Rough pactch
Shelved development deals have been gathering dust in markets across the country. But a developer in the Pacific Northwest and another in the Northeast are pushing dirt on projects with delivery dates in 2011, when the economy likely will be on firmer ground.
Both ventures are transit-oriented, mixed-use and mixed income and are expected to achieve at least a LEED Silver rating from the U.S. Green Building Council (USGBC), attributes pegged as prime post-recession bets for real estate development, according to the 2010 Emerging Trends in Real Estate, released in November by Urban Land Institute/PricewaterhouseCoopers.
For-profit developer Othello Partners broke ground in July along a newly minted light-rail line one stop outside downtown Seattle for a mix of 351 apartments and 20,000 sq. ft. of street level retail. On the other side of the country near the Clarendon Metro Station in Arlington, Va., eight stories of apartments above two-stories dedicated to the Church of Clarendon are under construction by the Views at Clarendon Corporation, along with their development consultants The Bozzuto Group and Chesapeake Community Advisors, both specialists in market-rate and affordable housing development.
The need for transit-oriented development (TOD) is growing. Results from a 2004 study commissioned by the Federal Transportation Authority indicate that demand for housing near transit will increase to 14.6 million households by the year 2030, more than double the six million households that currently reside within a
