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    Category: Apartment Building Construction

    Inside the Dakota Apartment Building in New York … - February 11, 2019 by admin

    For years dubbed the most famous apartment building in New York City, the Dakota has a spot in cultural historyfilm, celebrity, art, and otherwisewholly unique in the world of architecture and even more unique in the world of urban dwellings. Regarded as the citys first luxury apartment building, the Dakota, which defied convention at the time of its completion in 1884, set the stage for centuries of high-end apartments that would come to characterize the citys real-estate market. Yet, as many other buildings have come and gone, both in fashion and in terms of literal demolition, 1 West 72nd Street has endured as one of the most desirable addresses in the city. Here, we revisit the iconic structure, exploring its deeply multifaceted claim to fame.

    The Dakota, as seen from Central Park in 1894.

    A lawyer who cofounded the Singer Sewing Machine Company, Edward Clark, was an active real-estate investor in Manhattan for some decades before commissioning the Dakota in 1880. Clark sought out architect Henry Janeway Hardenbergh (who would go on to design the Plaza and Waldorf-Astoria hotels) not just to create an apartment building, but to begin development on the citys largely empty Upper West Side. The Dakota reflected [Clarks] vision to establish the district as an upscale suburb, explains Tom Miller of the popular New York history blog Daytonian in Manhattan and author of Seeking New York: The Stories Behind the Historic Architecture of Manhattan. He urged other developers and landowners to work together to ensure what he called the 'exclusive character' of the West Side plateau. The buildings name, unsubstantiated lore has it, comes from the fact that the building was so far away from the citys bustling downtown it might as well have been out West in the Dakotas.

    Writer Truman Capote and guests at a housewarming party for critic Rex Reed in The Dakota on April 30, 1972.

    Clark and Hardenberghs work was exclusive indeed. No detail was spared on the exterior or the interiors of the 65 apartments, no two of which were exactly the same. At the time, even the most luxurious of apartments were a foreign concept to the citys upper class, who were accustomed to single-family living. Clark had his work cut out in marketing a multi-family building at a time when apartment living was only starting to become acceptable among the upper classes, explains Miller. To eradicate the stigma of tenements, Clark had to offer wealthy families all the amenities of a private mansionup to 16 rooms in some apartments.

    The Dakota in 1955.

    Stylistically, the Dakota is elusiveHardenberghs reference points are mixed, leading architectural critics to employ something of a mixed vocabulary. Current architectural historians wrestle with putting a name to the Dakota's architectural stylecalling it German Renaissance, Chateauesque, and even Gothic Revival, explains Miller. The confusion is a result of Hardenberg's mixing of historic styles; what was at the time sometimes referred to as a happy mix.

    John Lennon and Yoko Ono outside of the Dakota.

    Architecture aside, its the residents themselves who have sealed the Dakotas mainstream fame. Long a haven for artistic types, the Dakota has been home to Judy Garland, Lauren Bacall, Leonard Bernstein, Rosemary Clooney, and most famously, Yoko Ono and John Lennon, who was murdered just outside of the apartment gates in 1980.

    A doorman stands in front of the Dakota on the 35th anniversary of the night John Lennon was gunned down by Mark David Chapman outside the building.

    Today, the Dakota remains among the toniest addresses in the Big Apple, with its iron-clad board monitoring new resident applications. Melanie Griffith and Antonio Banderas, Cher, Billy Joel, and Madonna were all famously rejected by the board. In 2015, a suit was brought forward alleging the buildings co-op board of racist resident approval, though the case was soon thereafter dismissed for lack of evidence.

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    The Case for Ending Apartment Bans Data For Progress - February 9, 2019 by admin

    Laura Loe Bernstein (@sharethecities) and Henry Kraemer (@HenryKraemer)

    Theres a stubborn disagreement right now over the roots of Americas housing crisis, and whether runaway rents can be eased by ending apartment bans. We can all see that rising rents have far outpaced wages, just one of the many ways crony capitalism squeezes the working class, poor folks, communities of color, and the shrinking middle class. Millions of Americans need the housing crisis to end, and for the United States to establish housing as a human right. This crisis was born of a willful, elite effort to exclude the masses from decent neighborhoods by banning the apartments we can afford. The crisis cannot end without undoing that sin.

