Real estate drones are still up in the air, and Kansas City is booming again
Jul 11, 2014
Here are the news stories you might have missed this week:
USA Today: FAA says real estate agents’ drone use illegal
Should we look to the sky for the future of real estate? Brokers are increasingly using drones to give video tours and capture photos of properties from a bird’s eye view. But using the remote-controlled aircraft comes with a flight risk: the FAA has banned drone use for commercial purposes, and real estate agents who use them can face a $10,000 fine. However, it may not be that way for long. A judge struck down the ban earlier this year, and agents are continuing to use drones despite the risk. Click through to USAToday.com for more.
Sacramento Business Journal: New law on energy usage is a headache for commercial real estate professionals
A California bill is causing CRE professionals to question the best way to report the energy efficiency of their properties. Assembly Bill 1103, which requires documentation of a building’s energy usage during every major development—including sales, leases, and financing—was designed to increase market interest in energy efficient buildings. While the goal of the bill is generally viewed as a positive, it’s the implementation of it that’s causing headaches, with an unwieldy reporting website, uncooperative utility companies, and a lack of awareness among CRE professionals all hindering the legislation. Read more at BizJournals.com.
GlobeSt.com: Kansas City becoming a boom town
Companies are flocking to once-empty Kansas City because of new residents: young people. Many Midwest 20 and 30-somethings are choosing downtown over suburbia and companies are following suit in the footsteps of their potential employees, developing new offices and restoring old ones along the way. H&R Block’s world headquarters are in Kansas City, and tech companies like MindMixer are also starting to set up shop. And with the hip, new residents comes added entertainment, too—the popular, $850 million Power & Light District, which opened in 2007, offers music venues, bars and restaurants. Visit GlobeSt.com to keep reading.
New York Times: East Providence works to develop its waterfront
After facing a budget deficit of more than $7 million just three years ago, East Providence has initiated an under-the-radar transformation process that’s quickly picking up steam. About 300 acres along the Providence and Seekonk rivers, dubbed the Waterfront Special Development District, are destined to be restored, with a comprehensive design plans comprising residential, commercial, and light industrial buildings, along with public waterfront parks and access ways. A commission was created to help encourage investment in the district, and several developers have already taken advantage of the tax increment financing and easier-to-obtain permits. Learn more about East Providence’s development at NYTimes.com.