![]() Plans to build a multi-family residential development with some 412 units near a popular public park in Lakewood, Colorado, continue to divide residents as the new year begins. The project would go up on a four-acre site at 777 S. Yarrow Street just outside the east boundary of Belmar Park, a 132-acre space known for its abundance of trees, flora, and birds. The project belongs to the company Kairoi Residential, which is based in San Antonio, Texas, and would see the demolition of an existing office building, along with the felling of nearly 70 trees. Opponents of the project have said that the loss of trees will have a devastating impact on the birds who nest in those trees, while also voicing concerns about traffic and noise. Because the site is located within the boundaries of a defined urban renewal area, any development is governed by a use-by-right designation. That means that although residents have petitioned the Lakewood City Council to intervene in the matter, that body has limited powers to act. In an effort to reach out to the community, Kairoi Residential agreed to pause the project just over two months ago. In a message sent to the city council, Tyler Sibley, a principal of development for Kairoi, acknowledged that the company should have "worked to have a community discussion because of the importance of the neighboring park." It is not yet known when or if Kairoi will announce new plans for the site. The company has been particularly active recently in Colorado, purchasing for $161 million last fall the six-story Zia Sunnyside Apartments in Denver which consists of 434 high-end units. By Garry Boulard
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![]() Plans are moving forward for the construction of a massive movie production facility in Las Cruces that will go up near Amador Avenue. The project belongs to the company 828 Productions, originally based in southern California as a boutique film financing and lending company, and will see the building of a 300,000-square-foot production complex that will include a sound stage, studio, and back lot. After months of talks, the New Mexico Economic Development Department announced it was contributing $3 million to the project in the form of Local Economic Development Act funding, with the City of Las Cruces originally kicking in another nearly $900,000. Las Cruces' contribution has recently been increased to a significant $2.8 million for the project, funding secured through the city's gross receipts tax revenue. At the time of the state funding announcement, Governor Michelle Lujan Grisham noted that New Mexico is "seeing a record number of productions from the film and television industry," adding that state officials were "extremely excited to welcome 828 Productions to Las Cruces." In the months since that announced, the company, establishing its headquarters in Las Cruces, has purchased three structures in the city for its work: One measuring 7,000 square feet; the second, nearly 10,000 square feet; and the third, measuring 30,000 square feet. In a presentation made before the Las Cruces City Council late last month, Jonathan Sepp, public affairs manager for 828 Productions, remarked that the company is "not just here making a movie or building a sound stage. We're really here to build, develop, and establish an industry in Las Cruces." According to city documents, the company has thus far financed 15 films, amounting to total expenditures of more than $50 million. By Garry Boulard ![]() Single-family home construction projects saw a decided increase nationally towards the end of 2023, spurred on by lowered interest rates. So says a new study issued by the National Association of Home Builders noting that overall housing starts were up by nearly 15% at the end of November. In seasonally adjusted numbers, this meant work on 1.5 million new units. "The single-family starts figure is remarkably strong," remarked Robert Dietz, chief economist with the NAHB, in a statement. Dietz added: "We would not be surprised to see this figure revised lower or fall back slightly, given the nearly 20% rise in November." That number is particularly impressive given that historically the month of November usually sees a decline in starts. At the same time, single-family permits inched upwards by 0.7%, for a 976,000-unit rate. The single-family starts have been on the upside since late last summer, resulting in the greatest number of completions nationally since early 2022. Despite those good numbers, overall single-family starts from late 2022 to late 2023 were down by 7.2%. Looking at the new year, Dietz remarked that the NAHB is "forecasting an approximate 4% gain for single-family starts in 2024 as mortgage rates settle lower, economic growth slows, and inflation moves lower." While generally moving upward over the course of the last decade, single-family construction took a sudden nosedive in the spring of 2022. That was when, notes the publication Wolf Street, "surging mortgages rates began to bite, unsold inventory began to pile up, and homebuilders were pulling back on new projects." "Many of the top national home builders have rosy forecasts for the coming year," says the industry news service Housing Wire, noting in addition that the U.S. "remains deficient by anywhere between 1.5 million and 7.3 million housing units due to a severe lack of supply produced between 2012 and 2019." On a cautionary note, Alicia Huey, NAHB chairman, said that although recent trends show a national rise in builder sentiment, "home builders continue to contend with elevated construction and regulatory costs." By Garry Boulard ![]() Work is scheduled to begin in the fall of 2024 on the