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Falling demand hits Sandton’s luxury apartments

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It was only four years ago that Africa’s richest square mile became the destination of choice for SA’s major financial firms , sparking the largest commercial property development boom of the decade. Corporates including Investec , Nedbank, RMB and the JSE were the early movers into Sandton during the 2000s, and several firms have since followed suit. Sasol, Webber Wentzel, Alexander Forbes, EY, and Bowman Gilfillan have anchored their main offices in Sandton in recent years while Discovery and Old Mutual Emerging Markets will soon pile into the area. Property developers believe the catalyst for Sandton was the advent of rapid rail system Gautrain in 2010, which unleashed billions of rands in office, retail and residential property developments . Over the last three years, developers launched high - rise luxury apartments , piggy-backing on the relocation of corporates into the area that would, in theory, create demand from buyers who desired to live closer to work. However, the s...

Developers plan 200-unit apartment complex on East Mesa

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An architect's rendering of a Willow Springs Apartments building . (Photo: Courtesy) LAS CRUCES - A new, 200- unit apartment complex is springing up on the city’s East Mesa and could be leasing the first units in about six months. Willow Springs Apartments will be located off of Bixler Avenue, north of US 70 and behind the now-closed Cattleman’s Steak House on Bataan Memorial West . The property is being developed by Dillon Mountain Enterprises , LLC. which is owned by Paul Curry and his son, Jared Curry. The Currys acquired the property in 2006 from a church which had plans to build on the site but opted to purchase a building in town instead. Construction on the 14.12-acre property will require the Currys to pave more than 1,000 feet of Bixler Avenue, one of the city’s oldest platted but undeveloped rights-of-way. The completion of Bixler will open up adjoining properties to development, Jared said. “We had the property for 11 years,” Jared said. “ Ten years ago our original t...

Clock ticks for Greenwich P&Z decision on Sheephill apts

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East Putnam Avenue in Riverside. Photo: Ridberg And Associates / Contributed" class="landscape" /> East Putnam Avenue in Riverside." src="src" /> Photo: Ridberg And Associates / Contributed Image 1 of / 1 Caption Close Image 1 of 1 Artist rendering of the proposal for J and J Greenwich’s mixed-use building, planned for the corner of Sheephill Road and East Putnam Avenue in Riverside. Artist rendering of the proposal for J and J Greenwich’s mixed-use building, planned for the corner of Sheephill Road and East Putnam Avenue in Riverside. Photo: Ridberg And Associates / Contributed Clock ticks for Greenwich P&Z decision on Sheephill apts Back to Gallery GREENWICH — Although there is still time to tweak the controversial apartment complex plan on Sound Beach Avenue before Planning and Zoning votes yea or nay, J and J Greenwich’s application for a mixed-use building at the corner of Sheephill Road and East Putnam Avenue has been closed an...

D.C. renters can come out winners if their building is up for sale

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Natalie Marra benefited from the Tenant Opportunity to Purchase Act (TOPA), a provision in the District that provides strong protection for tenants to avoid a forced move. (Ricky Carioti/The Washington Post) Four years ago, when her apartment building at 1921 Kalorama Road NW in Washington was up for sale, Natalie Marra, a resident for more than 30 years, was determined to stay in the home she loves. “It took almost two years of tough negotiating, but there was a core group of seven of us in the tenant association that worked with a lawyer to make sure our rights were protected,” Marra says. “We negotiated the right to live in our apartments under rent control for the rest of our lives. Believe me, none of us ever plan to move now. Why would we? We have great renovated apartments and low rent.” Marra and her neighbors benefited from the Tenant Opportunity to Purchase Act (TOPA), a provision in the District that provides strong protection for tenants to avoid a forced move. Elder...

New Sherman apartments on track for spring or summer - News - Herald Democrat

At the corner of Travis Street and Pecan Grove Road in Sherman, the lot is reddish brown with overturned earth, crisscrossed by excavator tracks. Less than half-a-mile north on Travis, dense vegetation stands defiantly , just to the north of a small subdivision of 38 homes. Both sites were earmarked for luxury apartments , but only one will serve that purpose. At the corner of Travis Street and Pecan Grove Road in Sherman, the lot is reddish brown with overturned earth, crisscrossed by excavator tracks. Less than half-a-mile north on Travis, dense vegetation stands defiantly , just to the north of a small subdivision of 38 homes. Both sites were earmarked for luxury apartments , but only one will serve that purpose. The juxtaposition is a very tangible embodiment of a town in need of new rental units but wary of upsetting current residents . The Sherman Planning and Zoning Commission approved the Pecan Grove development — formally called Creed Canyon Apartments — in March of 2...

Debating Fire Sprinkler Codes After New Jersey Blaze

In January 2015, a massive fire in Edgewater, N.J., demonstrated that buildings with sprinkler systems are not always protected against fire. The blaze destroyed 240 residential apartments and displaced 500 people from the Edgewater Avalon apartment building . The fire began when a maintenance worker’s plumbing torch accidentally ignited wooden wall studs , and flames quickly spread throughout the structure. Fifteen minutes passed before workers called the fire department . In that time, the fire spread throughout combustible void spaces (between walls and floors) and soon engulfed the building. Emergency personnel from 35 different cities and towns ultimately responded to the incident. Thankfully, there were no fatalities. Immediately after the blaze, people asked why the fire was so devastating. The building had sprinklers, after all. Shouldn’t the sprinkler system have extinguished the fire? To make matters worse , this building had already burned down 15 years prior during i...

Some forced to move as Ann Arbor-area apartments transition from affordable to market rate

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Megan Mishler has lost her sense of security. Mishler, who has a rare genetic condition called Ehlers -Danlos Syndrome that prevents her from working, was recently forced to move from her apartment just west of Ann Arbor because her landlord is transitioning from affordable housing to market rate. Mishler is not alone; the transition will impact 144 units at the 368- unit Woodchase apartment complex at 1100 Rabbit Run Circle in Scio Township. “This has been extremely, extremely difficult. I was almost paralyzed at first,” Mishler said, referring to when she learned she would have to move. “This just added a whole other layer on top of all the other stuff that I’m already dealing with.” Mishler was told the rent for her one-bedroom apartment would jump from $770 per month to about $1,200 per month at the end of her lease term. The Woodchase apartments in Scio Township were developed in 1998. Katie McLean | The Ann Arbor News   Mishler uses the Section 8 Housing Choice Voucher Progr...