News

By Anuradha Kher, Online News EditorShenzhen, CHINA–RMJM’s design for the second phase of Mont Orchid Riverlet Residential Development in Shenzhen, China recently won a Medal of the Year Outside Hong Kong from the Hong Kong Institute of Architects (HKIA), at the institute’s annual awards 2007.The HKIA announced eight award-winning projects both in and out of Hong Kong. This is the first time this award has been presented to a project in China. HKIA recognized UK-based architecture firm, RMJM’s design for the second phase of Mont Orchid Riverlet for its approach to high-density living.Completed in December 2006, the project features 13…

By Anuradha Kher, Online News EditorAlliance Residential Names Adam Paul as City Partner, Mountain DivisionSalt Lake City–Alliance Residential Co., has recently appointed Adam Paul as city partner for the company’s mountain division.  Paul will be responsible for identifying development opportunities and working through entitlement, design, and construction and lease-up of new Alliance Residential communities in the Salt Lake City region.“Alliance Residential is one of the few multifamily developers still expanding in our softer economy,” says Paul. “It seemed the perfect opportunity for me to assist Alliance in realizing its vision of providing luxurious, affordable and convenient housing options to the…

By Anuradha Kher, Online News EditorNew York–Red Apple has broken ground on the first phase of its Myrtle Avenue development project in the Fort Green section of Brooklyn, New York. When complete, the project will include three low-rise buildings bounded by Ashland Avenue and Prince Street, and a high-rise tower between Prince Street and Flatbush Avenue. The first phase of the project includes approximately 85,000 sq. ft. of middle-tier market-rate residential apartments and approximately 22,000 sq. ft. retail space. The first phase is also expected to include a drug store and a neighborhood style supermarket. Plans for 50/30/20 affordable housing in…

By Erika Schnitzer, Associate EditorBeaverton, Ore.–Merlo Station Apartments, a 128-unit transit-oriented affordable housing community, opened yesterday. Developed by Washington County, Ore.-based Tualatin Valley Housing Partners (TVHP), the project is located one block from the Merlo Station MAX light rail station and approximately eight miles west of Portland.”The light rail station is the backbone of Portland’s public transportation system,” says Whit Spencer, a senior underwriter for Enterprise. “This particular site, by virtue to its short walk to the light rail station, can access the entirety of the region.”The transit-oriented nature of the development reduces residents’ dependency on cars, perhaps eliminating the…

By Anuradha Kher, Online News EditorSeattle–The Schuster Group recently acquired a 14,400 sq. ft. lot in Belltown at Elliott Avenue along Cedar Street in Seattle, for $5.1 million. This is the group’s first acquisition under its new real estate investment fund, Schuster Realty Partners.The parcel currently consists of two buildings and a small parking lot along the waterfront strip. The group will be developing the property into a mixed-use, high-rise, green condominium. While plans for the site are being developed, the Schuster Group will continue to lease the existing office space for the next few years to the current tenant.The…

Wellesley, Mass.– Karl Case–co-founder of the S&P/Case-Shiller home price index and an economics professor at Wellesley College in Wellesley, Mass.–said this week that foreclosed property auctions will speed up the housing market’s revival by shrinking the housing supply.”I think we’re going to see some signs of life in the next few months,” Case told Bloomberg. “The market is beginning to clear somewhat. There is some good news in this.”The S&P/Case-Shiller home price index, released Tuesday, found that home prices in 20 U.S. metropolitan areas dropped 14.4 percent in March compared to 2007 levels–the biggest fall on record.The rapidly declining home…

Washington, D.C.–The economy increased at a 0.9 percent annual rate in the first three months of 2008 due in part to a narrower U.S. trade deficit, according to government data released Thursday.Fueling speculation that the U.S. economy did not enter a recession earlier this year, the first quarter gross domestic product was revised to be higher than the original 0.6 percent annual rate estimate, the Financial Times reported Thursday.Because March imports decreased–along with the U.S. dollar and consumer spending–while exports increased, the GDP revision was not a surprise to many economists. The contribution trade made to first quarter growth was…

Charlotte, N.C.–Bank of America Corp. said Wednesday that Countrywide Financial’s chief operating officer will not assume control of the bank’s mortgage business once the companies are joined, according to the New York Times.Countrywide COO David E. Sambol instead will retire. Charlotte, N.C.-based Bank of America had offered Sambol–who, aside from CEO Angelo R. Mozilo, is Countrywide’s highest-ranking officer–$28 million to stay after its offer to purchase the troubled lender in January for $4 billion was accepted.Mozilo will not be part of the joint company, the Times said.Consumer advocates, politicians and regulators have criticized Countrywide in recent months, claiming its lending…

By Rachel Block, ReporterAgoura Hills, Calif.–AMCAL Multi-Housing Inc. was recently awarded the Best in American Living Award (BALA) — Silver Award for Affordable Housing by Professional Builder Magazine and the National Association of Homebuilders (NAHB). The award recognized AMCAL’s Avenue 26 master plan development for its excellence in art deco architecture, historic-looking streetlights, as well as its community and fitness centers. AMCAL has been developing housing throughout California since 1978. It has more than 2,800 units completed or under way in various cities including Los Angeles, Maywood, San Fernando Valley, Palmdale, Victorville, Coachella, Brawley, San Diego, Central Valley, Sacramento and…

London–U.K. home prices showed their largest monthly drop ever in May, the Nationwide Building Society said Thursday.Damaged by ongoing credit market issues and a slow economy, home prices dropped 2.5 percent in May–the biggest fall since Nationwide began its index in 1991, according to The Wall Street Journal.On a year-to-year basis, prices declined 4.4 percent, which was the biggest decline since 1992.The median home price fell from £178,555 ($352,449) in April to £173,583 ($343,712) last month–the seventh consecutive monthly price decline. However, prices are still 5 percent higher than in May 2006 and 10 percent above May 2005 prices.Still, the…