A new spur of the Toronto skyline is forming between the Water's Edge Promenade and Lake Shore Boulevard East between Yonge and Parliament streets. In the middle of this new strip of density, theDaniels Waterfront - City of the Artscommunity is moving closer to completion, with a pair ofGiannone Petricone-designed condominium buildings known as the Lighthouse Towers following up on the completed 130 QQE office phase to the south.

The 35 and 45-storey towers topped out a few months apart last Summer, and have been progressing towards completion in the months since. After topping out, much of the easy-to-see progress has come in the form of cladding installation, a task that has advanced considerably since the first exterior details were spotted back in October, 2018. The buildings are now almost entirely enclosed in a window wall system with multiple shades of tan-toned spandrel panels, clear glass, and louvres. As they move closer to completion, the two towers' differing exterior treatments have become more apparent.

Looking east to Daniels Waterfront, image by Forum contributor mburrrrr

To the west, the taller 45-storey tower's exterior includes full-length balconies, which are being clad in glass balcony guards fritted to form a water drop pattern of rippling circles. The majority of the balcony guards have been installed, and the pattern is now quite apparent in views from the west. The remaining balcony guards will be installed following the removal of the construction hoist.

Above the residential floors, a mix of perforated and solid metal panels have begun to extend the ring pattern to the mechanical penthouse floor.

Mechanical penthouse cladding on west tower at Daniels Waterfront, image by Forum contributor mburrrr

The east tower features a very different balcony arrangement, with a series of breaks in balcony slabs forming an organic look on the tower's east facade.

Looking southwest to Daniels Waterfront, image by Forum contributor AlbertC

At ground level, work is progressing on a new retail-lined, east-west mid-block connection between the office building to the south and residential towers to the north. This space dubbed 'The Yard' will connect in the west with the Sugar Beach North park that was built along with the office phase, and will continue east to meet the new Lakeside community planned for the former FedEx Lake Shore lands.

The Yard at Daniels Waterfront, image by Forum contributor ADRM

Construction is scheduled to wrap up later this year, with the two towers set to bring a respective 537 and 426 condominium units to the neighbourhood.

You can learn more from our Database file for the project, linked below. If you'd like to, you can join in on the conversation in the associated Project Forum thread, or leave a comment in the space provided on this page.

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Lighthouse Towers Progressing at Daniels Waterfront - City of the Arts | UrbanToronto - Urban Toronto

ALLENTOWN, Pa. - The owner-developer of The Waterfront property located south of the Tilghman Street Bridge on the Lehigh River secured a 12-month extension to his original funding agreement with the Allentown Neighborhood Improvement Zone Development Authority (ANIZDA) Wednesday.

The owner also secured a near $2-million increase to his original credit line in order to begin construction on at least one of two proposed office buildings expected to materialize in the very near future.

"One of these buildings is going up and we're starting construction this year," said Mark Jaindl, CEO of Jaindl Enterprises of Allentown, who originally signed at the very end of 2015 to secure NIZ funding to develop a significant portion of the riverfront on the west shore of the Lehigh River on the downtown's eastern end.

Plagued with some unexpected and numerous but necessary infrastructure improvements at the site, construction of several commercial, residential, and parking structures has been delayed to date. However, Jaindl said one undisclosed large tenant for the 645 office building and between 16 to 20 smaller ones for the 615 address are in the works.

The near $2-million approved credit facility increase will be used for design services and building foundation construction elements.

It also will cover HVAC upgrades including air filtration and circulation enhancements, the result of the current COVID-19 pandemic, Jaindl said.

He added construction will not resume for another two weeks on the ongoing improvements to the Tilghman Street Bridge whose completion is forecast to be within the next six to twelve months, according to his construction contract.

In other business, the board approved a request by downtown Allentown developer Center City Investment Corp. for a 17th modification to its current $125 million credit facility amount to include a reduction to an $85 million principle loan amount for projects.

ANIZDA solicitor Jerry Frank said the newest funding agreement between Center City and the authority will be a combined document consolidated with two other agreements.

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Jaindl predicts construction of at least one waterfront building to begin shortly - 69News WFMZ-TV

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When the Agriculture Department launched its One Neighborhood initiative just over a year ago, the broad goal focused on two Cs: Collaboration and cost savings.

