Andy Wilson

Adaptive reuse is a rising method of bolstering housing supply, fast. Chicago is unlocking new housing units in their LaSalle Street corridor through their adaptive reuse programs, converting office space to hundreds of affordable residential units. What can other cities learn from Chicago and how can it be replicated? Ivory Innovations’ Erika Jensen shares a case study on what Chicago’s adaptive reuse initiatives can teach us about office-to-residential conversions. 🔗 Read the full case study: https://lnkd.in/ggnwj_tN

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Rolando Matias, our Market Lead / Design Strategist for Affordable Housing, is hopeful about Columbus' new zoning code changes. These revisions could be a game-changer for addressing the city's affordable housing crisis. 🏘️🚇 Discover how these changes aim to boost developer flexibility, mandate affordable units in mixed-use developments, and enhance access to transit and amenities. Dive into Rolando's latest blog post to learn more! ➡️ https://loom.ly/awTDzrQ

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NEW LISTING Walker & Dunlop Investment Sales, LLC’s Midwest Team (“WDIS”), as exclusive advisor, is pleased to present Trowbridge Flats, located in downtown Grand Rapids, MI. Built in 2017, Trowbridge Flats is a high-quality urban infill asset consisting of 67-spacious residential units that are 30% larger than its competitive set. This asset is strategically positioned in a high growth neighborhood and its acquisition represents phenomenal Core+/Light Value Add strategy.    This is a highly sought after location in the Belknap neighborhood of downtown Grand Rapids and walking distance to the Eds & Meds mecca of the market known as the ‘Medical Mile’. The Medical Mile is one of the state’s largest medical corridors with nearly 3M SF of medical, research, and higher education, anchored by Corewell Health, Michigan State University Medical Research Center, Van Andel Institute, Perrigo North American HQ, and Grand Valley Sate University. Corewell Health, the state’s largest medical system with over 60,000 employees, is currently constructing a new 8-story, 300,000 SF HQ, which will house 1,500+ employees, as well as an 11-story, 240,000 SF state-of-the-art Ambulatory Care Center, both of which are within walking distance of Trowbridge Flats. With a dynamic and high-growth landscape of the Medical Mile and downtown Grand Rapids, Trowbridge Flats stands out as a unique residence as it provides spacious units with a neighborhood feel in the heart of downtown.    Grand Rapids is ranked the 5th Most Competitive Rental Market in the U.S. (RentCafe), with current market occupancy of north of 95%, 6 Prospective Renters per available unit, and a 76% lease renewal rate. Trowbridge Flats is currently 100% occupied, with rents 34% below the average of its competitive set. New ownership has the opportunity to capture a significant gap in leasing while also implementing a light value add strategy. WDIS has identified multiple revenue enhancement and expense optimization avenues at the asset.   New ownership also has the opportunity to assume the existing Fannie Mae loan with 4.10% interest rate and over 10 years of term remaining. Additionally, the asset benefits from over $600,000 of Brownfield TIF reimbursable proceeds, which will abate new ownership’s property tax liability in the near term. Reach out to a team member to discuss further or schedule a tour. Matt Jones Todd StoffletSteve LaMotte, Jr. Dane Wilson Ross Wettersten Andy DiBlasi Walker & Dunlop

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#UnusedZoningCapacity is a common way for Chicago property owners to add apartments without going through a zoning change process. Chicago Cityscape can advise if your property has it: https://lnkd.in/gmKX7iqa

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BNIM is a design firm based in Kansas City, Missouri, that has built a national reputation for excellence in architecture, planning, interior design, and landscape architecture. As Dev Malik, BNIM Principal and COO, shares, BNIM leverages technology “to allow us to serve our clients better and more effectively.” ➡️ The Challenge: BNIM used keynotes extensively in Autodesk Revit to reference the specs. However, without a means to track the keynotes placed in the model, this process required tedious coordination. Reviewing every call-off on the drawings with the specs was both time-consuming and not feasible for large projects. With work schedules spanning all hours of the day and night, communication between modelers and specifiers was challenging, and specifier-generated keynotes slowed drawing development. As various Revit modelers selected and created their keynotes, a keynote manager was needed to support multiple users at the same time. Finally, with modeler-generated keynotes, the specifiers needed to be able to track which keynotes were being added to the model to coordinate the specs with the model.  ➡️ The Solution: BNIM imported their keynote master list which is coordinated with the firm’s specification masters into the VisiSpecs Keynote Manager. All Revit users were permitted to select and create keynotes in Keynote Manager so they could have access to the keynotes they needed in a timely fashion. Using Keynote Manager’s filters, the specifier could easily track which keynotes were being used to ensure the specifications matched the keynotes in the project. As additional keynotes were created by the modelers, the specifier could review, edit, and ‘approve’ keynotes in Keynote Manager, ensuring quality and consistency in their product. Comments were also added which enabled team communication on keynotes such as ”Restrooms only.” The ability to run Keynote Manager in Microsoft Word allows keynotes to be easily selected without having to switch back and forth between Keynote Manager and the model in Revit. The VisiSpecs Multi-User Keynote Manager increases efficiency as team members no longer have to wait for their colleagues or collaborators to finish selecting keynotes to access Keynote Manager themselves. The process is further enhanced by the specifier accessing Revit to use a user-created keynote legend to view live keynote placement. ➡️ Read the results: https://lnkd.in/db6cu_j