    We need a Housing Guarantee in this country, to ensure that everybody has a home they can afford, and can rest easy knowing they will never be priced out of it. That means:

    Robust social housing options accessible to all people.

    The ability for people to choose to opt-out of our broken for-profit housing systems and into a federally supported system that favors limited equity co-ops, community land trusts, and a massive investment in public social housing yet unseen in the United States (but common in Europe).

    Year-to-year rent stabilization and presumption of indefinite tenure to give renters peace of mind that their landlords wont spike their rents or no-cause evict them.

    Cash assistance or solidarity funds to help people who need it to pay their rent.

    Ending apartment bans to stop perpetuating the race and class separation that resulted from past land use wrongs.

    Successfully enacting these first four priorities is nearly or entirely impossible if we do not end apartment bans. Also known as exclusionary zoning, apartment bans restrict new home-building to the sort of single-family houses most commonly associated with suburbs and affluent neighborhoods. Apartment bans are extraordinarily widespread, and render it illegal to build duplexes, triplexes, fourplexes, and other spaces where multiple families can live nestled together (and often more cheaply) on the same plot of land. These bans have been central to the widespread disparities in access to the best parks, transit, scenic views and amenities, while consigning the lower classes to underfunded schools, environmental racism and generational wealth gaps.

    Without a housing guarantee that opens the door to every neighborhood, we cannot build geographically equitable social housing, therefore new development will continue to segregate our communities by class and race.

    Legalizing apartments in every community in the United States will not be enough. We need strong rental regulations to protect residents of these new apartments from exploitation and harm from their landlords. We need universally accessible public housing options to give renters the freedom to ditch their landlords if they want. But that starts with making space for apartments, especially in the neighborhoods wealthy property owners have long hoarded for themselves.

    Without abolishing apartment bans we are left with very little space in growing cities to place social housing. Lets say we raise taxes on the rich as much as we dream, and set about to build social housing apartments. Right now, apartments market rate or not are illegal in much of the useable land in American cities (only 17% of Seattles buildable land allows apartments, for instance). Where will we put the new social housing if apartment bans remain? (And it will take years to build the social housing we need; in the meantime lets at least build some places for middle class and working class people to live.)

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    Multifamily Construction Loans - December 19, 2018 by admin

    Multifamily & Apartment Construction and Development Financing

    Construction financing is back again, and terms are more competitive than ever. For apartment construction loans, HUD is, as always, offering the most competitive fixed-rate, fully amortized, high-leverage, non-recourse financing, but as you already may know, those HUD 221(d)(4) deals come with a good amount of red tape and a long timeline (usually seven to 10 months to close).

    Small banks are currently lending up to 65% of project cost at PRIME + 1.50% +/-;regionals are a bit more aggressive and lending at as low as LIBOR + 2.50%. The nice thing about bank construction loans is that they are available for most commercial property construction, including mixed use, office, retail, industrial, and more. They also allow you to take your finished/stabilized product and recapitalize once the project is complete with a cash-out refinance or sale, with limited or no prepayment penalty.

    For multifamily properties,Fannie, Freddie, and CMBS offer unlimited cash outup to 80% LTV depending on the particular scenario. HUD loans, although offering the highest leverage, do not generally allow for recapitalization (there is a lockout period followed by a hefty prepayment penalty). For commercial properties,life companies and banks offer comfortable permanent financing options with some level of recapitalization or earnouts.

    Call (800) 567-9631 to speak with a multifamily construction loan specialist, or fill out the form below to schedule a free consultation.

    Multifamily Construction Loans

    Apartment Building Construction Cost Breakdown | ProEst - December 3, 2018 by admin

    In the realm of architecture, each project is unique and along with every individual project comes its own cost-driving program elements. Apartment buildings are no exception to this rule, as they can be as simple as a 3-story walk-up or as complex as an urban development project with various construction limitations.

