Home Builder Developer - Interior Renovation and Design

(file photo)

By The Maritime Executive 08-07-2020 07:09:11

The economic impact of the coronavirus is taking a strong toll on the shipbuilding industry according to a new analysis from BIMCO. While the orderbook is at its lowest point in 17 years, BIMCO however reports that even with increasing demolitions fleet volumes are continuing to rise based on deliveries of existing orders.

Contracting activity has been quick to feel the effects of the pandemic with owners and investors showing little appetite for new ships, says Peter Sand, BIMCOs Chief Shipping Analyst.

Looking at the orderbook for commercial shipping consisting of container ships, dry bulk, and tankers, BIMCO reports in total orders have declined by 50 percent. Hardest hit has been the dry bulk sector followed by container ships. Tanker orders have not fallen as dramatically largely because they had already been at lower levels over the past two decades.

In the first seven months of 2020, orders for dry bulk vessels were down by 65 percent versus the prior year. At just over 63 million DWT, the dry bulk order book is at its lowest level in sixteen years according to BIMCO. Further, with the decline in trade volumes and an expected long road to recovery, they do not expect the orderbook will rebound quickly.

Orders for new container ships also were down significantly in the first part of 2020. According to BIMCO's data, container ship orders have fallen nearly 40 percent so far in 2020. That places the total volume for the container ship orderbook at its lowest level since September 2003.

The overall tanker sector is showing the smallest declines due in large part to the fact that orders for new tankers were already at lower levels. BIMCO reports that orders for crude oil tankers were down just over four percent in total DWT while product tanker orders fell 12 percent from year-ago levels. In fact, BIMCO reports that product tankers were the only segment to have reported an increase so far in 2020, up nearly three percent in the first seven months of the year. Orders for crude oil tankers however are down more than 40 percent so far in 2020.

While new orders have been greatly impacted, the long lead-time in construction helped to maintain new ship deliveries. BIMCO reports that new ship deliveries have been more resilient falling just two percent in 2020. Deliveries of new dry bulk carriers were actually up 40 percent in DWT volume so far in 2020 while container ship deliveries were down by nearly the same percentage so far in 2020. Crude oil tanker deliveries are also down 40 percent while product tankers are down by 46 percent so far in 2020.

Efforts by shipowners and operators to manage their fleets and lower costs are also reflected in a strong recent increase in demolition activity. Demolitions measured in DWT were up 50 percent in July versus the year-earlier and 400 percent versus April 2020 when many yards were idled by the pandemic.

As would be expected, the largest increases in demolitions also came in the dry bulk sector up 80 percent year over year while container ship demolitions also increased by a quarter so far in 2020. Product tanker demolitions also increased, 10 percent in DWT, but only two crude oil tankers have been sold for demolition so far in 2020 represented a dramatic decrease versus the year ago.

The sharp uptick in demolitions following the reopening of yards is entirely expected due to the demand shock from the Covid-19 crisis and expectations of a long road to recovery ahead of us. This is reflected in both the higher demolition numbers, with owners pushed to act on older and substandard ships that they had kept sailing until now, as well as the drop in contracting as the outlook for the next few years has become much gloomier than it was at the start of the year, says Peter Sand.

As deliveries continue to outpace the demolition activity, BIMCO reports that in the near term fleet volumes have continued to rise. With trade volumes expected to decline significantly this year and not recovering possibly until 2022, BIMCO however predicts that balance in the shipping markets may be hard to achieve.

See the original post:
Dramatic Decline in 2020 Shipbuilding Orderbook, Increased Demolitions - The Maritime Executive

Srinagar: A group of 13 Kashmiri Pandits headed by Rakesh today called upon Deputy Commissioner Kupwara, Anshul Garg and apprised him about the fake news that has been viral on Facebook regarding demolition of Temple at Waterkhani Kupwara.

The Pandit group condemned this act and called it a handy work of the mischievous person responsible for circulating the fake news on social media.

The fact is that the temple was damaged due to heavy snowfall in February, this year and the tomb of the Temple had fallen in the nearby LalKhul, said Rakesh.

He added that since there are 500 government employees residing in the Nutnussa migrant colony, the employees decided to contribute some amount to refurbish the said Temple and on Saturday they visited the Waterkhani Temple site and decided to work on its repairs with due permission of concerned Revenue authorities.

