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Life at the intersection of public private partnerships, economic development and entrepreneurship.

Friday, February 17, 2012

Once the Economy Turns Around, Will Declining Opinions on Homeownership Bounce Back?

We're big fans of the Urban Land Institute here at Mosaic, and we found a conference from earlier this winter to be particularly insightful... and relevant to our current work. From November 29-30, ULI hosted the 2011 Terwilliger/Rose Center Forum on Multifamily Housing in Houston, TX. Titled “Putting Investment and Development Prospects in Perspective, " the two-day event included commentary from top experts in policy and economics, project presentations, and local tours that highlighted best practices and innovative development projects.

According to survey feedback from attendees, one of the most popular and thought-provoking lectures was by Doug Duncan, Chief Economist for Fannie Mae. The presentation discussed residential market trends heading into 2012, and emphasized the the downturn's negative affect on homeownership... a concept directly related to an earlier blog post of ours (entitled "Young Folks Aren't Buying Houses: So What Does That Mean?"). And this concept of multifamily ownership vs. rentership outlook ties into a current project of ours in which we are helping a nonprofit organization decide how to best redevelop a portion of its aging housing stock.

Some takeaways from Duncan's presentation:

  • The US is getting older, but the age distribution is pretty uniform:
  • The West is younger than the East:
  • Homeownership rates reflect this age disparity (i.e., more people own on the East Coast):
  • 70% of people believe now is a good time to buy (10% believe now is a good time to sell)
  • Most people believe that the worst is over for their own personal finances: 36% believe their own personal finances are going to get better next year, 18% believe it’s getting worse
  • However, consumer outlook is negative about the overall economy: 77% believe the economy is on the wrong track, 16% believe it’s on the right track.
  • While the trend toward rentership continues to grow...
  • 70% still believe “ownership is superior to renting.”

My question is: once the economy turns around, to what extent will opinions on homeownership bounce back?

You can view Doug Duncan's full presentation and links to many other great presentations from the forum here:

Wednesday, February 1, 2012

Should PG deny New D if it isn't TOD??

Morning PPPers, Detroiters and those of you who are mourning the passing of Don Cornelius, a soul music icon...

Today's blog title and post is sparked by an article we just read on the Greater Greater Washington blog, where the author argues that "The county can't keep approving the wrong type of development in the wrong locations just because a particular property owner or developer wants it."

When the writer refers to "wrong type of development" he is arguing that Prince George's County should deny re-zoning approval to a proposed Cafritz development (including a Whole Foods) on a site that the author alleges has mediocre (at best) transit access.

What do you think? In a county that needs new development, new retail, and new residents, should the County only approve large-scale redevelopments where the development is transit-oriented or at least transit-adjacent?

Wednesday, January 25, 2012

Mosaic 2011 Updates and 2012 Announcements!

In 2011,

Mosaic advised on projects with est. development costs of $1.4 billion


IN DETROIT…






Left: Managing Partner Calvin Gladney with Detroit Mayor Dave Bing. Right: Mosaic helped create an urban revitalization strategy for this Detroit commercial corridor.



IN WASHINGTON, DC…








Left: Mosaic performed market, fiscal impact and implementation analysis fo
r the Walter Reed Army Medical Center Re-Use Plan. Right: Historic building targeted for adaptive reuse at the Walter Reed site




IN EAST BALTIMORE…

Mosaic is providing urban retail services, market analysis and implementation advice on the 80-acre, Forest City/Johns Hopkins-led East Baltimore Development Initiative.





Project neighborhood near Johns Hopkins University


In 2012, (Our 5th year of business!) Mosaic expands its reach…


TO OAKLAND, CALIFORNIA…

Mosaic will help the City of Oakland, California create a new retail corridor revitalization strategy for its main street, Broadway (thanks, ULI!).

Neighborhood map along Broadway


INTO MORE DEVELOPMENT…