LANSING, MI – With the Michigan Economic Development Corporation’s (MEDC) staff recommendation, the Michigan Strategic Fund (MSF) voted to approve the Brownfield/TIF revised plot for the Red Cedar Development giving a green light to Continental/Ferguson Lansing, LLC to go forward with bonding and full construction of the $256 million mixed-use development. It will feature new multi-generational housing, restaurants, retail and two hotels along the Michigan Avenue corridor connecting Lansing with the region.
According to the MEDC, this plot is consistent with the MEDC Strategic Plot to develop attractive places and activate vacant property and aligns with the City of Lansing, East Lansing and Lansing Township’s Corridor Improvement initiative to revitalize the opportunities and investment along the region’s most high impact corridor.
The MSF was the final approval needed for the state’s part of the Brownfield/TIF. The Lansing Brownfield Redevelopment Authority (LBRA) approved the local part of the plot in 2019.
“The Red Cedar development will activate a long-vacant property into a vibrant, attractive mixed-use development that will bring density and vibrancy to a high-impact commercial corridor in Lansing,” said MEDC Sr. Vice President of Community Development Michele Wildman. “We’re pleased to work with our partners to support this project and look forward to seeing the additional investment it will encourage in the area.”
The infrastructure will be completed first with construction for the market-rate apartments and senior living center beginning in late summer. Student housing will be ready for the fall of 2021. Construction for the two dual-brand hotels – Hyatt House and AC Hotel by Marriott is set to start next year.
“With today’s approval from the Michigan Strategic Fund Board, I am thrilled that the Red Cedar Project has now attained all necessary state and local approvals to go forward,” said Mayor Schor. “This is positive news, especially with the unforeseen economic hardship that we’re experiencing as a result of the COVID-19 pandemic. This continued investment will help drive Lansing forward and is a excellent sign to others looking to invest in the city.”
Frank Kass, Principal, Continental/Ferguson, noted a particular thanks to the City of Lansing, “From Mayor Schor to the City Council to the people of Lansing, they all stuck with us.”
Joel Ferguson, Principal, Continental/Ferguson, described the challenges of a project of this magnitude acknowledging: “The leadership and staff at MEDC helped us refine and enhance the Red Cedar project to be a powerful catalyst to a bright future for Lansing and the region.”
Christopher Stralkowski, Executive Project Manager for Continental/Ferguson, recognized the hard work of all who contributed to this undertaking, stating: “Instrumental to our success was the dedication and support of Mayor Schor and former Mayor Virg Bernero, along with LEAP, the LBRA, Williamstown Township, all of the citizens participating in numerous community meetings and working closely with City Council members over the past seven years. We especially want to acknowledge and thank the residents for voting for redevelopment along with all past and current administrators who have supported this project. I want to acknowledge our partner Frank Kass, who has been tenacious and deeply committed to this enormous investment towards Lansing’s future.”
Based upon the 2020 Economic/Fiscal Regional Impact Study conducted by the Anderson Economic Group, they stated that the plot is “one of the most economically impactful mixed-use development projects we have studied.”

Powered by WPeMatico

LOS ANGELES, CA – In a unanimous choice, The Los Angeles City Plotting Commission voted to recommend approval of the entitlements package for Enlightenment Plaza, a proposed 454-unit Permanent Supportive Housing development in Rampart Village developed by Flexible PSH Solutions and The Pacific Companies to the Los Angeles City Council for final approval, scheduled for June of this year.
The entitlements package included a merger and re-subdivision of the project lot, a Zone Change and General Plot Amendment, an amendment to the Specific Plot, and a recommendation that City Council approve the project’s CEQA Clearances.
Enlightenment Plaza, designed by the Culver Citybased, award-winning firm, KFA Architects, will reimagine an underutilized surface lot at 321 N Madison Ave by adding 454 units, including managers units, of 100% affordable Permanent Supportive Housing. Enlightenment Plaza includes on-site case managers and staff, a variety of wraparound services and amenities such as community gardens managed by residents, lounge areas, a gym, a computer lab, and 114 trees added.
With services coordinated by The People Concern and on-site management provided by The John Stewart Company, together bringing unparalleled experience and capacity to the Plaza, the project’s holistic approach will make a meaningful path out of homelessness for residents through Permanent Supportive Housing, a model widely endorsed by policy experts. It provides a foundation for housing stability, mental and physical health, employment, and school attendance.
Each building will contain substantial space for the offices and operations of the on-site supportive services and case management, and the scope of this development will allow for a wider range of support offerings and cross-agency collaboration. This, combined with its proximity to the Metro B (Red) Line station at Beverly and Vermont and numerous Metro and Dash bus routes, will make Enlightenment Plaza a model project for creation of best-in-class housing that lifts Angelinos out of homelessness.

Powered by WPeMatico

AUSTIN, TX – Upside Avenue, an award-winning Real Estate Investment Trust (REIT), recently added six new multifamily properties to its public non-traded REIT portfolio in the last two months.
Five new multifamily properties, totaling 1,070 units, were added in the beginning of March. These properties are located in various areas of the highly in-demand, Dallas-Fort Worth market. This market has seen an unprecedented economic growth and migration in recent years as a result of its diverse economy and business-friendly environment.
The most recent investment is a large 737-unit community in a prominent and growing neighborhood in Houston, Texas. It is located west of uptown and just south of the energy corridor which provides fantastic access to many of the city s top employers, retail centers, and entertainment hubs.
Now is the perfect time to focus on the strategy of buying low and selling high and we do it with a margin of safety in our underwriting, said CIO Chi Hathiramani.
The effects of COVID-19 on the industry has caused a shift in how Upside Avenue invests.
Today, value-add is a bit more hard because rents are lower and wage incomes have dropped, said Hathiramani. We re not sure we can get the same rent premiums today that we would usually underwrite under normal circumstances. Instead, we re focusing on A- to B class assets in bulletproof locations where we can really derive long term appreciation while driving a healthy dividend today.
Upside Avenue continues to look for opportunities to invest in that provide investors with a stable, long-term alternative to the stock market.
An article by Nareit references how REITs have generally protected against stock market declines. Because REITs give investors exposure to an entirely different market cycle—the real estate cycle, which is very different from (and longer than) the business cycle that drives returns for most non-REIT stocks—REITs provide a diversification benefit that investors can t replicate without maintaining a substantial allocation to the real estate asset class.

Powered by WPeMatico