Originally published on July 16, 2024, by Alexandra Both for NAIOP.
The popularity of new homes built for the purpose of renting is peaking. Two drivers behind this boom are the rise of remote work and millennials reaching prime homebuying age while facing challenges in purchasing property.
The Charlotte Future 2040 Team is pleased to announce the release of the Annual Report Mid-Year Highlight video. This video showcases stories from their partners about progress toward implementing the Charlotte Future 2040 Comprehensive Plan. It serves to honor the hard work being done by various city and county departments.
The Mid-Year Highlight offers a snapshot of select projects and programs being implemented by their partners. Additional projects and programs will be featured in the upcoming Charlotte Future 2040 Annual Report. For more comprehensive information on the Annual Report, interested parties can visit the official website.
The Town of Matthews has initiated an effort to curb Short Term Rentals (STRs) through the introduction of a text amendment to its Unified Development Ordinance (UDO). Text Amendment 2024-2 does the following:
During recent Commissioner meetings, several residents spoke in favor of imposing these restrictions but based on information provided by the Town, it is unclear how significant a concern this is to the vast majority of the population. A review of the minutes of recent meetings indicates there have been a total of ten calls to the police related to STRs during the past three and a half years. Of those, five were initiated by the STR owners and the other five came from area homeowners. According to Town Staff, there are currently somewhere between 20 and 40 STR properties located within the Town of Matthews where the current population stands at over 30,000.
The public hearing on the text amendment began last night and has been extended to August 12th (STR conversation runs from 2:50:36 through 4:51:40). Look for more updates and opportunities for engagement on this topic very shortly.
A bill that NAIOP and its members spearheaded was introduced today in the U.S. House of Representatives. The “Revitalizing Downtowns and Main Streets Act” establishes a new 20% tax credit to convert many underutilized or vacant commercial properties to residential use.
The bipartisan bill is sponsored by U.S. Representatives Mike Carey (R-OH) and Jimmy Gomez (D-CA).
On July 1st, 2024, the City of Gastonia ended public bus operations for its residents and initiated the GoGastonia Microtransit service. This came about when the Gastonia City Council approved a 36-month contract with River North Transit, LLC to provide on-demand transit services to riders, who currently complete approximately 144,000 trips annually. This new delivery system will not displace ADA transportation services.
The City also determined that on-demand microtransit would better address its limited-service area, alleviate hour-long wait times, eliminate an aging fleet of buses, and provide better access to the majority of its users. In the past fiscal year, Gastonia Transit had been operating six fixed bus routes covering nearly 295,000 miles per year while providing service to over 144,000 passengers. The previous system was averaging only seven passengers per vehicle hour across all routes.
Want to learn more? Tomorrow, July 17th from 10:00 am to 12:00 pm at the Gastonia Career Center, 116 Armstrong Street, Gastonia, NC 28054, the City of Gastonia will be holding several information sessions about the new service.
Originally published on June 24, 2024, by NAIOP.
NAIOP, the Commercial Real Estate Development Association, has selected Crescent Communities as its 2024 Developer of the Year – the association’s highest honor. The award will be presented during NAIOP’s CRE.Converge conference in Las Vegas this October.
Originally published on June 5, 2024, by Brielle Scott for NAIOP.
ABCO Systems started as a pipe and rail provider in New York City’s Garment District over 30 years ago, but as automation and increasing consumer demands have increased the need for more efficient goods distribution, the company has evolved to build and integrate material handling solutions designed for the modern era.
Originally published on May 23, 2024, by Chris Grant for NAIOP.
For many decades, the construction industry has played a vital role in reshaping communities, standing as a key indicator of economic performance and prosperity. In more recent years, labor challenges have shifted the industry’s progression, threatening to disrupt integral projects and new developments throughout the country. With issues such as a shortage of skilled laborers and the need for new technology and software, today’s general contractors are faced with many industry-specific challenges that require innovative strategies and effective planning to guarantee continued success.
