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    Vicland secures permit for Toorak office tower – The Australian Financial Review - February 25, 2020 by Mr HomeBuilder

    "We're very confident about the local office market," he said, pointing to Vicland's leasing success at 11 Wilson Street in South Yarra.

    The 5500sq m office project across nine levels, which is due for completion in July, is 75 to 85 per cent leased.

    In August, Mr McNee told The Australian Financial Review the development would appeal to Toorak's wealthy residents seeking to escape the commute to offices in the city.

    "Most family offices are based in the CBD, even though the owners live in Toorak," he said.

    "We'll be looking to appeal to these people as office tenants, allowing them to relocate closer to home."

    A smaller format Coles Local supermarket will anchor the retail portion of the development, with Vicland considering a Spanish-influenced food hall concept on the upper retail level.

    The inner suburbs of Melbourne, including Toorak, South Yarra, Cremorne, Richmond and Collingwood, have become hubs for commercial development amid record low office vacancies in the CBD and the recent downturn in the residential market.

    At 627 Chapel Street, another Melbourne developer, Goldfields, secured non-bank finance for a $300 million speculativeoffice tower in November last year. Just down the road at the Jam Factory complex, owner Newmark Capital is progressing plans for a mixed-use project, including multiple office towers.

    Continued here:
    Vicland secures permit for Toorak office tower - The Australian Financial Review

    Chestertons opens new Al Reem Island office in Abu Dhabi – MEConstructionNews.com - February 25, 2020 by Mr HomeBuilder

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    New office will serve demand for future master-planned free-hold communities in Abu Dubai

    Chestertons has opened a new office on Al Reem Island, Abu Dhabi in a move to better serve demand for future master-planned free-hold communities in the area and the Abu Dubai real estate market generally.

    The new office, located at The Marina Square, is in a prime position to capitalise on several new launches taking place this year, including Aldars The Bridges, comprising six mid-rise towers, each offering 212 homes, the tech-enabled Reem Mall which will feature 2.8 million sqft of retail space for 450 stores, 85 F&B outlets and a family entertainment offering as well as Reem Forest, an urban forest promoting biodiversity which is expected to pique the interest of investors.

    Nick Witty, Managing Director, Chestertons MENA, said: The new office is part of a strategic move to reinforce our position as a leader in Abu Dhabis real estate market. We will offer a broad spectrum of property services expertise which will be complemented by the office location and its excellent connections to Abu Dhabi International Airport and City Centre as well as Al Maryah and Saadiyat Island and of course, Al Reem Island.

    A team of real estate experts will provide a range of services including, local investment, leasing and sales, property management, strategic consulting, valuation and international global new homes.

    Market research will continue to be an integral part of the remit of the office and will provide the cornerstone for the Chestertons Observer Market Report research series.

    According to the latest research by Chestertons, the Abu Dhabi real estate market witnessed marginal declines in the last quarter of 2019 with average sales prices for apartments falling by 2% and villas by just 1% while apartment rents fell by 1% and villas by 2%. Al Reem Island was one of only a handful of Abu Dhabi districts to see stable rents and one of only two areas to see stable capital values, the other being Saadiyat Island.

    A favourable supply and demand equilibrium, a range of market reforms and a more muted slowdown of sales and rental decreases are shining a positive light on the real estate market in the capital, something we hope to capitalise on from our new location, added Witty.

    The new office can be found at Office No. 802, Tamouh Tower, Building 12, The Marina Square, Al Reem Island.

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    Chestertons opens new Al Reem Island office in Abu Dhabi - MEConstructionNews.com

    Oliver Wilson: Mixed-use changing the shape of Scottish cities – Scottish Construction Now - February 25, 2020 by Mr HomeBuilder

    Published 25 February 2020

    Architect Oliver Wilson on the changing residential neighbourhoods being created in Scottish city centres.

    On moving to Edinburgh as a child, myfirst impression was that it seemed complete. It was like a drawing where all the elementsand perspective fittedtogether perfectly. Im sure visitors arriving in the citynowhave the same formative view with theCastle as the centrepiece and the logic and symmetry of the adjacent New Town.

    However,its not until you live, work and play in a city that you really notice that each has a character and style of its own and that theyare never finished - constantlyevolving from one generation to the next.

    Industry often dictates change.The transformation of major cities in Scotland is evident from the number of cranes across the skyline. As an architect, I see this as a good thing. It means the promise of big renewal projects and a chance to find new purposes for underused and neglected spaces.

    For example, as a student in Liverpool, I watched howcity planners andfellowarchitects worked together to turnthe derelict and disused Albert Dockarea into anew commercial, residential and cultural landmark.

    City populations are set to keep expanding and so more homes will beneeded.Population forecasts show that millennials will make up 40% of the workforce by 2030. Quite apart from the desire of this age group tolive in the city rather than the suburbs, there is also the reality of the climate emergency with the younger generation eager to walk and cycle to reduce their impact on theenvironment.

    The pendulumisshiftingto favourliving inurban areas. That is why there is a move towards mixed-use developments in Scotland. In many cities, this type of living is commonplace, normally when land is at a premium. Property owners, investorsand developers see many opportunities to maximise limited landuse and to create places where people want to live. This is reflected by policy makers and city plannerswho want to improve the city centre andbring derelict land into productive use.

    BDPs Glasgow studio designedBuchanan Gardens, a residential development of 49 apartments above a major retail space onBuchanan Street, the main shopping thoroughfare in Glasgow.

    The bespoke apartments are designed to offer contemporary living in the heartof the city. They incorporate existing architectural features from the past: one of the entrances uses theoriginal facade of The Baltic Chambers. All have beenawarded eco-home status, in keeping with the next generations strong environmental concerns.

    A sense of community is also increasingly important as an antidote to the isolation and stress of single city living. Our design includes communal areas at both entrances to create shared spaces in the buildings encouraging interaction and inclusivity. Opportunities to meet and spend time with neighbours are further encouraged with the addition of a shared sky garden. Many of the apartments also have their own private outdoor spaces to promote an appreciation of the outdoors in the heart of the city, with terraces and balconies away from the busy streets below.

    Back in Edinburgh,BDPis collaborating with other architects to design and deliver Edinburgh St James, with an emphasis onmixed-use development. This isone of the largest and most significant urban regeneration projects currently underway in the UK.It will include 85 retail units, over 30 catering units, 152 new homes, a 244-bedroom five-star hotel, 75 room aparthotel, 5 screen cinema and 1600 car parking spaces.

