The big redevelopment plan in Camden, and why churches are attracting new buyers
Oct 1, 2015
Here are the news stories you might have missed this week:
The Wall Street Journal: Churches redeveloping properties to give them new life
There is a renewed interested in churches from real estate investors, who have faith that these spiritual centers can create new value. Church properties are being bought and expanded to include office and residential space. There’s also the deals in which the interior is redeveloped, such as by adding residential units or a new business, while maintaining the original structure. Last year, more than 1,500 religious-affiliated properties changed hands, which is a dramatic increase from the 889 transactions in 2010. Read why developers are transforming churches at WSJ.com.
Real Estate Weekly: How Superstorm Sandy turned the tide on sustainability in NYC
Hurricane Sandy didn’t knock out the Big Apple, but it sure rattled the spirit of developers and building owners who once viewed New York City as invincible. Since Sandy, developers and investors have chosen to get LEED-certified so their investments are environmentally conscious and resilient. No doubt, property owners have been moving toward resiliency –some New York City buildings weathered the storm better than others – but the hurricane gave them more incentive to act quickly and adopt more environmentally friendly practices, like developing net zero buildings and putting into place new sustainability mandates. Read more about the post-Sandy sustainability push at REW-online.com.
Nashville Business Journal: Land worth five times the price paid two years ago? That’s the offer in East Nashville
No one has the blues in Nashville these days. Land owners who own sites primed for redevelopment are receiving big offers without putting their sites up for sale. That’s because out-of-town investors want to get into Nashville, which is experiencing tremendous population growth, job gains, and a national reputation. These investors are hungry to buy in Nashville, and they’re bidding high ($30 per square foot), which reflects the potential value of a fully developed property. To learn more about Nashville’s growth, visit BizJournals.com.
Commercial Property Executive: Economy Watch: Is telecommuting on the rise?
Working from home is getting more popular – that may be good for daily commuters, but perhaps not for office developers and building owners in high-priced markets like New York, Denver, and Seattle. Yes, many employees will still be working in the office – commuting numbers have stayed static — but that may soon change. Telecommuting might be the next big job perk, as the flexibility to work from home or a local coffee shop may grow more attractive to the younger workforce. Visit CPExecutive.com to read about the possible telecommuting trend.
The New York Times: A bold plan to remake Camden’s waterfront
Waterfront development continues in the unlikeliest place – Camden, New Jersey. A 1.7 million-square-foot development that will bring offices, apartments, and retail to the Camden waterfront was announced this week, and it’s another signal that business is slowly returning to the long-distressed city. Sitting on the other end of the Ben Franklin Bridge, the development joins other projects coming to Camden over the next few years. Officials point to a strong local government and police force, education reforms, and state tax incentives as a big driver of corporate interest to this southern Jersey city. See renderings and more details at NYTimes.com.
Author: Raymond T. Cirz