Now a year later, the initial success of One Neighborhood convinced Congress to increase the agencys discretionary funding for renovating and fixing its buildings to $128 million, which is twice as much as the agency received in 2019.

Don Bice, who recently left after 32 years in government, including the last two-plus years as USDAs acting deputy assistant secretary for administration, said the impact of the One Neighborhood initiative convinced Congress to open up its wallet a little wider.

What we are doing is getting rid of four leases in the National Capital Region and saving somewhere between $30 million and $40 million annually by moving people into our existing vacant space in both our headquarters complex in Washington, D.C., and in our George Washington Carver Center in Beltsville, Maryland. We are filling in our empty seats to save money and invest that into modernizing our buildings, Bice said in an interview before he left government. We also are using authorities that our appropriators gave us that allows us to use unobligated and expired balances that have already been appropriated and putting those into a non-recurring expense fund that we can then use to modernize our buildings.

Those four leases equal about 430,656 square feet of leased office space, USDA said in its 2019 sustainability report.

Bice, who joined Morgan Franklin, a consulting firm, where he will focus on good government and customer service issues in April, said the estimates to update USDAs headquarters building was $800 million. He said that was a lot to ask Congress for at any one time.

Instead, the One Neighborhood approach is taking a piecemeal approach to modernization from both a facility perspective and moving organizations closer together.

Officials like to use the example of the Foreign Agricultural Service, whose employees work in offices on six different floors of the USDA South Building., of why this One Neighborhood effort is critical to improve the agencys effectiveness.

It can be a 10 or 15 minute walk to go from one part of an organization to another. That isnt conducive to good collaboration when you have to do things like that to interact with your fellow employees, Bice said. We are moving people into neighborhoods. So all the FAS employees will be in one neighborhood so it will be easier for them to collaborate, easier for them to manage and interact with each other. And ultimately, we will be more efficient because rather than having to go floor-to-floor, it might be across the hall or two or three doors down. That will have a lasting impact on how we do business at the department.

He said he knows there are some disbelievers as USDA has been talking about renovations for 20 years but made few real changes.

I think what we will end up doing is putting people in a position of being closer to their fellow employees in their fellow agency, closer to sister agencies that they do business with more often so its a lot easier to interact and collaborate, he said.

Bice said the initial renovation contract will focus on a wing of the South Building. And then as more money becomes available whether through Congress or through savings from reducing lease space, USDA will continue to refurbish other parts of headquarters.

USDA will award a contract in the near future for the first part of the headquarters renovation and then future projects will take about a year as long as there is funding. Bice said in about two years all of the George Washington Carver Center will be completed.

The most important thing is for people to see that we are going to be doing these things so they know it is coming, he said. There are some short term uncomfortableness of trying to fit people into the building before we can give them the nicer space we need to give them. I want to make sure we are well on our way so people can see the space, visit the space and they know what they will be getting.

Part of what is driving the reorganization and modernization is a 2019 survey of employees about what they would like the new building to look like. Bice said because the headquarters facility is nearly 100 years old, traditional amenities like break rooms or places for microwaves or coffee makers dont exist.

He said another example of the inadequacy of the current building is around the conference rooms. Many are designed to hold 20-to-30 people, but employees are looking something more akin to a three-to-five-person room.

When we get this first wing done, they will see what it can look like with a modernized space and they will see the benefits and beauty of huddle spaces and other areas they can collaborate in, Bice said. We will lift up the technology in those conference rooms. Right now its a system of haves and have-nots when it comes to the kinds of technology that we might have in different conference rooms because they are managed by all sorts of different organizations inside the department. We are going to make sure that our chief information officers office manages all our technology in all of our conference rooms and our office of operations does all of the ordering, cleaning and that sort of thing in all of our conference rooms. We will lift all of the conference rooms to technology that is interoperable and that can be utilized across the country.

Bice said the One Neighborhood effort is part of a larger initiative to challenge employees and executives to think differently for what the future of USDA would look like.

I think its a culture change that started in the previous administration and continued in this one, and will continue in whatever the next administration whether the change comes in a year or four years you cant go backwards in how you deliver administrative services. I think we made a lot of great strides in how we deliver services that only will be improved the longer that those things are in place, he said. We stopped looking at things based on the individual agencies we manage. We came in, and what I pitched and the secretary and other policy folks went along with, was an idea that we needed to look differently at how we delivered our administrative services.