    When projects are initially budgeted for, RSMeans data can be implemented for background information; however, construction costs for apartment buildings cannot always be pinpointed to an absolute number, particularly in areas where the housing boom has sharply increased construction costs and a shortage of skilled labor.

    In many cases, firms will use historical data from past projects and extract elements that are common to the proposed project. Because construction costs for apartment buildings vary greatly based on economic and market trends of the current year, the location theyre being constructed in, and other variables, determining an average national cost can become somewhat elusive. hmm

    In this article, well explore the variables found in commercial construction across the U.S., along with tips and tools to estimate the cost of building a commercial apartment building.

    When it comes to determining the cost of commercial apartments, many factors must be taken into consideration, including building practices, the cost of labor, the cost of land, and to some extent, the cost of the materials. Because these tangential costs can differ greatly from location to location, and are dependent on the nature of the particular apartment building being constructed, it is difficult to provide a one-size-fits-all answer.

    Although the National Association of Home Builders (NAHB) can provide a broad idea of construction costs for an average home, it is not an ideal tool for estimating costs for a commercial apartment building. Companies that provide more specific cost estimating, usually for a fee, include RSMeansandMarshall & Swift. These costs include all of the builders expenditures that go into a particular item, including labor costs paid directly by the general contractor, the cost of hiring subcontractors, and the cost of materials.

    So, the question still remains: what does it cost to build an apartment building? As mentioned, there are a huge number of variables in such a question for example, apartments come as low-rise, mid-rise, and high-rise architectural styles. For the purpose of this discussion, we will look at the mid-rise buildings with five or more units in each. According to the U.S. Energy Information Administration, the size of the average apartment is 861 square feet, which assumes a footprint of approximately24x35. The building of single mid-rise complex would never be a DIY project, and typically requires a knowledgeable contractor, an architect, a team of subcontractors, and cooperative owner to get the job completed within a calendar year.

    For the building of an apartment building with twelve units, the typical costs include:

    Most owners rely on both an architect and a contractor, and the architect will require approximately10 17% of the total building budget. Below, a breakdown of services each professional traditionally provides, along with an overview of what to expect in a general commercial apartment buildout:

    An architect will:

    A contractor will:

    A general apartment construction project will cover such items as:

    Did You Know

    The shape of the outside perimeter is also an important consideration in estimating the total construction cost. Generally, the more complex the shape, the more expensive the structure per square foot of floor area. The shape classification of multiple story or split-level structures is based on the outline formed by the outer most exterior walls, regardless of the varying level. Most structures have 4, 6, 8 or 10 corners. Small insets not requiring a change in the roof shape can be ignored when determining the shape.

    For instance, in the 30-unit apartment development described above, the developer would have to invest $4,500,000 of equity (i.e., $150,000 per unit or 35% of the total cost). Most real estate developers would not invest all of the capital themselves, especially if they have a few real estate projects underway at any one time. Instead, they raise the equity capital, usually from an investment fund, and those outside investors put up 80-90% of the money (e.g., $3,600,000 to $4,050,000 of the total).

    Above all, it is crucial to prepare for cost overruns when determining the costs for the construction of a new apartment building. If you can actively remember that the finished cost of an apartment is often more than the original bid price, you can work to avoid this outcome. In some instances, budgets can easily be eaten up on high-end materials, such as flooring, vaulted ceilings, elaborate landscaping and so on.

    However, the investment made in such luxury fixtures and materials can be recouped, as the price of your property increases exponentially, both in real estate value and as a source of income (i.e., higher rental potential). When something is chosen that is outside the contract, this is called a change order, and if you are working with an experienced builder, they should be able to quantify these upcharges for you so you can make an informed decision.

    Start by working with your new home builderto create as detailed a construction contract as possible. The more detail this contact reveals, the more accurate your estimated new apartment building costs will be, and the more likely you are to stay within your budget.

    Some key components to identify in your contract should include:

    Although there are wide variances in cost when it comes to commercial apartment construction, one thing is for certain with the proper planning and budgeting in place at the onset of your project, you can achieve your goals while staying within budget. In the end, it makes good business sense to figure in an additional 10% to cover unexpected costs; however, a seasoned commercial builder should be able to help you adhere to your budget.

