Home Builder Developer - Interior Renovation and Design

The price tag for the Cannon House Office Building renovation project continues to rise as one leg of the construction effort lags years behind schedule, an Architect of the Capitol inspector general report shows.

The project began in 2014 and was originally expected to cost $752.7 million, stretched over 10 years and five phases (numbered 0-4). That original cost estimate has jumped to $890.1 million, a $137.4 million or 18 percent increase.

The added infusion of taxpayer money marks at least a $24.1 million increase since September 2019 when the House Administration Committee examined the massive renovation at a hearing. In his testimony before that panel, Terrell Dorn, managing director of infrastructure operations at the Government Accountability Office, cited an AOC report from June 2019 projecting the total cost to range between approximately $828 million and $866 million.

Dorn, who worked in a similar monitoring capacity on the Capitol Visitor Center project, said in a phone interview that it was not unusual for renovation projects to deviate 20 percent from the original budget. The CVC was initially projected to cost approximately $150 million in 1998. When the space opened in 2008, the final invoice reached $621 million.

Cannon, first used in 1908, is the oldest congressional office building with the exception of the Capitol. It is riddled with substantial environmental, health, safety and operational issues. Polychlorinated biphenyls, or PCBs, and asbestos, which can cause adverse health effects, have both been found in Cannon during the construction process.

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Cannon renovation expected to go $137 million over budget - Roll Call

On Tuesday, Congressman John Garamendi (D-CA), a senior member of the House Committee on Transportation and Infrastructure whose district includes 200 miles of the Sacramento River and is adjacent to several major ports, secured key provisions in the Water Resources Development Act of 2020 (S.1811) for the California Delta and Central Valley.

The legislation passed the House Tuesday and is expected to pass the Senate with strong bipartisan support and become law this year.

This bipartisan legislation supports levee projects throughout the Sacramento Valley, which will provide critical flood protection and make local communities more resilient to climate change, Garamendi said. I secured provisions in this bill to authorize and expedite construction of flood protection and aquatic ecosystem restoration projects, address harmful algal blooms in the Sacramento-San Joaquin Delta, and give local agencies greater flexibility in using federal Army Corps funds to meet local needs. Working together, Congress has provided the federal support needed to keep key flood control projects in the Sacramento Valley on time and on budget heading into flood season.

Congressman Garamendi secured the following provisions in the Water Resources Development Act of 2020 (H.R.7575):

Delta Focus Area for New Army Corps Harmful Algal Bloom Program: Working with Rep. Mark DeSaulnier (CA-11), Garamendi included all 5 California Delta counties (Contra Costa, Sacramento, San Joaquin, Solano, and Yolo) as a focus area for the new Army Corps Harmful Algal Bloom Demonstration Program to determine the causes of, and implement measures to effectively detect, prevent, treat, and eliminate, harmful algal blooms associated with Army Corps Dredging and flood control projects. This will help protect the Deltas precious ecosystem from toxic algal blooms.

Yuba River Ecosystem Restoration: Garamendi secured Congressional authorization for the Yuba River Ecosystem Restoration Project. Once completed, this project will restore approximately 178 acres of aquatic and riparian habitat along the lower Yuba River, between Englebright Dam and the confluence of the Yuba and Feather Rivers, downstream of Marysville.

Yolo Bypass System Improvement: Working with Rep. Doris O. Matsui (CA-06), Garamendi included the Yolo Bypass System Improvement Act to develop a coordinated planning and review process for all restoration projects and federal permitting in the Yolo Bypass.

Sacramento-San Joaquin Delta Islands and Levees: Working with Rep. Jerry McNerney (CA-09), Garamendi secured Congressional authorization for the Delta Islands and Levees Ecosystem Restoration Project, at the request of Californias Department of Water Resources. This project will restore the interior Deltas ecosystem and provide vital flood control.

Sacramento Riverbed Gradient Restoration Facility: Garamendi transferred control of the riverbed gradient restoration facility in the Sacramento River to the Glenn-Colusa Irrigation District. These riverbed gradient restoration structures were constructed along miles 205 and 206 of the Sacramento River Flood Control Project, as part of fish screen improvement projects for the Hamilton City Pumping Plant.

Western Pacific Interceptor Canal: Garamendi transferred control of a portion of the Western Pacific Interceptor Canal to the Three Rivers Levee Improvement Authority, removing this canal section from unnecessary inspection, and operation, maintenance by the Army Corps as it no longer serves a purpose.

San Francisco Bay to Stockton Navigation Improvement: Working with Rep. Jerry McNerney (CA-09), Garamendi expedited completion of the Army Corps feasibility study for the San Francisco Bay to Stockton Navigation Improvement Project. This feasibility study examines deepening the John F. Baldwin and Stockton Deepwater Ship Channels from their existing depths of -35 feet mean lower low water to -40 feet and beneficially reusing dredged sediment for marsh restoration of subsided islands in the Sacramento-San Joaquin Delta.