In fact, on our request, they assured all possible support and we are to ensure renovation of the Temple on religious basis, said Rakesh, flanked by his fellow members.

We unanimously condemn the act of the mischievous person who is hell-bent upon to vitiate the century-old communal harmony, said Rakesh, adding that he is son of the soil and all the local people and panchs and sarpanchs have assured him support for the renovation of the Temple.

The Deputy Commissioner appreciated the Pandit Community for clearing the air on fake news and simultaneously assured them of every support from administration.

He said the district as a whole does not tolerate the mischievous acts like this and whosoever is behind this mischief should apologize for his mistake for the larger interest of the society.

The DC also said that people should take the utmost care while reacting to such malicious social media news and instead should contact administration for the clarifications. (GNS)

now, more than ever to give a voice to the voiceless. The press in Kashmir has operated under tremendous pressures of reporting from a conflict zone but since August 2019 we find ourselves in unchartered territory. The Kashmir Walla is among the oldest independent media outlets in Kashmir and has withstood successive lockdowns as well as attempts to suppress us, fighting back with authoritative ground reports based on facts.

We need your solidarity to keep our journalism going. Your contribution will empower us to keep you informed on stories that matter from Kashmir. Show your solidarity by joining our community. Kashmir thanks you.

Original post:
Pandit community rejects "fake news" regarding demolition of north Kashmir temple - The Kashmir Walla

A panel of industry experts with discuss opportuntiies for recycling construction and demolition waste in the next decade at a free webinar organised by Demolition & Recycling International (D&Ri) on Tuesday 8 September at 15:00 (UK time).

We are delighted to confirm Jacqueline ODonovan, managing director of United Kingdom-based recycling specialist ODonovan Waste Disposal as the first speaker.

Jacqueline has led the family business, which has 185 staff and turns over 20 million (US$26 million), for more than 30 years and has received numerous accolades for her work in the sector, including recently being made a Fellow of the Chartered Institute of Waste Management.

Further members of the international line up will be announced in the next few days.

The discussion will be moderated by Steve Ducker, Editor of D&Ri.

To register for the webinar, please click here

The 45-minute webinar will focus on:

There will be an opportunity to put questions to the panellists.

Go here to read the rest:
D&Ri webinar: Construction and Demolition Waste Recycling - KHL Group

WEIRTON City officials are looking to move ahead with a delayed demolition project, but still keeping an eye on finances.

Resolutions before the citys Finance Committee Wednesday included a demolition agreement with Pulice Construction for 3613 Wood St., at a cost of $14,500; and an asbestos abatement by Justice Business Services, at the same address, for $1,437.

Both resolutions will go before the full Weirton Council Monday.

Ward 6 Councilman Enzo Fracasso noted the city had enacted a resolution holding off on any unnecessary expenditures, as a result of earlier financial concerns prior to the COVID-19 pandemic. Officials have begun receiving figures indicating revenue has not been as affected as previously believed.

Seeing as our finances are not as bad as we thought, I think we should lift it, Fracasso said.

City Manager Joe DiBartolomeo, however, said officials still need to be careful.

I think we have enough to cover this, he said, adding he feels the resolution needs to stay in place. It helps us watch a little bit better.

Finance Director Diana Smoljanovich reminded the city should not consider the $2.4 million in CARES Act funding it will receive for projects, as the money is to reimburse expenses resulting from the pandemic.

The committee also discussed some possible changes to the fiscal year 2020 Community Development Block Grant, which is set for final approval Monday.

In particular, Marsh mentioned the possibility of reducing the allotment from A Childs Place CASA by $10,000, leaving them with $4,000, and giving the funds to Weirton Transit Corp. The idea, Marsh said, would be to provide additional funds for bus passes for low-income residents living in the citys downtown.

The budget has been up for public review and comment in recent weeks. The total budget is $424,688.

Other items to be recommended by the Finance Committee include:

An ordinance amending provisions of the garbage and rubbish collection regulations;

A resolution to renew the citys annual support contract with ACCELA for support and maintenance of the citys customer interaction website, at a cost of $6,411.44;

A resolution for an agreement with the West Virginia Department of Transportation for the Park Drive enhancement sidewalk project. The city will provide a match of $98,375.