    When working onthese landmark projects with clients,our priority must be that we are creating buildings and communities that will last. Projects in the city should also beabout community and well-being, creatinghomes which are truly part of neighbourhoods,featuring a mix of homes, shops, offices,restaurantsand entertainment venues,where people feel happy, safe and part of a community.

    Architecture should be about creating spaces that allow people to feel good in a space. It is also about buildings that will last and may be regenerated in the future. I look out the window from my office and still see empty spaces above shops. For me, that isan opportunity for a newhomein the city.

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    Oliver Wilson: Mixed-use changing the shape of Scottish cities - Scottish Construction Now

    Redevelopment plan to bring 124 apartments to downtown Rosemount – St. Paul Pioneer Press - February 23, 2020 by Mr HomeBuilder

    Construction is set to begin this spring on an apartment building in downtown Rosemount that city officials say will drive more commercial growth in the area.

    Ron Clark Construction and Design was given approval this month to redevelop Shenanigans Pub and the nearby Rosemount Plaza Shopping Center along Highway 3 into market-rate apartments. A second phase of the project will add about 4,000-square feet of retail space on the northeast part of the nearly three-acre site.

    The project will cost between $25 million and $28 million to build and have an estimated taxable market of around $21 million, said Kim Lindquist, community development director.

    The city has been told we need more rooftops to continue attracting commercial downtown, Lindquist said this week. The apartments bring more residents downtown and increases activity and vibrancy. This will benefit existing businesses and entice new businesses into our downtown.

    The L-shaped, four-story apartment building will be among several new housing projects in downtown constructed in recent years, following the creation of a redevelopment plan. Others include Waterford Commons, Cambrian Commons senior housing, and the Steeple Center and adjoining senior living apartments.

    To make the latest project work, the city council approved a $3.4 million tax-increment financing plan for the developer that will stretch over 25 years. With TIF, the developer will pay the incremental difference in taxes paid between the old site development and the new one.

    A rendering of the four-story, 124-unit apartment project approved for Highway 3 in downtown Rosemount. (Courtesy of City of Rosemount)

    A rendering of the four-story, 124-unit apartment project approved for Highway 3 in downtown Rosemount. (Courtesy of City of Rosemount)

    A rendering of the four-story, 124-unit apartment project approved for Highway 3 in downtown Rosemount. (Courtesy of City of Rosemount)

    A rendering of the four-story, 124-unit apartment project approved for Highway 3 in downtown Rosemount. (Courtesy of City of Rosemount)

    They will use money for land write-down, demolition and utility improvements as redevelopment is more costly than greenfield development, Lindquist said.

    The developer is required to have the retail project built by 2025.

    Most of the project site was developed as a shopping center in 1962, which gave the community a retail boost and was robust for the next three decades or so. But as the retail landscape changed toward mega-malls and big-box retailers, small local shopping malls like Rosemount Plaza suffered.

    Moreover, the center has seen minimal economic investment in recent years, leaving it in rough shape and making it difficult nearly impossible to bring it up to modern construction standards, according to Lindquist. Nowadays, the center includes Medic-Car Auto Repair, Chill Salon, The Guitar Shop and Divas & Denim Boutique.

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    Redevelopment plan to bring 124 apartments to downtown Rosemount - St. Paul Pioneer Press

    Kennett Square mayor: ‘Everybody wants to build here’ – Daily Local News - February 23, 2020 by Mr HomeBuilder

    KENNETT SQUARESo many people want to live in Kennett Square, developers are running out of space to build homes, businesses and restaurants.

    "We are constantly getting building requests from developers," Kennett Square Matt Fetick told members of the Longwood Rotary Club this week. "Our borough codes department is staffed by three people and they have dozens upon dozens of applications sitting in front of them for rehabs and new construction and development. Our planning commission constantly hears from developers who want to build."

    A real estate development company based in West Chester is building the Lofts, which will include nearly 100 high-end luxury apartments in the western section in the 600 block of West State Street, within easy distance of the downtown historic district. Work is also underway for a four-story, 175-unit luxury apartment complex on a 14.4-acre tract on Millers Hill Road, very close to the Kennett Area YMCA which includes underground parking. And construction will finish soon on Kennett Crossing, located at 753-754 West Cypress Street that includes 7,500 square feet of retail and office space.

    In the past few years, Kennett Square has become known throughout the region as a destination town, with events like the Mushroom Festival, the Mushroom Drop, the Kennett Run, Brewfest, and many more. In fact, in the past five years, five brewpubs have popped up, and council even handcrafted an ordinance encouraging them.

    According to official census figures, Kennett Square, which encompasses 1.1 square miles, is home to nearly 7,000 residents, but Fetick says it's closer to 12,000 due to undocumented citizens. The borough is entering its fifth year without a tax increase, boosted largely through income received by new construction.

    Fetick said officials are at a point they have to balance whether they encourage more construction, which keeps tax hikes at bay and increases the tax base, or to turn it away and let residential homeowners pay more in taxes."

    The Lofts, the latest development, will bring in significant tax revenue, Fetick said.

    "The tax revenue alone from that development from the school district and the borough is more than twice per year what the last two tax increases were across the entire borough," Fetick said. "That's huge."

    And there is still one huge chunk of land that, if developed, could necessitate the construction of a new school in the Kennett Consolidated School District. It's NVF.

    The 27-acre NVF property off Mulberry Street has had environmental issues. At one time, the Nozesky junkyard was located next to NVF, or National Vulcanized Fibre. More than 20 years ago, more than 2,000 drums at the junkyard were dug up by the Environmental Protection Agency.

    But remediation of the site should be finished sometime this year. Owner George Beer, the founder and president of the Delaware Valley Development Company, could sell it off to a developer.

    "That single parcel makes up 18 percent of the entire borough mass," Fetick said. "One developer will control 18 percent of this town. That's a really big deal."

    But it can't happen without borough council's approval. The land is zoned industrial, and would need to be rezoned.

    "I expect to see mostly housing there," Fetick said. "I don't want to take traffic away from the center of town. The worst thing we can do is create another retail district in another part of town that may have perceived better parking, and downtown Main Street deteriorates."

    At one time there was talk of a developer's interest to build 60 units of affordable senior housing to the site if concessions were granted by borough officials.

    "I am passionate about senior housing and allowing seniors to age in place," Fetick said.

    Developers are choosing to build high-end luxury apartments in Kennett Square because demand is high.

    A recent marketing survey of 466 employees of Genesis, Chatham financial, Exelon and Kennett Consolidated School District, among others, found that living close to work is very important. And a majority said they would consider downsizing to a luxury, maintenance-free apartment.

    "Everybody wants to build here," Fetick said.