City of Woodland and Lower Cache Creek Flood Risk Management: Garamendi expedited completion of the feasibility study for the Army Corps Lower Cache Creek Flood Risk Management Project with the City of Woodland, Central Valley Flood Protection Board, and California Department of Water Resources to reduce flood risk and lower the cost of flood insurance for property owners.

Sacramento Regional Water Bank: Working with Reps. Doris O. Matsui (CA-06) and Ami Bera (CA-07), Garamendi expanded the Army Corps environmental infrastructure assistance to the Sacramento Area to include all of Sacramento County and increase from $35 million to $45 million the authorized federal funding to support the development of the Sacramento Regional Water Authoritys proposed groundwater bank.

Sutter Bypass and Sacramento River Basin Feasibility Study: Garamendi secured Congressional authorization for a new Army Corps study for improved flood risk management in southern Sutter County between the Sacramento River and Sutter Bypass, at the request of Reclamation District 1500 and the Sutter Mutual Water Company.

Federal Support for Earthquake-resistant Projects: Working with Congresswoman Grace F. Napolitano (CA-32), Garamendi ensured that Army Corps flood control projects like dams and levees requiring earthquake-resistance and other seismic safety costs in California remain equally competitive for federal funding compared to projects in states without earthquakes.

This is the fourth biennial Water Resources Development Act passed by Congress since 2014.

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House passes Water Resources Development Act; final bill expected to become law this year - Lake County News

TipRanks

Investing is all about profits, and part of generating profits is knowing when to start the game. The old adage says to buy low and sell high, and while its tempting just to discount cliches like that, theyve passed into common currency because they embody a fundamental truth. Buying low is always a good start in building a portfolio.The trick, however, is recognizing the right stocks to buy low. Prices fall for a reason, and sometimes that reason is fundamental unsoundness. Fortunately, Wall Streets analysts are busy separating the wheat from the chaff among the markets low-priced stocks, and some top stock experts have tagged several equities for big gains. These stocks are trading low now but the reasons are not necessarily bad for investors.Weve used the TipRanks database to pull up the data and reviews on two stocks that are priced low now, but may be primed for gains. Theyve been getting positive reviews, and despite their share depreciation, they hold Buy ratings and show upwards of 60% upside potential.Digital Media Solutions (DMS)We will start with Digital Media Solutions, an adtech company which connects online advertisers with customers through performance-based branding and marketplace solutions. DMS boasts a powerful consumer intelligence database, which it uses to fine-tune customer acquisition campaigns while offering advertisers accountability for the project budget.DMS went public in July of this year, via a merger with a special purpose acquisition company, Leo Holdings. The combination took the DMS name for the ticker, and initiated trading at $10 per share. The stock has been volatile since, and is currently down 27% since it started trading.Digital advertising is a huge and growing sector, worth $100 billion in 2019 and expected to reach $130 billion by the end of next year. DMS has a solid piece of that cash cow, and the Q3 numbers demonstrate that. Quarterly revenue hit a company record, of $82.8 million, which was up 10% sequentially and 44% year-over-year. Of that total revenue, the company saw a gross profit of $25.1 million, for a 30% gross margin. All in all, DMSs first quarter as a publicly traded company showed strong results.Covering the stock for Canaccord is analyst Maria Ripps, who is rated 5 stars by TipRanks, and stands in the top 1% out of more than 7,100 stock analysts. The company saw meaningful volume growth from both new and existing clients, with particular strength from its auto insurance business along with the eCommerce, education, and non-profit verticals We continue to think investors will gradually come to appreciate DMS similarities with other leading digital marketing peers that trade at more premium valuations, and expect multiple expansion over time as the story becomes better understood, Ripps noted.To this end, Ripps rates DMS stock a Buy, and her $15 price target suggests an upside of 106% from the current share price of $7.20. (To watch Ripps track record, click here)Overall, DMS Moderate Buy consensus rating is based on 2 recent reviews, both positive. The stock has an average price target of $14, which indicates a 92% upside potential. (See DMS stock analysis on TipRanks)ViaSat, Inc. (VSAT)From digital advertising we move on to digital networking. ViaSat provides customers with high-speed broadband access through a secure satellite network system. The company serves both military and commercial markets, meeting the growing need for secure communications links.The anti-coronavirus shutdown policies have particularly hard on ViaSat. This may sound counterintuitive, as online networking has been busier than ever, but a large segment of ViaSats business comes from the airlines, and with air travel first grounded and still facing depressed travel volumes, ViaSats shares have yet to recover from their February/March swoon.On a positive note and one that is indicative of the essential nature of secure satellite communications in todays networked economy ViaSat reported $577 million in Q3 contract awards, representing a 29% yoy gain. For the year to date, the company has seen awards totaling $1.9 billion, which is up 5% from this time last year. The third quarter (the companys fiscal Q2) revenues and earnings were somewhat mixed, reflecting both the increase in contract awards and the decline in airline business. Revenues were $554 million, down 6% yoy, but up almost 4% sequentially. EPS was 3 cents per share, beating the predicted 5 cent loss by a wide margin.JPMorgan analyst Philip Cusick writes of ViaSat: [We] believe long-term growth levers remain intact highlighted by record segment backlog of $1.1b We view ViaSat as a satellite innovation leader and believe the companys future ViaSat-3 fleet will accelerate growth in satellite services over the coming years. At the same time, we see a long-term government systems tailwind driven by the companys radio portfolio, mobile broadband, and SATCOM.In line with his bullish comments, Cusick rates VSAT shares an Overweight (i.e. Buy), and his $60 price target implies ~72% upside on the one-year time horizon. (To watch Cusicks track record, click here)Overall, the stock has 5 recent reviews, including 3 Buys and 2 Holds. Shares are priced at $34.14, and the average price target of $55 suggests a 61% upside potential from that level. (See VSAT stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks Best Stocks to Buy, a newly launched tool that unites all of TipRanks equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

