IRS Issues "Repair Regulations," Multifamily Industry Now Has to Figure Them Out
There are new federal regulations regarding the tax treatment of costs incurred in acquiring, maintaining and improving tangible property, including multifamily buildings. The Internal Revenue Service issued temporary and proposed ruleson the matter just before Christmas–and now it’s up to members of the multifamily industry to figure out how they will affect their businesses.
Robotic Convenience Store to be Installed at Apartment Community
Ladera Palms Apartment Homes in Fort Worth will soon be home to Shop24, a self-contained, totally automated, robotic convenience store.
Economy Watch: FOMC to Start Publishing Predictions
Construction totals were up 1.2 percent month-over-month in November, with residential construction leading the way.
Energy-Efficiency Loans See Few Defaults, But Banks Still Mostly Not Interested
Washington, D.C.–A new report by the American Council for an Energy-Efficient Economy (ACEEE), “What Have We Learned from Energy Efficiency Financing Programs?” finds that energy-efficiency loan programs for building upgrades have exceedingly low default rates, ranging from 0 percent to 3 percent. The report drew its conclusion from a review of 24 energy-efficiency loan programs.
Economy Watch: Markets Go Chicken Little
Wall Street was in full Chicken Little mode on Thursday, worried that the economic sky was falling. And maybe it is. No less an authority on economic conditions than the Federal Open Market Committee said in its Wednesday statement–along with something about the Twist–that there are “significant downside risks to the economic outlook,” which is Fed polite-ese for “don’t let the sky hit you on its way down.”
CRP at Work on Five Mid-Atlantic Complexes
CPR is developing five communities in Maryland, Virginia and Pennsylvania. The developments will total 1,260 residences and cost about $186.5 million.
New Apartments Completed on Alafia River Near Tampa
Riverview, Fla.–Work has wrapped up on the Preserve at Alafia, a new apartment property in greater Tampa. According to Garrison Developer Group of Florida (GDGFL), the developer, the residences of the Preserve at Alafia are the first phase of Alafia Crossing, a $100 million multi-use project in three phases named after the river that runs by it.
Work Begins on New Apartments in Raleigh
Raleigh, NC–Ground has been broken for the Gallery at Cameron Village, a 282-unit apartment project with 16,000 square feet of retail space in Raleigh. According to the developer, Charlotte-based Crescent Resources LLC, the first apartments will be available in spring 2013.
Adaptive Reuse Student Housing Finished in Philly
Philadelphia–The adaptive reuse redevelopment of part of the former Women’s Medical College of Pennsylvania into new student housing at Philadelphia University has been completed.
AvalonBay Wins Bid to Acquire NJ Hospital Site for Redevelopment
Princeton, N.J.–AvalonBay Communities Inc. has inked a deal to buy the University Medical Center at Princeton from the nonprofit Princeton HealthCare System (PHCS), as well as nine houses that the health-care organization owns nearby.