Construction and Property Corner ::: 22 August 2023

Tue Aug 22 11:39:13 CAT 2023

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Construction and Property  Corner ::: 22 August 2023 

ü  Qatar Academy construction contract award expected by Q4 2023

ü  Egypt's Royal Developments launches Monark residential project

ü  A’s Hire Construction Manager for Las Vegas Ballpark

ü  Rockford hopes to spur new home construction with tax rebate. Here's how
it would work

ü  Hong Kong Investor Starts Property Fire Sale After Wife Arrested

ü  USC Opens $240M Student Housing Property

ü  Cape Town CBD attracted property investment worth over R3.5bn in 2022

ü  Ceres Community Project purchases property for new headquarters

ü  Construction starts on Brunswick athletic complex

 <https://www.willdale.co.zw/> Qatar Academy construction contract award
expected by Q4 2023

Qatar Public Works Authority (Ashghal) is expected to award the main
construction contract for its $45 million Qatar Academy project at Sidra by
fourth quarter 2023, according to a source.

“The new tender for the main construction contract was floated on 23 May
2023 with the bid submission deadline of 11 July 2023. The contract is
expected to be awarded by early October 2023,” a source aware of the project
details told Zawya Projects.

The scope of work involves the construction of an academy building and the
overall project is expected to be completed by end of fourth quarter 2025,
the source said.

The post-contract professional consultancy services tender was issued on 28
November 2022 with the bid submission was scheduled on 1 January 2023, a
second source told Zawya Projects, adding that the contract award is
expected to be announced in early July 2023.

Egypt's Royal Developments launches Monark residential project

Egyptian developer Royal Developments has launched Monark residential
project, spread over an area of 40 acres in Mostakbal City, East Cairo, the
company CEO said.

Karim Shaalan told Zawya Projects that the project, which comprises of 1,200
apartments, villas, and a mall, has a development cost of 6 billion Egyptian
pounds ($194 million).

He said YBA is the main consultant for project, which will be completed in
four phases.

He added that the company is targeting West Cairo and North Coast for new
projects but didn’t elaborate.

(1 US Dollar = 30.90 Egyptian Pounds)

A’s Hire Construction Manager for Las Vegas Ballpark

The Oakland A’s announced Monday the hiring of Mortenson-McCarthy as
construction manager for their proposed $1.5 billion ballpark on the Las
Vegas Strip, according to a press release from the Major League Baseball
(MLB) team.

This rendering of the proposed A’s Las Vegas ballpark provided by the team
to the media on May 26, 2023, isn’t accurate because, two months later, the
A’s told the architectural groups vying for the contract to ignore the
renderings, which show the 30K-seat stadium on a larger lot than the 9 acres
the A’s will have.

A joint venture of Minneapolis-based Mortenson and national builder McCarthy
Building Companies, Mortenson-McCarthy built the $2 billion Allegiant
Stadium for the Las Vegas Raiders, the first professional team to defect
from Oakland to Las Vegas.

“The Raiders’ project was a model of tremendous success, including a
31-month-long construction schedule, industry-leading workforce diversity
that exceeded local, small, and women and minority-owned business goals, and
establishing new benchmarks in sports construction for Southern Nevada,” A’s
president Dave Kaval said in the press release.

Vegas Kingdom

McCarthy also built the Palms, Virgin, and Circa casino resorts. Mortenson
managed the construction of Truist Park for the Atlanta Braves, Target Field
for the Minnesota Twins, U.S. Bank Stadium for the Minnesota Vikings, Chase
Center for the Golden State Warriors, and the Climate Pledge Arena for the
Seattle Kraken.

“The Mortenson-McCarthy joint venture is grateful for the opportunity to
partner together with the Las Vegas community to deliver another landmark
project,” Ross Edwards, senior VP at McCarthy, said in the A’s statement.

“It is a tremendous opportunity for Mortenson-McCarthy to build the new home
for A’s baseball in Las Vegas,” Logan Gerken, Moretnson’s VP and general
manager, said in the A’s statement.

Next Steps

The Athletics’ latest hire still must be approved by the Las Vegas Stadium
Authority to become official. Its board meets next on Thursday, August 24.

Before construction begins, MLB must approve the A’s relocation plan, and
the Tropicana casino resort must be demolished. If these hurdles are
cleared, Las Vegas will become the fourth home for the Athletics.

They played in Philadelphia from 1901-54 and Kansas City from 1955-67 before
moving to Oakland in 1968.

Rockford hopes to spur new home construction with tax rebate. Here's how it
would work

In an effort to jump start new residential construction, Rockford Mayor Tom
McNamara's administration is proposing a three-year property tax rebate in
exchange for building new homes.

