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May 30, 2023

Big Cities See Recovery In Residential Areas As Downtowns Lag, New Data Shows

Hear From Loukas Development Managing Director Aristithis Loukas At Future Of Fulton Market June 6.

Major American cities are seeing a population recovery from the worst of the pandemic even as remote work reshapes urban centers.

Big Cities See Recovery In Residential Areas As Downtowns Lag, New Data Shows

Residential neighborhoods in the country’s largest hubs are experiencing a significant boost from residents returning as traditional office areas continue to languish, The Wall Street Journal reports. New data from a variety of sources shows how hybrid and remote work, a shift some predicted could kill cities, is transforming them instead.While office…

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Angry Neighbors, Aging Policies, Lack Of Political Will Dig A 10-Gallon Hole In Texas Housing

A single lot sits undeveloped on the edge of North Central Expressway in the densely packed suburb of Lake Highlands in Dallas. Though surrounded by the trappings of suburban life — a nearby Home Depot, a busy law office — a prominent “No Trespassing” sign is the only indication anyone is looking after the property.

The vacant plot of land seems unwanted, but its owner has been fighting for years to turn it into desperately needed housing. It’s an endeavor that makes sense on paper but has been thwarted at nearly every turn.

Cypress Creek at Forest Lane, located in an area zoned for commercial development, would offer market-rate apartments but also accept housing vouchers for rent-restricted units set aside for low-income families. That has drawn the fury of nearby residents, who have swarmed local meetings in opposition, claiming the project would lead to crime and lower property values.

Their campaign has been so effective that no construction has begun to this day despite the project winning federal tax credits and the near-unanimous support of city council.

“We have been working diligently to try and make this project a reality, and it has been stunted by obstacles for two years,” developer Zachary Krochtengel of Sycamore Strategies told the Dallas Public Facilities Corp. in late February. 

The uproar surrounding Cypress Creek at Forest Lane is a microcosm of what is unfolding across Texas communities large and small.

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'Call Your Lawyers': A New Law May Have Quietly Upended Philly's Affordable Housing Market

'Call Your Lawyers': A New Law May Have Quietly Upended Philly's Affordable Housing Market  

Amid the hubbub surrounding Philadelphia’s primary elections, a bill was quietly passed that could have massive implications for affordable housing preservation in Philly.

On May 4, the city council passed the People’s Preservation Package, a pair of bills introduced by District 3 Councilmember Jamie Gauthier targeting the estimated 12,000 subsidized rental units across the city with affordability contracts expiring in the next 10 years.

One of the bills simply directs the city to build a database of all subsidized housing units and their contracts’ expiration dates. The other is Philly’s own version of what is popularly known as a tenant opportunity to purchase act, or >

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Weekend Interview: Hines' Michael Bjes On Sustainable Real Estate And Mass Timber Development

Weekend Interview: Hines' Michael Bjes On Sustainable Real Estate And Mass Timber Development  

This series goes deep with some of the most compelling figures in commercial real estate: the deal-makers, the game-changers, the city-shapers and the larger-than-life personalities who keep CRE interesting.

Hines Vice President of Construction Michael Bjes is a bit of a weekend warrior. If he’s not coaching both of his sons’ baseball teams, then he’s probably out for a 20-plus-mile run or training for his next Iron Man race.

Bjes told Bisnow that practicing endurance sports gives him lots of time to think. Lately, he’s been thinking a lot about mass timber and how it could make commercial real estate developments more sustainable in the future. 

At Hines, Bjes is putting these thoughts into action. He started working with the firm as a carpentry contractor about 14 years ago. Then in 2014, Bjes decided to join the firm full time as it expanded its operations in Denver. 

One project that Hines recently topped out is T3 RiNo, a six-story, 235K SF mass timber office project in Denver’s River North business district. The building’s timber was sourced from black spruce from the boreal forest and its design is 100% renewable, nontoxic and recyclable. It also features a 5K SF fitness center, private outdoor terraces and enough storage for 100 bicycles. 

In this interview, Bjes speaks about what sustainable real estate development means to him, some of the ideas that shape his understanding of sustainability, and how mass timber can play a big part in achieving sustainable development goals. 

This interview has been lightly edited for length and clarity.

Bisnow: What does the term "sustainable real estate development" mean to you and what does it look like? Bjes: To me, sustainable real estate development means thinking about how we can change the way we’re building and operating our buildings for a better future. It’s not just about creating a…

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