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Restoration Hardware (RH) Q3 Earnings and Revenues Beat Estimates - Yahoo Finance

[12/09/20 - 08:00 AM]Ty Pennington Takes on Other HGTV Stars to Help Homeowners Decide Their Next Move in New Series "Ty Breaker"Look for the first of eight hour-long episodes on Monday, January 11 at 9:00/8:00c.[via press release from HGTV]

TY PENNINGTON TAKES ON OTHER HGTV STARS TO HELP HOMEOWNERS DECIDE THEIR NEXT MOVE IN NEW SERIES 'TY BREAKER'

New York [Dec. 9, 2020] Popular carpenter, craftsman and designer Ty Pennington will help conflicted homeowners decide whether to overhaul their current home or renovate a different property to suit their needs in the new HGTV series Ty Breaker. Premiering on Monday, Jan. 11, at 9 p.m. ET/PT, each of the eight hour-long episodes will feature one of HGTV's savvy design experts: Alison Victoria (Windy City Rehab), Grace Mitchell (One of a Kind) or Sabrina Soto (The High Low Project), as she tries to persuade the family to let her create a beautifully customized new place. Meanwhile, Ty, who spends quality time with each family to find out about their property's problem areas, will strive for clients to stay put and enjoy a whole-home renovation. The friendly competition will up the ante between Ty and the starring guest expert as each vies to impress clients with stunning home renovation options. Two design plans will be presented, but only one will be the "Ty Breaker."

"I can't wait for folks to watch Ty Breaker! I loved meeting so many awesome families and helping them decide on their future home," said Ty. "I'm doing all I can to sway them to stay in their current digs by adding some spectacular upgrades, but Alison, Grace and Sabrina are amazing renovators, designers and competitors - they know how to win!"

The series will showcase a range of inspiring home renovation and design solutions, including adjusting a home to suit a multigenerational family, helping a newly engaged couple combine households and reimagining the perfect home for a newly blended family. Each client will see enticing options and customized design elements.

Fans also can stay connected with Ty Breaker on HGTV's digital platforms. Viewers can visit HGTV.com to see photos and videos from the show and interact on social media using #TyBreaker. Each episode will be available on HGTV GO the same day as the TV episode premieres - Mondays beginning Jan. 11 at 9 p.m. Fans also can connect with the Ty Breaker team on Instagram @thetypennington, @thealisonvictoria, @astoriedstyle and @sabrina_soto.

ABOUT HGTV

HGTV delivers families with relatable stories, superstar real estate and renovation experts and amazing home transformations that inspire a passionate audience. For anyone seeking entertaining and aspirational home and lifestyle content, HGTV is the place to be. HGTV offers: a top 10 cable network that is distributed to more than 86 million U.S. households; a website, HGTV.com, that attracts an average of 10.2 million people each month; a social footprint of 21.2 million; HGTV Magazine, a monthly publication that reaches more than one million readers and exclusive collections of home-oriented products through the HGTV HOME(TM) consumer products line. Viewers can become fans of HGTV and interact with other home improvement enthusiasts through Facebook, Twitter, Pinterest, and Instagram. HGTV is owned by Discovery, Inc., a global leader in real life entertainment spanning 220 countries and territories, whose portfolio also includes Discovery Channel, Food Network, TLC, Investigation Discovery, Travel Channel, MotorTrend, Animal Planet, Science Channel, and the forthcoming multi-platform JV with Chip and Joanna Gaines, Magnolia, as well as OWN: Oprah Winfrey Network.

