A new residential community that could see the construction of up to 9,500 single-family and 2,500 multi-family homes on the northeast side of El Paso is currently in the planning stage.
What is being called Campo del Sol is being developed by the Dallas-based Scarborough Lane Development and businessman Paul Foster, owner of Franklin Mountain Communities. As envisioned, the Campo del Sol will also see the laying out of 135 acres of park space and hiking and walking trails, along with up to 300 acres of commercial space. The land for Campo del Sol encompasses more than 2,300 currently vacant acres located at the foothills of the Franklin Mountains. Plans also call for the construction of a large pavilion, cabanas, a splash pad, numerous shade structures, restrooms, and a 10-acre park, among other amenities. The new residential community will also see the eventual construction of an elementary school and middle school. In a statement, Foster noted that the master planned community concept is “unique to El Paso and we intend to make it top-notch in every way.” Initial construction at Campo del Sol is expected to begin later this summer, with the first homes completed in early 2022. By Garry Boulard A group of nearly two dozen Democratic and Republican senators are now putting together the final pieces of what is expected to be a $1 trillion infrastructure bill, seen as a compromise between Congress and the White House. In talks with various Biden Administration figures, the lawmakers are pushing for $110 billion in spending on road and highway infrastructure projects, $66 billion on passenger and freight rail work; and another $48 billion on public transit construction and upgrade projects. A statement endorsed by the senators said, “We support this bipartisan framework that provides an historic investment in our nation’s core infrastructure needs without raising taxes.” The statement added: “We look forward to working with our Republican and Democratic colleagues to develop legislation based on this framework to address America’s critical infrastructure challenges.” Although the group’s $1 trillion offering is markedly less than Biden’s original nearly $2 trillion proposal, the President has indicated that he is interested in seeing the details of a compromise bill before committing himself. As negotiations over the legislation continue, individual lawmakers have been touting initiatives they say should be included in any final bill. Last week, New Mexico Senator Martin Heinrich said of the infrastructure package: “We can’t afford to shortchange investments in climate resilience and in clean energy.” Describing the original Biden bill as a “once-in-a-lifetime opportunity to power our economic recovery,” Heinrich added: “We can’t afford to let this opportunity pass us by. And we shouldn’t allow ourselves to get bogged down in bad faith negotiations or accept any deals that would shortchange or entirely leave out climate action.” Arizona Senator Krysten Sinema, one of the leaders of the group of senators forging a compromise, has declared that if a consensus can be reached between members of both parties, it will “help show everyday Americans that we can work together to modernize and make our infrastructure resilient, and expand economic opportunities.” By Garry Boulard Plans are in the works for the construction of two tall towers in downtown Denver at the current 2.5-acre block-length site of a nearly 50 year-old Greyhound Bus Station.
The Chicago based Golub & Company, in a joint project with the Rockefeller Group of New York, has announced that it wants to build a tower entirely devoted to residential space, at 38 stories, along with an office tower topping out at 28 stories. Altogether, the project would equal some 1.7 million square feet of new built space. Additional plans call for a swimming pool and rooftop lounge. The project, which is currently being reviewed by City of Denver officials, will also include upwards of 30,000 square feet of retail space as well as an outdoor plaza. Located at 1055 19th Street, the site was purchased last December by both Golub and the Rockefeller Group for $38 million. At the time of that purchase, the Rockefeller Group, in a press release, noted that the property is “one of the last undeveloped full-block sites” in downtown Denver. The Greyhound station, which was built in 1975, closed in the fall of last year, moving its operations to the nearby Union Station. By Garry Boulard A push is on calling for the repair and upgrading of the only outdoor public swimming pool in Santa Fe.
The Bicentennial Pool, located at 1121 Alto Street, was opened in the summer of 1974 and has for decades been one of the most popular pools in the city. Earlier this year city officials determined to close the facility for the summer, noting that the pool is in need of a number of foundational repairs to prevent leaks. Reports indicate that the pool is in need of significant plumbing and gutter work. While the facility has received a number of small repairs over the years, it has never undergone a major renovation. Now the question of whether it would be less expensive to repair the Bicentennial, or build a new pool at another site, is expected to be subject of a cost analysis before a final decision is made. In a statement, Santa Fe Mayor Alan Webber said: “The work of evaluating how we design a new outdoor facility and where we would site it needs to begin immediately.” How much it will cost to completely upgrade the Bicentennial is not yet known, but the renovation of another city swimming pool of similar size two years ago came with a $2.4 million price tag. Meanwhile, area residents have launched a petition drive asking the city to save the Bicentennial. The petition on the website Change.org notes that the pool is “located in a mixed income neighborhood and accessible to people without cars.” The petition drive has so far netted nearly 600 signatures. By Garry Boulard Two simultaneous trends are making it increasingly difficult to buy a home in the U.S., according to a new report just released by Harvard University.
