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Up To Speed

Is crowdfunding the future for real estate investment?

Is crowdfunding the future for real estate investment?.

Real estate in America has largely followed predictable funding patterns over time. This, however, appears to be shifting. In one recent example in Washington D.C., a pair of young developers are looking to empower a community with the opportunity to invest in developing a property in their own neighborhood. Some believe that this kind of deal could change the way real estate deals are brokered in the future. More from CityLab:

Real estate developments are typically financed by wealthy investors who live in the suburbs, or by Wall Street funds even farther away. In a neighborhood like Washington’s H Street Northeast corridor, this means that local projects often can’t find backing, or that far-flung investors put up safe, formulaic products in their place: say, “the glass shiny office/condo building that’s horrible,” Dan Miller says, grimacing.

This model – with its broken connection between a neighborhood’s desires and its investors’ bottom line – seemed to the brothers illogical. Why couldn’t people in the community invest in real estate right next door? Why couldn’t the Millers raise money to purchase a property on H Street from the very people who live there? The neighborhood is a quirky mix of barbershops and hip beer gardens. It’s not the kind of place that investors from wealthy Chevy Chase, Maryland, quite get.

Categories
Up To Speed

The days of the two-car household may soon be behind us

The days of the two-car household may soon be behind us.

As VMT continues to flat line and even decline, it also appears that car ownership is on its way out of style. We all know that young people aren’t getting their license as early as they once had, and are even forgoing it altogether in increasing fashion. But now, according to new economic predictions, the days of the two-car household may soon be behind us. More from Streetsblog USA:

In the U.S., says KPMG, car sharing companies like Zipcar, on-demand car services like Uber, and even bike-share will eat away at the percentage of households owning multiple vehicles, especially in major cities. Today, 57 percent of American households have two or more vehicles. KPMG’s Gary Silberg told CNBC that the share of two-car households could decrease to 43 percent by 2040.

In this scenario, KPMG predicts that the rise of “mobility services” will displace car ownership by providing similar mobility but without the fixed costs. The typical new car now costs $31,000 but sits idle 95 percent of the time. Given other options, Silberg told CNBC, many Americans will be happy to avoid that burden.

Categories
News Transportation

How is Tucson’s New Streetcar Line Performing Compared to Expectations?

H Street/Benning Road Streetcar Route

Construction on the first phase of the Cincinnati Streetcar system is well underway. While the project has been well documented in the media over the past decade, it is not often viewed from a perspective of where it stands in the national conversation.

Tucson recently opened their first modern streetcar line and their program administrator, Shellie Ginn, sat down with Jeremy Hobson from Here & Now to discuss their project. The two discuss both the pros and cons of such systems, while also highlighting the specific results being realized in Tuscon.

“We actually have higher ridership than we’d estimated. We have a lot more people riding that we hadn’t anticipated,” Ginn explained in terms of the perceived notion that only tourists would ride their streetcar. “We’ve had a really good response on taking advantage of the streetcar as well. It’s about a four mile line and it connects our University of Arizona Medical Center to some shopping districts that also connect to a downtown, and over to a western redevelopment area.”

Similarly, Cincinnati’s first modern streetcar line is 3.6 miles in length and connects a downtown, shopping districts, riverfront entertainment district and a neighborhood ripe for redevelopment. Should future phases extend the system to Uptown, it would connect the initial line with the University of Cincinnati, the region’s medical district and several other large employers and attractions. An extension across the river into Northern Kentucky would add additional shopping and entertainment districts as destinations.

Categories
News Transportation

Designs Released for Two-Way Street Conversions in East Walnut Hills

Following an open house held in late November, officials from Cincinnati’s Department of Transportation & Engineering (DOTE) have released preliminary drawings that illustrate how portions of E. McMillan Street and William Howard Taft Road will be converted from one-way to two-way streets.

The two-way street conversion is under consideration now and will take into account public comments submitted through December 1. This particular project is a continuation of earlier two-way conversions on these same streets in 2012.

At the time residents in East Walnut Hills resisted the two-way street conversion, which then instead progressed only within Walnut Hills. Due to the success of that traffic pattern conversion, City officials say, neighborhood residents and leaders in East Walnut Hills have asked for the full project to continue as originally planned.

This second segment would convert E. McMillan Street between Victory Parkway and Woodburn Avenue, and Woodburn Avenue between E. McMillan Street and Taft Road. Once completed, the total project will have converted both streets from Woodburn Avenue on the east to May Street on the west near I-71.

The potentially biggest change will come at the intersection of Woodburn Avenue and William Howard Taft Road. According to the drawings, the existing center island at the three-way intersection would be substantially reduced in size in order to accommodate the new traffic patterns. A smaller version of the existing island would remain after the conversion.

The project is supported by the Walnut Hills Redevelopment Foundation, and is located in an area that is experiencing an influx of new businesses and private investment.

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Month in Review News

Month in Review – November 2014

Corryville

Wasson Corridor Walk

In November, UrbanCincy readers enjoyed a collection of beautiful aerial photos of Cincinnati taken by Brian Spitzig. Two articles about the redevelopment of the Northern Liberties area of Over-the-Rhine were also quite popular. Our top five most popular posts, in descending order, were:

  1. Take a Look at These 20 Breathtaking Photos of Cincinnati’s Center City
    Brian Spitzig, an occasional contributor to UrbanCincy, recently took a flight around the inner city to take what turned out to be some incredible aerial photography. In part one of a two-part series, we share 20 of his photographs of Downtown and Over-the-Rhine.
  2. Check Out These 14 Amazing Images of Cincinnati’s Inner City Neighborhoods
    These 14 photographs capture views of the West End, Queensgate, Corryville, Mt. Auburn, Mt. Adams, Clifton Heights, Walnut Hills and University Heights.
  3. Findlay Market Ready to Work With Developers Poised to Transform Area Around It
    “The Corporation for Findlay Market expects to be heavily involved in all the new retail, working with property owners on product mix,” said Joe Hansbauer, President and CEO of Findlay Market. “We will be careful to make sure that competition exists, without diluting.”
  4. Film Center Renovation to be First Project in Northern Liberties for Urban Sites
    Over the next 18 months, Urban Sites will put together a development plan for the property. The company is considering office space or residential as potential uses for the building.
  5. An Indie Guide to Cincinnati During the Holidays
    Black Friday is over, but shoppers still have plenty of opportunities to support local businesses and find unique gifts.