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Breaking News - Ty Pennington Takes on Other HGTV Stars to Help Homeowners Decide Their Next Move in New Series "Ty Breaker" - The Futon...

Drawn by one of the hottest residential real estate markets in the nation, Offerpad plans to join the crowded scrum of companies in metro Denver providing sellers an instant offer on their homes.

Success for Offerpad is capturing markets that provide growth for not only the services and products we provide today, but those with the right environment to support dynamic growth as we continue to rapidly innovate offerings, Matt Brohn, Offerpads vice president of strategic initiatives, said in a release.

After studying the trends to understand where its business model might work best, the company targeted Denver and Nashville for an expansion early next year, adding the cities and their suburbs to the 830 locations where the company is already active.

Offerpad, based outside of Phoenix, was one of the early pioneers when it came to using technology to give sellers a quick bid on their homes. Rather than having to deal with getting a home ready for sale, a parade of potential buyers dropping by and the ping pong game between agents hammering out the fine print, working with an iBuyer promises a much more direct approach.

A seller requests a bid. An iBuyer offers one. The price is then adjusted by the cost of repairs estimated after a visit. Closing can happen within a few days or it can be timed to when the seller needs it, like the completion of a home under construction. The iBuyer handles the repairs and sells the home.

Opendoor and Zillow Offers opened shop in Denver in October 2018 and were joined the following May by RedfinNow and Boulder-based 8z Real Estate. The firms were gaining traction in the market until the pandemic hit. Prices were hard to pin down in March and April, and some sellers had their offers rescinded, leaving them high and dry.

Since this summer, the metro Denver market has run hot, with most properties under $750,000 often selling within two weeks, often in a weekend. That has taken away a key advantage of working with iBuyers, a quick turnaround.

The consumer proposition of an instant sale is a lot less compelling given how hot the market is. Consumers wont want to leave money on the table with just one offer, and are more inclined to list traditionally to get top dollar for their home, said Mike DelPrete, a real estate technology strategist.

He adds theres always demand for an instant sale, but the national numbers are showing it is a lot less now than it was pre-pandemic.

Offerpad plans to locate an office in Denver and is actively recruiting real estate talent and home renovation vendors. Those opportunities will be listed on the companys Careers page once theyre made available.

Original post:
Offerpad joins the instant offer fray in metro Denvers real estate market - The Denver Post

Leading real estate and technology innovator Offerpad is wrapping up a year of feverish growth and exciting expansions with the announcement that it will be offering its full suite of customer-centric real estate solutions to home sellers and buyers in the burgeoning Denver and Nashville metropolitan areas, beginning in early 2021.

Adding to the more than 830 cities and towns across the U.S. where Offerpad now operates, Denver and Nashville will be the first of several new market rollouts the company has planned for 2021. The companys growth strategy going into the new year continues to build on Offerpads successful expansion in 2020 into the booming Birmingham, Alabama metro area and widening of its existing footprint in its rapidly expanding Florida and other markets.

Success for Offerpad is capturing markets that provide growth for not only the services and products we provide today, but those with the right environment to support dynamic growth as we continue to rapidly innovate offerings, says Matt Brohn, Offerpads Vice President, Strategic Initiatives. After a thorough quantitative and qualitative analysis where we blend traditional MLS and trending market data, as well as leverage our unique internal insights on what we know works well for our business model, Denver and Nashville more than meet that criteria for our companys aggressive growth agenda.

When looking at markets, Offerpad seeks to leverage area demand and regional data that trend positively for growth in overall real estate transactions; strong economic, employment and population growth; affordability; as well as home construction dynamics and inventory, the latter of which is a pivotal metric for the companys continually expanding national Homebuilder Alliance program.

With its headquarters in Arizona, Offerpad plans to open additional physical offices in Denver and Nashville to cement its presence in both areas. As Offerpad finalizes preparations ahead of its official launch dates, recruitment for local Market Directors and other top real estate talent, as well as vendors to assist in home renovation work, is already under way. To learn more about new employment opportunities, visit Offerpads careers page.

Colorado is currently one of the hottest housing markets in the country, and one of the fastest-growing states in terms of housing units, meeting key metrics for Offerpads decision to open in Denver. Considered a strong city for tech talent, the Denver metro areas supply and demand dynamics, healthy new construction and builds, and large amount of real estate transactions are all strong indicators of support for current and future Offerpad services.

Ditto for Nashville, another key market and environment perfectly suited for scaling Offerpads real estate services and solutions going into 2021. Tennessee was ranked #1 in fiscal stability last year, according to US News & World Report, and its capital city was ranked #15 by the

magazine as one of the 125 Best Places to Live in the USA. Nashville also ranked high on national comparative index scores used by Offerpad in its market analysis, as well as the strength of the companys partners in both regions.