Today's breaking news and more in your inbox

Here is the original post:
Weirton to move ahead with demolition project | News, Sports, Jobs - The Steubenville Herald-Star

Despite the pandemics severe impact on Florida, real estate development in Miami forged ahead. As of July, the metros office pipeline included 18 projects totaling more than 3.7 million square feet, Yardi Matrix data shows.Most of the upcoming projects are mixed-use and transit-oriented, while two of themincluded in the list beloware headquarters developments.

Groundbreaking work has been completed for two projects so far in 2020, while four developments encompassing 341,000 square feet have come online year-to-date. Additionally, nearly 2.2 million square feet is slated for delivery by year-end. Heres a breakdown of the largest projects under construction in the metro as of July, based on Yardi Matrix data.

AJP Ventures and Mas Group broke ground on MedSquare Healththe only medical office building on the listin February 2019. IberiaBank provided $36.5 million in construction financing, while completion is scheduled for later this year.

The three-story,128,800-square-foot building is taking shape on the site of a former synagogue, at 9408 SW 87th Ave., in the Miami West submarket. Situated across from Baptist Childrens Hospitalone of the metros largest hospitalsthe project is the first off-campus, premier medical facility to be developed in the area in the last 20 years.

Starwood Capital Group relocated from Connecticut to Miami Beach, Fla., in 2018 and started work on its upcoming headquarters in September 2019. Delivery is scheduled for the end of 2021. The six-story,144,430-square-foot building will encompass first-floor retail and restaurant space, and will house 300 employees. A Coastal/Brodson joint venture serves as the general contractor and Integra is the developer. Citizens Financial Group originated $76 million in construction fundingfor the Gensler-designed project.

Rose & Berg Realty Groups 12-story The Gateway at Wynwood is one of the two office buildings on our list thatbroke ground in 2020. Completion of the 220,900-square-foot asset is expected in September 2021. Kobi Karp is the architect and Plaza Construction serves as the general contractor.

Situated at 2916 N. Miami Ave. in the Wynwood district, the location is easily accessible from both Fort Lauderdale and West Palm Beach. Additionally, it is convenient to large transportation hubs such as Miami International Airport and PortMiami.

Agave Holdings started developing The Plaza Coral Gablesthe largest mixed-use development in Coral Gables, Fla.in March 2020. The 222,541-square-foot Building 2 is being erected at 3011 Ponce de Leon Blvd. The site will also include a 242-key hotel and a shared parking podium. Completion is scheduled forthe third quarter of 2022.

PNC Bank provided a $100 million loan that included Building 1 of the developmentalso on our list. The 2.1 million-square-foot, $500 million complex is recognized as the largest development in the citys history since its inception in the early 1900s.

A joint venture between CIM Group and One Real Estate Investment is developing Wynwood Square, a 285,510square-foot mixed-use project at 2201 N. Miami Ave., also in the Wynwood district. Sumitomo Mitsui Banking Corporation provided a $71.5 million construction loan. Upon completion, expected in the second quarter of 2021, the project will include first-floor retail, four levels of parking space and 257 residential units.

Chicago-based Sterling Bay entered the Miami market with 545wyn, a creative mixed-use project. Development of the 324,935-square-foot, 10-story asset commenced in January 2019, with Bank OZK originating $81 million in construction financing in late 2018. At full build-out, expected in the third quarter of this year, 545wyn will include first-floor retail and four levels of parking space. Architecture firm Gensler has signed up as the buildings first tenant, with plans to occupy 13,500 square feet of office space.

The 350,000-square-foot Royal Caribbean Headquarters is being constructed in downtown Miami, taking shape on 96 acres at the junction of NEC North American Way and Caribbean Way. The $300 million HOK-designed project was initially expected to come online in December 2020. However, Royal Caribbean paused construction due to coronavirus-induced concerns shortly after announcing the layoffs of 26 percent of its workforce.

Also developed by Agave Holdings, the 392,568-square-foot project is the largest office tower within the upcoming Plaza Coral Gables mixed-use development. Upon completion, scheduled for August 2022, the asset will include two floors of entertainment and lifestyle retail space, as well as 135 residential units. Last July, BAC Florida Bank signed a63,000-square-foot lease agreement for space at Building 1. The company will relocate its headquarters from the nearby 169 Miracle Mile.

