Day 10 --- 8/12/10

Last day of class. We are set to discuss adaptive reuse, redevelopment, transportation, architecture and facilities management.

One article contends that the surface transportation system for the future must address the economic and demographic changes that have taken place over the past 50 years, and deal effectively with the changes expected for the next 50 years. The article highlights the impact of population growth on transportation systems. According to the article:

- as of June 2005, there were 12 “mega-metropolitan” areas of 5 million in population and above. These include New York, Los Angeles, Chicago, Washington, DC, San Francisco, Philadelphia, Boston, Detroit, Dallas, Miami, Houston, and Atlanta.

- there are also 53 metropolitan areas of one million and above. According to a 2004 study by the University of Pennsylvania School of Design, between 2000 and 2050 more than 70 percent of the nation’s population growth and 80 percent of its economic growth are expected to take place in metropolitan areas.

Such a dramatic growth in population is bound to bring about a heavy reliance in the existing infrastructure and the need for upgrading and expanding the transportation infrastructure.

Another article on redevelopment trends indicates a continuing shift in development toward urban neighborhoods in the United States, despite a slow real estate market.This trend shows that redevelopment continues in many urban neighborhoods. Taking advantage of opportunities to reuse land and to redevelop underused sites is a key smart growth strategy. It helps communities protect natural lands from being developed, strengthens the local economy, and puts new homes, stores, and jobs within easy reach of surrounding neighborhoods.

Some of the other topics discussed include the shift towards rail e.g the San Francisco high speed rail system and the Texas rail initiatives.

There was also a frequent reference to sustainability and its close relation with redevelopment and adaptive reuse. While sustainability is closely tied to adaptive reuse, such redevelopment activities can also be almost entirely devoid of sustainability.

Day 9 --- 8/05/10

Back to the discussions...

The main topics of discussion for the day were trends with respect to residential properties (Singlefamily and multifamily residential), appraisal and valuation, development and construction.

One of the articles I submitted states that U.S. home prices will begin a gradual recovery by next year, according to a survey of 92 economists and other housing analysts. The analysts surveyed by on average expect home prices, as measured by the S&P/Case-Shiller national index, to rise about 12% in the five years ending Dec. 31, 2014. As of Dec. 31, that index was down about 28% from its peak level in mid-2006. The article has also a contrasting point view in that excess inventories, including those from looming down and that much of the excess supply is in remote or economically depressed regions and so isn't relevant to most potential buyers, who will instead bid up prices in more desirable areas.

Another article countered this optimism stating that ominous shadow inventory of distressed properties hanging over the industry will lock home prices into a downward trajectory for the remainder of this year, with property values starting out 2011 even lower than they were in 2009. Market trends charted show that inventory levels are indeed moving higher and the influx of shadow inventory is beginning to show in the market.

Another topic discussed this evening included appraisal and valuation issues. One article argued that the financial regulatory reform bill signed into law recently could result in more accurate home valuations, higher appraisal costs, faster closings, more completed transactions and maybe even higher prices, according to critics of a controversial quasi-governmental regulation that the legislation eliminated.

Day 8 --- 7/29/10

Following on last week's event, we visited the Trinity River Vision Project in Fort Worth. We were given a presentation on the Trinity River Vision as it pertains to Fort Worth. The project involves three aspects: Trinity Uptown, Central City Project and Gateway Park.



Trinity Uptown:

- is predominantly private development following the improvements through the Central city Project.
- covers app 800 acres for approximately 10k homes and 3 mil sq ft of commercial space.
- expected to create app 16k permanent jobs.

Central City Project:

- primarily public improvement projects, environmental cleanup and flood protection.

Gateway Park:
- involves recreation improvements and ecosystem restoration.

Affordable housing is envisioned as public funds are being used,
- an estimated 6% will be affordable housing.

Other points:
- form based codes are used rather than the traditional building codes,
- federal funds are used for the project and, hence, the federal relocation act applies in dealing with relocation.
- The project uses market price as much as possible in dealing with relocating properties and condemnation is only a last resort rarely used.

Day 7 --- 7/22/10

We attended the ULI sponsored event regarding the Trinity River Project in Dallas.

The Trinity River Project:
- includes app 10k acres, 26 miles
- will be the largest park system in the US upon completion.
- attempts to address concerns and stigma...sell the vision.
- the 1908 flood was the point of disconnect with the river.
- attempts to maintain eco-balance

According to the project website, the Dallas Floodway Extension will provide environmental restoration and recreation to the Trinity River Corridor. This project will reduce the flooding risk for about 12,500 structures in downtown Dallas and the densely populated areas along the southern corridor.

Wetlands construction will also improve floodwater conveyance and benefit wildlife. When completed, seven wetland cells will make up the 170-acre Chain of Wetlands extending four miles from Cedar Creek to Loop 12. Various plant species will be introduced to provide habitat for waterfowl, fish and other wildlife.

Some of the projects aspects include:

The I-30 Bridge:

Trinity Trails