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Posts Tagged ‘Chicago’

12,000 Modular Homes Could Be Coming to This City

February 1st, 2017 1 comment
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The Lakeshore site that will host a factory and 12k modular homes. Credit: Chicago Sun Times.

Thanks to a combination of a deal between steel giant U.S. Steel and prominent developer Dan McCafferty going bad, and a new joint venture between Barcelona Housing Systems and WELink, Chicago could be in a position to not only get a manufacturing plant along the city’s iconic Lakeshore Drive, but also 12,000 modular homes.

According to the Chicago Sun Times, the joint venture has emerged as the winning bidder for the massive site.

They did their due diligence, and they’ve got all of their ducks in a row,said Ald. Susan Sadlowski Garza.

They’re gonna be building a manufacturing [plant] on the property where they’re going to be building modular homes. They’ve done it in Barcelona and Argentina. It’s a new, innovative product that’s never been here before.

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Credits: Barcelona Housing Systems, WELink.

As Daily Business News readers are aware, the Barcelona Housing System/WELink joint venture recently partnered with Chinese firm CNBM and announced plans for modular home factories in the U.K.

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Jorge Ramirez. Credit: Chicago Federation of Labor.

Jorge Ramirez, President of the Chicago Federation of Labor, said that he was excited about the prospect of major development and being able to get hundreds of skilled builders back to work.

I’ve just got to make sure that there’s a meeting of the minds as to how these things are gonna get done. That they’re not cutting corners or [compromising] safety standards,” said Ramirez.

They’re lifting people up into the middle-class and respecting labor. All of the run-of-the-mill standard types of concerns.”

Garza says that they also thoroughly vetted all 13 bidders for the project before narrowing the list to three finalists, scrutinized even more to make certain they had the financing, know-how and experience to do a project of this size.

Even though 12,000 homes and a factory is a large order, Garza is confident about the joint venture and their ability to deliver.

They took their time to learn about the neighborhood and find out what people want here,” said Garza.

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Ald. Susan Sadlowski Garza. Credit: NLG Chicago.

With their know-how, their capital and the people they have working with them, I have the utmost confidence they’re gonna do this. I’ve seen some of the work that they’ve done in Barcelona and it’s really incredible. They can build a three-flat in like 30 days. It’s all up to code. We’re not gonna have to wait 20 years to see movement.

The modular home portion of the project is slated to happen in four phases of 3,000 homes each, and the new plan calls for retail and recreational space.

And Garza is excited about the efficiency.

They don’t have to dig a foundation. They screw pylons into the ground. They can withstand a 7.8 earthquake. It’s just a new technology. The factory is going to be huge to build this much of a development,” said Garza.

And once we start building homes, three-flats and four-flats, then come the stores and the other amenities. They incorporate a lot of green space and green technology. Access to the lakefront for all. Stuff that’s been really important to this neighborhood for a very long time.” ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Presidential Sunset to Sunrise: Obama Looks to Solidify Legacy, Trump Sets Action Agenda

January 10th, 2017 Comments off
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Credit: WIBW, USA Today.

As outgoing President Barack Obama prepares to give his farewell address from McCormick Place in Chicago this evening.

White House officials say it’s not a victory lap.

It’s a passing of the baton,” said White House spokeswoman Jen Psaki.

Senior Obama advisor Valarie Jarrett says the speech is about action.

His intention is to motivate people to want to get involved and fight for their democracy,” said Jarrett.

The major focus on the speech isn’t going to be reflecting back on how far we’ve come over the last eight years, but really looking forward and how we take the accomplishments, many (of which) through the hard work and grit of the American people came to fruition, and build on that going forward.

According to the Chicago Tribune, Obama does plan to highlight accomplishments in his speech, including improved unemployment numbers and Obamacare reducing the rate of uninsured Americans.

The backdrop for his farewell address is a city that saw 762 homicides in 2016.

Numbers, Numbers

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Credit: Drudge Report.

The homicide number is not the only one attached to the outgoing president.

CNS News reports over 95 million Americans were not in the workforce based on the most recent numbers from the Bureau of Labor Statistics (BLS). That represents an increase of 47,000 additional people from November.

