Crescent Communities’ Post

🌊 Transforming Tampa: Water Street Development 🌊 Tampa is witnessing a remarkable transformation through the ambitious Water Street Tampa project. As one of the largest mixed-use developments in the nation, this $3 billion initiative is set to redefine urban living in the heart of the city. 🏙️ What's Happening? Residential and Commercial Spaces: The project includes over 3,500 new residential units and nearly 2 million square feet of office space. This blend of living and working environments is designed to cater to diverse needs and foster a vibrant community. Retail and Entertainment: Water Street Tampa will feature a variety of retail shops, restaurants, and entertainment venues, aimed at creating a lively urban atmosphere for residents and visitors alike. Public Spaces and Greenery: Emphasizing sustainability, the development includes expansive public parks and green spaces, promoting outdoor activities and enhancing the city's aesthetic appeal. 🚀 How It Will Improve Tampa: Economic Growth: By attracting businesses and residents, Water Street Tampa is poised to boost the local economy, creating jobs and stimulating investment in the area. The development enhances walkability and transportation options, making it easier for people to navigate the city and reducing reliance on cars. Community Engagement: With its focus on mixed-use spaces, the project encourages social interaction and community involvement, fostering a sense of belonging and vibrancy. For more insights into this transformative project, check out this Tampa Bay Times article. https://lnkd.in/ewnVt8xE Water Street Tampa is more than just a construction project—it's a vision for the future of urban living in Tampa, promising to make a lasting impact on the city's landscape and community. #WaterStreetTampa #UrbanDevelopment #TampaGrowth #CityTransformation

St. Elmo is getting ready for a glow-up. Just announced: 🌟 New mixed-use development in St. Elmo neighborhood 🏢 Project includes office, residential, and retail space across 11 acres 🔔 Final approval secured for three rezoning requests from City Council 🏘️ Developer to build 1,300 new apartments 🚶♂️ Emphasis on creating a walkable, mixed-use neighborhood 🌳 Planned development links into Bergstrom Spur Hike & Bike trail 🏭 Sites currently occupied by warehouses 🏗️ Rezoning increases building height and number of dwelling units 🛍️ Construction to include neighborhood-oriented retail and creative office space 🏠 68 units planned as affordable housing 🚓 Priority given to public safety and first responders for affordable units 👍 Zoning changes supported by Austin Planning Commission 🏢 Leifer Properties owns additional office building not seeking rezoning 📈 Austin's multifamily development scene booming to meet regional demand #austin #MixedUseDevelopmente #AffordableHousing #Texas #stelmo #battlebend

ℝ𝕖𝕒𝕔𝕙𝕚𝕟𝕘 𝕗𝕠𝕣 𝕥𝕙𝕖 𝕔𝕠𝕟𝕧𝕖𝕣𝕤𝕚𝕠𝕟 ᴀɴ ᴇxᴀᴍᴘʟᴇ ꜰᴏʀ ᴅᴏᴜʙʟɪɴ ᴄɪᴛʏ ʟɪᴠɪɴɢ. Chicago Mayor Johnson is proceeding with a revamp of empty downtown buildings estimated at $1 billion, to counter a commercial real estate crisis. LaSalle Street, once known as the Wall Street of Chicago, has been struggling to fill offices after the pandemic, which has hollowed out parts of downtown. Chicago financially supports projects to transition some office buildings into residential to provide affordable housing. It’s in the city’s interest to have downtown as a vibrant place. The LaSalle Street initiative, offers generous subsidies to developers, to revamp outmoded office properties (#strandedassets) with apartments, where min 30% of units are affordable. Public funding through district tax-increment financing offers supports ranging from a quarter to half the budget. Chicago wants to draw people to its theaters, restaurants and amenities, Eighty-five percent of real estate in the area is dedicated to office space, with 5 million square feet vacant. Companies are uping pressure for workers to return to the office. But the city has recognised a revitalised downtown can’t rely on traditional office space alone. It’s needs residential units in the mix. https://lnkd.in/eCUsguAt

Re-purposing under used former office blocks in our city centres as housing is to be applauded. Breeding new much needed life back into our urban centres. There are numerous opportunities that will arise in the coming years as hybrid working becomes rooted in society. Reduced working weeks and a more concentrated and efficient management of workers time rotation programming will result in a potential drop of up to a third in office floor space demand in city centres. So some of the older, out-dated and poorly serviced office buildings are likely to be replaced or re-purposed. Prime city centre opportunities in 1970’s buildings will present themselves in the coming years. This is already happening in many cities in U.K. and with local planning legislation not requiring a change of use application for office to residential, the path is well set. The course of reduced office demand looks certain to continue for the coming 10 years before equilibrium in demand is likely to be reached. In addition, the on-coming emergence of autonomous vehicles and car sharing (robocabs & uber type ownership) will mean the demise of the urban multi-storey car park demand and these valuable city centre sites will become available for development. The changing landscape of our cities is emerging and hopefully one that will include more people and families living in cities

