Fairfield Connecticut Building Expert Directory

Home-Rentals Wall Street Made Say Grow or Go: Real Estate

July 23, 2014 — Heather Perlberg and John Gittelsohn – Bloomberg
Alexander Philips joined the rush to buy foreclosed U.S. homes four years ago, spending $40 million on houses in California and Nevada to operate as rentals. Now his firm, Twinrock Partners LLC, is getting ready to sell. “We didn’t want to be the last one standing when the music stopped,” Philips, 38, said in a telephone interview. “We view this as a trade, not as a business.” The U.S. home-rental industry, transformed over the past two years by Wall Street-backed companies that were built on the rubble of the housing crash, is poised to be reshaped again as landlords like Philips get out. Corporate owners with limited capital or deadlines to repay investors are now selling houses in bulk, or one by one, after a 26 percent surge in prices from a March 2012 low. For bigger firms, swallowing smaller competitors is among the best opportunities for growth as they shift their focus to managing scattered properties. Ms. Perlberg may be contacted at hperlberg@bloomberg.net; Mr. Gittelsohn may be contacted at johngitt@bloomberg.net Read the court decision
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Reprinted courtesy of Heather Perlberg and John Gittelsohn, Bloomberg

California Case Is a Reminder That Not All Insurance Policies Are Alike Regarding COVID-19 Losses

April 05, 2021 — Neal I. Sklar & Joshua A. Morehouse - Peckar & Abramson, P.C.
A recent case from the Central District of California reminds us that not all insurance policies are alike. Depending on the particular policy, losses from the COVID-19 outbreak could qualify as property damage and therefore could be recoverable under an all-risk insurance policy. COVID-19 has in many cases imposed significant costs on contractors, and in a host of ways. Contractors’ attempts to recover these costs from owners or insurers have at times been frustrated by contractual or policy language written after a lengthy time, during which the risk of a pandemic on the scale of COVID-19 was not as much of a concern as it is now. This has led contractors to explore new, often creative legal theories in their attempts to recover costs flowing from COVID-19. A recent Complaint filed in the Central District of California focuses on all-risk property insurance policies and the potential for contractors who have purchased such policies to classify contamination from COVID-19 as an insurable property loss. In AECOM v. Zurich Insurance Company, Case No. 2:21-cv-00237-JAK-MRW (C.D. Cal), a contractor purchased “all-risk” property insurance from Zurich. This policy covered “economic losses from all risks not expressly excluded.” According to the Complaint, the presence of COVID-19 on its properties “physically alter[ed] air, airspace, and surfaces preventing… (the contractor) from using its properties for their intended purpose and function.” Reprinted courtesy of Neal I. Sklar, Peckar & Abramson, P.C. and Joshua A. Morehouse, Peckar & Abramson, P.C. Mr. Sklar may be contacted at nsklar@pecklaw.com Mr. Morehouse may be contacted at jmorehouse@pecklaw.com Read the court decision
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The Prompt Payment Act Obligation is Not Triggered When the Owner Holds Less Retention from the General Contractor

October 27, 2016 — John P. Ahlers – Ahlers & Cressman PLLC
Most states have laws known as “prompt payment” statutes which govern the timing of payments on public works projects[i] from project owners to general contractors, and from general contractors to subcontractors.[ii] The purpose of these statutes is to ensure that contractors and subcontractors who may have less leverage than the project owners and prime contractors, respectively, are paid for their work on a timely basis. Prompt Payment Act cases are rare, and, since many of the prompt payment statutes are founded on the same principles, when we come across a Prompt Payment Act case, it is “blog worthy.” This dispute arose from the construction of the Exposition Light Rail Line Project connecting downtown Los Angeles with Culver City on which FCI/Fluor/Parsons (“FFP”) was the prime contractor, and Bloise Construction, Inc. (“Bloise”) was the excavation subcontractor to FFP. Under the prime contract, Expo,[iii] the owner, was permitted to withhold ten percent of the payments owed to FFP, and FFP, pursuant to its subcontract with Bloise, was entitled to also withhold ten percent of the payments to Bloise as retention. Read the court decision
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Reprinted courtesy of John P. Ahlers, Ahlers & Cressman, PLLC
Mr. Ahlers may be contacted at jahlers@ac-lawyers.com