The 4.7 percent unemployment number that the Obama Administration references takes advantage of how the BLS calculates the unemployment rate. It does not count those who retire, give up looking for work or who no longer receive unemployment as “unemployed.

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Credit: CNS News.

I have done an enormous amount to create greater economic opportunity for Americans,” said President Obama.

I took an economy that was about to go into a Great Depression, and we’ve now had a little over six years of straight economic job growth, an unemployment rate that’s down below 5 percent, and incomes that have gone up and poverty that has gone down.

Meanwhile, Sears, KMart and Macys have all announced the closures of dozens of stories that will lay of tens of thousands of workers.

The Trump Contrast

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Donald Trump with Jack Ma at Trump Tower on January 9th. Credit: China Daily.

By contrast, President-elect Donald Trump appears to be less concerned about someone’s legacy, and more focused on fueling results.

Yesterday, Jack Ma, Chairman of Chinese E-commerce giant Alibaba, and Bernard Arnault, CEO of luxury conglomerate LVMH, met with the president-elect at Trump Tower to discuss economic opportunities.

Ma discussed the creation of one million U.S. jobs over the next five years, and Arnault is considering expanding two of his companies U.S. factories. LVMN owns such luxury brands as Louis Vuitton.

We’re focused on small business,” Ma told reporters after his meeting. “We specifically talked about … supporting 1 million small businesses, especially in the Midwest of America. Small businesses on the platform selling products — agriculture products and America services — to China and Asia, because we’re pretty big in Asia.

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LVMH CEO Bernard Arnault speaks with the press at Trump Tower. Credit: LA Times.

Speaking on his meeting with Arnault, President-elect Trump was optimistic.

One of the great men, you know that, right? And they all love this country,” said Trump.

They’re going to do some wonderful things in this country, adding jobs, a lot of jobs.

While the president-elect has a fair amount of detractors due to his style, it’s difficult to debate that it is getting results:

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Donald Trump with Softbank CEO Masayoshi Son. Credit: CBS News.

  • Softbank CEO Masayoshi Son commits to invest $50 billion in the U.S;
  • Ford canceled plans for a plant in Mexico and committed $700 million to U.S. economic and jobs growth;
  • Fiat Chrysler announced plans to invest $1 billion into their Michigan and Ohio plants, adding 2000 jobs;
  • Carrier keeping 800-plus jobs in the U.S., among other business announcements since November 9th.

It’s important to note that all of this progress has taken place prior to President-elect Trump officially taking office, and small business optimism is now at a 12-year high according to FOX Business.

All signals from Trump Tower point to a pro-growth, pro-business environment with consequences for those companies who choose to build elsewhere and ship products back to the U.S. These signals appear to have arrived just in time – as the brick and mortar retail industry is suffering and majors such as Sears, Kmart and Macys are closing stores, which will eliminate thousands of jobs.

The MH View

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Photo credit, Prestige Homes, Nobility Homes.

Cavco Industries Chairman Joe Stegmayer is among the industry professionals who have noted the importance of job creation and stable markets for business to advance.  So too as ELS Chairman, Sam Zell.

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Sam Zell, credit, Forbes.

Terry Trexler, President of Nobility Homes commented recently on the current economic and regulatory environment during the company’s recent earnings report. “Our sales and earnings continue to be affected by the uncertainty of the U.S. and world economy,” said Trexler.

With employment levels, consumer confidence and, in particular, the lack of available retail and wholesale financing. Constrained consumer credit and the lack of lenders in the industry, partly as a result of an increase in government regulations, have limited many affordable manufactured housing buyers from purchasing homes.

The implication of Trexler’s statements is that improving consumer and business confidence would naturally boost manufactured housing sales.

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To see the report, click the graphic above. NFIB = credit.

The Daily Business News will continue to monitor what at this stage appears to be the pro-business, pro-growth market trends that are taking shape as the incoming Trump administration prepares to take office on January 20th, 2017. ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Vanishing affordability for housing in Chicago and beyond?

