A two-day auction is set to begin on July 25 for a 98-room, two-suite hotel in Fort Morgan, Colorado. Branded as part of the popular Baymont Inn & Suites chain, the two-story hotel comprises just over 64,500 square feet and includes a swimming pool and fitness center. Designated as a Class C building, the structure underwent a major renovation in 2015. The hotel’s official address is 14378 U.S. Route 34, on the west side of Fort Morgan. Built in 1968, the hotel was formerly a part of the Quality Inn chain. The property’s auction listing is being conducted by the consulting firm HVS, which focuses on the hospitality sector. Starting bid for the hotel is $1.4 million. The Baymont Inn & Suites franchise is owned by the larger Wyndham Hotels & Resorts company. Baymont current has more than 400 hotels nationally, with a property concentration primarily in the South and Midwest. By Garry Boulard
0 Comments
Fort Bliss Expected to Receive Substantial Federal Funding for Variety of Infrastructure Projects7/17/2023 Depending upon the fate of a historic $886 billion defense bill, the El Paso-based Fort Bliss may be in line for big funding out of Washington targeting a series of infrastructure projects. That legislation, renewing the National Defense Authorization Act for fiscal year 2024, has now been approved in the House of Representatives on a 219 to 210 vote. If the measure is finally signed into law, it will fund thousands of new military base building and upgrade projects across the country, with around $100 million heading for Fort Bliss. One of the largest U.S. Army posts in the nation, Fort Bliss, founded in 1849, is expected to receive around $74 million to fund the construction of a new rail yard spur that has been years in the talking and planning stage. The new rail facilities will be used to transport heavy equipment, vehicles, and personnel. The project has been regarded by Fort Bliss officials as particularly crucial should the base’s current rail spur ever become nonfunctional. Earlier this year Texas Representative Veronica Escobar, whose district includes El Paso, issued a statement remarking: “I’m proud that after years of advocacy, funding for the rail yard at Fort Bliss is included in the fiscal year 2024 Department of Defense President’s budget request.” An additional $7.2 million will target the planning and design of training barracks at the base. The National Defense Authorization Act is usually renewed in Congress almost automatically and typically enjoys wide support. Last year’s version of the legislation was approved on a 316 to 113 vote. This year’s version of the legislation was a closer thing, with some House members, complaining about Defense Department abortion access and gender transition services, vowing to vote against renewal. Ultimate passage means that up to $19 million in funding will be available for base construction, along with $17.5 billion for family housing projects, and another $400 million for any number of testing facility and laboratory construction and renovation projects. The measure, with many of its more controversial social policy amendments attached, is now on its way to the Senate where lawmakers may add or take away from the House measure. Fort Bliss spans some 1,700 square miles in both El Paso and southern New Mexico and ranks as the Army’s second largest military installation. By Garry Boulard Although predictions of a recessionary downturn have been fairly general for well over a year now, a prestigious financial publication has just released a forecast suggesting that things are likely to get bad before they get better. According to the New York-based site Bankrate, a recent survey of economists from around the country say there is now a 59% chance of a recession before July of 2024. "That suggests a roughly 3 in 5 chance, showing probable odds that an economic environment featuring job loss, slower business growth, and a tougher stock market is on the horizon," the publication reports. To put a finer point on matters, roughly 78% of the responding economists said the chance of a recession is greater than 1 in 2, while 28% said the odds were 70% or higher. A much smaller group, comprising 22%, pegged recession prospects at 50% or less. While the results of the Bankrate survey may seem somewhat dire, the forecast is actually less gloomy than the one reported by the service in March of this year. Then the economists calculated there was a 64% chance of a recession before the end of 2023. Such odds were only marginally higher during the third quarter of last year, when the same economists said there was a 65% chance of an upcoming recession. Good news may be gleaned from predictions regarding the likely duration of a recession: While the odds of a downturn still seem marginally formidable, notes Mark Hamrick, senior economic analyst with Bankrate, "the consensus remains that it could be short and shallow." The Bankrate survey dovetails