Santa Clara approves agrihood, city’s largest affordable housing project in pipeline

Santa Clara has approved its largest affordable housing project in the pipeline — an “agrihood” that will combine urban living with farm life. 

The city approved the project, a public-private partnership between the city and developer The Core Cos., last week. Called Agrihood, the mixed-income property will have 361 apartments, with 181 of those below market rate, 160 of which will be for low-income seniors. A 1.7-acre urban farm and community retail and open space will complete the neighborhood.

The city had the site earmarked for senior housing for more than a decade.

“This project was borne out of a dire need to bring affordable housing through a truly creative, community-driven process. The Core Companies has kept this mission and urgency at the center of its work and dialogue with the city and community stakeholders,” The Core Cos. Senior Development Manger Vince Cantore said in a statement. “Santa Clara’s seniors have already waited more than a decade for housing at this site. An available below-market home for a senior can be the differentiator between a comfortable, safe environment in which to spend one’s golden years, or an extended period of financial stress and uncertainty.”

 

Read more at Bisnow Silicon Valley

 

The 10 top emerging trends that will shape real estate in 2019

The Urban Land Institute’s annual look at the year ahead focuses on technology and transformation at an uncertain moment.

It’s complicated. In the course of compiling its annual Emerging Trends report, the Urban Land Institute found that the only certainty in its outlook for 2019 was uncertainty. Expert analysis points to a more complex, multi-layered series of overlapping trends, with unpredictable results, as opposed to a few strong narratives.

Will technology offer more opportunity and enhance competition and efficiency, or help consolidate the industry and drive out smaller players? How will shifts in demographics and shopping patterns challenge current investment practices? Will the U.S. ever get a grip on its housing affordability issues?

The report, a joint project of ULI and PricewaterhouseCoopers researchers unveiled during its fall meeting in Boston this afternoon, considered the responses of more than 750 real estate professionals in creating an high-level overview of the trends it believes will impact the real estate world. While the report expects an overall economic slowdown next year, emerging trends and markets in flux that could provide new opportunities.

 

 

Read more on Curbed

 

 

 

Should California’s Costa-Hawkins rent control act be repealed?

Debating the pros and cons of rent control at the Urban Land Institute

The Urban Land Institute of San Francisco held a public forum at the Google Community Space Tuesday night debating Proposition 10, the November ballot initiative that would repeal the 1995 Costa-Hawkins Act and allow California cities to potentially expand their rent-control ordinances.

Arguing in favor of Proposition 10 and potential rent-control expansion was Amy Schur, the director of the Alliance of Californians for Community Empowerment.

John Eudy, co-chair of the “no” campaign Californians for Responsible Housing (and also a vice president at Essex Property Trust) argued against repeal.

David Garcia, a policy director at UC Berkeley’s Terner Center For Housing Innovation, appeared as a third-way party; however, since Garcia appeared to nominally oppose Costa-Hawkins repeal, he often functioned as a second anti-Proposition 10 voice.

All three parties agreed that the state’s goal should be more housing production. They also agreed that Costa-Hawkins as it exists now is ineffectual at protecting renters and that the status quo won’t do in the future.

 

 

Read more on Curbed SF

 

 

What Will Happen to Multi-family When Boomers Retire en Masse?

The “Silver Tsunami” is coming by 2030 and in some places, it has already begun.

Americans born during and directly following the end of WWII, commonly referred to as Baby Boomers, represent the second largest age demographic group in the U.S. behind millennials. As this massive group moves toward retirement, it is signaling big changes for multi-family buildings of the future.

By the Numbers

There are an estimated 70K Americans turning 65 every week. By 2030, the number of Americans age 65 or older is going to climb above 75 million and over 83 million by 2050. For those in the multi-family sector, trying to meet the needs of this generation is going to take some new ways of thinking about multifamily housing.

Take for instance the fact that most people in this group are experiencing way more financial insecurity than their parents did at this stage in their lives. Most retirees will not have a pension to rely on but instead will depend largely on social security to survive – and some political moves in the works further threaten that safety net.

One survey conducted last year showed that approximately 60% of Boomers have little savings to cover any financial shortfalls, holding onto $10K in savings or less on average and about 30% have no savings to fall back on at all. Many are delaying retirement in an effort to try to quickly build up their own private safety net before they are forced to retire.

Read more from NAI Global

NAI Northern California celebrates continued growth with 21% revenue increase by third quarter of 2017

The tech-forward, collaborative brokerage continues to emerge as an up-and-comer on the Bay Area commercial real estate scene

SAN FRANCISCO, CA – October 17, 2017–  Continuing to evolve as a growing force in the San Francisco Bay Area commercial real estate landscape, NAI Northern California forges into the third quarter of 2017 with revenue already surging past 2016. As of October, the brokerage has increased gross revenue by 21% over last year. Across retail, multifamily, office, industrial, and land, the total square footage of transactions closed by the team more than tripled.

In regards to NAI Northern California’s growth and the current market, President James Kilpatrick points out, “While the Bay Area has been experiencing an extraordinarily long real estate cycle, this seems to be accelerating further as our number of successful transactions is up by 31%.”

Multifamily investment sales are active as investors focus on residents looking beyond San Francisco to the East Bay. Top producing broker Shivu Srinivasan closed the $28.75 million acquisition of an 88 unit apartment complex at 4445 Stevenson Boulevard in Fremont and the $13 million sale of a 70 unit property at 250 West Jackson in Hayward.

In retail, NAI Northern California is carving out a niche by successfully closing over $100 million in triple net shopping centers and single tenant properties this year.Top producer Mary Alam spearheaded the $13.6 million sale of the Newark Shopping Center and several Walgreens properties among others.

Growing market share is directly impacted by the addition of talent. In 2017, experienced industry professionals Tony Alanis, Kevin Flaherty, Fritz Jacobs, Matt Gorman, Gregg Steele, Reggie Regino, Brent Stiggins, and Darija Walker joined the company’s brokerage and financing groups.

James Kilpatrick remarks, “Our growth is truly predicated on our talented team. We are unique in the commercial real estate industry, empowering our professionals to take a collaborative approach supported by a tech-forward platform that helps them be nimble as they get deals done for our clients.”

About NAI Northern California
NAI Northern California is a progressive, full service commercial real estate firm serving the Bay Area. Recognized as one of the Top 25 Commercial Real Estate Firms by the East Bay and San Francisco Business Times, we are committed to delivering best in class services for our clients.

www.nainorcal.com