News

By Anuradha Kher, Online News EditorDallas–Granite Properties and Gables Residential has begun construction on a $200-million mixed-use project in uptown Dallas. The development, featuring a high-rise 292-unit residential apartment complex as well as a 19-story Class AA office tower, is located on 2.145 acres in the center of Uptown. Completion of the two-tower project is slated for March 2010. The Granite office tower at 17 Seventeen McKinney is located at the northwest intersection of McKinney Avenue and North Akard Street and the Gables residential high rise is at 1700 Cedar Springs and Akard.“Right now, there are a lot of office…

By Erika Schnitzer, Associate EditorAtlanta–The first phase of 12th & Midtown, a three-million sq.-ft. mixed-use development, has recently been completed. The development is set to span four city blocks in Midtown Atlanta and will feature over 1.2 million sq. ft. of residences, offices, hotel rooms and retail shops.1010 Midtown, a 35-story tower comprised of 443 residences and 50,000 sq. ft. of retail and dining space, is the first phase of the project. Designed by Atlanta-based architecture firm Rule Joy Trammell + Rubio, 1010 Midtown is located at the center of “Midtown Mile”—a 14-block, one million sq.-ft. area comprised of residences,…

Vernon, Conn.–W&K Associates, an owner and manager of properties, has bought 28-32 Elm St., a nine-unit apartment building in Vernon, Conn., for $500,000. The broker for the deal was Hartford, Conn.-based Chozick Realty.The property is located in the downtown area of Vernon, which is less than 15 miles east of Hartford, Conn.“It is on a residential street but is centrally located within walking distance to retail, entertainment and employment,” Rick Chozick, president of Chozick Realty tells MHN.“It is adjacent to the downtown Vernon area, the Rockville Hospital and the Superior Court, all of which make this an attractive area to…

Washington, D.C.–Banks are so affected by the U.S. housing crisis that many are beginning to delay reacting to homeowners mortgage defaults, according to Bloomberg. The amount of borrowers at least 90 days late on their loans hit its highest level in at least five years, increasing to 3.6 percent at the end of December, according to the Mortgage Bankers Association in Washington, D.C. For the first time, that amount is almost double the amount of homes that have entered foreclosure.But banks aren’t anxious to take over vacant homes. Lenders face a number of headaches with foreclosed properties, including legal fees,…

Washington, D.C.–The economy lost 80,000 jobs last month–the third consecutive rise in unemployment, the Labor Department said Friday.Sudden declines in the manufacturing and construction sectors influenced the biggest drop in five years, the New York Times said.The unemployment rate rose from 4.8 percent to 5.1 percent, its highest level since 2005. In addition, employers eliminated 76,000 jobs in January and February–more than originally estimated.Wage increases are still behind inflation–which means many employees are actually making less now than they were a year ago. The new caused concern that the U.S. could fall into–or already may be in–a recession. In the…

Washington, D.C.–Banks are adding fees and restrictions to make loans insured by the Federal Housing Administration more expensive and harder to get, The Wall Street Journal reports. The FHA recently received higher loan limits–$729,750 for high cost areas–until the end of the year, which are expected to be raised permanently. As other mortgage types have become more difficult to attain, FHA loans have grown more popular. Rates have increased because of a reduced demand from investors for jumbo FHA loan-backed securities, according to traders. Securities backed by smaller loans are expected to be more actively traded, and the larger loans…

Washington, D.C.–On Thursday, the Senate began debating a bipartisan bill that could offer homeowners help and provide homebuilders with $6 billion in tax breaks, the Los Angeles Times reported Friday.The tax provision is the biggest expense in the measure and was met with criticism as senators rejected an amendment offered by Sen. Richard J. Durbin (D-Ill.) that would have allowed bankruptcy judges alter mortgage terms for primary residences. Mortgage lenders, the White House and most Republicans opposed the bankruptcy proposal.After the rejection, a group that includes the Center for Responsible Lending and Consumer Federation of America said the bill was…

By Anuradha Kher, Online News EditorTony Wootton Becomes SVP at YapStoneSan Francisco–Tony Wootton (pictured first from top) has joined YapStone Inc. as senior vice president of business development. Prior to joining Yapstone, Wootton served as vice president and general manager of payment solutions at the Green Dot Corp., the leading provider of financial services to the issuer of reloadable prepaid debit cards. Wootton has been added to the YapStone management team to drive their payment processing platforms into new markets.Prior to Green Dot, Wootton served as senior director of business development for InfoSpace Mobile, a premier provider of downloadable mobile…

By Lisa Iannucci, Green Building CorrespondentOakland, Calif.–Bridge Housing Corp., a nonprofit developer of affordable housing in California, is developing Ironhorse at Central Station, a 99-unit affordable housing project that incorporates numerous sustainable or green building and landscaping features.Ironhorse is located in the Central Station neighborhood in West Oakland. It will open in late 2009, and will include one-, two- and three-bedroom apartments for families with annual incomes ranging from $18,000 to $50,000. Twenty of the units will be available to the lower income levels through rent subsidies.“Bridge is incorporating measures that are cost-effective as well as assist in ensuring the…