Urbanexus Update - Issue #71
Please scroll down for the weekly compilation of analysis, reporting, and opinion about real estate and community development. Some links may lead to items that are behind a paywall.
The economy in the USA
Four recession warning signals have blinked on
At some point, a recession is likely. Perhaps the biggest question is whether we're in for a "soft landing" or a "crash."
Development finance
Financing mixed-use high-rise In Portland, OR
George Dmith Partners arranged a $460 MM non-recourse senior construction loan for Block 216, a landmark 1.1 million square-foot ground-up high-rise downtown development. The 35-story luxury high-rise will have four different uses—hotel, residential, office and retail.
Demographics
How do US residents differ by age? — www.visualcapitalist.com This interactive infographic allows you sort data on the U.S. population using a variety of topics, to see how Americans differ by age.
‘Duck Dynasty’ vs. ‘Modern Family’: 50 maps of the U.S. cultural divide — www.nytimes.com Americans have been clustering themselves into cultural bubbles just as they have clustered in political bubbles.
Retail
GNC to close up to 900 stores — www.forbes.com
The closures are due to declining mall traffic. By the end of 2020, GNC will close 700-900 stores because negative trends in traffic in mall stores over the past several years has accelerated during the last few quarters. Currently, 61% of GNC stores are in strip centers while 28%, or about 800, are located in shopping malls. Martindale said.
Vintage Northgate Mall in Seattle — www.instagram.com
Vanishing Seattle (@vanishingseattle) on Instagram: “#TBT: Vintage Northgate Mall - including it’s secret-ish service tunnel that also opened in 1950!…”
Office
Coworking becoming a top office leasing sector
The U.S. office market registered 34.8 million square feet of leasing activity larger than 20,000 square feet during the second quarter, according to JLL’s latest Office Outlook report. Among office-using sectors, tech and co-working remain dominant, representing 31.1 percent of all activity year-to-date. At the current rate of growth, co-working is likely to be 2019’s largest driver of office leasing.
Housing and community development
Foreign housing investment Foreign investment should be viewed as another form of housing demand in cities - and not a bad one.
Helping public housing residents become self-reliant To help residents transition into well-paying jobs and ultimately traditional housing, forward-thinking public housing agencies are offering services, such as job training, academic tutoring, financial counseling, and more.
Del Webb's first Last Vegas community in a decade
PulteGroup's Del Webb has announced plans for Del Webb at Lake Las Vegas, the builder’s first new community in the market in over ten years. Del Webb at Lake Las Vegas is set to break ground in November 2019, and will contain 461 single-family homes, featuring a variety of ranch-style floor plans, ranging from 1,500 to 2,800 square feet. The 125-acre gated community will feature resort-style amenities, including a 10,000 square foot club house, pools and pickle-ball and bocce ball courts.
Why homeownership is frequently a bad bet — cityobservatory.org
Any given home has roughly a 30% chance of ending up being worth less in five years’ time than it is today. If you can’t afford that to happen, you probably shouldn’t buy.
Three car garages alive and well in Arizona
Richmond American Homes of Arizona, Inc., a subsidiary of M.D.C. Holdings, Inc. (NYSE: MDC), is on Monday announced the grand opening of Richmond American at Vistoso Highlands, a new addition to the sought-after Rancho Vistoso master plan in Oro Valley, Arizona.
A breakdown of top-selling master-planned communities
RCLCO has prepared profiles of the top selling communities in the markets in the country.
Philly Federal Reserve study challenges conventional wisdom on gentrification
A new Philadelphia Federal Reserve study finds little evidence to support the idea that gentrification is massively disruptive to lower-income city residents.
Transportation
Self-driving cars are ‘way in the future’ Ford and other companies say the industry overestimated the arrival of autonomous vehicles, which still struggle to anticipate what other drivers and pedestrians will do.
Environment and resilience
Banning natural gas lines in new buildings
The City Council of Berkeley, Calif., unanimously voted to ban natural gas infrastructure from new buildings starting in 2020, the first city in the U.S. to pass such an ordinance.
Around the world
Vienna’s social housing program
The city of Vienna, Austria, famous for its rich cultural and architectural heritage, is also recognized for its unique social housing program. In practice for nearly a century, Vienna’s social housing system is known as an effective and innovative model for providing superior, affordable housing to the city’s residents.
Real estate leadership
Chris Rising — leadingvoicespodcast.com In this episode, host Matt Slepin shares a joint interview with CEO of Rising Realty Partners and host of The Real Market podcast, Chris Rising.