Power Tools for Property Managers

According to a recent article in the Journal of Property Management, the supply of hurricane risk insurance fell by 70 percent from July 2005 to July 2006. During that same time, rates jumped as much as 250 percent for those accounts with heavy losses and catastrophe exposure. The lack of supply, coupled with rising rates, has created a host of problems for property managers. A spokesperson for the National Multi Housing Council in Washington D.C. recommends that real estate managers and owners provide underwriters with "detailed and honest data that might influence coverage."

Posted on November 30 at 04:13 PM | Permanent Link | Add a Comment (0)

Lumiere Place, Pinnacle Entertainment Inc.'s $430-million casino / hotel project in St. Louis, is slated to open in 2007. Located near the Gateway Arch, the development "includes two hotels and a casino with approximately 2,000 slot machines and 40 table games." In the future, Pinnacle Entertainment plans to add commercial and residential components to a 20-acre redevelopment area surrounding the casino and hotel. The hotel will consist of a 24-story tower that is illuminated at night, as well as an upgraded 297-room Embassy Suites already on the premises. Fine dining restaurants, as well as a large pool and garden area that overlooks the Arch and the city's skyline are planned, also.

Posted on November 20 at 11:59 AM | Permanent Link | Add a Comment (0)

A $70-million, environmentally friendly, transit-oriented condominium community recently broke ground in Atlanta. The one- and two- bedroom condos, ranging in price from the $180,000s to the high $300,000s, "will likely prevent about 890,000 lbs of CO2 from entering the atmosphere every year -- the equivalent of taking 309 cars off the road -- and "residents will also save $40 to $50 per month on utilties." Going environmental doesn't mean that amenities are sparse, either. The community provides residents a courtyard with sculptures, a fitness center, yoga room, clubroom with fireplace, two landscaped pool areas, and a walking trail.

Posted on November 14 at 03:42 PM | Permanent Link | Add a Comment (0)

Since 9/11, security measures at the New York Stock Exchange (NYSE) have been strict -- many nearby streets are closed to traffic, steel pylons are erected around the Big Board's perimeter, and the building is patrolled by guards with guns. Per NYSE's parent company, NYSE Group Inc., "the landlord for one of its buildings is arguing the NYSE is in default of certain lease covenants because of its massive security effort." According to those familiar with the matter, the security has made it challenging for other tenants, the landlord, and visitors to get into the building. Such a dispute exemplifies "the balancing act that firms face when juggling commerce with protecting employees"

Posted on November 6 at 03:37 PM | Permanent Link | Add a Comment (0)