First One The Tacoma Housing Authority is redeveloping a lumber sawmill site into a 110-unit community, which will be the organization's first modular housing project.
Lone Stars Hamilton Properties, the father-and-son development team behind several office-to-residential conversions in downtown Dallas, is proposing a takeover of the Atmos Energy site currently owned by Cleveland-based Forest City Enterprises. Dallas City Hall gave the four-building property to Forest City in 2005 as part of a $70 million public/ private redevelopment of the adjacent Mercantile Bank Building. However, development of the Atmos site has not commenced, and Forest City has already paid the first in a series of $250,000 payments for failing to redevelop the site into a mixed-use community with upwards of 200 apartments. The Hamilton team proposes taking over the project and implementing a $49.5 million, 225-unit development plan with $30 million of their own cash and $10.2 million in tax increment financing from the city. —Chris Wood
Nosedive Real Capital Analytics, a New York-based research firm, says land sales have fallen off drastically, nearly 75 percent this year. From January to August, there were $7.1 billion in land sales. During the same period last year, $27.2 billion in land was sold. In 2006, $16.4 billion was sold in that time period. —Les Shaver
Jobless Claims The stagnation in multifamily construction is exacerbating a lull in job creation. According to the Washington, D.C.-based National Association of Home Builders, a decline in multifamily construction has broad-based employment impacts affecting construction jobs, building materials manufacturers, architects, lawyers, engineers, lenders, and real estate agents. According to the NAHB, the average 100-unit multifamily project generates 116 jobs for a rental community and 293 jobs for a condo community. If multifamily construction declines by an expected 70,000 units in 2009, the United States stands to lose 155,000 jobs and about $4.5 billion in federal, state, and local revenues. —Chris Wood
The Corner Office