Fed Minutes Offer Glimpse of Outlook for Second Half “The Federal Reserve releases the minutes of its July 31-Aug. 1 meeting on Wednesday, providing a glimpse of policy makers’ outlook for the second half of the year. Fed officials held steady their benchmark federal-funds rate in a range between 1.75% and 2% and described the economy as strong in their postmeeting statement. The minutes, to be released at 2 p.m. EDT, will show how Fed officials judged potential risks that the economy might slow or, alternately, that strong growth might lead to a boom and bust.” (Wall Street Journal, subscription required)
Tall Timber Construction Gets the Seal of Approval in Oregon “Mass timber is having a moment. Plans for wooden buildings are popping up around the country, but the fact remains that building tall with timber is a challenge. That’s slowly changing. Oregon recently approved an addendum to its building code that allows timber structures to be built over six stories without having to acquire special permission. This update to the state’s buildings code comes after years of scientific and technical evaluation around technologies like cross laminated timber, and it effectively recognizes mass timber as a safe and viable mode of construction going forward.” (Curbed)
Brookfield Making Over GGP Malls with New Businesses and Tenants “Brookfield Property Partners LP had to overcome vocal GGP Inc. shareholder opposition last month to convince stockholders to approve its $15 billion takeover of the mall owner. That may prove to be the easy part. Now Brookfield has to revitalize GGP’s 125-property portfolio at a time when many shopping malls are reeling. That means expanding GGP’s top-tier shopping centers with additional stores, while scaling back or reconfiguring less successful malls by adding housing, office space or hotels.” (Wall Street Journal, subscription required)
Landlord Discrimination Is Making the Affordable Housing Crunch Much Worse “Landlords frequently discriminate against would-be tenants who use the vouchers distributed by the government to help low-income Americans get better access to rental homes, according to a new study. Housing choice vouchers are meant to enable low-income families and individuals obtain affordable housing outside of “areas of poverty or minority concentration.” Participants can use the vouchers as payment, or supplemental payment, for a rental unit.” (MarketWatch)
Why U.S. Cities Need More Multi-Racial, Mixed-Income Neighborhoods “There isn’t a universally accepted metric to indicate success at the neighborhood level—using the median income or housing prices to measure the strength of a community can obscure wealth disparities and high rates of homelessness. A new study offers a better suggestion: how well the neighborhood has integrated, both racially and economically. ‘Part of the motivation of the report was so much of our attention gets focused on the degree of polarization and segregation in the U.S.,’ study author Joe Cortright tells Curbed.” (Curbed)
U.S. Commercial, Multifamily Mortgage Originations Up in Q2 “According to the Mortgage Bankers Association's recently released Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, second quarter 2018 commercial and multifamily mortgage loan originations were four percent higher than during the same period last year and 32 percent higher than the first quarter of 2018. ‘Commercial and multifamily real estate borrowing and lending continues to track with last year's level,’ said Jamie Woodwell, MBA's Vice President for Commercial Real Estate Research.” (World Property Journal)
Capital Senior Living CEO Lawrence Cohen to Retire After Nearly 20 Years in the Role “Capital Senior Living Corp. said Lawrence Cohen will retire as vice chairman and chief executive officer, effective Jan. 1, 2019, after nearly 20 years at CEO. The operator of residential communities for senior adults said it has engaged executive search company Heidrick & Struggles International Inc. to find a new CEO. Cohen joined the company in 1996, and served as vice chairman since November 1996, and as CEO since May 1999.” (MarketWatch)
Food Hall Led by Rising Chefs Opening in Garment Center “A new food hall is coming to the Garment Center. Fête New York will open next spring in 12,063 square feet at the base of 231 W. 39th St. with nine culinary concepts led by rising chefs. The food concept was created by former Godiva executive Doris Huang. Once open seven days a week, it will enliven the dreary mid-block area between Seventh and Eighth avenues.” (New York Post)
The First Step to Investing in Real Estate? Just Do It “As a successful real estate investor, and a woman, I am often asked how I got started in this field. I have pondered this question for over 20 years, and the best answer I've come up with is that I just did it. I believed I could do this, and then did. Having a real passion and business plan, researching the market and hiring professionals are all part of success as well, and should not be diminished in any way. But had I not simply decided, "I am investing in real estate," and followed through, it would never have happened.” (Forbes)
Target CEO Bullish on Stores: Hot Off the Phone “Operating giant retail stores that sell everything are en vogue again on Wall Street. Target CEO Brian Cornell tells me the company's efforts in same-day delivery and ship from store are giving it a huge advantage in the battle with online foes like Amazon. Cornell didn't go as far as to say Target and rival Walmart have cracked the retail code of successfully integrating physical stores with digital stores, but hinted his outfit is coming close. And the numbers prove it.” (The Street)