As in every Offerpad market, customers in Denver and Nashville will soon enjoy real estate options including selling their home instantly to Offerpad the perfect solution for those who seek a competitive cash offer with the convenience and control that comes with no showings and the customers ability to select their closing date. They may also choose to partner with Offerpads dedicated team of experts in real estate, renovations and home marketing to list their home, the best choice for sellers who want to maximize their homes value when putting it on the market.

Were known for providing quick competitive cash offers, which will always remain a core offering, said Offerpad Founder and CEO Brian Bair. For new customers in Denver and Nashville looking to list their home, Offerpad is by far the most advanced way to maximize a homes value on the open market. Our 100% free, show-ready home services, matched with our Home Improvement Advance program and back-up instant cash offer, are unparalleled.

Sellers are now, more than ever, in control of their experience through our solutions center, continued Bair. We provide solutions, they select their option. We look forward to extending these options to our new customers in Denver and Nashville, and into other new markets later in 2021.

Real estate agents in Denver and Nashville will also have the opportunity to receive a 3% referral fee the highest in the industry when working with Offerpad to sell their clients home. Interested brokerages and agents can learn more here. Area homebuilders interested in partnering with the company through its Homebuilder Alliance can get more information by contacting Offerpad at builder@offerpad.com.

About Offerpad

Offerpad is a leading technology and real estate solutions provider with a mission to offer the best way to buy and sell a home. With firsthand real estate experience and utilizing powerful proprietary technology, the company provides several consumer-focused options including instant cash offers and superior home listing services. Offerpad is a privately held company headquartered in Chandler, Arizona, operating across the country in more than 830 cities and towns. Visit Offerpad.com for more information.

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Offerpad sets sights on expansion into Denver and Nashville - AZ Big Media

New Yorkers who contribute to politicians opposing restoration of the full State and Local Tax deduction are "consciously undermining our state and contributing to our demise," Rep. Thomas Suozzi said Monday.

When the 117th Congress is seated in January, Suozzi and other Democrats plan to resubmit legislation calling for a full repeal of the SALT cap, the Glen Cove Democrat said during a Zoom news conference in which he urged New Yorkers not to financially support lawmakers who oppose the bill.

By April 2021, Suozzi said he will issue a report identifying New Yorkers who contributed at least $1,000 to members of Congress opposing the SALT deduction repeal.

"Anybody who supports the cap of the SALT deduction is hurting New York," Suozzi said. "I am calling on New Yorkers to stop funding those politicians killing our state; killing our city; killing New York. We need to make sure we hold them accountable."

The GOP's $1.5 trillion tax reform bill, which narrowly passed the House and Senate in 2017, limits deductibility of state and local income and property taxes to $10,000 on federal tax returns.

More than 250,000 families, or 43% of households in Suozzi's Third District, which covers most of Long Island's North Shore and parts of Queens, claim the state and local tax deduction at an average rate of $18,300, Suozzi staffers said.

On Long Island, where residents pay among the highest property taxes in the nation, roughly 530,000 homeowners, or more than a third of all tax filers in Nassau and Suffolk, are affected by the cap.

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The Democrat-led House of Representatives has passed legislation repealing the cap but the measure was blocked in the GOP-led Senate and it has become a major point of contention amid talks on the COVID-19 stimulus bill now being negotiated.

Republicans have said the SALT deductions benefit high earners and primarily benefit the wealthy in high-tax and mostly blue states.

President-elect Joe Biden has indicated support for repealing the cap, Suozzi said.

"We need to rally together and fight for New York," Suozzi said, urging other states affected by the cap, including California, Illinois and Massachusetts to make similar pushes. "This is an issue we need to all get together on."

In 2019 and 2020, more than 7,800 New Yorkers combined to contribute in excess of $35 million to Senate Majority Leader Mitch McConnell (R-Ky), Sen. Lindsey Graham (R-S.C.), and GOP-associated Senate political action committees all of whom oppose repealing the SALT cap, Suozzi said.

From 2015 to 2019, New York sent $116 billion more to the federal government that it received back in state aid while during that same period, Kentucky received $148 billion, and South Carolina $87 billion more than they contributed, Suozzi said.

Suozzi on Monday cited a recent Bloomberg report that Goldman Sachs' $8 billion asset-management division is considering relocating to Florida, which has no state income taxes. Hedge funds run by Paul Singer and Carl Icahn have made similar office relocations in recent months.

Suozzi called the report a "red alert" for New York.

Robert Brodsky is a breaking news reporter who has worked at Newsday since 2011. He is a Queens College and American University alum.

Continued here:
Suozzi calls on NYers to stop supporting pols who oppose restoring SALT deductions - Newsday

An ongoing project in an east-end semi-detached home has triggered a bitter feud between the two households who live in the building promptingthe city to remind homeownersto clearly communicate with their neighbours aboutpotentially disruptive renovations.

