Author: ipgocorp

ATLANTA, GA – Cortland Partners has announced the launch of “Attiva,” its new active living community platform, which will specifically address the housing needs of Baby Boomers seeking a high-end, purpose-built active living community.

“Baby Boomers are the fastest growing demographic of renters; however, our research shows that many of the communities built for this demographic are out-of-date and do not enable the convenient, flexible and active lifestyle many older adults want,” said Steven DeFrancis, Cortland Partners CEO. “Through the launch of Attiva – which fittingly means ‘active’ in Italian – Cortland Partners is addressing the lack of purpose-built rental products for this key demographic by providing communities that offer a luxury feel at a reasonable price, with convenience and a sense of community.”

The Attiva brand solidifies Cortland’s growing portfolio of active living communities, which includes properties in the Dallas-Fort Worth metro area, with plans to expand into other markets. As with all Cortland properties, these communities undergo significant renovations meant to deliver a superior living experience through well-informed interior design, high-end amenities and community spaces that promote connectivity, flexibility and convenience. Legacy Senior Residences in Fort Worth is the first community to be rebranded with the Attiva name and is now rebranded as “Attiva Park.” The renovation process is well underway with the apartment homes, resort-style swimming with cabanas, and clubhouse undergoing renovations to bring the upscale design and functionality residents of a Cortland owned and managed community have come to know.

Compared to previous generations who favored traditional senior housing options, many of today’s Baby Boomers are choosing active living and rental communities. These communities are increasingly attractive as they empower residents to connect with like-minded neighbors and enjoy high-end amenities such as granite countertops, resort-style cabana pools and luxurious finishes. Additionally, communities like the Attiva properties reduce concerns and stress around home maintenance and provide activities that support active lifestyles, such as exercise classes, academic or spiritual programs and excursions.

“We have found that older adults aren’t just looking for a place to live, they are searching for a community that they can call home and make their own,” said Michael Hartman, Director of Investments at Cortland Partners. “With our proven track record of creating value by acquiring and renovating well-located communities and our in-house team that includes construction, interior design, and manufacturing, we are confident that we can create communities that provide the living experience that helps older adults truly enjoy the next chapter in their lives.”

(RECAP: Americans who rent their home are nearly twice as likely as those who own their home to say they worry about not being able to pay their housing costs. While upper-income Americans are more likely to own and lower-income Americans are more likely to rent, renters worry more than homeowners at all income levels. These results are based on more than 5,000 combined interviews from Gallup’s 2013-2016 Economy and Personal Finance surveys. Gallup has consistently found renters are more worried than homeowners about making housing payments, both overall and by household income level, in the 16 years it has conducted the Economy and Personal Finance survey. But the gap in homeowner-renter worry has increased among both middle- and upper-income owners compared with the past.)

Servicer Issues
(RECAP: Mortgage servicing remains a sore spot for consumers, especially those having problems paying their loans. The Consumer Financial Protection Bureau (CFPB) has released its latest monthly consumer complaint snapshot, putting a spotlight on mortgage complaints. Since CFPB launched its Consumer Complaint Database in June 2012, it has handled over 850,000 complaints across all financial products. As of April 1, 223,100 of those complaints were mortgage related. The Bureau has grouped mortgage complaints into three categories – problems when consumers are unable to pay; confusion over loan transfers, and communication issues involving servicers. “Today’s report shows that consumers are still running into too many dead ends and obstacles in resolving issues with their mortgage servicer,” said CFPB Director Cordray. “The Bureau will continue to press to make sure that people can get the right information and the timely help they need.”)

ORLANDO, FL – The Altman Companies has a lot to celebrate in Orlando. It just finished up construction on the 315-unit Altís Sand Lake in the Dr. Phillips neighborhood.  A ceremony was held Wednesday, April 13 at Altís Sand Lake and at the same time, the company was awarded the National Green Building Standard (NGBS) Green Certification by Michael Luzier, president and CEO of Home Innovation Research Labs.  

Altís Sand Lake is the largest NGBS Green Certified multifamily community in Orlando, in terms of number of certified buildings. The development has 13 separate buildings.

The NGBS is an ANSI-approved national rating system used to gauge the performance of residential construction based on six key categories: energy efficiency; water efficiency; resource efficiency; lot development; operation and maintenance; and indoor air quality.