Before the subprime mortgage crisis collapsed the housing market in 2008 and
sent home prices spiraling, homebuilders were often averaging 225 new
single-family homes and duplexes each year. Last year, there were fewer than
20, Rockford City Administrator Todd Cagnoni said.

Meanwhile, the city has over the past decade demolished an estimated 1,000
dilapidated homes. Home prices have hit a record high as housing stock has
dwindled.

"Our hope is that we can close the gap for homebuilders, developers and
purchasers of residential structures to try to meet the demand that is out
there," Cagnoni said. "We know from talking with industry and business
leaders that employees need housing."

Under the proposal, property taxes would rebated for three years for newly
constructed single-family homes, duplexes and multifamily buildings occupied
before Dec. 31, 2025. They must be located inside the boundaries of the city
of Rockford, Rockford Public Schools and Winnebago County.

Buildings that already benefit from other tax incentives would not be
eligible, and single-family homes would have to be owner-occupied.

Leaders of all three organizations and the Rockford Park District are set to
consider participation in the program, representing an estimated 85% of a
homeowner's property tax bills.

In addition to the property tax rebate, Rockford would waive permitting fees
for new construction projects.

Rockford City Council could vote on the proposal Monday night.

More:Rockford area home sales hit all-time high

Rising interest rates, inflation on material and labor costs and excessive
regulation have made building homes more expensive and put them out of reach
of first-time homebuyers, said Dennis Sweeney, executive director of the
Homebuilders Association of the Greater Rockford Area.

Sweeney views the tax rebate program as local government doing the best it
can after being "dealt a bad hand" by market forces and federal regulations.

A similar program that included new construction and foreclosures had
limited success a few years ago, said Conor Brown, CEO of NorthWest Illinois
Alliance of Realtors.

There was concern it would open a "floodgate" of new construction, but that
did not materialize. Brown said this revamped program is a step in the right
direction.

He said there are about 300 available housing units on the market in a
three-county area including Winnebago, Boone and Ogle counties. A healthy
and balanced housing market would have five times that amount of available
housing stock, Brown said.

"It's great to see they are looking to revamp it, expand it and make it more
robust," Brown said. "I think it's needed especially at this time where
there isn't a lot of building permits pulled, not because of a lack of
interest but because of all the extreme product costs that are associated
with new construction whether it be materials or labor."

More:Half-built, Rockford subdivision that's been dormant for years to get
new lease on life

The program, if approved, could save new Habitat for Humanity homeowners
about $10,000 over their

Executive Director Keri Asevedo said Rockford Area Habitat for Humanity is
working with the Region 1 Planning Council and Northern Illinois Land Bank
to build 25 new houses in the long-dormant Emerson Estates Subdivision in
the 600 block of Chisholm Trail.

The program, if approved, could save Habitat tens of thousands in fees, and
save new residents about $10,000.

"Those first couple years are the most expensive years for them, just
getting the things they need for their new home," Asevedo said. "This will
be significantly beneficial to them."

Hong Kong Investor Starts Property Fire Sale After Wife Arrested

A Hong Kong businessman whose wife was arrested in Vietnam has emerged as
the latest desperate seller in the city’s increasingly turbulent property
market.

Eric Chu is offloading properties ranging from a hotel to luxury apartments
in Hong Kong, sometimes at a significant loss after his Vietnamese wife
became embroiled in one of the most high-profile scandals in the Southeast
Asian nation.

Cape Town CBD attracted property investment worth over R3.5bn in 2022

At least 12 building projects worth over R3bn were under construction in the
CBD in 2022. Image: CCIDAt least 12 building projects worth over R3bn were
under construction in the CBD in 2022.

Cape Town’s inner city pulled in over R3.5 billion in property investment in
2022, marking a strong post-pandemic recovery – with the construction,
retail, hospitality and eventing industries attracting much of the
attention.

This is according to the 11th edition of the State of Cape Town Central City
Report for 2022 released by the Cape Town Central City Improvement District
(CCID) on Monday.

Read: Milestone for Cape Town’s R16bn Harbour Arch mega-development

According to the insights, Cape Town’s central business district (CBD)
registered a total of 22 property development or redevelopments in 2022.

Four developments worth over R170 million were completed, another 12 valued
at over R3.085 billion were under construction, five properties worth R300
million were in the planning phase, and one project was registered as a
proposal at the time of compiling the data.

With the assistance of these developments, the CBD grew its property
valuations to R42.9 billion, up from R12.2 billion recorded in the 2016/17
period.

For CCID board chair Rob Kane, the latest investment data indicates that
2022 was a year of regeneration for the city as well as the moment the city
rebounded from the brutal impacts of the pandemic.

“It’s clear from the results of the report that the Cape Town CBD has put
Covid firmly behind it and is experiencing regrowth and stability,” Kane
said in a statement.

