Enjoying the A-train Rail Trail in Denton, Texas (top left); Indian Railway Train passing by Matunga Railway Station, Mumbai (bottom left); Wonder Lofts, Hoboken, New Jersey (top right); Understanding and addressing pandemics (bottom right).
NJ TOD News
The Hub at Metuchen Trades for Nearly $30M in 1031 Exchange
John Jordan, GlobeSt., March 24, 2020
Renaissance Properties recently sold The Hub at Metuchen, a mixed-use apartment complex located a half-mile from the NJ TRANSIT Metuchen Station on the Northeast Corridor Line, for $29.6M to a private buyer. The sale is part of a Section 1031 exchange, which allowed Renaissance Properties to sell the property and reinvest proceeds towards a new property, while deferring all capital gains taxes. Completed in 2018, The Hub comprises 79 apartments, 11,000 sq. ft. in retail space, and 136 parking spaces. Free registration is required to access article.
Hard Hats Not Affected: Work Continues at Somerville Building Sites
Rod Hirsch, TapInto.Net, March 26, 2020
Despite temporary COVID-19-related shutdowns and limited restaurant service, construction staff continue to work at sites in downtown Somerville. Construction workers are among those exempted from the Murphy Administration’s Executive Order 107 mandating that businesses and firms move to work-from-home arrangements and reduce onsite work staff.
First Residents Move into Downtown Rahway’s The Mint
Linda Lindner, NJBiz, March 23, 2020
Move-in activities have begun at a newly-opened market-rate rental, The Mint. The project, located adjacent to the NJ TRANSIT Rahway Station and close to the city’s central business district, is well-situated to serve those who choose to live a car-free or car-light lifestyle. The building offers 116 units as well as workspaces, a lounge, and various fitness amenities for residents. Rents start at $1,545.
Revitalization of Wonder Bread Factory Making Progress in Hoboken
Chris Fry, Jersey Digs, March 27, 2020
Prism Capital Partners and Hoboken-based MVMK Architecture are leading the expansion and redevelopment project of a former Wonder Bread factory. The $120M Wonder Lofts apartment structure will feature 68 residential units and 2,375 sq. ft. of ground-floor commercial space. The adaptive reuse project will occupy an entire block, facing Grand Street, 8th Street, and Clinton Street and add to Hoboken’s bustling environment.
Regional and National TOD News
Raising Money and Securing Development Opportunities In O-Zones
Jeffrey Steele, Forbes, March 27, 2020
When first enacted in 2017, Opportunity Zones were seen as a godsend and many hoped that the program would help inject much needed investment into communities struggling to capture the interest of the real estate development community. Making the program work, however, has proven difficult for many, as communities and developers struggle to identify and secure projects that meet the program’s regulations and satisfy the complex legal requirements. One financial company that has been able to overcome this is Halpern Real Estate Ventures (HREV). The NYC-based investment firm has raised $50M in capital, which it has invested in three projects located in Denver, Philadelphia, and Jersey City, NJ.
Transit Hub to Feature University of Miami Student Housing
John Charles Robbins, Miami Today News, March 25, 2020
Construction and development continue to transform South Miami into a transportation hub for Miami-Dade County, most recently with more opportunities for student housing. A $125M development next to South Miami Metrorail Station will include office spaces, ground floor retail, and 361 student housing units for University of Miami students. The first phase of construction is set for completion in August 2021.
Completed Rail Trail Offers 19 Miles of Recreation, Sightseeing Opportunities
Rebekah Schulte, Denton Record-Chronicle, March 24, 2020
In Texas, Denton County Transportation Authority has completed construction on the A-Train Rail Trail, a bike and pedestrian path connecting five A-train stations from Downtown Denton Transit Center to the Hebron Station in Lewisville. The 19-mile trail is open to tourists and residents, bicyclists, runners, and train passengers, and has received positive feedback from the community. The $14M project was funded by Denton County tax revenue, donations, and grants from the Federal Highway Administration and administered by the Texas Department of Transportation.
Pandemic Puts Stress on Transit Systems
Justin George, Luz Lazo, The Washington Post, March 23, 2020
The rise in teleworking and the decline in public transit ridership is crippling metropolitan transit systems nationwide. Major transit agencies are tapping reserve funds and credit to stay afloat, but the impact of the financial losses and disruptions could create long-term challenges to a post-crisis recovery. As Congress weighs the distribution of federal emergency funds, advocates say that transit and rail must be placed at the forefront to maintain the U.S. transportation network; transit agencies need assistance to replace lost revenue, keep employees, and maintain operational functions and service.
Information from Past Pandemics, and What We Can Learn: A Literature Review
Svenja Gudell, Zillow, March 13, 2020
As the coronavirus pandemic continues to affect the global community, Zillow has compiled and reviewed literature on the economic effects of past global pandemics and future scenarios in the real estate and housing market to provide perspective to home buyers, home owners, and others. While a decline in economic activity, a reduction in transaction volumes, and a slight decrease in home prices can be expected in the wake of the pandemic, these factors are expected to resolve quickly.
International TOD News
Indian Railways for world-class stations! First-of-its-kind form-based codes being developed by IRSDC; details
Devanjana Nag, Financial Express, March 23, 2020
In support of compact, pedestrian-friendly, market-responsive, transit-oriented, sustainable development, the Indian Railway Stations Development Corporation Ltd. (IRSDC) is developing Form-Based Codes for designing and approving layout plans for development in and around station areas. After conducting research, case studies, testing, and consultation, IRSDC is finalizing its documentation of codes that outline design parameters for transit-oriented development, ensure optimum density, and standardize green building and fire and structural safety.