.

City information states the local post office needs 30 days to process the address change and mail will be delivered to both street names for one year.

Kyle Mayor Travis Mitchell said it seems like the right time to bring about a change to the street's name, and said that a perfect replacement could be to name the road Fajita Drive.

That seemed appropriate, Mitchell said, especially considering that earlier in the Aug. 18 meeting the city of Kyle voted to make Aug. 18 National Fajita Day after Juan Antonio Sonny Falcn, who is credited with popularizing the fajita by introducing it in 1969 in Kyle, according to city information.

As part of the process of changing the name, council also discussed what might be done about business owners and residents who might accrue unwanted costs associated with the name change.

But ultimately, council was unanimous in its desire to meet what they described a cultural moment with a locally relevant gesture.

"I think it's absolutely beautiful that we bring this up on National Fajita Day," District 5 Council Member Rick Koch said.

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Rebel Drive in Kyle to be renamed Fajita Drive in support of 'community camaraderie' - Community Impact Newspaper

Amidst it all on this summer afternoon: a blue tent where the city health department offered walk-up coronavirus testing, free to all comers.

This seaside city has been having a moment, with apartment buildings sprouting along its famous beach just a 14-minute ride from downtown Boston and renting at a fraction of the price.

Reveres revival was well underway until COVID-19, which has hit it as hard as almost anyplace else in the state, wreaking health and economic havoc in a city thats home to many immigrants and service industry workers. When and how it emerges from the crisis will provide a measure of the new Reveres resiliency, and how well it can serve everyone from longtime lower-income residents to the more-affluent newcomers.

At this point, its really important for us to keep our foot on the gas, said Mayor Brian Arrigo. A lot of the oxygen has been sucked out because of COVID, but we need to keep firing on all cylinders.

Thats not easy to do this summer.

Even as development surges, Revere has been clobbered by COVID-19. Only two cities in Massachusetts, neighboring Chelsea and Lynn, currently have higher infection rates, according to state data. And at 27.6 percent, Reveres unemployment rate in June was second in the state only to Lawrences, reflecting job losses among the huge numbers of residents who work in hotels, restaurants, and other hard-hit service industries.

Helping those people will be essential to any recovery and broader growth for the city, said Wendy Millar-Page, executive director of the Revere Chamber of Commerce.

For years, Revere residents have had a sense the city was on the cusp of change. Suffolk Downs, on the Boston line, was long a front-runner for the casino that ultimately went to Everett. Then it was pitched as a site for Amazons so-called HQ2. Neither mega-project came to pass, but we were winners in losing, said Robert OBrien, the citys director of strategic planning and economic development. Those bids helped Revere catch the eye of builders, and suddenly, he said, the city was no longer hidden in Bostons shadow; it had its own spotlight.

Today, many see revitalization being realized in the strip of glimmering new apartment buildings that dot the waterfront, and in an Amazon warehouse that opened in July in the former Necco factory.

But to some, these changes are not entirely new. They say Reveres promising future is simply an echo of its past.

Celebrated as the first public beach in America, Revere Beach, with its noisy arcades, amusement rides, and famous fried food, served as a cheap and easy escape from downtown Boston for over a century. But gradually, the good times faded. The roller coaster came down, and the dance halls closed. The summer crowds, once huge, moved on. The destruction caused by the Blizzard of 78 provided a final blow. A handful of beach bars and ice cream stands and the original Kellys Roast Beef serve as reminders of those glory days. So do the pictures of Reveres heyday that hang from the walls of local restaurants, as well as the intricately designed pavilions along the oceanfront promenade that hint at lost grandeur.

But while some people bask in Reveres nostalgia, others have a vision for a future built on its colorful past.

Mayor Arrigo approached me, and at first I was a little turned off about Revere, said Michael Aldi, a Boston restaurateur and developer Arrigo courted to do business in the city. I have family here, and I know what its all about, but it wasnt there yet. But Aldi saw promise in the oceanfront views and decided to take a chance: Last fall, he opened Dryft, the citys first fine-dining restaurant, on the plaza overlooking the beach.

