Eight months after the devastating 1995 bombing, a 13-member panel delivered a report detailing downtown redevelopment strategies.
Four experts discuss how to rebuild urban cores by bringing the public and private sectors together to create thriving downtowns that entice remote workers to return to the office and broaden the mix of uses.
Consumers have kept a steady foot on the gas this year. A record-high 197 million consumers shopped in stores or online over the Thanksgiving holiday weekend, according to the National Retail Federation (NRF). The NRF forecasts that holiday sales will grow between 2.5 percent and 3.5 percent, with total retail spending in the United States falling between $979.5 billion and $989 billion during November and December. That forecast also is consistent with NRF’s annual U.S. sales growth—between 2.5 percent and 3.5 percent—for 2024.
The U.S. economy did very well in 2024, said Barbara Denham, lead economist for Oxford Economics, and the forecast for the coming year is more of the same—both in New York City and across North America. However, in presenting Oxford’s favorable economic forecast for 2025 at a ULI New York event last month, Denham also noted many caveats ahead of the incoming U.S. administration.
Best Practices
Eight months after the devastating 1995 bombing, a 13-member panel delivered a report detailing downtown redevelopment strategies.
With insights and research from a ULI Technical Advisory Panel and ULI’s Terwilliger Center, the Austin Housing Conservancy fund, a revolutionary approach to preserving workforce housing, was born. Now known as the Texas Housing Conservancy, the fund became the nation’s first to combine a nonprofit investment manager, Affordable Central Texas, with an open-end private equity fund.
Experts from Hines, JBG Smith, and Gensler anchored a McKinsey & Company panel, Reimagining mixed-use districts: strategies for new developments in an ever-changing world, at the 2024 ULI Fall Meeting last month. Panelists explored innovative ideas and case studies to illustrate how to make complex mixed-use projects work in today’s market.
Industry Voices
Kansas City’s Berkley Riverfront, on the banks of the Missouri River, is rapidly becoming one of the most promising urban developments in North America. With a history rooted in trade and commerce, and an unmatched reputation for world-class sports, the Heartland of America riverfront is on the brink of becoming a diverse, modern-day community hub of activity, blending residential, commercial, and recreational space.
Seasoned executive shares passion for the built environment
By leveraging multifaceted expertise, teams can develop robust solutions that address multiple challenges with less effort. This approach leads to design interventions that generate co-benefits, strengthening resilience by considering it in every aspect of the project.
Obsolete buildings will constitute up to 50 percent of all new housing in cities
Some commercial real estate owners face rising costs due to climate risk
As the Fed began a series of rate hikes in 2022, the apartment market went from one of frenzied growth and optimism to a market characterized by decline, be it declining sales volume, declining occupancy, or declining values. As we near year’s end, stability and even positive momentum have begun to take hold, and there is good reason to expect them to carry into 2025 with the return of large, open-ended funds and an improved debt environment.
Capital Markets and Finance
Hurricanes damage and disrupt communities, properties, and economies in various ways, whether direct, indirect, or both. Translating these impacts into credit risk and other financial implications can be complex. However, a range of tools and analyses enables lenders, investors, and developers to pre-emptively anticipate hurricane damage when a storm approaches, as well as to adjust long-term strategy to mitigate risks and seize opportunities over time.
After a quiet first half of 2024, CMBS originations increased 59 percent in Q3 on a year-over-year basis, according to the Mortgage Bankers Association’s Quarterly Survey.
When the Inflation Reduction Act (IRA) was signed into law a little more than two years ago, it was celebrated by many who work in the real estate industry as a crucial tool for encouraging and offsetting the cost of green buildings. The tax incentives offer a lot of opportunities for owners and developers to cut expenditures, sometimes significantly, in a time when interest rates and the cost of construction remain high. Navigating the various incentives and programs has broadly proved challenging, however, and experts hope to spark more awareness around the benefits of the IRA and how to move past common obstacles.
A one-two punch is hitting condo owners and associations in Florida, forcing some to sell to cash buyers at massive discounts or risk foreclosure. The setback could have national implications.
In early April 2024, Small Change, an investment crowdfunding platform for real estate development with social impact, and Boston Real Estate Inclusion Fund (BREIF) jointly announced an investment opportunity in a $430 million life sciences building under development by Related Beal. The property—at 22 Drydock Avenue, in Boston’s Seaport District—is slated to be the city’s first life sciences building to achieve LEED Platinum and net-zero carbon emissions.
In May, Barry Sternlicht capped investors’ ability to exit his $10 billion real estate fund—a strategic move to avoid a fire sale of properties at a less-than-ideal time. Sternlicht lowered the limit on monthly withdrawals from Starwood Real Estate Income Trust (SREIT). That limit, previously 2 percent, went to 0.33 percent of net asset value (NAV), the value of SREIT’s assets minus its debt.
Philanthropy
ULI has selected Rick Reinhard, principal of Niagara Consulting Group, as the recipient of the 2023–2024 ULI Apgar Thought Leader Award, which recognizes the authors of outstanding works written for Urban Land magazine.
The ULI Foundation Honor Roll recognizes donors based upon their cumulative lifetime giving. The ULI Foundation’s recognition societies honor and thank members and friends who have committed to supporting the Urban Land Institute generously and consistently. Members of these societies enjoy several benefits, including invitations to member-exclusive events and ULI Foundation communications.
Joseph E. Brown, a pioneering landscape architect, urban planner, and ULI Life Trustee who championed innovation and interdisciplinary collaboration to solve challenges in the built environment, has passed away at the age of 77. A ULI member for more than three decades, Brown served in many leadership roles in the organization and was a tireless champion of his home district council, ULI San Francisco.
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