    Using tools such as ProEstsRSMeans building construction cost data, you cantrack labor and material cost changes can also be highly beneficial our database has the key information you need through every phase of your construction project. From Civil Cost Construction Data to Commercial Construction Cost Data, we have the estimating products and services to help you create profitable and competitive bids.

    Our easy-to-use General Contractor Estimating Software helps you quickly respond to customer bids while accurately calculating the cost of any size project.

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    Apartment Building Construction for Overlooking Great … - July 23, 2018 by admin

    Apartment Building Construction Situated in Cape Town, South Africa, this apartment building is a masterpiece from Antoni Associates with the apartment building construction. This building is completed in 2012 using the luxurious design with a stunning panorama right on the front on it. Its called as the Clifton View 7. With the fancy color style and modern architecture style, this apartment is visualizing the dream apartment that will always make you get new refreshment.

    The exterior design of the apartment building construction is adopting the contemporary building design. It has nice large windows on each unit that will bring a good lighting setting and bright panorama from the outside. Because of the sloped terrain, this apartment is following its land texture in such a stair design. It has a calm situation with the natural breezing air from the seashore. Of course, you will get some enjoy and relaxing situation.

    The interior design of this apartment is also no less interesting. You can see a wooden structure is covering the interior. It brings some chic and cozy nuance with the nature sensation. The glass railing on the staircase brings elegance on this house. There is a beautiful lighting setting on the ceiling. It comes with the bright neon using the obscure yellow color. Move to the bedroom unit, you will get a compact and beautiful bedroom with the great view from this apartment. Well, the designer is trying to bring the sweet horizon to accompany you while youre dreaming on your cozy bedroom.

    READ Contemporary Home Design Architecture Stunning with Incredible Glass Facade

    Nothing to say except excellent for this apartment. It has a good design with some beautiful accent layer on each side of it. The large pool with the large terrace is also built on the second floor. You can enjoy the apartment situation with high African nuance on here. Enjoy this apartment building construction for flooring installation and share your thought about it.

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    Apartment Building | Definition of Apartment Building by … - July 7, 2018 by admin

    Hughes, for example, has erected two more upscale apartment buildings in downtown Columbia m.flats and TEN.M and plans to add 6,000 residential units to the county in the next 20 to 30 years.

    An apartment building and a Walgreens stand in its place.

    Mamoudou Gassama, a migrant from Mali, scaled the outside of the apartment building, climbing up four stories to save the boy who was dangling from the balcony.

    Designed specifically to house the homeless, the new shelters, accommodating anywhere from 80 to 400 people, may be located in converted hotels, armories or low-rise apartment buildings, or be built from the ground up.

    Jordan was selling the water bottles outside the family's apartment building, which is across the street from AT&T Stadium, where the Giants were playing.

    Some council members say this argument is belied by the success of the company's two other apartment buildings, One Light and Two Light.

    Construction has started on a new seven-story apartment building in the Metro Centre in Owings Mills, bringing the total number of apartments clustered there at 350.

    But lately it has been targeted by developers of apartment buildings, retail and restaurants.

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    Building construction | - June 21, 2018 by admin

    Building construction, the techniques and industry involved in the assembly and erection of structures, primarily those used to provide shelter.

    Building construction is an ancient human activity. It began with the purely functional need for a controlled environment to moderate the effects of climate. Constructed shelters were one means by which human beings were able to adapt themselves to a wide variety of climates and become a global species.

    Human shelters were at first very simple and perhaps lasted only a few days or months. Over time, however, even temporary structures evolved into such highly refined forms as the igloo. Gradually more durable structures began to appear, particularly after the advent of agriculture, when people began to stay in one place for long periods. The first shelters were dwellings, but later other functions, such as food storage and ceremony, were housed in separate buildings. Some structures began to have symbolic as well as functional value, marking the beginning of the distinction between architecture and building.