November 13th, 2014 Comments off

thebroadwaystack-modularhomes-credit=realdeal-posted-dailybusinessnews-mhpronews-com-Affordable housing is vanishing in Chicago, write’s Andrew Geer, vice president and Chicago market leader of Enterprise Community Partners inCrain’s Chicago Business. Half of Chicago renters pay more than 30 percent of their income in rent. Thirty percent face housing insecurity, paying more than 50 percent of their income for housing.

Geer cities the Joint Center on Housing Studies of Harvard University, saying that, “…nearly 19 million families face housing insecurity. That number is at an all-time high, and it’s been steadily increasing for the past five years.”

Geer ads,The city’s most recent five-year housing plan for 2014-18, Bouncing Back, promises to invest $1.3 billion to produce or preserve 41,000 affordable homes. He says the Low Income Housing Tax Credit (LIHTC) is the main tool needed for housing affordability.

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Really?

What Geer may not have considered – or be aware of – is the factory-built home option, and the wisdom of avoiding the temptation of de-facto picking winners and losers through regulations and tax policies. During arguably the most liberal federal administration in U.S. History – with deficits and debts mushrooming – is the precise time frame that the affordable housing crisis has hit Chicago and other cities.

The Broadway Stack and CityScapes are two of the possible examples of successfully using factory built homes in urban settings, each designed to blend into their respective urban settings. Even more affordable applications using manufactured homes are possible, so long as public officials and private business cooperate in intelligent ways.

Manufactured and modular home professional engagement early and often with planners and politicos is the baseline prerequisite to having a seat at the table in projects that could benefit local and federal budgets, create good jobs in our industry, while providing quality affordable homes too. ##

(Photo Credit – top: The Broadway Stack, RealDeal. Bottom: The Mills of CarthageMHLivingNews)

Equity LifeStyle Properties Bests Zacks Prediction

October 22nd, 2014 Comments off

els__colony_cove_mhc__ellenton_flaAccording to CNBC, Chicago-based Equity LifeStyle Properties, Inc. (ELS) earned funds from operations (FFO) for Q3 2014 of $63.1 million, $0.69 per share, besting Zacks Investment Research estimate of $0.66 per share.

On revenues of $200.6 million, the REIT (real estate investment trust) reported net income of $25.7 million, or $0.31 per share. Company shares have gained 24 percent since Jan 1, 2014, closing in trading Tue., Oct. 21 up +2.83 percent at $46.27.

As MHProNews knows, ELS has an interest in 380 manufactured housing and recreational vehicle properties comprised of approximately 140,000 homesites across the U. S. and Canada.

ELS has long been one of the stocks tracked by the Daily Business News, see link here.##

(Photo credit: Equity LifeStyle Properties – Colony Cove MHC, Ellenton, Florida)

matthew-silver-daily-business-news-mhpronews-com(Submitted by Matthew J. Silver to the Daily Business News-MHProNews)

Equity LifeStyle’s stock hit record high as August ends

August 31st, 2014 Comments off

els-logo-wikicommons-drop-shadow=daily-business-news=mhpronews-The glow of investors and commentary for Equity LifeStyle Properties Inc. (NYSE:ELS) hit a peak as August drew to a close. ELS witnessed the stock hitting a record high on Friday. The stock traded as high as $45.81, up 39 cents from yesterday’s record closing price of $45.42.

The Street, Trade-Ideas  and Chicago Business  were among those touting various aspects of ELS, even after the judgment in the CalHawaiian case.A strong balance sheet, 92% occupancy and growing demand for age-restricted manufactured home communities are some of the factors cited in favor of ELS.