upgrading of the much-used Agua Fria Freeway in metro Phoenix. As undertaken by the Arizona Department of Transportation, the project is listed as one of the half dozen or so major road projects in and around Phoenix and will see work on the stretch of highway between Interstate 17 and 75th Avenue. Located in the West Valley, the Agua Fria Freeway is a part of the semi-beltway route looping around metro Phoenix and otherwise known as Loop 101. The vital throughway connects Phoenix with the cities of Glendale, Scottsdale, Mesa, and Chandler, among other localities. The Agua Fria work will see the building of an additional lane in both directions, the widening of three bridges, and modification of interchange ramps and retaining walls. Exit ramps along the route will also be widened to two lanes, along with reconstructed ramp connections. According to the ADOT, the $108 million project is designed to address growing traffic demands, while also relieving congestion during the morning and early evening peak travel periods. Work on what is officially called the Loop 101 Improvement Project is expected to be completed sometime in 2026. All new highway projects in metro Phoenix are the result of a jump in the area's population from 2.9 million residents in the year 2000 to just under 4.8 million this year. By Garry Boulard ![]() A plan is underway to build up to 60 residential units that will belong to a well-known Denver nonprofit on a site that was once the home to a La Quinta Inn hotel. The Colorado Coalition for the Homeless, which is tasked with providing long-term housing for those lacking such assets, wants to build a new facility at 3500 Park Avenue West, just to the north of downtown Denver. The site is in a part of the city populated with mostly one- and two-story commercial structures near Interstate 25. Late last year the Denver City Council approved some $5 million in city funds to purchase the Park Avenue West site, which also includes a one-story building that has housed a series of restaurants, including most recently the Old West Pancake House. "Motel and hotel sites have been a lifeline for people experiencing homelessness in Denver," John Parvensky, then chief executive officer of the Coalition, remarked in a statement at the time of the council action. Upon the council vote, it was reported that the former hotel would be capable of providing up to 200 residential units. As currently planned, both the hotel and restaurant will be demolished on the less than one-acre site in order to make way for construction of what may end up being two buildings, one four stories in height and the other topping out at three stories. The Coalition has been extremely proactive in recent years in metro Denver, purchasing properties that can be repurposed into permanent housing. To date, the organization has created nearly 2,000 new housing units. According to statistics provided by the Coalition, it also offers critical assistance to more than 20,000 individuals per year. Work on the Park Avenue West site is expected to begin next spring. By Garry Boulard ![]() The West has once again proved to be one of the largest growing regions of the country, according to a new report issued by the U.S. Census Bureau, adding this rear more than 137,000 people. While that figure represents undeniable growth, it still came in a little lower than the gains seen in 2022, with over 157,000 new people. The report noted that while many Western states witnessed a certain amount of outmigration to other states this year, that pattern was to a degree balanced by "somewhat higher international migration and slightly fewer deaths." In a pattern that has played out for the last several years, California continued to lose residents, while both Arizona and New Mexico saw population increases. Overall, the country's population trends have returned to what is described as "pre-pandemic norms," adding more than 1.6 million people for a 0.5% gain. That's a marked improvement over 2021, when the gain came in at 0.2%. In a statement, Kirstie Wilder, a demographer for the Census Bureau's Population Division, said both migration rates and a decrease in deaths are "driving the nation's growth." "Although births declined, this was tempered by the near 9% decrease in deaths," continued Wilder. "Ultimately, fewer deaths paired with rebounding immigration resulted in the nation experiencing its largest population gain since 2018." The total population of the U.S. as of the end of this year is just under 334 million. In the year 2000, that figure was just north of 282 million. The South was by far the country's largest gainer this year, with a population increase of 1.4 million people. Gains in the Midwest were considerably more modest, with the addition of 126,000 new residents. Reflecting an ongoing, long-range trend, the Northeast was the only region of the country to experience a decline in population. The region currently has 43,300 less people than it did last year, a decline prompted by population losses in the big states of New York and Pennsylvania. By Garry Boulard ![]() State funding has been secured for a series of security projects in the El Paso Independent School District, which encompasses some eighty campuses and more than 350 square miles. The funding is coming in the form of a Safety and Facilities Enhancement grant, a program that is funded through the Texas State Legislature. Just over $34.6 million in grant funding is being awarded to the district to tackle a series of district-wide facility and infrastructure security initiatives. In a statement, Manuel Chavera, chief of the El Paso ISD Police Services, remarked: "Providing safe, comfortable environments where