What can we learn from redevelopment in the Motor City, a famous interstate, and local empty lots? How do TRIA and 1031 exchanges affect redevelopment? Also, meet the REach® Class of 2014 and learn why it matters to commercial members.
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In This Issue
Revitalization and redevelopment are terms that not only apply to commercial practitioners efforts in the Route 66 corridor in Tulsa and in Detroit, but also reflect NAR’s renewed efforts to promote the value of commercial real estate externally while also building support inside NAR, too.
Most of us associate Detroit with the automotive industry. But recent media reports also highlight a Detroit wrestling with bankruptcy and the decline of its automobile industry. What’s interesting is that the bankruptcy ﬁling by the city of Detroit, an unprecedented move, may actually have spurred new interest from foreign investors in both commercial and residential real estate.
Placemaking, simply deﬁned, is a way to transform a space where no one goes or avoids - i.e. a vacant lot - to a vibrant place where the community gathers and returns again and again, a farmer’s market, for example. NAR launched a Placemaking Initiative in 2013, introducing a Placemaking Guide, funding through a Placemaking Micro-grant and a series of educational webinars.
Reaching out to commercial real estate.
Whether consulting on investment opportunities, working with an economic development authority on a redevelopment project, or helping fill a vacant space for a building owner, RPR Commercial assists you in determining what businesses would be appropriate for a given location by looking at consumer spending data and seeing what business types are being underserved in the area.
Unless Congress takes action, the “Terrorism Risk Insurance Act of 2002,” (TRIA) expires at the end of 2014.