My goal was to bring a Boston-style restaurant to the beach, something theyve never had before, Aldi said. What I look for in a deal is parking, waterfront and, public transportation and this deal had all three.

Aldi plans to open a second restaurant on the Ocean Avenue strip. He believes that more tourism and retail business is on the horizon and wants to get in on the front end of the coming boom. This is the oldest beach in America, he said. It almost reminds me of a New England-style Miami Beach.

Some of this newfound glitz is driven by forces far beyond Revere. As in other lower-cost parts of Greater Boston especially those with good MBTA access newcomers have arrived in Revere in droves as rents have soared in the core of the region. Developers and restaurants and retailers have followed, gradually drawing a wealthier clientele.

That brings opportunity, said Rafael Mares, executive director of Neighborhood Developers, a housing nonprofit that works in Revere and Chelsea. But it also risks pushing out the immigrants and working-class renters who have long called the city home.

The regional housing crisis has made people look in places they didnt look before. Revere is one of them, Mares said. Its like the ocean. We have this high tide thats going up.

One of the biggest waves is forming at Suffolk Downs, where plans for a huge new neighborhood are taking shape. About 40 percent of the vast, now- shuttered horse track is in Revere, and while the permitting has been slow next door in Boston, Revere officials in 2018 quickly approved plans for about 2,400 apartments, retail space, and a cluster of office buildings on the citys section of the site. When its all built years from now the development will boost Reveres commercial tax base by more than 50 percent, said economic development director OBrien, and make room for white-collar jobs on a scale Revere has never seen.

Its a long-term play, said Tom OBrien (no relation to Robert OBrien), managing partner at Suffolk Downs developer, HYM Investment Group. But its one hes confident will long outlast the pandemic.

HYM is just now demolishing the old stables near the MBTAs Beachmont Station. Construction on the first buildings wont start until spring, OBrien said, and by the time they open in 2023 hes hopeful the public health crisis will be just a memory and the Blue Line will again be a pipeline from the heart of Boston.

Were developers, so were always optimistic, he said. We see the bright side. But the bright side has typically worked out.

Still, some worry all this change is too much, too fast. Especially now.

Theres interesting growth happening, and a lot of resistance to the growth, as well, Millar-Page said. Theres a fear that people are going to be pushed out, and where do they go, especially during this COVID time. Where do you go if youre already unemployed or furloughed?

Her answer is to take steps to ensure current inhabitants will be able to stay as Revere evolves. That means reexamining transportation options to help people move around the city. It also means implementing programs to help service workers advance as their industries recover, and capturing some of those office jobs at Suffolk Downs.

It means building hotels, but also creating a tourism infrastructure to lure people who might not know theres a fun beach resort close by Boston, while encouraging new residents to celebrate and patronize the immigrant-owned businesses that have made Revere unusual.

Some of those efforts are underway. The city released a draft master plan at the start of the year, with detailed recommendations for transportation, economic development, and housing. The plan is already providing a framework for recovering from the pandemic, with the city focusing resources on training programs for laid-off workers and allocating cash to help restaurants stay afloat.

Still, Arrigo said, todays circumstances are unprecedented.

Theres no handbook for this, he said. Were just trying to make sure that were planning for and creating opportunities and a high quality of life for every single person in this city.

Tim Logan can be reached at timothy.logan@globe.com. Follow him on Twitter at @bytimlogan. Janelle Nanos can be reached at janelle.nanos@globe.com. Follow her on Twitter @janellenanos.

More here:
Revere was going through a revival before COVID-19. Can it stay on track? - BetaBoston

Parkview Financial announced it has provided a $7.2 million construction loan to GA Views Management, LLC for the completion of The Views at Georgia Avenue, a Class A, 20-unit apartment property. Located at 3557 Georgia Avenue NW in the Park View neighborhood in the northwestern quadrant of Washington, D.C., the six-story property is currently in the framing stage and will be completed in summer 2021.

The 23,000-square-foot (sf) building will include 10 two-bedroom floor plans ranging between 696 sf and 835 sf, and 10 one-bedroom floor plans ranging between 530 sf to 545 sf with ground floor retail space totaling approximately 3,358 sf. In addition to the retail component, amenities for the residences include storage areas of 442 sf in the basement, a rooftop deck totaling of 964 sf, and patio area totaling 600 sf. Each unit will include hardwood flooring and carpeting, double pane windows, a full kitchen with upgraded appliance package, and in-unit washer/dryer.

