baltimore

Baltimore Closes Subway for a Month

Wendell Cox — Fri, 16 Feb 2018 23:13:25 -0500

The Maryland Transportation Administration, which operates the Baltimore transit system, has closed the Baltimore subway for a month for critical repairs. There was virtually no advance warning of the closure, which follows a 23 day closure in 2016. The subway originally opened in 1983.

See: Entire Baltimore Metro System to Close for a Month for Emergency Repairs

Second Thoughts on the Condo Market

Wendell Cox — Tue, 15 Jun 2010 15:21:38 -0400

Mega-builder Larry Murren, whose company (MGM Mirage) opened the "largest privately funded construction project in U.S. history" told WSJ (the Wall Street Journal Magazine) that if he had to do it all over again, he would reconsider the condo-residential component of the project. “We would have built about half of those units” at the new $8.5 billion "City Center" development.

The less than stellar performance condominium sales in the project was reported by the Las Vegas Review Journal, which indicated that only 78 of the project's approximately 675 condominium units have sold. MGM Mirage is not alone in this plight. The Review Journal further notes that Las Vegas has a reports a 250 month or nearly 21 year supply of unsold condominium units. This means that some of today's unsold units could still be on the market for parents in a suburban Las Vegas house to move to when their newborn heads off to college. These numbers qualify Las Vegas for finals of the Condo Bust World Cup, against other strong competitors Miami and Dubai.

Murren credits a mixed-use symposium as the inspiration for City Center. Murren would not be the first developer to have been smitten by over-promotion of condominium market prospects. However the balance of Center City (shopping, entertainment, hotels and casinos) appears to be doing far better than the condominium element.

Second thoughts have been occuring to a number of additional central city condominium developers around the nation as the central city condominium market continues its meltdown. The most recent evidence comes with condo auctions in the cores of Baltimore, St. Petersburg and Boston.

In Baltimore, Pier Homes at Harborview has scheduled an auction of new units with minimum bids discounted from 55% to 75% below list prices. This means that the minimum bid, the Baltimore Sun indicates that only half of the units (completed two years ago) have been sold.

In St. Petersburg, units in the 36-story Signature Place condominium tower were auctioned last month, with average bid prices 50% off the previous list prices. The Boston Globe indicates that "another" condo/loft auction is to occur in that city on June 26, with minimum bid prices up to 60% off list.

The extraordinary risk of the central city condominium market was summarized by Larry Murphy, a Las Vegas real estate analyst: "It takes two to three years to build a high-rise project, and it can't be done in phases like a new-home subdivision. All of the units have to be built at once." He further noted that "Most of the units are sold within the first three months of completion. After that, sales drop off dramatically." These inherent complexities of the condominium market will not be solved by mixed use seminars.

Rethinking the American Alley - Examples from Baltimore and L.A.

Andy Sywak — Fri, 12 Sep 2008 19:07:35 -0400

Dark, narrow and usually neglected, the alleyway is not one of the more beloved landscapes of the American city. Out of sight and mind, the "dark alley" is the unseemly home to noir nightmares and urban misdeeds in the popular imagination - the sort of place where Batman surprises his criminal victims.

And yet, planners across the nation are beginning to rethink the alley, re-imagining it as urban parkland. The LA Times ran a piece today about the attempts of academics and planners to recreate trash-and-graffiti strewn alleys as green space. The slide show from the article shows this better than the prose.

In Baltimore, where alleys and murder are more plentiful, gating alleys to decrease crime and increase public space has won public money. Groups like Community Greens are helping to lead the charge.

An interesting union of groups here: gardeners, academics and neighborhood activists.