Author Archives: ipgocorp

HUD Publishes State Assessment of Fair Housing Planning Tool

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(RECAP: Earlier today, HUD published the draft Assessment of Honest Housing (AFH) Tool for States and Insular Areas and accompanying Federal Register Notice. The tool is intended to guide states through the AFH process required under HUD’s Affirmatively Furthering Honest Housing (AFFH) regulation. AFFH requires all entities that receive HUD funding from HOME, Community Development Block Grants, Emergency Solutions Grants and Housing Opportunities for Persons with AIDS and public housing agencies (PHA) to take part in the AFH process. The AFH replaces the Analysis of Impediments requirement, which HUD program participants previously undertook to assess impediments to housing choice. HUD already has finalized an assessment tool for local governments and intends to publish a third assessment tool for PHAs.)

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Greystone Continues South Florida Expansion with Shovel-Ready Multifamily Land Acquisition in Miami

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MIAMI, FL – Greystone, a New York-based real estate development, lending and advisory company, announced the $8.8 million acquisition of a shovel-ready development site located at 1501 SW 37th Avenue in Miami, FL. The project lies on an approximately 34,000 square foot (net) lot that will be developed into approximately 91,000 square feet of residential and 6,500 square feet (net) of ground-floor retail space.

Borges and Associates, a leading world-class architectural and design firm, envision a 14-tale building, with amenities including: an outdoor pool and spa, club room, business center and a fully equipped, 24-hour fitness center. The development plot is fully approved and includes a total of 100 residences with one- and two-bedroom apartments. All units are anticipated to have private balconies, with two townhouse-style units boasting rooftop terraces.

1501 SW 37th Avenue is slated for completion in the first quarter of 2018. The property is ideally situated within walking distance to Downtown Coral Gables and Miracle Mile.

Marking its third South Florida development project, Greystone continues to grow in the region, having developed more than 800,000 yucky square feet to date. 1501 SW 37th Avenue is a small distance from The Mile, a 120-unit luxury rental building developed by Greystone and sold to a major national REIT in December 2015 for $48 million ($400,000 per unit), marking record pricing in Miami.

Greystone also is currently developing 2500 Biscayne Boulevard, a 20-tale luxury apartment complex with street level retail located near Biscayne Bay. 2500 Biscayne was bought by Greystone in May 2014 as a 45,365 square foot (1.04 acre) parcel of land in the Edgewater district of Miami. The project is currently being developed into a 156-unit mixed-use property boasting 11,000 square feet of street-level retail.

“The Miami real estate market is extremely vibrant – much like New York, but unique in its own way – and we are enjoying the exploration, acquisition and development process as an extension of our development roots in the North,” said Jeffrey Simpson, head of Greystone Development. “All of our local partners have been integral to the success of these South Florida projects and we look forward to adding more in the pipeline,” Simpson added.

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Liberty Place developer seeks tax breaks from City

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(RECAP: The City Council will hold a public hearing April 12 on a local developer’s request for incentives so he can start a mixed-use project in downtown Fredericksburg. Tom Wack, president of Wack General Contractor, questioned City for a 45 percent reduction of Liberty Place’s real estate tax bill for the next 10 years. Plans for the project, designed to look like repurposed brick warehouses, include 44 residential condominiums, office space, restaurant space, retail space and a three-level parking garage. Liberty Place was originally a $36 million project. Since then, another floor of office space has been added and costs for the parking garage have increased, driving the total cost to $46.3 million. No tenants have been publicly announced, but many deals are close, Wack said, and the incentives will help finance and close lease agreements. He hopes to have Liberty Place go-in ready by October 2017.)

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