Nilisha Shah, who lives in one half of the semi in the Queen Street East and Greenwood Avenue area, says the problems began just a few months after she moved in with her husband Prashant and their six-year-old daughterin January.

Her next-door neighbour, Valerie Connelly, began renovationson her half of the property, which is separated from the Shahs' home only by a so-called party wall, in April, Shah said.

Renos included a two-storey rear addition, a basement walkout, conversion of an enclosed front porch into a living space and other interior alterations, according to city records.

But by mid-November, the project had racked up fivebuilding code violations.

Shah says her neighbour's renovation project has caused cracked and water-damaged walls, an infestation of raccoons through a crawl space wall, broken windows and sleepless nights.

"This has changed our life in many ways," she said. "With seven, eight raccoons living right there, we had to close off all the vents and not use air conditioning or anything during June, July ...because we couldn't take the smell.

"At night, my daughter could not sleep in her room because we didn't want to leave her alone there. So we all had to just cramp up in one small room."

Connelly declined to speak with CBC Toronto.

She maintained in an Oct. 28 email that the real problem lies with the city, which she said is impeding her efforts to build a home for her ailing mother, an accusation the City of Toronto's chief building official Will Johnston denies.

"We expect property owners to carry out that construction in a way that it meets all of the city requirements," he said.

"And when we become aware of those issues, we work with the property owner and the builder in order to bring those issues into compliance with the city regulations."

The city's website says Connelly's infractions include building without a permitand fourother instances in which inspectors found deficiencies in building practices.

Johnston saysalmost all of those problems have since been remedied, although problems with water seepage remain.

And he saysit's not unusual for a home renovation project to be flagged by building inspectors as often as Connelly's project has been.

What is unusual, he says, is neighbours not being able to work out their differences in a timely manner.

"That's a rare incident," he said.

It appears that the problems began with Connelly's first contractor, who was not experienced enough to tackle a project of this size.

That contractor was replaced after a couple of months on the job, but the conditions he left behind were "a hot mess," according to Jhon Bermudez, one of the most recentcontractors on the project.

"The foundation wasn't poured properly ... They went ahead and started framing the first floor knowing that the foundation was all bad," he said, "so we had to take everything apart and start from scratch."

Shah saysher relationship with Connelly has now deteriorated to the point that she's had to hire a lawyer to demand that the problems with her own home be fixed.

She says she's racked up thousands of dollars in billsfor pest control experts to get rid of the raccoons, cleaning, re-insulating and engineer's fees.

Shah says she's waiting for Connelly's project to be finished before she proceeds with other repairs, which she says include broken windows, cracked walls and drywall damaged bywater seepage.

Johnston saysmost homeowners manage to maintain relations with their neighbours in the midst of a noisy, sometimes damaging, renovation. But he offersthis advice:

"Prior to construction happening, it's really critical that ... those two property owners come together and they have a discussion around what is the type of construction that's going to take place, what measures are going to be taking place in order to protect each other's property," Johnston said.

He says it's important for neighbours to havea good relationship and they haveopen communication right from the start,before the project starts.

"By having that in place, you do minimize a lot of the impacts."

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Feud over renovations turns east-end semi-detached house into battleground - CBC.ca

IRVINE, Calif., Dec. 8, 2020 /PRNewswire/ --Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO), the owner of Long-Term Relevant Real Estate in the hospitality sector, today announced the sale of the 502-room Renaissance Los Angeles Airport for a gross sale price of $91.5 million, or approximately $182,300 per key. The sale price represents a 12.2x multiple on 2019 Hotel Adjusted EBITDAre and a 6.8% capitalization rate on 2019 Hotel Net Operating Income. The disposition of the hotel furthers the Company's strategy of concentrating its portfolio into Long-Term Relevant Real Estate and further enhances the Company's liquidity.

John Arabia, President and CEO, stated, "We are pleased to announce the sale of the Renaissance Los Angeles Airport at an attractive valuation compared to pre-COVID levels. The completed sale further concentrates our portfolio into Long-Term Relevant Real Estate and increases our already considerable liquidity. Our Company is well positioned to navigate the current environment and to capitalize on opportunities as they arise."

About Sunstone Hotel Investors, Inc.

Sunstone Hotel Investors, Inc. is a lodging real estate investment trust ("REIT") that as of the date of this release has interests in 18 hotels comprised of 9,495 rooms. Sunstone's business is to acquire, own, asset manage and renovate or reposition hotels considered to be Long-Term Relevant Real Estate, the majority of which are operated under nationally recognized brands, such as Marriott, Hilton and Hyatt. For further information, please visit Sunstone's website at http://www.sunstonehotels.com.

