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July 16, 2020

Want To Catch A Baseball Game Live This Year? This New Apartment Building Still Has 200 Units Available.

The delayed start of the Major League Baseball season will have teams playing in ballparks with empty seats, but the latest apartment building to deliver near Nationals Park adds a new way for some fans to see the game. 

Want To Catch A Baseball Game Live This Year? This New Apartment Building Still Has 200 Units Available.

The Kelvin, the 312-unit apartment building from Jair Lynch Real Estate Partners, began moving in residents last month. The apartment building is part of a mixed-use development that also features a 127-unit condo building, branded as eNvy, and 60K SF of retail space. The development team…

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D.C. Releases New Development RFP With Emphasis On 'Disadvantaged' Bidders

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D.C. is looking to make its development awards more equitable as it begins to roll out a series of requests for proposals.Mayor Muriel Bowser's administration released a new RFP Wednesday for the site of two former elementary school buildings at 33-45 P St. NW…

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Developers Love The OZ Program. But Are They Delivering On Its Social Mission?

Griffin Capital, an El Segundo, California-based investment alternative asset manager, said this week that it has closed on its fourth opportunity zone investment, one of nine such projects it has in development nationwide.

But as the company pours more than $400M into designated opportunity zones, executives have declined to say what social impact its projects will bring to distressed areas, the primary stated goal of opportunity zone legislation. It is the latest example of a large developer betting on the program's tax breaks without providing guidance on a larger socioeconomic mission.

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Judge Rules Against Affordable Housing Investor In LIHTC Dispute With Big Ramifications

A Massachusetts-based real estate firm invested about $400K into a Miami-area affordable housing project in 2014 and was gunning for a multimillion-dollar payout on the exit last year, but its nonprofit partner foiled the plan. 

An affiliate of HallKeen Management had lined up a deal to sell the project, called Aswan Village, for $21M, and split profits with its nonprofit partner, the Opa-Locka Community Development Corp. Instead, a court ruled the nonprofit can buy the property by assuming its debt and paying the cost of taxes owed: $110K.

Willie Logan, the founder, president and CEO of the OLCDC, claimed a victory in the 11th Judicial Circuit in Miami-Dade County. He warned of investors taking stakes in affordable housing projects and cashing out when the property appreciates, leaving nonprofit partners with crumbs from the deals or tied up in expensive litigation. More importantly, he said, such profit-motivated investors are exacerbating the challenge of providing affordable housing to low-income people. 

“Their tactics are unethical, immoral and should be criminal,” said Logan, who served as mayor of Opa-Locka in the early 1980s. “It’s outrageous. It really is.”

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Outdoor Meeting Spaces And Better Tech: Design Changes Post-Pandemic

 

Steve Jobs was famous for conducting meetings while strolling around Palo Alto. Jeff Bezos would walk in Central Park to discuss his idea for an online store. Fresh air, pumping blood and strolling shoulder to shoulder can eliminate the stress that might otherwise come from staring down a person across a table in a boardroom.

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