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The Biden Administration has announced a new initiative aimed at financing office conversions in an effort to combat the growing problem of high vacancy rates and housing affordability in markets large and small across the country. The announcement comes as vacancy rates have skyrocketed to... View full entry
The building’s future as housing began to take shape this week when the Brodsky Organization, a residential developer, bought a stake in the 22-story, triangular-shaped tower on Fifth Avenue. Brodsky will lead the conversion, carving out units — either for sale as condominiums or as rentals — from the notoriously awkward space.
The exact layout and the number of new residences have not been determined.
— The New York Times
The project will take about three years to complete once plans finally clear the lengthy approval process. Developers told the New York Times they are considering multiple schemes but have yet to determine the total number of residential units the conversion will create. The saga began with... View full entry
Amid the backdrop of a national trend of tumbling enrollments, brutal pandemic-era learning losses and an ongoing flight of young families from urban centers, the dilemma of how to repurpose empty schools is that many cities face. According to the National Center for Education Statistics, about 2,200 public schools closed from 2019 to 2022. Chicago’s experiences offer some insights into what can happen to these spaces, and the communities around them, after the students get sent home. — Bloomberg
Lamar Johnson Collaborative Associate Principal Max Komnenich tells Bloomberg the other side to the growing problem of school closings can offer a “beacon for reinvestment” given the proper incentives. His firm’s Aspire Center conversion took advantage of a $12.5 million TIF that’s... View full entry
Mayor Eric Adams proposed on Thursday a major overhaul of New York City’s approach to development that his administration says could make way for as many as 100,000 additional homes in the coming years and ease the city’s severe housing crisis. [...]
The proposals could bring new housing development to nearly every corner of New York City and reflect a growing political consensus that the city must do everything it can to build.
— The New York Times
In last week's announcement of the City of Yes for Housing Opportunity plan, several measures designed to achieve the declared goal of adding 100,000 new residential units were listed, including the end of parking mandates for new housing, the legalization of ADUs, encouraging shared living and... View full entry
A new study from the University of California, Berkeley’s Terner Center for Housing Innovation has uncovered over 171,749 acres of developable land owned by nonprofit colleges or faith-based organizations in the state, bolstering the aims of the “Yes in God’s Backyard” movement as it... View full entry
Multistudio has broken ground on a noteworthy new four-residence supportive housing project in Lawrence, Kansas, which they say is evocative of their goal of pushing the limits of what’s possible within their community and the industry as a whole. The project involved collaborating with clients... View full entry
The Terner Center for Housing Innovation at UC Berkeley has released a statewide assessment of the development of housing five years after the implementation of California's Senate Bill (SB) 35 began in 2018. The bill eased the barriers to housing production for builders, in some cases removing... View full entry
New York City officials announced plans on Thursday to ease the conversion of office buildings to housing and to open manufacturing areas south of Times Square to new residential development, as part of a broader push to reinvent the struggling business district in Midtown Manhattan and address the city’s housing crisis. — The New York Times
The news comes after the revelation last week that a total of zero new housing starts were approved in Manhattan in the month of July. The Adams administration previously announced its desire to create 40,000 new residential units through the adaptive reuse of office buildings. The rezoned area... View full entry
Gensler Principal and Studio Director Steven Paynter sat down recently with financial news service Marketplace.org to detail his firm’s year-old proprietary office conversion metric, a unique tool that has become indispensable as the industry looks to position itself for the mass-scale... View full entry
Japan-based housing company Serendix has announced the completion of 'serendix50', a 3D printed house that forms part of the company’s mission of building homes that can be bought for the price of a car. Image credit: Serendix Serendix first made headlines in March 2022 with the creation of... View full entry
The borough of Manhattan, home to 1.7 million people, approved no new units of housing last month and just 10 buildings with 279 units in total were approved last month in the other four boroughs combined. City leaders are raising the alarm about the anemic pace of development. — Business Insider
The lack of new housing starts mirrors a nationwide dip that was recorded at 24% for the month of June, according to the latest Dodge Construction Network report. Manhattan has seen ruinous housing cost increases since the pandemic abated, irking those in power who feel the need to end a citywide... View full entry
New economic reporting compiled by Yardi Matrix suggests that apartment conversions will yield 122,000 or more new units in the United States in the coming years despite a recent turndown that’s been recorded in the market since January 1st. RentCafe has the latest data analysis to highlight a... View full entry
A bellwether overhaul of the aging Emery Roth & Sons-designed 55 Broad Street office tower in Lower Manhattan will be undertaken by CetraRuddy in what is billed as one of the New York market’s largest office-to-residential conversion projects in recent memory. The project for developers... View full entry
Progress on the 5 World Trade Center (5WTC) project by KPF moves forward after a press conference announcement on July 27 from New York Governor Kathy Hochul. In an effort to build more affordable housing in Lower Manhattan, the news reported by The Real Deal states that the... View full entry
Appearing to substantiate reports that UCSB’s controversial Munger Hall proposal has been scrapped, the university issued a formal “request for qualifications” this week for architectural firms to design a new student housing project at the same campus location previously reserved for Munger Hall. — Santa Barbara Independent
After Santa Barbara Independent Executive Editor Nick Welsh hinted at the end of the infamous "Dormzilla" student housing plan in a scathing editorial in mid-July, UC Santa Barbara's recently published RFQ for the "construction of the UCSB Student Housing Infill and Redevelopment Project" at the... View full entry