Bice said that keeping the administrative services and the mission delivery people connected is important, and USDA created business centers at [the] mission area level. They are now consolidating and delivering all the administrative services at the mission area level.

We are keeping the connection between the mission delivery and the administrative services so they feel like there is a responsiveness and responsive party they can reach out to, to get things done, he said.

Continued here:
In 2020, USDAs One Neighborhood initiative will show what the future looks like - Federal News Network

The City of Boston is getting ready to let construction work resume.

The Walsh administration Tuesday outlined plans to gradually restart many building projects over the next few weeks, with work on most so-called essential projects including large housing developments able to get underway by the end of the month.

In a memo to contractors and developers, the citys chief of operations, Patrick Brophy, laid out dates when projects can resume, as long as they file detailed COVID-19 safety plans with the city. Site work, to prepare for a return to construction, could begin as soon as Tuesday. Certain projects road and street work, hospitals, and small residential projects and open-air work such as digging foundations and erecting steel can start on May 18. Other state-defined essential projects, which include large housing developments, can resume on May 26. That, Brophy wrote, should give contractors time to design safety plans and train their workers in them.

Projects that dont meet the states definition of essential such as office buildings or hotels, for now will not be able to go forward until the state eases its restrictions, Brophy wrote.

Construction has been largely halted in Boston since mid-March when Walsh who was a longtime leader of the regions building trades unions became the first big-city mayor in the country to shut down job sites over coronavirus safety concerns. The move stopped the citys long-running building boom nearly overnight, and threw thousands of construction workers out of work, though it was widely hailed by the citys unionized building trades and at least grudgingly accepted by developers. Cambridge and Somerville quickly followed suit and projects there remain shut down but Governor Charlie Baker resisted calls for a statewide shutdown, saying that many essential projects should continue if they can do so safely.

In the weeks since, large construction companies, unions, and the city have been working on guidelines to safely restart, and as those have taken shape, the Walsh administration has signaled an increasing willingness to re-open. Industry experts expect construction will go ahead at a slower pace, with fewer workers on site and far stricter safety guidelines. But, they say, it can be done safely and needs to be, so that billions of dollars worth of projects can be finished.

The city plans to closely monitor construction sites to make sure safety precautions are being followed, Brophy said, and will launch a construction industry coronavirus testing site with Tufts Medical Center at the Josiah Quincy School in Chinatown.

Tim Logan can be reached at timothy.logan@globe.com. Follow him on Twitter at @bytimlogan.

Link:
Walsh set to ease ban on construction work in coming weeks - The Boston Globe

Chamber wants new office to be showcase for firms considering move

authors Matt Blois

Williamson Inc. is moving on up. Later this year, the county chamber of commerce plans to move across Interstate 65 to the sixth floor of the McEwen Northside building.

Chamber employees have been working from home during the coronavirus outbreak. The plan is to continue that arrangement until they move into the new office in late August or September, after construction work has been completed.

The larger office space will include a large conference room capable of hosting more than 50 people, a resource chamber members have often requested. Director of Talent Development Nick Biniker said the larger space was one important reason for the move, but added that the organization tasked with bringing new companies to Williamson County also wanted an office space showing the best the area has to offer.

"We're always courting new businesses to move to Williamson County, or businesses that are growing, showing them office developments they might want to go to, he said. For us, it's a huge benefit to be in a place that represents what new development looks like in Williamson County ... We want our office to be a little bit of a showcase of what office development looks like.

The new space will neighbor Mitsubishis headquarters and has a panoramic view of many of Cool Springs largest office buildings. The McEwen Northside development will offer restaurants and retail shops near ground level, and also includes office space, a hotel and apartments.

The development more closely resembles the next wave of construction in Cool Springs. with developments like Ovation, Aureum and the East Works District having similar features.

Were thrilled to be moving to one of the most innovative mixed-use developments in Williamson County, CEO Matt Largen said in a press release. McEwen Northside encompasses all the elements of a live-work-play environment, and sets the bar for the other mixed-use projects planned in the Franklin/Cool Springs commercial corridor.

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Williamson Inc. to move to McEwen - Nashville Post

Rents for office space in downtown Boston could fall sharply this year as companies lay off employees and reassess how and where they work amid the coronavirus outbreak, according to a report out Wednesday.

