From a story in the Burlington Times News we get a little background on the planned conversion of Old Gibsonville Elementary to apartments :
Richard Angino, owner and managing member of Third Wave Housing in Winston-Salem, said there will be a lot of paperwork to get through before there will be anything but cleanup in the empty school.
Most important will be the nine-month process of getting the building listed in the National Register of Historic Places.
That makes the building eligible for 20 percent state and 20 percent federal tax credits, according to Preservation North Carolina, the private nonprofit statewide historic preservation organization helping to put this project together…
The old school at 500 Church St. is one of the oldest buildings in Gibsonville and occupies a spot right in the middle of town. Almost everyone who grew up there has a personal connection.
Guilford County Schools used the 40,386-square-foot building from 1923 until a new school came online in 2006. It has been empty since, and falling apart.
The old and new schools are side by side, so the school system wanted something done…
Angino said his rough estimate for the cost of project is $3 million to $4 million.
From today’s Wall Street Journal:
Developers have built approximately 310,000 off-campus student beds in the past decade. A record 51,000 new off-campus beds were delivered this academic year alone, with more than 50,000 expected in 2014, according to real-estate research firm Axiometrics Inc…
So far, occupancy rates for private, off-campus student housing are holding strong as landlords slash rents and offer last-minute deals to woo students who normally live on campus.
But there are warning signs. Many landlords waived application fees and threw in gift cards to fill beds this year. “We certainly did see some properties that had to make deals,” said Jay Denton, vice president of research at Axiometrics. Mr. Denton added that overall rents rose less than 0.5% nationwide this year.
From the Triad Business Journal:
The Crossing at Chester Ridge apartments in High Point have been sold for $6.1 million, according to public records.
The apartments, located on 13 acres at 2122 Cross Creek Court, were sold by North Pointe Partners III LLC. Longtime High Point businessmen Maurice Hull andCoy Williard are listed as managers of that entity. The buyer is identified as Crossing at Chester Ridge LLC, the registered agent of which is listed as Patrick Johnson, a real estate attorney with Greensboro’s Isaacson Isaacson Sheridan Fountain & Leftwich.
From the Triad Business Journal:
Pompano Beach, Fla.-based investment group Pragma Investments bought the 48-unit Collegiate Courtyard student housing community at 1000 Bitting St. in Greensboro for $2.1 million.
Pragma Investments acquired the Collegiate Courtyard apartments from Courtyard Greensboro LLC, an entity managed by Dallas-based commercial mortgage-backed security special servicer Orix Capital Markets, LLC.
The Winston-Salem city council approved a downtown business improvement district that could cost property owners nine cents for every $100 of assessed value. From the Winston-Salem Journal:
The district won’t go into effect until July 2014, the beginning of the 2014-15 fiscal year. The area will be called the Downtown Winston-Salem Business Improvement District.
The district consists of about 61 blocks downtown roughly bounded by Church Street and Patterson Avenue on the east, Martin Luther King Jr. Drive and Sixth Street on the north, Broad and Spruce streets on the west and Business 40 on the south. The district excludes such historic residential neighborhoods as Holly Avenue and West End.
The council did not approve a tax rate for the district – that won’t happen until next summer – but proponents have advocated a rate of 9 cents for every $100 of taxable property. The tax could bring in about $470,000 per year, according to estimates.
The city of Vancouver is banning doorknobs in new construction:
In Vancouver, the doorknob is heading into a setting sun. Its future has been date-marked, legislated out of existence in all future construction, a tip to society’s quest for universal design and the easier-to-use lever handle.
And as it goes in Vancouver, so will it go in B.C., Canada, and perhaps even the world.
So here’s a question for our developers out there – what percentage of your doors have handles vs. knobs? If this type of code were to be implemented here what kind of impact would it have on multifamily developments?