In episode # 30 of Industry Insights podcast, Christian Salaman returns to join host Joel Simon to provide insights on the current recovery of the hospitality industry, the latest trends for owners and managers and the impact across other asset classes like senior residences and student housing.
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The Real Estate and Construction industry may be huge, but ultimately, as with all industries, it comes down to the people who help make it all come together. From time to time, we like to profile some of those people.
Nik Bandak is the president of Bandak Project Management, a company he started in June of 2020 after a good deal of external pressure from friends, clients and his network. Nik’s career path began not long after graduating from Saint Mary’s College of California in 2008 with a degree in financial services. Nik worked in the Bay Area as a laborer, carpenter, project manager and then estimator with a concrete subcontractor. Realizing he wanted international experience, Nik moved to the United Arab Emirates to work for Bechtel on the Khalifa Port and Industrial Zone. After getting engaged, Nik and his future wife, Kelly, decided to move back to Southern California where he was hired in the Construction Management division of a small San Diego-based commercial real estate firm. Nik, Kelly and their twin sons currently live in Southern California.
In “Uniwest And Virginia’s Anti-Indemnification Statute: The Trap For The Unwary Should Be Closed” in the pages of Virginia Lawyer, colleague Jamie Bobotek recently examined why it is time for Virginia’s General Assembly to correct the uncertainty created by its anti-indemnification statute’s ambiguous language.
Environmental Justice, as an urgent priority of the Federal Government, dates back to 1994, and President Clinton’s issuance of Executive Order 12898. This order directed federal agencies to identify and address, as appropriate, the disproportionately high and adverse human health and environment effects of its many programs, policies and procedures on minority populations and low-income populations. The primary legal basis for this order was Title VI of the Civil Rights Act of 1964, in particular, Sections 601 and 602, which prohibit discrimination in programs and activities receiving federal financial aid and assistance. Over the years, the Supreme Court has reviewed the scope and importance of Title VI. In Alexander v. Sandoval, decided in 2001, the Court concluded that while private parties could sue to enforce Section 601 or its implementing regulations, as written, Section 601 only prohibits intentional discrimination. Noting that disproportionate impact is not the sole touchstone of invidious racial discrimination. Moreover, the Court also ruled in Sandoval that private parties cannot sue to enforce regulations implementing Section 602. Perhaps as an acknowledgement of these shortcomings, the Environmental Protection Agency (EPA) has established an administrative system to process environmental justice complaints at 40 CFR Part 7. Without strengthening the statutory base of environmental justice, the program may continue to be the subject of countless symposiums and seminars. However, this may change soon.
In episode #29 of Industry Insights podcast, Andrew Weiner joins host Joel Simon for the second episode of our two-part examination of the Corporate Transparency Act (CTA). In this episode, Weiner turns his attention to the unanswered questions and ambiguity underlying phrases like “beneficial owner” and “substantial control.”
The Real Estate and Construction industry may be huge, but ultimately, as with all industries, it comes down to the people who help make it all come together. From time to time, we like to profile some of those people.
Ryley Poblete is a Senior Designer with global design and architecture firm Gensler, having spent the better part of the last decade working in the company’s Sciences Practice developing a portfolio of work centered around life sciences. An avid runner, urbanist, photographer, artist and policy enthusiast, Ryley can be found, in his spare time, “reading the newest Economist or digging into a project’s context to really define a new piece of architecture in the cities” in which he works. Asked how he’d describe his job to a layperson, Ryley adds, “I work with developers and biotech clients in planning and structuring developments to best suit their situation.”
In the Spring 2021 issue of AFIRE Summit Journal, Pillsbury New York-based Real Estate partner Andrew Weiner discusses the Corporate Transparency Act and disclosure requirements for non-U.S. based investors. Summit Journal is the official publication of AFIRE, the national association for international real estate investors focused on commercial property in the U.S.
Read Andy’s full take here.
Hydrogen is the new buzzword in every industry, and real estate is no exception. Hydrogen does not emit carbon dioxide when burnt and could therefore help reduce the climate impact of buildings, which in aggregate represent one of the biggest emitters of greenhouse gases after industry and surface transport. To the extent that hydrogen is to become an important power source globally, it will need to enter the domestic power market. The first step appears to be the development of pilot villages.
Outfitting a commercial real estate space with smart technology can be a significant cost. While the long-term benefits and strategic improvements we’ve discussed previously can make that investment worthwhile, the evaluation period is critical to ensure an impactful ROI. Property developers, owners, and managers should undertake a rigorous evaluation process to ensure the technology procurement aligns with the project’s overall financial plan. And this is not just about getting the cost right. If the technology does not meet the needs of the space, then all the smart technology in the world will not prevent the project from being a sunk cost.