ELS’ website states the firm has370 quality communities in 32 states and British Columbia, offering more than 140,000 individual home sites in major metropolitan areas and key retirement destinations nationwide.” ##

(Image collage credit: elements of ELS logo, glowing sunrise Wikicommons, drop shadow MHProNews)

Manufactured Home Wire Supplier Presenting at Investor Conference

August 21st, 2014 Comments off

encore_wire_corporationThe IDEAS Investor Conference to be held Tue., Aug. 26 in Chicago will feature Encore Wire Corporation’s (NASDAQ:WIRE) Chief Financial Officer Frank J. Bilban presenting his company’s investment merits to an  audience of investment professionals who combined have over $200 billion of assets under management. IDEAS Conferences, which are also held annually in Boston and Houston, are sponsored by money management firms to learn how quality public companies perform, according to marketwatch.com. The presentation will also be available via webcast. Encore is a major supplier of interior wire products for the manufactured home industry. MHProNews has learned independently Encore’s sales in 2013 topped $1.15 billion; assets as of 12-31-2013 were over $525 million. ##

(Image credit: Encore Wire Corp.)

Marcus & Millichap to Present at annual William Blair Conference

June 2nd, 2014 Comments off

National brokerage firm Marcus & Millichap, Inc. (NYSE:MMI) has announced that its chief financial officer (CFO), Marty Louie, and Hessam Nadji, Senior Vice President and Chief Strategy Officer, will present at the William Blair 34th Annual Growth Stock Conference, to be held June 10-12, 2014 at the Four Seasons Hotel in Chicago. The company, which specializes in commercial real estate transactions and services, will be on tap Thurs., June 12, at 10:00 AM central time, according to investors.com. On April 21, 2014 MHProNews.com reported the company said its sales grew from $17 billion in 2011 to $24 billion in 2013. The 2011 tally included $346 million in manufactured housing community (MHC) sales. M&M launched a new website earlier this year that offers more efficient access to its $8 billion in listings and 1,300 agents, as well as more thorough information on a variety of markets, from its headquarters in Calabasas California. ##

(Image credit: Marcus & Millichap, Inc.)

Single-family Home Prices Rise in Chicago

May 27th, 2014 Comments off

CoreLogic Case-Shiller informs MHProNews single-family homes prices rose in every Chicago-area zip code last year for the first time since 2006, led by the Mount Greenwood neighborhood–60655–on the South Side at 16.5 percent, followed by Morgan Park–60643– with 15.9 percent. At the other end of the spectrum Joliet–60432– notched the lowest increase at 2.5 percent, just below Ellburn–60119–at 2.8 percent, according to chicagobusiness.com. Case-Shiller index is based on repeat sales of the same property. Sixty- four of the 299 zip codes are not included because adequate sales data is not available. ##

(Photo credit: Wikipedia.org–Chicago)

Mayor Julian Castro to Lead the Department of Housing and Urban Development

May 23rd, 2014 Comments off

President Barack Obama is moving Secretary of Housing and Urban Development (HUD) Shaun Donavan to be the Budget Director, and will nominate San Antonio Mayor Julian Castro to replace him. Now in his third term as mayor, Castro has focused on revitalizing the city’s urban core through a series of incentives to encourage inner city investment, according to politics.suntimes.com. Having earned a law degree from Harvard University in 2000, he set up a law practice in San Antonio and served on the city council for two terms. Javier Palomarez, president and CEO of the U. S. Hispanic Chamber of Commerce, says Castro has done more than anyone in addressing the city’s housing needs, as MHProNews.com has learned from sfgate.com. Palomarez says, “With great consistency, Mayor Castro has set aside political partisanship in the name of good policy decision making. We hope his confirmation process will proceed with that same collaborative spirit.” Donovan is replacing Sylvia Mathews Burwell who is moving to head the Department of Health and Human Services. ##

(Photo credit: Wikipedia Commons)

Steel Modular House Shines Anew

April 15th, 2014 Comments off

Updating a story MHProNews posted Nov. 8, 2011 concerning the 1933 prefab Steel House from the campus of Connecticut College in New London, CT, the modular house was being shipped panel by panel to a facility in Pennsylvania to be restored and shined up. Affectionately called “Rusty” on the campus, it was built by General Houses, Inc. of Chicago and gifted to the college in 1949. Used by faculty and students until it was abandoned in 2004, it fell into disrepair and has returned, reassembled and sited on the same foundation, and is now the new Office of Sustainability, as reported by theday.com.##

(Photo credit: Connecticut College–Steel House before and after)