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Monthly ArchiveApril 2018

Wells Fargo to pay $1B to settle claims of mortgage lending abuses

Wells Fargo’s Tim Sloan, Mick Mulvaney (Credit: Getty Images)

Wells Fargo will pay a $1 billion to settle several allegations, including that it improperly charged mortgage customers fees to lock-in interest rates.

The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency announced the settlement on Friday, following several reports that the agreement was looming, CNBC reported. Back in December, President Trump tweeted that the bank wouldn’t escape penalties linked to the alleged mortgage lending abuse and would perhaps face stiffer fines than expected.

Wells Fargo expects the settlement to shave $800 million off its first-quarter profits, bringing it to $4.7 billion.

“While we have more work to do, these orders affirm that we share the same priorities with our regulators and that we are committed to working with them as we deliver our commitments with focus, accountability, and transparency,” Wells Fargo CEO Tim Sloan said in a statement.

In February, the Federal Reserve restricted the bank’s loan growth until it made changes to its risk management practices. [CNBC] — Kathryn Brenzel  

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Patti Payne's Cool Pads: Michael Corliss' massive $24M Normandy Park estate hits the market (Photos)

A rare property has just come on the market. Michael Corliss’ 50-acre Hidden Valley estate, a private retreat with more than 1,500 feet of beachfront, is a juxtaposition of old world and new, of formal and informal.

Avenue Property Founders Evan Wyman, Tere Foster, Moya Skillman, Bob Bennion and Mary Snyder collectively have this $24 million listing.

Situated in Normandy Park with panoramic views of everything from Puget Sound to the Olympics, Corliss purchased this property in stages over a…

Source: http://feeds.bizjournals.com/industry_21

Miami Beach rising seas strategy needs more solutions: ULI panel

Rising sea levels in Miami (Credit: Wikipedia)

To combat rising seas, Miami Beach needs to build taller seawalls throughout the island, use green spaces to sponge off water, and should consider commissioning art installations in parks that can catch stormwater runoff, according to a group of Urban Land Institute architects, engineers, market analysts and real estate professionals.

Miami Beach is off to a good start mitigating the impact of rising seas and flooding, but the city still has much more work ahead to make sure its future is not underwater, the ULI advisory panel members said at a public meeting on Thursday. They offered their initial evaluation of the city’s initiatives to combat sea level rise,  including $400 million worth of infrastructure projects meant to keep streets, sidewalks and ground floors dry.

“You need a more comprehensive vision to living with water,” said panel chairwoman Joyce Coffee. “Integrating the stormwater piece with a larger resilient strategy will make things fall into place, including enhancing public trust, trusting the public and leading to greater transparency.”

Coffee, president and founder of Chicago-based Climate Resilience Consulting, credited Miami Beach officials for implementing a rising seas strategy and said the city can be a global standard for other cities by the sea. But city officials and residents must be willing to adopt even more innovative ways to dealing with the changing environment, she added.

“We think there are ample opportunities to use green and open spaces for their sponge-like function more than they are already, as well as to improve the city’s long-term financial health to ensure the viability of projects moving forward,” Coffee said. “In the end, Miami Beach should really go big on its resiliency branding. You are distinguishing yourself with coastal competitors not only in the [South Florida] region, but around the world.”

Coffee and her colleagues were in Miami Beach for three days this week, participating in workshops, taking tours of the city’s road raising projects and pump stations, interviewing city officials and holding a public hearing with residents.

Greg Lowe, global head of resilience and sustainability for Aon, said requiring owners of waterfront properties to raise seawalls on a case-by-case basis is not going to cut it. “Creating an island-wide barrier doesn’t work when you do it property by property,” Lowe said. “There has to be a more centralized approach that takes into account a private role and working with landowners on how to do it.”

Lowe said residents who have yet to embrace changes to the city zoning code requiring higher elevation for new construction or major renovation projects must do so. “We heard a lot of community pushback regarding elevated buildings,” Lowe said. “As water rises and you have more flooding, you are going to have to move up. As buildings get torn down, you need to do it then because it is cheaper. Waiting to raise all the buildings at once will cost tens of billions of dollars.”

Juanita Harvey, a senior visiting fellow with the ULI Center for Creative Placemaking, cited several examples of green spaces and parks in Oregon, Texas and Washington that also double as resiliency projects from which Miami Beach could draw inspiration. For instance, Confluence Park in San Antonio has a pavilion designed by an artist who worked in conjunction with engineers to create a cover that captures stormwater that gets transferred to a channel to be recycled.

“It is adjacent to the [San Antonio] River with pathways and walkways,” Harvey said. “The city made the investment back in 2009 and the park is now yielding a $140 million benefit annually.”

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Mega-developer's next major San Francisco condo tower to hit the market near Salesforce Tower

Related California is a few months from starting sales at The Avery, a 118-unit condo building at 420-488 Folsom St. in San Francisco’s burgeoning Transbay district.

The building will be another offering of for-sale housing in the SoMa part of the city, where condo development has concentrated during the past decade.

Related hired Rem Koolhaas’ Office of Metropolitan Architecture to design a 55-story mixed-income residential tower that will consist of 548 homes and 17,000 square feet of retail.…

Source: http://feeds.bizjournals.com/industry_21

Developers close on $21M construction loan for AC Hotel in Edgewater

Rendering of AC Hotel by Marriott in Midtown and Aztec Group’s Boaz Ashbel (Credit: Aztec Group)

An AC Hotel by Marriott will soon go vertical in Miami’s Edgewater neighborhood.