several other recent reports also indicating a likely but mild recession. The site Seeking Alpha makes the point that the last expansion, prior to the Covid 19 outbreak, was relatively mild, thus: "If the next downturn occurs, we can expect it to be relatively mild." A recent New York Times analysis looking at the factors that have traditionally served as a precursor to a recession, notes instead: "The economy is recovering from a pandemic, unemployment is low, and companies and consumers are in mostly good shape." By Garry Boulard In a move designed to add to its affordable housing options, members of the Denver City Council have voted to kick in around half a million dollars for the expansion of an existing tiny home village. The project belongs to a group called the Colorado Village Collaborative, which is tasked with creating transformational housing opportunities for those experiencing homelessness. That collaborative unveiled an initial 11 tiny homes in the summer of 2017 at a site that also included a shared shower house and common room, as well as a community garden. Located at 4400 Pearl Street, the Beloved Community Village nearly doubled by size in the next three years, underlining the need for such housing. Now an effort is underway to build nearly two dozen more tiny homes at a second site located at 4001 N. Monroe Street, bringing the overall total to forty-four. The project will also include the building of new water and sewer lines, landscape grading, and fencing. The site is located around 4 miles to the northeast of downtown Denver in a semi-industrial and historic part of the city dotted with some garage and warehouse facilities. By Colorado law, tiny homes usually measure anywhere from 100 to 400 square feet. Such structures as part of larger tiny home village movement have in recent years proven particularly popular in the West with projects in Portland, Olympia, and San Francisco. By Garry Boulard Another hurdle has been cleared for the construction of what is going to be the tallest building in Arizona. Set to go up in downtown Phoenix at the intersection of Second Avenue and Van Buren Street, what is being called the Astra building will see fifty stories rising into the sky. Last month the $535 million project, which will encompass nearly 700 apartment units and 229 luxury hotel rooms, won the approval of the Phoenix City Council. While the council vote was obviously crucial to the eventual construction of a structure that will also house 185,000 square feet of office space, a document agreed to by the city and developer Aspirant Development is seen as the final needed ingredient to get the project off the ground. The Government Property Lease Excise Tax agreement will see Aspirant conveying title of the property to the city once the company is issued a certificate of occupancy. The city will then lease the property back to Aspirant for a period of time not to exceed eight years. During that time period, Aspirant will pay an annual rental payment starting out at $25,000 annually for the first four years and topping out at $75,000 for the final four years. That revenue will then be deposited directly into the city’s Downtown Community Reinvestment Fund where it can be used for affordable housing endeavors. Aspirant purchased the two-acre site for around $9.2 million more than two years ago. Upon completion, the Astra will surpass in height the Chase Tower building at 201 N. Central Avenue, which tops out at 40 stories and was built in 1972. Some observers have speculated that the Astra could usher in a new era of high-rise construction in Phoenix, equal to the 1970s when the city additionally saw the construction of the 31-story U.S. Bank Center at 101 North 1st Avenue; and the 27-story Wells Fargo Plaza, now known as 101 West Washington, which was completed in late 1971. In 1981 the city established the creation of a high-rise incentive district in Phoenix’s central corridor which is designed to encourage the construction of commercial and residential developments generally taller than 12 floors. By Garry Boulard Tasked through the decades with simply trying to sell a house, realtors in 2023 say they are now most challenged with trying to find enough homes to put up for sale. According to a new survey just released by the National Association of Realtors, some 32% of respondents said a lack of inventory is hampering their work. In fact, said Jessica Lautz, deputy chief economist with the group, “housing inventory and affordability continue to be the top obstacles that hold back potential clients in the housing market.” The lack of inventory, according to various sources, has various causes: “Rising material costs, supply chain issues, and labor shortages stemming from Covid have all negatively impacted housing inventory,” notes the site Bankrate. According to a housing shortage tracker regularly compiled by NAR, no region of the country is immune to the