2A — February 12 - 25, 2016 — M id A tlantic
Real Estate Journal
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MAREJ A dvertising D irectory Alfred’s Auctions...................................................... 16A ARD Appraisal Co.. ....................................................9A Barley Snyder.......................................................... 21A Barry Isett & Associates......................................... 23A Bussel Realty Corp.....................................................9B Capstan.......................................................................3B Chiesa Shahinian & Giantomasi............................ 17B Concannon Miller.................................................... 23A Cooper-Horowitz.........................................................7A CREW LV............................................................ 22-23A Cushman & Wakefield. .......................................... IC-B Deerwood Real Estate Capital...................................6A Denholtz Associates................................................. 13B Designpoint.............................................................. 23A Environmental Systems.......................................... 25A Fortna Auctioneers.................................................. 18A Fowler Companies................................................... 25A Gebroe-Hammer Associates.................................... 18B Hampshire Real Estate Companies. ...................... 16B Harvey, Hanna & Associates.................................. 13A Heller Industrial Parks........................................... 10B Hillcrest Paving & Excavating............................... 25A Hinerfeld Commercial.................................. 25A,IBC-A Hurley Auctions....................................................... 17A Investors Real Estate Agency................................. 25A IOREBA. .....................................................................4A Kaplin | Stewart........................................................3A Kearnybank. ...............................................................6B Marcus & Millichap....................................................4A Max Spann............................................................... 15A Mericle.................................................................... BC-A Meridian Capital Group.......................................... 11B Moonstone Environmental...................................... 23A NAI Dileo-Bram....................................................... 15B NAI Emory Hill. ...................................................... 14A NAI James E. Hanson............................................. 14B NAI Summit............................................................. 25A National Realty & Development........................... BC-B NJ’s Clean Energy Program. .....................................5B NorthMarq Capital.................................................. 20A PennCap Properties. ............................................... 25A Poskanzer Skott Architects........................................2B Real Property Capital.................................................8A Remco Realty Group...................................................8B Rittenhouse Realty Advisors. ................................. 21A SEBCO Laundry Systems....................................... 17B Subway..................................................................... 25A The Berger Organization. ..........................................1B The Kislak Company............................................... 12B WCRE....................................................................... 16B
Mid Atlantic R eal E state J ournal Publisher ............................................................................ Linda Christman Publisher ............................................................................... Joe Christman Associate Publisher ................................................................ Steve Kelley Associate Publisher .............................................................Alissa Aronson Associate Publisher ..........................................................Barbara Holyoke Associate Publisher ..............................................................Eric Ballenger Senior Editor/Graphic Artist .................................................Karen Vachon Production Assistant ....................................................................Julie King Office Manager .................................................................... Joanne Gavaza Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockland, MA 02370 USPS #22-358 | Vol. 28 Issue 3 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Mid Atlantic Real Estate Journal
Urban Pioneers: Not Your Typical Revitalization Tool Rachel Selsky A s part of larger efforts for revitalization, cities throughout New York and the Northeast are look- ing towards adaptive reuse of vacant industrial buildings as housing as a way to attract young, enthusiastic residents to their downtowns. These reuse projects have a positive impact on the surrounding neighborhoods and tend to be attractive to young profes- sionals and those that are part of the Creative Class. The Creative Class is a segment of the population made up of educated young professionals seeking urban lifestyles, and this cohort is often seen as the key to reviving the econo- mies of post-industrial cities. Reports on the Creative Class note that this cohort is often willing to live in older, even gritty, downtown cities earn- ing them the title of “urban pioneers.”1 An example of this can be seen in the City of Rochester where urban pioneers moved into a newly renovated loft building located in an area that would not traditionally be attractive for residential development. The urban pioneers of the Creative Class embraced the frequent freight trains pass- ing their windows and saw the potential of the area with its proximity to the Rochester Neighborhood of the Arts and the Rochester Public Market. The loft building is now filled with young professionals who are investing in the City of Rochester and revitalizing the previously uninhabited neighborhood. Cities around the Country are vying for these vibrant, educated, young profession- als to come and live in their neighborhoods and are even willing to offer incentives such as tuition repayment and other subsidies. One example is the City of Niagara Falls,
who is offering recent college graduates up to $7,000 in loan repayment funds if they buy or rent market-rate properties in a target area of the City. The program has attracted appli- cants from around the country looking to participate in the loan repayment program and who are willing to locate in the City for a two year period. The City believes that this program will help to build a cluster of young talent that will foster entrepreneurial and economic development oppor- tunities while at the same time help to revitalize a struggling neighborhood. Another example of offering incentives to attract urban pio- neers comes from the City of Detroit where a public-private partnership was formed to bring people back to the City to live. Five companies that have operations in downtown De- troit offered incentives total- ing $4 million to employees who choose to live downtown. The Live Downtown program has attracted hundreds of applicants looking to receive financial assistance to pur- chase a home in downtown, which also covers some costs associated with the first-year of owning a home. Residents who already live in downtown can also receive funds for ex- terior work. The City hopes the program will increase the number of young professionals living in downtown and lead to revitalization and increased economic activity for the City. The Cities of Rochester, Niagara Falls, and Detroit are just a few examples of
the many communities in the northeast that are being proactive in their approach to attracting young profession- als and young families into older neighborhoods to act as pioneers for revitalization. Housing preferences have been changing over time; more and more people are looking for an urban lifestyle with access to nightlife, res- taurants, diversity, public transportation, and walkable neighborhoods. Beyond offer- ing incentives to financially entice new residents, cities should consider the following to improve quality of life and initiate the revitalization of older neighborhoods: • Streetscape enhancements •Biking and pedestrian con- nections •Transportation connec- tions to major employment centers •Retail offerings that will appeal to residents (food store, pharmacy, general merchan- dise stores, etc.) •Engaging neighborhood associations •Security •Community events that ap- peal to a wide variety of people from young professionals to families •Business friendly environ- ment that supports small busi- ness and entrepreneurs. Rachel Selsky is a se- nior economic develop- ment specialist at Camoin Associates.Rachel joined Camoin Associates in 2008 after receiving her Mas- ters in Regional Planning from the University at Albany. n
Lee & Associates negotiates sale of Santa Ana office building SANTA ANA, CA — Lee & Associates , one of the larg- est national commercial real estate providers with regional expertise, has closed a $3.285 million sales transaction for a 21,028 s/f office building located at 2001 E. 4th St., Santa Ana. The building was 84% leased. The buyer was an investor and a user that is going to occupy a portion of the building. BrianGarbutt , MiaPham , and Sammy Cemo of Lee & Associates Irvine, represented the seller, SNS Enterprise, LLC. The buyer, HY5, LLC, was represented by Mia Pham of Lee & Associates. With over 800 brokers na- tionwide, Lee & Associates provides specialized commer- cial real estate services on a lo- cal, regional & national level. n
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