The number of actual houses on the market this year has fallen by a significant 37% since 2019. That means that roughly only around 870,000 homes as of early this year were available for sale. That’s the lowest total in four decades, says Harvard’s Joint Center for Housing Studies. But the decline in houses is coming at the exact time that the market is witnessing a historic increase in prices, encompassing an overall 13% rise in the last year, with some particularly popular areas of the country showing a price rise of up to 20%. According to the State of the Nation’s Housing 2021, “inventories of existing homes for sale were already low heading into 2020, and the pandemic made matters worse by discouraging sellers from putting their homes on the market.” While the country has seen home price increases before, continues the report, this boom is unique in terms of credit availability. The interest rate on a 30-year fixed mortgage was down to 3.0% early last year, and then fell below even that low number last summer. “Low interest rates and rapidly rising prices have, in turn, given a substantial boost to new residential construction,” continues the report. “Single-family housing starts hit 1.0 million units at a seasonably adjusted rate in August 2020 and continued to exceed that pace through the first quarter of 2021.” Should this pace continue, predicts the report, 2021 will mark the first year that “single-family starts have topped the one million mark since 2007.” But in a cautionary note, the report contends that “new construction can only do so much to ease short-term supply constraints.” To meet the continuing market demand, “more existing single-family homes must come on the market.” By Garry Boulard A project in Denver designed to see the construction of new affordable housing, and most importantly, a grocery store, is receiving $19 million in local revenue bonds.
Members of the Denver City Council have voted in favor of awarding the multifamily housing revenue bonds to a local group called the Montbello Organizing Committee, which is tasked with seeing to the successful execution of the project. As planned, what is called the Montbello Fresh Lo project will go up at 12300 East Albrook Drive in the Montbello neighborhood on the east side of Denver. That low-income neighborhood has been without a grocery store since a local Safeway supermarket outlet went out of business in 2014 and as such is classified as a “food desert.” The federal Department of Agriculture defines food deserts, primarily found in rural or dense urban areas, as places lacking in fresh fruit and vegetable offerings for purchase. According to city documents, the project will see the construction of 97 affordable housing units in a 7-story complex. Undoubtedly the focal point of the effort will be the building of a two-story grocery store, as well as several small retail spaces, and a cultural hub to be used for performing arts and other purposes. Late last year, the Montbello Fresh Lo Initiative received an award of $1.2 million in federal housing tax credits, along with another $1 million in state housing tax credits. Work on the project, which has been long in the talking stage with a notable degree of public input, is expected to begin early next year. By Garry Boulard On of the largest auto dealership companies in the country has announced plans to build a new location in Colorado Springs.
The Fort Lauderdale-based AutoNation wants to build a complex on a currently vacant 3.4 acre-site at 7456 Targa Drive on the far northeast side of the city. Plans call for the construction of an 18,500 square foot structure that will house new and pre-owned vehicles. Launched in 1996, AutoNation is a fast-growing company with more than three hundred locations in 18 states and annual revenues in excess of $21 billion. To date, the company has sold more than 13 million vehicles. The company earlier this year announced plans to build five new locations in 2021, adding to an overall total of 130 new locations that are expected to be built by the end of 2026. In May, AutoNation purchased for $8.8 million the Broadway Square Shopping Center in Littleton, Colorado, with plans to turn a portion of that retail center into an office and parking space with vehicles for sale. Exact construction plans for the new AutoNation Colorado Springs facility are expected to be announced later this summer. By Garry Boulard A strong 65% of small business owners nationally believe the worst of the Covid-19 pandemic is over, according to a new poll just released by the U.S. Chamber of Commerce.
The survey, done in conjunction with the MetLife insurance company, also indicated that an overwhelming 75% of owners say they are either hopeful or comfortable when thinking about their current post-pandemic operating strategies. In a statement, Tom Sullivan, vice-president of small business policy at the Chamber, said the reasons for the renewed optimism are directly related to what owners are seeing with their own eyes. “The easing of capacity restrictions due to increased vaccinations means more small businesses are welcoming more customers,” noted Sullivan. “Increased foot traffic equates to economic growth and that is moving our country’s recovery forward.” The optimism is particularly noted in the services sector: in late 2020, only 29% of owners in this category said they believed the worst of the pandemic was over. Today that number has increased to 67%. Similarly, in the professional services category, a 43% positive response in the last quarter of 2020 is now at 72%. Nearly 60% of the small business respondents said they anticipate an increase in revenue later this year, up from 47% who said that in 2020. By region, small businesses located in the Northeast and West were the most likely to expect their revenue to increase this year. But in a nod to what appears to be an ever-tightening labor market, 52% of the small business owners said they will more than likely maintain their current staff levels, with 32% indicating that they plan to increase their payrolls. A significantly smaller 11% anticipate laying off workers this year. By Garry Boulard One of the most familiar landmarks in Phoenix may soon be seeing an upgrade and structural addition. The 18-story Phoenix Financial Center, located at 3443 N. Central Avenue, was completed in the fall of 1964 and is generally regarded by preservationists as a conspicuous representation of the mid-20th century International style of architecture. The creation of well-known architect Wenceslao Sarmiento, who was famous primarily in the 1950s and 60s for the hundreds of bank and office buildings he designed, the Phoenix Financial Center soon became known as the “Punch Card Building” for the facade on the southeastern side of the structure that resembles a computer punch card. Architectural historians have made note of the building’s anodized aluminum panels and heat resistant glass as typical of modern southwestern architecture of the period. Now, plans have been announced to preserve two adjacent rotundas at the site, while both upgrading the main tower and building additional structural space to the east side of the tower. Phoenix-based Ironline Partners, which specializes in real estate investment, development, and management, in a partnership with the owners of the structure, are planning to keep intact the iconic design of the center. The upgrade to the main tower building will result in new office space for a building that in recent years has been primarily vacant. In an interview with the Phoenix Business Journal, Tim O’Neil, the owner of Ironline Partners, said of the tower and rotundas: “This is a pretty well-recognized mid-century property. We plan to protect and enhance that. The improvements are special, and they deserve updating and respect.” A timetable for when work at the Phoenix Financial Center will begin has not yet been announced. By Garry Boulard |
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