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Real Estate & Construction News Roundup (05/23/23) – Distressed Prices, Carbon Removal and Climate Change

June 05, 2023 — Pillsbury's Construction & Real Estate Law Team - Gravel2Gavel Construction & Real Estate Law Blog
In this week’s roundup, we consider distressed property bonds and loans, cities that are sinking under their own skyscrapers, efforts to lower carbon emissions, the unexpected potential of dirty diapers as a building material, and so much more. Globally, more than $190 billion of property bonds and loans are trading at distressed prices, a result of China’s real estate woes. (Alice Huang and Erin Hudson, Bloomberg) PacWest Bancorp sees a stock market boost as it announces the sale of its real estate loans, valued at around $2.6 billion. (Jaiveer Shekhawat and Chibuike Oguh, Reuters) New construction home sales exceeded expectations for April while existing home sales dropped. (Anna Bahney, CNN) Read the court decision
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Reprinted courtesy of Pillsbury's Construction & Real Estate Law Team

Washington Supreme Court Interprets Ensuing Loss Exception in All-Risk Property Insurance Policy

May 20, 2024 — David G. Jordan & William E. Phillips IV - Saxe Doernberger & Vita, P.C.
The "ensuing loss" clause is a provision that restores coverage for property insurance claims that are subject to certain policy exclusions, such as “faulty workmanship” and “faulty design.” It applies in cases where there is damage from a covered cause of loss that ensues, or results from, the excluded cause of loss. Courts across jurisdictions have grappled with interpreting the breadth of this clause, leading to varying conclusions regarding its scope and applicability. One of the primary challenges in interpreting “ensuing loss” lies in determining the ultimate cause of damage. Courts must ascertain whether the ensuing loss is sufficiently distinct from the excluded event to warrant coverage under the policy. This analysis often hinges on whether the cause of loss is thought to constitute a separate and independent occurrence or is merely a continuation or exacerbation of the excluded event. Reprinted courtesy of David G. Jordan, Saxe Doernberger & Vita, P.C. and William E. Phillips IV, Saxe Doernberger & Vita, P.C. Mr. Jordan may be contacted at DJordan@sdvlaw.com Mr. Phillips may be contacted at WPhillips@sdvlaw.com Read the court decision
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Housing Starts Plunge by the Most in Four Years

March 19, 2015 — Bloomberg News
(Bloomberg) -- Housing starts plummeted in February by the most since 2011 as plunging temperatures and snow became the latest hurdles for an industry struggling to recover. Work began on 897,000 houses at an annualized rate, down 17 percent from January and the fewest in a year, the Commerce Department reported Tuesday in Washington. The pace was slower than the most pessimistic projection in a Bloomberg survey of 81 economists. “Today’s report leaves me a little concerned,” said Michelle Meyer, deputy head of U.S. economics at Bank of America Corp. in New York. “While the initial reaction is to dismiss much of the drop because of the bad weather, the level of home construction continues to be depressed.” Read the court decision
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Reprinted courtesy of Bloomberg News
Michelle Jamrisko may be contacted at mjamrisko@bloomberg.net

Amazon HQ2 Puts Concrete on an Embodied Carbon Diet

January 17, 2022 — Nadine M. Post - Engineering News-Record
Before the ground-breaking for Amazon’s 2.1-million-sq-ft Metropolitan Park office development across the Potomac River from the nation’s capital, Clark Construction Group’s John Swagart and Jeff King walked door to door, introducing themselves to shopkeepers near the MetPark site. The good-will ambassadors were pounding the pavement to inform MetPark’s neighbors of the plan to dig a 50-ft-deep hole—710 ft x 310 ft—and create two 22-story buildings. Reprinted courtesy of Nadine M. Post, Engineering News-Record Ms. Post may be contacted at postn@enr.com Read the full story... Read the court decision
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Ohio Does Not Permit Retroactive Application of Statute of Repose