    The history of building is marked by a number of trends. One is the increasing durability of the materials used. Early building materials were perishable, such as leaves, branches, and animal hides. Later, more durable natural materialssuch as clay, stone, and timberand, finally, synthetic materialssuch as brick, concrete, metals, and plasticswere used. Another is a quest for buildings of ever greater height and span; this was made possible by the development of stronger materials and by knowledge of how materials behave and how to exploit them to greater advantage. A third major trend involves the degree of control exercised over the interior environment of buildings: increasingly precise regulation of air temperature, light and sound levels, humidity, odours, air speed, and other factors that affect human comfort has been possible. Yet another trend is the change in energy available to the construction process, starting with human muscle power and developing toward the powerful machinery used today.

    The present state of building construction is complex. There is a wide range of building products and systems which are aimed primarily at groups of building types or markets. The design process for buildings is highly organized and draws upon research establishments that study material properties and performance, code officials who adopt and enforce safety standards, and design professionals who determine user needs and design a building to meet those needs. The construction process is also highly organized; it includes the manufacturers of building products and systems, the craftsmen who assemble them on the building site, the contractors who employ and coordinate the work of the craftsmen, and consultants who specialize in such aspects as construction management, quality control, and insurance.

    Building construction today is a significant part of industrial culture, a manifestation of its diversity and complexity and a measure of its mastery of natural forces, which can produce a widely varied built environment to serve the diverse needs of society. This article first traces the history of building construction, then surveys its development at the present time. For treatment of the aesthetic considerations of building design, see architecture. For further treatment of historical development, see art and architecture, Anatolian; art and architecture, Arabian; art and architecture, Egyptian; art and architecture, Iranian; art and architecture, Mesopotamian; art and architecture, Syro-Palestinian; architecture, African; art and architecture, Oceanic; architecture, Western; arts, Central Asian; arts, East Asian; arts, Islamic; arts, Native American; arts, South Asian; arts, Southeast Asian.

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    Western architecture: Building materials

    The material employed in the earliest buildings constructed around Rome was tuff, a volcanic rock of varying hardnesses, some soft enough to be worked with bronze tools. Later, other harder volcanic stones were used, such as peperino and albani stone from the nearby

    The hunter-gatherers of the late Stone Age, who moved about a wide area in search of food, built the earliest temporary shelters that appear in the archaeological record. Excavations at a number of sites in Europe dated to before 12,000 bce show circular rings of stones that are believed to have formed part of such shelters. They may have braced crude huts made of wooden poles or have weighted down the walls of tents made of animal skins, presumably supported by central poles.

    A tent illustrates the basic elements of environmental control that are the concern of building construction. The tent creates a membrane to shed rain and snow; cold water on the human skin absorbs body heat. The membrane reduces wind speed as well; air over the human skin also promotes heat loss. It controls heat transfer by keeping out the hot rays of the sun and confining heated air in cold weather. It also blocks out light and provides visual privacy. The membrane must be supported against the forces of gravity and wind; a structure is necessary. Membranes of hides are strong in tension (stresses imposed by stretching forces), but poles must be added to take compression (stresses imposed by compacting forces). Indeed, much of the history of building construction is the search for more sophisticated solutions to the same basic problems that the tent was set out to solve. The tent has continued in use to the present. The Saudi Arabian goats hair tent, the Mongolian yurt with its collapsible wooden frame and felt coverings, and the American Indian tepee with its multiple pole supports and double membrane are more refined and elegant descendants of the crude shelters of the early hunter-gatherers.

    The agricultural revolution, dated to about 10,000 bce, gave a major impetus to building construction. People no longer traveled in search of game or followed their herds but stayed in one place to tend their fields. Dwellings began to be more permanent. Archaeological records are scanty, but in the Middle East are found the remains of whole villages of round dwellings called tholoi, whose walls are made of packed clay; all traces of roofs have disappeared. In Europe tholoi were built of dry-laid stone with domed roofs; there are still surviving examples (of more recent construction) of these beehive structures in the Alps. In later Middle Eastern tholoi a rectangular antechamber or entrance hall appeared, attached to the main circular chamberthe first examples of the rectangular plan form in building. Still later the circular form was dropped in favour of the rectangle as dwellings were divided into more rooms and more dwellings were placed together in settlements. The tholoi marked an important step in the search for durability; they were the beginning of masonry construction.