Estimates from Moodys Analytics project a 12 percent drop in office rents in the city, one of the five steepest declines in the country, as the impact of the pandemic sweeps through the economy, and particularly through dense downtown business districts like Bostons.

It would mark the end of a long run-up in rents and demand for office space in central Boston, though the studys author, Victor Canalog, noted a 12 percent drop would be softer than the crashes of the early 1990s and 2001, and about what the region endured amid the broad economic collapse in 2008 and 2009.

In that context and given the cratering economy and job market things could look a lot worse, he said.

This is the world we live in right now, said Canalog, who is head of commercial real estate economics at Moodys. If we say Its going to be about as bad as 2008 and 2009, thats actually a good thing.

But Canalogs report points to some troubling longer-term trends for cities such as Boston, which thrive on their busy business districts. If employers embrace work-from-home technology, they may ultimately decide they need less office space in general. If, at the same time, they decide they need to spread out workers who do come into the office, it may make sense to relocate to suburban office parks where rents are typically far lower.

If its true that were going to reduce footprint, then there are going to be winners and losers, Canalog said. A company might not move from Boston to North Dakota. There are good reasons they want to be near Boston. But they might move out of downtown Boston to someplace 20 miles away, where they can get many of the same things.

But those are longer-term decisions. At the moment, seven weeks into a public health emergency that has shut down big swaths of the regions economy, the impact on Bostons office market has been muted.

Few new leases have been signed, in part due to the complications of touring and inspecting space, and also because of the broader economic uncertainty. Several large deals in downtown office towers reportedly nearing completion have been put on hold, or scuttled, while companies reassess the market.

But no companies have publicly backed away from signed deals to move in the next couple of years. Some tenants, particularly in tech and life sciences, continue to look for space. And developers with large towers under construction say they still plan to deliver the buildings, fully leased, if perhaps a bit delayed by construction shutdowns.

So far, building owners have been reluctant to lower rents to lure tenants, said Mark Hickey, director of market analytics in the Boston office of Costar, a real estate data firm. Instead theyre offering more concessions or longer-term leases.

But it appears they could face competition from a growing inventory of sublease space, particularly from tech companies that in recent years gobbled up large blocks of office space for future growth, which they may no longer need and may put out for lease at a discount. The real estate firm Colliers estimates there was 1.6 million square feet of sublease space on the market at the end of April, more than Boston had during the real estate crash of 2009.

Even aside from questions of supply and demand, this experience is likely to change how companies view and use office space, said Aaron Jodka, managing director of research at the Boston office of the real estate firm Colliers. The question is how.

Do tenants need more space because of distancing requirements? Or less space, because more people are working from home? he said. I dont know. Its too soon to tell.

Tim Logan can be reached at timothy.logan@globe.com. Follow him on Twitter at @bytimlogan.

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Study: Rents will fall at downtown office towers - The Boston Globe

The commercial real estate industry has learnt to adapt to a constant changing regulatory environment due to the increasing number of COVID-19 cases both in the UK and globally. The way that buildings, and physical real estate, such as offices and construction sites, are owned managed and occupied during the crisis has been particularly impacted. Work from home has been a consistent message across the world for the office sector, and those construction sites which have been allowed to open are applying strict social distancing measures. There has been a raft of new legislation and regulations in relation to how buildings are owned, occupied and managed, often implemented at very short notice, to ensure safety and compliance during the peak stages of the lockdown.

The UK government has just released its draft plan to ease restrictions, and an increasing number of jurisdictions are taking small steps to consider what the return to work might look like in a COVID-19 environment.

Many of the return to work issues and questions the real estate industry are facing are the same, irrespective of jurisdiction. In this alert we will particularly focus on PropTech and how technology might assist the real estate sector in its return to work.

There are different definitions of PropTech, but for the purposes of this alert it is a simple definition to mean technology that can be applied to any part of the lifecycle of real estate. It can be applied to new technologies, but broadly it is any technology which encompasses the construction, investment, sustainability, management and occupation of real estate assets.

Irrespective of the regulations and/or legislation which will undoubtedly need to go alongside any return to work guidance, such as social distancing, a major factor in how smooth the return is will depend on how individuals feel about their own safety and work place wellbeing, both on the journey to work, and at the actual physical office/site environment. We wont be focussing on the aspects of travel to and from the office in this alert.

