The Centralina COG recently held the first meeting of a regional consortium of business and community representatives charged with designing a regional Blueprint for growth and development. The CONNECT Consortium was just awarded a $4.9 million HUD grant to fund a 3-year study of everything from housing and employment growth to environmental issues and infrastructure development. The aim is to create several alternative scenarios for regional growth that can then be used by local governments to guide their planning efforts. None of the resulting policies would be mandatory, but they can help establish a framework for economic development in Mecklenburg and the surrounding counties.
As a member of the CONNECT Consortium, REBIC submitted a letter to HUD in support of the grant application, and looks forward to participating in the creation of the Regional Blueprint. We believe it’s CRITICAL for the real estate and business communities to be engaged in this process, which will help create policies to guide regional growth and development. We’ll keep you posted on all upcoming meetings of the consortium, and strongly encourage any interested members to attend!
The American Institute of Architects (AIA) has released a report that examines construction projects across the country that are currently stalled and the reasons for them being stalled – namely a lack of financing. Some key findings include:
- The share of projects stalled due to financing problems has nearly doubled since 2008;
- 1 in 5 stalled projects are directly resulting from financing problems;
- Existing stalled design projects account for a year’s work of construction activity; and
- Nearly all of the stalled projects were relatively small – nearly half being under $5 million and 85 percent costing less than $25 million.
In an effort to tackle this problem, AIA has launched a “Stalled Projects” website, which tries to match project stakeholders (architects, owners, developers) with private lenders. The site functions much like a “match.com” in which project stakeholders can upload relevant information concerning an existing stalled project and lenders can then peruse the site for potential funding projects. Please visit the site here: www.aia.org/stalledprojects.
Congratulations to NAIOP Charlotte member Dr. Dustin Read, who was recently accepted into the NAIOP Distinguished Fellows Program! This program is meant to provide mutually beneficial exchange of ideas on current topics in the industry.
To learn more about the Distinguished Fellows Program, click here
Dustin Read currently serves as the Director of the Center for Real at UNC Charlotte, as well as a Clinical Assistant Professor in the Department of Finance. Before joining the University in 2007, he worked in commercial real estate investment sales, assisting clients in the acquisition and disposition of distressed retail assets. Dr. Read’s teaching responsibilities include real estate finance, development and law at the graduate level and his research primarily focuses on the effects of public policy interventions in real estate markets.