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    Kennett Square mayor: 'Everybody wants to build here' - Daily Local News

    Developer Joe Toboni breaks ground on 75-unit project on South Van Ness and a new affordable housing model – Mission Local - February 23, 2020 by Mr HomeBuilder

    A gas station that has sat unused and derelict on the corner of 19th and South Van Ness for some 16 years has been razed. Next, a seven-story, 75-unit building will rise up in its place under the guidance of developer Joe Toboni.

    Were just getting the site ready, said Toboni, who initially proposed the project some five years ago. Were doing demolition and going to assess the site.

    He said construction will likely begin in earnest in the next 60 days.

    Its great, Toboni said about getting started. In all these things you start out very energetic and ready to build right away, and as time goes on, we have a lot of different things happen and the market changes.

    He said he expects the building to be completed within 18 to 20 months after construction begins. But on the phone, Toboni seemed more excited to talk about his affordable housing plan. The project includes a slim 11 below-market-rate units (14.7 percent). But the developer said hes hoping to get those units filled quickly and use the money on more below-market-rate units.

    We hope to raise $10 million by selling all BMRs and build in the neighborhood of 50 to 100 units with that money, he said, noting that he has 11 to 15 more units approved or in the pipeline, which he also expects to generate revenue.

    This will be done through the nonprofit development business hes creating with his son, Joey, aimed at affordable housing construction. Developers usually build on- or off-site affordable units by city mandate or pay a so-called in-lieu fee to a city fund. But, to the best of Tobonis knowledge, developers have not used revenue from affordable units to fund more affordable units.

    A preliminary rendering of 799 South Van Ness Avenue, a project proposed for 19th Street and South Van Ness Avenue, by Ian Birchall + Associates.

    Were forming the board as we speak, Toboni said. He, his son and wife Mary will head the board along with a few developers, community and civic leaders, Toboni said.

    Toboni said hes hoping to get that $10 million matched, and his son has already met with some tech companies to do that (he would only say they were among some of the largest in the area). The prospect of tech companies getting involved is not just a wish, Toboni emphasized. Theyre all excited about it and wanting to do something.

    He said hes currently eyeing five sites, which he could not specify because they were still in play.

    Toboni said he hopes other developers will begin to join the cause and sign onto his model for private affordable housing construction. That way, he said, it could be 1,000 units and then 2,000 units, and then it really is giving back.

    As Mission Local has previously reported, Toboni, a city native, once lived in the Mission and began his development career building a 42-unit section 8 project in the Excelsior at 4770 Mission St.

    His development company, the Toboni Group, which he runs with his son, completed a 27-unit market-rate project at 600 South Van Ness in 2017. The project under construction at 19th and South Van Ness was approved by the Planning Commission in December 2017. In addition to housing, it will also include around 4,500 square feet of retail space and 41 parking spaces.

    The site of the former gas station at the corner of 19th and South Van Ness. Photo: Joe Rivano Barros / Mission Local.

    Read more here:
    Developer Joe Toboni breaks ground on 75-unit project on South Van Ness and a new affordable housing model - Mission Local

    St. Paul business advocates: We need housing at Sears site more than business – St. Paul Pioneer Press - February 23, 2020 by Mr HomeBuilder

    The shuttered Sears department store on Rice Street north of downtown St. Paul, photographed on Feb. 19, 2020, is next to the Minnesota State Capitol complex. A coalition of economic development organizations has met monthly to discuss key opportunities for the property. (Scott Takushi / Pioneer Press)

    The future of the shuttered Sears department store on Rice Street north of downtown St. Paul remains uncertain.

    Business advocates from the St. Paul Downtown Alliance generally feel that while the 17-acre Sears site has its merits, it isnt the right fit for business.

    We should see a residential development there, said Joe Spencer, president of the Downtown Alliance. A lot of the people at the Capitol want more retail amenities, but you need the residential base to support the retail amenities.

    But doesnt St. Paul need more jobs to expand its tax base?

    If were going to concentrate jobs, Spencer said, lets put them downtown.

    That sentiment, echoed to varying degrees by members of the 18-month-old East Team business coalition, could put some of the most visible economic-development gurus in the city on a collision course with an unlikely competitor former St. Paul Mayor Randy Kelly. Kelly knocked on doors at the state Capitol to pitch an alternative proposal during Sears final days.

    Kelly, now a business consultant with St. Paul-based Synergetic Endeavors working closely with Minneapolis-based Kraus-Anderson Construction, has spoken to Minnesota Department of Administration officials about converting the Sears site into a mixed-use office, retail and residential destination.

    At least for now, however, the state is more focused on the locations plentiful parking stalls. The state already owns vacant property it could develop at Rice Street and University Avenue, including the empty Ford Motor Co. building, which dates to 1913.

    The Department of Administrations more immediate interest is that the state leases approximately 500 parking spaces in the sites surface lot, said Curt Yoakum, legislative and communications director for the department, which oversees state government property. About two years ago, Randy Kelly and Kraus-Anderson did share early development concepts for the site. Since then, we have not received any further details or proposals about what the owner, Seritage, plans for that site.

    Given changing demands for office space, not even the state quite knows what its needs are.

    In his capital budget, Gov. Tim Walz recommended an 18-month, $1.5 million real estate strategic plan, which would guide the department as it locates, builds or leases new state facilities.

    The last 20-year plan was published in 1993 and became obsolete as of 2013, according to the governors office.

    Neither Kelly and nor officials with Kraus-Anderson returned calls for comment. But they arent the only groups pitching concept plans.

    Planning for the 60-block area around the state Capitol falls in large part to the Capitol Area Architectural and Planning Board, which maintains certain zoning, planning, design and development controls.

    Paul Mandell, the 12-member boards executive secretary, said Seritage Growth Properties, the Sears sites property owner, presents mixed-use concept plans to his board annually but never leaves anything concrete for the board to review.

    Kraus-Anderson has been exploring a relationship with Seritage, Mandell said. I dont know that its official at this point, or that theyve signed any papers. Its hypothetical. At this point, we dont have any designs in hand.

    Mandell said multiple studies and concept plans in past years have called for a restored street grid hosting multiple uses, including five- to seven-story residential, mixed-income buildings, with restaurants and retail mixed in.

    He assumes privately owned office buildings might lease a few floors to state government, though Mandell said state ownership was not in his boards vision.

    Mandell, who said he sees the Sears site as an extension of downtown, said hes eager to break away from the binary bind of buildings that are only occupied 9 to 5, or only in use from 5 to 9. A broader mix of uses would inject more life into the location.

    We continue to be looking at Sears redevelopment, as we have for the past decade, as mixed-use not strictly housing, not solely one purpose, Mandell said.