PropTech Measures Owners/Managers/Occupiers Might Consider Putting in Place to Minimise Risk and Enhance Wellbeing

We have all read about the various Apps being used by different jurisdictions which create an alert system to track suspected or confirmed cases of COVID-19. The UK Government is also looking at one such App for the population as a whole. There has been some discussion as to whether workplaces can implement a whole building type App, which operates on more of a micro model, identifying cases and exposure in a particular building Whether or not this assists on the return to work, or potentially creates a more anxious environment is questionable. Particularly in buildings which are mixed use, the technology might operate to disrupt rather than enhance the return. There are also legal issues such as data collection and privacy.

Tech which avoids the need for business travel to affected countries and uses video conferencing, where possible is mainstream in many offices. Enhancing and updating this tech could operate to reassure those who potentially travel widely as part of their employment. As employees have adapted to, and potentially enjoyed, home working, going forward it is likely that an office will need to offer much more than desks and meeting rooms. Augmented reality, 3D printers, environmentally sustainable spaces, with enhanced conference facilities, all utilising the best technologies, that offer much more than a home working environment could better incentivise a return. Whilst this form of PropTech is more about "enhancing" the workplace rather than dealing with "reassuring returners it is nevertheless technology which would be likely to be here to stay.

Products which collect data and monitor movements, such as the number of tenants frequenting an office buildings canteen or gym, could be helpful, without violating privacy issues. Its all about helping occupiers feel and stay safe, so data which can help with social distancing could be very useful tech.

Thermometer screenings, already used at airports in places like Singapore, can relatively easily be installed in reception entrances of office buildings in particular. Again the legal issues around data and privacy are an issue. There are also the questions as to who bears the cost, and that would likely be governed by the lease wording.

Technology which provides contactless entry into and throughout a building already exists. Questions around who should bear the cost of enhancements, where existing building owners install new technology, will depend on the wording of leases and service charge clauses. PropTech does not have to come at an additional cost, but for existing buildings that may need some enhancements to help people feel safe in their return, it is likely that some of the costs can be recouped through service charge lease provisions. Our lawyers can help with particular questions on this.

Internet connectivity has been an issue for many of those working from home. An office that makes best use of enhanced connectivity will be more attractive than those offices which dont.

Reduced hot-desking and alternatives to social distancing where it is not possible, are among measures reportedly being considered by the UK government, to let workplaces reopen. Those operators of co-working spaces are more likely to really benefit from the not just nice to have but need to have technologies, which would enable the co-working model to operate. Hygiene will likely become part of a wider wellness agenda and PropTech which monitors and demonstrates hygiene ratings, identifies areas which need cleaning, and potentially even picks up and identifies virus could be essential in a co-working COVID-19 environment.

Just as we have seen with the sustainability agenda parties often seem to need financial stimulus or government intervention to drive new initiatives. Digitising a property asset, allowing data analytics for example to better operate a building and make it more sustainable, is technology which we already have, but is not always as widespread in the non trophy asset type properties.

It might be that in the future we see more incentives offered to owners and occupiers to tech up a building, just as we have seen with the carrot and stick type approach in making buildings greener. We already know that building owners and managers can save money on energy consumption within a building that is more smart and can respond to lower occupation rates. Technologies which can monitor occupants and respond accordingly, are able to manage an asset more dynamically. Improving the quality of the air for example is something which occupants of a building are much more likely to be interested in during COVID-19. When a building saves energy it reduces CO2 so it also enhances the green credentials of the building. Sustainable buildings have long since been seen as an attractive proposition, particularly in light of the legislation, but in a pandemic environment, those technologies are more likely to be seen as must haves. When it comes to who bears the cost, then as with many of these technologies it will come down to a number of factors, and the legal drafting.

We have referred to some existing PropTech solutions which might operate to aid all those involved in the real estate lifecycle to feel safe on their return to work. Looking forward, many have commented that the COVID-19 pandemic could have changed how and why we choose to work in a physical office environment.

In a post COVID-19 world, collaboration between owners, occupiers and managers is likely to be the best way forward in creating sustainable long term solutions for all. The office of tomorrow could look very different as a result of COVID-19, but real estate fundamentals are likely to remain the same.

