Ware Malcomb’s Post

Townhouse construction has surged since 2009, recently reaching a record share of new housing starts. This trend highlights the challenges of affordability and rising construction costs. However, growth varies by region. Zonda's data reveals: - Atlanta leads in total townhouse projects but is down 20% since 2019. - Washington, DC and Seattle have similar project counts, though trends are moving in opposite directions. - Minneapolis, which abolished single-family zoning laws, has seen townhome construction soar nearly 150% since 2019. Follow NWM Risk Management to learn about more construction industry trends. #housingstarts #townhomes #multifamily

Why NO New Construction Homes in Chicago? Since 2011, Chicago has witnessed a profound transformation, one that extends beyond the surface of its skyline. The evolution from condominiums and entry-level homes to accommodations suited for families reflects a deeper shift in housing preferences. This transition in the marketplace is just a piece of the puzzle. The advent of the pandemic and the surge of inflation have layered additional complexities onto an already challenging terrain new construction home builders such as @zsdcorp. The result? A stark outlook in Chicago’s construction scene. While new construction apartments continue to punctuate the city's horizon, large-scale for-sale projects have become a rare sighting. This scarcity is not just a matter of market trends but a reflection of the myriad headwinds facing developers and investors alike. From financing hurdles to shifting consumer demands, the road to large-scale developments is fraught with obstacles. As we navigate these turbulent waters, the question remains: How can Chicago's construction sector adapt and thrive? The answer may lie in innovation, resilience, and a keen understanding of the ever-changing dynamics of urban living. Stay tuned as we chat about these topics and more with Zev Salomon over the next week! #ChicagoRealEstate #HousingShifts #chicagodevelopments #chicagohomepartner #amandamcmillan

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

On Monday, August 12th, Andrew Watkins and the JZMK team, alongside City Staff, presented an update on the Moraga Canyon Specific Plan with the Piedmont Planning Commission. The workshop aimed to gather support and feedback on the proposed architectural styles for the new multifamily residential development. The Planning Commission provided valuable insight and endorsed the proposed styles. Once the Administrative Draft of the Specific Plan is ready, the Commission will review the full document and offer additional feedback. Stay tuned for more Moraga Canyon updates! #CommunityUpdate #UrbanPlanning #CityDevelopment #ArchitecturalDesign #PiedmontPlanning #MoragaCanyon #SpecificPlan #ResidentialDevelopment #PlanningCommission #CityPartnership #DesignFeedback #FuturePlanning #BuildingCommunity #UrbanRenewal #NeighborhoodDevelopment #PlanningUpdates #ArchitecturalStyles #CommunityInput #CityProjects #DevelopmentPlans #PiedmontUpdates #MultiFamilyHousing #CityCollaboration #PlanningNews #DevelopmentUpdate #UrbanGrowth #ArchitecturalTrends #FutureOfPiedmont #CommunityEngagement #CityDevelopmentNews

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

Check out this short analysis of the recently approved zoning changes in East Boston from a local land use attorney. Really interesting set of changes, especially in light of the new ‘Streets & Squares’ zoning reform that appears focused on similar changes.

After 6 years in the making, the Boston Zoning Commission voted on Wednesday to approve the  Boston Planning and Development Agency's (#BPDA) recommendation to overhaul Article 53 of the Boston Zoning Code which is applicable to East Boston. The final adoption of PLAN: East Boston approved a number of map and text amendments to the Zoning Code that will update almost all of the zoning regulations that have governed the East Boston neighborhood for more than thirty (30) years. The recommended amendments received unanimous support from the Zoning Commission. These changes to Article 53 are pretty significant for property owners, developers and the community at large providing predictability and better planning for neighborhood growth allowing for more housing, mixed use and plans to address climate resiliency. Important takeaways include:   •     Creation of new zoning districts that will allow for an increase in the number of allowed residential units per lot; •     The elimination of or increases in maximum floor/area ratios (FAR) for most neighborhoods allowing for more habitable space per lot; •     No requirement for minimum lot size or lot frontage; •     Increases in allowable building heights in squares and corridors; •     Requirements for more site permeability and limits on building lot coverage; •     Reducing (and in some cases eliminating) minimum off street parking requirements.   Feel free to connect if you wish to discuss how these changes may affect your property or future project or require assistance in navigating these new amendments.  #Development #EastBoston #Zoning

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?

Town of Westborough Town Meeting voted to pass the 2 zoning articles last night! The first article was for Inclusionary Zoning, which would require a 20% affordability requirement for all residential development with more than 10 units. Further, the SHI requirement would be broken down to require 15% of the units to have an average of 70% AMI and 5% to be affordable up to 120% AMI. The 2nd zoning article would allow commercial developments in the Highway Business Zoning District to request a Special Permit to reduce the open space requirement, in exchange for incorporating a sustainable design into their project. A developer could also request waivers to other dimensional requirements as well. By allowing for flexibility in the zoning for commercial businesses, the goal is to attract creative, high-value developments that increase our tax base while helping the Town meet sustainability goals. #zoning #planningforthefuture #sustainability #inclusionaryzoning #affordablehomesact

Lorcan O'Herlihy Architects [LOHA] are expanding the definition for permanent supportive housing in Los Angeles As California’s housing crisis has worsened, officials here have been working to make more underutilized land parcels available to affordable housing developers in the form of inexpensive leases. But these sites hadn’t been developed for a reason— many were lying on sites with difficult terrain, split into separate pieces, or sitting along heavy traffic corridors or even next to freeways. The 35,000-square-foot, 54-unit permanent supportive housing development for the formerly homeless, called Isla Intersections (both for its busy “island” location and for its intersection of housing, sustainability, and equity), is a potent model of what’s doable in housing if we’re willing to expand our definition of what’s possible. https://lnkd.in/ehcMnxQT