Hellinger Penabad Cos. is developing the $425 million River Landing, a mixed-use project also in the Miami North submarket. Locatedon 8 acres, the development will incorporate two residential towers and a large retail component, along with a 480,000-square-foot, seven-story office building expected to come online in the third quarter of 2020. Located at 1400 NW North River Drive, River Landing is located in one of the most heavily concentrated areas for medical and research facilities in South Florida, a region underserved in retail and residential space.

The largest upcoming office delivery on our list is 830 Brickell Plaza, a 505,031-square-foot project developed by OKO Group and Cain International in Miamis Brickell submarket. Construction on the 57-story tower started in February 2019, with completion scheduled for the end of 2021. Last August, MSD Capital provided a $300 million construction loanfor the project.

Rising 734 feet, 830 Brickell Plaza will be the second-tallest office building in Miami, as well as the submarkets first Class A office project in the last decade. Upon completion, the tower, designed byAdrian Smith + Gordon Gill Architecture, will include an eight-story parking garage, which will double as the towers podium. WeWork has already signed a 147,000-square-foot lease at the property.

Original post:
Top 10 Office Projects Under Construction in Miami - Commercial Property Executive

Listen to this Digging Deeper podcast as Raken Construction Support Manager Brian Poage talks about real opportunities contractors have to distinguish their businesses as they strive to deliver projects through the pandemic if they commit to unusual tools. Valuable business relationships get forged in foxhole environments like todays.

Poage has been an innovator in the construction industry for nearly 10 years. He started his career with Turner Construction Company and worked as a field engineer, project engineer and superintendent on projects including the Sempra Energy Headquarters in San Diego and the Wilshire Grand Tower in Los Angeles. Poage truly learned how to build while at Turner as he spent three years working in the field and collaborating with trade partners and industry experts.

He also became a student of lean engineering and process improvement working as the lean manager for Turners San Diego office. After Turner, he transitioned to a project manager role for the developer Holland Partner Group to build a highrise mixed-use tower in downtown Los Angeles before taking a role as Project Manager for WeWork building office space in the Southern California area for the high-growth company.

Poage was a Raken customer while at WeWork and was impressed with the field teams adoption of the platform and his teams ability to leverage project analytics to improve their management.

Poage holds a B.S. in Construction Management from Cal Poly San Luis Obispo. He and his wife own a small retail business in their hometown of Redondo Beach, CA, and currently live in Carlsbad, CA.

More:
Raken Explores How COVID is Turning Prefab, Video Conferencing and Collaboration into Construction Profit - ForConstructionPros.com

Macon-Bibb County voters elect one person as mayor, but that individual will put scores of other people in leadership positions

MACON, Ga. As the Age Friendly Communities Advisory Council was planning strategy for 2020, members realized they are lame ducks appointed by Mayor Robert Reichert, who is in his last year of office.

So, the new mayor could change everything? one of them asked.

Right, was the reply.

A similar conversation took place at last months Land Bank Authority meeting.

While discussing the COVID-19 drain on tax revenues and the possibility of working with other county departments on the budget, authority member Gary Bechtel asked, When we get a new administration whos going to be in these positions?

Some of the entities serve as advisory boards to research issues and report back to commissioners and the mayor, others have their own regulatory power, such as the Macon-Bibb County Planning and Zoning Commission which can approve or deny projects based on specific zoning requirements, strategic plans and the publics interest.

Even autonomous entities such as the Macon Water Authority, which is comprised of five elected members, also includes two appointed representatives of Macon-Bibb County.

Chris Floore, the Assistant to the County Manager for Public Affairs, said Mayor Robert Reichert not only draws from his personal knowledge of the local talent base of experts, but listens to others suggestions.

Sometimes hell ask the commission or board for their recommendations, Floore said.

There are nearly four dozen organizations that oversee everything from economic development to the county treescape to what type of public art should be on display.

Some of those groups, such as the newly reconstituted Macon-Bibb County Tree Board, are totally staffed by appointment from the mayor with the approval of the Macon-Bibb County Commission.

The by-laws for each organization often include specific qualifications for appointees.

For instance, when the commissioners considered the recommendations for the Construction Board of Appeals last month, they learned five active members, two alternates and a county building official will hear disputes between local business services staff and construction professionals. The county official would not have a vote and not be able to participate in deliberations or decisions reached.

