By Anuradha Kher, Online News EditorChennai, India–Hirco Plc, the investment vehicle for Hiranandani, one of India’s largest developers of luxury mixed-use communities, announced this week that the company had made sales worth $133 million for residential units in Phase 1 of its newest township development, Hiranandani Palace Gardens. Palace Gardens will offer a range of condominium sizes and styles. The three-phase development will contain offices, schools, health care facilities, shops, recreational facilities, and public space set within 369 acres. It is located in the south west part of Chennai, one of India’s premier Information Technology cities.The Palace Gardens was selling…

By Anuradha Kher, Online News EditorJersey City, N.J.–Canco Lofts has started sales for the first phase of condominiums in Jersey City’s largest single-building industrial-to-residential conversion.Construction on the landmark American Can Co. factory began in late 2006. When completed in fall of this year, the building will have a total of 551 loft residences. Of these, 101 lofts are now for sale. “The revitalization of this building and adjacent properties signals the start of a new and vibrant neighborhood for Jersey City in an area that for a year was underutilized,” says Edward Yorukoff, director of marketing for Canco Lofts.The developer…

By Anuradha Kher, Online News EditorSpringfield, Ill. – A new 67-unit senior housing facility, with financing worth $7.9 million from state loans and tax credit, opened in Springfield this week.Illinois Governor Rod R. Blagojevich released a statement pledging his commitment to providing affordable housing to all residents of the state. “As more and more baby boomers reach retirement age, we need to make sure that our seniors have options when it comes to their housing needs, especially when they are on a fixed income. They deserve to have the choice of remaining in the community they grew up in,” he…

By Erin Brereton, Content ManagerWashington, D.C.–The former site of homebuilder A&R Companies’ new Capitol Gateway development in Washington, D.C. contained affordable townhomes and apartments for families and senior citizens. But the development also was home to some unwelcome residents–crime, drugs and poverty.”It was a rather large site and was infamous,” says A&R founder Theo C. Rodgers. “Public housing has deteriorated all over the country; Washington is no exception.”Enter A&R and development partner the Henson Development Company Inc. (THC), who together have converted one of Washington D.C.’s most notorious urban areas into a new suburban-style neighborhood with rental, for-sale and retail…

By Keat Foong, Executive Editor Boca Raton, Fla.—Speakers at the National Multi Housing Council’s (NMHC) Apartment Strategies Conference held here contemplated the state of the economy, apartment industry and investment conditions. There is “a lot of anxiety and insecurity out there,” acknowledged Douglas Bibby, president of NMHC, at the start of the one-day conference. However, he noted the industry is also witnessing “some very strong tailwinds behind us.” Economists at the conference’s first session seemed to agree that the U.S. economy is likely to tip into recession this year. “As to the question of whether there will be a recession, frankly, I don’t…

Encino, Calif. — Marcus & Millichap Real Estate Investment Services, a  brokerage firm headquartered in Encino, Calif., recently negotiated the sale of four Class A student housing assets, containing a total of 1,212 units, for $148.5 million.The property portfolio consists of the 504-unit Cabana Beach development (pictured) in Gainesville, Fla.; the 276-unit Cabana Beach in San Marcos, Texas; the 192-unit Campus Lodge in Columbia, Mo. and the 240-unit Lodge of Athens in Athens, Ga.The average price for the portfolio was $122,525 per unit, or $114.59 per square foot.Peter Katz, a vice president of investments in the Phoenix Marcus & Millichap…

Washington, D.C.–New home construction in 2007 dropped by the largest amount in 27 years due to the housing decline, The Commerce Department said Thursday.Last year, construction began on 1.353 million new homes and apartments, a 24.8 percent decline from 2006–the second biggest annual drop on record, according to The New York Times.Construction declined in December by a larger-than-predicted 14.2 percent. Housing starts totaled 1.006 million units at an annual rate. New construction approvals didn’t offer much hope for the coming months: Building permits dropped in December by 8.1 percent to an annual rate of 1.068 million units, the seventh monthly…

California–Many economists feel that California–whose economy is so substantial it could be considered the world’s eighth-largest–and Florida may already be in recession, The Financial Times reported Thursday.Along with Nevada and Arizona, California and Florida make up approximately a fifth of the U.S. economy. Recent data suggests economic activity in Florida is contracting and may be waning in California, the Times said.Existing home sales in California dropped 36 percent in the year to November 2007; in Florida, sales fell 30 percent. Median sale prices declined 12 percent in California and 10 percent in Florida.In addition to a large unsold home supply,…

New York–Merrill Lynch & Co. posted a much higher quarterly operating loss than had been forecast and announced a hefty subprime-related writedown on Thursday, CNNMoney.com reports.In addition to a $3.1 billion writedown on hedges with financial guarantors, Merrill said it would take an $11.5 billion writedown on its collateralized debt obligations and subprime home mortgages. Merrill also reported a loss from continuing operations of $10.3 billion, or $12.57 a share, for the quarter. The company had a loss of $9.91 billion, or $12.01 a share, on a net basis.Last year, Merrill posted a net profit of $2.3 billion.Analysts polled by…

Washington, D.C.–A report issued Wednesday by the Federal Reserve shows the U.S economy is regionally mixed, with some areas slowing significantly and others hardly at all. The Fed’s “beige book,” which compiles business status reports from around the U.S., reveals the nation is working to challenge the housing and credit slumps’ effects, according to The Washington Post.The report suggests economic declines are present only in some industries. Several big banks announced multibillion-dollar write-downs recently; yet regional banks remain steady. Unemployment is up in the construction industry but not in the engineering or consulting sectors. Consumer debt has increased in highly…