Originally published on June 6, 2024, by Brielle Scott for NAIOP.
Rooftop and community solar projects can advance sustainability and ESG objectives, unlock a new revenue stream, enhance community relations, and boost property values. At I.CON East this week, NAIOP New Jersey CEO Dan Kennedy moderated a panel of speakers including Matt Schlindwein, P.E., managing partner for Greek Real Estate Partners; Mark Schottinger, president at Solar Landscape; and Kat West, LEED AP, director of sustainability at Turner & Townsend, to explore the transformative potential of rooftop and community solar projects for the industrial real estate sector.
Originally published on May 17, 2024, for Francis Chantree for NAIOP.
The self-storage industry stepped up to the plate during recent challenging years, again proving its resilience to real estate investors. With rising housing prices, shrinking living spaces, and changing lifestyle trends, it continues to offer a lower-cost way to get extra space for keeping all other types of possessions.
Originally published on June 6, 2024, by Natalie Fidlow, CFA for NAIOP.
When a catastrophe hits an area, nearly one-third of local businesses fail within two years; another third fail after that.
Originally published on June 6, 2024, by Natalie Fidlow, CFA for NAIOP.
“Labor availability trumps labor costs as a top concern in the Eastern Pennsylvania and New Jersey markets,” said David Hickey, global managing director at Hickey Associates. He led experts in a dynamic discussion at I.CON East this week in Jersey City, New Jersey. They drilled down on the region’s data and provided strategies to navigate the tight talent market.
Originally published on June 6, 2024, by Brielle Scott for NAIOP.
Given the explosion in new construction, the important role of Class B (and even C) industrial properties is often overlooked – especially those under 100,000 square feet. These buildings remain a functional and economic solution to a wide range of companies, even without most modern efficiencies.
Let’s hit this topic head on: The crux of the no-growth argument contends that by stopping growth, current residents can keep things stable and unchanged. Although avoiding change is impossible and unhealthy, they ignore this decision’s devastating results proven out repeatedly across the country such as skyrocketing taxes, shrinking access to housing, the inability to attract the best talent to fill needed service positions, business failure, and even a disconnect from funding at the state and federal level. Towns age out, infrastructure deteriorates, young people stay away, and regret sets in.
In this vein we were pleased to invite Chris Carney, Mayor of Mooresville, to our sound booth this month. He is both a leader, a guide, and an equalizer. Contending with these passionate sentiments daily, he is slowly and surely helping his Town Commissioners and residents cooperate at the ground level promoting solid financial strategies. With deft charm, logic, and irrefutable facts he explains how crippling the no-growth outcome is to any area. How? Listen to this enjoyable episode and find out.
The City of Concord will hold its next wastewater allocation meeting on Tuesday, June 25th at 11:00 am. Here are additional details as well as the meeting packet (over 400 pages, may take a while to download).
Originally published on June 19, 2024, by Toby Burke for NAIOP.
Members from the three NAIOP chapters in North Carolina traveled to Raleigh last week for their legislative advocacy day within the state capitol. The two-day event provided an important opportunity for attendees to collaborate on the issues facing commercial real estate and advance the industry’s interests with state lawmakers.
Nominations are being accepted for the annual 2024 NAIOP Developing Leaders Awards! This program honors commercial real estate professionals, 35 years of age and under, for their valued contributions and commitment to the industry.
As in past years, each applicant must submit a chapter support form completed by the chapter executive director or board members and a supervisor consent and recommendation form. The deadline for applications is Friday, June 28. Award recipients will be notified in August and honored at CRE.Converge this October.
The City of Concord will hold its next wastewater allocation meeting on Tuesday, June 25th at 11:00 am. Here are additional details as well as the meeting packet (over 400 pages, may take a while to download).
Please join us from 9:00 to 10:30 am on Wednesday, July 17th for an informational session about building code changes, ongoing technology transition efforts, and a status report about plan review and third-party inspections. For more information, please email [email protected].