October 08, 2014 — Beverley BevenFlorez-CDJ STAFF
Don Gregory of Kegler Brown Hill + Ritter (published in Association of Corporate Counsel) reported that while Ohio currently has a statute of repose, the Supreme Court of Ohio recently ruled in a case where the development was built in 1990 but the defects weren’t discovered until 2003 that the statute of repose did not apply since “Ohio had no enforceable statute of repose in 2003 (it had been declared unconstitutional).” Gregory stated that “[t]his case means that some construction defect claims, by condo associations or others, may survive even though construction was completed more than a decade ago.” Read the court decision
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Broker's Motion for Summary Judgment on Negligence Claim Denied

July 30, 2018 — Tred R. Eyerly - Insurance Law Hawaii
After being sued for negligence for failing to secure proper coverage, the broker was unsuccessful in seeking dismissal by way of summary judgment. Liverman Metal Recycling, Inc. v. Arthur J. Gallagher & Co., 2018 U.S. Dist. LEXIS 87957 (E.D. N.C. May 25, 2018). Plaintiffs were two companies, Empire and Liverman, that processed scrap metal. They were in the process of merging under a management plan by which Empire would acquire Liverman. As part of the plan, Empire's employees were moved on to Liverman's payroll processing system. Concurrently, Liverman renewed its workmen's compensation policy. Defendant Arthur J. Gallagher & Company, an insurance broker, handled the renewal with the insurer, Bridgefield Insurance Company. Read the court decision
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Reprinted courtesy of Tred R. Eyerly, Damon Key Leong Kupchak Hastert
Mr. Eyerly may be contacted at te@hawaiilawyer.com

New Law Impacting Florida’s Statute of Repose

June 29, 2017 — Meredith N. Reynolds & K. Stefan Chin – Peckar & Abramson, P.C.
On June 14, 2017, Governor Scott signed House Bill 377 into law, clarifying that Florida’s ten-year Statute of Repose commences either when the work is completed or when final payment becomes due, whichever is latest. The new law resolves a problem for contractors created by a recent Florida court ruling that held the Statute of Repose to commence as late as when the owner made final payment. The applicable amendments to Florida Statute Section 95.11 take effect on July 1, 2017 and apply to all causes of action that accrue on or after that date. Perhaps the most critical component of a construction professional’s risk management program is the length of time that it is liable for the work performed on a project. While contractual warranty periods typically run one or two years from substantial completion, the true length of a contractor’s post-completion obligation is measured by the “Statute of Repose,” which establishes the period of time following the completion of construction that a lawsuit can be filed for construction defects. Reprinted courtesy of Meredith N. Reynolds, Peckar & Abramson, P.C. and K. Stefan Chin, Peckar & Abramson, P.C. Ms. Reynolds may be contacted at mreynolds@pecklaw.com Mr. Chin may be contacted at kschin@pecklaw.com Read the court decision
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Is a Violation of a COVID-19 Order the Basis For Civil Liability?

April 20, 2020 — Robert Devine, James Burger & Douglas Weck - White and Williams
Thinking about ignoring your state or local COVID-19 shutdown orders? Think again. Social-distance measures may create a new source of liability for businesses operating during the COVID-19 pandemic. Infection-based litigation is normally limited to businesses operating in the healthcare sector. But, social-distancing measures to stop the spread of infection may expand that litigation to other sectors. State and local governments across the country are taking extraordinary measures to combat the spread of COVID-19, a novel coronavirus that can cause life-threatening respiratory illness. Those measures encourage and even mandate “social distance” between people to limit physical transmission of the virus. Hard-hit states like New York, New Jersey, Pennsylvania and California have been aggressive in their responses, shuttering businesses, confining people to their homes, and requiring people to stay six feet apart. Common mandates include: quarantines, business and school closures, stay-home orders, curfews, travel restrictions, occupancy limits and physical-distance mandates, among other things. Reprinted courtesy of White and Williams attorneys Robert Devine, James Burger and Douglas Weck Mr. Devine may be contacted at deviner@whiteandwilliams.com Mr. Burger may be contacted at burgerj@whiteandwilliams.com Mr. Weck may be contacted at weckd@whiteandwilliams.com Read the court decision
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