26B — November 24 - December 7, 2017 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal


O wners , D evelopers & M anagers

elville, NY — H2M architects + engineers an- To Deputy Chief Operating Officer H2M architects + engineers promotes Joe Mottola M has gained in leading architec- ture will serve all of us well in his new role of helping me lead the firm. Our future continues to be bright.”

Of its 37th Extra Space Storage facility The Hampshire Companies celebrates ribbon cutting

expensing would apply to all assets with a class life of 20 years or less placed in ser- vice before January 1, 2023. In a move that will have a significant impact on the real estate industry, the Senate plan significantly reduces the class life of some property and makes changes to a few types of property commonly found in real property trades and busi- nesses. Under the Senate pro- posal, the depreciable life of residential and nonresidential real property will be shortened to 25 years. In addition, the Senate proposal would elimi- nate the distinction between qualified leasehold improve- ment property, qualified retail improvement property and qualified restaurant improve- ment property and would in- clude these property types into a new qualified improvement property designation. Quali- fied improvement property would be depreciable over 10 years, using a straight-line method. Clearly, if enacted, these proposals would have a substantial impact on cost recovery within the real estate industry. If something needs to be modified or streamlined, it can be identified while it can be done on paper. This method in- tegrates the old-world method of a master builder with the parameters of today’s construc- tion industry. Scheduling and construct- ability issues are addressed during the design, and efficien- cies can be implemented to save money. The perspective of best value is a more strategic way to view the choice of a project delivery “We are excited to announce the promotion of Joe Mottola to Deputy Chief Operating Of- ficer as of November 1st”, said CEO and president, Rich Hu- mann, P.E. “Joe has shown great leadership over the years, navigating the rocky waters of the great recession to come out and achieve mo- mentous growth for the firm. He has assembled a leadership team critical to supporting and managing successful growth. I’m certain that the leadership perspective and experience he information during the design phase, not after the fact.

n o u n c e d the promo- tion of Jo- seph Mot- tola , R.A. t o De pu t y Chief Oper- ating Officer (COO). Mot- tola will be

Finally, like the House pro- posal, the Senate proposal does not impact the applicabil- ity of tax-deferred exchanges under IRC Sec. 1031 as related to real property. While the tax- deferred exchange would no longer be available for other types of property if this pro- posal is enacted, real property trades or businesses would not be impacted. The proposed Tax Cuts and Jobs Act makes significant changes to the Internal Rev- enue Code of the last 30 years, and some of those changes may have significant impact on the real estate industry. It will be important to monitor any changes to the legislation as it works its way through the law-making process and is potentially signed into law. If you have questions about how these tax changes may affect your business, contact your Withum advisor. By Brian T. Lovett, CPA, CGMA, JD is a tax partner based in Withum’s New Brunswick office and is a certified public accountant in the states of New Jersey and Pennsylvania. n When deciding which way to go, the most strategic question to ask is: “What is the best delivery process to use to get the best value for this project? The design-build process reduces adversarial relation- ships, increases efficiency, decreases cost, provides a single point of accountability and statistically produces less litigation. Glenn Ebersole is a stra- tegic business develop- ment/marketing executive and leader. n “The architectural division under Joe’s leadership and collaborative skills has more than tripled in the last seven years through a combination of organic growth, five key acquisitions and expansion of the division’s practice in to three new offices.” said Gary Loesch , Chief Operating Of- ficer. n system than simply consider- ing the lowest price.

Joseph Mottola

transitioning into the role as he steps down from his role as director of architecture.

Murray Associates Architects, P. C. receives Citation . . . The Hampshire Companies celebrated the ribbon cutting of its 37th Extra Space Storage facility on October 12, 2017. The 100,000 s/f, 916- unit self-storage facility located at 15 Madison Ave. in Westwood, NJ.

continued from page 6B Recently release Republican Tax Proposals . . .

continue to deduct their net interest expense on election. Under the Senate plan, real property trades or businesses would be able to decide wheth- er they wanted to be subject to the net interest expense limitation. Not surprisingly, for businesses that elect out of the limitation, there is a give-back included related to deprecia- tion. Real property trades or businesses that elect out of the net interest expense limitation would need to use the ADS method for depreciation of its assets. ADS class lives are lon- ger than traditional MACRS class lives and require the use of the straight-line method, meaning those businesses would be foregoing the sig- nificant benefits of accelerated depreciation in exchange for electing out of the net interest expense limitation. The Senate proposal in- cludes a similar provision for immediate expensing of trade or business assets for the next five years, but makes substantial changes to other depreciation provisions. Like the House plan, immediate contractor uses its overall understanding of the entire process to manage the team and make sure subcontractors are involved in the design. The subcontractors have in- valuable knowledge of the real- ities of their respective worlds. They know what systems and materials are available and which ones are not. They know what new technologies are available and can assist engi- neers to implement them in a cost-effective manner. Budgets are more attainable because the team has pricing

premiums, increase deduct- ibles, don’t write/cover). Once insurance companies modi- fy their risk factors and fee schedules, lenders will most likely follow suit. If you have lead paint in or on your property or you do not know, NOW is a good time to evaluate, to catch up on regulatory compliance, and to make sure you are properly insured! The answer is hir- ing a very knowledgeable and competent consultant who can assess the risk areas, regula- tory compliance, and offer a simple solution to rectify or eliminate the areas of lead poisoning risk. Lee E. Wasserman is pres- ident of LEW Corporation – National Lead subject expert www.lewcorp.com 1-800-783-0567. n Located in Chambersburg, Wilson College has been on the Historic Register of Historic Places since 1995. The Liberal Arts and Sciences College has been educating women since 1869. Today, women and men take part in Wilson’s graduate and adult degree programs. Murray Associates Architects is the oldest design firm in Har- risburg and has been providing award winning design services in the Mid Atlantic region since 1935. For more information, visit our website at www.mur- rayassoc.com. n needed to become a new and vibrant designation center or social convergence maximizing interaction and student activ- ity with the introduction of a commuter lounge and lockers, art gallery, cafe and College Store.

blood lead levels of >10ug/dl. • As 5ug/dl is considered an Elevated Blood Lead Level, coupled with the total acces- sibility worldwide to inhale or ingest such low levels of Lead, the numbers of poisoned kids is going up and related litiga- tion claims will most likely be increasing. • Per CDC, 1:53 children <6yrs of age will be identified with a blood lead level of 5ug/ dl and greater. With this kind of increase in potential elevated Blood Lead levels, I have to believe, Lead Poisoning cases will increase, which will have an impact on the insurance companies claims/losses, whereby insur- ance underwriters will have to adjust in some way their insurance practices (increase tions until a consensus scheme arose to raze the Annex, build a new 14,475 gsf Learning Commons, restoration and comprehensive renovation of the 19,777 gsf historic struc- ture and create a multipurpose student outdoor plaza for edu- cational and social activities. The main vision responds to Wilson’s changing education model, establishing a founda- tion for student lifelong learn- ing and heightening the role of an expanded Library for their entire college community. Student access to technology and support services such as: “smart” classrooms, computers, printers and relocating the Ac- ademic Support Services were incorporated for the chang- ing pedagogical needs of the College. Secondly, the library continued from page 13B

continued from page 15B Lead poisoning and your regulatory . . .

continued from page 10B Design-build is a natural for health care construction . . .

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