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ENGLEWOOD The Planning Board unanimously approved a 185-unit apartment building Thursday that will be built on the site of the former Lincoln School and the citys firehouse.
The project is the first major residential development in Englewood since the Towne Center apartments were built, according to Mayor Frank Huttle III. Towne Centre, on West Palisade Avenue, opened about seven years ago.
Huttle said the project will provide the engine for growth of the citys downtown, one of the goals identified in the citys recently-adopted master plan.
This is a new day for our city, Huttle said after the Planning Boards vote. It signals that Englewood is open for business, he said.
In April, the City Council designated Englewood Builders Urban Renewal Co., LLC as the redeveloper for the site on William Street. The city will receive $7.9 million for the property, which is about 2.5 acres.
Under its agreement with the city, for the first 15 years, Englewood Builders will make annual payments based on the amount of rent it takes in rather than pay property taxes. The company must pay the city 12 percent its gross rental income for the first five years. That amount goes up to 12.5 percent for the next five years, and then to 13 percent for the final five years.
The building will be five stories high and about 94,000 square feet. Construction cannot begin until the city finishes building its new firehouse, which will be on South Van Brunt Street between the Police Department and the ambulance corps building. That construction is scheduled to be completed by next fall.
Email: lueddeke@northjersey.com
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Englewood Planning Board approves 185-unit apartment building
Wave of New Construction Expected to Peak Next Year, Pushing Up Vacancy and Increasing Competition for Renters Even as Conditions Continue To Favor Strong Demand for Apts.
CoStar Group economists are forecasting that apartment vacancy rates will rise in 46 of the 54 top U.S. metros over the next four quarters due to the massive wave of current apartment deliveries and new apartment projects starting almost daily.
According to their most recent analysis, the U.S. apartment vacancy rate will rise from the current 4.1% to over 5% by the end of 2015. Although a significant trend shift, apartment vacancies are still expected to remain near 10-year lows across most of the nation, even with the addition of hundreds of thousands of new units.
"At this point in the cycle, weve seen supply take hold almost everywhere," Yuen said. "Some late-recovery markets like Las Vegas arent yet seeing vacancy increases yet, but even there, developers are beginning to find opportunities."
Dallas, Washington, D.C. and Houston have each seen more than 10,000 units delivered over past four quarters, while apartment inventories in smaller markets like Charlotte and Raleigh have increased by nearly 5% as apartment construction fans out. Denver and Houston, each with upwards of 20,000 units under construction, will see record deliveries over the next two years, Yuen added. Despite the expected impact on rents from all the new construction, because most of the new building is expensive luxury properties, analysts noted a widening affordability gap. In the Oakland/East Bay Area, for example, the average income has risen by about 15% to over $75,000 in the strengthening economy. However, rents have grown by a staggering 30% over the same period and now require more than 25% of annual income, Yuen said.
"Lack of affordability is certainly something we are beginning to see capping rent growth, especially at the high end of the market," Yuen said.
Year-over-year growth in effective rents, which has gradually decelerated since 2013, is expected to drift below 2% in tertiary and secondary as well as the top U.S. markets during 2015 and 2016.
"We've been surprised by the low levels of concessions we're seeing today, given the large amount of new supply," said CoStar director of U.S. research, multifamily Luis Mejia, a co-presenter along with quantitative analyst Mark Hickey.
But with rent growth slowing further and more supply on the way, property income growth is also expected to finally slow down heading into 2015, which may prompt investors to buy more office buildings rather than apartments in search of higher yields, the analysts noted.
Net operating income (NOI) for apartments, which peaked at about 6% in mid-2012 and was the only major property type to show growth from 2010 to 2013, is now the only sector to show year-over-year income deceleration.
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Apartment Construction Boom Slowing Rent Increases as Market Shifts Into Expansion Phase
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Palm Beach attorney Emmett E. Tracy Jr. and his wife, Marilyn, have parted with Villa Filipponi their 1929 landmarked estate at 322 Clarke Ave. for a recorded $8.775 million.
A revocable trust in the name of Marilyn Tracy sold the seven-bedroom house on a double lot in Midtown to a Delaware limited liability company named EJHFL LLC, according to the deed recorded Wednesday. No other information about the buyer was immediately available because of Delawares strict corporate privacy laws.
Fite Shavell & Asssociates agent Thor M. Brown had listed the house for sale at about $10.9 million in August 2013, and the property landed under contract in March, according to records in the Palm Beach Board of Realtors Multiple Listing Service. But the sale did not close until this week.