NGBS Green Certification is provided by Home Innovation Research Labs, an accredited third-party testing and certification agency and an independent subsidiary of the National Association of Home Builders.

Altís Sand Lake is an amenity-rich, luxury rental community with one-, two-, and three-bedroom homes. Some of the key green features include programmable thermostats with humidistats, high-efficiency water heaters, individual unit electric meters and sub-meters, 100 percent energy-efficient designer lighting, and ENERGY STAR refrigerators.  All of these features allow renters to use less energy and save money on their power bills.

Altís Sand Lake saves enough energy to power 41 homes per year, saves enough water to fill 60 swimming pools per year and diverts 159 tons of waste from landfills per year.

“We are very proud that our company has achieved its first NGBS Green Certification,” said Joel Altman, chairman of The Altman Companies. “We at Altman are committed to see that our residents have an Exceptional Living Experience, and we are also environmentally conscious and care about a sustainable lifestyle. At Altís Sand Lake, we are able to give our residents both.”

“Attaining our third-party ‘seal of approval’ allows quality-minded builders like The Altman Companies to distinguish their properties from the competition,” according to Luzier. “Earning NGBS Green Certification means going beyond what’s simply required by code, to provide consumers with a better place to call home – an energy cost-saving, healthier, and more comfortable place to live. I applaud Altman for making this commitment at Altís Sand Lake for the benefit of its renters and the larger community.” 

IRVINE, CA – International award-winning firm KTGY Architecture + Planning announced that Timber in Newark, Calif., built by visionary California homebuilder Trumark Homes and designed by KTGY, received top honors at the 2016 Building Industry Association (BIA) Bay Area Excellence in Home Building Awards earlier this month. Timber received the “Multi-Product Community of the Year” Award and “Best Architectural Design – Multi-Family” Award. The community also received an award for “Best Signage.”

“Trumark Homes is honored to be recognized with these exceptional awards for our Timber community and partnership with KTGY,” said Mark Higgins, senior vice president, sales and marketing for Trumark Homes. “We were able to capitalize on Newark’s emergence as a key market in Alameda County introducing new homes to meet buyer demand in the area. With more than 150 homes sold to date, we anticipate the remaining inventory moving quickly as Timber becomes a thriving community desired for its proximity to transportation, major employment centers and entertainment options.”

Targeting executives and multi-generational families seeking an enhanced lifestyle and flexibility, Timber offers a selection of medium-density single-family detached homes and higher-density multifamily townhomes for sale within a short distance of the Dumbarton Bridge, AC Transit and the Dumbarton Express. The new community consists of 80 for-sale townhomes (Canopy at Timber) and 84 for-sale single-family detached homes (Shade at Timber) with six different floor plans ranging in size from three bedrooms, three baths with 1,540 square feet to four bedrooms, three-and-a-half baths with 2,405 square feet. The development of Timber marked the first new development in Newark in more than a decade.

“Answering the high demand for new housing in the Bay Area, we transformed a former old RV storage parking lot into a beautiful neighborhood that set a new standard for development within Newark,” said KTGY Chairman Jill Williams, AIA, and lead principal on the project. “The homes are a blend of modern and Craftsman-style architecture that feature a neutral palette, hardscapes and finishes that blend interiors and exteriors seamlessly.” 

Canopy’s 1,540-square-foot townhome includes three bedrooms with a bathroom located off each bedroom. The 1,873-square-foot option also includes three bedrooms with a bathroom off of each bedroom, but there is also a half bathroom located off of the kitchen. The largest townhouse option, at 2,026 square feet, has four bedrooms and three and half bathrooms. Two of the three floor plans include a second-story deck off of the dining room or kitchen, great for enjoying the outdoors and expanding the living and entertainment space; and a ground-floor bedroom suite, perfect for multi-generational families or as a guest suite or creative office quarters. All the homes have large, open living areas and an expansive kitchen island great for entertaining, and a direct access, private two-car garage. Canopy at Timber was a finalist for BIA Bay Area Excellence in Home Building Award for “Community of the Year Award, Attached.”

NEW YORK, NY – Ieoh Ming Pei was born in Guangzhou, China in 1917, the son of a prominent banker. He moved to New York to study architecture and established his first architectural firm in 1955.