🏗 Mansfield's New City Hall to Anchor The Reserve Mixed-Use Development 🌳 Mansfield is set to welcome a modern city hall within The Reserve, a vibrant mixed-use community developed by Dallas-based Stillwater Capital. This strategic move marks a significant step towards creating a pedestrian-friendly urban center in Mansfield, enhancing community engagement and urban living. 🚀 Construction Timeline: Set to begin before the end of 2024, with completion expected by December 2026. 🌆 Urban Vision: The Reserve aims to be a pedestrian-friendly urban center, featuring office, retail, residential, hospitality, and entertainment spaces, along with water features and green spaces. 🤝 Collaborative Effort: This development underscores the fruitful collaboration between the City of Mansfield and Stillwater Capital, aiming to meet the growing demand for urban-style developments. 💡 Community Focus: The new town center is envisioned as a public gathering space, fostering a sense of belonging and pride in the "heart of our city." The Reserve is poised to become the heart of Mansfield, offering a dynamic blend of amenities that cater to the evolving needs of its residents. This development not only promises to enhance the city's urban fabric but also sets a precedent for thoughtful, community-focused urban planning. https://lnkd.in/gZMQ2_WW #landinvestment  #landevelopment #dfwrealestate #cre 

It is anticipated that area will be within a new Mixed Use area known as the Tapo-Mixed Use area. If approved by the City Council (anticipated date will be late summer), the density will be as detailed in the city's MU code . Mixed-Use (MU) Overlay District Standards. Residential density. THE ALLOWED RESIDENTIAL DESITY IS 20.1 to 35 UNITS PER ACRE! Commercial (Office Building). Large secured lot with offices and huge flat space for over-sized vehicle parking. Plus 2 large storage buildings approx 20'x40' and another approx 12'x36'. Room to park approx 20+ trailers around the edge of property! 5 or more large offices, + a large bullpen area, 3 Restrooms, Kitchen & open space, development potential. Perfect for so many types of businesses. Includes copper plumbing, A/C. Corner of Adam Rd and Tapo St, high visibility. See supplements attachment about the zoning change to mixed use, high density. Located in the Tapo Street Area of Envision Simi Valley The Envision Simi Valley project will develop a community vision for the Los Angeles Avenue Corridor and the historic Tapo Street Area. This vision will identify how the Los Angeles Avenue Corridor could become a Downtown area for shopping, entertainment, and mixed use residential development. It would also establish a neighborhood identity for the Tapo Street Area, with increased walkability and diverse commercial and residential opportunities. The ultimate goal is for the City to establish zoning and policy to encourage housing construction, attract new businesses, and increase the quality of life in Simi Valley. https://lnkd.in/ghbP-RPi Listed by Scott Post DRE# 1908413 4421 Adam Road, Simi Valley, CA 93063 5 Bed - 3 Bath | 2,434 Sqft Offered at $2,200,000

Contra Costa Center, BART-located Development Update - March 2024 Located in unincorporated #walnutcreek #california As certain segments of the office market continue to lag, and disequilibrium around demand/supply for housing continues, the land on which a previously proposed 12-story office building has been rezoned for residential. With the high-price-of entry for #bayarea housing, bringing supply to the market is much needed action for the area. We cannot continue to be development-apposed and expect affordable housing to result. "BART has completed 22 transit-oriented projects near 15 of its stations throughout the Bay Area and another eight projects are in predevelopment. In its March 2024 update to the BART Transit-oriented development program, officials said overall demand for residential projects was on the rise, though demand for office space had decreased." By Hannah Kanik – Reporter, San Francisco Business Times Mar 18, 2024 <paywall link below>

“More broadly, building residential real estate may not be lucrative to developers, says Kevin Wallace, president of Wallace Properties. “The problems with office conversions go well beyond MHA and design review, and converting office to [residential] is a distraction from the bigger issue — it no longer makes financial sense to build housing in Seattle,” he said.” I’m hoping that the discussion of office to residential conversion leads Seattle to realize their regulatory straws have broken the camel’s back when it comes to housing development in general. The cranes are largely coming down at the end of the year, and they aren’t going back up anytime soon. Absent a big drop in interest rates (unlikely), it’s going to take a long time and a lot of rent inflation to get housing development restarted. If Seattle and other cities in the region eliminate the regulations that are stifling development by increasing cost of construction and operation and decreasing the ability to collect revenue, new development will restart sooner.

Thanks to Kevin for his perspective. This is an unfortunate truth that has a huge impact on more than just commercial property owners and investors. As a member of a local construction union, we see the actions of Seattle chasing off prospective investors in new construction first hand. Thousands if not tens of thousands of union and non-union families in this area rely on this new construction as their primary source of income. The elected officials making these political decisions are directly affecting our ability to put food on the table. This will also hurt the people that rely on services provided by local and state government, because the loss of these incomes hurts the local economy and eliminates an entire tax base that supports these programs. Once our jobs are gone, where do these bureaucrats and politicians think they will find the money, or is it as simple as raising the taxes on businesses, property owners, sales, and everyone else still working in our area? This just makes the situation worse, and this repetitive cycle is exactly what’s driving away people now. When people leave our area, they take their money with them. I wish the people making these decisions would stop selling this like a “Rich, getting richer” issue and start considering the working class that willingly pay taxes to support our community. It seems like simple math that even a caveman construction worker like myself can manage.

Considering converting office buildings into residential housing? While it offers a promising solution to housing needs, it also comes with significant challenges. Here are two key considerations and solutions to ease the conversion process. https://okt.to/ZyTS1o #RealEstate #PropertyConversion #HousingSolutions #OfficeToResidential