The five active members must include representatives with experience in architecture or building construction, design and structural engineering, mechanical and plumbing, design and electrical engineering and fire protection engineering.

By code, the reconstituted Tree Board also requires that at least some members are professionally trained in forestry, botany or landscape architecture. The 14 members include half appointed by the mayor and commission and the others are ex-officio, or serve automatically due to the position they hold.

Other entities, such as the Fort Hawkins Board, simply require that a member live in Middle Georgia and be vitally interested in the early history of Macon.

The mayor, or a designee, also has a seat on private boards such NewTown Macon an the Cherry Blossom Festival Board of Directors.

Commissioners have the right to screen the mayors nominees and interview them before voting whether to approve the appointment.

Most often, its more of a rubber stamp procedure with the countys district commissioners generally spending more time discussing the makeup of boards and diversity than grilling the individual persons nominated by the mayor.

Any boards we have, it needs to reflect the community, Commissioner Elaine Lucas said during last months screening of appointments to the Tree Board. We need to make that statement to whoever the new mayor is. We expect these boards to reflect the whole community and not leave anyone out.

Sometimes, a funding source for an organization dictates requirements.

For instance, the Macon-Bibb County Transit Authoritys board must reflect the racial makeup of the area it serves, per Federal Transportation Administration regulations.

For the Macon-Bibb County Hospital Authority, Georgia law mandates the local governing authority submit a list of three names to fill a vacancy and the authority members vote on the nominees.

For the last several years, its been the authoritys practice to send a list of three suggested nominations to the mayor, who can make substitutions as Reichert did in 2017 and 2018 when he added his own name and another suggestion. Those substitutions were not selected.

Typically, the mayor sends back the same three names the hospital authority has suggested.If the authority rejects the first slate, they must choose from a second slate the county submits.

In recent months, commissioners have questioned Reicherts selection process for coming up with nominees and indicated they would like more input.

Filling a vacancy on the Urban Development Authority was as simple as running into former Macon City Councilman Cole Thomason, Reichert said.

I bumped into Cole when he was overseeing the installation of a new glass front on a building on Cotton Avenue, Reichert told the Economic and Community Development Committee in February. I think it would be great to get a business persons perspective.

In other instances, Reichert took commissioners suggestions and tapped graduates of the Greater Macon Chamber of Commerces Leadership Macon program, County Manager Keith Moffett said.

Commissioners want input

Commissioners Lucas and Al Tillman want more involvement in the selection process.

All of us here, we need to be making some suggestions to these boards, Lucas said when Thomasons UDA nomination came up for a vote.

We have all given a list of names before, Tillman said. There are folks lve talked to who would like to serve. As a combined government now, we make all the appointments and when Im gone I would like to have some folks on there that will do right.

In March, commissioners balked at the slate of 10 nominees Reichert proposed for multiple boards and suggested a moratorium on administrative appointments.

Table all appointments until we have further discussions, Tillman suggested. If were not going to be part of the process I just dont think we need to go forward.

Lucas suggested asking the state legislative delegation to revisit the charter that gives just about absolute authority to the mayor, she said.

The meeting ended with all 10 people being approved by the committee which recommended approval to the full commission. No moratorium was enacted.

When creating the Friends of Rosa Parks Square Board early last year, Tillman specified that the mayor pro tem, a position he currently holds, would be responsible for appointments to that body, which is looking for ways to fund enhancements to the public square across from Government Center, set its mission and plan for future maintenance.

Of the dozen friends of the park, one will be the chairman of the Facilities and Engineering Committee or a designee and the rest will be appointed by the mayor pro tem, who is elected by other members of the commission.

Board terms are typically staggered so that the entire organization does not turn over at the same time.

In the recent reconstitution of the Construction Board of Appeals, the initial members terms varied from about 6 months to nearly 4 years so that they would not all rotate off together.

Commissioner Valerie Wynn wants the courtesy of knowing when the mayor is looking to fill vacancies.

I would have input if we knew, Wynn said. We dont get to have a say-so in this and thats part of the problem.

The county has a spreadsheet with the names of nearly 400 people who serve on local boards and authorities. Many of them serve at the pleasure of the mayor and will likely remain on the various boards until the end of their terms even as the next administration takes over.

