Development
When NIMBY Attacks
NIMBY opposition doesn’t always turn out against multifamily projects, but when it does, it typically puts a viable project on the defensive, which at the very least increases risk and costs. At worst, the project fails to receive political approvals. How you respond to the crisis will determine the project’s fate.
MacFarlane Buys SF Site for Apartment Tower
San Francisco–MacFarlane Partners has acquired a development site at 1844 Market Street in San Francisco on which it intends to build an eight-story multifamily residential building. According to the developer, which specializes in urban revitalization, the building will consist of 113 rental apartments–99 market-rate and 14 affordable units–along with 5,500 square feet of street-level retail and an underground garage with 81 parking spaces.
Upper West Side Property Shifts Gears to Rental
New York–The nine full-floor residences at 208 West 96th Street, developed by Manor Properties Group LLC, are no longer for sale. Instead, according to Manor Properties, the three-bedroom, three-bath units will be for rent, with the decision to go rental made in response to feedback during the initial marketing stages of the property’s sales campaign.
Woodfield Buys 32 Acres for 258-Unit Apartment Project in Suburban Charleston, S.C.
Mt. Pleasant, S.C.–Woodfield Investments LLC is well aware that there is a gap between supply and demand in the apartment market in Mt. Pleasant, S.C., a highly sought-after Charleston suburb, and the company has made a major move toward filling the void.
Yonkers IDA Completes Incentive Packages for Four Multifamily Properties
Yonkers, N.Y.–The Yonkers Industrial Development Agency (IDA) has closed on financial incentive deals for 10 residential and commercial projects in that city last year, including a number of affordable housing projects. All together, the residential projects are expected to create 282 new units of housing.
Fifteen Years in the Making, Oakland’s MacArthur Transit Village Breaks Ground
Oakland, Calif.–It has been a very, very long time coming, but work has finally gotten underway on MacArthur Transit Village, a massive, mixed-use transit-oriented development that will ultimately deliver 624 multifamily residences centered on a Bay Area Rapid Transit station and additional future transportation outlets in Oakland, Calif.
Interview with Chance Partners’ Judd Bobilin
Judd Bobilin explains the strategy behind Chance Partners’ infill student housing.
MHN Interview: Federated Companies’ Dung Lam
The Federated Companies recently sold its last remaining retail asset so that the firm can focus on multifamily development. CEO Dung Lam discusses the strategy.
Ground Breaks on FSU Luxury Off-Campus Student Apartments
Tallahassee, Fla.–Construction has gotten underway on Campus Circle Tallahassee, a luxury off-campus student housing community adjacent to Florida State University.
WEB FEATURE: Global Market Report – South America
In the third and final piece of MHN’s global market report, a look at South America shows that potential for large-scale apartment communities exists in the region’s big cities.