Construction Maison

After a UBS housing report pointed to as many as one in four homes owned offshore by mainland Chinese buyers being kept empty, and a further quarter used on a "temporary" basis, experts have been quick to say the results do not apply to Australian real estate . Among the naysayers is Jane Lu, head of Australia for Chinese international property site Juwai . She said there was "no hard data" and called the idea of vacant apartments held by offshore buyers as an "urban myth". "Most Chinese buyers of inner- city apartments are not so wealthy that they can afford to leave their property vacant ??? rather than renting it and earning some sort of income. There are some who do not live there full-time, because it is their second home. " Chinese investors are no more likely to turn down easy rent money than are Australians ... Australian second-home owners probably have more vacant properties in Ballina and Byron Bay than Chinese investors do...

San Francisco Supervisor Aaron Peskin has asked the city attorney to explore legislation to impose a vacancy tax on large property owners who leave residential and commercial buildings empty . During a supervisors meeting this month, Peskin said he continues to receive complaints about the impact of “ghost buildings” on neighborhoods. The problem is, nobody really knows how many vacant homes there are in the city and whether a vacancy tax would be legal or effective in freeing up much-needed housing. In an interview, Peskin cited a 28- unit apartment building at 1656 Powell St. that was vacated after a fire damaged some units in December 2013. It remains empty. The three-story building is in a prime North Beach location across from Washington Square Park . Four businesses on the building’s ground floor — a liquor store, a bar, a Thai restaurant and a seafood restaurant — are open, but the apartments above still have boarded-up windows and a littered lobby. Some work was done in the...

The detention pond at the former ALCOA Inc. West Plant is complete, as the redevelopment continues. The Alcoa Board of Commissioners got a bird’s- eye view Monday of the new detention pond , which is located in the curve where Hall Road meets Alcoa Highway , thanks to a stationary webcam the city has trained on the construction site. Five photos taken over the course of one day — Wednesday, Aug. 16 — show how the detention pond area evolved as it was prepped for seeding, explained Andrew Sonner , assistant director/chief engineer for Alcoa’s Public Works and Engineering Department. The rectangular portion shown at the bottom of the photos is the “fore bay,” he told commissioners, which is where sediment settles before clean water continues over the berms and “meanders” toward the point of exit, where it will join Culton Creek . Commissioners learned at a briefing in July that an underground spring on the property could feed a water feature on the West Plant site ,...

CBRE SL Green sells suburban office property for $97M SL Green and TH Real Estate have sold Stamford Towers in Stamford, CT for $97 million. Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s Institutional Properties represented the sellers. CBRE Global Investors purchased the Property. Stamford Towers is comprised of two adjacent Class A office buildings located in the Stamford CBD, one block from the Stamford Transportation Center . The property is also near the 722,000 s/f Stamford Town Center Mall (anchored by Macy’s, Barnes & Noble, H&M, and Saks Off 5th) as well as dozens of restaurants and retails options. Stamford Towers is currently leased to institutional and high credit tenants , including Citigroup, UBS Financial Services , H/ 2 Credit Manager , Titan Advisors, Gerald Metals, Bank of Ireland, Oaktree Capital, Oppenheimer, CoreCommodity and Newmark, among others. Recent capital improvements include the addition of a fitness center and basketball court, c...

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PASADENA, Calif. , Sept. 1, 2015 /PRNewswire-iReach/ -- CALCAP Advisors is announcing that it has purchased two apartment communities in Las Vegas.  The company has acquired 500 units in Southern Nevada in the past 13 months.  Photo - http://photos.prnewswire.com/prnh/20150829/262093 El Pueblo de Los Arboles Apartments, a 228-unit property in Las Vegas , was purchased for $9,765,000 ( $42,829 per unit/ $56.39 per square foot) on June 30, 2015 through the online real estate website Auction .com.  The seller was an entity of mortgage special servicer LNR Partners , LLC.  LNR acquired the property via a CMBS foreclosure on January 29 , 2015.  The address is 5400 West Cheyenne Avenue , Las Vegas, NV 89108. " El Pueblo de Los Arboles offered us an opportunity to purchase a well located multi- family community significantly below replacement cost", stated Edward Aloe , Managing Principal of CALCAP Advisors .   The property, constructed in 1986, was 86% leased at the clo...

