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B. Other Potential Reasons TIF Stalled in North Carolina. In addition to the multiple alternative financing schemes available in North Carolina, a number of other environmental factors may have contributed [...]

INTRODUCTION While traveling Interstate 95 in Eastern North Carolina, near the tributaries of Lake Gaston, passing motorists are often struck by an ornate building rising out of an otherwise barren [...]

This article analyzes capital switching practices in the real estate development sector. The leading practitioners in Canada, the Canadian-based real estate companies, are the subject of this inquiry. The tradability and divisibility of real estate properties enhance the growing similarity between real estate properties and other financial assets. It is appropriate to talk about portable real estate portfolios because companies constantly rearrange their property composition. This article emphasizes the `three dimensions of capital switching'. These dimensions unpack significant corporate considerations in the deployment and redeployment of capital, namely, mode of operation, property type and location. With respect to office development, the trajectory of the major real estate companies over the last 20 years has accommodated two notable shifts. First, these companies have focused on larger and newer properties, disposing of their smaller and older assets. Second, they have funneled a growing share of their capital assets into the top-tier cities of the Canadian urban system, reducing investment in other metropolitan areas and disinvesting in the small-to-medium sized cities. Cet article analyse les pratiques de permutation de capitaux dans le secteur de la promotion immobiliere. L'etude porte sur les principaux acteurs canadiens, c'est-a-dire les societes immobilieres basees au Canada. Les possibilites de commercialisation et de division des biens immobiliers accentuent leur similitude avec d'autres actifs financiers; on peut parler de portefeuilles immobiliers transferables puisque les societes reajustent constamment la composition de leurs biens. Cet article souligne les `trois dimensions de la permutation de capitaux'. Celles-ci expriment d'importants criteres de reflexion pour les entreprises quant a l'utilisation et la reconversion du capital, a savoir le mode d'exploitation, le type de bien et son emplacement. En ce qui concerne l'exploitation de bureaux, les grandes societes immobilieres ont connu, au cours des 20 dernieres annees, deux tournants importants dans leur ligne de conduite. Tout d'abord, elles se sont consacrees a des biens plus grands et plus recents en se debarrassant de leurs actifs anciens et de petite taille. Ensuite, elles ont concentre un part croissante de leurs immobilisations dans les grandes villes cotees du systeme urbain canadien, reduisant leur investissement dans les autres zones metropolitaines et desinvestissant dans les villes de petite et moyenne envergure.

The author discusses the equitable apportionment doctrine in relation to the taxation of real estate development costs, which requires developers to receive tax benefits from improvement depreciation, rather than tax deductions when residential lots are sold, where the developer retains proprietary rights.

The author examines mezzanine financing and land banks, including their tax and accounting concepts, as means of residential real estate development financing in comparison to conventional financing methods.

A study was conducted of the policies of top multiple retailers in the UK in terms of property development, ownership and investment. The results indicate that retail development sunk costs at entry and exit are usually incurred by companies outweighed by the long-term growth of land and property values in the UK. Therefore, sunk costs in retail development may not be as significant as in other types of private enterprise.

This article develops an equilibrium framework for strategic option exercise games. I focus on a particular example: the timing of real estate development. An analysis of the equilibrium exercise policies of developers provides insights into the forces that shape market behavior. The model isolates the factors that make some markets prone to bursts of concentrated development. The model also provides an explanation for why some markets may experience building booms in the face of declining demand and property values. While such behavior is often regarded as irrational overbuilding, the model provides a rational foundation for such exercise patterns. (Reprinted by permission of the publisher.)

The government has announced an extra pounds 150 million for its Get Britain Building fund, which seeks to kick-start work on stalled development sites. The funding brings the total for [...]

Boscastle, the Cornish village devastated by flash floods in August 2004, has secured pounds 1.5 million to help its regeneration. The money includes European Objective 1 funding and will be [...]

Plans for an pounds 80 million business park at East Thamesmead in south-east London have been given the go-ahead. The Tilfen Land development will deliver a 4,645m2 facility providing industrial [...]

Public employee pension funds have emerged as major sources of investment dollars for real estate development. The size of these funds has prompted periodic, but intense, interest in diverting some portion of the resources controlled by fund managers into socially desired investments. While there is a wide range of possible investments that could be classified as socially desirable, a commitment of a portion of the available resources to the redevelopment of metropolitan areas could have an important impact on deteriorating communities and areas that have struggled to attract resources from other investors. This article looks at the issue of social investing, past assessments of the investment strategies of pension funds, and then analyzes the real estate investments made by a group of large public employee pension funds in different states. In noting that the support for redeveloping deteriorating areas is, unfortunately, still lagging, a policy option is presented to increase the level of performance and measure its success.

Ashford in Kent should accommodate 13,100 homes by 2016 in an expansion plan that will cost more than pounds 1 billion, according to a new strategy. The draft strategy for [...]

The Northwest Development Agency has provided pounds 1.8 million to enable Burnley Borough Council to acquire and demolish the town's derelict Co-op building so that a retail facility can be [...]

Newport City Council backed plans for the pounds 100 million redevelopment of its 1960s Kingsway shopping centre this week. Earlier this month, the planning committee approved in principle the application [...]

A vacant site at Greenbank Business Park in Blackburn is to be brought back into use under an office scheme unveiled by the Northwest Development Agency. Capricorn Park, which will [...]

Funding of pounds 4.9 million has been granted for the regeneration of Parks and East Walcot in Swindon. The investment, by a range of bodies including the South West of [...]

Six more towns in the Yorkshire and Humber region are to receive funding for projects under Yorkshire Forward's Renaissance Towns programme, it was announced this week. Bridlington, Castleford and Pontefract, [...]

Review of Federal Housing Administration property value data from 57 metropolitan markets tends to confirm that the real estate market for single-family residences is inefficient. Apparent market inefficiencies do not provide investors with an adequate chance to develop profitable trading strategies when transaction costs are taken into account. Real estate market efficiency is suggested in a weakened sense once transaction costs are considered. Incorporation of rental service flows in market analyses suggests that past prices do contain data relevant to estimating future prices. Questions remain about opportunities to employ profitable trading strategies across different properties or different locations within metropolitan markets.

The American system of funding public infrastructure projects from impact fees charged to developers could solve the problem of financing new urban growth in the UK. Although local authorities in the UK currently have powers allowing them to enter planning agreements with developers in order to secure donations to public works, the practice lacks transparency and could be open to abuse. Local planners in the US have developed a method of securing developers' contributions amounting to $10 billion a year. A proportion of the cost of the public goods is collected from developers in the form of impact fees.