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UK PropTech and Returning to Normal in Real Estate - The National Law Review

Swedish National Courts Administration Building. Image courtesy of Henning Larsen Architects

With a building permit now in hand, Swedish real estate company Castellum AB is primed to commence construction of the new Swedish National Courts Administration building in Malm, Sweden. Construction of the 285,200-square-foot office project, which carries a development cost of 1.3 billion Kronor, or approximately $131.7 million, will get underway during the second quarter of 2020.

READ ALSO: Pandemic Unlikely to End Construction in 2020

The Courts building will sprout up near a rail station within the flourishing Nyhamnen district, one of Malmos most important development regions. Designed by architectural firm Henning Larsen, the property will meet the courts essential criteria for security and accessibility. The building will also adhere to high sustainability standards with Miljbyggnad Gold certification for energy efficiency and sound material usage. The build-to-suit will be home to more than 600 employees, which will make it one of the largest workplaces for lawyers in northern Europe. Interpreters, the Swedish Police and staff of the Swedish Prison and Probation Service will also have accommodations in the new facility, which, in addition to administrative offices, will feature negotiation areas and public spaces.

As lead tenant, the National Courts Administration will occupy approximately 258,300 square feet of the new office property under a 20-year lease agreement with Castellum to commence upon occupancy. Castellum expects to develop the Courts building over a two-and-a-half-year period, with a scheduled delivery near the close of 2022.

Sunny Sweden has not escaped the ravages of COVID-19. The health-care capacity is under pressure and the number of new people infected has not decreased, as noted in a Cushman & Wakefield market update released April 30. And while the real estate transaction market is mostly on hold across the country, the office sector is seeing some indications of life. Office occupiers have moved from crisis mode to planning mode. For the past two weeks some have undertaken viewings again; previous ongoing projects are now moving along, and new ones are starting, according to the Cushman & Wakefield report. The National Courts Administration building will have roughly 26,900 square feet of office space available for lease to other businesses. Castellum is presently conducting discussions with potential tenants.

Read this article:
Castellum to Break Ground on $131M Swedish National Courts Building - Commercial Property Executive

The last industry likely to experience any type of reopening is the event business. That includes Broadway shows, museums, art galleries and professional sports.

"I think they'll be among the last to open," said Mark Conrad, director of the sports business program at Fordham University. "There are inherent society safety situations when you're dealing with public performances, and you can't easily control crowds."

"Cultural institutions were not built for social distancing," said Taryn Sacramone, executive director of the Queens Theater. "There have been incredible financial losses to cultural institutions."

Sacramone said so much of any predicted opening depends on when the public will feel ready to reengage with arts institutions.

International travel plays a huge role in the sphere, she noted, as does when schools reopen for field trips.

"There are a lot of different angles as to what this is going to look like," she said.

Conrad said he believes it could be months before Broadway shows are able to continue, as even 3,000 people separated by 6 feet in a theater would still be dangerous. He said he doesn't think concerts will start in New York anytime soon, mainly because of the nature of the venues and the density of the people in them, creating the potential for the virus to spread.

The entire business of professional sports could be altered, he added. There have been talks of the National Basketball Association and Major League Baseball starting to play games again, but Conrad said that is unlikely.

"Any solution or any idea has risks, and we're all faced with bad choices," he told Crain's. "If no games are played, that is going to be catastrophic. If some games are played with this risk, what happens if this risk occurs? Do you cancel or do you not cancel?"

Conrad estimates 40% of MLB revenues come from gate receipts. The possibility of games played in empty stadiums could radically damage the sport's finances, he said.

Other leagues are in better shape. The National Football League's TV contract is ironclad, and the NBA already played 75% of its regular-season games. Additionally, a clause in NBA contracts says that in the event of a pandemic, if games are not played, players are not paid.

A cycle of no games and no revenue is likely to create a downward economic spiral. Municipalities will be affected by the lack of parking receipts and the loss of stadium concessions.

"You may see certain owners being forced to sell teams if they get into a liquidity crunch," Conrad said.

The loss of professional sports also would destroy a sector the city has relied upon for decades as a consistent source of revenue: tourism.

"Yankee Stadium is not filled on a Tuesday night because of New Yorkers," said David King, assistant professor of urban planning at Arizona State University. "It's filled because people are visiting the city and going to a baseball game."

The decline in tourism would have far-reaching effects not just on the city's live events but also on retail shopping and nightlife.

"It's underappreciated how many bars and restaurants and theaters are supported by tourism," King said. "New Yorkers go occasionally, but it's tourists who go frequently."

