Residential

Hurricane Sandy wreaked deadly destruction when it hit the entire Eastern Seaboard in October 2012. It was the second-costliest hurricane in the nation’s history, causing more than $68 billion in damages. 

New Jersey experienced the worst devastation: More than 346,000 homes were damaged or destroyed; 37 people were killed. Half of the city of Hoboken flooded. The National Guard was called to help with evacuations. A 50-foot piece of the famous Atlantic City Boardwalk washed away. In all, the damage to the state was estimated at $36.8 billion.

Nearly two years later, many people in New Jersey still don’t have homes to replace the ones they lost. “The situation is horrible; the need for homes is still tremendous,” says John Bishop, co-owner of John Paul Builders.

The Henry is the newest project being constructed on the Thea Foss Waterway near downtown Tacoma, Wash. According to news reports, the $32 million mixed-use complex, on the south end of the waterway, will house market-rate apartments, retail and commercial space. 

Construction began on the seven-story, 52,000-square-foot project in February 2014 and is expected to be completed in fall 2015. It will house a variety of studio and one- and two-bedroom apartment units, ranging in size from 530 to 1,200 square feet and ranging in rent from $1,000 to $2,300 per month. There will reportedly be more than 10,000 square feet of office and retail space, including a rooftop restaurant.

The site of the U-shaped structure is located between Dock Street and the waterway on the north side of the cable-suspended bridge carrying the Washington 509 freeway over the waterway.

The construction of a new community can bring many benefits to an area. The most obvious one is housing, but E5X Management’s Leyden Rock project is adding new jobs in the city of Arvada, Colo., President Chris Elliott says.

When people drive past the project site, “It looks like a huge manufacturing plant with all the folks out there,” he declares. “Through the land development effort, we probably have created 400 jobs.”

Leyden Rock is the latest masterplanned community of E5X, a land development company based in Englewood, Colo. When finished, Elliott says, the development will span 1,000 acres with approximately 1,500 living units.

Camden Property Trust is leaving its mark in Atlanta with a new apartment community, but by taking design influences from Neel Reid, one of the area’s prominent architects of the early 20th century, the building will appear indigenous to the surrounding area. “I want it to look like it’s been there forever,” Vice President of Real Estate Investments Chad Weaver told the Buckhead Patch. 

The Houston-based real estate investment trust company purchased a 30-acre parcel, known as Camden Paces, for $39.3 million in 2011. The former low-rise apartment building that sat on the property was demolished and in its place, Camden Property Trust is erecting two separate apartment buildings – one more upscale than the other – and rental townhomes. 

AvalonBay Communities builds luxury apartment communities to enhance the lives of its residents in towns along the east and west coasts of the United States.  To meet the needs of the city of Glendora, Calif., the company’s Newport Beach, Calif., office began construction in January on a new apartment community.

“Our core business is developing, redeveloping, acquiring and managing high-quality apartment communities in the high barrier-to-entry markets,” Vice President of Construction Rob Salkovitz says. “These markets are more challenging to complete entitlements, as such you need a strong commitment to see the deal all the way through.” 

The aging of the baby boomer population has brought with it a corresponding boom in the need for senior housing and assisted living facilities across the nation. The need is so strong, in fact, that a homebuilder like Neil Huettenhain – owner of California’s Woodcrest Development – can find a haven in the senior housing market even as the housing market struggles to recover. Woodcrest Development is looking forward to building its portfolio beginning with Northstar Rancho Cordova in Rancho Cordova, California.

Huettenhain says the company developed out of his need to find another market to serve after the housing market bubble burst several years ago. After initially looking into building affordable housing, Huettenhain was approached to build an assisted living facility. Although that project didn’t pan out, it inspired him to research the assisted living facility market and establish Woodcrest Development to serve it. 

The first phase of what will prove to be the largest-ever private real estate project in the Bronx, New York City, is now underway. Developer Signature Urban Properties, in partnership with private equity firm GTIS Partners, community housing organization MBD Housing and Monadnock Development and Construction Inc., broke ground in January on the first two buildings of a planned 1,300-unit affordable housing development.

The Compass Residences will include 10 residential buildings and 46,000-square-feet of retail space when fully built out in 2019. The first two buildings, now under construction, will include 237 units and will open in 2015. “We’re hoping to move forward with the next several buildings within the next year,” says Gifford Miller, a partner at Signature Urban Properties.

The $350 million project is located on a 215,000-square-foot parcel of land in the borough’s Crotona Park East section now occupied by abandoned industrial warehouses.  The area was rezoned from industrial to mixed-use in 2011.

The backyard has evolved a lot over the past few decades. Once little more than an outdoor space for the occasional barbecue or impromptu Wiffle ball game, today’s homeowners increasingly are harnessing the potential of the backyard to become something more, transforming their yards into outdoor living spaces that provide as many creature comforts as their indoor living rooms. Helping them achieve that for more than 10 years is Minnesota-based The Outdoor GreatRoom Company, a leading provider of outdoor furniture and other amenities that can transform an ordinary yard into a cozy, sophisticated living area. 

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