Tony Lane, insolvency and reconstruction senior manager at chartered accountants firm Vincents, in Wright. Photo: Graham Tidy

An estimated 114 building and construction-related companies have gone to the wall in Canberra since the start of last year, leaving behind more than $80 million in debts, Australian Securities and Investments Commission data has revealed.

With the downturn in the building, home improvement and renovation sector expected to worsen as public servants remain uncertain about their futures, ACT insolvency specialists say the snowballing "tsunami" of economic pain documented in wind-up notices on the ASIC website wont end soon.

All things being equal we would generally expect an increase in insolvency appointments during such a period (as this), Tony Lane, the senior manager for insolvency and reconstruction with accountants Vincents,told Fairfax.

He warns "larger and larger entities" are likely to fail as the impact of liquidations and unpaid debt cascades through the sector.

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The collapse of one company leaving unpaid debts often will push others over the brink.

(Businesses) most exposed are those with poor and outdated systems, poor or non-existent cost controls, out-of-date service delivery mechanisms, inefficient work practices and poor cash flow, Mr Lane said.

Michael Slaven,of the insolvency firm Kazar Slaven,said he did not expect the rate of company collapses to increase but he wasnt expecting it to slow either.

Kazar Slaven has handled almost 30 per cent of the building and construction-related insolvencies in the ACT over the past 18 months.

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Tough times in building trades won't end soon, experts say

Every tenant will be moved out of the 28-unit D'Ambrosio Drive apartment complex in Barrie's south end during repairs following a fire last weekend.

Initial plans to move a dozen first-floor tenants back into the building that caught fire Saturday night have been changed to evacuating everyone from their homes until the building is restored.

No one's moving back in because it will be a construction site, Sean Fleming, superintendent with the Barrie Municipal Non-Profit Housing Corp., said Thursday afternoon. We're relocating every tenant until the repairs are finished.

The fire started in a unit on the second floor of the three-storey apartment building, around 9:30 p.m., Saturday.

Approximately 50 people were displaced after the blaze tore through the building, causing $500,000 in damage to the building due to smoke and water.

Only about half of the tenants have contents insurance, the Examiner has learned.

Those renters will have their furniture and personal items moved outside, washed and held in storage units on-site until they're relocated to another building, or move back in to 101 D'Ambrosio Dr.

Families without insurance were having their personal items carried out and were washing their belongings before they, too, would be put in bins and moved with them to another location.

Young families who don't have insurance believe they may have to discard many of their belongings, Alley Harrington said.

They don't want us to move things that will contaminate the new place, anything plastic or press board, the smell goes right into those things and stays, Harrington said

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All residents of Barrie apartment building being relocated after fire

Two Houston firefighters whose last-second rescue of a construction worker from a burning apartment building made for breathtaking video have been jointly honored as Firefighter of the Year.

Capt. Brad Hawthorne and Engine Operator Dewayne Wyble, both from Station 18 at Lockwood and Telephone Road, received the award July 16 from the Independent Insurance Agents of Houston. They were honored during the organization's 36th annual Firefighter of the Year luncheon at a Galleria restaurant.

Nearly 200 firefighters and 80 pieces of equipment responded to the five-alarm blaze March 25 at an apartment building under construction on West Dallas at Montrose. But it was Hawthorne and Wyble and the construction worker they saved who captured national attention, thanks to viral video.

As the fire raged, the worker jumped from the fourth-floor balcony to a balcony one floor below. When Hawthorne moved near him on an aerial ladder, the worker made a desperate leap to safety.

Right then, a large section of the top floor collapsed behind them, and the burning wall fell to the ground.

The worker was rescued "pretty much seconds before the fire would have overtaken him," Capt. Ruy Lozano said.

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Daring rescue earns firefighter awards

Developers of a proposed apartment complex near Ross Park Mall in Ross have told commissioners the building would raise the bar on apartment development.

Commissioners July 7 unanimously approved a conditional use and a site plan for the eight-story apartment building being developed by Real Estate Development Associates, Cranberry.

This project by far raises the bar on rental living in the North Hills. It is the most luxurious project that I have ever been a part of, said developer Larry Dorsch. This is something much needed in this marketplace, adding that there havent been any new residential rentals in Ross for more than 30 years.

The building on McKnight East Drive will contain six floors of apartments with a parking garage on the first floor. The top floor will include two lounges, a fitness center and a rooftop patio, said architect Loren Wright.

There will be 149 one- and two-bedroom units. Each unit has a balcony, walk-in closet in the bedrooms, along with a washer and dryer.

Project engineer John Schleicher, of Gibson-Thomas Engineering, said the building would be constructed on five lots that will make 3.73 acres. The lots have been vacant for approximately 30 years, he said.

We believe that this project is harmonious to the area, he said. It is a complementary use with the mall and office buildings.

Mr. Schleicher did not say when construction for the apartment complex will start.

Commissioner Jeremy Shaffer asked if they could put in sidewalks to the mall for residents, employees and shoppers who take the bus. Mr. Schleicher said that Cheryl Drive is a private road owned by the mall, but Mr. Dorsch said they are working with the malls officials on a possible stairway to its parking lot.

