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Office Parks in San Ramon, California, Undergo Residential Conversion Amidst High Vacancy Rates

Office Parks in San Ramon, California, Undergo Residential Conversion Amidst High Vacancy Rates

Office Parks in San Ramon, California, Undergo Residential Conversion Amidst High Vacancy Rates

President Sheinbaum Highlights 'Housing for Well-being' as Mexico's Largest Housing Program

President Sheinbaum Highlights 'Housing for Well-being' as Mexico's Largest Housing Program

Mexican President Claudia Sheinbaum Pardo has declared the 'Housing for Well-being' program as the largest housing initiative in Mexico's history. The program aims to construct 1.8 million homes, alongside improvement actions and credit facilities, to provide access to property for approximately 12 million Mexicans, particularly low-income families. During a remote event from Palacio Nacional, President Sheinbaum oversaw the delivery of 72 homes in San Francisco de los Romo, Aguascalientes, part of a development of 152 fully allocated residences. The Secretary of Agrarian, Territorial, and Urban Development, Edna Elena Vega Rangel, reported that Aguascalientes has achieved 38% of its state goal of 24,300 homes. The Director General of Infonavit, Octavio Romero Oropeza, noted that 143 housing complexes are currently being delivered nationwide, with over 50,000 homes already occupied.

San Diego City Council Approves $4.2 Billion Midway Rising Project, Featuring Largest Affordable Housing Development

San Diego City Council Approves $4.2 Billion Midway Rising Project, Featuring Largest Affordable Housing Development

The San Diego City Council has approved the $4.2 billion Midway Rising project, a significant overhaul of the city's Midway District. This development, led by billionaire Stan Kroenke, will replace the existing Sports Arena with a new 16,000-seat arena and introduce 4,224 housing units, with 2,000 designated as affordable. This makes it the largest affordable housing project on public land in state history. The plan also includes 130,000 square feet of retail space, a 15-acre park, and $460 million in infrastructure improvements. The city will forgo major lease payments for the 49-acre parcel, instead receiving a portion of ticket sales until the new venue is complete, after which the Midway Rising team will retain ticket revenue to cover arena costs. The Independent Budget Analyst estimates the city will collect between $38.1 and $68.5 million in combined arena and development revenue over the 105-year deal, not accounting for inflation.

Inner-City Real Estate Deals Face Challenges Due to Developer Missteps and Financing Complexities

Inner-City Real Estate Deals Face Challenges Due to Developer Missteps and Financing Complexities

Inner-City Real Estate Deals Face Challenges Due to Developer Missteps and Financing Complexities

San Francisco Approves First Housing Development Under Mayor Lurie's Family Zoning Plan on Anza Street

San Francisco Approves First Housing Development Under Mayor Lurie's Family Zoning Plan on Anza Street

The San Francisco Planning Commission has unanimously approved the first housing development under Mayor Daniel Lurie’s new Family Zoning Plan. This project, located on Anza Street near Collins Street in the Laurel Heights neighborhood, will replace a two-story, rent-controlled, two-unit residential building with an 85-foot-tall, eight-story condominium building containing eight units. The new building will include a one-bedroom and a two-bedroom unit designated as affordable replacement units at 80% Area Median Income (AMI), in exchange for the lost rent-controlled housing. The project is exempted from the California Environmental Quality Act (CEQA) under California State law AB130. This development is seen as a significant step in implementing the Family Zoning Plan, which aims to address San Francisco's housing shortage by allowing taller buildings along transit corridors.

Bushburg Properties Acquires 60 Wall Street for Record-Setting Residential Conversion in Lower Manhattan

Bushburg Properties Acquires 60 Wall Street for Record-Setting Residential Conversion in Lower Manhattan

Bushburg Properties Acquires 60 Wall Street for Record-Setting Residential Conversion in Lower Manhattan

Dover City Council to Revisit Controversial Residential Sprinkler System Rule Amid Cost Concerns

Dover City Council to Revisit Controversial Residential Sprinkler System Rule Amid Cost Concerns

The Dover City Council is reconsidering a new construction code provision that mandates residential sprinkler systems in all new homes, a rule adopted just last month. The council voted to rescind the updated code due to what city officials described as incorrect language. This decision follows significant pushback from residents and local developers who expressed concerns about the potential increase in housing costs. While some other Delaware municipalities, including Lewes, Newark, and Middletown, already have such requirements, Dover would be the largest city in the state to implement it. The city's Fire Marshal, Jason Osika, advocates for adopting the complete 2024 International Residential Code (IRC) without amendments, citing life safety issues due to the flammability of modern lightweight building materials. However, Councilman David Anderson, chair of the Legislative, Finance and Administration Committee, believes it is a "bad time" for the sprinkler requirement and intends to have the committee r...

