Bhavin Patel’s Post

Redwood West Jefferson, a new 150-unit Redwood Apartment Neighborhood located in Columbus, Ohio MSA, just celebrated its grand opening event, just 20 months after closing of construction financing. Our initial modelling for this development projected construction to be completed in May of 2026. In an unprecedented turn of events, Redwood has officially delivered 100% of the apartment homes at Redwood West Jefferson as of the end of September 2024, meaning our teams have beaten initial construction schedule projections per financial modelling by approximately 20 months! While this development and construction performance is extraordinary, it is a testament to Redwood’s Core Value #4 – Deliver More Than Expected, and we take great pride in all the teams at Redwood involved! #BTR #BuildtoRent #DeliverMoreThanExpected #WeAreRedwood Disclaimers & notices: https://lnkd.in/e4syPfxP

WAM Principal Nick Deans recently had the privilege of participating in The Fifth Estate's ‘Let’s Hack Housing’ event, where some of the brightest minds in housing, design, and urban planning came together to tackle one of the most pressing issues of our time: the housing crisis. The robust debates and discussions we engaged in were a clear reminder that there is no single, simple solution to this complex problem. Instead, it requires a multi-pronged approach that involves both the public and private sectors working in concert. "At its core, the answer to the housing crisis seems straightforward - improving housing supply. But the real challenge lies in the details of how we make it happen," says Nick. "We must focus on enabling the conditions that allow for the creation of more housing, both through new construction and by making better use of the resources and buildings we already have. We have the ideas and expertise to make real progress, but now is the time to turn good thinking into good actions." View more: https://lnkd.in/ghb7AJFT

Smart Designs: Affordable Living in Florida is officially available in the Tampa Bay Business Journal and our website. BDG's thought leaders delve into the complex landscape of affordable housing development. Successful planning demands a comprehensive understanding of diverse variables and a strategic, risk-averse approach. This white paper covers key considerations including regional development experience, financial sustainability, zoning analysis, building quality, market influence, economic and political factors. Assembling an adept team and establishing a well-prioritized work plan are emphasized as essential components in navigating the intricate early planning stages of development. Read More: https://lnkd.in/e7gN7quY https://lnkd.in/eBtf4ujq #SmartDesigns #AffordableLiving #Florida #LeasershipINArchitecture

What does “better” look like when it comes to strata? I want to bring YOUR ideas about how we can “Build Big Better” to my panel spot at Professor Cathy Sherry’s event next week. So, let me know your thoughts: 1️⃣ is there a perfect size for a strata plan? (How many lots?) 2️⃣ what types of communities have the least disputes, and why? 3️⃣ what puts brand new communities on a path to disaster? 4️⃣ is there anything in particular that makes buildings more affordable to run? How about more expensive? 5️⃣ do our strata owners and committees have access to the information and professional support they need to function well? Let me know your thoughts on any or all of the above!👇 (I’m asking these questions of as many #strata people as possible, so if you want to see the results of my informal survey, join us at this free event next week. I’d love to see you there 👋 Details in Cathy’s post here):

Let's talk about the new construction boom in Philadelphia... If you’ve been to neighborhoods like Fishtown and Northern Liberties recently, you’ve probably noticed the surge of new construction projects popping up in places like Delaware Ave., Front St, etc. Over the past few years, these areas have become prime spots for developers looking to take advantage of the city’s favorable zoning laws and development incentives in transit-friendly neighborhoods. The result? A wave of new residential units flooding the market. In the short term, renters can benefit from better deals and more options. But for developers and property owners, it raises concerns around vacancy rates and ROI. Is the current pace of development sustainable? Could continued oversupply hinder the overall growth and appeal of these neighborhoods? How might this affect older properties in the area? Thoughts?

BOSTON GLOBE: “Wu’s rezoning effort gets first BPDA approval”

Boston Mayor Michelle Wu’s ambitious plan to create more housing in neighborhood centers across the city through a new approach to zoning took a big step forward Thursday. 
The Boston Planning and Development Agency board approved an update to the city’s zoning code allowing for six “Squares + Streets” districts. The districts would allow for a range of residential and community uses along main streets, but would prohibit research labs and “large-scale industrial and vehicular uses,” according to a BPDA presentation. […] In an approach known as “form-based zoning,” the move would set more standard zoning districts across the city. The process would allow residents to choose future redevelopment options from these defined templates, rather than developers requesting piecemeal zoning updates for individual projects. https://lnkd.in/eqqukeUz

