Adaptive reuse is the process of updating an existing structure and adapting it for a new use. In 2020 and 2021, a total of approximately 32,000 converted apartment units were delivered to market, according RentCafe, with Philadelphia and Washington, DC … Continue reading →
Eleven million renter households with extremely low incomes (those with incomes at or below the poverty line or 30 percent of the area median income (“AMI”), whichever is greater) account for 25 percent of all renter households and nine percent … Continue reading →
A reciprocal easement agreement (“REA”) is a legal agreement between individual property owners that provides for the rights and obligations of the owners and coordinates the development, operations and maintenance of the affected properties. REAs may contain provisions that address … Continue reading →
Upzoning is a change in the zoning code to allow for increased development or density (for example, increasing the allowable FAR). On September 16, California governor Gavin Newsom signed Senate Bill No. 9 (SB 9) into law. Known as the … Continue reading →
On October 23, 2020, CRE Worldwide filed a lawsuit against Thai Tanic (now Ammathar) et al. and the owners of 1326 14th NW (Michael Askarinam and Vahid (“Tony”) Askarinam). The matter concerns the alleged breach of a brokerage representation agreement … Continue reading →
Development yield, also known as yield-on-cost or “going-in cap rate,” is a metric used in real estate development. It is the yield potential for a new development project and is calculated as the project’s first stabilized year net operating income … Continue reading →
A Brookings report breaks down the component costs for a mid-rise (four- to six-story) multifamily project into three categories (land costs, hard and soft costs) and estimates the contribution of each category to the total development costs as follows: Land … Continue reading →
On March 13, the White House announced a public-private partnership with Walgreens, Walmart, Target, and CVS (and later Rite Aid and Kroger) to provide a portion of their parking lots across the nation for free drive-through COVID-19 testing. In part … Continue reading →
According to a Reuters analysis of federal data, of the 378 metropolitan areas ranked by the change in their share of national employment from 2010 to 2017, 40 percent of the new jobs generated during that time (along with a … Continue reading →
On July 1, the DC government announced that the development team consisting of Monument Realty, Morningstar Community Development, The May Firm, and Community Housing Partners was selected out of six proposals for the development of 2 Patterson NE – a … Continue reading →