    Evidence of composite building construction of clay and wood, the so-called wattle-and-daub method, is also found in Europe and the Middle East. The walls were made of small saplings or reeds, which were easy to cut with stone tools. They were driven into the ground, tied together laterally with vegetable fibres, and then plastered over with wet clay to give added rigidity and weatherproofing. The roofs have not survived, but the structures were probably covered with crude thatch or bundled reeds. Both round and rectangular forms are found, usually with central hearths.

    Heavier timber buildings also appeared in Neolithic (New Stone Age) cultures, although the difficulties of cutting large trees with stone tools limited the use of sizable timbers to frames. These frames were usually rectangular in plan, with a central row of columns to support a ridgepole and matching rows of columns along the long walls; rafters were run from the ridgepole to the wall beams. The lateral stability of the frame was achieved by burying the columns deep in the ground; the ridgepole and rafters were then tied to the columns with vegetable fibres. The usual roofing material was thatch: dried grasses or reeds tied together in small bundles, which in turn were tied in an overlapping pattern to the light wooden poles that spanned between the rafters. Horizontal thatched roofs leak rain badly, but, if they are placed at the proper angle, the rainwater runs off before it has time to soak through. Primitive builders soon determined the roof pitch that would shed the water but not the thatch. Many types of infill were used in the walls of these frame houses, including clay, wattle and daub, tree bark (favoured by American Woodland Indians), and thatch. In Polynesia and Indonesia, where such houses are still built, they are raised above the ground on stilts for security and dryness; the roofing is often made of leaves and the walls are largely open to allow air movement for natural cooling. Another variation of the frame was found in Egypt and the Middle East, where timbers were substituted for bundles of reeds.

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    San Diego Apartment Building Construction – Level 3 … - October 16, 2017 by admin

    Level 3 Construction is an experienced general contracting firm offering a comprehensive range of San Diego apartment building construction services that encompass emerging trends and technologies to deliver best-in-class projects. From ground-up apartment building construction to imaginative apartment renovation, we work with you to match our services with your objectives.

    Our culture of values builds quality relationships for quality projects. Level 3 Construction is known for being a leading San Diego apartment construction company and hospitality renovator with a growing presence in fine retail establishments, restaurants, multi-tenant and TIs. Our project experience ranges from small interior apartment renovation and tenant improvements to multi-million dollar ground-up hotel and restaurant construction and renovations.

    San Diegos leadingapartment building construction & renovation company.

    Apartment Pre-construction

    Apartment General Contracting

    Experience does matter. Along with multiple degrees and accreditations in Construction, Infrastructure and Systems management, the leadership team of Level 3 Construction, Inc. has over 50 years of combined experience in construction, project management and renovations within the apartment and hospitality building industry.

    Alongside our Executive Team is a diverse group of Project Managers, Field Superintendents, Tradesmen and Office Personnel. Each brings their unique talents and varied background to every project, making for a well-rounded, diverse pool of expertise that is beneficial to the success of every project we undertake, from apartment building construction to apartment remodeling and renovation.

    Reinvigorate your apartment lookwith remodeling and renovation.

    Level 3 Construction was founded on the single principle of providing excellence in everything we build and in every client relationship we have. Ultimately, it is our clients guests and patrons who experience our quality craftsmanship and added detail toward design improvements.

    Whether they live in your apartment buildings or dine at your restaurant, we know that our work impacts the consumers choice and how important that is to you. Quality, along with best effort engagement delivery, is why we have a host of repeat, loyal customers who turn to us time and time again. Our clients include Marriott, Starwood, IHG, Hilton, Best Western and boutique apartments along San Diego coastal communities.

    Looks matter to your customers. We can meet any aspect of workfrom small interior renovations to high-end apartment remodeling.

    See how Level 3 Construction can build you a better San Diego apartment by filling out our contact form today!


