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Real Estate & Construction News Roundup (1/30/24) – Life Science Construction to Increase, Overall Homeownership Is Majority Female, and Senators Urge Fed Chair to Lower Interest Rates

February 26, 2024 — Pillsbury's Construction & Real Estate Law Team - Gravel2Gavel Construction & Real Estate Law Blog
In our latest roundup, hospitality and real estate companies create living options, SEC questions some financial institutions on exposure to risks from CRE, renting shows signs of overtaking buying in the housing market, and more!

For generations, buying has almost always been favored over renting when it comes to housing, but with a tough real estate market, that might be changing. (Geoff Bennett and Dorothy Hastings, PBS)
Single women own more homes than single men, and overall homeownership is now majority female. (Brianna Crane and Alice Feng, Axios)
The SEC is asking smaller financial institutions, including community and regional banks, about their exposure to risks from commercial real estate in their loan portfolios. (S.J. Steinhardt, The New York State Society of CPAs)

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Reprinted courtesy of Pillsbury's Construction & Real Estate Law Team

ConsensusDOCS Updates its Forms

October 21, 2015 — Christopher G. Hill – Construction Law Musings
As reported recently in ENR Magazine, among other publications, the ConsensusDOCS folks have updated their contract forms. Why is this news? First of all, it’s only been around three and a half years since these documents were officially released and this release is about 18 months sooner than anticipated (the original revision cycle was to be 5 years). Why the revision? According to my friend and counsel to ConsensusDOCS, Brian Perlberg, one major rationale is that “the economics of the construction industry today looks nothing like it did [in 2007.” Among the changes are several terminology changes (“constructor” instead of “contractor” for instance), the addition of mandatory green building design as a basic service (these forms already have a Green Building Addendum) if included in the Owner’s plan and the ability to provide for prevailing party attorney fees (before both sides of a dispute bore their own fees). Read the court decision
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Reprinted courtesy of Christopher G. Hill, Law Office of Christopher G. Hill, PC
Mr. Hill may be contacted at chrisghill@constructionlawva.com

Proximity Trace Used to Monitor, Maintain Social Distancing on $1.9-Billion KCI Airport Project

September 07, 2020 — Jeff Yoders - Engineering News-Record
In order to maintain social distancing on site, steel erector National Steel City of Plymouth, Mich., is using the Proximity Trace wearable sensor from Triax Technologies on the $1.9-billion Kansas City International Airport (KCI) single-terminal reconstruction project. Jeff Yoders, Engineering News-Record Mr. Yoders may be contacted at yodersj@enr.com Read the full story... Read the court decision
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Do We Need Blockchain in Construction?

June 22, 2020 — Cristina Savian - AEC Business
Blockchain technology claimed to have the potential to disrupt many aspects of how companies do business. And like other emerging technologies, I have been exploring its uses, benefits and assessing its potential opportunities in the construction industry. If like me, you have been wondering what it is and if its applications are limited to financial services and cryptocurrencies; you will be pleasantly surprised to discover that it has a lot more applications with exciting opportunities for our sector too. Blockchain could have a significant impact on our industry. In writing this article I have discovered that the Australian government is full steam ahead, that many organisations are currently building their own blockchain networks and that it is something that businesses right across the built environment should be preparing for now. But more on that soon, first we need to define what blockchain is. Read the court decision
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Reprinted courtesy of Cristina Savian, AEC Business

S&P Near $1 Billion Mortgage Ratings Settlement With U.S.

January 14, 2015 — Tom Schoenberg and Edvard Pettersson – Bloomberg
Standard & Poor’s is close to a settlement of about $1 billion with the U.S. for allegedly misleading investors about its ratings of mortgage-backed securities before the subprime crisis, a person familiar with the matter said. The McGraw Hill Financial Inc. (MHFI) unit and the Justice Department may agree to settle the case as early as this quarter, according to the person, who asked not to be identified because the negotiations are confidential. The Justice Department has secured settlements worth tens of billions of dollars during the past two years from mortgage lenders and banks it blamed for the 2008 financial crisis. Those companies generated unprecedented amounts of shoddy mortgages that were packaged and sold to investors as securities, many of which turned out to be worthless despite their investment-grade ratings. Mr. Schoenberg may be contacted at tschoenberg@bloomberg.net; Mr. Pettersson may be contacted at epettersson@bloomberg.net Read the court decision
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Reprinted courtesy of Tom Schoenberg and Edvard Pettersson, Bloomberg

Brookfield Wins Disputed Bid to Manage Manhattan Marina

January 28, 2015 — Martin Z Braun – Bloomberg
(Bloomberg) -- Brookfield Property Partners won a bid to run a marina in New York’s Battery Park City neighborhood over the objections of residents backing a local businessman who operated the facility and a popular sailing club and school. The state’s Battery Park City Authority voted Thursday to approve a 10-year agreement with Brookfield, which owns an adjacent 8 million-square-foot office and retail complex. Brookfield is bringing in billionaire real estate investor Andrew Farkas’s Island Global Yachting to manage the North Cove Marina. Read the court decision
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Reprinted courtesy of Martin Z Braun, Bloomberg
Mr. Braun may be contacted at mbraun6@bloomberg.net

Protect Projects From Higher Repair Costs and Property Damage

March 04, 2024 — Michael Teng - Construction Executive
Every aspect of a jobsite costs more today, from materials and labor to tools and equipment. Take construction input costs for example. While relatively flat in 2023, they remain almost 40% higher than they were pre-pandemic. With borrowing costs still high in the face of a stubbornly strong economy, project financing will remain a challenge. Still, contractors are expected to break more ground in 2024, fueled in part by the CHIPS Act, the Inflation Reduction Act and the Infrastructure Investment and Jobs Act. Despite wages growing and the labor market remaining tight, many businesses are expected to dive deeper into their backlogs. Meanwhile, the economy is expected to grow with a chance for a short and mild recession. As industry leaders gauge economic pressures, it’s clear businesses must manage their costs—and financial risks in 2024. It’s a year where insurance and safety should take priority. Below are economic trends to monitor, and insurance strategies to help protect this year’s bottom line. Reprinted courtesy of Michael Teng, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved. Read the court decision
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Breach of an Oral Contract and Unjust Enrichment and Implied Covenant of Good Faith and Fair Dealing

December 23, 2023 — David Adelstein - Florida Construction Legal Updates
In an ideal world, parties would have written contracts. In reality, parties should endeavor to ensure every transaction they enter into is memorialized in a written contract. This should not be disputed. Of course, written contracts are not always the case. Parties enter transactions too often whereby the transaction is not memorialized in a clean written agreement. Rather, it is piecemealing invoices, or texts, or discussions, or proposals and the course of business. A contract can still exist in this context but it is likely an oral contract. Keep in mind if there is a dispute, what you think the oral contract says will invariably be different than what the other party believes the oral contract says. This “he said she said” scenario gets removed, for the most part, with a written contract that memorializes the written terms, conditions, and scope. A recent federal district court opinion dealt with the alleged breach of an oral contract. In Movie Prop Rentals LLC vs. The Kingdom of God Global Church, 2023 WL 8275922 (S.D.Fla. 2023), a dispute concerned the fabrication and installation of a complex, modular stage prop to be used for an event. But here lies the problem. The dispute was based on an oral contract and invoices. The plaintiff, the party that was fabricating the modular stage prop, sued the defendant, the party that ordered the stage prop for the event, for non-payment under various claims. The defendant countersued under various claims. Read the court decision
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Reprinted courtesy of David Adelstein, Kirwin Norris, P.A.
Mr. Adelstein may be contacted at dma@kirwinnorris.com

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