We are happy to share that Gilbane Development Company. has officially opened Atworth, a 451-unit affordable housing community in College Park, Maryland. Here are some of the highlights of this new part of D.C. Metro's growing housing pipeline: - Affordable living for families earning 80% of the area median income - Prime location near U.S. Route 1 and Interstate 495 - Amenities include swimming pool, yoga studio, coworking lounge, and more - Transit access to the future MTA Purple Line and nearby Metro station Find out more about the new Atworth property: https://lnkd.in/eQwFcJyp #residentialhousing #dcmetro #affordablehousing
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Another 87 units of rental housing proposed for Ladner Village area in
Proposal for Ladner Trunk Road will add density to Delta
delta-optimist.com
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Chief Investment Officer investing in housing people experiencing Homelessness. I am also the Director of Housing at a DEI centric platform.
Thank you for sharing, Simon Ha, AIA, LEED AP! This is a fantastic project produced and delivered by private market financing. The affordable housing system desperately needs more of this as we cannot depend solely on the LIHTC to meet our affordability crisis. Matthew Haas has a point that these are unicorn deals (today), but with some level of guidance, the private market could consistently deliver this type of product without the need for a front-end subsidy. Underwriting the time-limited nature of the master lease is challenging, though not entirely impossible. The main concern is how the agency and developer can compassionately handle a worst-case scenario. There is a possibility that the funding may run out or not get renewed, which would shift the entire risk to the private sector. If the worst-case scenario occurs, who is responsible for finding new tenants for the building? The private developer is likely responsible for this. Additionally, who will manage the mass relocations? This situation could drain the developer's operating reserves if they cannot handle the handoff effectively, leading to bankruptcy or insolvency if they are subject to legal action. In either case, less housing would be available. . . . #CREdiversity #commercialrealestate #realestate #empowerment #money #investing #finance #realestate #realestatefinance #development #realestatedevelopment #network #wealthbuilding #businesscapital #diversity #affordablehousing #affordablehomes #communitydevelopment
I posted about the "WeHouse" master lease concept conversation 6 months ago. This is actually happening! According to the Los Angeles Homeless Services Authority, they have a pilot program that will master lease 800 units in LA County and in process of master leasing the 1317 Grand micro-apartment building in Downtown LA. The building was originally conceived to serve the missing middle renters. I called it the mini-cooper of apartments because it is compact with nice finishes and amenities in a desirable and walkable neighborhood. The building itself is very similar to Permanent Supportive Housing projects, with all studio units having their own kitchen and bathroom, so even though it was not built with the intent to house the homeless, it will work seamlessly with minor tweaks. I'll publish a more in-depth comparison of this, but here are some quick notes: 1. The total development cost for this privately developed project is LESS THAN HALF of the average cost of subsidized affordable housing produced in LA. 2. The finishes are of market rate quality, so this building has much nicer apartments and amenities, including a full rooftop open space. It's a Class A building in a Class A location, with all the neighborhood amenities and transportation options. 3. LAHSA holds the master lease and will manage all individual tenants, providing property and asset management services, as well as wrap-around homeless services on-site. 4. Master lease is a 5-year term + 5-year option. This is an Opportunity Zone development, so the 10-year initial lease term is ideal since the investors have to hold for 10 years to take advantage of the OZ benefits. I was told a 10-year lease term concept is under consideration by LAHSA for the future. 5. Option to purchase - this property can be purchased in the future by the agency to keep this building as affordable housing in perpetuity. This project was built with ZERO public subsidies. To the owner of the building, master leasing the whole building means guaranteed rent payment, regardless of the actual vacancy rate. For the governmental agency, this is advantageous because it can instantly house people, and rental subsidies can be allocated immediately instead of waiting for a few years for construction to finish, which is the case with Project-Based Vouchers. The risk of development and construction with public money is completely eliminated. This system provides the best of both worlds: allowing private developers to produce housing efficiently while focusing subsidies to provide more rental assistance to help more people in need. In the US, federal rent subsidies are only able to assist 1 out of 4 people in need, trending towards 1 out of 5, according to a HUD executive. I think we have something here that can solve the high cost of affordable housing production and lack of rental subsidies. Matthew Haas André F. Bueno Thomas Wong, MSW Michael Shilstone #affordablehousing #innovativehousing
Vida DTLA: 1317 S Grand Ave | Housing Diversity Corporation
https://housingdiversity.com
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Robinson Manor: Part Of A Larger Community As with any home in virtually any neighborhood, the lifestyle one hopes to live plays a major role in selecting a home in a 55+ active adult community. Those looking for a private, gated “affinity” community centered on golf with amenities such as indoor and outdoor swimming pools, tennis, bocce, pickleball, and fine dining on premises have a few options from which to choose in Northern Virginia. I’ll profile several of these in future Homeward Bound blogs. However, as demand for 55+ active adult living expands and the availability of 750 to 1,000 acre plots of land on which to build them diminishes, such gated golf communities are significantly outnumbered by less exclusive, low-maintenance housing options. While still offering both indoor and outdoor social and physical activities, these communities mirror those around them in their lack of seclusion and exclusivity. (see https://lnkd.in/esdV3dSU for more)
Robinson Manor: Part of a larger Community - Dwight Morris Realtor
dwightmorrisrealtor.com
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Executive Chairman | Barrie Harrop, Sustainable Outcomes, Placemaker, with social responsibility.