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    ONE Apartment Building / JSARQ | ArchDaily - October 15, 2017 by admin

    ONE Apartment Building / JSARQ

    + 18

    From the architect. ONE seeks to differentiate itself from all other real estate development projects in San Jos. Looking to challenge traditional vertical design, characterized by a building with identical floors, ONE has given an exclusive identity to each of its units.

    The building was designed from the inside out. Internal spaces are perfectly rectangular and easy to furnish, allowing one to take maximum advantage of each square foot. The building was also designed from the outside in to prove that a minimalistic, dynamic, unusual and playful aesthetic can indeed embellish the city.

    The design concept is based on rectangular modules that constitute the buildings very essence. These modules appear to slide sideways, back and forth. This provides each unit with a unique identity and generates one-of-a-kind cantilever balconies and terraces.

    Concrete and wood imbue the building with lightness and strength. These materials also require minimal maintenance and offer maximum durability over time. They also endow the building with a timeless elegance and a modern feel.

    The lobbies were also designed with distinctive finishes and colors, to reinforce the individual experience of each apartment. Thus, the same building will offer a myriad of unique visiting experiences.

    With 9-foot, floor to ceiling windows, featuring light finishes, the city, and the park will seep into the apartments internal spaces. Three-bedroom apartments feature east to west views, thus providing cross ventilation in the social area and making the internal space much cooler.

    The pool and jacuzzi area feature an exquisite Calcutta marble wall, which endows the space with a distinctive character. This element brings the buildings organic and free landscaping together with its natural surroundingsthe park.

    The fitness center features a stunning yellow ceiling, providing this area with character and energy. The project drew inspiration from the many ways in which it can be experienced: from visiting the apartments and relaxing in the common areas to admiring the faade from the street.

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    Housing Shortage: Where is the Undersupply of New … - September 24, 2017 by admin

    As Americas cities continue to grow and add jobs, its crucial that sufficient new housing is built to meet the demand created by that growth. Analyzing data on building permits and employment, Apartment List found that only 10 of the nations 50 largest metros have produced enough new housing to keep pace with job growth in recent years. San Francisco, for example, added 3.0 jobs for every new housing unit permitted from 2005 to 2010, with an even more severe undersupply of 6.8 jobs per unit in the post-recession period from 2010 to 2015. Even many cities that lost a significant number of jobs during the recession have not been producing enough new housing during the recovery.

    We also found that in many metros, job growth tends to be centered in the county containing the core city, while a greater share of housing units are added to the surrounding suburbs, leading to heightened levels of undersupply in the core cities. For example, San Francisco County added 6.2 jobs for each permitted unit from 2005 to 2015, while the counties that make up the remainder of the San Francisco metro added one unit for every 1.8 new jobs. Contra Costa County where residents face long commute times to San Francisco has permitted the most new housing for each job added.

    The creation of new jobs stokes the demand for housing, and when that increased demand is not met with a corresponding increase in supply, prices will respond. We find a strong correlation between the number of jobs per permit and rent growth from 2005 to 2015. Over that 10-year period, San Jose had the biggest undersupply of new construction of the 50 largest metros and also experienced the fastest rent growth at 57 percent.

    The number of households in the U.S. grew by 11.2 million over a 10-year period between 2005 and 2015, while only about 9.9 million new housing units were constructed over that same period, leading to a tightening housing market. This mismatch has been even more severe in many of the countrys largest metros, with some of the areas that have seen the strongest job growth also experiencing a severe shortage of homes for sale and swiftly rising rents.

    Apartment List dug into U.S. Census data on building permits and Bureau of Labor Statistics (BLS) data on employment for metros and counties across the nation. To determine whether or not a given metro is constructing enough new units, we divided the number of new jobs added by the number of new housing units authorized in building permits. A higher value of this jobs per permit ratio means a more undersupplied market. We calculated this metric over three periods: 2005 to 2010, 2010 to 2015 and the full 10-year period from 2005 to 2015.

    After the housing-bubble collapse at the end of the last decade caused real estate values to plummet, construction screeched to a halt across the country, with the number of new housing units permitted to be constructed dropping to the lowest level on record in May 2009. Since then, the housing market and the overall economy have recovered, but new construction continues to lag. The number of companies building homes dropped by 50 percent from 2007 to 2012, and the construction industry is currently facing a serious labor shortage. The resulting lack of new construction is contributing to rising rents, which are creating an affordability crisis in many parts of the country.