    B Kyle, president of the St. Paul Area Chamber of Commerce, said she, too, envisions a mixed-use site, heavy on residences, with private-sector tenancies both office and retail that might serve housing, as well as the Capitol operations and employees in the nearby area.

    Kyle acknowledged, however, that the private sector may come to the table with a different vision.

    When Seritage/Kraus-Anderson are ready to share their plans publicly, we very much look forward to advancing their development for maximum positive community impact, she said. Big things are brewing in St. Paul, and we very much welcome a project on this site, as well.

    Officials with Greater MSP and the St. Paul Port Authority two other St. Paul-based economic-development groups active in the East Team said their agencies are not generally focused on housing projects and have not been heavily involved in the Sears site.

    Spencer said office jobs at the Sears site would do little to support new retailers. If that were a successful strategy in the area, it would have worked by now.

    Having a mix is fine, Spencer said. But if the state were to be willing to pay lease rates, they should do that downtown. Thats my opinion. Right now, around the Capitol area, you have a lot of jobs. By adding more jobs, basically doubling down on the same mix of uses you already have, youre not going to get any different result than they currently have.

    Spencer highlighted a 46-page report from the Brookings Institution, which recently charted the degree to which job growth in America has become concentrated in areas that are already robust with jobs.

    In other words, businesses are increasingly clustering, which is good news for New York, Chicago, San Francisco and Seattle but a tougher hurdle for cities with a smaller retail, financial and innovation footprint, such as St. Paul.

    The Where Jobs are Concentrating report, which echoed similar findings from Smart Growth America, found more job growth in highly urban counties than in less-dense suburban ones, and that growing numbers of business leaders are starting, expanding, or moving their firms to downtown locations in order to attract and retain educated workers, to be closer to their customers, and to collaborate with other firms and institutions.

    Sears opened at the Rice Street location in the summer of 1963, riding a wave of national enthusiasm for department stores that brought large discount appliances into the homes of middle-class workers alongside clothes, tools and everyday goods.

    The Sears model, ill-suited for the internet age, may have officially run its course when the national retailer declared bankruptcy in October 2018.

    The Rice Street complex closed in January 2019.

    Between them, Sears and Kmart have closed more than 3,500 stores nationally in the past 15 years, according to USA Today.

    The Rice Street site spans 187,000 square feet on 17 acres of land, and when the location shut down, so did the department store era in and around downtown St. Paul. A Macys department store formerly Daytons closed downtown in 2013.

    As far back as 2012, officials with Sears Holdings Corp. had seen the writing on the wall and courted the possibility of restructuring the strip mall-like layout and its parking spaces for a mixed-use retail, office and residential makeover.

    Sears Holdings identified 10 locations across the country for potential redevelopment, including the Rice Street location.

    Concept plans shared with the city at the time called for more than 100 new apartments, 18 townhomes, an office building, a parking ramp and more than 100,000 square feet of new retail buildings, in addition to updates to the Sears store itself.

    Proximity to the Metro Transit Green Lines Capitol/Rice Street light-rail station and the Minnesota state Capitol complex offered a selling point.

    With no visible movement on those plans, Sears later transferred ownership of the property to Seritage, a publicly traded real estate investment trust that leases stores back to Sears.

    Seritage lists the complex including a Sears auto center and the surrounding parking on its website for lease.

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    St. Paul business advocates: We need housing at Sears site more than business - St. Paul Pioneer Press

    What is a TIF, and how could it help Stratham? – Seacoastonline.com - February 23, 2020 by Mr HomeBuilder

    STRATHAM Residents attending the March 13 Town Meeting will decide if the municipality will designate its Gateway zone along Portsmouth Avenue from Route 101 to the vicinity of the police station as a tax increment financing district.

    Since a public effort began two years ago to revitalize the Gateway, officials said they believe setting up the zone as a TIF would spur private development with access to possible water and sewer infrastructure in the future.

    During Thursday nights public hearing on two warrant articles to adopt enabling legislation to create the TIF district, Selectman Joe Lovejoy said it was the best way to ensure the town would keep a diversified tax base for decades to come.

    Stratham residents currently bear 84% of the property tax burden, according to officials. Officials maintain an aging population and older strip malls making up a significant portion of the commercial tax base could eventually cause a double-whammy of higher costs for increased municipal services, like more ambulance calls to assist elderly residents, and a shrinking number of commercial properties to offset the residential tax base.

    Theres no other place in town we can put this much commercial development, Lovejoy said. Weve zoned ourselves into this position.

    A TIF is a municipal finance tool a town can adopt if passed by voters. In the first year of a TIF, the property taxes for each property within it are collected as the baseline taxes for the towns general fund.

    In successive years, as different property owners redevelop their parcels or sell to developers, the incremental property tax revenue increase from redeveloped properties is captured in a separate fund by the town, while the baseline rate still flows into the general fund. The incremental funds can later be used to leverage bonding authority to fund projects of public benefit, such as infrastructure improvements, within the TIF district.

    Skepticism and opposition remained Thursday night as some residents expressed doubt developers would be interested in Stratham even with a TIF in place. Others said they did not want to be saddled with increased taxes for a future bond project to put water and sewer lines to new commercial and/or residential buildings.

    Stratham adopted its Gateway vision in 2008 and passed zoning ordinances in 2009 and 2014 to shape the type of development permitted in the area. However, officials say the lack of water and sewer infrastructure prevents the type of development the ordinances allow, which are mixed-use buildings capable of accommodating denser housing units spelled out as desired new development in the towns most recent Master Plan. They used Market Baskets inability to construct a new grocery store on its site nearly a decade ago as an example because a modern stores sprinkler system would require too much water for a wells supply to meet code.

    Officials claimed the town has been engaged in informal talk with developers seeking to build in Stratham, but they wont make any move until voters approve the TIF as an indication the town is serious about development in the Gateway zone.

    Select Board Chairman Mike Houghton said he wanted to emphasize to voters that the town was not on the hook for attempting to bond any kind of project in the upcoming Town Meeting. He said if the TIF passes, the town would have to bring a project to voters to approve using TIF funds to go get a bond in a future Town Meeting.

    Its a complex issue and I applaud the residents for taking a detailed and thoughtful viewpoint to what were presenting them, Houghton said. Were not asking for bonding authority for water and sewer. We have to come back to voters with a project that is fitting for the district they created. Itd be irresponsible of us as town leaders not to look at different ways to manage the tax base.

    Dover and Exeter are examples of communities that have created TIF districts, but for varying purposes to realize different outcomes with respect to public benefit.