challenge, with high housing shortages particularly seen on the East and West coasts, but with similar market trends also appearing in parts of the Midwest, southern Florida, and central Texas. Altogether, it is thought that the current national housing market lacks at least 6.5 million homes to satisfy current demand. In the last decade, according to one analysis, around 8.5 million single family homes and 3.4 million multi family homes were completed. But at the same time, 15.6 million households, meaning a family unit, were formed. At the same time, the lack of available homes is driving up prices, notes the site Axios: “The median price, at $419,103, is now 40% higher than it was in January 2020.” Comparing where things stood in the spring of 2022 with April and May of this year shows a dramatic 25% decline in new listings. And when “demand outstrips inventory,” notes the publication Money, “it translates to a lack of available homes and a spike in competition and prices for the paltry few homes that are on the market.” Developers have said that an easy cure to what ails the home market is a loosening of credit making it easier to finance new construction and less onerous local zoning policies when it comes to the construction of affordable housing. In a posting published last month, Nadia Evangelou, NAR senior economist, remarked: “It’s not just about increasing supply. We must boost the number of homes at the price range that most people can afford to buy.” By Garry Boulard One of Denver’s most iconic buildings may be at risk of foreclosure. Completed in 1983, the Wells Fargo Center at 1700 Lincoln Street has long stood out on the city’s skyline owing to the upper portion of the building having the appearance of an old-fashioned cash register. The 52-floor structure, which in fact is popularly known as the Cash Register Building, was designed by renowned architect Philip Johnson, and has been the home to any number of law, real estate, and government offices through the years. Designated as a Class A office tower, the Wells Fargo Center has previously attracted tenants due to its central downtown location, as well as offering such amenities as a 7,900-square-foot fitness center, along with a conference center and lounge. Despite those features, the building’s financial picture in recent weeks has been uncertain with reports indicating that Brookfield Properties, which purchased the building in late 2020, has defaulted on a loan that matured late last year. That default may now see the building heading for foreclosure. Losing a number of tenants since the Covid year of 2020, the structure has seen its value drop by 35%, with the worth of the building declining from $475 million four years ago to $287 million today. While the fate of the Wells Fargo Center remains unknown, Brookfield last week reached a loan-modification agreement for another Denver building it owns: the 56-story Republic Plaza. That building, located at 370 17th Street, is the tallest building in the Mile High City. By Garry Boulard New Santa Fe Listing Shows What the Market Will Bear in Perennially Expensive Swath of State7/13/2023 A new listing in Santa Fe is only the latest evidence of a thriving upper end real estate market in the state's capital city. Located at 19 Via De Las Yeguas, around 9 miles to the west of downtown Santa Fe, the property lists for $4.3 million, and includes everything from a floor-to-ceiling porcelain-tiled wall in the living room surrounding a biofuel fireplace, and 18-foot-tall glass panels facing out onto the Sangre de Cristo and Jemez Mountains. Other amenities: stacked stone walls in the kitchen, a library, media room, two guest suites, al fresco hot tub, and outdoor sitting space with two water features and a firepit. The residence was designed by Archaeo Architects of Santa Fe, a firm long specializing in residential and commercial work through the southwest, and built by Prull Custom Builders, also of Santa Fe, acclaimed for its custom homes and green building projects. The 4,200 square-foot Via De Las Yeguas residence was completed last year and sits on a 2.3-acre site. The Santa Fe residential market has long either led or been very near the top of the most expensive real estate properties in New Mexico. According to the Santa Fe Association of Realtors, the average home value in the city as of early this year was at $608,000, compared with a Zillow state-wide average of $288,200. And that $608,000 was up from a Santa Fe average of $345,000 just five years ago in 2018. The upscale market in Santa Fe has long been an industry mainstay. In 1988, the Santa Fe New Mexican noted that houses listed at or above $200,000 were a reflection of "the continuing popularity of Santa Fe as a vacation and retirement area," during a time when the state average was just under $70,000. The Via De Las Yeguas residence is being listed by the Santa Fe offices of Sotheby's International Real