Boston Developer’s $450 Million Vision for Lynn’s Transformation! Here’s a quick glimpse into an exciting development reshaping the landscape of Lynn, Massachusetts! Samuels and Associates, renowned for their expertise in mixed-use projects, is pouring a massive $450 million into developing a 4.4-acre site in Lynn’s South Harbor neighborhood. 👉 Discover more in my detailed video about the project - https://lnkd.in/ePiNqWWx Why is this a big deal? Track Record: Chosen for their proven success in creating vibrant residential, commercial, and lab spaces. Community-Centric: Committing to 10% affordable housing, they're not just building structures but nurturing communities. Economic Boost: A whopping $45 million tax credit backs this project, highlighting its significance and potential impact. The project is expected to net $120 million in tax revenue for the city of Lynn throughout a 30-year period. This development is more than just buildings; it's about revitalizing a neighborhood and creating a beacon of modern urban living. Stay tuned as we follow this transformative journey in Lynn. 🥂To groundbreaking ventures #lynn #realestate #housingnews #realestatenews

CIBS Hosts Insightful Discussion on Melville Town Center's Future On Wednesday, September 25, 2024, the Commercial and Industrial Brokers Society of Long Island (CIBS) hosted a highly anticipated panel discussion: “The Melville Town Center – Will it Succeed and is It a Model for Other Long Island Municipalities?” The event brought together industry leaders and real estate professionals to explore the potential of the Melville Town Center and its impact on Long Island’s growth. Moderated by Peter L. Curry, partner at Farrell Fritz, P.C., the panel featured: • David Pennetta SIOR, CIBS, LEED GA, CIBS Co-President and Executive Managing Director at Cushman & Wakefield • Michael Florio, CEO of Long Island Builders Institute • Louis Bekofsky, Principal & Managing Director at VHB Engineering • Kelley Coughlan Heck, Executive Vice President & Partner at TRITEC Real Estate Company, Inc. The conversation highlighted opportunities and challenges tied to redeveloping the Maxess Road area into a dynamic mixed-use community, blending commercial, residential, and recreational spaces. Peter Curry noted, “The Melville Town Center project could reshape how Long Island approaches mixed-use development and serve as a model for other municipalities balancing growth with community needs.” The panel emphasized the need for collaboration between developers, local governments, and communities to ensure Long Island remains a thriving hub for commercial and residential activity. CIBS Co-President David Pennetta added, “CIBS is proud to facilitate these essential conversations. As Long Island evolves, it’s critical that we proactively address the challenges and opportunities of major projects like the Melville Town Center.” #CIBS #LongIsland #RealEstate #MixedUseDevelopment #MelvilleTownCenter #CommercialRealEstate #CommunityGrowth  

This is a must read! Chicago should consider a similar approach. LA has made affordable housing an emergency and has eliminated unnecessary reviews, requiring approvals in 60 days and building permits in 5 days. This has unleashed over 16,000 new affordable housing units and billions in private investment in LA’s neighborhoods without a single dollar of public subsidy or tax credits. This is a great case study in government incentizing development by simply doing its job more efficiently. Shout out to Mayor Bass! Likewise, Chicago could unleash its talented architects, builders, contractors and developers by eliminating duplicative and unnecessary reviews, putting time limits on approvals, and valuing speed in the entitlement processes. If LA can do it, surely Chicago can too! John Roberson Kenya K. Merritt Ciere Boatright Nneka Onwuzurike Lissette Castañeda Tom Carney Marlene H. Mary Richardson-Lowry Patrick Murphey

One standout topic at Bisnow’s recent event was on the varied focuses developers have regarding site selection Cross Street Partners employ a strategy in which they identify existing structures to perform extensive renovations and retain the existing use or undergo an adaptive reuse plan. These buildings are typically aged and located in neighborhoods of distress. Margaret Norfleet-Neff then posed the question: How can we establish connections between areas lacking viable retail and housing that is in disrepair, with those areas thriving within a city like Baltimore? This involves things like access to transportation systems and integrating community amenities to attract an influx of people, fostering an interconnectedness between prospering neighborhoods and developing neighborhoods. Wood Partners have found success in developing land that is zoned for multifamily use in areas that are already prospering, allowing them to continue supporting the growth. Another important aspect is being able to leverage tax credits. For example, in Baltimore, there’s a Brownfield Site Tax Credit that offers a 5-10 year credit period where up to 70% of the increased tax liability is credited if the proposed development will be constructed on a contaminated site that will be cleaned before construction commences. MCB Real Estate actually delivered a project, Yard 56, on what was previously an industrial brownfield site. The greater opportunity behind the selection of the site was in the surrounding area. There was no new multifamily product in this particular neighborhood, and it was within walking distance to a major employer, John’s Hopkins Bayview. Being a first mover enabled them to accommodate a defined renter pool that would certainly take advantage of a project boasting over 200 units, 70,000 square feet of retail, medical office space, and more. In sum, this speaks to the various approaches to site selection being a pivotal aspect, underscoring the significance of strategic decision making in commercial real estate development. #multifamilydevelopment #adaptivereuse #redevelopmemt #mixeduse #housing