    Dover designated its downtown area as a TIF five years ago and has since created nearly $600,000 in incremental tax revenue from new development and redevelopment. Christopher Parker, assistant city manager and director of planning and strategic services, said the city was able to use TIF funds to obtain a $15 million bond to construct its parking garage downtown.

    Our TIF works for us because all plans were filtered through the lens of our Master Plan and were reviewed by our legislative bodies, Parker said. Right now, were focused on continuing to pay down the debt (on the parking garage) bond. We wont identify any other infrastructure improvements until weve built up one years worth of debt service in reserve.

    Dover also designated its waterfront area around the River and Washington streets intersection. Parker said the Phase I of construction likely would not begin until next year, but the city is under a development agreement with Boston-based Cathartes. Plans call for constructing 500,000 square feet of mixed-use development, including 25,000 square feet of street level commercial space.

    Exeters TIF district is off Route 101s Exit 9 and runs east along Route 27 toward downtown. It makes up portions of three different zones in the towns ordinance, which combined, allow for residential, commercial and industrial development within the TIF. One project is Unitils new 54,000-square-foot operations center that is under construction on Continental Drive.

    According to the towns office of economic development, in three years Exeters TIF has generated more than $2 million in incremental tax revenue, which has allowed the town to leverage bonds to construct a new road, traffic light at the intersection of Route 27 and Continental Drive and expanded water and sewer services in the zone.

    The diversity of projects going into the TIF; were seeing residential, commercial and residential, said Darren Winham, Exeters director of economic development. The TIF is used to build public infrastructure to spur private investment. It becomes a rising tide lifting all boats mentality, and people start saying Exeter is a great place to invest.

    Winham said TIFs do not come without some element of risks, calling them, a hedge, but he added as Strathams neighboring town, he felt the community was well-situated to be an attractive destination for developers should it pass.

    Youre hedging by public investment, youll get the private investment you want, Winham said. Stratham is right off 101, its near the coast, its near Interstate 95. Theres a lot of reasons why people would want to live there, shop there if its retail. Anyone would want to move a business there.

    During Thursdays public hearing in Stratham, lifelong resident Lucy Cushman made a plea for residents to pass the TIF. She cited Brentwoods long-running grumblings with the Exeter Region Cooperative School District budget every year. She said Brentwoods residents are hardest hit in SAU 16 because the towns tax base is predominately residential as an example of what could happen to Stratham down the road.

    Some people are missing the fact this is just enabling legislation, not anything more, said Cushman, who volunteered on the towns Route 108 Corridor Study Committee. If the naysayers are right (if the TIF passes), and nothing happens, that (tax) money goes back to the town anyways.

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    What is a TIF, and how could it help Stratham? - Seacoastonline.com

    Edited Transcript of LLC.AX earnings conference call or presentation 19-Feb-20 11:00pm GMT – Yahoo Finance - February 23, 2020 by Mr HomeBuilder

    Half Year 2020 LendLease Group Earnings Presentation

    Millers Point, New South Wales Feb 23, 2020 (Thomson StreetEvents) -- Edited Transcript of LendLease Group earnings conference call or presentation Wednesday, February 19, 2020 at 11:00:00pm GMT

    TEXT version of Transcript

    ================================================================================

    Corporate Participants

    ================================================================================

    * Stephen B. McCann

    Lendlease Group - Group CEO, MD & Executive Director

    * Tarun D. Gupta

    Lendlease Group - Group CFO

    ================================================================================

    Conference Call Participants

    ================================================================================

    * Benjamin J. Brayshaw

    JP Morgan Chase & Co, Research Division - Analyst

    * James Druce

    CLSA Limited, Research Division - Research Analyst

    * Sameer Chopra

    BofA Merrill Lynch, Research Division - Head of Australian Research and Co-Head of Regional Telecom Research

    * Sholto Maconochie

    * Simon Chan

    Morgan Stanley, Research Division - VP & Equity Analyst

    * Stuart McLean

    Macquarie Research - Research Analyst

    * Tom Bodor

    UBS Investment Bank, Research Division - Director

    ================================================================================

    Presentation

    --------------------------------------------------------------------------------

    Operator [1]

    --------------------------------------------------------------------------------

    Ladies and gentlemen, thank you for standing by, and welcome to the Lendlease 2020 Half Year Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

    I would now like to hand the conference over to your first speaker today, Mr. Steve McCann. Thank you. Please go ahead.

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    Stephen B. McCann, Lendlease Group - Group CEO, MD & Executive Director [2]

    Story continues

    --------------------------------------------------------------------------------

    Good morning, and welcome to the Lendlease 2020 Half Year Results Presentation.

    My name is Steve McCann, Group Chief Executive Officer and Managing Director of Lendlease. Sitting here at Barangaroo in Sydney, I acknowledge we're on the land of the Gadigal people and extend my respects to their elders, past, present and emerging.

    Joining me in the room is Tarun Gupta, Group Chief Financial Officer.

    Firstly, I'll provide an overview of Lendlease's results for the period ended December 31, 2019. I'll then hand over to Tarun, who will talk through the financial results before I provide an update on our operations and outlook. We'll then be available to take questions.

    As always, our first and most important priority is health and safety. Every day, tens of thousands of people around the world come to a Lendlease place to work. As our business grows, so do the number of workers in our care. Our commitment to their health and safety and everyone who interacts with us is our highest priority. Tragically, in September 2019, a construction worker was seriously injured in a critical incident on a project in Kuala Lumpur where Lendlease is the construction manager. While recovering from the surgery in hospital, the man contracted an infection and subsequently passed away in October. On behalf of all at Lendlease, I extend my heartfelt condolences to his family, friends and colleagues. This is a powerful reminder of the need to keep safety at the forefront, and we'll continue to maintain a relentless focus on safety leadership throughout the organization.

    Notwithstanding this tragedy, the strive for continuous improvement across our business and recent enhancements to our analytics and assurance practices has supported an improved safety performance in HY '20. The frequency rate for lost time injuries was 1.3, and the percentage of operations without critical incidents was 94%.

    Moving now to Slide 5. Lendlease's core strategy is focused on urbanization in gateway cities, and we aim to be the global urbanization partner of choice. Our ability to deliver major urbanization projects through our integrated model, together with our financial strength and strong track record, provide a point of difference we believe few can match. We apply a disciplined commercial approach informed by the 6 key trends which drive our business model. This helps us create great places, which make a positive contribution in meeting the world's significant urbanization needs. Our long-term value is underpinned by 5 focus areas that drive our approach to create safe, sustainable and profitable outcomes for our people, customers, partners and securityholders.