Brown said a confidentiality agreement prevented any of the parties involved from discussing the sale. MLS records list the buyers real estate agent as Gary Pohrer of K2 Realty.
With 7,682 square feet of living space inside and out, the Spanish Mediterranean-style house stands one house east of Cocoanut Row on four-tenths of an acre.
The Tracys have downsized to a four-bedroom home at 161 Main St., which Marilyn Tracys trust bought in October for a recorded $4.3 million. The seller was Laura T. Andrassy, the first wife of professional golfer Greg Norman. Brown acted on the Tracys behalf in that deal opposite agents Toni Hollis and Gloria Mor, who also work at Fite Shavell.
The house entered the towns landmarks registry in 2002, about five years after the Tracys paid Thomas and Renate McKnight $3.2 million for it, according to property records.
Although the house is usually attributed to noted society architect Marion Sims Wyeth, the Landmarks Preservation Commissions designation report did not identify the architect. Because the house is landmarked, exterior walls viewed from the street cannot be significantly altered.
The house already had been renovated and expanded by other owners before the Tracys bought it. They have family ties to the Detroit area.
In 2004, the Tracys expanded a sitting room, built an adjacent outdoor pergola and enlarged the guest apartment and garage, according to a 2013 Daily News article.
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Landmarked Midtown estate brings $8.8M
Katy, TX (PRWEB) December 05, 2014
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Glamour Flooring Now Offers Next-Day Installations
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Contact: John Fleischman jfleischman@fuse.net 513-706-0212 American Society for Cell Biology @AmerSocCellBio
It means cancer "in place" but a carcinoma "in situ" often does not want to keep its place. Standing between a cancer cell in situ and the surrounding tissue of fibroblasts and extracellular matrix is the basement membrane, a thin sheet of fibers that normally cradles the cells above it. The basement membrane is also the frontline physical barrier that keeps primary tumors from spreading into the matrix below. Perforating the basement membrane is a cancer cell's first move toward invasion, but how? Fibroblasts are most commonly found in connective tissue that synthesizes extracellular matrix and another main structural protein of animals, collagen. But there are also carcinoma-associated fibroblasts (CAF) whose matrix proteinases could come in handy in breaking the membrane barrier. The question becomes who is invading whom--do cancer cells invade the basement membrane or do some fibroblasts help invading cancers? Researchers at the Institut Curie in Paris now say that they have evidence of a coordinated attack on the basement membrane by cancer cells in situ and CAF cells in the extracellular matrix that begins long before the actual translocation of cancer cells. The work will be presented at the ASCB/IFCB meeting in Philadelphia.
Using human colon cancer cells and primary human fibroblasts isolated from tumors and adjacent normal tissues, Alexandros Glentis and colleagues at the Institut Curie addressed the question of whether the cancer cells or the CAF cells were responsible for the breakdown of the basement membrane that leads to cancer progression. They compared CAFs from colon tumors to normal fibroblasts (NAFs) that were isolated from the same patient, in the adjacent normal tissue. A combination of markers was used to discriminate fibroblasts from other cell types to validate the purity of isolated cells and to discriminate NAFs from CAFs. In co-culture experiments on coated transfilters, both NAFs and CAFs induced migration and invasion of HT29, which are intrinsically noninvasive colon cancer cells.
The researchers then devised an assay that deployed native basement membrane to separate cancer cells on one side and fibroblasts embedded in collagen on the other. They found that only CAFs were able to stimulate invasion of cancer cells. Further study applying proteomic analysis confirmed that CAFs secrete more proteases, extracellular matrix proteins, and proteins that modify the basement membrane compared with NAFs, pointing to a remodeling role for CAFs in invasion.
Through imaging the tumors and fibroblasts, the researchers then found the smoking gun of cancer-CAF cooperation--long protrusions like puppet-strings that the tumor cells used to communicate with the fibroblasts well before the cancer cells moved to breach the basement membrane. The researchers are currently testing a role of CAF-derived molecules in basement membrane remodeling to further dissect the secret alliance between cancer cells and CAFs in basement membrane invasion.
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Contact: Alexandros Glentis, alexandre.glentis@curie.fr
8120 Woodmont Avenue, Suite 750 Bethesda, MD 20814
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An unholy alliance -- Colon cancer cells in situ co-opt fibroblasts in surrounding tissue to break out