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Introducing the use of Form Based Code is defintely a step in the right direction!! Adopting a Form Based Code is a victory for the community and developers; it provides a framework for creating more cohesive, attractive, and functional built environments that support diverse uses and promote sustainable development patterns. Assuming that the underling purpose of adopting this new Form Based Code is to encourage development, communities that need to attract investment are strongly encouraged to work hard to address other critical parts of the overall development framework as well. (Let’s build off the momentum!) Why? developers tend to look at all aspects of the overall process when determining whether to invest or to not invest in a given commmunity. Some of the other aspects include: Createing and implementing a clear and efficient permitting process: A streamlined and predictable permitting process is essential for developers to navigate regulatory requirements and obtain necessary approvals in a timely manner. Delays in the permitting process can increase project costs and cause uncertainty, which can sometimes deter developers from investing in a particular area. Offsetting and/or deducting the cost of infrastructure and utilities: Adequate infrastructure and utilities are necessary to support development projects. Perhaps cities can help developers off set or otherwise share the cost of sewer/water taps to help developer reduce risk. Developers are more likely to invest in areas where there is less risk especially when they have options elsewhere. Providing financial incentives: Although it may be painful at times, financial incentives such as direct subsidies, tax credits, low interest loans, and/or grants are needed to make development projects financially feasible in many areas. Developers will only invest in an area when they think it’s an opportunity to make money and in many cases, government subsidies is the only way to make the pro forma make sense. #realestatedeveloper #realestatedevelopment #zoning #formbasedcode

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Are you curious about the current trends shaping the commercial real estate landscape in Central Ohio? Here are some valuable insights to keep you ahead of the game: 📈 Market Trends: The commercial real estate market in Central Ohio is experiencing a dynamic shift. With significant investments flowing into the region, downtown Columbus continues to thrive, attracting businesses from various sectors. The demand for flexible office spaces is on the rise, reflecting the new hybrid work models embraced by many companies. 🏢 Submarket Spotlight: Polaris Area: Known for its strategic location and vibrant business environment, the Polaris area is witnessing robust growth. New developments and modern amenities make it an attractive spot for both established companies and startups. Easton Town Center: A premier destination for retail and office spaces, Easton continues to draw interest due to its excellent accessibility and upscale offerings. Businesses here benefit from a high foot traffic and a thriving community. 🚀 Local Developments: The recent announcement of the Intel chip plant and the expansion of the Amazon facility in Central Ohio are game-changers. These developments are set to bring significant job opportunities and boost the local economy, further enhancing the appeal of commercial properties in the region. 💡 Insider Tips: For investors looking to capitalize on the current market, now is the time to explore opportunities in industrial spaces. The rise in e-commerce has fueled the demand for warehousing and distribution centers, making it a lucrative segment. 🌱 Sustainability Initiatives: Sustainability is no longer just a buzzword. Green building initiatives are gaining traction in Central Ohio, with developers focusing on energy-efficient designs and eco-friendly materials. This not only benefits the environment but also attracts eco-conscious tenants and investors. 🔗 Let's Connect: Whether you're a business owner, investor, or just someone interested in the commercial real estate market, let's connect and explore how we can navigate this dynamic landscape together. Feel free to reach out with any questions or to discuss your real estate needs. Stay tuned for more updates and insights! 🏙️ #CommercialRealEstate #CentralOhioCRE #MarketTrends #Sustainability #LocalDevelopments #RealEstateInsights #CommunityGrowth #ColumbusOH #InvestmentOpportunities #PolarisArea #EastonTownCenter

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Take a look at the latest issue of Midwest Multifamily & Affordable Housing Business – On the cover 👉 Adaptive Reuse Projects to the Rescue Developers are thinking outside the box to transform vacant office buildings and other defunct commercial properties into multifamily assets amid a housing shortage. By Channing Hamilton; insights from – Brooks W. Howell, Gensler; Karen Kelleher, BlueHub Capital; sterling mcgregor, DealPoint Merrill; Todd McNeill, Institutional Property Advisors (IPA); David Schwartz, Slate Property Group. Inside this issue: Why Metro Detroit Should Be on Apartment Investors’ Radar Screens The Motor City ranks No. 1 for projected rent growth among top markets over the next 5 years, according to CoStar and Axiometrics.  By Kevin P. Dillon & Jason Krug, Berkadia Take Charge of Managing Your Property Insurance Costs By studying industry trends and following some proven steps to navigating the market, insurance buyers can improve the bottom line of their multifamily portfolios. By Sue Myers, Jessica Niehaus, JD & Chad Richardson CLCS MCR, from Marsh McLennan Agency. Is Eliminating Section 1031 Real Estate Exchanges a Priority for the Biden Administration?  Although there is some political pressure to do away with the 1031’s, this popular tool used by real estate investors to defer capital gains and build wealth enjoys broad congressional support.  By Ricky Novak, The Strategic Group of Cos. and Strategic 1031 Exchange Advisors Multifamily & Affordable Housing Resource Guide Read the issue: https://lnkd.in/eeMhPfwq #Multifamily #AffordableHousing #AdaptiveReuse #CRE #InsuranceCosts #AccessControl #RentGrowth