50 years ago, "Heritage and New" came together in a range of my past major urban projects and various significant urban terrace/midrise projects that still stand today and probably will for the next 100 years or so. Instead of a 13-level cream brick tower block that came with the site planning approval on Brougham Place and would have destroyed the heritage value of adjoining mansions, I decided on a luxury terrace dwelling project. Brougham Place in North Adelaide now boasts 25 terrace dwellings that range from 155 sqm to 240 sqm, making it the largest Terrace City Housing project in over 100 years. These terraces were designed to fit between historic mansions and cottages in the rear street, with 30% set aside for affordability. The project has enjoyed above-average market capital growth, is tightly held, and has had few resales in the last 50 years. Check out more on heritage-sensitive projects like this below: #mediumdensity #midrise #HeritageNew
Heritage can be part of Sydney’s housing solution
smh.com.au
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Another NIMBY vs abundance battle - this time in Kitsilano. Arguments to save old improvements fall flat when the new Broadway skytrain line (set to host ~150,000 passengers a day) is popping up down the street. Density near transit hubs of this scale should be double or triple what is proposed on the subject site to accommodate a rapid transit hub. The west side of Vancouver is (by design) far behind on densification and will sadly experience more of these battles in the months and years to come. #yvrrealestate #yyzrealestate #VancouverRealEstate #TorontoRealEstate #CommercialRealEstate #OfficeSpace #IndustrialProperty #MultifamilyInvestments #HospitalityProperties #CRECanada #InvestmentOpportunities #PropertyInvestment #RealEstateInvesting #UrbanDevelopment #CommercialProperty #RealEstateROI #CREVancouver #CREToronto #AssetManagement #RealEstateTrends #RealEstateFinance #CommercialLeasing
"This BS": Vancouver residents riled up about NIMBY notice in Kitsilano | Urbanized
dailyhive.com
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So excited to go and see these homes next week, they are nearly ready for handover! 👏🏼 The detail and design of these homes are stunning, I cannot wait to see the finished result and get buyers moved in! New year, New Home 🏠 #newhome #newproject2024 #construction #sharedownership #propertyladder #salesandmarketing
Affordable, aspirational three and four bedroom homes in Levenshulme.🏡 Stunning new homes created to provide comfort for your family and a special space to call your very own. #Gecko #GeckoHomes #Manchester #Housing #SharedOwnership #PropertyLadder #AffordableHomes #NewHome #HousingInManchester
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CRE research professional and head of a national commercial real estate research platform for Newmark in Canada providing thought leadership, operational excellence, team building and market insights
Vancouver’s elected municipal officials under the Green Party are hoping to salvage the promised renewal of the aging Britannia Community Centre through redevelopment, reported Daily Hive. "The concept for the redevelopment of the 17-acre site was approved in July 2018 by the Vision Vancouver-led City Council. The cluster of Britannia civic facilities is located just west of Commercial Drive at Napier Street in the Grandview-Woodland neighbourhood, which entail 1970s-built buildings containing Britannia Secondary School, Britannia Elementary School, Britannia Community Centre, Britannia Gym, Britannia Rink, Britannia Pool, and Vancouver Public Library’s Britannia branch." "Given the size of the redevelopment and the wide range of major different uses, it was originally envisioned the new buildings, facilities, and green spaces would be constructed across three phases over 10 to 20 years spanning multiple capital budget cycles. For the first major step after the concept approval, the aim was to begin the rezoning process in 2019 and detailed design work in 2020. But more than five years after the redevelopment’s master plan approval, no progress has been made towards achieving the required rezoning, never mind reaching construction readiness. Funding is also currently unavailable, and there is no established timeline for the project." https://lnkd.in/d4R6SXx4 #vancouver #redevelopment #civicfacilties
Promised new East Vancouver community centre facing uncertainty | Urbanized
dailyhive.com
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For our investors of crown view, here’s an update
Victoria Riverside is already one of the most anticipated upcoming developments in Manchester, with completion due early in 2025. Construction is progressing well, as prospective buyers can look forward to an on-site gym, concierge, landscaped gardens & residents lounges, as well as access to all that Manchester has to offer. This project is sure to attract a high tenant demand, with the surrounding area of Victoria North set to be the biggest and most expensive regeneration project ever in the North West. Find out more here - https://bit.ly/43TWgEi 📲 #propertyinvestment #manchesterproperty #buytolet #manchesterinvestment #landlords
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CRE research professional and head of a national commercial real estate research platform for Newmark in Canada providing thought leadership, operational excellence, team building and market insights
A new park and two new highrise towers soaring up to 80 storeys tall could be added to Burnaby’s Brentwood town centre, and residents can share their thoughts on the plan at an open house on April 2, reported the Times Colonist (Victoria). "Changes to the Brentwood site master plan, the Amazing Brentwood development at 4567 Lougheed Hwy., would see the number of towers and allowed heights increased due to the number of non-market rentals required by a relatively recent policy, according to a staff report." "Where the original 2013 master plan called for 13 towers, the amended plan includes designs for 15 towers, and the two additional highrises could be up to 80 storeys tall." "The two tallest under the original plan are now built as Towers 1 and 2 at Brentwood. Both towers are 53 residential storeys atop a three-storey commercial podium (the range for those towers allowed up to 70 storeys, showing the towers can be built under maximum allowable height)." https://lnkd.in/gwcjXMYw #buraby #development #residential
Two more towers up to 80 storeys tall, more rental housing could be coming to Burnaby’s Brentwood
timescolonist.com
Thank you, MBB Affiliates, LLC, for the warm introduction to Atworth! We’re excited to bring an innovative, mixed-use affordable community to College Park, MD.