    Turning now to ESG on Slide 6. The group has a proud history of leadership in sustainability, which has been critical to our success in securing urbanization projects and creating great places. During the period, the group published 4 climate scenarios in line with the Task Force for Climate-related Financial Disclosure or TCFD recommendations and is the only company in the real estate sector participating in the TCFD Secretariat's advisory group for scenario planning.

    We are committed to creating strategic resilience across the business. The extreme bush fire season in Australia, together with recent severe storms in a number of regions, point to more volatile weather conditions globally. These events and the impacts of climate change strengthen our resolve to address the climate impacts of our business with greater focus and direct action. To this end, our Australian construction business achieved net 0 carbon in FY '19. We also have commitments in place for assets representing more than $12 billion in gross asset value to operate at a net 0 carbon basis by 2025.

    In December, our business sign up was the first real estate company to become a member of the responsible steel initiative, which aims to drive low to 0 carbon steel solutions for our supply chain. More than a decade ago, Lendlease bid for Barangaroo South with a bold vision to achieve carbon neutrality across the entire precinct. That vision was realized at the end of last year with the Commonwealth government certifying it as Australia's first carbon-neutral precinct. Through the Lendlease Foundation, we formed new partnerships with Red Cross, OzHarvest and Landcare, and renewed our long-term partnership with MATES in Construction. These shared value partnerships are focused on creating measurable socioeconomic value by addressing social issues and the needs of the communities that we operate in, whilst aligning with our sustainability objectives.

    In the 2019 Global Real Estate Sustainability Benchmark, APPF Commercial was the highest-ranked property fund. It has achieved that ranking in 5 of the last 6 years. Four of our managed funds ranked in the top 10 globally, including APPF Retail, which was named sector leader across all listed and unlisted retail funds.

    To further support the management team as we deliver our extensive global development pipeline, 2 nonexecutive directors were appointed. These new appointments will bring further international property investment, development and construction expertise to the Board and provide valuable perspective with their domicile in the U.K. and the U.S.

    Turning to Slide 7. The noncore segment that comprises the Engineering and Services businesses has been reported as a discontinued operation in HY '20. The sale of our Engineering business to Acciona for $180 million was agreed in December 2019. The transaction, which is subject to conditions, is expected to complete in the first half of this calendar year. Acciona will acquire the business, excluding the NorthConnex and Kingsford Smith Drive projects, which will be completed by Lendlease. Both projects are more than 90% complete and are expected to finish this calendar year.

    The Melbourne Metro Tunnel project is currently being retained by Lendlease. We have previously outlined there have been issues in relation to the scope and costs on the project. The consortium continues to work with government on a confidential basis to resolve these issues while delivering the project to achieve the government's completion dates.

    The loss on exiting the Engineering business will reflect a combination of exit-related costs and proceeds from sale relative to the carrying value of the business on completion of the transaction. The sale process for the Services business continues, notwithstanding the withdrawal of a party with whom we had been in advanced negotiations. We have subsequently reengaged with other potential acquirers, although that process is in a preliminary stage. In effecting the sale, we will look to realize the best possible outcome for our employees, customers and securityholders.

    Total estimated cost of $450 million to $550 million to exit the Engineering and Services businesses remain appropriate. Tarun will provide more detail on the composition of these costs.

    Turning briefly to the performance of the noncore segment, which recorded EBITDA of $23 million, inclusive of $7 million of exit costs. Engineering was breakeven with a gross profit offset by overheads, and to a much lesser extent, the exit costs. Both the Melbourne Metro and WestConnex tunnel projects reached 20% complete towards the end of the half. New work secured, included the bulk earthworks contract at Western Sydney International Airport and additional works on the Southern Program Alliance in Victoria.

    The services business delivered solid performance with an EBITDA margin of approximately 5%. New work secured of $1.1 billion included telecommunications contracts and a multiyear contract with Sydney Water.

    Turning now to the group result on Slide 8. For HY '20, the group's core business generated profit after tax of $308 million and a return on equity of 9.6%. Group profit after tax was $313 million with earnings per stapled security of $0.555. The interim distribution of $0.30 per security represents a payout ratio of 54% within the 40% to 60% target range.

    The cornerstone of the group's strategy is to create the best urban precincts in key global gateway cities. In this regard, substantial progress was made towards setting the group up to deliver on its strategy now and into the future. Two new major urbanization projects were added to the pipeline, generating significant growth. A development joint venture was formed with an existing capital partner on the Victoria Cross Over Station Development, and our flagship project in Singapore, Paya Lebar Quarter completed, exceeding both our financial and nonfinancial performance targets.

    Development return on invested capital of 7.3% reflected activity across several urbanization projects. Development earnings are expected to be skewed to the second half of the financial year driven by commercial and residential activity across our urbanization pipeline. The core construction margin of 2.3% was generated on $4.3 billion of revenue. Our Construction business is highly regarded in each of our target markets and continues to generate stable returns.

    In the U.S., we are consistently ranked as a leading high-rise residential builder, and in Australia, we were recently named the top infrastructure contractor by the Australian Department of Defense. The investments work of 10.7% reflected strong fee income including recognition of performance fees following the completion of Paya Lebar Quarter. Our investment platform continues to attract global capital, looking for access to our asset-creation capabilities and quality pipeline. The investments platform is well placed to continue to grow strongly and provide a solid base of recurring earnings for the group.

    Turning to Slide 9. Our ability to deliver transformational urban precincts with a focus on environmental, social and financial outcomes is recognized globally. Continued origination success during the period has driven our urbanization pipeline to almost $100 billion within a total development pipeline of $112 billion. Two major residential-led urbanization projects with an estimated end-development value of more than $36 billion were secured, adding further long-term earnings visibility.

    In London, the Thamesmead Waterfront development is expected to create 11,500 homes, in addition to new cultural community and commercial space. We have partnered with Google to develop 3 mixed-use communities in the San Francisco Bay area. The scheme is anticipated to deliver more than 15,000 new homes over a 10- to 15-year time frame. In Sydney, the first of 3 residential towers at One Sydney Harbor Barangaroo was launched to high demand. The project currently has more than $1.4 billion in presales, with the Penthouse setting an Australian record sale price. In Chicago, 2 buildings at Lakeshore East comprising apartments for sale and rent were put into delivery in partnership with our capital partner. Several third-party capital initiatives were progressed. A development joint venture was formed to deliver the 58,000 square meter Victoria Cross Over Station Development, contributing to half year profit.

