Posts filed under ‘PTAA Members in the News’
PTAA member BSC Holdings’ Southeastern Building has been nominated for a Great Historic Rehabilitation award and you can support them by voting, and unlike presidential elections you can vote early AND often. Here’s the info and please go and vote…often:
The historic renovation of the Southeastern Building located on the corner of Elm and Market Streets in downtown Greensboro has been chosen as a finalist in the APA-NC Great Places People’s Choice – Great Historic Rehabilitation Contest! This is a program of the American Planning Association , North Carolina Chapter.
Voting will run from Monday, May 2, at 8:00 a.m. to Friday, May 13, at 5:00 p.m. Each person is allowed to vote for their favorite historic rehabilitation project once per day per device (your computer, your phone, your tablet, etc…).
Please help us earn this recognition for Greensboro by voting here each day:
or directly on Facebook:
About the Project
The Southeastern Building, located at the corner of N. Elm and Market streets, began its life as the American Exchange National Bank Building and was the tallest in Greensboro when constructed in 1920.
Local developers Barry Siegal and Willard Tucker began restoration of the building in 2013 following City Council’s approval of an Urban Development Investment Grant of $273,347 for the project, which is now nearing completion. The building features 51 apartments, as well as office, retail and restaurant spaces.
The Southeastern Building was placed on the National Register of Historic Places in 1982 as part of the Downtown Greensboro Historic District and it was awarded the Landmark designation in 2010.
PTAA member McNeely Pest Control is expanding once again. From an article in the Triad Business Journal:
McNeely Pest Control’s Greensboro office has moved into an 8,500-square-foot building at 7707 Boeing Drive.
In addition to Greensboro, the office serves High Point, Archdale, Summerfield, Oak Ridge and Burlington.
The company has also opened offices at 25 W. Fifth Street in Lexington and 1620D Davie Ave. in Statesville.
The Triad Business Journal has a nice article on Jon Bell’s ascension to the CEO role for the company his father founded 40 years ago.
After seven years as president of the apartment investment and management company his father founded in 1976, Jon Bell has moved up a rung and will begin serving as CEO on Feb. 1.
In that new role, Bell said he’s going to be more focused on the “big picture” and long-term growth of the company, while new President Lili Dunn will be more involved in the day-to-day operation of Greensboro-based Bell Partners.
“The CEO role is more strategic, more big picture, involved with guiding the organization,” Bell told me Wednesday. “We’ve had a lot of evolution at Bell Partners over the past five or 10 years. But we’re just getting started.”
That evolution has included shifting its focus exclusively to high-end multi-family residential complexes in growing markets, a change Bell Partners announced five years ago this month that included rebranding its communities with the Bell name.
You can read the full story here.
Signature Property Group, a longtime presence in the Greensboro apartment market, is ready to expand into other Triad markets:
Work should begin next month on a $32 million, 288-unit complex in Burlington around the same time work starts on a $30.2 million, 264-unit complex in Mebane.
Signature CEO Frank Auman said he’s excited to begin building in both cities, and the locations of each fit into a model he says has proved successful — within walking distance of amenities, and close to interstate access.
“We want to expand our presence outside the market,” Auman said. “My strategy is to first move toward the greater Raleigh area, so we’re kind of marching in that direction.”
As part of his explanation for why he sees potential in this sector of the apartment market, Auman was quoted as follows:
“Our rental demographic keeps expanding, especially in this rental class,” he said. “You’re as likely to get recently graduated college kids on their first job as you are to get retirees who are tired of mowing the grass and want to be more mobile.”
You can read the full story here.
RealSource, based in Salt Lake City, Utah, has purchased two apartment communities with a combined 448 units for a total of $27.7 million. The Triad Business Journal carried the story earlier this week:
Salt Lake City-based RealSource purchased Friendly Ridge Apartment Homes, a 216-unit complex on St. Croix Place, for $12.5 million and spent $15.2 million on The Park at Oak Ridge, a 232-unit complex on Old Oak Ridge Road…
RealSource plans to invest $3.25 million in upgrades and repairs at The Park at Oak Ridge, and to spend $2.5 million enhancing Friendly Ridge.
The bulk of that cost will be spent on upgrades, with a focus on interior improvements in the one-bedroom and two-bedroom units that make up each community, he said. Anderson said a contractor has not yet been selected for the work.
A January 7, 2016 press release provides details about the recent sale of Hawthorne at Bridford:
Lowe Enterprises Investors (“LEI”), in joint venture with a foreign investment client, has acquired Hawthorne at Bridford, a 264‐unit Class A gated apartment community located at 598 Eagle Road in Greensboro, North Carolina.
“Hawthorne at Bridford is centrally located near the primary Greensboro employment corridor. Greensboro is a strong market that benefits from a diverse and expanding employment base. The property presents an opportunity to acquire a top quality asset in a strong and growing market,” said Bleecker P. Seaman, co-CEO of LEI.
The phased development of Hawthorne at Bridford began in 2012. The first two phases, containing 216 units, are currently 97 percent occupied. The final 48-unit phase was completed in December and is now actively leasing. The property is designed with 11 three-story residential buildings set on a 19.8 acre property…
John Gaghan led the investment team for Lowe Enterprises Investors. Greystar has been retained to manage Hawthorne at Bridford.
Blue Ridge Companies decision to go its own way for employee health insurance coverage was profiled in the December, 2015 issue of Units Magazine. It’s a complex issue, but as Executive Vice President Susan Passmore explains in the article, it’s an increasingly important consideration for all management companies. Here are a few excerpts from the article:
Blue Ridge began its plan in May 2014 and currently 200 employees and 60 dependents are participating.
“You can convert fairly easily,” Passmore says. “In general, if you stick with the plan, over a five-year period, you will begin to see a trend that defines where your medical insurance dollars are being spent.”
Self-insured plans, she says, simply are not subject to all of the same regulations and fees as fully-insured programs. The result for us is approximately 3.5 percent less fees paid to the government.
Although self-funded plans have certain requirements, Passmore says her company is able to tailor a variety of services within each plan, based on her associates’ needs.
“No more are we at the mercy of fully-insured off-the-shelf design offerings,” she says. “By us reviewing and recognizing common claims usage, it allows us the flexibility to tweak the plan to fit the needs of our employees and reduce costs for our company.”
Blue Ridge uses a third-party administrator (TPA). And Passmore says large insurance company Cigna, which formerly administered her company’s plan, is still involved.
Blue Ridge outsources its TPA, who functions as a benefits manager and provides basically the same services as a traditional carrier…
Passmore says that most carriers, including Cigna, partner with the third-party administrators (TPA) to share their discounts.
“This allows health-care providers to file claims through the traditional carrier networks, and it allows us to benefit from the carriers’ negotiated pricing. The claims pass through the carriers’ pricing network and are then captured by the TPA and forwarded to us to pay.”…
“We need healthy associates to be successful so we certainly want them to seek care when they need care,” Passmore says. “Moving to a self-funded insurance plan really fits our company’s culture. One of our company’s tenets is ‘teamwork; appreciating self and others, having a balanced way of life and having fun together.’ Since our shift to this plan, our associates have become engaged in taking both individual and collective responsibility in the overall cost of health care.
“We know there will be accidents or conditions that result in really expensive claims. It’s inevitable. We have stop-loss coverage, which reimburses us for single-claim events that cost more than $50,000. Protection of stop-loss coverage is a must, and adding a separate organ transplant rider strengthens the protection against loss.”
You should definitely check out the full article here.