Pei became famous for designing the Bank of China Building in Hong Kong and the Pyramid at the Louvre in Paris. Many of his best buildings may be found in the United States, including the Four Seasons Hotel on 57th Street in New York, the John F. Kennedy Library in Boston, the National Gallery of Art’s East Building in Washington, and the Rock and Roll Hall of Fame in Cleveland. These light-flooded structures are powerful and impress with exceptional clarity.

I.M. Pei’s only condominium building, The Centurion Condominium at 33 West 56th Street in the heart of Manhattan, was designed in 2008, with his sons at Pei Partnership Architects. 

The Centurion Condominium is seen as one of the most architecturally significant and exclusive condominiums in New York City. It is nearly sold out, with the exception of a magnificent penthouse. “In addition, sometimes we are able to offer a resale apartment at the building, starting from just $2.5 million,” says the building’s exclusive broker, Thomas Guss of New York Residence, Inc. 

The amenities of the property include a 24-hour concierge, doorman, fitness center, and a private waterfall as part of its impressive lobby.

I.M. Pei stated that the building has a lot of emotional content for him because of his personal connection to the project and its location. The Centurion is located within walking distance of Central Park and the most luxurious shops on Fifth Avenue.

Pei, now the world’s most celebrated living architect, looks back at 70 years of groundbreaking architectural work across the globe. “Still, New York is the most exciting city in the world. It is pulsating with life – and architecture is the mirror of life,” says Pei.

NEW YORK, NY – At a seasonally adjusted annual rate of $660.5 billion, new construction starts in March receded 1% from February’s pace, according to Dodge Data & Analytics.  Total construction starts had jumped 13% in February, led by a huge gain for the electric utility and gas plant category. While the dollar amount of electric utility and gas plant starts fell considerably in March, accompanied by a pullback for public works, the latest month featured a substantial increase for nonresidential building as this sector is providing more evidence that it’s regaining upward momentum.  In addition, residential building in March registered moderate growth, helped by the continued strength for multifamily housing.  During the first three months of 2016, total construction starts on an unadjusted basis were $141.7 billion, down 10% from the same period a year ago that included the start of several massive power plants and liquefied natural gas (LNG) export terminals.  If the volatile electric utility and gas plant category is excluded, total construction starts on a seasonally adjusted basis in March would be up 4% from February, while the year-to-date comparison on an unadjusted basis would show just a modest 4% decline.

The March data produced a reading of 140 for the Dodge Index (2000=100), compared to a revised 142 for February.  Both February and March came in higher than the sluggish 126 average for the Dodge Index during the previous seven months. “While March construction activity was down slightly from February, it stayed above the lackluster performance witnessed during the second half of last year that continued through January,” stated Robert A. Murray, chief economist for Dodge Data & Analytics.  “What’s noteworthy about the March report is the renewed strength shown by nonresidential building, and in particular its institutional building segment.  Nonresidential building had settled back 5% in 2015 after its 24% surge in 2014, reflecting not only a steep 36% plunge for manufacturing plant construction but also a slight 1% decline for institutional building.  The strength shown by institutional building in March provides some indication that it’s beginning to shift back into expansion mode, helped by growth for educational facilities as well as by the start of several large transportation terminal projects.  Assuming this pattern gets repeated over the course of 2016, it would be an important factor behind nonresidential building reestablishing an upward trend.”

Nonresidential building in March climbed 23% to $228.1 billion (annual rate), strengthening for the second month in a row after February’s 5% gain.  The institutional building group in March soared 44%, with most of the structure types reporting growth.  Leading the way was the transportation terminal category, up 339%, as it was lifted by the start of two very large projects – $663 million for work on the rail terminal caverns at Grand Central Station in New York NY and $537 million for the new North Terminal building at Louis Armstrong International Airport in New Orleans LA.  Other large transportation terminals included as March starts were the $132 million Andrews Federal Center bus garage in the Washington DC area and the $112 million Terminal 4 expansion at Fort Lauderdale-Hollywood FL International Airport.  Educational facilities, the largest nonresidential building category by dollar volume, advanced 20% in March.  Several large university buildings reached groundbreaking, including a $131 million research building at the University of Kentucky in Lexington KY and the $110 million seismic replacement of Tolman Hall at the University of California Berkeley.  The amusement and recreational category had a strong March, rising 38% with the boost coming from the $284 million casino portion of the $630 million Montreign Resort and Casino in Kiamesha Lake NY and the $192 million casino portion of the $500 million MGM Resort and Casino in Springfield MA. The public buildings category and healthcare facilities rebounded from weak February amounts, rising 55% and 53% respectively.  Church construction, sliding 54% in March, ran counter to the general upward trend for institutional building.