    The listing of the Lendlease Global Commercial REIT in Singapore demonstrates the support for the group's global Fund and asset management expertise. The retail and residential components of Singapore's newest lifestyle precinct Paya Lebar Quarter completed. This marks the culmination of a 4-year development joint venture with our capital partner which has delivered approximately $4 billion of product, including 3 office towers, a retail mall and more than 400 apartments. These initiatives continue to demonstrate the strength and attractiveness of our development pipeline and integrated business model.

    Turning now to Slide 10. Our commitment to our core urbanization strategy is unwavering. Since FY '14, our urbanization pipeline has quadrupled from $25 billion to almost $100 billion, with 21 major urbanization projects in delivery. The endorsement of our capability is highlighted by the success and vibrancy of our completed projects such as Paya Lebar Quarter in Singapore and Darling Square in Sydney, where we have created world-class destinations for people to live, work and visit. While Barangaroo South is not expected to fully complete until FY '26, it is already being heralded as a global benchmark in urban regeneration.

    In recent years, our development activity has averaged $4 billion per annum. Given the significant growth in the pipeline, we are well placed to accelerate the rate of production materially over the medium term. We have continued to implement what we call our new ways of working, to take the best of what we currently do to enable the group to deliver at a much greater scale. We are already seeing tangible results, most notably in our global residential practice.

    Our investment in internal capability is designed to support the safe, sustainable and profitable delivery of our growing pipeline. We aim to come back to the market mid this year with more detail on our revised delivery targets.

    More than $50 billion of institutional-grade investment product is expected to be created from the secured pipeline. This comprises approximately $30 billion of commercial assets or more than 50 buildings, and approximately $20 billion of residential for-rent assets or more than 19,000 apartment units. This will provide our capital partners with access to a broader range of high-quality investment assets, in addition to greater opportunities to participate alongside us in development activities.

    Since FY '14, funds under management has more than doubled from $16 billion to $37 billion, and the group is well placed to double funds under management again as the urbanization pipeline is delivered.

    I'll now hand over to Tarun.

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    Tarun D. Gupta, Lendlease Group - Group CFO [3]

    --------------------------------------------------------------------------------

    Thanks, Steve, and good morning, everyone. Turning to our financial performance for half year '20 on Slide 12.

    Core operating EBITDA was down 3% to $628 million. Development EBITDA rose by 4%. The final development profit on Paya Lebar Quarter was recognized following completion of the retail mall and apartments. There was a $31 million gain on sale on the establishment of the Victoria Cross Commercial Trust that will deliver the Victoria Cross Over Station Development. In addition, there was a valuation uplift of $92 million for the group's remaining 75% interest in the joint venture.

    There were 1,146 apartment settlements and completions in the period. Solid margins were generated on the residential for-sale apartments at Clippership Wharf in Boston, Elephant Park in London and Collins Wharf in Melbourne. Profit on approximately 700 of these apartments was largely booked in prior periods. These relate to apartments at Paya Lebar Quarter and residential for-rent apartments at Clippership Wharf.

    The default rate on apartments for sale was below 1%. The Australian master plan communities portfolio had a subdued period with settlements of 836 lots, impacted by market conditions and production and planning delays on key projects.

    The Construction segment EBIT delivered EBITDA of $101 million, down 9%, with the EBITDA margin up from 2.1% to 2.3%. The 17% decline in revenue was partially driven by activity on integrated projects being recognized in the Construction segment in the prior corresponding period.

    Both revenue and earnings derived from the construction of buildings on integrated projects were reported in the Development segment from second half FY '19. This approach was adopted to more accurately reflect the returns the group generates from its urbanization projects through the integrated model. Comparisons with the prior corresponding period are, therefore, impacted by this change.

    Investments EBITDA of $255 million was down 7%. Strong operating earnings from the Investments platform were more than offset by lower ownership earnings on the back of reduced co-investment revaluations and retirement living earnings.

    The adoption of the new leasing accounting standard, AASB 16, triggered a reclassification of operating lease expenses to finance costs and depreciation. This change resulted in lower operating costs and higher depreciation and finance costs. On a like-for-like basis, group services costs was 6% higher based on investment in productivity and efficiency initiatives. Higher average net debt was also a contributor to the rise in net finance costs.

    Moving now to Slide 13. The chart provides an overview of the major movements in net cash flows during the period and a longer-term view on historic cash conversion. We commenced the year with $1.3 billion in cash. Underlying operating cash flow was $29 million, with the impact of maturing places instruments and timing of receipts across the Development and Investment segments, key drivers of cash flow for the half. Underlying investing cash flows of $503 million reflect the group's ongoing deployment of capital into the development pipeline and contributions into the investment platform, including the establishment of the Lendlease Global Commercial REIT. Net financing inflows of $425 million reflected the drawdown of existing facilities.

    We closed the period with a cash balance of $1.1 billion. Cash flow coverage, that is underlying operating cash flow to EBITDA, has averaged 84% since FY '16. That level is broadly in line with where we expected to trend over the medium to long term. Over shorter periods, there will be some variability, as was the case in half year '20.

    While the cash flow coverage was only 5%, the key driver of this was the maturing of the PLLACes product in the period. The product results in the sell-down of presold apartment revenue ahead of completion, with the PLLACes investors receiving the cash on settlement. This is a risk-mitigation tool which provides protection in the event of significant apartment defaults. In half year '20, $220 million of PLLACes product matured. The group currently has no outstanding PLLACes instruments.

    In addition, the mismatch of profit recognition from timing of cash flow receipts was larger than usual in the period. For example, the cash payment on the Paya Lebar Quarter performance fee that was booked in the first half was received post balance date.

    Looking now at the group's financial position on Slide 14. The group remains in a strong financial position with gearing at the midpoint of the 10% to 20% target range. The key drivers of the rise in gearing from June 2019 were the net cash generation I discussed and the $800 million increase in invested capital across the Development and Investment segments. The interest cover ratio was 7.4x. Net debt ended the period at $2.3 billion, up from $1.4 billion at FY '19 and in line with the prior corresponding period. The average cost of debt declined to 3.6% during the period. While average debt maturity is 3.9 years, with no material debt expiries until FY '22.

    The group's liquidity position is $3.1 billion, which includes the group's share of cash from joint operations of $700 million which is reported in the balance sheet as assets held for sale.

    In terms of where we see the financial position of the group at 30 of June 2020. Gearing is forecast to be in the range of 15% to 20%. This assumes the completion of the sale of the Engineering business in the second half. The anticipated cash flow impact of the sale remains in line with the estimates at the time the agreement was announced. 1/3 of the sale price, being $60 million, less transaction costs, is scheduled to be received on settlement. A negative working capital balance, backed by cash, will be transferred with the business. As at 31 December, that amount was approximately $425 million for the projects included in the sale agreement. The actual amount of working capital may vary at settlement.

