by Richard J. Henken
Smart investors are continually on the lookout for opportunities to earn strong risk-adjusted returns. A fresh, little-known asset class can reward investors who understand its hybrid benefits. In strong markets, projects backed by the Department of Housing and Urban Development provide a unique opportunity to combine bond-like fixed-income properties with the potential for growth through real estate appreciation.
The developer of Newport's Brick Marketplace, who owns 100 acres off Route 116 here, is among a number of business-oriented leaders about to unveil their vision for the creation of two new villages in town.
Last September and October, housing officials sat across a table from the owners of Starrett City, the nation's largest privately owned affordable housing complex, located in Brooklyn, N.Y. Armed with a stack of market studies and financial statements, officials argued Starrett City would provide the owners a stronger and more predictable return if kept affordable than if Starrett City Association attempted to remove the property's income restrictions.
Recent months have seen a second wind for the historic Brick Market Place, thanks to the ongoing renovation efforts of Schochet Associates, a development and property management company located in downtown Boston. Boasting over four acres of retail along America's Cup Ave., Brick Market Place has long been a treasured shopping destination in the city, and now sees a bright future as a centerpiece to the economic revitalization of the city's historic downtown area.
"The future is already here," points out Daniel Gehman, AIA, LEED AP and principal at TCA (Thomas P. Cox: Architects). With an accelerated pace of innovation evident in the past five to 10 years, industry observers believe that the groundwork is already being set for the apartment of 2020. While anything is possible, those interviewed for this special report agree "the paradigm is shifting to denser spaces that are highly amenitized," as Gehman puts it.
Ten health care facilities employ creative land use strategies to integrate medical care and wellness services into their communities.
Schochet Associates announced that Albert Rodiger has joined the company as its vice president of acquisitions and development.
As seen in the Berkshire Eagle, Great Barrington board signs off on Searles land.
Landing cleared: Great Barrington Selectmen pick Berkshire Development's residential proposal, as seen in the Berkshire Eagle.
MassHousing recently honored more than 90 property management companies in Massachusetts for their success in contracting with Minority and Women-Owned Business Enterprises (M/WBEs) for $54.7 million in goods and services during fiscal year 2007.