A Hub-bub in the Bronx

East, East Coast
Wednesday, June 30, 2010
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The city wants to turn the two lots bisected by the subway into a new mixed-use commercial center—a hub for the Hub.

Of all five boroughs, the Bronx arguably fell the furthest during New York City’s 1970s collapse (the decade that saw the infamous burning) while it has not seen nearly the revival of Brooklyn or Queens in recent years. There’s the new Yankees Stadium, and the Grand Concourse remains resurgent, but there is still much to be done. The city’s Economic Development Corporation is hoping to nudge things along just a bit east at the Hub, an architecturally and historically rich area centered around the intersection of 149th Street, Third Avenue, and Melrose Avenue. On two lots covering 112,000 square feet where the 2/5 Trains shoot out of the ground, the city is hoping to create a new mixed-use retail center that can anchor the area’s continued redevelopment. Read More

Bad News For LA: Estolano Out!

West
Thursday, November 5, 2009
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Estalano

Estalano

We’ve just learned thanks to the LA Times and Curbed that LA Community Redevelopment Agency (CRA/LA) CEO Cecilia Estolano is stepping down from her post at the end of this month. Estolano was widely-praised for her aggressive moves to promote affordable housing, turn around struggling neighborhoods, establish a Clean Tech corridor in Downtown LA, and bolster the agency’s funding, even in difficult economic times. We just ran a Q+A with Estolano in our last issue, which can be read here. Estolano is reportedly taking a job with Green For All, an Oakland-based environmental group focused on generating green jobs in underserved neighborhoods. We’re trying to get a follow-up with Estolano now, so stay tuned…

Redeveloping Round 2

West
Tuesday, September 29, 2009
.
For the time being, redevelopment funds are flowing once again from Sacramento.

For the time being, redevelopment funds are flowing once again from Sacramento.

Yesterday, the California Redevelopment Association celebrated another victory, as the state decided against pursuing its appeal of an April decision in Sacramento Superior Court that kept the Legislature from seizing $350 million from the association’s 397 member agencies. That money was meant to cover a shortfall in the 2008-2009 state budget, but at the cost of the agencies operations. As we reported early last month, however, the state has done it again this year, attempting to tae $2.1 billion from the various redevelopment agencies, which work on economic development projects, affordable house, and, as Cecilia Estolano explained last week, brownfield remediation. Association president John Shirey hopes yesterday’s victory is a sign of continued success. “One down, one to go,” he said in a release. But according to the Contra-Costa Times, the state remains undaunted, believing it has crafted this years bill in a way that avoids the constitutional pitfalls of the previous effort.

See The Chops For Yourself

West
Wednesday, July 29, 2009
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Finally, the (budget) sun sets on the California State Capitol in Sacremento. (Courtesy terragalleria.com)

California has finally solved its budget impasse, but it wasn’t pretty. Many programs have been cut, including several that affect architects. To see a summarized version of the gruesome details, go here. Among the cuts, 100 state parks will now be closed and $1.7 billion in statewide redevelopment funds will be shifted to schools. Yikes.  That’s not to mention $52.1 million cut from AIDS programs, $50 million cut from the Department of Health Care Services, and $50 million in services for young children.

Rough Sailing

Other
Wednesday, November 12, 2008
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Thirty-five cents. One quarter, one dime. That’s how much—or how little—it cost to buy one share of stock in General Growth Properties at the end of trading today.

It’s been a rough year for the 54-year-old mall developer and operator as it stock has tumbled—in concert with the real estate and retail markets—from a high of $67 per share in March 2007. Yet that stock was still valued at $38 as recently as June 18, when the company announced its plans for new South Street Seaport. Even when it presented those plans to the Landmarks Preservation Commission on October 21, when the stocked closed at $4.84, GGP remained confident in the future of the project. But that was before Monday’s report in The Wall Street Journal that General Growth might file for bankruptcy. Read More

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