Estate. By Garry Boulard A final vote on the National Defense Authorization Act is not expected to be taken in the House of Representatives until next week as members debate what should and what shouldn’t be a part of the massive annual legislation. The measure, which every year is routinely passed by Congress, provides the working budget for the Department of Defense, and pays for everything from the salaries of members of the military to research and development projects and operations and maintenance. For the nation’s builders, the measure is especially important, providing funding for the construction of hundreds of facilities on bases across the country. This fiscal year’s version of the legislation includes $19 billion for military construction, including $3.8 billion to cover what are regarded as the “unbudgeted costs” of inflation in military construction projects. The projects include the building of family housing on bases nationally and around the world. The proposed budget also includes, in response to increased rents everywhere, an additional $500 million in housing allowances for soldiers and their families. Another $400 million, if the legislation passes, will go for the renovation and/or construction of Defense Department testing facilities and laboratories. Much larger appropriations are targeting shipbuilding, as well as the modernization of the nation’s shipyard industrial base. While last year’s $816 billion Defense Authorization Act was approved by a vote of 350 to 80 in the House, and in the Senate by 83 to 11, smooth sailing is anything but certain for this year’s legislation. Several House members are pushing to reduce or get rid of entirely any funding for the war in Ukraine, while others are complaining about Pentagon policies related to abortion access and gender transition services. Florida Republican Congressman Matt Gaetz has told the New York Times a move is almost certain to take place putting a halt to “radical gender ideology at the Department of Defense.” “Obviously, there’s hot button issues that need to be addressed and dealt with,” remarked Republican Congressman Chip Roy of Texas to the Politico, specifically mentioning “abortion, transgender issues, climate change, and all the social engineering going on at DOD that’s destroying our Defense Department.” For his part, House Speaker Kevin McCarthy has told reporters that he is determined to see passage of the authorization act, but that it’s not going to happen soon: “We have 1,500 amendments. It takes a lot of time to work through it all.” Either way, notes the publication Roll Call, a heated House debate over the abortion and transition issues “could gridlock the entire appropriations process.” By Garry Boulard In one more effort to make the largest airport in Arizona sustainable, the Phoenix Sky Harbor International Airport is receiving $20 million for a solar project. The funding is coming through the Federal Aviation Administration and is part some $92 million in grants awarded to twenty-one airports nationally. The Phoenix project will center on the design and building of what are called “solar parking structures.” Such structures are essentially carports comprised of a series of solar panels which not only store energy but provide shade for airport guests. Located at 3400 E. Sky Harbor Boulevard, the Phoenix airport is one of the busiest facilities of its kind in the country, serving more than 44.3 million travelers annually, according to recent statistics. Last year the airport gave its approval to a facility-wide sustainability management plan that puts an emphasis on reducing aircraft emissions, carbon reduction, and energy conservation. To that end, the Phoenix airport has already built solar photovoltaic arrays at its Rental Car Center, East Economy Parking Garages, and Aviation Headquarters Building. Together, those three facilities are generating enough energy to power around 650 homes a year. Additional initiatives have seen the Phoenix airport installing LED lighting in primary structures and upgrading its vast heating and cooling systems with more energy-efficient technology. The airport’s sustainability efforts have also been hailed by the Airports Council International’s Airport Carbon Accreditation Program. To date, the airport has reduced annual carbon emissions by 34% via various energy conservation measures. The airport net zero-emissions grant is being awarded by the FAA’s Airport Improvement Program, tasked with allocating up to $268 million in supplemental discretionary grants between now and the fall of 2024. In a statement, Shannetta Griffin, associate administrator for airports with the FAA, remarked: “We need to help airports transition their operations as quickly as possible to renewable power.” Griffin added that the Airport Improvement Program’s grant funding “keeps us on track for the net-zero goal.” By Garry Boulard |
Get stories like these right to your inbox.
|