    The problem is particularly acute in many of the nations largest cities, including San Francisco, Boston and New York. As the most desirable jobs cluster in these metros, restrictive zoning and bureaucratic hurdles slow the pace of new construction. With supply failing to increase in line with demand, rents have been increasing to levels that are only affordable to those with the highest-paying jobs.

    Of the nations 50 largest metros, we identified the 10 metros that had the most undersupplied markets from 2005 to 2015.In order to keep pace with demand, a city should add one new unit for every one to two new jobs. While many metros maintained this pace over the 10-year period from 2005 to 2015, its important to note that this period included the entirety of the Great Recession, during which time most metros lost significant numbers of jobs, skewing the results. If we look just at the post-recession five-year period from 2010 to 2015, we see that as jobs have rebounded in recent years, new construction has not kept pace.

    On the other hand, there are some metros that seem to have been producing more than enough new housing to keep pace with job growth. Apartment List evaluated the 10 most oversupplied metros from 2005 to 2015.

    The first five metros on this list Detroit, Cleveland, Providence, RI, Birmingham, AL., and Memphis logged negative jobs per permit from 2005 to 2015, indicating that these metros lost jobs over that 10-year period. However, these job losses all occurred during the recession, and none of the 50 largest metros in the country lost jobs during the five-year period from 2010 to 2015.

    Looking at this more recent period, we see that even many of the cities that were hit hardest by the recession are not producing enough new housing as jobs begin to return.

    When we focus on the post-recession period from 2010 to 2015, only 10 of the 50 largest metros added fewer than two jobs per permit. The following map shows jobs per permit from 2010 to 2015 for the nations 100 largest metros. Cities that added fewer than two jobs per unit, indicating sufficient supply, are depicted in green, while undersupplied markets are shaded red.

    The data analyzed at the metro level consists of much more than just the city proper. A more nuanced picture came to view when Apartment List took a look at more granular county level data.

    For the 50 largest metros, we identified the county containing the metros core city and compared jobs and permit data within this core county to data from other counties in the metro. Overall, the core counties account for 57 percent of new jobs, but only 49 percent of newly permitted units, indicating that while jobs tend to cluster in core cities, a greater share of new housing is produced in outlying suburbs. This dynamic varies greatly by metro, however.

    Apartment List analyzed the number of jobs per permit from 2005 to 2015 across core and secondary counties for the 10 metros with the most undersupplied core counties.

    The cities at the top of the list tended to be densely populated coastal cities, where it is often more difficult to build new housing.

    As these regions continue to grow, more of their residents will be forced to live in outlying suburbs, while facing long commutes to jobs in the core cities.

    On the flip side, there were some places where there was enough new construction in the core of the metro to keep pace with the jobs being added. Of the 50 largest metros, 23 added more jobs per unit in their secondary counties than their core counties. Many of these are Midwestern metros such as Detroit, Cleveland and Indianapolis which have been adding a greater share of jobs outside the core county. In cities where the core county did a better job of supplying new housing, the core accounted for only 12 percent of new jobs, while in the cities with more undersupplied cores, 70 percent of new jobs were located in the core.

    The impact of the lack of new housing in many metros across the country is readily apparent in swiftly rising rents. We identified this relationship by plotting the number of new jobs per permit against median rent growth from 2005 to 2015.

    As locals economies grow, it is imperative that they build enough new housing to keep pace. Cities that add jobs without also increasing their housing stocks quickly become unaffordable for all but the most well-off residents. In recent years, the majority of the nations biggest metros have not been building enough new housing, and that situation is compounded by the fact that in many of these metros, jobs are being added to the core cities, while the housing that is produced is being built in outlying suburbs. As demand continues to rise, supply must respond accordingly or the current affordability crisis being experienced in many parts of the country will only be exacerbated.

    Read more:
    Housing Shortage: Where is the Undersupply of New ...

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