Property records show a company tied to Aztec Group’s Boaz Ashbel just scored a $21.3 million construction loan for the hotel development, set to rise on the former Midtown Inn Miami site at 3400 Biscayne Boulevard, near the Julia Tuttle Causeway.

Midtown Lodging 2 LLC, an affiliate of Aztec and Tennessee-based 3H Group, is developing the 153-room hotel, Ashbel said. Hemant Patel’s Arti Hersi Inc. also owns a stake in the project.

The company paid $1.25 million for the 18,700-square-foot lot in January, and knocked the building down shortly after. The developers plan to go vertical in May, according to Ashbel. The property is a few blocks away from the Shops at Midtown Miami and the Design District.

Kobi Karp is designing the seven-story hotel, which will feature a restaurant and bar, a rooftop pool, fitness center and meeting rooms. It will also share a 217-space parking garage with the adjacent Hampton Inn & Suites Miami Midtown.

Marriott acquired the AC brand from a Spanish development company, and the brand has opened properties in Miami Beach and Aventura with hotels planned for Sunrise, West Palm Beach and other South Florida cities.

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Yelp CEO: Company boards are asking about hiring outside of the Bay Area because housing costs are too high locally

The discussion of where to hire employees “has shifted dramatically as costs continue to escalate,” Yelp CEO Jeremy Stoppelman said.

Source: http://feeds.bizjournals.com/industry_21

RealPage acquires electronic payment platform in $218.5M deal

RealPage Inc. (Nasdaq: RP) is growing its electronic payment platform with a $218.5 million purchase of ClickPay.

Richardson-based RealPage, which offers software and data analytics for the real estate industry, said the transaction will add nearly $1 billion to its total addressable market by extending its reach in the homeowner association real estate sector.

ClickPay, which is based in New York City, offers an electronic payment platform to 2.3 million units in the multifamily, HOA, condominium…

Source: http://feeds.bizjournals.com/industry_21

Mary Montgomery’s oceanfront estate in Palm Beach sells for $37M

1800 South Ocean Boulevard in Palm Beach

A trust in Mary Montgomery’s name sold an oceanfront estate on Palm Beach’s Billionaires’ Row for $37.4 million — 19 percent below its original asking price.

An entity shielded by prominent Palm Beach attorney Maura Ziska, 1800 South Ocean LLC, picked up the 20,900-square-foot compound at 1800 South Ocean Boulevard from the Montgomery trust, controlled by Hilda Santana and Northern Trust, property records show.

The 10-bedroom mansion hit the market for $46 million in September, but was subject to court approval, according to the listing. Mary Montgomery was in the middle of a messy legal fight between her court-appointed guardians and her daughter, Courtnay Montgomery, the Palm Beach Daily News reported. The daughter lived at the estate until last spring, when she was evicted by the trustees.

Mary Montgomery, a philanthropist, built the home with her late husband Bob Montgomery, who was known for litigating State of Florida v. American Tobacco Co., which resulted in an $11.3 billion settlement to the state.

The Montgomerys paid $3.25 million for the nearly 3-acre property in 1988, property records indicate. It includes 300 feet of frontage along the Intracoastal Waterway, about 300 feet of oceanfront, two pools, a main house and guest house. The property was being marketed as a teardown and received approval from the town to demolish the Addison Mizner-designed home this week.

Premier Estate Properties’ Jim McCann, previously with Corcoran Group, was the listing agent. A. Whitney McGurk and Liza Pulitzer of Brown Harris Stevens represented the buyer. McCann and McGurk declined to comment on the buyer and their plans for the property.

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Top of the Market: See inside the Germantown home that just sold for $1.1 million

The five Shelby County homes that fetched the highest prices last week are all either located outside of the I-240 loop or within a half mile of it.

A 2006 Germantown home with 6,400 square feet of space took the top spot, selling for $1.1 million. Located on Mont Alban Cove in ZIP code 38139, the home holds five bedrooms and five-and-a-half bathrooms.

Click the slideshow above to view the ornate home, courtesy of Realtor.com.

A 1979 home, located on Meadowgrove Lane just outside the I-240 loop,…

Source: http://feeds.bizjournals.com/industry_21

Miami home prices are feeling the impact of sea level rise, new research suggests

Miami Beach (Credit: miamicityapartments.com)

It looks like sea level rise is beginning to impact home prices in Miami.

Prices of single-family homes at lower elevations are rising at a slower pace than those at higher elevations, new research conducted by the Journal of Environmental Research Letters shows. James Keenan, who authored the study, told the Wall Street Journal that homeowners appear to be factoring in the future of sea level rise into their calculations.

Researchers at the University of Colorado at Boulder and Pennsylvania State University also found that properties closer to the ocean are trading at 7 percent discount compared to similar homes that are more inland.

“When your neighborhood floods and it takes you an hour to get to the grocery store and it used to take 10 minutes, it’s a hassle,” Keenan told the Wall Street Journal. “It’s hard to imagine why that wouldn’t impact your decision about where to live.”

Over the years, some municipalities and developers have made efforts to mitigate the potential impact of sea level rise. The city of Miami Beach has a $500 million storm pump system in place, and developer David Martin even built a 17-acre park near his projects in Coconut Grove to better absorb flood waters.

And while most of South Florida’s residential markets showed improvement in the first quarter of this year, closed sales fell slightly in Miami Beach and the coastal mainland, according to Douglas Elliman. [WSJ] – Amanda Rabines

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