“With the construction sector regaining its pre-Covid momentum, and the
total value of property investment in the Cape Town Central City to be
conservatively estimated at R3.555 billion, it bodes well for further growth
and investment in the economic hub of the Mother City.”

Residential

The city’s housing market generated much of the investment activity this
time around, with residential developments attracting eight of the 22
projects in the city, promising to add thousands of new units to the area.

In the CBD, the R75 million Neighbourgood Reserve was completed in 2022,
while another four developments – including The Tokyo and The Fynbos, which
hold a combined value of R1.48 billion – were under construction.

According to the data, the median price of sectional titles sold in the
central city dropped by 13.8% to R1.47 million in 2022 compared to R1.71
million in 2021, showing evidence of the impact rising interest rates had on
buying appetite at the time.

A total of 648 residential units were sold in 2022, 102 fewer than in 2021.

Retail strength

The retail sector continues to have a stronghold on the region’s economy,
accounting for almost half of the businesses operating in the inner city.

According to CCID figures, retail operations accounted for 1 243 of the 3
116 businesses operating in Cape Town’s CBD in 2022, increasing their
dominance with 80 new retail outlet openings that year.

The Health and Beauty as well as Coffee shops and Cafés sectors led the
growth in retail in 2022, opening 16 new outlets each. They were followed by
the Takeaways and Speciality stores sectors, which opened seven new outlets
each, and the Bars and Clubs and Art galleries segments, which opened six
new outlets each.

Retail occupancy was reportedly 5.6% stronger in 2022 than in the previous
year as the total retail space occupied across the city’s four precincts
grew by 13 731m2 to 258 024m2 of the total available space of 271 209m2.

This means that vacancy in the retail segment of the inner city’s property
space came in just under 5%, with only 13 185m2 of the space going unclaimed
in the year under review.

“In 2022 there was a steady improvement in the total retail vacancy rate as
footfall returned to town and new retailers opened their doors,” Kane said. 

Listen to Rob Kane of the CCID speaking on The Property Pod about
development activity in Cape Town’s CBD

USC Opens $240M Student Housing Property

Campus Village marks the largest development in the University of South
Carolina’s history.

Rendering of the Campus Village which will accomodate 1,800 students. Image
courtesy of USC

Rendering of Campus Village, which will accomodate 1,800 students. Image
courtesy of USC

The University of South Carolina has opened Campus Village, a $240 million
on-campus student housing development in Columbia, S.C. Comprising a total
of 1,800 beds, the property marks the largest construction project in the
university’s 222-year history.

Ground broke in May 2019, with Contract Construction and Juneau Construction
overseeing the project’s development. Boudreaux and WDG led the
architectural design and planning for the community. Greystar will be in
charge of property management.

Greystar and its joint venture partner Tikehau Star Infra have recently
secured two loans totaling $162 million to refinance two student housing
communities in the Washington state and Oregon.

The four-building community is in the south region of the campus, near the
former site of Cliff Apartments and is surrounded by Hollywood/Rose Hill,
Wales Garden and Wheeler Hill neighborhoods. The six-story buildings include
innovative study and classroom spaces, community kitchens and suite or
pod-style units. Additionally, Campus Village features The Pavilion, a
roughly 14,000-square-foot dining hall, 13 living and learning communities,
shuttle service, as well as a few retail options including The Gamecock
General Store, Jimmy John’s sandwich shop and a Starbucks. Additional campus
parking within walking distance is also available.

The impact of high interest rates and the reduced availability of debt
financing continue to impact the student housing market. The University of
South Carolina – Columbia remains among the nation’s top academic
institutions for student housing sales volume, with a total of $34.7 million
as of the first quarter, Yardi Matrix data shows.

Ceres Community Project purchases property for new headquarters

A specialty food nonprofit that tailor makes meals to meet individual
medical needs is expanding in Santa Rosa.

The land for Ceres Community Project’s future Santa Rosa headquarters was
officially purchased in late July, laying out the path for construction to
soon begin on the 18,500 square foot facility.

The new headquarters will be located in southwestern Santa Rosa near the
Kaiser Permanente Mercury Way location. The land was purchased for around $1
million, according to Ceres founder and CEO Cathryn Couch.

The project is expected to cost about $21 million with plans to break ground
in 2024 for a potential move-in by late 2025.

“We’re very far along in the actual building design and we expect to submit
for construction permits probably at the end of September,” Couch said.

Ceres prepares fresh meals for individuals who have dietary restrictions,
particularly those with health-related issues who can’t cook or shop for
themselves in Sonoma and Marin counties.

It also has a Youth Development Program centered around healthy eating and
community service that reaches around 300 youth each year, according to a
news release.