The commercial categories as a group increased 5% in March, reflecting a mixed pattern by project type.  Hotel construction rose 47%, lifted by the $332 million hotel portion of the Montreign Resort and Casino, and support was also provided by the $78 million hotel portion of the Springfield MA MGM Resort and Casino.  Other large hotel projects included as March starts were the $285 million expansion of the Pechanga Resort and Casino in Temecula CA and the $217 million Turnberry JW Marriott Hotel in Nashville TN.  Store construction in March increased 19%, reflecting the $140 million renovation of the Fashion Outlets of Philadelphia mall in Philadelphia PA and the $116 million retail space expansion at TD Boston Garden in Boston MA.  On the negative side, office construction retreated 27% in March after its 26% hike in February.  Despite the decline, several large office projects were included as March starts, such as $293 million for work at the Toyota Corporate Campus project underway in Plano TX and a $131 million office building in Atlanta GA. Warehouse construction also retreated in March, slipping 13%.  The manufacturing plant category showed improvement after its weak February amount, rising 20% with the push coming from such projects as a $335 million carbon fiber production plant in Moore SC and the $220 million Volvo auto assembly plant (phase 1) in Ridgeville SC.

Residential building, at $292.0 billion (annual rate), grew 3% in March.  Multifamily housing increased 15%, bouncing back following a 6% decline in February, as it continues to proceed at a brisk pace.  There were 12 multifamily projects valued at $100 million or more that reached groundbreaking in March, led by two projects in New York NY valued at $404 million and $308 million respectively.  Other large multifamily projects that reached groundbreaking were a $305 million condominium tower in Sunny Isles Beach FL, a $243 million condominium tower in Miami FL, and the $229 million Transbay Block 9 multifamily development in San Francisco CA.  During the first three months of 2016, the leading metropolitan areas in terms of the dollar amount of multifamily starts were the following – New York NY, Miami FL, Boston MA, San Francisco CA, and Los Angeles CA.  The New York NY metropolitan area comprised 25% of the national multifamily dollar amount during the January-March period, staying close for now to the 27% share that was reported for the full year 2015.  Single family housing in March slipped 2%, essentially remaining close to its February pace.  By major region, March showed this pattern for single family housing relative to February – the Northeast, up 6%; the South Atlantic, up 2%; the West, down 2%; the South Central, down 4%; and the Midwest, down 10%.

Nonbuilding construction in March fell 30% to $140.4 billion (annual rate), after surging 50% in February.  The electric utility and gas plant category retreated 38% from its exceptional February amount, which included the $3 billion third segment (or train) of an LNG export terminal in Freeport TX as well as the start of several very large power plants.  Even with the decline, the level of activity for the electric utility and gas plant category was still fairly high in March, coming in only 3% below the average monthly pace reported during 2015.  The latest month included the start of six large solar power projects, located in California (two projects valued at $850 million and $418 million respectively), Utah ($450 million), Texas ($298 million), Idaho ($200 million), and Alabama ($200 million).  Other large power-related projects included as March starts were a $382 million transmission line in Wisconsin, a $275 million natural gas-fired power plant in North Carolina, and a $250 million retrofit of three coal-fired power plants in Alabama.  The public works categories as a group witnessed a reduced level of construction starts in March, sliding 24% from February, and down from the generally improved activity reported during the closing months of 2015.  Highway and bridge construction experienced a comparatively mild 8% pullback, while steeper declines were reported for the environmental public works categories – water supply systems, down 27%; sewers, down 31%; and river/harbor development, down 52%.  The miscellaneous public works category, which includes such diverse project types as pipelines and rail-related work, fell 40% in March following its 16% gain in February.