The hospitality industry has already been damaged by a drop in tourism. Hotel occupancy levels are down 80%, and some analysts expect it will take years for hospitality groups to recover.

Excerpt from:
How New York City business will navigate the post-Covid-19 world - Crain's New York Business

CLEVELAND HEIGHTS, Ohio -- Years in the making, the deal has officially been signed on the dotted line for the Top of the Hill project.

City officials took the final step today (May 5) with the closing on the financial package, essentially turning the project over for construction of the $83 million catalytic gateway development that could get under way this month, beginning with a 550-space parking garage.

The developer, Flaherty & Collins of Indianapolis, and contractor Cleveland Construction anticipate an 18- to 24-month single-phase building cycle that should be nearing completion by the first half of 2022.

While the city remains focused on the challenges the COVID-19 crisis has created for our entire community in the weeks and months ahead, we are excited to be able to move forward with this project, City Manager Tanisha Briley announced.

It represents a major new investment and positions the city for additional growth and development in the future.

The closing includes a ground lease structure in which the city retains ownership of the 4-acre project site and the junction of Cedar Road and Euclid Heights Boulevard, just up the hill from University Circle, while the developer has the right to construct and own the buildings and other improvements to be made.

Those will include 261 market-rate luxury apartments, over 11,000 square feet of first-floor commercial-retail-restaurant space and close to 25,000 square feet of green space.

The development is expected to offer luxury-style living with unmatched amenities in a high-demand area, a city press release stated, citing amenities such as a first-floor co-working space, pet spa, dog park, indoor bicycle parking with a bike-wash station, fitness center, and a 10th-floor pool, terrace and common space for socializing.

The city selected F&C as its development partner three years ago after parting ways with the original candidate, Fairmount Properties, which had been in negotiations that started in October 2016.

The realization of this catalytic and transformative mixed-use redevelopment project at the western gateway to the city is a game changer for our community, City Economic Development Director Tim Boland stated in the release.

School district benefits

Boland added that the project will bring new residents, jobs, businesses, vibrancy and increased economic activity, as well as new tax revenue, to our city.

The same goes for the Cleveland Heights-University Heights City Schools -- a tax increment financing agreement (TIF) is expected to generate over $12.3 million in new revenues for the district over 30 years.

This works out to about $421,000 a year, up from the roughly $21,000 that the CH-UH Schools have received up to now in taxes on City Parking Lot 9, which closed at the beginning of April in anticipation of construction.

The city stands to make a projected $14.3 million in net new revenue over a 32-year timeframe after the development agreement was amended in December.

"Earlier this year, City Council unanimously approved the final financing pieces for the mixed-use project, funded through private construction loan financing and TIF bonds, together accounting for roughly 90 percent of the project sources of funds," the city press release noted.

About $51 million was being sought by F&C through Goldman-Sachs, and while the coronavirus global pandemic wreaked havoc on the stock market in the interceding months, Briley said earlier that the private financing component was never in doubt.

Meanwhile, the city agreed to kick in $1.85 million -- about 2 percent of the project cost -- in low-interest economic development non-tax revenue bond anticipation notes as F&C provided the remaining equity and overhead.

At the prominent gateway between the Heights and University Circle, the Top of the Hills development has been a long-time goal of the city, the press release stated, noting that it was originally home to the 11-story Doctors Hospital, with the city acquiring the property in the 1960s and building the municipal surface parking lot.

Buckingham nix

Throughout the process, there has been opposition on numerous fronts, ranging from derision for the proposed architecture to the removal of original components that were considered selling points to the public, such as a boutique hotel, office space and for-sale town homes.

The latest resistance effort comes from residents of The Buckingham condominiums next door on Euclid Heights Boulevard, who contend that they have been overlooked or ignored throughout the process, which will result in their property values declining and their quality of life affected by a 10-story building blocking sunlight, as well as amenities such as the dog park right outside their windows.

Buckingham spokesman Don King said earlier that a group of residents has retained an attorney to assist in mounting a petition initiative to get what appears to amount to a no confidence vote against the city on an upcoming ballot, which will be the subject of an upcoming story.

More information is also available on the citys website at http://www.clevelandheights.com/toh.

Read more from the Sun Press.

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Top of the Hill real estate closing sets stage for start of construction at gateway to Cleveland Heights - cleveland.com