News
How Top CEOs Are Dealing With Rising Energy Costs, Other Challenges
By Teresa O’Dea Hein, Managing EditorOrlando, Fla.–What Keeps You Up at Night? might seem like a personal question but five leading multifamily CEOs were willing to share their industry concerns at a general session held during the 2008 National Apartment Association (NAA) Education Conference & Expo at the end of June in Orlando, Fla. in the Gaylord Palms Resort & Conference Center.“One of the things I think about daily is the high cost of energy,” said Steven D. Bell (pictured at far right), chairman & CEO of Steven D. Bell & Co., noting that he is concerned about Congress’ inability…
Profile: ‘Amateur Hour Is Over,’ Says IREM President
By Teresa O’Dea Hein, Managing EditorProfessional management is key in tough economic times, believes Regina (Reggie) T. Mullins, CPM. With more than 24 years of industry experience, Mullins brings a lot of expertise to her role as the 2008 president of the Institute of Real Estate Management (IREM). This year marks IREM’s 75th anniversary. In Mullins’ nine months as IREM’s 2008 president, she has reached out to real estate professionals all over the U.S. and overseas as well through speaking engagements and meetings. Her travels have taken her from Des Moines, Iowa to El Paso, Texas, to Japan, Korea and…
DEAL OF THE DAY: Siegel Group Acquires 330-Unit Bankrupt Apartment Complex for $19.10M
By Anuradha Kher, Online News EditorLas Vegas–The Siegel Group Nevada Inc. and Great American Capital together recently completed the acquisition of the Deer Creek Apartments, a 330-unit bankrupt apartment complex in Las Vegas, for $19.10 million.Deer Creek Apartments is situated on approximately 6.68 acres of land adjacent to the corner of Flamingo and Swenson.In late June 2007, the Siegel Group had been negotiating the purchase of Deer Creek with the prior owner of the property, Atherton Newport Investments, which acquired the property in February of 2006 with the intention of demolishing and constructing a condominium development. In early 2008, the…
Hakatai’s New Collection of Mixed-Media Mosaic Tiles
The Horizon series from Hakatai features mixed-media mosaic blends, offering blends of glass, glass and metal, and glass and stone. The random blends offer versatility and color options of glass mosaic tile, combined with the diversity of textures presented by polished stone, stainless steel or copper mosaics.The Horizon series of 7/8-in. by 7/8-in. tiles comes in a range of attractive colors, finishes and materials, offering a wealth of choices. The Horizon glass blends combine glossy and matte finish tile for a modern look. The contrasting finishes create depth and dimension, bringing surfaces to life. The Horizon glass and metal blends…
Miami’s Second-Tallest Building Tops Off
By Erika Schnitzer, Associate EditorMiami–Marquis, a 67-story condominium and hotel tower, which is expected to be the second-tallest building in Miami, was recently topped off. Designed by Miami-based Arquitectonica for New York-based Leviev-Boymelgreen Marquis Developers, the tower is comprised of 305 loft-style condominiums and a 56-key boutique hotel.The L-shaped building, located at 1100 Biscayne Blvd., is wrapped in blue tinted glass and reflects the surrounding water and sunlight. It is composed of interlocking parallelograms. Glass-railed balconies are visible on the east and north sides of the project.“The building will appear to be a sparkling crystal stalagmite formation in the skyline,”…
Ground Broken on 83-Unit Affordable Seniors Housing Project in Bronx
By Anuradha Kher, Online News Editor New York–The Ursuline Bedford Park Community, Fordham Bedford Housing Corp. and Enterprise, along with the U.S. Department of Housing and Urban Development (HUD) and the New York City Department of Housing Preservation and Development (HPD), recently broke ground on Serviam Gardens, an 83-unit affordable housing project for medium- to low-income senior citizens. The project, located in Bedford Park in the Bronx, New York, is part of Mayor Bloomberg’s New Housing Marketplace plan to build or preserve 165,000 units of affordable housing over 10 years. It will be ready in 2009.The land for Serviam Gardens was…
Plans Unveiled for 228-Unit Rental Community in Dallas’ Arts District
By Anuradha Kher, Online News EditorDallas–JPI recently broke ground on Jefferson, a 228-unit luxury rental community in the Arts District in downtown Dallas.Located at the northeast corner of Ross Avenue and Routh Street in Dallas, Jefferson at the Arts District will be a part of the city’s 68-acre urban cultural district featuring the Dallas Museum of Art, the Nasher Sculpture Center, the Morton H. Meyerson Symphony Center, the Margot and Bill Winspear Opera House (currently under construction), and the Dee and Charles Wyly Theatre (also currently under construction).The community is situated five blocks from the city’s planned Woodall Rodgers Park,…
IREM, USGBC Sign MOI to Promote Sustainable Building
By Anuradha Kher, Online News EditorChicago–The Institute of Real Estate Management (IREM) and the U.S. Green Building Council (USGBC) recently signed a Memorandum of Intent outlining collaborative efforts to promote green building development, energy efficiency and environmentally responsible building operations across all property types.The memorandum establishes a cooperative working relationship between IREM and the USGBC that will include educational webinars and conferences available to IREM’s members for a discounted price, as well as a research publication. Also, through this memorandum, IREM will be able to offer Leadership in Energy and Environmental Design (LEED) certification to its members.IREM has 18,000 members…
Affordable Housing Company Successfully Redevelops Brownfield
By Lisa Iannucci, Green Building Corresspondent New York–According to the Environmental Protection Agency (EPA), a “brownfield” is a property where the expansion, redevelopment or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant or contaminant. Although some developers are hesitant to work with brownfields, especially because of the costs, other developers, such as the New York City-based The Arker Cos., are transforming brownfields into high-quality, affordable housing. The Arker Cos. transformed one Bronx brownfield that was formerly occupied by a shuttered gas station into the White Plains Courtyard. The Courtyard is a 100-unit,…
DEAL OF THE DAY: Fully Entitled Multifamily Site Bought for $1.85M
By Anuradha Kher, Online News EditorWest Toluca Lake, Calif.–Hendricks & Partners recently arranged the sale of Toluca City Place, a multifamily development site located at 11022 Camarillo St. in West Toluca Lake, Calif., for $1,850,000. A 15-unit condominium or rental project will be built on the fully entitled 14,500-sq.-ft. vacant lot. The sale price equates to $127 per sq. ft. of land and $123,333 per unit.The sellers – developer Hugh Finkle, engineer Eric Lieberman and architect Stanley Brent – spent more than two years gaining approvals for a four-story building featuring two- and three-bedroom units ranging from 1,425 to 1,613…