Commercial real estate developers go into detail on the impact of the financial crisis on their ability to make projects happen.
"The banking crisis 'pretty much stopped the majority of commercial development dead in their tracks, except non-leveraged projects, smaller investments and owner-occupied deals, and institutional projects that were already in progress,' [Developer Rick] DeKam said. 'I think you will see institutional, medical and even multifamily development as the steady-performing real estate over the next few years.'
Michael Cagen, associate broker specializing in multifamily investment at Marcus & Millichap's Grand Rapids office, has seen the same financing challenges of late as other real estate categories.
'Only several months ago, we were able to find financing, but at higher interest rates and at lower loan to values,' Cagen said. 'Today, lenders tell you they need to have the complete banking relationship with you, that the buyer needs to be local and that it needs to be newer property. In essence, this means the number of lenders who are available to finance a given deal has continued to shrink.'"
FULL STORY: Commercial real estate financing goes from bad to worse
Coming Soon to Ohio: The Largest Agrivoltaic Farm in the US
The ambitious 6,000-acre project will combine an 800-watt solar farm with crop and livestock production.
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
U.S. Supreme Court: California's Impact Fees May Violate Takings Clause
A California property owner took El Dorado County to state court after paying a traffic impact fee he felt was exorbitant. He lost in trial court, appellate court, and the California Supreme Court denied review. Then the U.S. Supreme Court acted.
How Freeway Projects Impact Climate Resilience
In addition to displacement and public health impacts, highway expansions can also make communities less resilient to flooding and other climate-related disasters.
California Grid Runs on 100% Renewable Energy for Over 9 Hours
The state’s energy grid was entirely powered by clean energy for some portion of the day on 37 out of the last 45 days.
New Forecasting Tool Aims to Reduce Heat-Related Deaths
Two federal agencies launched a new, easy-to-use, color-coded heat warning system that combines meteorological and medical risk factors.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
Tufts University, Department of Urban and Environmental Policy & Planning
City of Universal City TX
ULI Northwest Arkansas
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.