Introducing the Judges for MHN’s First Green Initiative Awards
The judges for MHN’s first annual Green Initiative Awards have been chosen. They were selected based on their experience with and knowledge of sustainability within the multifamily industry.Tim Button, Partner, Stedila Design Inc.For the past 29 years, Tim has been a partner at Stedila Design Inc., a New York-based interior design firm founded in the early 1970s by John Stedila. Tim’s commissions for New York’s Visionaire, Solaire and Verdesian, all of which have earned LEED ratings, have required him to create bathrooms, kitchens, model apartments and public spaces such as health club, spa, hallways, playrooms and other amenities that meet…
Annual Los Angeles Architects Awards to be Presented June 19
By Erika Schnitzer, Associate EditorLos Angeles—The winners of the 38th Annual Los Angeles Architecture Awards will be announced on June 19 at the Beverly Hilton International Ballroom in Beverly Hills.The Los Angeles Business Council (LABC) will recognize 30 project teams in 16 architectural and building categories, including Green Building, Housing and Mixed-Use.The Green Building Award will be awarded for the first time this year in three categories: Built, Unbuilt and Design Concept. Mayor Antonio Villaraigosa will announce the Green Building Award winners.“The vast majority of our members are architects, contractors and owners who felt very comfortable with establishing LEED as…
Banks Face Tough Times if Residential Construction Loans Go Bad
Charlotte, N.C.–Wachovia is the second-largest construction loan provider, which may put the lender–and other banks–in a dangerous position as the housing market continues to falter, The Wall Street Journal reports.At the end of the first quarter, Charlotte, N.C.-based Wachovia had $23.9 billion of debt outstanding to single-family home, condominium, office building, store and other commercial project developers, according to Foresight Analytics, a research company based in Oakland, Calif.Wachovia’s delinquencies at the end of the quarter were 7.7 percent, above the 7.2 percent industry average–and the amount of bad construction loans are expected to increase. Roughly $12 billion of Wachovia’s construction…
Second Quarter Toll Brothers Sales Drop 31.8 Percent; Company Urges Government to Restart the Market
Horsham, Pa.–Even though luxury homebuilder Toll Brothers announced fiscal second quarter net losses that were lower than many analysts had expected, the company called for Congress to help invigorate the housing market, Forbes reported Wednesday.Toll Brothers chief executive Robert I. Toll said that in “this continuing severe down-cycle,” the builder would look for growth opportunities and try to keep a strong balance sheet.In the second quarter, Horsham, Pa.-based Toll posted a 31.8 percent drop in sales–which sunk from $1.2 billion in the second quarter of 2007 to $818.8 million,The company also saw $93.7 million in net losses, compared to net…
Hovnanian Posts Second Quarter Loss; Expects Solid Year
Red Bank, N.J.–U.S.-based homebuilder Hovnanian Enterprises said Tuesday that its fiscal second quarter loss was 10 times greater than a year earlier. However, Hovnanian, headquartered in Red Bank, N.J., said it had enough liquidity to handle the lower demand and plans to stay cash-flow positive for the entire fiscal year, CNBC reported Wednesday.Hovnanian announced a net loss of $340.7 million, compared with a loss of $30.7 million a year before. Quarterly revenue dropped from $1.1 billion to $776.4 million. The builder’s contracts for the quarter dropped 29 percent from 2007 to 2,226 homes.
New York General Contractors, City Considering Ways to Increase Crane Safety
New York–Some of New York’s largest general contractors are contemplating hiring external inspectors to increase tower crane safety as a result of last Friday’s fatal construction site crane collapse, the New York Times reported Wednesday.The city uses about two dozen tower cranes, and the current Department of Buildings inspections–as well as separate inspections by crane owners and operators–aren’t enough to fully protect the sites, according to contractors. Investigators think that the crane that plummeted into a 23-story building on East 91st Street last week wasn’t welded correctly during a repair. Two construction workers died; the Manhattan district attorney’s office is…
Using Architectural Branding to Make Your Project Speak
By Gordon R. Carrier, Founding Member and Design Principal, Carrier Johnson + CULTUREJust because they’re inanimate doesn’t mean buildings can’t speak. In fact, their non-verbal voices evoke powerful human emotions about “home.” Where and how we live is an expression of our personality, hopes, fears, aspirations and sense of community. To be successful in this increasingly competitive market, each multifamily project must serve as an ambassador, issuing a personalized invitation to a particular clientele. In real estate marketing language, this message is called “architectural branding.”Define “Home”A brand is the personification of a product, expressing its core values and characteristics while…
DEAL OF THE DAY: Boston Capital Invests $11.44M in New 146-Unit Development
By Rachel Block, ReporterForth Worth, Texas–Boston Capital recently invested $11,440,000 in the Residences at Eastland in Forth Worth, Texas, a 146-unit community planned to be built about six miles southeast of Forth Worth’s major business district. The general partner on this deal is an affiliate of The NuRock Cos.The forthcoming development is targeted at low-income families and individuals through the Low Income Housing Tax Credit (LIHTC) program, and will be available to residents making 60 percent or less of the Area Median Income (AMI). Spread over 28.54 acres, the development will 80 two-bedroom units, 60 three-bedroom units, and six four-bedroom…
RULES & REGS: Mass. Governor Signs Investment Bill for Affordable Housing
By Erika Schnitzer, Associate EditorBoston–Massachusetts Governor Deval Patrick has signed into law the state’s largest housing bond authorization, which will help fund the Commonwealth’s many housing and community development projects.“This is an investment in the future of the Commonwealth, both for the residents and for long-term economic prosperity,” says Phil Hailer, the spokesman for the state Department of Housing and Community Development. Additionally, at 50,000 units, Massachusetts has one of the nation’s largest public housing portfolios. Over the next five years, the $1.275 billion bond bill will not only preserve affordable housing for people of all income levels, but also…
Wachovia CEO’s Ouster is Sign of Changing Times on Wall Street
By Anuradha Kher, Online News EditorCharlotte, N.C.–The firing of Wachovia’s CEO indicates the changing times in the financial markets, according to Ernie DesRochers, senior vice president and managing director of NorthMarq Capital. “There is disciplined underwriting in the market today. Where once the glass was viewed as half full, today it is viewed as half empty. People are not as aggressive.”Wachovia Corp. ousted its CEO, G. Kennedy Thompson this week after months of criticism from shareholders and the company’s weak financial performance.“These are the ways of Wall Street. The whole thing hasn’t shook out yet and there will be more…