Parkview is pleased to provide construction financing for The Views at Georgia Avenue, said Paul Rahimian, CEO of Parkview Financial. Demand for housing in this area is strong and this property will offer high-quality, upgraded rental living in a gentrifying neighborhood.

The Georgia Avenue NW area features an eclectic mix of residential and commercial properties, including many restaurants and bars, small locally owned shops, and supporting commercial and civic uses. The neighborhood is adjacent to the Petworth and the Columbia Heights neighborhoods and is three miles north of the National Mall in a dense, urban infill area. It will provide convenient public transit for residents linking to the entire D.C. metro area. The commute to the downtown Washington D.C. is a 16-minute drive and 40 minutes via transit.

Link:
Parkview Financial provides $7.2 million construction loan for 20-unit apartment property in Washington DC - Yield PRO magazine

The COVID-19 pandemic is impacting every facet of the economy, including commercial construction and real estate. While the depth of some of the impacts may not be known for months, if not years, there are several emerging trends shaping these industries now.

Construction Financing Issues

In the early days of the COVID-19 pandemic this spring, many companies looked at stopping, or at least pausing, construction projects due to the uncertainty about the economy. Many projects remain paused as owners continue to worry about their long-term viability or if there is demand for office or retail space when so many businesses are closed or people are working remotely.

A survey conducted by the Associated General Contractors of America (AGC) in June found that 68% of contractors had seen a project canceled as a result of the COVID-19 pandemic; 48% saw a project that had begun before the pandemic halted.

While some projects were paused to meet with shelter-in-place orders in states and cities where construction was not deemed essential, financial considerations also were a major concern. More than one-third of projects were stopped because of a loss of revenue to pay for the project, whether that be from lenders, investors or government revenue such as taxes.

Under many contracts, if an owner decides to pause construction, it will ultimately be responsible to pay the contractor for the delay.Similarly, if an owner cancels a project, under the standard American Insititute of Architects (AIA) contract documents, the owner will be responsible for a termination fee or the contractors lost profit on the project.With project financing also drying up, however, it may be uncertain where that funding will be coming from.

With projects on pause, banks are also seeing an increase in defaults on construction loans. Construction loan delinquencies at U.S. banks climbed 23.8%during the first quarter according to the Standard & Poors Global Market Intelligence Report.Anticipating this, the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES) passed by Congress made it easier to modify construction loans. Under the CARES Act, an owner may qualify for a forbearance arrangement, an interest rate modification, or a revised repayment plan.The CARES Actalso provides that any loan modification does not constitute a reportable troubled debt restructuring (TDR) or a default, and therefore will not negatively impact the credit of the borrower.

Construction Supply Chain Issues

One major challenge impacting still ongoing construction projects is difficulty in getting the needed materials on time. During the peak of COVID-19 shut downs this spring, many producers of building supplies either closed completely as they were not deemed essential businesses by their local governments or reduced their staffing and capacity to help support social distancing efforts among employees. This has led to a shortage in numerous supplies and ongoing supply chain issues.

In June, the ACG found that 25% of contractors were experiencing project delays or disruptions due to a shortage of construction materials, equipment or parts. Additionally, 38% of respondents said suppliers had notified them or their subcontractors that material deliveries would be late or cancelled.

Depending on the materials being delayed, supply chain disruptions can impact the timing of a construction project by days, weeks, even monthstime that in many cases cannot afford to be lost as contractors often face tight deadlines for delivering projects.

To help minimize disruption, contractors should request weekly updates from suppliers on the availability of necessary materials. A contingency plan for obtaining materials that may face shortages or delays should be developed. Contractors should also provide updates, in writing, to their clients both on potential supply chain issues and the steps that are being taken proactively to mitigate those risks and, if needed, look to renegotiate potential changes to the project completion schedule.