Non-GAAP Financial Measures

We present the following non-GAAP financial measures, both of which are defined below, that we believe are useful to investors as key supplemental measures of our operating performance: hotel adjusted EBITDAre; and hotel net operating income. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. In addition, our calculation of these measures may not be comparable to other companies that do not define such terms exactly the same as the Company. These non-GAAP measures are used in addition to and in conjunction with results presented in accordance with GAAP. They should not be considered as alternatives to net income (loss), cash flow from operations, or any other operating performance measure prescribed by GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.

We adjust a hotel's EBITDAre as defined by the National Association of Real Estate Investment Trusts ("NAREIT"), in its September 2017 white paper "Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate." We make adjustments to a hotel's EBITDAre when evaluating our performance because we believe that the exclusion of certain additional items provides useful information to investors regarding our operating performance, and that the presentation of hotel adjusted EBITDAre, when combined with the primary GAAP presentation of a hotel's net income, is beneficial to an investor's complete understanding of our operating performance. In addition, we use hotel adjusted EBITDAre as a measure in determining the value of hotel acquisitions and dispositions. A complete description of items we adjust from EBITDAre can be found in our most recent reports on Form 10-K, Form 10-Q, and Form 8-K. Copies of these reports are available on our website at http://www.sunstonehotels.com and through the SEC's Electronic Data Gathering Analysis and Retrieval System ("EDGAR") at http://www.sec.gov. Specifically, we adjusted the full year 2019 EBITDAre generated by the Renaissance Los Angeles Airport by a $9,000 prior year property tax credit.

We present hotel net operating income as hotel adjusted EBITDAre excluding a furniture, fixtures and equipment ("FF&E") reserve equal to 4.0% of the hotel's total revenue for the period. The ownership and maintenance of a hotel is capital intensive, and actual capital requirements for a given period may vary substantially from this reserve amount. We believe that the presentation of hotel net operating income, when combined with the primary GAAP presentation of a hotel's net income, is beneficial to an investor in understanding the potential capital expenditures that may be necessary to maintain a hotel during the period.

For Additional Information:Bryan GigliaSunstone Hotel Investors, Inc.(949) 382-3036

Aaron ReyesSunstone Hotel Investors, Inc.(949) 382-3018

Hotel Adjusted EBITDAre Reconciliation (In thousands)

Renaissance Los Angeles Airport

Total

Revenues

Net

Income

Plus:

Depreciation and

Other Adjustments

Equals:

Hotel Adjusted

EBITDAre

Less:

FF&E

Reserve

Equals:

Hotel Net

Operating Income

Full Year 2019

$

32,081

$

3,331

$

4,196

$

7,527

$

(1,283)

$

6,244

EBITDAre Multiple / Cap Rate (1)

12.2x

6.8%

(1) EBITDAre Multiple reflects gross sale price divided by Hotel Adjusted EBITDAre. Cap Rate reflects Hotel Net Operating Income (after an assumed FF&E Reserve equal to 4% of Total Revenues) divided by gross sale price.

SOURCE Sunstone Hotel Investors, Inc.

http://www.sunstonehotels.com

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Sunstone Hotel Investors Announces The Sale Of The 502-Room Renaissance Los Angeles Airport For $91.5 Million - PRNewswire

Danae Milbrandt|Montevideo American-News

Luther Haven is in the process of securing financing for an ambitious building project that will not only update the skilled nursing and rehabilitation facility, but will change the entire look and feel of the building.

According to Justin Hughes, administrator of Luther Haven, the project will happen in phases and is set to begin in early 2021 and last approximately three years. According to Hughes, the architect for the project is HGA, and the construction manager is McGough.

Construction documents have been completed, and in the coming weeks we will be working with McGough on the bidding process and selecting contractors, said Hughes. Our goal is to keep the project as local as possible, and we are excited to start our project soon!

Luther Haven is currently a 90-bed nursing and rehabilitation facility, with 86 private rooms with private bathrooms, and two double rooms with a shared bathroom. The facility has been in operation for 57 years, with the original building dating back to 1962, and with additions from 1973, 1974, and 1991. Connected to Luther Haven is the Copper Glen Assisted Living facility.

After the original portion of Luther Haven was constructed in 1962, sequential constructs were added, and utilities stemming from the original 1962 building were added on to, again and again.

The capacity of the original utilities was never intended for the size of the building that it has now grown to, which leads to various problems, Hughes explained. The existing infrastructure and the space available for utilities are not capable of supporting the upgrades needed to bring the mechanical, electrical, and plumbing systems up to modern standards. As such, a new addition is planned to contain a new utility plant that can support the building, both the needs today and the flexibility the future demands.

Additionally, the existing portion of the building to remain is planned to be extensively renovated, so all systems throughout the building will be cohesive.

Many of the residents of Luther Haven were born and raised in Montevideo, and as such there is a deep sense of community, and a dedication by its staff to serve its community and their families.