learners can be inspired and empowered to thrive is paramount to what we do." In a separate statement, Diana Sayavedra, EPISD Superintendent of Schools, noted that the grant is "the second-highest amount awarded to a Texas school district," and will be used to "meet state-mandated safety standards." The largest grant went to the Houston Independent School District. The grants are designed to pay for such facility items as fencing, anti-scaling devices, and emergency egress gates, among other things. The grants are the result of legislation earlier passed by Texas lawmakers, additionally requiring school districts to have an armed security guard at every school. By Garry Boulard ![]() A move is on in the city of Grand Junction to purchase a two-story, L-shaped hotel and turn it into affordable housing space. The hotel is located at 754 Horizon Drive on the northeast side of the city and in the last decade has undergone a number of brand changes from a Best Value Inn to a Horizon Inn and finally a Baymont by Wyndham property. Plans, which have not been finalized, are calling for repurposing the structure into permanent housing, and in so doing making available some 90 studio apartments for housing. How much Grand Junction will pay for the hotel is currently unknown, although the property was recently listed on the open market for around $4.6 million. Built in 1978 and updated nearly two years ago, the structure has been designated as a Class B building and encompasses around 41,300 square feet. The move comes in response to accelerated housing costs in Grand Junction, seeing average rents for a one-bedroom apartment jumping from less than $1,000 two years ago to more than $1,300 today. At the same time, according to city documents, Grand Junction currently has an apartment vacancy rate of 2%, substantially below the national average of 6.4%, making the local rental market tighter and even more expensive. If the hotel purchase is finalized, city officials have said that a reconversion of the property could be underway by the spring of next year. By Garry Boulard ![]() Nearly two-thirds of small business owners in a new survey expressed positive feelings about the state of their own businesses as the calendar heads into 2024. The survey, undertaken by the U.S. Chamber of Commerce, also found that a strong 67% said they feel comfortable with their current cash flow, a result unchanged from late 2022. Measuring attitudes through the Chamber's Small Business Index reveals a 61.3 average on small business conditions in general. This figure is very close to the 62.1 score seen in the final quarter of 2022, but a significant improvement from the 39.5 recorded during the Covid 19 spring of 2020. Despite the more general upbeat attitude, small business owners say they remain challenged by a problem that just won't seem to go away: a lack of qualified workers. A strong 54% of respondents said it remains hard to find a candidate with necessary experience, while 53% agreed that there is in general a worker shortage in the area in which they do business. "Nearly half of small businesses report searching for, recruiting, or interviewing new talent in 2023," noted Thaddeus Swanek, with the Chamber's strategic communications department, in a narrative. That figure is a "significant increase from mid-2021," continues Swanek. Altogether, 45% of respondents said they had been actively looking for new talent this year, indicating that the challenge remains current and vexing, compared with 36% who said the same thing in the fall of 2021. "Not surprisingly, in this atmosphere of increased competition for workers, employers are having to pull out all the stops to find and retain talent," continued Swanek. That means offering everything from flexible work schedules, increased salaries, and even hybrid or remote work alternatives. On a touchy issue that reaches into politics, some 54% of respondents to the small business survey said they think the U.S. government should issue more skilled worker visas annually, allowing those businesses to at least have access to a worker pool that is not completely domestic. By Garry Boulard ![]() Work could begin sometime next spring on the building of a 130-residential unit complex in El Paso. The project is expected to cost upwards of $40 million and is being done jointly by the Miami-based GenX Capital Partners and the Prestige Development Group of Austin. The complex will go up on the far east side of the city on currently vacant land at 6767 Gateway Boulevard. GenX earlier acquired the land for a reported $3.2 million. As planned, the project will include studio and one- and two-bedroom units. The five-story building will also house a fitness center, theater room, conference room, business center, and around 12,000 square feet of overall retail space. Additional amenities are expected to include a swimming pool, restaurant, and bar. In a statement, GenX managing director, referencing the existence of the nearby Fox Plaza and Fountains at Farrah shopping malls, said the new development will "seamlessly integrate with the neighboring retail sector." To be called Azul El Paso, the project just recently received City of El Paso final approval. Gen X is known for developing properties with a value ranging between $2 million and $50 million. Earlier this fall, the firm announced it had secured some $24 million in financing to complete a luxury condominium project in Portland, Maine called The Mark. Prestige Development in the last two decades has developed around 240 individual properties comprising more than 1.7 million square feet of commercial real estate. By Garry Boulard |
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