    For context, had the completion of the sale occurred in FY -- half year '20, gearing would have been approximately 3% higher. The remaining proceeds from the sale are due in FY '21, with the cash flow impact of the remaining exit costs relating to engineering expected to be incurred over several years. Exit costs relating to services will be dependent on the timing of the sale of that business.

    The previously disclosed cost estimate to exit the noncore segment of $450 million to $550 million pretax remains appropriate, with $22 million expensed to date. Exit-related costs include implementation and selling costs, indemnities included in any sale agreement and potential cost to cover concluding projects retained by the group. This cost estimate, together with existing provisions, is considered appropriate to cover concluding retained projects and to exit the noncore segment. We remain committed to maintaining an investment-grade credit rating and the capacity to absorb and respond to market volatility.

    Turning now to our core business performance for the period against the portfolio of management framework targets on Slide 15. In terms of EBITDA mix, all 3 segments were within their target ranges. The segment invested capital mix continues to be weighted towards development, reflecting the significant amount of development activity that is underway.

    The continued implementation of our international gateway city strategy resulted in a reduction in the proportion of capital allocated to Australia in recent years. Returns across each of the segments was solid. Development returns were below the target range reflecting an expected skew to the second half. There was also a second half skew in FY '19. The construction margin was within the target range, and the Investment segment was at the top of the target range.

    Looking now at Slide 16. As an organization, we are focused on delivering consistent returns over the longer term for our securityholders. This chart illustrates the performance of the core business over the last 5 financial years, including returns to date in the current year. Both the Development and Construction segment returns have been at the midpoint of their respective target ranges over this time, while the Investment segment outperforming. This has enabled the group to achieve a core business return on equity towards the upper end of the target range. We believe the foundations are in place for the core business to continue to perform strongly.

    I will now hand back to Steve for an operational update.

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    Stephen B. McCann, Lendlease Group - Group CEO, MD & Executive Director [4]

    --------------------------------------------------------------------------------

    Thanks, Tarun.

    Turning to Slide 18. A very disciplined and focused strategy of targeting key gateway cities has resulted in strong growth across the platform and provides the group with the opportunity to extend the leadership position in what we term as creating place in urban precincts. Today, we operate in 15 gateway cities, and of those, our 21 major urbanization projects are located in 9. We've secured a great pipeline and are working hard on enhancing our operating structure for success across a scale platform. Our development pipeline, the front end of the integrated model, is the key for the future growth of construction on integrated projects and the Investment segment.

    Moving to the development segment on Slide 19 and focusing on apartments. As I've just noted, the pivot towards international urbanization projects in recent years is producing results, particularly as these projects move into delivery. It has also provided diversity by product with our entry into the residential for rent sector. Apartment settlements and completions were recorded across several gateway cities, primarily outside of Australia. Delivery commenced on One Sydney Harbor Barangaroo, and given the scale of the development, we're exploring potential joint venture opportunities. At Lakeshore East in Chicago, apartments for sale and rent were also put into production. The 2 new major urbanization projects secured in HY '20 are both residential-led and have contributed more than 26,000 units to the now 57,000-unit pipeline. Approximately 1/3 of these are expected to be residential for rent units.

    Turning to our commercial performance on Slide 20. As I noted earlier, a development joint venture was formed to deliver the Victoria Cross Over Station Development in Sydney. The transaction with the Lendlease-managed APPF Commercial demonstrates the value of the integrated model, where our asset-creation capabilities provide our capital partners with access to high-quality investment product. Three commercial buildings were completed during the period across 3 major urbanization projects. The retail mall of Paya Lebar Quarter in Singapore is 90% let and performing well. It has a strong anchor mix with fair price finest, Kopitiam and UNIQLO. The third commercial building at International Quarter London and the final commercial building, Daramu House at Barangaroo, South in Sydney were also completed. There are a further 5 major commercial buildings in delivery with an estimated end value of $5.4 billion.

    Potential conversion opportunities looking out to FY '22 are promising, with 18 buildings or 523,000 square meters in various stages of planning. Within that, nearer-term opportunities include 2 office buildings at Milano Santa Giulia, a fourth building at International Quarter London, and buildings at Melbourne Quarter and Brisbane Showgrounds.

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    Edited Transcript of LLC.AX earnings conference call or presentation 19-Feb-20 11:00pm GMT - Yahoo Finance

    Exterior Work Wraps on COOKFOX’s One South First in Williamsburg, Brooklyn – New York YIMBY - February 23, 2020 by Mr HomeBuilder

    Work is wrapping up on the exterior of One South First, aka Ten Grand Street, a435-foot-tall mixed-use building in WilliamsburgsDomino Park development.Formally addressed as260 Kent Avenue, the structure rises 45 stories on the northern end of the six-acre waterfront master plan and is part of the revitalization of the Domino Sugar factory site. The project includes 330 rentals, 66 affordable units, 150,000 square feet of office space that spans 22 floors, and 13,000 square feet of designated ground-floor retail space. COOKFOX is the architect and Two Trees is the developer of the two-legged tower.

    One South First, photo by Michael Young

    One South First, photo by Michael Young

    One South First, photo by Michael Young

    One South First, photo by Michael Young

    One South First, photo by Michael Young

    One South First, photo by Michael Young

    One South First, photo by Michael Young

    One South First, photo by Michael Young

    Photos show the exterior hoist completely removed with only a small strip of panels left to be filled in on the northwestern corner of the superstructure. Truck beds are delivering the last pieces while work on the ground floor also wraps up. A large banner on the main waterfront-facing elevation shows that leasing at One South First is available.

    One South First, photo by Michael Young

    One South First, photo by Michael Young

    Photo by Michael Young

    To the south of the building stands a 53-foot-tall display composed of 16 blue shipping containers arranged in a triangular footprint. The work features a mural by French street artist and photographer JR showing 1,128 New Yorkers merged into a collage of landmarks including One World Trade Center, the Empire State Building, and the Williamsburg Bridge. Named The Chronicles of New York City, the display sits on the footprint of a proposed Domino Park skyscraper. No word has been released on when the next structures will commence construction.

    JRs outdoor art display next to One South First, photo by Michael Young

    JRs outdoor art display next to One South First, photo by Michael Young

    Subscribeto YIMBYs daily e-mailFollowthe YIMBYgram for real-time photo updatesLikeYIMBY on FacebookFollowYIMBYs Twitter for the latest in YIMBYnews

    Visit link:
    Exterior Work Wraps on COOKFOX's One South First in Williamsburg, Brooklyn - New York YIMBY

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