Envy Apartment

See more of the story When Lee Stotts was born in 1968, his parents took him to the cleaners. They brought their newborn straight from the hospital to Edina Cleaners , the family’s longtime business in Edina’s Morningside neighborhood, before they even took him home. “This was my playground,” Stotts, now 49, said. “This is where I spent my entire life. I’ve lived and breathed this company, this location, my entire life.” But now Stotts, in the wake of his father’s death last year and facing slower business , has decided to sell the building to a developer who wants to build a five-story mixed-use structure there. The plans are creating tension in the peaceful neighborhood, where neighbors are wary of the project’s height and density and worry it could set a precedent for more such development at 44th Street and France Avenue. Bob Kearney, who moved to Morningside 30 years ago , said he realizes that “it’s not going to be 1950s Morningside here forever.” “But everybody is also aware tha...

MONTCLAIR, NJ - The Montclair Planning board met on Monday night to discuss adjustments made to the plans for the redevelopment of the former Diva Lounge on Bloomfield Ave. This building, which has been uninhabited for many years except for an auto repair business , is expected to be transformed into a mixed used facility containing both apartment buildings and retail space. However, many residents and planning board members have expressed concern regarding its size and the impact that it would have on the surrounding community. Christine A. Nazzaro-Cofone, PP, AICP presented her report to the planning board . According to the revised plan, the site will now contain 11 apartments and 3600 square feet of retail space, rather than 19 units as previously proposed. Sign Up for E-News “All of the uses that are proposed on this application are permitted as of right in your C1 district so there is no issue with use, density or height,” she said. The plan is also proposing 19 parking spaces...

A few dozen people spent their lunch hour Aug . 22 discussing City of Carmel projects as part of the Carmel Small Business Network . Carmel Mayor Jim Brainard spoke in the city council chambers about issues such as property taxes, debt and proposed projects such as purchasing an antique carousel and constructing a luxury hotel. Brainard told the group of business owners he’s sending his 2018 budget to the Carmel City Council and that he expects the tax rate to remain flat. He defended his plan to spend approximately $5 million to acquire an antique carousel built in 1907. “It will make it a more interesting visit to Carmel,” he said. Brainard also explained how it makes financial sense for the city to become part owners of a luxury hotel in the Carmel City Center area . He said most hotel chains wants to see big returns on investment, and the city is happier with smaller profit margins from the hotel because of what it will mean for economic development. “If we’re going to g...

Lon Horwedel | AnnArbor.com Ann Arbor’s Hidden Valley Club apartment complex is a local example of a $ 70 billion national real estate problem : Securitized commercial loans that are in default. A foreclosure notice on the 324-unit complex near Briarwood was filed in late April, despite months of ongoing conversations initiated by the owner to modify the loan. The loan itself - which totals $18.1 million - is complicated, since it’s one among billions in real estate investments that were repackaged and sold to Wall Street investors during years of peak real estate prices . So are the circumstances behind the loan default, said Hidden Valley Club co- owner Jeff Starman . The most obvious is the drop in the property’s value as rental rates fell below levels to cover loan payments . Other factors include a national real estate climate in which banking consolidations after the lending crisis and the sheer volume of properties in securitized loans - known as Commercial Mortgage B...