Faith-Based Organizations Convert Underused Properties into Community Assets Across U.S.

Faith-Based Organizations Convert Underused Properties into Community Assets Across U.S.

Faith-based organizations across the United States are increasingly transforming their underused properties into affordable housing, childcare centers, arts and cultural centers, and social enterprise hubs. A Rutgers University survey identified 200 faith properties converted into affordable housing and shelters over the past decade. This trend addresses the challenge faced by many houses of worship with emptying properties and declining congregations, which often struggle with the financial and environmental burden of maintaining large, underutilized buildings. While 20 conversions per year is a modest number compared to the tens of thousands of struggling properties, it highlights a growing movement to repurpose these assets for community benefit. Several states, including California, Florida, and Virginia, have passed 'YIGBY' (yes in God’s backyard) legislation, offering incentives for religious institutions to redevelop their properties into affordable housing. Municipal governments in cities like Atla...

Pima County Invests $1 Million in Affordable Housing Project, Angels Crossing, to Support Homeownership

Pima County Invests $1 Million in Affordable Housing Project, Angels Crossing, to Support Homeownership

Pima County has invested $1 million in gap funding to support Angels Crossing, a new affordable housing development in Tucson. This investment has enabled 12 families to receive keys to their new homes, marking a significant step towards homeownership for residents like Karina Morales, a single mother who previously shared a bedroom with her son. The project, developed by Habitat for Humanity, requires residents to contribute 250 hours of 'sweat equity' by working on their homes alongside volunteers, in addition to completing financial literacy and homebuyer education courses. This initiative aligns with Pima County's broader commitment to affordable housing, as outlined in its One Pima Initiative and Prosperity Initiative, which aim to strengthen neighborhoods and the local economy. The county's Board of Supervisors has approved over $20 million in gap funding for 28 projects since 2022, aiming to preserve or develop 1,857 affordable housing units.

San Diego Office Tower to Convert into 184 Affordable Apartments by 2029

San Diego Office Tower to Convert into 184 Affordable Apartments by 2029

A 19-story office tower located at 610 W. Ash St. in Little Italy, San Diego, is slated for conversion into 184 affordable apartments for low-income households. An affiliate of Vintage Housing acquired the building for $26 million on September 28, with plans to complete the transformation by summer 2029. The tower was nearly 60% vacant at the time of purchase. The proposed units will be deed-restricted for households earning between 30% and 80% of the area median income, comprising 34 studio units, 104 one-bedroom units, and 46 two-bedroom units. To finance the $104.2 million conversion, Vintage Housing has applied for $26.9 million in new tax-exempt bonds, $25 million in recycled tax-exempt bonds, and $4.6 million in annual federal low-income housing tax credits. This project is part of a broader trend in downtown San Diego to convert underutilized office spaces into residential units, addressing the city's high office vacancy rate, which stands at approximately 25% downtown.

San José Advances Garage-to-ADU Conversions with Streamlined Permitting Process

San José Advances Garage-to-ADU Conversions with Streamlined Permitting Process

San José is actively promoting the conversion of existing garages and basements into Accessory Dwelling Units (ADUs) or Junior ADUs (JADUs). The city's ADU Service outlines the process for these conversions, including those combined with other work on single-family homes. Applications are submitted through SJPermits.org, with plan uploads handled via SJePlans. The required plan set must adhere to the City's Bulletin 211. The submittal checklist for these projects includes a building permit application, an address request, and either an ADU owner declaration or a JADU deed restriction. A critical component for many projects is a letter from the water company providing flow data at the nearest hydrant, as its absence can cause significant delays in the permitting process. The city's initiative aims to simplify the creation of additional housing units within existing structures.

San Diego City Council to Consider $4.2 Billion Midway Rising Housing Project

San Diego City Council to Consider $4.2 Billion Midway Rising Housing Project

The San Diego City Council is set to consider the Midway Rising housing project, a proposed $4.2 billion development that aims to transform the Sports Arena site into a massive housing, entertainment, and retail complex. This project has a long history, dating back to 2021, and has involved administrative review, community protests, ballot measures, and legal challenges. The council's decision on Monday could mark a new phase for the development, potentially giving the green light for the team to proceed. The project seeks to address the city's housing shortage while also redeveloping the aging Sports Arena property. Financial aspects and potential environmental concerns raised by opponents are key considerations for the council.