The 10% decline for total construction starts on an unadjusted basis during the first three months of 2016 compared to last year was due to a varied pattern by major sector.  Nonresidential building dropped 9% year-to-date, with manufacturing plant construction down 53%, the institutional building segment down 9%, while the commercial building segment ran counter with a 5% gain.  Residential building grew 12% year-to- date, with similar growth for single family housing, up 11%; and multifamily housing, up 13%. Nonbuilding construction plummeted 34% year-to-date, with public works down 28% and electric utilities/gas plants down 42%.  The reduced amounts for public works and electric utilities/gas plants so far in 2016 are relative to particularly strong activity during the first three months of 2015, with respective gains of 18% and 439% compared to the same period of 2014.  By geography, total construction starts for the January-March period of 2016 showed a 37% drop for the South Central region, which last year included the start of several massive LNG terminal projects.  The other four regions registered this year-to-date pattern for total construction starts – the South Atlantic, no change; the Midwest, up 1%; the Northeast, up 7%; and the West, up 9%.

Further perspective comes from looking at twelve-month moving totals, in this case the twelve months ending March 2016 versus the twelve months ending March 2015.  On this basis, total construction starts were up a slight 0.4%, as the result of this behavior by major sector – nonresidential building, down 10%; residential building, up 14%; and nonbuilding construction, down 5%.  By geography, the twelve months ending March 2016 revealed this pattern for total construction starts – the Northeast, up 14%; the Midwest and West, each up 4%; the South Atlantic, up 1%; and the South Central, down 14%.

(RECAP: The Senate Appropriations Committee on April 21 unanimously approved its Fiscal Year (FY) 2017 Transportation, Housing and Urban Development (THUD) funding bill. The THUD Appropriations Subcommittee reported the bill April 19. The full Committee adopted the bill with only minor amendments, which did not change its HUD program funding levels. The bill provides $950 million for the HOME Investment Partnerships Program (HOME) and fully funds project-based rental assistance contracts. The bill also increases the number of public housing units that can convert under the Rental Assistance Demonstration (RAD) program from 185,000 to 250,000 and eliminates the program’s sunset date. It also includes authority for Section 202 Project Rental Assistance Contract properties to convert under RAD and provides $4 million in assistance to those properties for that purpose. In addition, it provides $56.5 billion in new spending on programs within its jurisdiction, $827 million less than the THUD FY 2016 funding amount and $2.9 billion below the Administration’s FY 2017 budget request.)

(RECAP: Everyone in Chesapeake wants the city’s growth to be “smart.” Or managed. Or responsible. It’s one of the most talked-about topics heading into the May 3 election. Citizens in the past year have seen their schools become more crowded, more fields filled by subdivisions and the City Council fast-track more developments than ever before. They want to know that growth is under control. But few agree on what that means. In interviews, the six candidates seeking three at-large seats on the City Council – and unopposed Mayor Alan Krasnoff – gave varying thoughts on “smart growth,” and whether Chesapeake is doing it well.)

FORT LAUDERDALE, FL – MORGAN, a leader in upscale multifamily development, construction and property management, has sold its 331-unit The Edge at Flagler Village multifamily property in Fort Lauderdale to an institutional investor. This midrise apartment building is located in the heart of Fort Lauderdale’s urban core.

MORGAN completed construction on The Edge in January 2015. 

Active in the Florida market since the 1990s, MORGAN has developed 3,500 multifamily units in Miami, Orlando, Jacksonville and Sunrise in addition to Fort Lauderdale. In Miami, MORGAN plans to open Pearl Dadeland, a 412-unit luxury apartment complex, later this year and recently started construction on a 20-story residential high rise in Midtown. 

“Downtown and Flagler Village are merging into a single neighborhood, which has shifted the center of gravity in Fort Lauderdale north,” said MORGAN Regional Vice President Evan Schlecker. “This is evidenced by the increase in apartment units, retail offerings and transportation options. MORGAN recently purchased another site in Flagler Village where we hope to replicate the success we had with The Edge.”

MORGAN is a privately held national developer and manager of Class A multifamily properties. With headquarters in Houston, TX, MORGAN specializes in upscale urban construction and third-party property management across the United States. Since 1988, MORGAN has developed over 18,000 units at a cost of $2.3 billion with a $500 million project pipeline currently in development or under construction.