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From Single-Family Homes to Subdivision Development: Exploring Infill Development Opportunities Discover the exciting journey of transitioning from building single-family homes to developing small subdivisions. Learn how the partnership between the Home Builders Association and the city of Cincinnati led to lucrative infill development opportunities. #HomeBuildersAssociation #InfillDevelopment #SubdivisionDevelopment #RealEstateOpportunities #CincinnatiDevelopment #BuildingCommunities #UrbanDevelopment #PartnershipSuccess #CityPartnership #sustainabledevelopment

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At Yellow Tree, we specialize in guiding developers, whether first-time or experienced, as well as landowners and investors, through the complexities of commercial real estate development in the Twin Cities urban core, suburbs, and outside markets. Our comprehensive development services, guide you from opportunity identification to project delivery and our expertise spans four critical areas: ✔️Opportunity Procurement: We identify and secure prime development sites aligned with your investment goals. ✔️Viability Analysis: Our in-depth analysis ensures projects are financially feasible and strategically sound. ✔️Capital Strategy: We devise financing solutions tailored to your project, securing the capital needed to bring your vision to life. ✔️Entitlements: Our team navigates the complexities of zoning, permits, and approvals, paving the way for successful project execution. With Yellow Tree as your partner, you get a dedicated team invested in your success. We understand the unique challenges and opportunities of the Twin Cities market, and we're here to help you navigate the journey. Ready to bring your development vision to life? https://lnkd.in/eePagD6p #Business #Minneapolis #RealEstateInvesting #PropertyManagement #CommercialRealEstate https://lnkd.in/eU5DhXAn

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Check out these Five Fast Facts on the Twin Cities Office Market. To reach the entire report, click here: https://lnkd.in/giRjx2Ag #research #office #cushwakemsp

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It's time to make your property greener and more resilient. Sign up for tomorrow's webinar covering HUD's Green and Resilient Retrofit Program - a game-changer for multifamily housing owners. Learn about the three funding paths to reduce emissions, improve efficiency, and future-proof your properties against climate impacts. Sign up at https://bit.ly/4azsF7f #RealEstateManagement #MultifamilyHousing #GreenBuildings #SustainableHousing #PropertyManagement

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Dive deep into the Twin Cities real estate market and learn about Centra’s detailed process for building and selling homes. Dale R. Wills and Zachary Adams joined Joshua Brotemarkle for an in-depth discussion on: 🔵 Best Places to Invest in Real Estate in the Twin Cities 🔵 Seasonal Changes & Their Effects on Real Estate Development 🔵 Economic Conditions Impacting Real Estate 🔵 How to Tackle Homebuilding Challenges Outside Our Control 🔵 The Impact Unemployment & Inventory Have on Housing Availability 🔵 What Buyers Want in New Construction Homes Subscribe to the Centra Capital Partners' YouTube channel to see new episodes of the video series as they go live (link in comments). #RealEstate #TwinCities #RealEstateInvesting

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Times are tough for nearly every real estate business, but different parts of the country report unique challenges and approaches. Inman Intel’s monthly gauge of industry sentiment reveals interesting regional disparities. 1. Inventory Shortage: Agents in the Midwest and Northeast are facing tougher inventory shortages, with 33% and 44% respectively listing it as their top business concern. 2. Commission Splits: Ultra-high agent splits are less common in the Northeast. Only 4.5% of agents here have splits of 90/10 or above compared to 17.9% in the Midwest, 34.4% in the South, and 30.6% in the West. 3. Buyer’s Commission Queries: A significant share of clients in the West (35%) are questioning the necessity of covering the buyer’s commission, more than any other region. 4. Brokerage Switching Trends: The Northeast sees the highest percentage (12%) of agents nearly certain to switch brokerages within the next year, while the Midwest has the lowest (3%). Understanding these regional differences is crucial for strategizing in today’s challenging market. Dive deeper into the full regional breakdown and other key findings from the latest Inman Intel Index.

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Check out this midyear Chicago Office Market Update! https://lnkd.in/gG9ffaUc The #ReturnToOffice movement in Chicago continues, with tenants prioritizing well-located buildings with newer amenities and collaborative spaces. The demand for better assets has caused an uptick in Class A rental rates, thereby forcing landlords of higher vacancy properties to be more versatile and strategic in their leasing approach. Sublease activity has slowly declined, with many spaces going back to landlords on a direct basis, further pushing vacancies across the market. https://lnkd.in/gG9ffaUc # . # . # . # . # #RealEstateTrends #OfficeMarket #CommercialLeasing #TenantRepresentation #ChicagoRealEstate #ChicagoBusiness #WorkplaceTrends #OfficeSpace #ReturnToTheWorkplace #SpacePlanning #WorkplaceStrategy #CRE #NewOffice #CommercialRealEstate #CommercialRealEstateBroker

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