While it is generally the responsibility of the contractor to ensure a project is completed on time, there may be some contractual remedies for unexpected supply chain delays caused by the COVID-19 pandemic. For example, many contracts contain force majeure clauses or other language around impacts arising from circumstances that could not be foreseen or outside of the control of either party involved in the contract. Often these clauses call for an extension of time to complete the project but may not change the payment terms.

Lease Issues

The pandemic is also triggering force majeure clauses in commercial leases. A June bankruptcy court ruling in In re: Hitz Restaurant Group offers some guidance to landlords and tenants seeking to enforce force majeure language in their leases.

Hitz Restaurant Group, which operates a number of restaurants around Chicago, filed for bankruptcy on Feb. 24, 2020. One of its landlords, Kass Management Services, Inc., asked the court to require Hitz to pay rent due under the lease even after filing for bankruptcy. Citing force majeure language in the lease, Hitz argued that it was excused from the rent obligation as a result of the executive order prohibiting on-premises consumption of food and beverages in restaurants issued by Illinois Governor J.B. Pritzker on March 16, 2020.

The court ruled that Hitz had to pay its full March rent, since it was due before the executive order was issued, but the obligation to pay rent thereafter was reduced in proportion to the ability of Hitz to generate revenue.Based on Hitzs estimate that 75% of the restaurant was unusable due to the executive order, Hitz only owed 25% of its rent obligations for April, May and June. The court also rejected the landlords argument that Hitz could not enforce the force majeure clause because it did not apply for a Small Business Administration loan to meet its rent obligations.

In reaching its decision, the court found the force majeure clause in Hitzs lease unambiguously applied to rental payments and the executive order was the cause, at least in part, of Hitzs inability to pay rent because it restricted the restaurant to take-out, curbside pick-up, and delivery.

Although the Hitz decision is not binding in other jurisdictions, other courts may use a similar analysis for businesses required by law to shut down or reduce operations during the pandemic. Tenants should review their leases to see if the force majeure clause specifically references governmental orders and allows for excused performance of lease obligations, including payment of rent. For landlords, the Hitz case is a reminder to carefully draft force majeure clauses to allow for more time to pay rent, instead of excusing payment altogether or to include express language that force majeure does not apply to rent.

Regardless of how long the COVID-19 pandemic lasts, or how long the residual economic effects linger, it is likely this pandemic will create a lasting impact on the commercial construction and real estate market. What those changes are remains to be seen, but it will be vitally important that contractors, building owners and tenants more carefully consider things like force majeure clauses and their potential impact on contracts long into the future.

Brooks Pierce is dedicated to keeping our clients fully informed during the COVID-19 crisis.

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COVIDs Lasting Impacts on Construction and Real Estate Trends - JD Supra

Prominent Builders and Design of Glen Rock, NJ, is a family-owned and operated design, build, and construction firm whose professionalism, experience and reliability have made us a leader in the industry for over 25 years. Right from the first consultation, Prominent Builders integrates all aspects of the building process into a single concept, giving customers accurate design, cost and time frame parameters.

We specialize in new residential construction in northern NJ including Paramus, Glen Rock, Franklin Lakes, Fairlawn and neighboring towns. Building your new home from the ground up doesnt have to be a stressful process. As a full-service design build firm, we are able to offer all services necessary to design and build your project from concept to completion. If you already have blueprints, site plans, or conceptual design ideas, we will gladly work with you and your design professionals to offer you our complete host of services.

Are you looking to update your current home? Perhaps you want to add more space to your existing home with an addition. Maybe youre looking for the kitchen of your dreams or would like to create a master bathroom oasis. Working with our design professionals allows you to create the space you will love for years to come. Our goal is to work with you to make certain your renovations stay within budget and are completed on time.

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Are you a commercial business looking to select a commercial builder for your retail construction or commercial construction project? Would you like to renovate your place of business? Prominent Builders understands the extra layers of complexity involved with these kinds of construction projects. When you work with experienced commercial contractors like Prominent Builders and Design, you are benefiting from the knowledge we have gained over 25 years from delivering great results for our commercial and real estate developer clients.

Reach out to Prominent Builders and Design today to talk about your new or renovated building project.

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New Home Construction and Residential Renovations - TAPinto.net