Luther Haven would like to make an investment in their facility so that their community can continue to live and be cared for in their hometown. They see this as vitally important when so many residents have family and friends from the community that regularly visit and volunteer at the care center. This project will allow Luther Haven to elevate their standard of care and continue offering long-term care, short-term care, rehabilitation services, and assisted-living services, said Hughes.

The new building is set to be organized around a new community center with a covered entry-canopy, a lobby, reception area, large-gathering group space, an activities room, conference rooms, a bistro, salon and barber, an exam room, therapy, and administrative offices.

The new entry and overall building layout are designed to have a stronger presence from the street and more intuitive wayfinding, Hughes said. He continued, explaining that the current entrance in the existing building is unsubstantial and difficult to find.

The new building will also include a neighborhood of 40 residents on either side of the community center, which will be divided into groups of 20. In addition, each household will have its own dedicated staff, so stronger relationships between residents and staff can evolve.

Hughes said, Each neighborhood has all the necessary programs for daily functions, including living rooms, dining rooms, tub rooms, soiled and clean utility areas, clean supplies and linens, a nursing station, medication room, and staff and visitor restrooms.

According to Hughes, the household model represents a significant shift in the care model for Luther Haven, with a culture change that will empower both residents and staff to have more choice and greater satisfaction in their space.

This starts at the resident rooms, he said. All resident rooms but one will be private rooms, with private bathrooms. The double room will be a split double room with a partition between the two residents. Overall the rooms will be over 100 square feet larger in size than existing rooms so that residents so residents have a safe and private place that is their own.

Bathrooms will also be configured with direct access and visibility from the resident bed, so the residents are better able to use the restroom independently.

Another amenity offered by the renovations include spaces within the rooms and alcoves outside the residents doors that will give them opportunities to personalize their space with their belongings. Nurse servers at each room will have space for supplies, medications, and soiled linens, putting necessary supplies where staff can access them to reduce step-counts and allow more face-to-face interaction with the residents. In addition, there will also be two overnight guest suites that will be able to be used by family members.

Another improvement made by the renovation will be common areas within the household that have been designed to a scale more like home, explained Hughes. They arent overly large and overwhelming as in the current layout. Open activity kitchens will be used for serving, and will allow residents to interact and help with meal preparation. The kitchens double as activity space, so that in-between meals, residents and their family can bake. Finishes and lighting throughout the building were also selected to have a residential appearance to further support the household model.

Each neighborhood in the model will have a designated entrance that will establish a hierarchy of public to private space, from the main entry at the community center, the neighborhood entries, and the household common areas, to the resident room.

Residents can feel more ownership over a space that is theirs, and staff can effectively monitor who is coming and going, said Hughes.

He continued, adding that the building is designed to have a stronger connection to the outdoors so that residents have access to both views and natural lighting, and each neighborhood will have an enclosed patio space that residents can freely and safely go to whenever they please.

They are located so that staff can easily monitor the residents through both visibility and technology.

An entry canopy and porch space at the main entry are a place to gather and see who is coming and going, he continued, while the back courtyard off the community center has a garden and walking paths.

When the project was initially proposed, staff, residents, and community members were involved in the early stages of planning to establish goals that would guide the design of a new, reformed care center. The goals establish benchmarks that aided in the decision-making process, and include:

Increased resident satisfaction: providing more access to natural light and creating universal spaces and equipment so that care is consistent throughout the building, in addition to providing private bathrooms, increasing resident safety, and providing consistency in care.

Increased staff satisfaction: reducing staff travel times by locating supplies and equipment where its needed most, providing quiet charting and MD areas, improving the medication distribution process through the use of nurse servers, and providing places for staff respite so they are able to feel more energized and engaged.

Improved family and visitor experience: creating more space for family visits, increasing the privacy of the chapel, and providing a canopy and automatic doors at the entry for safer drop-offs.

Increased staff efficiency: reducing travel distances and access to equipment, supplies, hospital, and residents so that staff can spend more time building relationships with residents.

Enhancing the Luther Haven brand: designing an exterior that is more prominent from the street, creating a clearer and designated entry point to improve the entry experience, and improving wayfinding and signage.

Additional and improved amenities: providing more community and family spaces, a bistro, walking paths, work areas for staff, and adequate space for all necessary functions of daily life.

Improved access: access to care, access to support, access to public amenities, and access to the community.

Improved resident outcomes and safety: better lighting, better interior finishes, better building organization and improved visibility to residents and nurse stations, as well as creating more staff time with residents.

All in all, it sounds like Luther Haven has much planned for its residents and staff in the coming months that is going to improve both quality of life, as well as interaction and functionality between its employees and those seeking care within the facility.

See the article here:
Luther Haven renovations on the horizon - Monte News