A copy of the spreadsheet obtained by the Center for Collaborative Journalism shows a column dedicated to when appointments expire, but more than 80 of those were either overdue or the list has not been updated as members were reappointed. Some of the board terms on the document expired years ago.

Tracking the timeline for each persons tenure is not easy, nor is researching each board and its role. The task is even difficult for staff and elected officials.

Clerk of the Macon-Bibb County Commission Janice Ross discovered in her office a large binder left by a predecessor. The book was loaded with by-laws and other information about the countys boards and organizations. It, too, was woefully outdated.

The next mayor will not only have to compile his own staff and evaluate whether to change department heads but must begin identifying candidates to serve on his behalf on all these boards and authorities.

Contact Civic Reporting Senior Fellow Liz Fabian at 478-301-2976 or fabian_lj@mercer.edu.

PREVIOUS COVERAGE OF THE MAYOR'S RACE

Read the rest here:
Your vote for Macon's mayor puts hundreds of other people in power - 13WMAZ.com

For the companys upcoming projects, LaTerra is placing more value on amenities like balconies, patios and at-home workspaces. Photo by RICHARD HART

Century City-based LaTerra Development is growing fast and aiming high.

The company, which was founded by Charles Tourtellotte in 2009, has more than 3,000 multifamily units under construction or development.

We think that could make LaTerra one of the largest apartment developers in Los Angeles, said Tourtellotte, who serves as the companys chairman and chief executive.

LaTerra specializes in multifamily and mixed-use developments. Since its creation, the company has worked in markets including Santa Monica, Los Feliz, Mar Vista, Burbank, Hollywood, West Hollywood, Echo Park and Silver Lake.

One of our primary goals no matter where we are developing or constructing, no matter where we are entitling, we try to address the rental needs of the community, Tourtellotte said.

The company, he added, does this by offering a range of unit sizes and rents.

Tourtellottes son Chris, who serves as managing director, said LaTerras ability to entitle land sets it apart from other developers.

For example, he said, the company may see a shopping center with underlying residential zoning as a potential project site and look at it as a different opportunity than other investors would. A lot of our competitors can only buy entitled land.

LaTerra, he added, will buy entitled land if it can add value another way.

Charles Tourtellotte said he believes the current supply-demand imbalance for residential units works to the companys advantage.

The market were in is a great market for what we do, he said. The overall supply-demand imbalance here favors our business. The need for housing seems to always outpace the supply. The assets we bring to the table always remain in demand.

QuadReal team-up

In June, LaTerra announced a joint venture with QuadReal Property Group to invest up to $250 million in equity to develop in Southern California.

Were thrilled to have them as a partner, Charles Tourtellotte said.

At the time the partnership was announced, QuadReals managing director for the Americas, Tim Works, said in a statement, Los Angeles has extremely high barriers to entry, and we are excited to partner with a local operator that has significant entitlement expertise and reach into the local market.

The venture has closed on a property at 777 N. Front St. in Burbank that will be used to develop 573 apartments.

The project is located near a Metro station and close to employers like Walt Disney Co.

Charles Tourtellotte said the development includes a $275 million residential component, and an adjacent 300-room hotel has been approved. The site entitled for the hotel, he added, would likely be sold to a developer.

The joint venture has also closed on a site at 7617 Santa Monica Blvd. in West Hollywood that will be used for a 71-unit development.

Chris Tourtellotte said bringing in joint venture partners is one of many ways to finance projects.

We seek joint venture capital partners for these big projects because they are so big, and we arent sitting on huge piles of cash to do this on our own, he said.

The QuadReal agreement, he added, will allow LaTerra to have one partner to do multiple projects with, and it lets the company focus on the developments instead of finding partners.

He said this means LaTerra can hold assets longer, as compared to doing a venture with investment partners who might just be looking to build and sell.

Its a pension fund, as opposed to U.S. private equity money, Charles Tourtellotte explained. Theres a big difference between those two sources of capital. Its the character of that capital. Its longer term in nature and, generally speaking, a lower cost.

Multifamily strength

While Covid-19 has had a negative effect on many industries including real estate, multifamily properties have felt that impact less than other asset types.