Court Rules Planned Development of Banning Ranch May Proceed

June 10, 2015 — Kristian B. Moriarty and Lawrence S. Zucker II – Haight Brown & Bonesteel, LLP
In Banning Ranch Conservancy v. City of Newport Beach (filed 5/20/2015, No. G049691), the California Court of Appeal, Fourth District, held the Environmental Impact Report prepared by the City of Newport Beach for the partial development of Banning Ranch complied with California environmental protection statutes and local ordinances. Under the California Environmental Quality Act (“CEQA”), a city desiring to approve or carry out a project that may have significant effect on the environment must prepare an environmental impact report (“EIR”) designed to provide the public with detailed information about the effect which a proposed project will have on the environment. The California Coastal Act of 1976 provides for heightened protection of environmentally sensitive habitat areas (“ESHA”) defined as any “area in which plant or animal life or their habitats are either rare or especially valuable because of their special nature or role in an ecosystem and which could be easily disturbed or degraded by human activities and developments.” In 2006, the City of Newport Beach adopted a General Plan for the physical development of the city. The plan specifically identifies Banning Ranch as having significant value as a wildlife habitat and open space resource for citizens. The general plan includes a primary goal of complete preservation of Banning Ranch as open space. To the extent the primary goal cannot be achieved, the plan identifies a secondary goal allowing limited development of Banning Ranch “to fund preservation of the majority of the property as open space.” The plan also requires the City to coordinate any development with the state and federal agencies. Reprinted courtesy of Kristian B. Moriarty, Haight Brown & Bonesteel LLP and Lawrence S. Zucker II, Haight Brown & Bonesteel LLP Mr. Moriarty may be contacted at kmoriarty@hbblaw.com; Mr. Zucker may be contacted at lzucker@hbblaw.com Read the court decision
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Hunton Insurance Recovery Partner Michael Levine Quoted on Why Courts Must Consider the Science of COVID-19

March 15, 2021 — Latosha M. Ellis & Matt Revis - Hunton Insurance Recovery Blog
One year into the COVID-19 pandemic, courts have issued hundreds of rulings in COVID-19 business interruption lawsuits, many favoring insurers. Yet those pro-insurer rulings are not based on evidence, much less expert opinion evidence. For insurers, ignorance is bliss. Despite early numbers in federal courts favoring insurers (state court decisions actually favor policyholders), the year ahead holds promise for policyholders. Fundamental science is the key. Indeed, as researchers continue to broaden their knowledge about COVID-19, it has become increasingly clear that scientific evidence supports coverage for policyholders’ claims. Reprinted courtesy of Latosha M. Ellis, Hunton Andrews Kurth and Matt Revis, Hunton Andrews Kurth Ms. Ellis may be contacted at lellis@HuntonAK.com Read the court decision
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Multisensory Marvel: Exploring the Innovative MSG Sphere

August 14, 2023 — Aarni Heiskanen - AEC Business
The U.S. entertainment industry keeps amazing me. The first Disneyland opened in 1955, and ever since the industry has created experiences that amazingly combine architecture and technology. The latest example is the MSG Sphere which will open its doors in Las Vegas, Nevada, on September 29, 2023. It is a large-scale immersive entertainment space hosting various events, concerts, competitions, and residencies from the world’s biggest artists. The world’s largest spherical structure The MSG Sphere was initially a partnership between the Madison Square Garden Company (MSG) and Las Vegas Sands Corporation, which Apollo Global Management later replaced. The project’s final construction costs were $2.3 billion. Read the court decision
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Reprinted courtesy of Aarni Heiskanen, AEC Business
Mr. Heiskanen may be contacted at aec-business@aepartners.fi

Insurer Granted Summary Judgment on Faulty Workmanship Claim

October 20, 2016 — Tred R. Eyerly – Insurance Law Hawaii
The federal district court found no coverage for the insured developer after water intruded into the homeowners' basements. W. Bend Mut. Ins. Co. v. Cleland Homes, 2016 U.S. Dist. LEXIS 108030 (N.D. Ind. Aug. 16, 2016). The underlying complaint alleged that the subdivision was designed to create a run off of ground water onto the lots where Cleland built plaintiffs' homes. The design of the subdivision and construction of the homes was defective in that the plaintiffs' homes were situated so that the water table underneath their homes was so high that their basements flooded and damage occurred to the structure of their homes. Cleland was allegedly negligent in designing and/or constructing the homes or negligent in the water drainage plan for the subdivision. Read the court decision
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Reprinted courtesy of Tred R. Eyerly, Insurance Law Hawaii
Mr. Eyerly may be contacted at te@hawaiilawyer.com

Denver Airport's Renovator Uncovers Potential Snag

March 04, 2019 — Nadine M. Post - Engineering News-Record
The renovation of the Great Hall of Denver International Airport’s iconic Jeppesen Terminal, roofed by a series of peaked tensile tents that echo the nearby mountains, has hit a bump. Routine but limited concrete testing of the nearly quarter-century-old terminal’s elevated floor slab, to determine whether the floor could support crane loads, shows the compressive strength of the concrete in certain sections is lower than was specified for the original project, more than 25 years ago. Read the court decision
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Reprinted courtesy of Nadine M. Post, ENR
Ms. Post may be contacted at postn@enr.com

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