Trinity Meadows Race Track has been sitting vacant for more than 20 years, a place that has been victimized by time and vandals, a refuge to countless birds, yellowjackets and small critters. Trinity Meadows is where horses raced before Lone Star Park opened in Grand Prairie. It had previously been named Clear Fork Downs and later, Squaw Creek Downs . But now, as sprawl continues to encroach into Parker County, Trinity Meadows is about to be no more. Beginning the first week in September, the remaining 9,000-seat grandstand — a visual icon for motorists heading west on Interstate 20 — will be torn down. Cisco- based Wilks Development , owners of the property, said memories of the race track would live on as they transform in the property into a mixed-used development. “We looked at building an event center, that was originally our plan,” said Kyle Wilks, president of the company. “We looked at it in detail. But the more we dug into the economics ... it became very questionable. A...

By Ben Strack A 5,100-square-foot mixed-use property on Sunrise Highway, which includes three stores and two upstairs apartments, was recently sold in Rockville Centre for $1.03 million. The all-cash sale was arranged by American Investment Properties , who represented the buyer, Dan Nicolo, and the seller, Douglas Barnaby. The property from 218 to 220 Sunrise Highway, built in 1936, is just east of North Village Avenue . It currently houses the East Coast MMA Fight Shop and Cycle Guru Motorcycle School , which are being leased. A third store, Menagerie Collection, recently vacated the property, and is available for rent. “He’s not looking to kick anybody out there, he’s just going to make the building nicer,” said an AIP spokeswoman about Nicolo. “The upstairs tenants are staying the same. [Both those families] have been there over 20 years.” The exterior of the building will be completely redone, Nicolo said, and the vacant storefront will be renovated with new interior walls and an...

The proposed return of a neighborhood grocery in the Lower Garden District got stuck in a zoning quagmire Tuesday (Aug. 22) with nearby residents generally welcoming the idea of a corner store but divided over how much leeway to give developers. Liz and Robby Blum bought the former Zara's grocery at 2042 Prytania St. in 2015 for $614,000 and have been trying to bring it back as an upscale grocery including a total renovation of the building.  Zara's operated as a grocery with alcohol sales, in conflict with the underlying residential zoning of the property. The store stayed open with a legal grandfathered status as a commercial use.  But the new owners lost the so-called "legal non-conforming" status while renovating the store and the property shifted to a residential zoning. The grandfathered status can be lost when a property stays vacant for six months.  Nicole Webre, a consultant for the property owners, told the City Planning Commission on Tuesday that ...

Affiliates of Toronto-based Republic Funds paid $17 million last month to buy two Little Rock apartment complexes with a total of 482 units. Republic Spanish Rock , a limited partnership, paid $11 million for the 258- unit Spanish Rock Apartments in the Markham Mesa subdivision . Spanish Rock is the combination of several complexes from eight units to 162 units. Another limited partnership, Republic Spanish Jon , paid $6 million for the 224- unit Spanish Jon Apartments at 5001 W. 65th St. Pete Hartnett, senior vice president of Dallas- based Rowan Properties , represented Republic Funds as well as the "large Texas-based seller that owns thousands and thousands of Class C units," he said. In an interview, Hartnett declined to identify the Texas seller. Both properties underwent significant interior and exterior renovations, which were completed before the sale, Rowan Properties said in a news release. Spanish Jon Apartments had a low cost housing program agreement th...

CONCORD — Carlton Senior Living, which plans to expand its Concord housing complex , recently bought from the city a vacant lot that sits behind the Park & Shop shopping center . The Concord- based firm agreed to pay the city $380,000 — the full appraised fair market value — for a 9,600-square-foot parcel at the corner of Sutter and Harrison streets. The property is adjacent to Carlton’s 152- unit independent living apartment building at 1700 Broadway. Carlton owns 11 senior housing communities in Concord, Pleasant Hill, Davis, San Leandro, San Jose, Fremont, Sacramento and Elk Grove. The Concord complex is the only one without a memory care or assisted living component , said Todd Kemerly, senior vice president of sales and marketing. Combining the city’s parcel with a second property Carlton plans to buy at 2051 Harrison St., will provide space for the company to build approximately 30 units for seniors with Alzheimer’s disease and other types of dementia. “The intent is ...