Multifamily is not suffering like the other real estate types. A lot of my clients are reporting that their collections are pretty high, said CBRE Group Inc.s Laurie Lustig-Bower, adding that rent collections were in the 90% range, (which is) amazing given how the other types of real estate are suffering.

And developers are still interested in creating new product.

We still see a strong appetite for multifamily development, even among Covid times, she said. We still are seeing that developers feel the demand is still there for housing in Los Angeles, and by the time a new project could be approved and built, we should be well past the Covid pandemic.

Multifamily didnt experience any dislocation in the liquidity in the capital markets that almost every other asset type has experienced in the last couple of months, Charles Tourtellotte said.

That strong showing, he added, gives La-Terras investors the confidence to continue to do projects.

We read a lot about distress in the market. So many of the capital partners we speak with say theyre sitting on hundreds of millions or billions of dollars, he added. Theres a lot of capital on the sidelines. We dont think theres going to be a lot of distress ... in our space. Now we have great access to capital, and while we will be more selective in the opportunities we do and weve changed our underwriting standards rent growth (concessions), we are actively looking for new opportunities.

In response to the Covid-19 outbreak, LaTerra has made some changes.

For upcoming projects, the company is placing more value on balconies and patios. It is also adding more workspaces because the company thinks its likely more people will be working from home in the future.

Lustig-Bower said other developers have also expressed interest in creating designated work areas.

If we are going to change the way we work going forward, it would be nice if tenants would have a small office space in the apartment where they could work from home and have it look more professional, she said.

LaTerras leasing practices have had to change, too.

Now, the company is offering some virtual leasing options and said it is leasing at a strong rate.

Contractor affiliate

LaTerra has also set itself up to perform as a general contractor through affiliate LT Building Corp.

The affiliate, which launched earlier this year, is working on two projects in Mar Vista.

For now, it is only working on LaTerra projects.

It gives us much better visibility on costs and better control of the process, Charles Tourtellotte said.

He added that the company had already done construction management and had a team in place.

Looking ahead, Tourtellotte said LaTerra is hoping to put together a branding strategy for the whole portfolio.

Chris Tourtellotte added that the company would be changing the landscape of L.A. as it continues to develop new properties in the area.

Lustig-Bower said she has not heard of projects being put on hold, and developers are still interested in land for new projects. In the first quarter of 2022, effective rent rates are expected to return to pre-Covid levels.

In the time frame it takes to build, we will be beyond the pandemic, she said, adding that multifamily remains a good investment.

For reprint and licensing requests for this article, CLICK HERE.

Read more here:
Multifamily Developer LaTerra Is Thinking Big - Los Angeles Business Journal

Selbyville, Delaware, Aug. 10, 2020 (GLOBE NEWSWIRE) --

The North America CHP Market is anticipated to surpass USD 800 million by 2026, as reported in the latest study by Global Market Insights, Inc. Ongoing project announcements coupled with rising investments toward advanced heat distribution networks to provide continuous and reliable energy supply will complement industry growth. In addition, favourable government initiatives toward installation of CHP plants along with net energy metering schemes including incentives, subsidies and tax rebates will positively stimulate the business outlook.

The industrial application will witness an upsurge owing to rising energy demand along with ongoing investments toward smart energy infrastructure. Improved efficiency and low installation cost followed by high reliability and long product life cycle of CHP units will propel the product demand. In addition, increasing captive power generation demand along with rising R&D investments by leading manufacturers toward sustainable power production will drive industry growth. Favourable government norms toward CHP-inclined environment regulations and net metering policies are dominant measures enhancing the product adoption.

Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/4785

5 MW to 20 MW capacity is predicted to grow on account of growing applicability of combined heat and power systems across commercial and industrial establishments. Refurbishment & revamping of conventional power plants coupled with growing decentralized energy generation demand will further stimulate the North America CHP market statistics. In addition, ongoing technological advancement toward cost-effective, compact and smart systems will positively influence the product adoption. For instance, in 2020 Cummins announced the launch of C25G gas generator series. The product is designed to deliver higher fuel efficiency with the power density of 500kW and 580kW.

