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10 Must Reads for the CRE Industry Today (Jan. 7, 2020)

Iranian officials threaten Trump’s U.S. properties, reports the New York Post. Denver adopts provisions for tall mass timber construction in its building code, according to Mile High. These are among today’s must reads from around the commercial real estate industry.

  1. Iran Officials Hint at Possible Attacks on Trump Properties “Senior Iranian officials are using Twitter to hint at threats against President Trump’s properties — including his Mar-a-Lago Club resort in Florida and Trump Tower in Manhattan — over the killing of Iran’s top military commander. Hesameddin Ashena, a top adviser to Iranian president Hassan Rouhani, tweeted a link to a Forbes Magazine video that listed the properties, none of which is fortified to withstand a military attack, along with a quote from the late Ayatollah Khomeini.” (New York Post)
  2. The Best Property Management Software: Top 3 Picks for Any Rental Portfolio Size “An important part of being a landlord is effectively managing your rental properties. In today's digital era, landlords have access to some of the best property management software programs out there, making the process of managing a single unit or 100 units more streamlined than ever. If you're looking to upgrade to a new management program or planning to use an online property management software for the first time, this article will explain what to look for in property management software program and compare the top property management software companies to see which program is best for your needs.” (Million Acres)
  3. What Is This Urban Scrawl? It’s from Miami’s Building Boom and It’s Not Graffiti “If it’s not graffiti, or secret code, or treasure hunt clues, what exactly is the tangle of spray-painted, multicolored hieroglyphics defacing sidewalks in downtown Miami? Call it urban scrawl. The squiggles, lines, numerals, circles, diamonds, arrows, dots, blobs and Xs — proliferating by the day — are utility markings, used to show electrical contractors, telecommunication companies, water and sewer engineers and construction workers where underground lines, cables and pipes are located.” (Miami Herald)
  4. Construction Firm with Alleged Mob Ties Worked on Bronx Affordable Housing Project “CWC Contracting, the firm federal prosecutors allege is a front for the mob, didn’t just work on the luxury High Line condo project the XI. The company also worked on a project at the other end of the real estate spectrum: an affordable housing development in the Bronx. CWC helped complete Creston Apartments, an 11-story, 114-unit affordable housing project in Mount Hope, according to The City.” (The Real Deal)
  5. California Investor Buys New North Suburban Apartments “A West Coast real estate firm is joining the crowd of investors betting on Chicago's suburban apartment market. A venture of Irvine, Calif.-based Passco paid more than $90 million last week for the 260-unit Atworth at Mellody Farm apartments in Vernon Hills, sources familiar with the deal confirmed. The building, part of the Whole Foods-anchored, 270,000-square-foot Mellody Farm shopping center in the northern suburb, becomes the latest suburban apartment cash-out by its developers, Chicago-based Focus and Atlanta-based Atlantic Realty Partners.” (Crain’s Chicago Business)
  6. Second 20-Story Residential Tower Proposed for Bankers Hill “A developer is proposing a 20-story condominium tower in Bankers Hill, five blocks from a similar tower the City Council approved last year despite outcry from residents that it would damage neighborhood character. The 214-unit building, proposed for Thorn Street between Fifth and Sixth avenues, could face even stronger opposition because the developer plans to demolish a historic structure that’s been on the site since 1910.” (San Diego Union-Tribune)
  7. Rethinking Real Estate: What the Past Teaches Us About the Future of Land Use “Speaking at an event in New York City, Dror Poleg, a former real estate and technology executive and co-chair of ULI New York’s Technology and Innovation Council, said shifts in real estate often result from overlooked factors that alter its value, beginning in the faraway emergence of landlord-tenant relations out of feudalism and stretching to the innovations of today. Poleg, author of the new book Rethinking Real Estate: A Roadmap to Technology’s Impact on the World’s Largest Asset Class, was interviewed in a question-and-answer format in Manhattan with Chris Kelly, cofounder and vice chairman of Convene, a provider of flexible office space.” (Urban Land Magazine)
  8. Denver Adopts Tall Mass Timber Codes “On December 23, the City of Denver voted to adopt the 2019 Denver Building Code, which includes the tall mass timber code provisions approved for the 2021 International Building Code (IBC). As part of the adoption of the new code, there will be a four-month period where new projects can use either the 2016 Denver Building Code or the newly-adopted 2019 version. After four months, all building and fire code permits will be processed under the 2019 Denver Building Code.” (Mile High)
  9. Developing Airport Real Estate: The Four Drivers of Success “Landside real estate is a crucial source of non-aeronautical revenue (NAR) and an essential part of the airport business model. A recent study by ACI revealed that property development accounts for nearly one fifth of global NAR – and that figure is projected to grow. In recent decades, airports have launched hundreds of commercial real estate projects, often branded as an ‘airport city’ or an ‘aerotropolis.’” (International Airport Review)
  10. Arizona Lawmaker: Property Owners Along Border Should Be Able to Build Border Walls Without Permits “A top Republican lawmaker wants to allow people who own property along the border to build a wall without first getting any building permits. House Majority Leader Warren Petersen, R-Gilbert, said he fears that overzealous local officials will block construction by erecting procedural barriers. The exemption in House Bill 2084 would mean that walls could go up without any requirement to comply with local building codes or safety inspection. But Petersen said it's a question of balance.” (Fronteras)
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