One resident had spoken in favor of the project before commissioners voted. Harriet Valliant, a retired North Hills High School teacher, said she has wanted to move into a smaller residence, but has been unable to find anything suitable in Ross.

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Apartment complex near Ross Park Mall wins approval

John Fallon, the lawyer for a developer who wants to build a 95-unit apartment building on lower Bronson Road, had a rough start to his rebuttal at the fourth and final public hearing on the controversial project Wednesday night.

The controversial application by Garden Homes Management was the topic of 16 hours of testimony and debate in the past nine days when the Town Plan and Zoning Commission ended its hearings on the plan about 11 p.m. Wednesday. The Stamford developer's plan calls for construction of a three-story apartment building on 2.7 acres at 92 and 140 Bronson Road. The property, which the developer has a contract to buy, is bordered by an Interstate 95 on-ramp and Metro-North Railroad tracks.

Fallon opened his rebuttal Wednesday by suggesting "conditions of approval" that the TPZ could adopt when it expects to vote on the development application next week. But Fallon only made it halfway through his list before Matthew Wagner, the TPZ's chairman, said it sounded like he was changing the development plan without allowing it to be reviewed by Joel Z. Green, the lawyer for opponents, or the public. Neighbors of the proposed development have expressed strong opposition to the plan at the earlier meetings on the application.

"You're proposing a new plan with new parking, a turnaround and smaller number of units," Wagner told Fallon.

Fallon disagreed: "We offer not a revised plan but a sketch as to how these can be implemented."

Wagner said none of Fallon's proposed conditions of approval had been reviewed by engineers or the public, and questioned whether Fallon was "conceding there are public health, safety and welfare issues that are problematic for which you have to make modifications to your plans."

"Absolutely not," Fallon said.

Fallon said he stood by the application that was filed by Garden Homes and that his proposed conditions of approval were in "no way any admission there are public health and safety issues." He said the commission had an obligation to find conditions of approval, instead of denying the application if they exist, because the development application was filed under 8-30g, the state's affordable housing statute. Fallon said he was trying to be constructive.

Wagner brought Green into the argument by saying he wanted Green to submit something in writing that spoke to what Fallon was proposing.

Green said he and his clients "strenuously object" to Fallon's conditions of approval being part of the record "without our having the opportunity to review them."

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Bronson apartment plan's fate awaits TPZ vote after four nights of debate

By Gary Haber

ghaber@ydr.com @GaryMHaber on Twitter

Westminster Place at Queen Street, a 50-unit apartment building for seniors, that Presbyterian Senior Living plans to open in York Township by late summer 2015. ( Submitted )

Presbyterian Senior Living plans to begin construction this fall on a 50-unit apartment building off Queen Street in York Township for low-to-moderate income seniors.

The building, called Westminster Place at Queen Street, is scheduled to open by late summer 2015.

The 40 one-bedroom and 10 two-bedroom apartments will be available to people age 62 and older whose income is 60 percent or less of the median income in York County. That translates to $28,860 for one person and $33,000 for a couple.

Residency is open to people regardless of their religion.

Presbyterian Senior Living chose the location at 120 Pauline Drive because of its proximity to shopping and other amenities, said Steve Proctor, the group's president and CEO. The building is near South York Plaza which has a movie theater and is anchored by a Giant supermarket. In addition, Springwood Overlook, another Presbyterian Senior Living residence, is less than a mile away on Freedom Drive.

"It's a great location, near shopping, and other amenities are within walkable distance," Proctor said.

This will be the eighth residence for seniors Presbyterian Senior Living has opened in York County. The Dillsburg-based nonprofit operates 29 facilities serving 6,000 seniors in Pennsylvania, Delaware, Maryland and Ohio.

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50-unit senior housing apartment building planned for York Township

Downtown living, Jay Jacobson says, is all about convenience.

"People want to be able to walk up and down Las Olas Boulevard," said Jacobson, president of the residential group for the Stiles real estate firm. "They don't want to be schlepping up and down I-595 three or four times a day."

Fort Lauderdale -based Stiles recently broke ground on a 30-story apartment building at 215 S.E. 8th Ave., a block north of Las Olas. The 254-unit complex, due to be complete in December 2015, is the latest in a series of urban rentals planned for the city.

Stiles' project, to be developed as part of a joint venture with the Rockefeller Group, has not yet been named, and rental rates have not been set. But Jacobson said the luxury one-, two- and three-bedroom units will be large, averaging 1,200 square feet.

"What we're doing is catering to an older demographic," he said. "We're seeing a lot of demand from baby boomers, and they want to be someplace with a little bit larger apartment.

"They want the feel of a home, but without all the hassles and maintenance of a home."

The units will have floor-to-ceiling windows, granite countertops, in-unit washers and dryers and private balconies. Limited garage spaces also will be available.

Even as the housing market rebounds, rentals remain in high demand. Across Broward County, more than 3,200 apartment units are under construction, and more than 8,800 are in the planning stages, according to a report last week from Reinhold P. Wolff Economic Research in Oakland Park.