Ceres announced the expansion of its program with a new headquarters, named
The Center for Food, Youth & Community, earlier this year, which will allow
the nonprofit to serve four times as many clients, engage at least 50% more
youth and allow for additional nutrition and culinary education programs.

Couch told The Press Democrat in February that Ceres’ current sites don’t
have adequate refrigeration to store the volume of meals the nonprofit is
producing for its clients.

A news release said the demand for medically tailored meals in Sonoma and
Marin counties grew from providing 79,000 meals in 2019 to 203,000 meals in
2022.

Because of this, Ceres’ three kitchens have reached capacity and can’t be
renovated or expanded.

Ceres is also contracted with county operated emergency shelters in Sonoma
County to provide meals during emergencies. Couch said if an emergency were
to occur and Ceres needed to provide meals for county shelters, Ceres would
have to stop meal production for clients.

“We’re using all of our space now, essentially, for the meal program,” she
said. “The value of the new facility is we’re going to be able to do all of
those three things (client meals, emergency meals and nutrition education
program) at the same time.”

The new location will have a production kitchen, client resource center,
teaching kitchen, community spaces and offices, even on-site herb gardens.

Deborah Ramelli, a spokesperson for Ceres, said in February that the new
facility will allow the nonprofit to eventually deliver up to 800,000 meals
annually and increase volunteer opportunities. In 2022, Ceres had 582 adult
volunteers and 291 youth volunteers.

Couch said the new facilities will allow Ceres to engage up to 475 youth
volunteers and about 600 adult volunteers.

The Center for Food, Youth & Community will have a green building design
that is run 100% on electric power. It will have 30% coverage from on-site
solar and its own battery microgrid will be able to provide power during
peak hours.

“We’ll be able to reduce our overall energy use by at least 50%... and
reduce our carbon impact by 67% on a per-hour basis,” Couch said. “We’re
really thinking about community resilience building and in a really broad
way.”

Ceres will close its Santa Rosa and Sebastopol kitchens once operations have
moved to the new facility, but the Sebastopol garden and Novato kitchen will
remain open.

Construction starts on Brunswick athletic complex

A rendering of the Midcoast Athletic and Recreation Complex. Courtesy of the
Town of Brunswick

Construction has begun on the Midcoast Athletic and Recreation Complex at
Brunswick Landing, which will feature one of the biggest pickleball
facilities in the state.

Topsham-based Crooker Construction is building the $1.67 million first phase
of the complex, which includes eight pickleball courts, a skatepark and a
walking trail, all outdoors. It’s being built on a 10-acre field adjacent to
the Brunswick Recreation Center on land that was given to the town after the
Brunswick Naval Air Station closed — on the condition it be used for
recreation.

“This has been something that has been a long time coming,” said Sally
Costello, the town’s director of economic and community development, during
a groundbreaking ceremony last week.

A mix of public and private money was used to fund construction, including
$625,000 in federal Land and Water Conservation Fund grant money and
$600,000 in town recreation fees. The Maine Skateboard Association donated
$30,000, while Topsham-based Priority Real Estate Group and the Midcoast
Maine Pickleball Club donated $25,000 each.

“Brunswick will be the pickleball capital of Maine,” said John Coray,
ambassador for the Midcoast Maine Pickleball Club. “And I can guarantee you
when the ribbon is cut on those courts, they will be full, and they will be
full seven days a week.”

Construction is expected to be completed around the middle of 2024. The
pickleball courts will cost a nominal fee to the town to use, raising an
estimated $21,600 in annual revenue to cover $6,000 in operating expenses.
There will be no fee to use the skatepark or walking trail.

Advertisement

“The MARC is an investment in the community and one that’s going to benefit
Brunswick residents for a long time,” said Jim Howard, president and CEO of
Priority Real Estate Group. “It’s going to be a great asset.”

The next phase of the complex calls for a synthetic turf field, grass field,
two basketball courts, two tennis courts, a playground and a
concession/restroom building, estimated last year to cost around $5 million.
An aquatics center and ice rink are planned after.

“The vision for the MARC is to develop a right-sized outdoor complex that
meets the needs of a huge cross-section of the community,” said Mike Lyne,
chairperson of the MARC Advisory Committee.

The Town Council in June approved spending an additional $550,000 on
construction due to higher-than-expected labor costs. The council
appropriated $250,000 in federal coronavirus relief funds, $150,000 from
Bowdoin College’s annual contribution to the town and $100,000 in recreation
fees, among other sources, to cover the additional cost.

“This Recreation Commission and many before have had that continuing
foresight to move on this plan and not give up in spite of some hurdles,”
Tom Farrell, director of the Parks and Recreation Department, said, adding
the complex will be a “tremendous public benefit for decades and decades to
come.”

Invest Wisely!

Bulls n Bears 

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INVESTORS DIARY 2023

Company

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Date & Time

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August 23

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