Some major findings of the North America CHP market report include:

Browse key industry insights spread across 179 pages with 204 market data tables & 32 figures & charts from the report, North America CHP Market By End Use (Commercial [Educational Institution, District Energy, Office Building, Government/Military, Utility], Industrial [Chemical, Petroleum Refining, Food, Paper, Primary Metals]), Fuel (Natural Gas, Coal, Biomass), Capacity (5 MW 20 MW, > 20 MW), Technology (Combined Cycle, Steam Turbine, Gas Turbine , Reciprocating Engine), Industry Analysis Report, Country Outlook, Price Trends, Competitive Market Share & Forecast, 2020 2026 in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/north-america-chp-market

Canada combined heat & power market exceeded USD 300 million in 2019. Ongoing investments toward cogeneration project to fulfill the energy demand of metal, oil & gas and chemical, industries will fuel the product demand. For instance, in 2019, Stelco and DTE Energy announced the construction of natural gas fired combined cycle CHP power plants with capacity ranging over 60 MW across the Lake Erie facility. This construction will enhance the regional energy generation capacity followed by replacement of conventional power plants. Moreover, ongoing inclination toward the deployment of natural gas fuelled systems along with installation of advanced gas turbines and cogeneration plant technologies will propel the product adoption.

The ongoing impact of corona virus across North America region specifically in the U.S. may stretch the operations to the second half of 2020. However, respective government measures to resume the operations across major industries, manufacturing facilities and infrastructure projects will complement the North America CHP market growth.

Toc of this report @ https://www.gminsights.com/toc/detail/north-america-chp-market

Browse Related Reports:

Micro CHP Industry Analysis By Capacity (< 2kW, 2 10kW, > 10 50kW), Fuel (Natural Gas & LPG, Coal, Renewable Resources, Oil), Prime Mover (Stirling Engine, Internal Combustion Engine, Fuel Cell), Application (Residential {Space Heating/Cooling, Water Heating, Cooking, Lighting}, Commercial {Educational Institute, Office Building, Healthcare Building}), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2020 2026

https://www.gminsights.com/industry-analysis/micro-combined-heat-and-power-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

View post:
North America CHP Market to reach over $800 million by 2026, Says Global Market Insights, Inc. - GlobeNewswire

The Landmarks Preservation Commission (LPC) recently approved the construction of a three-story infill and addition at 56 North Moore Streetin the Tribeca West Historic District. The building will eventually debut as a modern office space with multiple outdoor terraces set above the historic masonry faade.

Site map illustrates building location and the boundaries of the Tribeca West Historic District and the location of 56 North Moore Street

Renderings from ODAs New York design studio offer a first look of the redeveloped property and how the team will refurbish and expand the aging structure, which dates back to the early 1900s. To complete the effort, the architects worked with preservation consultants Higgins Quasebarth & Partners.

Along North Moore Street, scope of work calls for the removal and replacement of all doors, windows, and associated support structures with dark aluminum-cased glass throughout. At the ground floor, the project calls for new concrete sidewalk with stone curbs, a cantilevered storefront marquee, an updated lighting system, and security cameras.

Rendering of ground-level marquee at 56 North Moore Street ODA

At the upper levels, construction teams will remove existing skylights, fire escapes, and relocate an existing stairwell. The three-story infill and expansion will partially replace the fifth floor and establish two new levels above. The entire addition is enclosed in a modern glass and aluminum faade. The massing of the addition incorporates a number of setbacks that support several terraces and flexible outdoor spaces, as well as reduce sight lines from the street.

When complete, the structures elevation will increase from five to seven stories for a total height of approximately 145 feet including the elevator bulkhead and mechanical enclosure.

Section diagram of proposed expansion at 56 North Moore Street ODA

Elevation diagram illustrates existing conditions (left) and proposed expansion (right) at 56 North Moore Street ODA

While the project is approved by the LPC, the commissioners did not grant a final Certificate of Appropriateness, which is required for the project to proceed. An official letter from the LPC stipulates that ODA must further minimize the visibility of the bulkhead and set back the proposed railing above the existing parapet. Upon receipt, review, and approval, an official Certificate of Appropriateness will be granted.

View of existing building at 56 North Moore Street ODA

Subscribe to YIMBYs daily e-mail

Follow YIMBYgram for real-time photo updatesLikeYIMBY on FacebookFollow YIMBYs Twitter for the latest in YIMBYnews

See the original post:
LPC Approves Three-Story Addition at 56 North Moore Street in Tribeca - New York YIMBY