Strong competition for units is leading to steady rent increases. Broward's average rent at the end of the second quarter was $1,283, up 4.5 percent from a year ago, according to MPF Research, a Texas firm. Broward ranked 12th among the 100 largest metro areas for biggest rent growth, MPF said.

"Las Olas was pretty quiet during the recession, but I think it's coming back strong again," said Jack McCabe, a housing analyst in Deerfield Beach. "Stiles knows they have a hot market. By mid-2016, I bet they're near maximum occupancy."

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Apartment tower rising near Las Olas in Fort Lauderdale

At a public hearing concluded last week, green was the watchword in the commissioners discussion.

The Marthas Vineyard Commission (MVC) wrapped up a public hearing in one session last Thursday night on a proposal by the Island Housing Trust (IHT) to build a six-unit affordable housing rental apartment building at 6 Water Street in Vineyard Haven. But not before the commissioners put IHT executive director Philippe Jordi, accompanied by IHT board chairman Richard Leonard, through the paces during a more than 90-minute discussion, and put off a decision by one week.

Most of the commissioners questions focused on the affordable housing projects design elements, and particularly the lack of greenery on the 0.11-acre site close to Five Corners.

Photo by Michael Cummo

This dilapidated house will be replaced by a six bedroom affordable apartment building.

The MVC reviewed the affordable housing project adjacent to Stop & Shop as a development of regional impact (DRI). Approval could come tonight. On Monday, the commissions land use planning committee voted to recommend approval with the condition that the MVC approve the final landscaping, architectural detail, and stormwater management plans before a building permit is issued.

Plans call for a two-and-a-half story, 3,600-square-foot building. There will be six 600-square-foot apartments, three handicapped accessible ground floor units and three on the second floor, each with one bedroom and one bathroom. Mr. Jordi said IHT worked closely with Tisburys Affordable Housing Committee, Planning Board, Historic Commission, building department, and Zoning Board of Appeals (ZBA) to come up with the design

It is our intent to develop a project that contributes to the village of Vineyard Haven and the communitys critical need for year-round affordable rental housing, Mr. Jordi said last Thursday night. We ask that you close the public hearing and make your decision tonight, so that we have time for the Tisbury Zoning Board of Appeals public review process in advance of the state and local grant funding process this fall.

Green versus housing

Commissioner Joan Malkin of Chilmark called attention to a bricked area on the plans that includes the developments only parking space, to be used for deliveries, pickups and dropoffs only.

Read this article:
MVC poised to approve Water Street affordable housing

Construction is set to begin next week on an Uptown Dallas apartment tower.

Dallas Cheng Investments and Stoneleigh Cos. are building the 20-story residential high-rise on the former site of the Hard Rock Cafe on McKinney Avenue at Routh Street.

Called One Dallas, the building will contain about 200 apartments plus extensive retail on the first two floors.

Development partner Paul Cheng said the groundbreaking will be on July 23.

It will feature six levels of underground parking, charging stations for electric vehicles, rooftop pool and interior lobby designed by designer Francois Frossard, Cheng said.

Dallas architect Phillip Shepherd designed the building along with Humphreys & Partners Architects.

One of the restaurants will be called Style and Grace, featuring a superstar chef from New York City, Cheng said. The other restaurant we are finalizing the lease so we are not able to announce just yet.

Real estate brokers say the developers have talked to several high-end local eateries about moving into the project, including The Palm, which is now in downtowns West End.

Cheng Investments is building the tower in partnership with Illinois-based Stoneleigh, which is headed by Rick Cavenaugh.

The two firms bought the McKinney Avenue tract almost a year ago.

Continued here:
Groundbreaking set for McKinney Avenue high-rise

By Michael Kransz | Published 07/09/14 1:26pm | Updated 1 hour ago

Ithaca, Mich., resident Mike Hardman does construction work July 9, 2014, on the Midtown Apartments, 3433 E. Michigan Ave. The project, that broke ground October 2013, is set to be completed in early August. Danyelle Morrow/The State News

Although the overall student population has remained stable in recent years, increasing numbers of international students plus the hope of attracting young professionals to the area have driven nearby-campus housing developments.

By fall 2014, at least two apartment buildings already leasing out spaces are slated to open. By fall 2015, potentially five more apartment buildings might be completed and join the new housing ranks.

Aside from the tentative housing plans of the Red Cedar Renaissance and Park District projects, all the apartment buildings feature either studio, one-bedroom, two-bedroom or some combination at higher-end prices.

Although nearby-downtown locations and intimate room setups come at a pricier cost, DTN Vice President Colin Cronin said graduate students and young professionals are more apt to lease them.

Cronin, whose company is currently manning the Gateway Project and a portion of the Park District project, said the hope with nearby-downtown, upscale apartments is that businesses will tailor themselves to the increased population of young professionals.

If you can get a slightly different group living down there, then the rest change their offerings, Cronin said. The more diversity you can get downtown, the more it will change the downtown over time.

These apartments, and the businesses that assumedly will tailor to the demographic shift, could drive post-graduation student retention in East Lansing, he said.

Planning, Building and Development Director Tim Dempsey said fostering a young professional population in East Lansing has, for some time, been one of the citys priorities.

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New apartment construction booms in East Lansing